CAI-NJ November 2020

has been selected by the Committee. However, if no such agreement is reached within one hundred and eighty (180) days after the Committee’s receipt of the Notice of Completion, then the Sponsor shall have the option to (i) proceed to binding arbi- tration to resolve all disput- ed recommendations of the Committeepursuant to the rules of the American Arbitration Association, (ii) accept such portions of the Committee’s recommendations as it deems appropriate, or (iii) reject the Committee’s recommendations in their entirety. If the Sponsor elects option (ii) above, then the Board shall execute a binding release of liability of the Sponsor with respect to all Committee recommendations accept-

able to the Sponsor, subject to such independent legal counsel’s approval as to form. Moreover, the Board and the Association shall not be obligated to pursue any claims with respect to any unresolved items under either option (ii) or (iii) until the expiration of one (l) year after the Resident Owners assume control of the Board, it being understood and agreed that by sub- mitting each Notice of Completion to the Committee the Sponsor shall have been deemed to have waived for such one (1) year period any statute of limitations defenses with respect to Common Elements or Other Improvements covered by such 15.04. -Binding-Release. Any release of the Sponsor’s liability exe- cuted by the Sponsor controlled-. Board of Trustees pursuant to this

Article XV shall be legally binding upon the Association, absolutely and forever, despite the Sponsor’s control of the Board. 15.05. Transition Procedures After Resident Owner Control of Board. The procedures set forth in Section 15.03 shall apply to and be followed by the Sponsor and Resident Owner controlled Board of Trustees with respect to all Common Elements and Other Improvements for which there has been no previous Notice of Completion furnished to the Association by the Sponsor or if no Committee was formed; provided, however, that a Resident Owner controlled Board shall not be obligated CONT I NU E S ON PAGE 26

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Glen A. Masullo, CMCA, PCAM

Email: info@ pcmsus.com • Web: www.pcmsus.com

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