Canoa Ranch Resort

Key facts from Canoa Ranch Resort's documents

Reflects the 2006 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (hotel condominium) (Recital B; Section 1.01)

Legal name

The Canoa Ranch Resort

Units / lots

53 initial Units: 51 Residential Units and 2 Hotel Units; maximum 182 Units (Sections 3.01(a), 3.01(b))

Developer / declarant

FCR Investments Blocks 8/29, LLC, an Arizona limited liability company (Introductory paragraph)

Governing law

Arizona Condominium Act, Arizona Revised Statutes Sections 33-1201 et seq. (Recital B)

Assessments & dues

Not fixed; set by annual budget adopted by Executive Board (Sections 7.03, 7.04)

Special assessments

Limited Assessments available for utility services to fewer than all Units, or for Limited Common Elements; Personal Charges for services/supplies provided to specific Owner/Guest; Default Assessments for violations (Sections 7.05, 7.06, 7.07)

Collections & liens

Assessment Lien on each Unit for unpaid assessments, fines, late charges, penalties, interest, attorneys' fees; prior to all other liens except as provided by Act; recorded by Declaration; may be foreclosed like mortgage; 3-year limitation (Section 7.09)

Reserves & fees

Association shall maintain (i) capital reserve fund for repair, restoration, replacement of Common Elements and Association Property, and (ii) general operating reserve fund; initially funded by Purchaser payments of 2 months assessments; m (Section 7.12)

Leasing & rentals

Yes, for Short-Term/Transient Rental (fewer than 30 consecutive days) with conditions (Section 10.05(d))

Maintenance

Association maintains Common Elements and Association Property in accordance with Operating Standard; Owner maintains Unit and Limited Common Elements (except those Association chooses to maintain for uniformity or structural considerations (Sections 9.01, 9.02, 9.03)

Use restrictions

Residential Units may be used only as permanent or vacation residences for Owners and Guests (Section 10.05(a))

Voting & meetings

Two classes: Residential Units and Hotel Units; votes allocated by unit area formula; class voting required for election/removal of directors, budget approval, termination, amendments, and other matters to protect class interests (Sections 5.01, 5.02, 5.03)

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