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<br />-13- <br /> <br />(m) <br /> <br />Delivery of Public Offering Statement to Purchasers Other <br />Than Tenants. <br /> <br />(1) The developer shall deliver a copy of the public <br />offering statement to a purchaser other than a tenant not <br />less than fifteen (15) days before the execution of <br />a contract for the purchase of a unit. <br /> <br />(2) On the day of delivery of the public offering statement, <br />the developer shall obtain' receipt signed by said <br />purchaser acknowledging that he has received the <br />µüb 1 i coffer; ng 5 tatement and has ,also rece; ved a <br />copy of said receipt on that date. Such <br />receipts shall be kept on file in the possession of <br />the developer for a period of two (2) years from <br />the date of delivery to and signature by the purchaser, <br />and said receipts shall be subject to inspection by <br />the City of Lakewood at any reasonable time <br /> <br />(n) Purchasers! Right to Cancel Contract. <br /> <br />(1) Unless a purchaser is given the public offering statement <br />not less than fifteen (15) days before executing a contract <br />for the purchase of a unit, the purchaser may cancel the <br />çontract within fifteen (15) days after first receiving <br />the public offering statement. The notice of cancellation <br />by the purchaser must be in writing, and cancellation is to <br />be without penalty, All payments which were made by the <br />purchaser before cance 11 aJi on. incl udi ng interest where <br />applicable, shall be refunded by the developer within <br />three (3) days after receiving notice of cancellation. <br /> <br />(2) If the developer fails to provide a purchaser with a public <br />offering statement and' all amendments thereto before <br />conveying a unit, the purchaser, in addition to any <br />rights to damages or other relief, is entitled to receive from <br />the developer an amount equal to ten percent (10%) of the <br />sales price of the unit as liquidated damages. <br /> <br />(3) The 'provisions of this Section 1327.06(~) shall apply to <br />tenants, in addition to the tenant's right to cancel <br />under Section I327.06(j). <br /> <br />(4) Each purchaser's contract for the sale of a unit shall <br />conspiciously disclose the purchaser's right of cancellation. <br /> <br />(5) The purchaser's right to cancel under this Section may not <br />bewaiv~d in the contract of sale or otherwise and any <br />attempted waiver is void. <br /> <br />1327.07 PROHIBITIONS AGAINST UNLAWFUL REPRESENTATIONS. <br /> <br />(a) General Unlawful Representations. <br /> <br />It shall be unlawful for any developer or agent selling or <br />offering to sell any condominium unit in any condominium <br />development: <br /> <br />(1) <br /> <br />To employ any device, scheme, or artifice to <br />defraud; or <br /> <br />(2) <br /> <br />To obtain money or property by means of any untrue <br />statement of a material façt or by any omission to <br />state a material fact necessary in order to make <br />the statements made not misleading or by any pictorial <br />representation which is false; or <br />