As part of the application, the owner shall certify to the Mayor a warranty to subscribers which guarantees that subscribers will be refunded dollar for dollar in the event and to the extent the services promised in exchange for payment received from the subscribers are not delivered. The owner may not sell memberships or other rights in the future establishment in excess of the guarantee amount established. The warranty may be in the form of a performance bond, escrow account, or any other arrangement satisfactory to the Mayor. The owner shall not be released from the obligation of this warranty until one year after the commencement of full operation of all services as advertised and paid for by subscribers prior to opening. Any subscriber aggrieved by a future establishment because of a failure of a future establishment to deliver services paid for by the subscriber may bring an action on the subscriber warranty for recovery, which action shall be in addition to any other rights or remedies the subscriber might have against the owner and/or the future establishment.
('74 Code, § 10-5-5) (Ord. 102-1981)