Indian Bend Corporate Centre

Key facts from Indian Bend Corporate Centre's documents

Reflects the 2003 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Header and passim)

Developer / declarant

Indian Bend Corporate Centre L.L.C., an Arizona limited liability company (Opening recital)

Governing law

Arizona Condominium Act, A.R.S. § 33-1201 et seq. (Section 1.1)

Assessments & dues

Common Expense Assessment based on annual budget adopted by the Board; each Unit pays its Common Expense Liability percentage (from Exhibit C) of the total budget (Sections 7.2.1, 7.2.2, 2.6)

Special assessments

May be levied by Board if total Special Assessments do not exceed 20% of budgeted Common Expenses; if exceeded, requires approval of Unit Owners holding at least 66 2/3% of the votes (Section 7.3)

Collections & liens

Association has a lien (Assessment Lien) to secure payment of Assessments, penalties, and other charges; may foreclose under Condominium Act (Definitions 1.2.3, Section 7.5 (effect o)

Reserves & fees

Section 7.9 mentions 'Reserve Fund' but the full text is not provided in the excerpt; existence and requirements are stated but details cannot be confirmed from given text (Section 7.9 (header only))

Leasing & rentals

Yes, leases are permitted; must be in writing and subject to Condominium Documents; breach of Documents by lessee constitutes default under lease (Section 4.15)

Architectural approval

Board of Directors approval required for structural improvements, additions, alterations, exterior changes visible from outside the Unit, and any improvements to Common Elements (Section 4.4)

Insurance

Unit Owner performing improvements must maintain comprehensive general liability insurance with combined single limit of not less than $2,000,000 and property insurance at 100% replacement cost, naming Association and others as additional i (Section 4.4.12, 4.4.13)

Use restrictions

Residential use is expressly prohibited; all use must be in compliance with applicable zoning and Section 4.2 restrictions (Section 4.2(xiii))

Voting & meetings

Total votes in Association = 100; allocated among Units in proportion to each Unit's percentage undivided interest in Common Elements (based on square footage per Exhibit C) (Section 2.7)

Amendments

Article 12.4 (not fully extracted) provides for amendment of Declaration; Article 12.9 addresses amendment of Articles; also Section 2.8.4 and 2.8.6 provide for amendments to allocate/reallocate Limited Common Elements (Sections 12.4, 12.9, 2.8.4, 2.8.6)

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