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ORDINANCE N0. <br />Page -9- <br />(iii) Reserve costs <br />Reserve for unexpected repair work <br />Reserve for replacement and upkeep <br />of common areas and facilities <br />Other Reserve funds <br />I£ no reserve is provided for any one or more of the <br />applicable reserve costs listed herein, the following <br />statement shall be inserted in a type size and style <br />equal to at least twenty (20) point bold type: <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 OCCUR. <br />(B) A two-year statement of the estimated common <br />area and facility operating budget for each individual <br />unit, and a statement o£ all additional estimated monthly <br />expenses for the same period for each unit to be itemized <br />as utilities, parking, recreational facilities, and any <br />other anticipated expenses for each unit. <br />(C)' A statement as to what £inancial arrangements, <br />if any, the developer has made to cover tlie estimated, <br />common areas operating budget in the event an insufficient <br />number of units are sold. <br />(D) A statement of the current real estate taxes <br />£or each individual unit and estimated changes in the tax. <br />assessment for each individual unit assuming the taxes <br />as reappraised are based upon the sales price of the real <br />estate. <br />(E) 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 (1) <br />delivered to the developer at closing, (2) delivered to <br />the developer because of purchaser's default under a <br />contract to purchase the unit, or (3) refunded to the <br />purchaser. A deposit of Two Thousand Dollars ($2,000.00) <br />or more, is held for more than ninety (90) days, shall <br />bear interest at the rate of four percent (4%) per annum <br />for any period exceeding ninety (90) days and the statement <br />shall so specify. Such escrow funds shall not be subject <br />to attachment by the creditors of either the purchase or <br />the developer, and the statement shall so specify.