The Stockyards Condominium

Key facts from The Stockyards Condominium's documents

Reflects the 2005 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

The Stockyards Condominium

Developer / declarant

Stockyards Investments, LLC, an Arizona limited liability company (Opening paragraph (page 5))

Governing law

Arizona Condominium Act, A.R.S. §33-1201, et seq. (WHEREAS (page 2) and Section 1 (page 3))

Assessments & dues

Determined annually by Board based on estimated Common Expense; not specified in document. (Section 6.2.1 (page 17))

Special assessments

Special Assessments: charges directly attributable to a particular Owner/Unit for maintenance or corrective action, attorneys' fees, etc. Capital Improvement Assessments: for capital improvements on Common Elements. Both levied by Board. (Sections 1.3.2, 1.3.3, 6.2.2, 6.2.3 (pag)

Collections & liens

Assessments secured by a continuing Assessment Lien on the Unit. Lien may be foreclosed like a mortgage. Recording of Declaration constitutes record notice. Owner pays costs including attorneys' fees. (Section 6.3, 6.6 (pages 18, 19))

Reserves & fees

Regular Assessments include reserves for future maintenance, repair, or replacement of Common Elements. Reserves deposited in separate bank accounts. Declarant exempt from contributing to reserves for 2 years from final certificate of occup (Section 6.12 (page 20))

Pets

false (Section 3.2.2: "any use which involves t)

Leasing & rentals

true (by implication). Lease defined in Section 1.13; special use designations allow leasing for permitted uses (office, restaurant, industrial). No explicit prohibition on leasing. (Sections 1.13, 3.3 (pages 5, 13))

Parking & vehicles

Covered Parking Spaces are Common Elements; may be allocated as Limited Common Elements. Board may lease or license use of Parking Spaces not allocated as Limited Common Elements. (Section 5.5 (page 15-16))

Architectural approval

After Relinquishment, Board may establish Architectural Design Review Committee to regulate external design and appearance of Buildings. (Section 5.6 (page 16))

Home business

Not explicitly addressed beyond commercial use. Permissible uses are those allowed by zoning (Section 3.1). Restrictions include no residential, but office/restaurant/industrial allowed per special designations. (Sections 3.1, 3.3 (pages 12-13))

Maintenance

Owner of each Unit shall maintain roof (Section 8.2). (Section 8.2 (page 21))

Use restrictions

false (Section 3.2.1: "Residential dwellings, i)

Voting & meetings

Total votes: 100, divided among Owners by Percentage Share (Exhibit C). Voting rights suspended if Owner in arrears for 15 days. (Section 4.3 (page 14))

Amendments

Section 6.13 requires unanimous consent of all Unit Owners to amend Section 6 or Percentage Share definition. Other amendments by Declarant or Board (Section 16.5) and by Owners (Section 16.6) referenced in Table of Contents but text not pr (Section 6.13 (page 20) and Table of Cont)

Amenities

Retention basin and storm water pump as Common Element. No other amenities mentioned. (Section 8.14 (page 24))

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.