(a) Filing of the Public Offering Statement. No developer shall sell or offer to sell a condominium ownership interest in a conversion condominium development in the City unless he or she first files the following items with the Building Commissioner of the City:
(2) Any bond required by division (b) of this section; and
(3) A fee of twenty dollars ($20.00) per condominium unit, which fees are incidental to the conversion condominium development under the Building Code.
(b) (EDITOR'S NOTE: Former division (b) of this section, Compliance with Regional Building Code, was repealed by implication due to the repeal of Chapter 1303, Regional Building Code.)
(c) Compliance With City Housing Code. At the time of closing of a sale of a condominium unit, the developer shall deliver to the purchaser thereof a certificate of occupancy issued by the Building Commissioner attesting that the particular unit is in compliance with this Housing Code.
(d) Compliance With Warranties.
(1) To assure compliance with the warranty obligations specified under Section 1391.05(a)(4), the developer shall place in a separate warranty escrow account a sum equal to one percent of the gross sales price of each unit as sold, such escrow account to be established at a financial institution in the City whose accounts are insured by a government agency. Such warranty escrow account must be maintained for the period of the warranty.
(2) Following notification by a unit owner or the unit owners' association, the developer shall make any required repairs or replacements of the warranted areas and facilities in a timely manner or as promptly as conditions necessitate in the case of an emergency. If the developer fails to comply with the warranty provisions, the unit owner or the unit owners' association may notify the developer in writing of his, her or its intention to correct the condition at the developer's expense. If the developer fails to comply within fourteen days after being notified by the unit owner or the unit owners' association, or as promptly as conditions necessitate in the case of an emergency, the unit owner or unit owners' association may, after receiving two or more written estimates of the cost, have the work done by the tradesman submitting the lowest responsible estimate and have the cost of the work deducted from the warranty escrow account. If litigation is necessary in order to enforce any warranty hereunder and/or to attach funds from such escrow account, a prevailing plaintiff may, in addition to damages, be awarded reasonable attorney's fees by the court.
(Ord. 79-78. Passed 10-1-79.)