Cornerstone at Coyote Ranch

Key facts from Cornerstone at Coyote Ranch's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Cornerstone At Coyote Ranch

Developer / declarant

Gardner Development Corporation, an Arizona corporation (Opening paragraph)

Governing law

Laws of the State of Arizona (Section 8.4)

Assessments & dues

Maximum Membership Assessment for fiscal year ending Dec 31, 2001 is $864.00 (Section 5.3.1(b))

Special assessments

Requires assent of two-thirds of votes entitled to be cast by Members voting in person or by proxy at a meeting duly called (Section 5.4)

Collections & liens

Assessment Lien on each Lot for all assessments, fees, charges. Priority over all except tax liens, government assessments, and first mortgage lien. Association may foreclose like realty mortgage. (Sections 5.1, 5.7)

Reserves & fees

Reserve deposit of $300 per purchaser deposited into reserve fund for operating expenses (Section 5.15)

Architectural approval

Yes, for construction, reconstruction, remodeling; also for garages, guest houses, driveways, concrete coloring, roofing, etc. (Sections 4.3, 4.4, 4.5, 4.6, 4.8, 4.9; a)

Use restrictions

Yes, land use classification: Single Family Residential Use (Section 2 of Tract Declaration)

Voting & meetings

Each Owner (other than Declarant during Period of Declarant Control) gets 1 vote per Lot. Declarant gets 3 votes per Lot during control period. After control, Declarant gets 1 vote per Lot. (Section 4.7)

Amendments

May be amended only as provided in Section 2.2 of the Master Declaration; must be Recorded (Section 7)

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