Section 515A.4-117 — Declarant’s Obligation To Complete And Restore.
515A.4-117 DECLARANT’S OBLIGATION TO COMPLETE AND RESTORE. (a) The declarant shall complete all improvements labeled “MUST BE BUILT” on the condominium plat prepared pursuant to section 515A.2-110. (b) The declarant is subject to liability for the prompt repair and restoration to a condition compatible with the remainder of the condominium of any portion of the […]
Section 515A.4-118 — References.
515A.4-118 REFERENCES. When used in sections 515A.1-101 to 515A.4-118, the term “this act” and similar terms refer to sections 515A.1-101 to 515A.4-118. History: 1980 c 582 art 4 s 515.4-118
Section 515A.4-112 — Implied Warranties.
515A.4-112 IMPLIED WARRANTIES. (a) A declarant warrants to a purchaser that a unit will be in at least as good condition at the earlier of the time of the conveyance or delivery of possession as it was at the time of contracting, reasonable wear and tear excepted. (b) A declarant warrants to a purchaser that […]
Section 515A.4-113 — Exclusion Or Modification Of Implied Warranties.
515A.4-113 EXCLUSION OR MODIFICATION OF IMPLIED WARRANTIES. (a) Except as limited by subsection (b) implied warranties: (1) may be excluded or modified by agreement of the parties; and (2) are excluded by expression of disclaimer, such as “as is,” “with all faults,” or other language which in common understanding calls the buyer’s attention to the […]
Section 515A.4-114 — Statute Of Limitations For Warranties.
515A.4-114 STATUTE OF LIMITATIONS FOR WARRANTIES. (a) A judicial proceeding for breach of any obligation arising under section 515A.4-111 or 515A.4-112 must be commenced within six years after the cause of action accrues, but the parties may reduce the period of limitation to not less than two years. With respect to a unit which may […]
Section 515A.4-115 — Effect Of Violations On Rights Of Action; Attorney’s Fees.
515A.4-115 EFFECT OF VIOLATIONS ON RIGHTS OF ACTION; ATTORNEY’S FEES. If a declarant or any other person subject to sections 515A.1-101 to 515A.4-117 violates any provision thereof or any provision of the declaration or bylaws, any person or class of persons adversely affected by the violation has a claim for appropriate relief. Punitive damages may […]
Section 515A.4-116 — Labeling Of Promotional Material.
515A.4-116 LABELING OF PROMOTIONAL MATERIAL. If any improvement contemplated in a condominium is required by section 515A.2-110(b)(3) to be labeled “NEED NOT BE BUILT” on the condominium plat, no promotional material may be displayed or delivered to prospective purchasers which describes or depicts that improvement unless the description or depiction of the improvement is conspicuously […]
Section 515A.4-1075 — Purchaser’s Right To Cancel.
515A.4-1075 PURCHASER’S RIGHT TO CANCEL. (a) The information required to be delivered by section 515A.4-107 shall be delivered to a purchaser not later than the date of any purchase agreement. Unless a purchaser is given the information more than 15 days prior to the execution of the purchase agreement for the unit the purchaser may, […]
Section 515A.4-108 — Escrow Of Deposits.
515A.4-108 ESCROW OF DEPOSITS. Any earnest money paid in connection with the purchase or reservation of a unit from a declarant shall be escrowed and held in this state in an account, savings deposit or certificate of deposit designated solely for that purpose in an institution whose accounts are insured by a governmental agency or […]
Section 515A.4-109 — Release Of Interests As Security For An Obligation.
515A.4-109 RELEASE OF INTERESTS AS SECURITY FOR AN OBLIGATION. (a) Before conveying a unit to a purchaser other than a declarant, the seller shall furnish to the purchaser releases for that unit and its common element interest of all interests as security for an obligation affecting more real estate than that unit and its common […]