Broadway Terrace

Key facts from Broadway Terrace's documents

Reflects the 1981 governing documents — figures and rules are as originally recorded and may have changed since.

Developer / declarant

CONTINENTAL PROPERTIES, INC., a Delaware Corporation (Part I, preamble)

Governing law

Arizona Revised Statutes, Chapter 4.1, Sections 33-551 to 33-561 (Part I, preamble)

Assessments & dues

Board of Directors estimates costs and expenses for next fiscal year, allocates among owners per Exhibit B percentages (Section 4.2)

Special assessments

May be levied by Board upon determination of insufficiency due to casualty or extraordinary occurrence (including approved improvements per Section 3.4); requires assent of 2/3 of votes of each class at a meeting; notice given at least 60 d (Section 4.3)

Collections & liens

Unpaid assessments become a lien on the Apartment Unit, prior to all other liens except mortgages/deeds of trust. Association may file public notice of lien. Owner waives homestead exemption. Association may foreclose like a mortgage and ha (Section 4.5)

Reserves & fees

Interest at 15% per annum after 14 days delinquency on assessments; also costs of collection including reasonable attorneys' fees. (Section 4.5)

Pets

Yes (dogs, cats and other household pets) in reasonable manner and numbers, in accordance with applicable rules. No livestock or poultry. No breeding or maintenance for commercial purpose. No unreasonable interference with others. (Section 2.7(c))

Leasing & rentals

Yes, but no unit owner may lease less than the entire unit. Prohibited for transient or hotel purposes. Lease must be in writing and subject to declaration and bylaws. (Section 2.5)

Parking & vehicles

Each unit has two assigned carports (Section 1.5). Parking on streets, driveways, or other property areas prohibited without prior Board approval (Section 2.9). (Sections 1.5, 2.9)

Architectural approval

Yes, for exterior painting or decorating (Section 2.12). Also structural alterations requiring prior written approval of Board; substantial departure from original plans requires 3/4 vote of members (Section 3.5). (Sections 2.12, 3.5)

Home business

No commercial business activity of any kind whatever on any Apartment Unit or Common Elements, except as reserved to Declarant. (Section 2.8)

Signs & flags

No sign except one sign of reasonable size indicating names of residents and one 'For Rent'/'For Sale' sign per unit, each not more than 5 sq ft. Declarant may have signs during sales period. (Section 2.8)

Maintenance

Association maintains common elements (including perimeter walls, patio fences, balcony railings, exterior fixtures except certain HVAC, floors/ceilings, ramps, stairways, driveways, carports, storage areas, pools, common rooms, landscaping (Section 3.1)

Insurance

Association shall insure all buildings and improvements (including originally constructed interior walls and original fixtures) for replacement value against fire, extended coverage, and other risks as Board deems appropriate. Also liabilit (Sections 6.1-6.2)

Use restrictions

Each Apartment Unit occupied only by a single family, its servants and guests, as a residence and for no other purpose (except Declarant reserved uses). (Section 2.1)

Voting & meetings

Two classes: Class A (owners other than Declarant) - one vote per unit owned; Class B (Declarant) - three votes per unit owned, until conversion upon earliest of (a) Class A votes >= Class B, (b) 3 years from execution, (c) Declarant design (Section 5.3)

Amendments

Partial: Section 4.1 says no amendment disproportionately altering assessment obligation of an owner will be effective without consent of that owner and any first mortgagee. Section 13.2 prohibits amendment of Article XIII without consent o (Sections 4.1 and 13.2)

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