10-08-1980 Council Agenda - Laserfiche WebLink

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2701.050. PURCHASE RIGHTS. 1. For 60 days after delivery of the notice of conversion described in Section 2701.040 hereof, the holder of the lessee's interest created by the declarant or his predecessor shall have an option to purchase the leased unit on the terms set forth in•the purchase agreement attached to the notice. If such holder fails to exercise the option during that 60 day period; the declarant may not offer to dispose of an interest in that unit during the following 180 days at a price or on terms more favorable to the offerce:than the price or terms offered to such holder. This subsection does not apply to any unit in a conversion condominium if that unit will be restricted exclusively to nonresidential use or if the boundaries of the converted unit do not substantially conform to the dimensions of the residential unit before conversion. 2. If a declarant, in violation of this section, conveys a unit to a purchaser for value who has no knowledge of the violation, delivery of the deed conveying the unit extinguishes any right which a lessee not in possession may have under this section to purchase that unit, but does not affect the right of such lessee to recover damages from the declarant for a violation of this section. 3. Nothing in this section permits termination of a lease by a declarant in violation of its terms. The rights conferred by this section are subject to any purchase agreement or other;contract existing prior to the effective date of this Ordinance. 2701.060. EXPRESS WARRANTIES. 1. Express warranties made by any declarant to a purchaser of a unit, if relief upon by the purchaser, are created as follows: (a) Any affirmation of fact or promise which relates to the unit, its use, or rights appurtenant thereto, area improvements to the condominium that would directly benefit the unit, or the right to use or have the benefit of facilities not located in the condominium, creates an express warranty that the unit and related rights and uses will conform to the affirmation of promise; (b) Any model or description of the physical characteristics of the condominium, including plans and specifications of or for improvements, creates an express warranty that the condo - minium will conform to the model or description; (c) Any description of the quantity or extent of the real estate comprising the condominium, including plats or surveys, creates an express warranty that the condominium will conform to the description, subject to customary tolerance;-and (d) A provision that a purchaser may put a unit to a specified use is an express warranty that the specified use it lawful. 2. Neither formal words, such as "warranty" or "guarantee ", nor a specific - intention to make a warranty, are necessary to create an express warranty, but a statement purporting to be merely an opinion or commendation of the real:estate.. or its value does not create a warranty. 7