Appendix B DECLARATION OF RESTRICTIONS

• Jurisdiction: Arizona

APPENDIX B
DECLARATION OF RESTRICTIONS
PLANNED COMMUNITY
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR GREENACRE HOMEOWNERS ASSOCIATION

THIS DECLARATION OF COVENANTS, CON-DITIONS AND RESTRICTIONS FOR GREENACRE HOMEOWNERS ASSOCIATION (the “Declaration”) is made this ______ day of _______________, 200___ by GREENACRE HOLDINGS, LLC, an Arizona limited liability company (the “Declarant”).

ARTICLE 1 DEFINITIONS

1.1 “Annual Assessment” means the assessments levied against each Lot, and the Owner thereof, pursuant to Section 6.2 of this Declaration.

1.2 “Architectural Committee” means the architectural committee of the Association to be created pursuant to Section 5.11 of this Declaration and the Bylaws.

1.3 “Architectural Committee Rules” means the rules and guidelines adopted by the Architectural Committee pursuant to Section 5.11 of this Declaration and the Bylaws, as they may from time to time be amended or supplemented.

1.4 “Areas of Association Responsibility” means (i) all Common Area, including the Improvements and landscaping situated thereon, (ii) any portion of the Improvements situated on a Lot which the Association is obligated to maintain, repair and replace pursuant to the terms of this Declaration or the terms of another recorded document executed by the Association, and (iii) all real property, and the improvements situated thereon, within the Project located within dedicated rights-of-way with respect to which the State of Arizona, _______ County or the City of __________ has not accepted responsibility for the maintenance.

1.5 “Articles” means the Articles of Incorporation of the Association, as they may from time to time be amended.

1.6 “Assessment” means an Annual Assessment, Special Assessment or Lot Specific Assessment.

1.7 “Association” means Greenacre Homeowners Association, an Arizona nonprofit corporation, and its successors and assigns.

1.8 “Association Lien” means the lien created and imposed by Section 6.1 of this Declaration.

1.9 “Association Property” means any personal property owned or leased by the Association.

1.10 “Association Rules” means the restrictions, limitations, rules and regulations adopted by the Association pursuant to Section 5.3 of this Declaration, as they may from time to time be amended.

1.11 “Board” means the Board of Directors of the Association.

1.12 “Bylaws” means the Bylaws of the Association, as amended from time to time.

1.13 “Common Area” means all real property, together with all Improvements situated thereon, which the Association owns in fee or in which the Association has a leasehold interest. “Common Area” shall not include any real property, improvements or personal property acquired by the Association in lieu of foreclosure or trustee’s sale or through attachment, foreclosure, Sheriff’s sale, Trustee’s sale, tax sale, redemption or any other judicial, quasi-judicial, bankruptcy or regulatory action.

1.14 “Common Expenses” means expenditures made by or financial liabilities of the Association, together with any allocations to reserves.

1.15 “Declarant” means Greenacre Holdings, LLC, Inc., an Arizona limited liability company, its successors and assigns.

1.16 “Declaration” means this Amended and Restated Declaration of Covenants, Conditions and Restrictions, as it may be amended from time to time.

1.17 “Eligible Mortgage Holder, Insurer or Governmental Guarantor” means a First Mortgagee, insurer or governmental guarantor who has requested notice of certain matters from the Association in accordance with Article 9 of this Declaration.

1.18 “Exterior Alteration” means any construction, installation, addition alteration, repair, change, change of color, landscaping, removal, demolition or other work that alters the exterior appearance of a Lot or the Improvements located thereon.

1.19 “First Mortgage” means any mortgage or deed of trust on a Lot which has priority over all other mortgages and deeds of trust on the same Lot.

1.20 “First Mortgagee” means the holder or beneficiary of any First Mortgage.

1.21 “Improvement” means any building, fence, wall or other structure or any swimming pool, tennis court, road, driveway, parking area or any trees, plants, shrubs, grass or other landscaping improvements of every type and kind.

1.22 “Lessee” means a third-party lessee, sublessee, tenant or subtenant under a lease, oral or written, of any Lot. As used herein a “third party” is any Person who is not an Owner.

1.23 “Lot” means each parcel of real property designated as a lot on the Plat and, where the context indicates or requires, shall include any Residential Unit, building, structure or other Improvements situated on the Lot.

1.24 “Maintenance Standard” means the standard of maintenance of Improvements established from time to time by the Board or, in the absence of any standard established by the Board, the standard of maintenance of Improvements generally prevailing throughout the Project.

1.25 “Member” means any Person who is a Member of the Association.

1.26 “Owner” means the record owner, whether one or more Persons, of legal, beneficial or equitable title to the fee simple interest of a Lot. “Owner” shall not include (i) Persons having an interest in a Lot merely as security for the performance of an obligation, or (ii) a Lessee. In the case of Lots, the fee simple title to which is vested in a trustee pursuant to A.R.S., Section 33-801, et seq., the Trustor shall be deemed to be the “Owner.” “Owner” shall also include a purchaser under a contract for the conveyance of real property subject to the provisions of A.R.S. Section 33-741, et seq. “Owner” shall not include purchasers under purchase contracts and receipts, escrow instructions or similar executory contracts that are intended to control the rights and obligations of the parties to such executory contracts pending the closing of a sale or purchase transaction.

1.27 “Person” means a natural person, corporation, business trust, estate, trust, living trust, partnership, association, joint venture, government, governmental subdivision or agency, or other legal or commercial entity.

1.28 “Plat” means the plat of Greenacre Homeowners Association recorded in Book ________, page _________, records of _______ County, Arizona, and all amendments, supplements and corrections thereto.

1.29 “Property” or “Project” means the real property described on the Plat as Lots ___ through _______, inclusive, and Tracts _______ through ________ together with all Improvements located thereon.

1.30 “Project or Governing Documents” means this Declaration, the Articles, the Bylaws, the Association Rules, and the Architectural Committee Rules.

1.31 “Purchaser” means any Person who by means of a voluntary transfer becomes the Owner of a Lot.

1.32 “Recording” means placing an instrument of public record in the office of the County Recorder of _______ County, Arizona, and “Recorded” means having been so placed of public record.

1.33 “Resident” means each individual occupying or residing in any Residential Unit.

1.34 “Residential Unit” means any building, or portion of a building, situated upon a Lot and designed and intended for independent ownership and for use and occupancy as a residence.

1.35 “Single Family” means a group of one or more persons each related to the other by blood, marriage or legal adoption, or a group of not more than three (3) persons not all so related, who maintain a common household in a Residential Unit.

1.36 “Special Assessment” means any assessment levied and assessed pursuant to Section 6.4 of this Declaration.

1.37 “Visible From Neighboring Property” means, with respect to any given object, that the object is or would be visible to a person six feet tall, standing at ground level on any part of the neighboring property.

ARTICLE 2 PLAN OF DEVELOPMENT

2.1 Property Subject to the Declaration. This Declaration is being recorded to establish a general plan for the development and use of the Project and in order to protect and enhance the value and desirability of the Project. All of the Property within the Project shall be held, sold and conveyed subject to this Declaration. By acceptance of a deed or by acquiring any interest in any of the Property subject to this Declaration, each Person or entity, for himself or itself, his heirs, personal representatives, successors, transferees and assigns, binds himself, his heirs, personal representatives, successors, transferees and assigns to all of the provisions, obligations, limitations, restrictions, covenants, conditions, rules, and regulations now or hereafter imposed by this Declaration and any amendments thereto. In addition, each such Person by so doing thereby acknowledges that this Declaration sets forth a general scheme for the development and use of the Property and hereby evidences his or its intent that all the provisions, obligations, limitations, restrictions, covenants, conditions, rules, and regulations contained in this Declaration shall run with the land and be binding on all subsequent and future Owners, grantees, purchasers, assignees, lessees and transferees thereof. Furthermore, each such Person fully understands and acknowledges that this Declaration shall be mutually beneficial, restrictive and enforceable by the Association and all Owners. Declarant, its successors, assigns and grantees, covenants and agrees that the Lots and the membership in the Association and the other rights created by this Declaration shall not be separated or separately conveyed, and each shall be deemed to be conveyed or encumbered with its respective Lot even though the description in the instrument of conveyance or encumbrance may refer only to the Lot.

2.2 Disclaimer of Representations. Declarant makes no representations or warranties whatsoever that (i) the Project will be completed in accordance with the plans of the Project as they exist on the day this Declaration is recorded; (ii) any property...