Twin Peaks Condominiums

Key facts from Twin Peaks Condominiums's documents

Reflects the 2001 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium

Legal name

THE TWIN PEAKS CONDOMINIUMS HOMEOWNERS ASSOCIATION, INC.

Governing law

Arizona Condominium Act, A.R.S. §33-1201 et seq. (Declaration, Article 1, Definitions (M);)

Assessments & dues

Board of Directors prepares annual budget and allocates common charges proportionally to each Unit's Common Expense Liability (equal shares between the two Units). (Declaration 7A; Bylaws Article VI Sectio)

Collections & liens

Board collects assessments and may file liens and foreclosures when necessary. Assessment lien subordinate to First Mortgage. (Bylaws Article IV Section 3(c); Declarat)

Reserves & fees

Assessments may include reserves for replacements and impounds as required. (Bylaws Article VI Section 1)

Insurance

Board shall obtain and keep in full force and effect fire and hazard insurance on the building and all common elements, and public liability and other insurance as deemed necessary. (Bylaws Article IV Section 3(g); Declarat)

Use restrictions

Each Unit and Limited Common Elements shall be used exclusively for residential purposes by a Single Family; no gainful occupation, profession, trade or other nonresidential use allowed (except minimal personal business activities). (Declaration 4)

Voting & meetings

One vote per Unit; voting limited to one owner per unit if multiple owners; voting on percentage basis according to common interest in Declaration (Declaration 2.3; Bylaws Article II Secti)

Amendments

Declaration may be amended by vote of Unit Owners to which 100% of votes are allocated (unanimous), subject to Declarant's rights and mortgagee protections. Bylaws may be amended by majority vote of Board of Directors at a meeting where pro (Declaration 10.4; Bylaws Article VII)

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