Villa Madrid Owners Association

Key facts from Villa Madrid Owners Association's documents

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

Community type

Condominium (Preamble B: 'plan for the division of th)

Developer / declarant

Sterling Ventures (Recording request return address: 'STERL)

Governing law

California Common Interest Development Act (Civil Code Section 1350 et seq.) (Preamble B)

Assessments & dues

Set by Board based on budget; initially per DRE-approved budget (Exhibit B) (Article IV 4.03(a), 4.04)

Special assessments

Allowed for unexpected costs, capital improvements, etc., by Board (Article IV 4.03(b))

Collections & liens

Assessment becomes lien upon recording notice of delinquent assessment; subordinate to first mortgages; nonjudicial foreclosure allowed (Article IV 4.12)

Reserves & fees

Board shall fix annual amount for reserves for replacement; held in separate trust account (Article IV 4.06, 4.07)

Pets

Yes (Article V 5.06)

Leasing & rentals

Yes, absolute right to lease subject to restrictions (Article V 5.09)

Architectural approval

Committee must approve/disapprove within 30 days of submission; if not, approval not required as long as conforms; appeal to Board within 30 days of disapproval; Board must decide within 45 days of appeal (Article V 5.14(g),(h))

Home business

Allowed if Owner resides, uses part of unit as office with desk, business phone, and as business address; no unreasonable client visits or deliveries; must not interfere with neighbors (Article V 5.01)

Signs & flags

One sign of customary size for sale or lease per unit; all signs must be approved by Board and conform to local ordinances (Article V 5.05)

Use restrictions

Yes, except Declarant model/sales office and limited home office (Article V 5.01)

Voting & meetings

Two classes: Class A (all owners except Declarant) one vote per unit; Class B (Declarant) may triple votes per unit (Article III 3.04(a),(b))

Amendments

Change in common interest requires consent of all affected Unit Owners and at least 67% of first mortgagees (Section 2.02(b)); general amendment procedure not fully shown but Article VIII likely covers (Article II 2.02(b))

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