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<br />-6- <br /> <br />"THE SALE, LEASE OR TRANSFER OF UNITS (NUMBERS) <br />IS RESTRICTED OR CONTROLLED." <br /> <br />Immediately following this statement, there shall <br />appear a reference to the documents, articles, <br />paragraphs, and pages where the restriction, <br />limitation or control on the sale, lease or transfer <br />of units is set forth or described in detail. <br /> <br />(1) A description of all restrictions, notices, lis <br />pendens and encumbrances of record, and a statement <br />of any pending or threatened litigation concerning <br />the conversion condominium development. <br /> <br />(J) A report by the developer stating the age, the condi- <br />tion and the developer's opinion of the remaining <br />useful life of structural elements and mechanical and <br />supporting systems, together with the developerls <br />estimate of repair and replacement costs projected for <br />five (5) years from the date of the filing of the <br />declaration. <br /> <br />(3) Estimated financial statements, including the following: <br /> <br />(A) A two-year estimated operòting budget, revised and <br />updated òt least every six (6) months, of annual <br />expenditures necessary to operate and maintain <br />the common areas and facilities of the conversion condominium <br />development, specifically stating the assumptions and <br />b~$1~On which each item included in such operating <br />budget was formulated, The developer may be held <br />financially responsible for any intentional mis- <br />representations in.theestimated operating budget. <br />The estimated operãting budget shall include at <br />least the following costs, if applicable: <br /> <br />(i) Operating costs <br /> <br />Utilities <br />Heating fuels <br />Janitorial services <br />Trash and garbage disposal <br />Ground and building maintenance <br />Security <br />Maintenance and operation öf recreational <br />and other facilities <br />,Building insurance <br />Elevator maintenance <br />Sidewalks and street maintenance <br />Other operating costs <br /> <br />(ii) Management costs <br /> <br />Accounting and bODkkeeping services <br />Lega 1 servi ces <br />Management fees <br />Other management costs <br /> <br />(iii) Reserve costs <br /> <br />Reserve for unexpected repair work <br />Reserve for replacement and upkeep of <br />common areas and facilities <br />Other reserve funds <br />