Century Park East HOA

Century Park East
General Notice for Operating Rule Change
At the Open Meeting on August 31^st, 2021, the Board of Directors adopted a change to rule #12 under the heading “HOMEOWNERS’ UNITS” in the Rules and Regulations, and the rule now reads as follows: This paragraph applies only to owners who acquired title to their Unit after, and not to owners who acquired their Unit before, this paragraph is adopted. A maximum of twenty-five percent (25%) of the total Units can be leased or rented at any one time. If more than 25% of the total Units are leased or rented as of the date that this paragraph is adopted, such Units may remain leased or rented, but no additional Units can be leased or rented until such time as the total number of Units that are leased or rented is less than 25% of the total Units. If a lease or rental agreement expires or terminates for a Unit that was leased or rented in accordance with this Rule 12 and all applicable provisions of the Governing Documents, such Unit shall remain eligible to be leased or rented; provided that such Unit does not remain unleased or unrented for ninety (90) consecutive days. In the event that a Unit (A) remains unleased or unrented (whether or not occupied) for ninety (90) consecutive days, (B) is sold or undergoes a change of full or partial ownership (other than by inheritance) when not rented/leased at the time of sale or change of ownership, or (C) is sold or undergoes a change of full or partial ownership (other than by inheritance) while rented/leased at the time of sale or change of ownership, but the tenant/lessee vacates any time thereafter, then such Unit shall not be eligible for re-rental/re- lease unless and until the number of Units that are rented/leased (including the one to be re- rented or re-leased) is no more than twenty-five percent (25%) of the total Units. For Units previously rented and undergoing an extensive remodel (pursuant to plans approved by the Board) before being re-rented, the Owner may request an extension of the 90-days for the number of additional days needed to complete the remodel, provided that the owner has diligently pursued the remodel. Any lease of a Unit must have an initial term of at least thirty (30) days. All leases shall be in writing and provide that the tenant agrees to comply with the Association’s governing documents, the tenant is required to obtain and maintain renter’s insurance with limits of no less than $100,000, and there is no right of assignment or sublease. A copy of all leases must be provided to the management office before the tenant takes possession of or occupies the Unit. Please see the CC&Rs for additional details and requirements. A finalized version of the revised Rules and Regulations can be found/downloaded in the Governing Documents section of this website, or you may request a hard copy from the Management Office.
2160-2170 CENTURY PARK EAST LOS ANGELES, CALIFORNIA 90067 (310) 277-3810 www.centuryparkeasthoa.com

Century Park East

At the Open Meeting on August 31^st, 2021, the Board of Directors adopted a change to rule #12 under the heading “HOMEOWNERS’ UNITS” in the Rules and Regulations, and the rule now reads as follows:

This paragraph applies only to owners who acquired title to their Unit after, and not to owners who acquired their Unit before, this paragraph is adopted. A maximum of twenty-five percent (25%) of the total Units can be leased or rented at any one time. If more than 25% of the total Units are leased or rented as of the date that this paragraph is adopted, such Units may remain leased or rented, but no additional Units can be leased or rented until such time as the total number of Units that are leased or rented is less than 25% of the total Units. If a lease or rental agreement expires or terminates for a Unit that was leased or rented in accordance with this Rule 12 and all applicable provisions of the Governing Documents, such Unit shall remain eligible to be leased or rented; provided that such Unit does not remain unleased or unrented for ninety (90) consecutive days. In the event that a Unit (A) remains unleased or unrented (whether or not occupied) for ninety (90) consecutive days, (B) is sold or undergoes a change of full or partial ownership (other than by inheritance) when not rented/leased at the time of sale or change of ownership, or (C) is sold or undergoes a change of full or partial ownership (other than by inheritance) while rented/leased at the time of sale or change of ownership, but the tenant/lessee vacates any time thereafter, then such Unit shall not be eligible for re-rental/re- lease unless and until the number of Units that are rented/leased (including the one to be re- rented or re-leased) is no more than twenty-five percent (25%) of the total Units. For Units previously rented and undergoing an extensive remodel (pursuant to plans approved by the Board) before being re-rented, the Owner may request an extension of the 90-days for the number of additional days needed to complete the remodel, provided that the owner has diligently pursued the remodel.

Any lease of a Unit must have an initial term of at least thirty (30) days. All leases shall be in writing and provide that the tenant agrees to comply with the Association’s governing documents, the tenant is required to obtain and maintain renter’s insurance with limits of no less than $100,000, and there is no right of assignment or sublease. A copy of all leases must be provided to the management office before the tenant takes possession of or occupies the Unit. Please see the CC&Rs for additional details and requirements.

A finalized version of the revised Rules and Regulations can be found/downloaded in the Governing Documents section of this website, or you may request a hard copy from the Management Office.

2160-2170 CENTURY PARK EAST LOS ANGELES, CALIFORNIA 90067 (310) 277-3810 www.centuryparkeasthoa.com

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General Notice for Operating Rule Change

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