Salerno Ranch

Key facts from Salerno Ranch's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Developer / declarant

Cornerstone Salerno Ranch, LLC, an Arizona limited liability company (Page 1, opening paragraph)

Assessments & dues

Maximum Regular Assessment for fiscal year ending December 31, 2001: $50.00 per month per Lot. (Section 7.10)

Special assessments

Levy for capital improvements or extraordinary expenses requires prior written consent of Declarant (if it holds Class B) and 75% of votes of Members voting in person or by proxy at a meeting called for that purpose. (Section 7.3)

Reserves & fees

Board may charge a transfer fee reasonably set upon subsequent sale of a Lot. Also a Capital Reserve Assessment equal to one-sixth (2 months' value) of the then annual total Regular Assessments per Lot is levied upon transfer. (Section 7.4)

Pets

A reasonable number of generally recognized house or yard pets allowed, but only after certificate of occupancy is issued for the Dwelling Unit. (Section 4.19)

Leasing & rentals

Entire Dwelling Unit may be let to a Single Family tenant, subject to the provisions of this Declaration. (Section 4.33)

Use restrictions

Lots shall be used, improved and devoted exclusively to residential use by Single Families. (Section 4.18)

Voting & meetings

Two classes: Class A (one vote per Lot owned by non-Declarant, subject to suspension); Class B (three votes per Lot owned by Declarant until conversion). Class B converts to Class A on earliest of: (i) 90 days after Class A votes equal Clas (Section 6.3)

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