Island Lofts Homeowners Association

Key facts from Island Lofts Homeowners Association's documents

Reflects the 1995 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Preamble paragraph B; Article I definiti)

Governing law

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

Assessments & dues

Initially based on budget approved by Department of Real Estate (Exhibit B). No fixed dollar amount given. (Section 4.04; Exhibit B referenced)

Special assessments

Board may levy special assessment for unexpected costs, capital improvements, etc. Subject to 5% limit unless emergency (as defined) or member approval. (Sections 4.03(b), 4.04)

Collections & liens

Assessment becomes a lien upon recording notice of delinquent assessment. Lien prior to subsequent liens except taxes and first mortgages. Enforceable by nonjudicial foreclosure (trustee sale) or court action. (Sections 4.01, 4.12)

Reserves & fees

Required; Board shall annually fix amount for reserves for replacements and capital improvements. (Section 4.06)

Pets

Yes (Section 5.06)

Leasing & rentals

Yes, with restrictions. (Section 5.09)

Parking & vehicles

Commercial vehicles prohibited except standard size vans or pickup trucks used for both business and personal use, provided any commercial signs are unobtrusive and inoffensive as determined by Board. (Section 5.04)

Architectural approval

Yes; any building, fence, wall, structure, alteration, improvement to Common Area requires prior written approval of Board or Architectural Control Committee. (Section 5.14(b))

Home business

Permitted if Owner resides in Unit, uses only a desk and business telephone, not unreasonable number of clients/deliveries, and does not interfere. (Section 5.01 (exception))

Signs & flags

Only one sign of customary size advertising sale/lease per Unit; all other signs require Board or committee approval; must conform to city/county ordinances. (Section 5.05)

Maintenance

Roofs are part of Common Area (bearing walls, roofs, foundations are Common Area); therefore Association responsible. (Section 2.02(b): "bearing walls, columns)

Insurance

Association must obtain master policy covering all real property and improvements of the Project (including Units), personal property and supplies, meeting FHLMC/FNMA requirements if applicable. (Section 6.01)

Use restrictions

Yes; no Unit shall be used except for residential purposes. Exceptions: Declarant may use for sales office; Owner may use part as office with restrictions. (Section 5.01)

Voting & meetings

Two classes: Class A (all Owners except Declarant) – 1 vote per unit; Class B (Declarant) – triple votes per unit. Class B ends when Class A votes equal tripled Class B votes or 2 years after first conveyance, whichever earlier. (Section 3.04)

Amendments

Common interest cannot be altered without consent of all affected Unit Owners and at least 67% of first mortgagees, expressed in an amended declaration (Section 2.02(b)). Other amendment procedure likely in 8.05 but text not fully provided; (Sections 2.02(b), 8.05 (partial))

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