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<br />-7- <br /> <br />If no reserve is; provided for anyone or more of <br />the applicable reserve costs listed herein, the <br />following statement shall be inserted in a type <br />size and style equal to at least tWenty (20) <br />point bold type: <br /> <br />"THE DEVeLOPER HAS NOT PROVIDED A RESERVE FOR <br />CERTAIN POSSIBLE FUTURE COSTS OF THe CONDOMINIUM <br />IN HIS BUDGET. ACCORDINGLY, IT MAY BE NECESSARY <br />TO PROVIDE FOR A SPECIAL ASSESSMENT TO ALL <br />CONDOMINIUM UNIT OWNERS TO PAY FOR SUCH COSTS <br />SHOULD THEY OCCURc" <br /> <br />(B) <br /> <br />A two-year statement of the estimated common ðrea <br />and facility operating budget for each individual <br />unit, and a statement of all additional estimated <br />monthly expenses for the same period for each <br />unit to be itemized as to utilities, parking, <br />recreational facilities and any other anticipated <br />expenses for each unit. <br /> <br />(Cj <br /> <br />A statement as to what financial arrangements, <br />if any, the developer has made to cover the <br />estimated common areas operating budget in the <br />event an insufficient number of units are sold. <br /> <br />(D) <br /> <br />A statement of the current realty taxes for each <br />individual unit and estimated changes in the tax <br />assessment for each individual unit assuming the <br />taxes as reappraised are based upon the sales <br />price of the real estate. <br />A statement that any deposit made in connection <br />with the purchase or reservation of any unit shall be <br />placed in an escrow account or held in trust until <br />(1) delivered to the developer at closing, (2) <br />delivered to the developer because of purchaser's <br />default under a contract to purchase the unit, <br />or (3) refunded to the purchaser. A deposit of <br />Two Thousand Dollqrs ($2,000.00) or more, if held <br />for more than ninety (90) days, shall bear interest <br />at the rate of four percent (4%) per annum for any <br />period exceeding ninety (gO) days, and the statement <br />shall so specify. Such escrow funds shall not be <br />subject to attachment by the creditors of either the <br />purchaser or the developer, and the statement shall <br />so specify. <br /> <br />(E) <br /> <br />(4) A description of warranties, including the following: <br /> <br />(A) A two-year warranty by the developer covering the <br />full cost of any labor and materials for any repair <br />or replacement of the common areas and facilities, <br />and a one-year warranty covering the full cost of <br />labor and materials for any repair or replacement <br />of structural, mechanical, and other elements <br />pertaining to each unit, excluding costs necessitated <br />by acts of God. <br />