Vanderbilt Plaza Professional Park, a Condominium

What Vanderbilt Plaza Professional Park, a Condominium's governing documents say

Vanderbilt Plaza Professional Park is a commercial office condominium in Mesa, Arizona, where you own your individual professional office unit and hold an undivided interest in the shared building and common areas. The association, funded by per-unit assessments proportional to square footage, maintains the common elements and carries master insurance. Units are restricted to professional office use only.

• What you own & maintain: You own your individual office unit; the association maintains the building's common elements (structure, exterior walls, shared grounds, parking areas). Utility systems and fixtures within your unit that serve only your unit are yours; those serving multiple units or common areas belong to the association.
• Common expense assessments: Each unit pays a percentage of common expenses based on its square footage relative to all units (allocation shown in Exhibit B). Assessments cover building maintenance and repair, utilities, master insurance (fire, liability, workers' compensation, directors & officers), management, and reserves.
• Allowed uses: Units must be used exclusively for professional office purposes conforming to all zoning ordinances; no other use is permitted.
• Voting & governance: The association allocates 100 total votes to unit owners proportionally based on their fractional interest in common elements and expenses. Each unit owner is an association member with voting rights.
• Parking spaces: Specific parking spaces are allocated to your unit as exclusive-use elements. You may reallocate your space to another unit owner with board approval, provided the board does not determine the change unreasonable within 30 days.
• Insurance & recovery: The association maintains master insurance on common elements covering fire, liability, workers' compensation, errors & omissions, and directors & officers liability. Individual unit owners insure their own unit interiors and personal property.
• Developer control period: The developer (Vanderbilt Farms, LLC) retains special development and management rights until the earliest of: 90 days after 75% of units are sold, the developer's written election to end control, or 4 years after ceasing to market units. After this period ends, owner-controlled governance takes over.

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.