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<br />Vetorans Administration. The Unit 3h31l be w~:raated for one (1) <br />year fro~ the 1ate of settlement cr the date of occupancy <br />(~hic~avor ~ir8t occurs). The common elcment~ shall be warranted <br />for on~ (1) yeac from such time as Un~td to which 60% of the votes <br />ln the As~Oc~~tl0n apperta.n have b~en transferred to Un~t Owners <br />ethor than the warr~ntor. For ~hese purposes, defe~t8 shall be <br />tho~e items ~&asonably requiring the repair, ~eno~ntio~, <br />restoration. or replacement of any of the components con9titutin~ <br />the l'nit or cc~~on eleMents. Items of mdintenance relating to the <br />Unit or co~~n elements are n~~ covered by the warranty. <br /> <br />There ar~ no other ~&rrant~~9 mnde by ~eclar~nt either <br />e~press or implie~. <br /> <br />11. <br />Buyer that: <br /> <br />~~r'8 Ri~ht ~~ Cance\. r.eclar~nt ~ereby advises <br /> <br />(a) ~-hthin hfte.en (lS) <iays after receipt of this <br />Oi6~los~re Statementl Buy~r may. prior to <br />conveyance, cancel the purcha9~ a9r~ement he <br />has entcr&d into with Declarant: <br /> <br />(b) If Declarant fa~ls ~o provide a Disclosure <br />Statement to Buyer before conveying the Unit <br />Buyer is purchasing, thall Buyer :nay recover <br />from Declarant an amount not to exceed five <br />perc~nt (5%) of the sales price of the Unit <br />Buyer io purchasing: and <br /> <br />~c) If Buter receives the Disclosure Statement more <br />th~n flfteen (15) days bef~re he signs a <br />9urchase agreement, he cannot cancel the <br />agreement. <br /> <br />Any purchaser u~der a VA-guarant~ed mortgage shall have the further <br />right to cancel. '.dth return of earnest money l if: (1.) the <br />veteran does not qualify for a loan: (ii) the purchase price <br />exceeds the re~sonable vaiue e$~~blishcd by the VA: or (iii) <br />neIler does not meet the VA presute requirements of the project. <br /> <br />12. Ju1gmente or Pending Suit3 Against the Association. <br />To the extent of the actua.l knowledge of Declarant., after <br />rea80n~ble inquiry, there ar~ no judgments against the <br />Assoc;iationl nor are there any pending sui:.s to whicll the <br />~ss~~ia.ti~n is a party or which would be ~terial to the <br />C.ondor.cinium. <br /> <br />13. F~rnest Mone~. The earnest money paid by BUY3r to <br />De:1arant 1n ~onnQction w1th the purchase of a unit in the <br />C~ndominium will be held in an oscrow account until closing a~d <br />will be teturncd to Buyer if Buyer cancels the purchaso agraement <br />pursuant to Section 515A.~-106 of tpe Act. <br /> <br />-5- <br />