4962 Cape May Avenue Homeowners Association

Key facts from 4962 Cape May Avenue Homeowners Association's documents

Reflects the 2018 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium Project (Recitals, Page 8)

Legal name

4962 Cape May Avenue Condominiums

Developer / declarant

2419 29th Street, LLC and 1520 Tyler, LLC, collectively (Recitals, Page 8)

Governing law

Davis-Stirling Common Interest Development Act, California Civil Code Sections 4000 et seq. (Recitals, Page 8)

Assessments & dues

Set annually by Board via Budget, assessed equally per Unit (ratio of number of Units owned to total Units) (Section 4.2(a))

Special assessments

Levied per Board; cannot exceed 5% of budgeted gross expenses in a fiscal year without majority vote of Owners other than Declarant, except to bring an Owner into compliance with Governing Instruments. (Section 4.2(d))

Collections & liens

Lien recorded after 30 days notice per Section 4.6; foreclosure allowed if delinquent amount >= Civil Code §5720(b) or >12 months delinquent. Nonjudicial foreclosure permitted with 90-day redemption period. Board must vote to foreclose. (Sections 4.7, 4.9, 4.9(d))

Reserves & fees

Reserve Account required, funded through Annual Assessments, not Special Assessments. (Section 4.2(e))

Home business

Prohibited. No occupation, profession, commerce, trade or other non-residential use shall be conducted in any portion of the Project. (Section 5.1(a))

Use restrictions

Yes. No Unit shall be used for any purpose other than a residence. Leasing permitted for minimum 60 days, not transient/hotel. (Section 5.1(a))

Voting & meetings

Each Unit Owner automatically a Member; voting power per Unit (implied one vote per Unit). Quorum and proxy not specified in this Declaration. (Section 3.2)

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