Ordinance No. 18866 - Laserfiche WebLink

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18866 ~:a~.. Warrant ~ E.xecut~.~n b~ the developer of a warranty in favor of the unit owner association, pur- chasers of all condominiu~ units, and any remaining tenants in the building, covering and warrantin the g materials, workmanship, operation, construction, and condition of each coon element and components there- of in the building to be converted for two years from the date of con~reyance or sale of the first unit or share a;n the building sold to a condominium or coopera- ti~re unit purchaser, No common element or component thereof need be warranted if i,t .is certified in the engineer architect's report as having an ex ected use- p f u1 life of greater than 34 years or the ~ remainin use- g ful life of the building, whichever is the smaller. The developer shall provide his own warrant whether or not an manufac ur ~ y y y t er s warranty currently exists. For the purposes of this subsection, no unit shall be deemed conveyed unless conveyed to a bona fide urchaser. p No action to enforce the warranty created by this sub- . section may be brought after one year from the date such warranty period has expired except for structural defects which occurred during the warranty period which were latent and undetected in fact; and in the event of such latent defects, no action shall be brought after six months from the date such defect is detected, 1. Compliance with warranty. To insure com- pliance with the warranty set forth in this section, the developer shall set up escrows for other securities or execute a band, acceptable to the city, pursuant to administrative rules romul ated p g under this code. Any such escrows or securities shall revert to the sole control of the developer at the expiration of the warranty period unless any warranty claims exist against a.t. Escrows or other appropriate securities shall be in an amount constituting 1D~~ of the estimated replacement cost for all items war-ranted. Any band given as security shall separately bond payment by the de- veloper of warranty claims on each item warranted. 2. Inclusion ~n contracts. All sale con- tracts for the first time sale of any condominium unit covered under this code and entered into dur- ing the warranty period shall contain the above express warranty by the developer, 3. Warrant exclusions. The following are exempted from the above warranty provided the work was performed in accordance with then existing applicable codes: a, pan~age caused by the acts of un- authorized tha,rd parties,~inc~uding vandalism, ordinance -- 15