Tres Amigos Condominiums

What Tres Amigos Condominiums's governing documents say

Tres Amigos Condominiums is a 3-unit residential condominium in Phoenix, Arizona (Fountain Hills area). You own your individual unit and share common elements maintained by the association; costs are divided equally among the three units.

• What you own & maintain: You own your unit's interior (finished surfaces, fixtures, partitions). The association maintains all common elements (building structure, grounds, utilities). You're responsible for any limited common elements assigned to your unit (such as your patio/balcony or private utilities), which you must maintain free of weeds, trash, and litter.
• Assessments & common expenses: Each of the three units pays an equal share (1/3rd) of common expenses. Initial year amount was unspecified in the template; subsequent years can increase by the Consumer Price Index without a vote, or more with approval of 2/3 of unit owners. A non-refundable working capital contribution of 1/6th of the annual assessment is also required.
• Delinquent payments & late fees: Assessments are due 15 days after notice; after that, they become delinquent and accrue 12% annual interest (or the FHA/VA rate for new loans, whichever is higher) plus a $10 late charge. The association can foreclose on your unit to collect unpaid assessments, which become a lien on the property.
• Leasing & rentals: No leasing or rental of units is permitted—you may not lease or transfer your unit for any term.
• Pets: No animals of any kind are allowed in or on the condominium; tenants and invitees are also prohibited from bringing animals.
• Architectural review & design approval: Any exterior alteration, structural change, visible solar panels, satellite dishes, or signs require written approval from the Architectural Committee. Non-structural interior changes are allowed without approval, but you remain liable for any damage to other units or common elements. The community is also subject to Fountain Hills architectural restrictions, which take precedence if they conflict.
• Use restrictions: Units must be used exclusively for single-family residential purposes. No business, trade, profession, or gainful occupation is permitted on the property, though you may maintain a personal professional library or conduct personal business calls and correspondence from your unit.
• Insurance coverage: The association maintains property insurance covering 100% of the common elements and units' replacement value, and liability insurance with a minimum $1 million limit per occurrence. All premiums are paid as common expenses; you may obtain separate insurance for your own unit and personal liability at your own cost.

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.