Bridgeview at Hayden Ferry Lakeside

What Bridgeview at Hayden Ferry Lakeside's governing documents say

This is a Declaration of Condominium for Bridgeview at Hayden Ferry Lakeside in Tempe, AZ. It establishes a condominium form of ownership where you own your unit individually and share ownership of common elements with other unit owners. The document creates the condominium association, outlines assessments, insurance requirements, and maintenance responsibilities. However, the provided text is truncated and does not include the specific use restrictions (such as leasing, pets, or age limits) that would typically govern daily life.

• What you own & maintain: You own the airspace and interior finishes of your unit, including ceilings, floors, and interior walls. The association is responsible for common elements like building exteriors, corridors, structural components, and common systems. Owners must maintain their units and any limited common elements assigned to them, like balconies or parking spaces.
• Assessments & fees: Assessments are levied annually based on each unit's allocated interest (square footage share). General assessments cover common expenses; special assessments (requiring majority owner approval) cover unbudgeted items. Late payments accrue 18% interest and a fee up to $25 or 5% of the amount due. A reserve contribution of 0.2% of the unit's gross selling price is charged on most transfers, plus an administrative fee set by the board.
• Insurance: The association must carry property and liability insurance of at least $500,000 per person, $5,000,000 per occurrence for injury, and $500,000 for property damage, plus directors/officers liability of at least $1,000,000 per occurrence. Owners must insure their own units and personal property, and may be required to install safety devices if the board deems necessary.
• Assessment lien & enforcement: Unpaid assessments create a lien on the unit, superior to most other liens, and can be foreclosed like a deed of trust. The association can also impose fines, tow vehicles, or take self-help for violations, with costs charged as specific assessments.
• What this document doesn't cover: The provided text does not include the sections on restrictions on use, occupancy, and transfer (like leasing minimums, pet limits, age restrictions) or architectural standards. Those rules are likely contained in later sections not included in this excerpt.

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.