Watermark at Ocotillo

Key facts from Watermark at Ocotillo's documents

Reflects the 2004 governing documents — figures and rules are as originally recorded and may have changed since.

Legal name

Watermark Community Association (Recital B, Section 1.4)

Developer / declarant

Watermark at Ocotillo, L.L.C., an Arizona limited liability company (Preamble)

Special assessments

May be levied for unbudgeted expenses or excess with assent of two-thirds vote of each class of Members at meeting; payable as determined by Board (Section 6.7)

Collections & liens

Assessments, interest at 15% per annum, collection costs, attorneys' fees constitute a lien on the Lot; Association may file claim of lien and foreclose by court action or power of sale under Arizona law (Section 6.11(b))

Reserves & fees

Each purchaser other than first Owner pays transfer fee set by Board; initial fee $125.00 (may be amended by Board) (Section 6.3)

Leasing & rentals

Leasing of Lots permitted subject to all Declaration and Ocotillo Documents; minimum lease term 60 days; copy of lease must be provided to Association; lease must state tenant will abide by Declaration and Rules (Section 8.1(b))

Amendments

Not explicitly detailed in provided excerpt, but Declaration may be amended as per its terms (referenced in Section 1.10: "as such may be amended from time to time") (Section 1.10)

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