Town Lake Condos

Key facts from Town Lake Condos's documents

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

Community type

Condominium

Legal name

Town Lake Condos

Governing law

Arizona Condominium Act, A.R.S. §33-1201 et seq. (Article 1, Section 1.0)

Assessments & dues

Initial maximum Common Expense Assessment is $2,400 per Unit until January 1 of the year following first conveyance to a Purchaser. (Article 7, Section 7.1(B)(1))

Special assessments

Allowed for capital improvements or any lawful purpose; requires approval by 2/3 of votes cast in person or by proxy at a meeting; due 30 days after notice. (Article 7, Section 7.2)

Collections & liens

Assessment Lien secures all Assessments, penalties, fees. Recording of Declaration constitutes perfection. Association may foreclose like a realty mortgage; may bid at sale and acquire Units. Lien subordinate to First Mortgages. (Article 7, Sections 7.4 and 7.5)

Reserves & fees

Budget shall include amounts for general operating reserves and reserves for contingencies and replacements. (Article 7, Section 7.0(A)(iv))

Pets

Yes, a reasonable number of house pets only; no animals other than domestic pets; no commercial purpose. (Article 4, Section 4.6)

Leasing & rentals

Yes, but all leases must be in writing and tenant subject to Condominium Documents. Unit Owner must notify Association of lease commencement/termination dates and occupant names. (Article 4, Section 4.18)

Parking & vehicles

Pickup trucks with camper shells not exceeding 7 feet in height allowed; mini-motor homes not exceeding 7 feet height and 18 feet length allowed if used regularly; otherwise no trucks, trailers, boats, recreational vehicles, campers. (Article 4, Section 4.11)

Architectural approval

Prior written approval of Architectural Committee required for: structural additions/alterations/improvements (with structural engineer certification), antennae/satellite dishes (generally approved but subject to approval), signs, window co (Article 4, Sections 4.1, 4.3, 4.14, 4.17)

Home business

Prohibited: 'No occupation, profession, trade or business shall be conducted on or in any Unit or Limited Common Element.' (Article 4, Section 4.0)

Maintenance

Association maintains all Common Elements (including landscaping) and structural parts of Limited Common Elements. Unit Owner maintains Unit and Limited Common Elements allocated to his Unit (except structural parts). (Article 5, Sections 5.0 and 5.1)

Use restrictions

All Units and Limited Common Elements shall be used exclusively for residential use by a Single Family. No business activity permitted. (Article 4, Section 4.0)

Voting & meetings

One vote per Unit. Undivided interests in Common Elements and Common Expense Liabilities allocated equally among Units. (Article 2, Sections 2.2 and 2.3)

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