Maxwood Townhomes Owners Association

Key facts from Maxwood Townhomes Owners Association's documents

Community type

California Nonprofit Mutual Benefit Corporation condominium project ([[PAGE 1]] 'A California Nonprofit Mutua)

Legal name

Maxwood Townhomes Owners Association

Assessments & dues

The Board of Directors shall fix and determine from time to time the fees and assessments to be paid by each member in reasonable sums determined as provided in the Declaration of Restrictions ([[PAGE 3]] Article III, Section 1)

Special assessments

If estimated assessments are deficient, Board estimates additional charges and assesses members; special assessment may not exceed 5% of budgeted gross expenses without prior vote or written approval of 51% of affected members other than De ([[PAGE 17]]-[[PAGE 18]] Article X)

Collections & liens

The corporation has a lien against the interest of any member in the Property to secure payment of fees and assessments; the interest may be foreclosed in a manner similar to Section 2924 of the Civil Code; the lien is subordinate and infer ([[PAGE 3]] Article III, Section 2)

Reserves & fees

Proposed 1988 budget includes a $1,500.00 'RESERVE ACCOUNT' line item described as 'For future maintenance' ([[PAGE 21]]-[[PAGE 22]] 'PROPOSED BUDGET)

Voting & meetings

Developer has the same rights with reference to each unsold unit as any other owner, including one vote per unsold unit; each member generally has one vote per single living unit owned; votes may be viva voce or by ballot; elections and rem ([[PAGE 3]] Article III, Section 3; [[PAG)

Amendments

Bylaws amendments effective only if approved by bare majority of quorum but not more than bare majority of voting power of Association, and by bare majority of voting power excluding Declarant; Articles of Incorporation amendments effective ([[PAGE 18]] Article XI)

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