Candalaria Villa Condominiums

Key facts from Candalaria Villa Condominiums's documents

Community type

Condominium

Legal name

Candalaria Villa Condominiums

Developer / declarant

Sponsor (not named individually) (Article III, Section 1)

Governing law

Oregon Revised Statutes (ORS 94.036 mentioned in 1984 amendment) (1984 amendment, page 38? (ORS 94.036))

Assessments & dues

Board prepares budget at least annually, determines common charges, allocates per common interest (Article V, Section 1)

Special assessments

Board may include amounts for working capital and general operating reserve; also may assess excess repair costs (Article V, Section 1 and Section 3)

Collections & liens

Board has lien for unpaid common charges; may foreclose; may purchase unit at sale (Article V, Sections 6 and 7)

Reserves & fees

Adequate reserve fund for replacement of common elements components shall be maintained, funded by regularly assessed common charges, not special assessments (Article V, Section 1 (1984 amendment, it)

Leasing & rentals

Entire apartment unit may be rented; no portion may be rented; no transient tenants (Article V, Section 11(e))

Architectural approval

Board must answer written request within 30 days; failure constitutes consent (Article V, Section 13)

Insurance

Property insurance to full replacement value (100% replacement cost); coverage includes fire, extended coverage, vandalism, malicious mischief, windstorm, water damage; also public liability insurance with minimum $1,000,000 per occurrence (Article V, Section 2 (1984 amendment))

Voting & meetings

Unit owners vote according to common interest; Sponsor retains special voting until units sold (Article III, Section 1; Article V, Secti)

Amendments

Amendments require approval by 75% of unit owners (All amendment certifications)

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