HBW_307_090114
1
SECTION I.
Your WARRANTY BOOKLET AND Certificate of Warranty Coverage.
This booklet and the
Certificate of Warranty Coverage
are very important legal documents that fully
define the provisions of this express limited warranty,
and You
and
Your Builder/Seller’s
rights and
obligations. Therefore, it is important to keep this booklet and the
Certificate of Warranty Coverage
with other legal documents that are important to
You
.
Your
warranty is not a policy of insurance, a maintenance agreement or a service contract. If
You
have
a mortgage on
Your Home
,
Your
lender may insist that
You
have a Homeowners’ insurance policy. This
warranty is not a Homeowners’ insurance policy and it will not satisfy the lender’s requirement. As
described in this booklet, coverage is limited to qualified defects. If the Builder/Seller has provided a
private, additional warranty or guarantee, the Builder/Seller’s obligations under that private warranty or
guarantee are not covered by this express limited warranty or insured by the Warranty Insurer.
The provisions of this warranty may not be changed by
Your Builder/Seller
or by any other person. If
any provision of this warranty is found to be unenforceable, the remaining provisions will remain in full
force and effect.
A. Transferring Your Builder/Seller’s Express Limited Warranty.
If
You
sell
Your Home
during the term of the express limited warranty, this warranty can be transferred to the next owner, and any
subsequent owners. This means all of
Your
rights and obligations under this warranty, up to the remaining amount of the
Warranty
Limit
, will transfer to each purchaser of
Your Home
or any person who otherwise obtains title to
Your Home
, including any mortgagee
in possession, for the remaining term of the warranty.
When
You
sell
Your Home
,
You
agree to give this warranty booklet and the
Certificate of Warranty Coverage
to
Your
buyer in order to
make it possible for the buyer to understand his or her rights and fulfill his or her obligations under the provisions of this express limited
warranty.
If
You
are a successive owner of the
Home
,
You
may benefit from the coverage provided by this express limited warranty, but in return
You
are bound by all of the terms and conditions of this warranty including but not limited to the procedures that must be followed to
make a claim and the obligation to participate in arbitration as set out in this warranty. To register the warranty in
Your
name please
complete and mail the Successive Owner Transfer and Acceptance Form along with a check for $20.00 to 2-10 HBW at the address
shown on the form.
B. Words With Special Meanings.
Generally speaking, the words used in this warranty have their normal everyday meaning. In some cases, however, a word will be used
as shorthand to describe specifically one of the key provisions contained in this express limited warranty. In those cases, the words will
be capitalized, and the capitalized word will always have the same special meaning.
Most defined terms are described in this section, however, other sections of this warranty booklet may contain other defined terms.
The words being given a special meaning in this section are as follows:
“
Builder/Seller
” means the
Home Builder/Seller
listed on the
Certificate of Warranty Coverage
, and is the person or company
providing
You
with this express limited warranty.
“
Certificate of Warranty Coverage
” is the document issued by 2-10 HBW confirming that
Your Builder/Seller
took all steps
required to make the express limited warranty on
Your Home
effective.
“
Common Element
” means any portion of a
Multi-Family Building
which is defined as a
Common Element
in either common
interest ownership laws or in the declaration establishing such community. Unless excluded in Section VIII,
Common Elements
may include, without limitation, hallways, roofs, exterior finishes, and electrical, plumbing, and mechanical distribution systems.
“
Common Element Date of Warranty
” means the earlier of the date a certificate of occupancy is issued for the
Multi-Family
Building
or the date a unit in the building is first occupied.
“
Commercial Space
” means any unit within a
Multi-Family Building
that is used primarily for a non-residential purpose,
including, without limitation, club houses, retail space, and recreational facilities.
“
Defect
” means a failure to meet the Construction
Performance Guidelines
for workmanship and systems set forth in Section X
of this warranty booklet.
“
Effective Date of Warranty
” means the date the express limited warranty goes into effect. That date will be the earliest of: (1) the
closing date on which
You
purchased the
Home
, (2) the date title to the
Home
was transferred to
You
if title was transferred before
Your
closing date, or (3) the date anyone first began living in the
Home
if before
Your
closing date.
Homes With FHA/VA Financing
BUILDER/SELLER’S
EXPRESS LIMITED
WARRANTY
