Lofts @ Riley Homeowners Association

Key facts from Lofts @ Riley Homeowners Association's documents

Reflects the 2002 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (Preamble paragraph B and Article I defin)

Legal name

Lofts @ Riley Homeowners Association

Developer / declarant

Lofts @ Riley, L.L.C. (Page 1 header and Article I Section 1.14)

Governing law

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

Assessments & dues

Board establishes annual assessments based on estimated costs; must initially comply with budget in Exhibit B. After first January following first conveyance, annual increase limited to 20% without owner approval; special assessments over 5 (Article IV Sections 4.03, 4.04, 4.05)

Collections & liens

Assessment becomes a lien on the Unit upon recordation of notice of delinquent assessment; may be enforced by nonjudicial foreclosure per Civil Code Sections 2924, 2924b, 2924c. Association may bid and acquire Unit at foreclosure sale. (Article IV Section 4.12)

Reserves & fees

Board annually fixes pro rata contributions to reserves for replacement; reserves held in separate trust accounts from operating funds. (Article IV Sections 4.06 and 4.07)

Use restrictions

Units for residential purposes only; limited home office allowed; no tent, shack, trailer, outbuilding used as residence. (Article V Section 5.01)

Voting & meetings

Two classes: Class A (Owners except Declarant) – one vote per Unit; Class B (Declarant) – same vote per Unit but tripled. Class B converts to Class A when total Class A votes equal tripled Class B votes or on 2nd anniversary of first convey (Article III Section 3.04)

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