1450 Franklin Street Owners Association

Key facts from 1450 Franklin Street Owners Association's documents

Reflects the 2017 governing documents — figures and rules are as originally recorded and may have changed since.

Community type

Condominium (mixed-use with residential and commercial) (Article 2.10 Mixed-Use Project; Section )

Legal name

1450 Franklin Street Owners Association

Developer / declarant

Not named in provided text; referred to as 'Declarant' (Preamble: 'Declarant is the owner of cer)

Governing law

California Civil Code (Davis-Stirling Act) and California Corporations Code (Throughout (e.g., Section 3.7, 3.9, 4.1,)

Assessments & dues

Board prepares pro forma operating budget and sets Annual Assessment based on estimated expenses plus reserves; allocated per Unit according to percentages (Exhibit B) (Sections 4.3, 4.8, 4.10)

Special assessments

May levy special assessments for capital improvements, repairs, emergencies, etc.; up to 5% of budgeted gross expenditures without member vote; higher requires majority vote with secret ballot (Section 4.5)

Collections & liens

Assessment is a continuing lien; Association may record Notice of Delinquent Assessment and foreclose judicially or nonjudicially; first mortgage foreclosure extinguishes assessment lien except for certain notices (Sections 4.1, 4.12, 4.13, 4.15, 4.16, 4.)

Reserves & fees

Reserve funds required per Civil Code 5510-5520; may be used only for major repair/replacement; withdrawals require two Board members; reserve study every three years (Sections 4.19, 4.21, 4.22)

Leasing & rentals

Leasing permitted but with restrictions: no short-term, transient, time-share, or vacation rentals for Residential Units (Section 7.1 'No Residential Unit ... sha)

Architectural approval

Yes, established per Bylaws and Section 7.27 Architectural Control (Section 7.27; definition of 'Architectur)

Signs & flags

Commercial Unit may install signage subject to Board approval and city permits; no flashing, blinking, searchlights; outdoor speakers limited (Section 7.2(12))

Maintenance

Association responsible for roof maintenance and repair (Section 5.1 'roof' listed as Association)

Insurance

Association may charge deductible to responsible Owner if damage caused by Owner/tenant (Section 5.1(e) 'cost of the deductible..)

Use restrictions

Residential Units limited to residential use, with occupancy limit of no more than 2 persons per bedroom as permanent residents (Section 7.1 'Residential Units')

Voting & meetings

Two classes: Class A (one vote per unit); Class B (Declarant) three votes per unit owned; Declarant may designate vote exerciser (Section 3.6 Membership Classes and Votin)

Amendments

Not fully extracted; amendments subject to Article 9; certain provisions require Commercial Unit Owner consent; mortgagee consent for certain changes (Section 8.7 Restrictions on Certain Chan)

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