The Olympus

What The Olympus's governing documents say

The Olympus is a condominium community in Phoenix, AZ — you own your individual apartment (unit) and share ownership of the building's common elements. The association manages maintenance of common areas, carries master insurance, and sets rules that bind all owners and occupants. This Declaration is the main governing document for the 36-unit, 3-building property.

• What you own & maintain: You own the interior of your apartment (including interior surfaces of walls, floors, ceilings). You are responsible for all maintenance, repairs, decorating, and contents insurance inside your unit. The association maintains the common elements (e.g., elevators, walks, recreation room) and carries bare walls insurance on the structure.
• Common expenses & assessments: Each owner pays a share of common expenses based on their percentage interest (e.g., 3.11% for A units, 2.73% for B, 2.38% for C, 3.45% for D and E). Unpaid assessments become a lien on the unit, junior to first mortgages. The association may levy special assessments for repairs or rebuilding after damage.
• Alterations & improvements: Nonstructural changes within your unit don't require board approval, but you are liable for any damage caused. Structural changes (e.g., removing a load-bearing wall) need prior written board approval and a licensed architect or engineer's certification. Alterations to common elements always require board approval, which may impose conditions like security deposits and insurance.
• Leasing & rentals: If you rent your unit, you must provide the board with a copy of the lease and a tenant registration form at least 5 days before the lease starts. The lease must state that the tenant is bound by the Declaration and bylaws. The owner remains responsible for all obligations. No minimum lease term is stated.
• Use restrictions: Units must be used as residences. Incidental home office use (library, records, calls) is allowed. No noxious or offensive activities or nuisances are permitted. Common elements are for access and incidental residential use only; the board may regulate parking areas.
• Fines & penalties: The board may impose fines of $20 to $100 per occurrence for violations of the Declaration, bylaws, or rules. Continuing violations may result in daily fines. Owners are liable for violations by family, guests, tenants, or occupants. A hearing must be offered before fines are assessed.
• Damage & reconstruction: If fewer than half the units are damaged, the board arranges repairs using insurance proceeds; any shortfall is assessed only to affected owners for unit repairs and to all owners for common elements. If more than half the units are destroyed, owners vote whether to rebuild; if not, proceeds are distributed to owners and lienholders.
• Amendment of declaration: Changes to this Declaration require a written instrument signed by owners holding at least 67% of the total ownership interest in the common elements, and the amendment must be recorded.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.