"Association,"
shall mean LA VETA MONTEREY CONDOMINIUM ASSOCIATION,
INC., a California non-profit corporation, its successors
and assigns.
Section
2. Properties
"Properties,"
shall mean and refer to Parcel 1, 2 and 3 of Parcel
Map 79-756, City of Orange, County of Orange, State
of California, pursuant to the Declaration and Supplementary
Annexation Declarations, recorded on the Office of the
County Recorder of said County, together with seventy-four
(74) units in Phase I; seventy-seven (77) units in Phase
II and sixty (60) units in Phase III and Common Area,
all as more particularly shown and defined on the Condominium
Plan that has been recorded in connection with the project.
Section
3. - Unit
"Unit,"
in said properties shall mean and refer to the elements
of a condominium which are owned individually and not
in common with owners of other elements of the project.
The boundaries of a unit shall be the interior surfaces
of the perimeter walls, floors, ceilings, windows and
door of each unit where they exist and otherwise, to
the vertical or horizontal planes at the limits of the
dimensions, as shown on the Condominium Plan that has
been filed pursuant to Section 1351 of the California
Civil Code. The unit shall include both the portions
of the buildings so described and the airspace so encompassed.
In interpreting deeds and plans, the existing physical
boundaries of a unit reconstructed in substantial accordance
with the original plans, shall be conclusively presumed
to be its boundaries, rather than metes and bounds or
other description expressed in the deed or plan, regardless
of minor variance between boundaries shown on the plan
or in the deed and those of a building. Each unit shall
consist of a dwelling area, together with no less than
one (1) parking space.
Section
4. Common Area
"Common
Area," shall mean the entire project,
excepting those portions thereof which lie within the
boundaries of any unit, as herein before defined. The
individual unit owners shall have undivided fractional
interests as tenants-in-common in and to the Common
Area. The Association shall be responsible for the management
and maintenance of the Common Area. The Common Area
is subject to all easements and rights of use as may
be describes in the Declaration and in the documents
of conveyance through which each original owner acquired
his condominium.
Section
5. Condominium
"Condominium,"
shall mean a condominium as defined in Section 763 of
the California Civil Code and shall be an estate in
real property consisting of: (a) a separate fee interest
in the space within a unit; (b) an undivided fractional
interest in the Common Area as a tenant-in-common; and
(c) an exclusive easement to and the exclusive right
to use, for parking purposes only, no less than one
(1) parking space as shown on the Parking Plan attached
to the Declaration. Additionally, each owner of a condominium
shall receive an appurtenant membership in the Association.
Section
6. Member
"Member,"
shall mean and refer to every person or entity who holds
membership in the Association. Ownership of a condominium
in the project shall be the sole qualification for membership
in the Association.
Section
7. Owner
"Owner,"
shall mean and refer to the record owner whether one
or more persons or entities of a condominium which is
part of the properties, including contract sellers,
but excluding those having such interest merely as security
for the performance of an obligation. Declarant shall
be an owner of any unsold condominiums.
Section
8. Declarant
"Declarant,"
shall mean and refer to WILSHIRE DIVERSIFIED, INC.,
a California corporation, its successors and assigns,
if such successors and/or assigns should acquire from
Declarant, more than one condominium for the purpose
of sale.
Section
9. Mortgage
"Mortgage,"
shall mean the conveyance of any unit or other portion
of the properties to secure the performance of an obligation,
which conveyance shall void upon due performance of
said obligation.
Section
10. Mortgagee
"Mortgagee,"
shall mean a mortgagee which is a bank or savings and
loan association, or established mortgage company or
other entity chartered under federal or state laws,
any corporation or insurance company, or any federal
or state agency.
Section
11. Dee of Trust
"Deed
of Trust'" shall mean "Mortgage,"
and the same may be used interchangeably with the same
meaning: likewise, "Trustor," shall mean "Mortgagor,"
and "Beneficiary" shall mean "Mortgagee."
Section
12. Organizational Meeting
"Organizational
Meeting," shall mean the first
meeting of owners which shall occur within forty-five
(45) days after the close of sale of the first unit
in the project which represents the fifty-first (51st)
percentile interest authorized for sale under the first
Public Report, but no later than six (6) months after
the close of sale of the first unit in the project,
at which meeting, a new Board of Directors shall be
elected by secret written ballot of the members.
Section
13. Declaration
"Declaration,"
shall mean the Declaration of Establishment of Covenants,
Conditions and Restrictions for La Veta Monterey Condominium,
as the same may be supplemented and/or amended, recorded
in the Office of the County Recorder of Orange County.
Section
14. Condominium Plan
"Condominium
Plan," shall mean the Plan prepared,
executed and recorded in connection with the project,
in the Office of the County Recorder of Orange County.
