Pegasus Airpark Flight Association

Key facts from Pegasus Airpark Flight Association's documents

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

Community type

Pegasus Airpark Flight Association (airport runway and taxiway for members) (Recitals; Section 1.5)

Units / lots

49 lots (Lots 1-49) in Pegasus Airpark Residential Property per Exhibit B; also Lots 1-13 excluded from certain membership definitions (Exhibit B; Section 1.14(a))

Developer / declarant

Circle G Pegasus, L.L.C., an Arizona limited liability company (Opening paragraph; Section 1.10)

Governing law

Laws of Arizona (Section 27)

Assessments & dues

Board prepares annual budget for Common Expenses; assessments are proportionate share based on number of memberships (each membership bears equal ratio to total memberships) (Section 6)

Special assessments

Yes; requires assent of 67% of votes of each class at a meeting with 60% quorum; for construction, reconstruction, repair, or replacement of Common Elements (Section 6.3)

Collections & liens

Unpaid assessments constitute a lien on the Member's Lot (if owns a Lot) and Aircraft Storage Space (if owns one) and on the membership interest; subordinate to first mortgage; foreclosable like real property liens under Arizona law (Section 6.2)

Reserves & fees

The budget shall include adequate reserves for restoration and replacement of Common Elements (Section 6 (first paragraph))

Leasing & rentals

Not explicitly addressed for Common Elements; membership transfers require Board consent (Section 4.8); Special Use Permit allows guests but not commercial leasing (Section 4.8; Exhibit D, Stipulation 13)

Architectural approval

Alterations, additions, or improvements to Common Elements only by Association (or Declarant) – Section 10; no architectural control committee mentioned for individual lots (Section 10)

Signs & flags

Not specifically addressed for Common Elements; Declarant may maintain sales offices and signs (Section 13.3) (Section 13.3)

Maintenance

Association maintains Common Elements; if damage caused by Member, that Member pays (Section 9) (Section 3(h); Section 9)

Use restrictions

The Parcel is for use as airport runway and taxiways only; residential lots within Pegasus Airpark Residential Property are separate and not governed by this Declaration for use restrictions (only membership rights) (Section 2; Recitals)

Voting & meetings

Class A Members (all except Declarant) have one vote per membership (Lot or Unit); Class B Member (Declarant) has three votes per membership owned (Section 4.1)

Amendments

While Declarant has not sold all lots/spaces, Declarant may amend unilaterally; after all sold, amendment requires 80% of Members for first 20 years, then 75%, but Declarant must approve if still owns any lot or space (Section 17) (Section 17)

Amenities

Airport runway, taxiways, tie-down spaces, lighting, utilities; no pool, clubhouse, etc. (Section 3; Section 1.22)

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