Montana Terrace

Key facts from Montana Terrace's documents

Reflects the 1986 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

Montana Terrace Condominium

Developer / declarant

First City Properties Inc., a Delaware corporation, doing business as Design Master Homes (Opening paragraph; Par. 1.6 (pages 1, 3))

Governing law

Title 33, Chapter 9 of the Arizona Revised Statutes (Par. 1.1; Par. 2 (pages 3, 6))

Assessments & dues

Maximum initial monthly assessment: $70.00 per Unit. (Par. 7.2 (page 16))

Special assessments

Special assessments for capital improvements authorized with 67% vote of each class. Quorum 60% first meeting, then half. (Par. 7.3 (pages 17-18))

Collections & liens

Unpaid assessments plus interest, late charges, costs, attorneys' fees constitute a lien on the unit. Lien is subordinate to a recorded First Mortgage except for assessments accruing after mortgagee acquires title. Lien may be foreclosed li (Par. 7.2 (pages 15-16))

Reserves & fees

Association shall maintain an adequate reserve for replacement of Common Elements. (Par. 7 (page 14))

Pets

Commonly accepted household pets may be kept in a Unit. (Par. 17 (page 35))

Leasing & rentals

Leasing is allowed, but must be for the entire Unit (not portions) and for a term of at least 30 days. Transient or hotel use prohibited. Lease must be in writing, subject to Declaration, and a copy delivered to Association. (Par. 17 (page 34))

Parking & vehicles

Parking spaces are part of Common Elements, some allocated as Limited Common Elements. Board manages parking and may set rules. (Par. 6; Par. 7 (pages 14, 31))

Architectural approval

Yes. No building, fence, wall, antenna, awning, sign or other structure, or exterior addition, change, or alteration (including patios, landscaping) may be constructed without prior written approval of the Board or architectural committee. (Par. 18 (pages 37-38))

Home business

Not prohibited as long as it is incidental to residential use; personal business records and professional library allowed. No explicit business prohibition beyond residential use. (Par. 17 (page 34-35))

Signs & flags

No sign of any nature except a dignified name/address sign not exceeding 9x30 inches, without Board consent. 'For Sale' or 'For Rent' signs also prohibited. Declarant exempt. (Par. 17 (page 36))

Maintenance

Association shall promptly repair all roof leaks or other roof damage of which it has written notice. (Par. 21 (page 40))

Insurance

Association may include deductibles consistent with good business practice. (Par. 9 (page 21))

Use restrictions

No part of the Condominium shall be used for other than residential purposes and related common purposes. Transient or hotel use prohibited. (Par. 17 (page 34))

Voting & meetings

Two classes: Class A (all Owners except Declarant) – one vote per unit owned. Class B (Declarant) – three votes per unit owned. Class B votes convert to Class A upon certain events. (Par. 4.1 (pages 9-10))

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