Ordinance No. 18655 - Laserfiche WebLink

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18655 tenant without good cause during the three years preceding the date of application for preliminary conversion permit. Section 7. Final Conversion Permit Approval. The following are conditions of final permit approval: ~.a7 V~arrant~. Execution by the developer of a warranty in favor of the unit owners association, purchasers of all condo- minium units, and any remaining tenants in the~buildi.ng, covering and warranting the materials, workmanship, operation, construction and condition of each cannon element and components thereof in the building to be converted fvr two years from the date of conveyance or sale of the first unit or share in the building sold to a con- dominium or cooperative unit purchaser. No common element or com- ponent thereof need be warranted if it is certified in the engineer/ architect's report as having an expected useful life of greater than thirty X30} years or the remaining useful life of the building, whichever is the smaller. The developer shall provide his own warranty whether or not any manufacturer's warranty currently exists. ~'or the purposes of this subsection, no unit shall be deemed conveyed un],ess conveyed to a bona fide purchaser. Na action to enforce the warranty created by this subsection 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 compliance .... ~ .. with the warranty set forth in this section, the developer shall set up escrows for other securities? or execute a bond, acceptable tv the City, pursuant to administrative rules promulgated under this Ordinance. Any such escrows or securities shall revert to the sole control of the developer at the expiration of the warranty period unless any warranty claim exists against it. Escrows or other appropriate. securities shall be in an amount constituting 104 a of the estimated replacement cost for all items war- ranted. Any bond given as security shall separately band payment by the developer of warranty claims on each item warranted. 2. Inclusion in Contracts. All sales contracts for the first time sale of any condominium unit covered under this Ordinance and entered into during the warranty period shall contain the above express warranty by the developer. 3, warranty Exclusions, The follo~ring are exempted from the above warranty provided the work was performed in accordance with then existing applicable codes: Ordinance - 18