Falcon Estates

Key facts from Falcon Estates's documents

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

Community type

Planned Community - Single Family Residential (Section 1.24, Article X)

Legal name

Falcon Estates Property Owners Association, Inc.

Developer / declarant

First American Title Insurance Company, a California corporation, as the Trustee Under Trust No. 8540 (Section 1.13)

Assessments & dues

Not fixed; set annually by Board budget (Section 8.3)

Special assessments

Levied for unbudgeted, extraordinary, or other expenses determined by Board; levied against all Units; effective 30 days after notice unless disapproved by 75% Class A and Class B (Section 8.5)

Collections & liens

Assessment constitutes a lien on Unit until paid; superior except taxes and first mortgage; may be foreclosed like mortgages under Arizona law, including nonjudicial foreclosure if permitted (Section 8.6, 8.6.1)

Reserves & fees

Board shall annually prepare reserve budget for assets with expected life >1 year; capital contribution set in Base Assessment (Section 8.4)

Leasing & rentals

Yes; no rule shall prohibit leasing or transfer of any Unit (Section 10.11)

Architectural approval

Yes; no structure or improvement (including staking, clearing, grading, exterior alteration, landscaping) shall be erected without approval of Architectural Control Committee (Section 9.1.1)

Home business

Not explicitly allowed; Association may prohibit activities not normally associated with residential use (Section 10.9)

Maintenance

Association maintains Area of Common Responsibility; Owner maintains Unit and all structures, parking areas, improvements in manner consistent with Community-Wide Standard (Section 5.1, 5.2)

Insurance

Blanket property insurance on Common Area improvements, commercial general liability, workers compensation, D&O liability, fidelity insurance, and additional insurance as Board determines (Section 6.1)

Use restrictions

Each Unit intended for development, use, and occupancy as a detached single-family residence (Section 1.24)

Voting & meetings

Class A Members (Owners) have one vote per Unit; Class B Member (Declarant) may appoint majority of Board and has special approval rights (Section 3.3)

Amendments

Until conveyance of first Unit to non-Builder, Declarant may unilaterally amend for any purpose; thereafter, by 75% Class A vote and Declarant consent; Declarant may amend for compliance with laws, title insurance, lender requirements, gove (Section 13.2)

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