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ORDINANCE NO. <br />Page -5- <br />(3) a£ee of twenty dollars ($20.00) per condominium unit. <br />said fees shall be in substitution for all other fees <br />incidental to the conversion condominium development under <br />the Building Code. <br />(b) Compliance with Regional Building Code <br />No developer shall sell or of£er to sell a condominium <br />ownership interest in a conversion condominium development in <br />Mayfield Village unless the Village Building Commissioner has <br />issued a certi£icate of Occupancy attesting that all common areas <br />therein are in compliance with Chapter 1325 of the Mayfield Village <br />Codified Ordinances, Regional Building Code, unless within the <br />Public Offering Statement there is described the specific common <br />areas therein which the Mayfield Village Building Commissioner has <br />determined are not in compliance with the Regional Building Code, <br />and also the following: <br />(1) 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 not <br />to exceed six (6) months from the date of filing, subject to <br />strikes, adverse weather conditions, acts of God or othQx <br />similar events beyond the control of the developer; and <br />(2) A bond filed with Mayfield Village in the sum of <br />one hundred percent (100%) of the estimated cost of the <br />work required for Code compliance, said estimated cost to <br />be verified by copies of contracts for the completion of the <br />work required for Code compliance. <br />(c) Compliance with Mayfield Village Housing Code. <br />At the time of closing of a sale of a condominium unit, <br />the developer shall deliver to the purchaser thereof a Certificate <br />of Occupancy issued by the Mayfield Village Building Commissioner <br />attesting that the particular unit is in compliance with Chapter <br />1325 of the Mayfield Village Codified Ordinances Regional Building <br />Code. <br />(d) Compliance with Warranties. <br />(1) to insure compliance with the warranty obligations <br />specified under 1379.05(a)(4) the deve>loper shall place <br />in a separate warranty escrow account a sum equal to one <br />percent (lo) of the gross sales price of each unit as sold, <br />said escrow account to be established at a financial <br />institution within the corporate limits of Mayfield Village <br />whose accounts are insured by an agency of the federal <br />government. Said warranty escrow account must be maintained <br />for the period of the warranty.