Ordinance No. 18655 - Laserfiche WebLink

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18655 THE CONDOMINIUM INSTRUMENTS FQR CQMPLZANCE wITH THE RESIDENTIAL CONDOMINIUM ORDINANCE BUT ASSUMES NQ LIABILITY FOR THE PRO~'ECT OR THE DECLARANT'S ACTIQNS.OR FAILURE TO ACT. fie} Resale of Units. 2n the event of a resale of a unit or share by a unit or share owner, other than a developer, the unit or share owner shall furnish to the purchaser, before execution of any contract for sale of the unit or share or other- wise before conveyance, a copy of the condominium instruments, the declaration, the bylaws, the rules and regulations of the association or cooperative, and a certificate containing: ~1} a statement disclosing the~e~ffect on the proposed disposition of any right of first refusal or other restraint in the free aliena- bility of the unit; ~2} a statement setting forth the amount of the monthly common expense assessment and any unpaid common ex- pense ar special assessment currently due and payable from the selling unit or share owner; ~:3} a statement of any other fees payable by unit or share owners; ~_4} a statement of any capital expenditures proposed by the .association or cooperative for the current and two next succeeding fiscal years; ~5} a statement of the amount of any reserves for capital expenditures and of any portions of those reserves designated by the association or co- operative for any specified projects; ~,6} the most recent regu- larly prepared balance sheet and income expense statement, if any, of the association or cooperative; ~7} the current operating bud- get of the association or cooperative; ~8} a statement of any judgments against the association or cooperative and the status of any pending suits to which the association is a party; fig} a statement describing any insurance coverage provided far the benefit of unit or share owners; Cl0} astatement as to whether the executive board has knowledge that any alteration or improve- ments to the unit or to the limited common elements assigned thereto violate any provision of the declarations; X11} a state ment as to whether the~executve board has knowledge of any vio- lotions of the health or building codes with respect to the unit, the limited common elements assigned thereto, or any other portion of the condominium or cooperative; and x.12 } a statement of the re- maining term of any leasehold estate affecting the condominium or housing cooperative and the provisions governing any extension ar renewal thereof. The Board of Directors of a unit owners assaci- ation ar cooperative corporation shall provide any such seller with the certificate described above within ten X10} workin da s g Y of a request by a seller. and may charge the seller a reasonable fee for the preparation of this information. ~f~. Revocation of Conversion Permit. A condominium conversion preliminary or final permit may be revoked after notice and a contested case hearing before a hearings officer upon a.written finding of fact that the developer has: Ordinance - 22