Third Street Plaza

What Third Street Plaza's governing documents say

Third Street Plaza is a commercial condominium in Phoenix, AZ — you own one of 20 professional office units and share the building's common elements. The association (Third Street Plaza Association, Inc.) maintains the structure and common areas, funded by assessments based on your 1/20th fractional interest. This document governs all unit owners and sets rules for use, leasing, and maintenance.

• Permitted use: Units may be used only for professional and commercial office purposes. No residential use is allowed. The majority of owners must approve any other use, and units cannot be subdivided or combined without amending the declaration.
• What you own & maintain: You own the interior surfaces of your unit (paint, floor coverings, fixtures, heating/AC). The association maintains all structural components, common elements, exterior walls, roof, and utility systems. You must keep your unit in good repair and report defects affecting common elements.
• Leasing & rentals: Units may be leased, but the association has a right of first refusal on any lease (must be offered to the association first). Leases for a term less than six months are exempt from the first-refusal process. Subleasing is subject to the same rules as original leases.
• Right of first refusal on sale: When selling a unit (other than by the developer), the owner must first give the association 15 days to find a buyer on the same terms. If the association does not exercise its right within 15 days, the owner may sell to the proposed buyer within 90 days. Certain transfers (e.g., to family, foreclosure, gifts) are exempt.
• Assessments & fees: Each unit owner pays a monthly assessment based on a 1/20th share of the annual budget, set by the board. Special assessments can be levied as needed. Payments are due by the 15th of each month; unpaid amounts bear interest and become a lien on the unit enforceable by foreclosure.
• Signs & exterior appearance: No signs on exterior walls or common elements without board approval, except one 'For Rent' or 'For Sale' sign (max 5 sq ft) per unit, with board-approved location. No reflective materials in windows visible from outside. Exterior painting or decoration requires board approval.
• Nuisances & compliance: No nuisances, illegal use, or activities that increase insurance rates. Owners must comply with all laws and ordinances. The board can adopt and amend rules and regulations with majority owner approval (or during developer control without additional vote).
• What this document doesn't cover: This document does not address residential use, pets, age restrictions (55+), parking limitations, or affordability/income restrictions. It also does not provide details on the association's insurance coverage or specific architectural guidelines beyond exterior changes.

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.