Madrid

Key facts from Madrid's documents

Reflects the 2000 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Madrid Community Association, an Arizona non-profit corporation (Section 1.7)

Developer / declarant

SRHI LLC, a Delaware limited liability company (Preamble)

Special assessments

May be levied per Section 8.9; notice and quorum requirements in Section 8.8 (Sections 8.8, 8.9)

Collections & liens

Each Lot subject to lien for all Assessments, prior and superior except taxes and First Mortgage. Foreclosure in manner of mortgage foreclosure. Association may bid at sale. Recording of Declaration constitutes notice. Money judgment may be (Section 8.3)

Reserves & fees

Association shall establish and maintain adequate reserve fund for periodic maintenance, repair, replacement of Common Area Improvements. Funded by Annual Assessments and Capital Reserve Fee. (Section 5.3.4)

Pets

Section 10.19 addresses pets (text not provided in excerpt) (Table of Contents (Section 10.19))

Leasing & rentals

Section 10.20 addresses leasing (text not provided in excerpt) (Table of Contents (Section 10.20))

Voting & meetings

Each Class A Member (Owners other than Declarant) has one vote per Lot owned. Class B Member (Declarant) has three votes per Lot owned. Class B converts to Class A upon first of: (a) 60 days after total Class A votes equal Class B votes; (b (Sections 3.1, 3.3, 3.4)

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