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18866 <br />negligence, i~tpropex maintenance, ar im- <br />proper operation by anyone ether than the <br />developer or h..s employees, agents, or <br />subcontractors ; <br />b. Acts of God and accidents, in- <br />cluding but not limited to fire, explosion, <br />smoke, water escape, windstorm, hail, <br />,lightning, flood, and earthquake; <br />c. Formal wear and tear and normal <br />deterioration; and <br />d. Urdinary maintenance and repairs. <br />4. Developer's warrant obligations. Follow-~ <br />,~ng timely notification by the unit owner's associ- <br />ation, or if control of the building has not been <br />transfera~ed to such association., b~~ 3 unit owners <br />or .34% of the non-developer unit owners, whichever <br />is smaller, unit owners groups the developer shall <br />promptly make any required repairs or replacements <br />cif t~n~r item warranted . I f the developer fails to <br />comply with the warranty, the unit owners associ- <br />ation or group may notify the developer in writing <br />of its intention to correct the condition at the <br />developer's expense. If the developer fails to <br />comply within 14 days after being notified by the <br />unit owners association or group or as promptly as <br />conditions require in case of emergency, the unit <br />owners association or group may have the work done <br />and shall ha~'e recourse to the escrow, security, <br />or band provided above. Tn order to cause the <br />warranty to be honored, the unit owners association <br />shall give timely notice of any defect or failure <br />of operation to the developer or his successor <br />and shall first seek to enforce any applicable <br />manufacturer's warranty. <br />5. Arbitration. Any disputes over any such <br />warranties shall be settled by binding arbitration <br />to be conducted and governed by the provisions of <br />ORS 33.210 et seg. <br />~.b~ Cash reserve escrow account. A cash reserve <br />account shall be~ e~s~tabl~i~~shed~ and funded by the developer <br />for the benefit of the unit owners association. Such re- <br />serve account shall be for replacement reserves, and <br />shall be non-refundable tv the developer. The reserve <br />account shall be funded by cash or by an~assignment by <br />the developer of all sales proceeds from the sale of <br />condominium units or cooperative shares up to the amount <br />required to be funded. The developer shall be entitled <br />to any accrued interest on~the reserve account at the <br />expiration of the warranty period. The unit owners <br />association shall not be entitled to draw upon such re- <br />serve account until the expiration of the warranty period. <br />Ordinance - 16 <br />