Ordinance No. 18655 - Laserfiche WebLink

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I8'655 a. Damage caused by the acts o~ unauthorized third parties, i~.cluding ~randal.~sm, negligence, improper maintenance, or improper operation by anyone other than the developer or his employees, agents or subcontractors; b. Acts of Gods and accidents, including but not limited to fire, explosion, smoke, water escape, windstorm, hail, lightning, flood, and earthquake; c. ~~'ormal wear and tear and normal deteriara~-~ ton; and, d. Ordinary maintenance and repairs. 4. DeyelQp__er'_s Warran,t~,,,,,,obli~at~.ons. ~"ollowing timely notification by the unit owners associati~vn, or if control of the building has not been transferred to such association, by three ~.~~ unit owners yr 30~ of the non--developer unit owners, whichever is smaller, .unit owners groups the developer shall promptly make any required repairs or replacements of any item warranted. If the developer fails to comply with the warranty, the unit owners association or group may ratify the developer in writing of its intention to correct the condi- tion at the developer's expense. If the developer fails to comply within 1~ days after being notified by the unit owners association or group or as promptly as conditions require in case o~ emergency, the unit owners association or group may have the work done and shall have recourse to the escrow, security, or bond provided above. Tn order to cause the warranty tv be honored, the unit owners association shall give timely notice of any defect or f al lure of operation to the developer or his successor and shall first seek to en~- f orce any applicable manuf acturer'~ s warranty. 5. Arbitration. Any disputes over any such warranties shall be settled by binding arbitration to be conducted and governed by the provisions of OAS 33.10 et seg. ~b~ Cash Reserve Escrow Account. A cash reserve account shall be established and funded by the developer for the benefit of the unit owners association. Such reserve account shall be for replacement reserves, and shall be non-r-efundable to the developer. The reserve account shall be funded by cash or by an assignment by the developer of all sales proceeds from the sale of condominium units or cooperative shares up to the amount required to be funded. The developer shall be entitled to any accrued interest on the re- serve account at the expiration of the warranty period. The unit owners association shall not be entitled to draw upon such reserve account until tie expiration of the warranty period. Ordinance - lg