The Chama Villa Condominiums

Key facts from The Chama Villa Condominiums's documents

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

Community type

Condominium

Legal name

The Chama Villa Condominiums

Developer / declarant

Rick P. Loft and Rosaura Loft, husband and wife (Preamble, p.1)

Governing law

Arizona Condominium Act, A.R.S. 33-1201, et seq. (Article 1, p.1 & Definition (P))

Assessments & dues

Initial maximum: 'DOLLARS ($.35, 09) for each Unit for the first year'; base for subsequent years: 'DOLLARS ($ ) ,0O per month per Unit' (placeholders in original). (Section 7.1(B)(i) and (ii), p.16)

Special assessments

Permitted for capital improvements or other lawful purposes; requires 2/3 vote of Members; due 30 days after levy unless otherwise specified. (Section 7.2, p.18)

Collections & liens

Assessment Lien secures assessments, penalties, fees; subordinate to First Mortgage; Association may foreclose as a realty mortgage. (Section 7.5(B), (C); Section 7.6, p.18-1)

Reserves & fees

Budget includes general operating reserves and reserves for contingencies and replacements. Surplus may be returned or credited to owners. (Section 7.1(A)(iv); Section 7.10, p.15,1)

Maintenance

Association: Common Elements. Unit Owner: Unit interior and Limited Common Elements allocated to Unit. (Section 5, Section 5.1, p.13)

Insurance

Association shall maintain property insurance on Common Elements and Units (exclusive of owner improvements) on 'All Risk' basis, replacement cost; commercial general liability ($1M min), workers comp, D&O, flood if applicable, and other in (Section 8(A)-(E), p.20-21)

Use restrictions

All Units and Limited Common Elements shall be used exclusively for residential use by a Single Family. (Section 4, p.11)

Voting & meetings

One vote per Unit, allocated equally among Units. (Section 2.3, p.6)

Amendments

Requires 75% vote of Unit Owners, except as otherwise provided (e.g., unanimous for certain changes, Declarant may amend during control period to comply with law). (Section 10.4(A),(B),(D), p.27-28)

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