Village Five Condominium

Key facts from Village Five Condominium's documents

Reflects the 1993 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Article II, Section 2.01; Recitals)

Developer / declarant

Towne Development, Inc., an Arizona corporation (First paragraph of Declaration)

Governing law

Arizona Condominium Act, Arizona Revised Statutes, Section 33-1201, et seq. (Recitals C)

Assessments & dues

Determined annually by Board of Directors based on budget (Section 9.02)

Special assessments

Allowed upon affirmative vote of at least 51% of Total Votes of Association (Section 9.03)

Collections & liens

Assessments secured by a lien on the Condominium in favor of Association; may be foreclosed in accordance with law (Section 9.04)

Reserves & fees

Association shall establish and maintain an adequate reserve fund for periodic maintenance, repair, and replacement of Common Elements and Limited Common Elements (Section 9.08(a))

Pets

Yes, with Board permission (Section 6.04)

Leasing & rentals

Yes, subject to restrictions (Section 6.12)

Parking & vehicles

Each Unit has at least one parking space as part of Unit or as Limited Common Element; Board may assign Common Element parking spaces (Sections 3.02, 6.10)

Architectural approval

Prior written consent of Board required for alterations, additions, removals, or improvements in or to Common Elements or Unit that would impair structural soundness or safety; landscaping of Limited Common Elements does not require prior c (Section 6.06)

Home business

No commercial business permitted within the Project (Section 6.11)

Signs & flags

No signs, flags, or advertising devices of any nature without prior written approval of Board of Directors (Section 6.03)

Maintenance

Association responsible for maintenance and repair of roofs (Section 8.01)

Insurance

Master multi-peril property insurance covering entire Project (fire, extended coverage, all risk); comprehensive public liability insurance ($1,000,000 per occurrence minimum); workmen's compensation; fidelity bonds; flood insurance if appl (Sections 10.01(a), (b), (c), (d), (e))

Use restrictions

All units are intended and restricted to residential housing purposes (Section 6.01)

Voting & meetings

Each Condominium has votes as set forth in Exhibit "C"; one membership per Condominium (Section 7.03 (votes), Section 7.01 (memb)

Amendments

Article IX (Assessments) requires 75% of Condominium owners consent; general amendments likely by vote per Declaration; Declarant may exercise Development Rights to amend during control period (Sections 9.09, 1.19(f), 8.09)

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