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<br />- 4 - <br /> <br />(b) Compliance with Regional Building Code <br /> <br />No developer shall sell or offer to selJ a condominium <br />ownership interest in a conversion condominium development <br />in the City of lakewood unless the Lakewood Building Commissioner <br />has issued a Certificate of Occupancy attesting that all common <br />areas therein are in compliance with Lakewood Code Chapter 1303, <br />Regional Building Code, unless within the public offering <br />statement there is described the specific common areas therein <br />which the Lakewood Building Commissioner has determined are not <br />in compliance with the Regional Building Code, and also the <br />following' <br /> <br />1. <br /> <br />A statement by the developer specifying the estimated <br />cost and estimated time of completion of all work necessary <br />to correct each Code violation, said time of completion <br />not to exceed six (6) months from date of filing, subject <br />to strikes, adverse weather conditions, acts of God, and/or <br />other similar events beyond the control of the developer, and <br /> <br />A bond filed with the City of Lakewood in thé sum of one <br />hundred percent (100%) of the estimated cost of the work <br />r~quired for Code co~pliance, said estimated cost to be <br />verified by copies of contracts for the completion of the <br />, work required for Code compliance. <br /> <br />2. <br /> <br />(c) Compliènce with Lakewood Housing Code. <br /> <br />At the time of closing of a sale of a condominium unit, the <br />developer shall deliver to the purchaser thereof a Certificate <br />of Occupancy issued by the Lakewood Building Commissioner <br />attesting that the particular unit is in compliance with <br />Lakewood Code, Chapter 1305, Housing Code. <br /> <br />(d) COMpliance with Warranties. <br /> <br />(1) To assure compliance with the warranty obligations spec- <br />ified under Section 1327.05 (a)(4)the developer shall <br />place in a separate warranty escrow account a sum equal <br />to one. percent (1%) of the gross sales price of each . <br />unit as sold, said escrow account to be establtshed at <br />a fi nanci a 1 i nsti tut'i on in the City of Lakewood whose <br />accounts are insured by a government agency . Sai d warranty <br />escrow account must be maintained for the period of the <br />warranty. <br /> <br />(2) Fo"lowing notification by a unit owner or the unit owners' <br />association, the developer shall make any required repairs <br />or replac~ments of the warranted areas and facilities <br />in a timely manner or as promptly as conditions necessitate <br />in case of emergency. If the developer fails to comply <br />with the warranty provisions, the unit owner or the units <br />owners' association may notify the developer in writing of <br />intention to correct the condition at the developerJs expense. <br />If the developer fails to comply withîn fourteen (14) days after <br />being notified by the unit owner or unit owner$' association <br />or as promptly as conditions require in case of emergency, <br />the unit owner or unit owners' assocation may, after re- <br />ceiving two or more written estimates of the cost, have the <br />work done by the tradesman submitti ng the 1 owes t, responsi b 1 e <br />estimate, and have the cost of the work deducted from the <br />warranty escrow account. If litigation is necessary in order <br />to enforce any warranty hereunder and/or to attach funds from <br />said escrow account, a prevailing plaintiff may, in addition <br />to damages, be awarded reasonable attorney fees by the court. <br />