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ORDINANCE NO. <br />Page -8- <br />a reference to the documents, articles, paragraphs, and <br />pages where the restriction, limitation or control on <br />the sale, lease or transfer of units is set £orth or <br />described in detail. <br />(I) A description of all restrictions, notices, lis.. <br />pendens and encumbrances of record, and a statement of <br />any pending or threatened litigation concerning the <br />conversion condominium development; <br />(J) A report by the developer stating the age, the <br />condition and the @eveloper's opinion o£ the remaining <br />useful life of structura7.elements and mechanical and <br />supporting systems, together with the developer's estimate <br />of repair and replacement costs projected for five (5) <br />years from the date of the filing of the declaration. <br />(3) Estimated financial statements, including the following: <br />(A) A two -year estimated operating budget, revised <br />and updated at least every six (6) months, of annual <br />expenditures necessary to operate and maintain the <br />common areas and facilities of the conversion condominium <br />development, specifically stating the assumptions and <br />bases.'on which each item included in such operating <br />budget was formulated. The developer may be held <br />financially responsible for any intentional misrepresentatior. <br />in the estimated operating budget. The estimated <br />operating budget shall include at least the following <br />costs, if applicable: <br />(i) Operating Costs <br />Utilities <br />Heating fuels <br />Janitorial services ' <br />Trash and garbage disposal <br />Ground and building maintenance <br />Security <br />Maintenance and operation of recreational and <br />other facilities <br />Building insurance <br />Elevator maintenance <br />Sidewalk and street maintenance <br />Other operating costs <br />(ii) Management Costs <br />Accounting and bookkeeping.,services <br />Legal services <br />'Manaqement fees <br />Other management costs