Terrace Green I Homeowners Association

Key facts from Terrace Green I Homeowners Association's documents

Reflects the 2016 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium Project (Recitals (C))

Governing law

California Civil Code (including Sections 4125, 4285, 4040, 4045, 4340-4370, 5300, 5310, 5855, etc.) (Various sections)

Assessments & dues

Board prepares Annual Budget Report, then sets Regular Assessments based on estimated expenses; aggregate Regular Assessment cannot exceed 120% of prior year without member vote. (Section 4.3(A), 4.3(B))

Special assessments

May be levied for capital improvements or other purposes; up to 5% of budgeted gross expenses per fiscal year without vote; higher amounts require majority vote. (Section 4.4(A))

Collections & liens

Assessments (except certain fines) are a continuing lien on the Condominium; may be enforced by nonjudicial foreclosure (power of sale) or judicial foreclosure; subordinated to first mortgages. (Section 4.2, 4.10, 4.11, 4.12)

Reserves & fees

Annual Budget Report includes reserve funding disclosure; Board must prepare such report. (Section 3.5(F), Section 1.1)

Pets

Not explicitly in Declaration; Board may adopt rules regarding control of pets. (Section 3.4(A))

Leasing & rentals

Owner may lease Unit (Article 7); specific provisions not provided. (Table of Contents (Article 7), Section 5)

Parking & vehicles

Referenced in Article 5 Section 5.5 - Vehicles and Parking; text not provided. (Table of Contents (Section 5.5))

Architectural approval

Referenced in Article 6; specific text not provided. (Table of Contents (Article 6))

Home business

Trade or business may be conducted from a Unit if no material impact on the Project. (Section 5.1(B))

Signs & flags

Section 5.3 - Signs, Flags and Banners; text not provided. (Table of Contents (Section 5.3))

Use restrictions

Units restricted exclusively to residential use; single-family occupancy. (Section 5.1(A))

Voting & meetings

Each Owner is a Member of the Association; Voting Power is the number of Units eligible to vote; voting rights may be suspended for non-payment of assessments or infractions. (Section 1.26, 1.36, 2.2(D))

Amendments

Article 15 - Amendments; specific text not provided; requires approval of mortgagees for certain amendments (Section 15.2). (Table of Contents (Article 15))

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