Terramere Condominiums

What Terramere Condominiums's governing documents say

Terramere Condominiums is a condominium community in Tempe, AZ — you own the interior of your unit and share ownership of the common elements with other unit owners. The association maintains the common areas, carries master insurance, and assesses fees per unit. This declaration governs all owners, residents, and occupants.

• What you own & maintain: You own the interior space of your unit, including its cubic content and any appurtenant patio, but not structural components or utility lines serving other units. The association maintains and is responsible for the common elements, which include the building exteriors, common areas, and parking spaces (except assigned garages).
• Assessments & fees: Each unit pays a proportionate share of common expenses as determined by the board. The initial maximum annual assessment was $780 per unit; it may increase annually by the Consumer Price Index or 5% (whichever is greater) without a vote. Special assessments require 67% approval of each voting class. Late payments incur a $10 fee and 12% annual interest.
• Parking & vehicles: Each unit includes a two-car garage for parking. All other parking spaces are common elements managed by the board. Use of parking is subject to the declaration and association rules.
• Insurance: The association must maintain a master property policy covering full replacement cost, general liability insurance ($1M per occurrence), fidelity bond (at least 1.5x annual operating expenses & reserves), and flood insurance if applicable. Owners are responsible for insuring their own personal property, improvements, and personal liability.
• Alterations & architectural control: The declaration includes a section on alterations, additions, improvements, and architectural control (section 17), but specific rules are not fully legible in this excerpt. Owners should consult the full declaration for approval requirements.
• Annexation & future phases: The declarant reserved the right to annex additional land (Parcel 1B and up to 71 additional units) within 7 years of recording, without owner consent. If annexed, the fractional interest of each unit is recalculated based on the total number of units.
• What this document doesn't cover: This excerpt does not contain readable rules about leasing, pets, age restrictions, or use of amenities beyond parking. Those may be addressed in other sections of the declaration or in separate association rules and bylaws.

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.