10-08-1980 Council Agenda - Laserfiche WebLink

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2701.090. STATUTES OF LIMITATIONS FOR WARRANTIES. 1. A judicial proceeding for breach of any obligation arising,under Sections 2701.060 and 2701.070 must be commenced within six years after the cause of action arises. 2. Subject to subsection 3- hereof,'a cause of action under Section 2701.060 - and 2701.070, regardless of the purchaser's lack of knowledge of the breach, arises: (a) As to a unit, when the purchaser to whom the warranty is first made enters into possession if a possessory interest was conveyed or at the time of acceptance of the instrument of conveyance if a nonpossessory interest was conveyed; and (b) As to each common element, the later of (i) the time of the common element is completed, and (ii) the time the first unit in the condominium is conveyed to a bona fide purchaser. 3. If a warranty under Section 2701.060 and 2701 :070 explicitly extends to future performance or duration of. any improvements or component of the condominium, the cause of action arises at the time the breach is discovered or at the end of the period for which the warranty explicitly extends, whichever is earlier. 2701.100. RIGHT TO RESCIND. A lessee may rescind a purchase agreement of a unit offered for sale hereunder by delivering to the declarant at the address stated in the purchase agreement by registered or certified U.S. Mail, postage prepaid, a written notice of rescission within five (5) days of execution of such an agreement by the lessee. Upon receipt of such a notice of rescission the declarant shall promptly refund any earnest money received without deduction therefrom or interest thereon whereupon the purchase agreement shall become null and void. The rights under this section are in addition to the rights afforded purchasers under Minnesota Condominium Act, Section 515.215, Subd. 6. 2701.110. DELIVERY OF NOTICE. Unless otherwise provided herein, all notices required by this Ordinance shall be in writing and shall be either personally delivered or delivered by U.S. Mail, postage prepaid and addressed to the named tenant or "occupant" at the address of the unit. Delivery shall be complete upon mailing. 2701.120. PERMIT REQUIRED. No declarant shall undertake to develop a condominium • conversion of a rental dwelling or building unless he shall have first obtained a permit from the City Council. The payment of fees set forth in Section 2701.140 shall be a prerequisite to issuance of such permit. - 2701.130. MANNER OF APPLYING FOR PERMIT. Application for the required permit shall be made and filed on a form furnished by the City Clerk for such purpose and shall set forth the following information: G -1 -: