Wave Crest Owners Association

Key facts from Wave Crest Owners Association's documents

Reflects the 1983 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Vacation Ownership Resort (Recital B)

Units / lots

31 living units (Recital B and Paragraph 1.39)

Governing law

California Civil Code Section 1468 (Page 2, last paragraph)

Assessments & dues

Board adopts budgets for Designated and Nondesignated Units; Regular Annual Assessments, Special Assessments, Capital Improvement Assessments; distributed to Owners 60 days before Fiscal Year (Paragraphs 5.02 k, 6.01-6.04)

Special assessments

Yes: Special Assessments and Capital Improvement Assessments (Paragraph 6.03, 6.04)

Collections & liens

Association may levy Special Assessments for liens; Owner responsible for costs (Article 3 generally, Paragraphs 3.01-3.0)

Reserves & fees

Capital Expenditure Reserves deposited in interest-bearing Reserve Account (Paragraph 5.02 l.3)

Leasing & rentals

Yes, Owner may rent his Specified Unit for his Specified Use Period subject to Rules; Association may also rent unoccupied Units (Paragraph 2.06 a)

Architectural approval

Yes, all alterations, additions, improvements require Association approval; Owner prohibited from making any alterations (Paragraph 2.03)

Home business

Prohibited; no commercial rental business, no solicitation signs (Paragraph 2.06 a.3)

Maintenance

Association (part of maintenance of Project) (Paragraph 5.02 a)

Insurance

Fire and extended coverage, general liability ($1M min), fidelity, director/officer, workers' comp (Paragraph 5.02 f)

Use restrictions

Yes; Units used for vacation occupancy, no signs or commercial rental business (Paragraph 2.06 a.3, 2.03)

Voting & meetings

Class A (all Owners except Declarant): one vote per Vacation Ownership; multiple owners of one Ownership have one vote. Class B (Declarant): one vote per Declarant Vacation Ownership, converts to Class A when Declarant holds less than 310 O (Paragraph 4.04, 4.05)

Amendments

Amendment by vote or written assent of Members as specified in Paragraph 4.05 (majority of both Declarant and Class A majority, or later majority of all) (Paragraph 12.01)

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