Faraday Court Owners Association

Key facts from Faraday Court Owners Association's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Covenant / Planned Community

Legal name

Faraday Court Owners Association

Units / lots

9 building sites (Lots 2 through 7 and Parcels A through C) plus 1 Common Area Lot (Parcel D) (Section 1.12, Section 1.14)

Governing law

California Civil Code sections 6630-6632, 6800-6826, 6814, 6820-6826, 2924, 2924b, 2924c, 2924d, 2934(a); California Corporations Code sections 7140, 7231, 8333; California Government Code section 65450 (See Sections 1.07, 4.08(n), 5.12, 5.12(d)

Assessments & dues

Regular Assessments set annually by Board; amount determined by estimated Common Expenses plus reserves; payable monthly unless Board decides otherwise. (Section 5.03(a))

Special assessments

Board may levy Special Assessments for unexpected costs, insufficient funds, or other purposes; allocated among Building Sites as Regular Assessments. (Section 5.03(b))

Collections & liens

Assessment, interest, fees become a lien upon recordation of Notice of Delinquent Assessment; lien may be enforced by non-judicial foreclosure under power of sale (Civil Code §§2924, 2924b, 2924c); Association may also sue for money judgmen (Sections 5.01, 5.12, 5.13)

Reserves & fees

Board shall annually fix contributions to reserve funds for future reconstruction, repair, or replacement; funds deposited in separate account; signatures of two Board members or other officers required; expenditures for other purposes requ (Section 5.07)

Architectural approval

Yes, review of plans and specifications by Board/Architectural Committee required before construction or alteration. (Section 8.01)

Signs & flags

Subject to Design Guidelines and Board approval; Section 8.04 addresses signs. (Section 8.04)

Maintenance

Owner responsibility; Association explicitly not responsible for repainting or cleaning exterior surfaces or roof maintenance. (Section 4.02(f))

Insurance

Association shall maintain general public liability insurance and other insurance as set forth in Article XI (text not fully extracted). (Section 4.02(g), Article XI)

Voting & meetings

Each Building Site has one vote per Board position to be filled; fractional votes not allowed; co-owners must designate one to vote or agree unanimously; voting rights may be suspended by Board for nonpayment after notice and hearing. (Section 3.06, Section 5.12(f))

Amendments

Article XVI; requires vote of 75% of voting power of Members (as shown in Recitals for this amendment). (Recital D, Article XVI)

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