Lake Park Terrace Homeowners' Association

Key facts from Lake Park Terrace Homeowners' Association's documents

Reflects the 1999 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

condominium (Article I definition of Condominium, Sec)

Legal name

Lake Park Terrace Homeowners' Association

Units / lots

227 (Preamble paragraph 1: a total of two hun)

Developer / declarant

MIDWAY HOMES, A CALIFORNIA CORPORATION, its successors and assigns and the LAKE PARK TERRACE HOMEOWNERS ASSOCIATION, A CALIFORNIA NONPROFIT CORPORATION, its successors and assigns (Preamble, joint Declarants)

Governing law

Davis-Sterling Common Interest Act of the California Civil Code (Preamble paragraph D)

Assessments & dues

Board of Directors authorizes and levies Annual Assessment by majority vote, assessed equally per Condominium (Section 5.5 Annual Assessments/Levy-Coll)

Special assessments

Charge against an Owner for corrective action, damage by member, or fines/penalties; also includes interest and costs on other assessments (Section 1.6 Definition)

Collections & liens

Lien on Condominium created by recording Notice of Assessment; may be foreclosed by sale or judicial action; priority subordinate to first mortgage of record (Sections 5.8, 5.9, 5.10)

Reserves & fees

Required: an adequate Reserve Fund for capital improvements, replacements, painting and repairs of the Common Area, and for insurance deductibles (Section 5.2 Maintenance Funds of Associa)

Architectural approval

Board decision transmitted to applicant within forty-five (45) days after receipt by Committee of all required materials (Section 4.2 Review of Plans and Specific)

Use restrictions

Each Residence intended for use by a single Family (Section 1.41 Definition of Residence)

Voting & meetings

One vote per Condominium; co-owners designate one voter in writing; no fractional votes (Section 2.5 Classes of Membership/Voting)

Amendments

Original Declaration required consent of owners of sixty percent (60%) of condominiums; this amended and restated declaration obtained necessary consent (Preamble paragraph E)

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