Section 1. Association
"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.
"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. Deed 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.