Public Offering Statement for Maxwell Woods

Limited Warranty Certificate Issued to Owner of Condominium Unit

(Name of corporation), a corporation organized and existing under the laws of the state of , with its principal office located at , referred to herein as the Declarant, has designed and constructed for you a value-engineered home.

Your unit was constructed in accordance with the local building code and has been inspected by the local building inspector during construction. In any new construction, however, certain items may require adjustment.

This Limited Warranty Certificate describes the Declarant's obligations to make such adjustments and outlines the methods for you to follow to obtain such adjustments.

I. Coverage and Duration

A. Nonconsumer Products

1. The Declarant will correct any structural defects, which shall be those defects in components constituting any unit which reduce the stability or safety of the unit below accepted standards or restrict the normal intended use of all or part of the unit and which require repair, renovation, restoration or replacement, brought to the Declarant's attention in writing within one year from the date of this Limited Warranty.

2. The Declarant will correct any structural defect in the plumbing system, except operating fittings, which causes the system not to be in proper working order and which is caused by defective workmanship and materials, brought to the Declarant's attention in writing within one year from the date of this Limited Warranty.

B. Consumer Products

1. The Declarant gives no warranty on appliances, equipment or fixtures sold with the unit, except as may be required by the statutory warranty.

2. The Declarant's sole obligation with respect to items not warranted by the Declarant shall be to deliver to the unit owner at settlement any manufacturers' warranties covering such appliances and equipment in the unit still in effect, except to the extent that they may be common elements. The Declarant is not responsible for performance under manufacturers' warranties in any way.

C. Examples

1. The following are examples of non-consumer products: ducts, doors, windows, wiring, toilet, bathtub, sink, etc.

2. The following appliances and other equipment sold with the unit are examples of consumer products: smoke detector, fire extinguisher, exhaust fan, thermostat, individual heating and air conditioning system, doorbell, garbage disposal, washer/dryer, refrigerator/freezer, range/oven, and dishwasher.

II. Declarant’s Responsibility

In the event of any defect in any item or component of any item covered by the Declarant's warranty, the Declarant, at its option, will repair or replace the affected item or component at no cost to the unit owner. Replacement items or components will be substantially comparable to those replaced (although identical colors and other features may not necessarily be available). The Declarant will correct the defect in a manner that restores the component to the condition which would have existed had the defect not been present.

III. Exclusions

A. The Declarant's warranty does not include cracks, popping nails, or other effects of aging, normal settlement, or expansion, contraction, shrinkage, or warping of materials that may occur in walls, floors, ceilings, doors, or any of the components of the unit, as long as that defect will not prevent the normal intended use of all or part of the unit.

B. The Declarant's warranty does not include defects or smudges in painted surfaces, chipping and/or cracking of marble, formica, fiberglass, or tiles, defective, scratched, or broken glass, or similar defects readily visible to the human eye which are not noted for correction at the time of inspection by the initial purchaser before settlement or waiver of inspection.

C. The Declarant's warranty does not cover normal maintenance items or conditions resulting from wear and tear and/or misuse or negligence. The Declarant's warranty does not apply where use or maintenance was contrary to the condominium instruments or Rules and Regulations of the Condominium or where any defect results from damage by the unit owner or by negligence or unreasonable use (including failure to provide reasonable and necessary maintenance).

D. The Declarant specifically disclaims any liability for incidental or consequential (secondary) damage to any person, the unit, other components or any other real or personal property, resulting from a defect. Some states do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation or exclusion may not apply to you.

IV. Limitation and Disclaimer of Warranties

A. On consumer products finally determined by a court to be within the statutory warranty described above, all implied warranties are limited in duration to the period of this written warranty. This includes, but is not limited to, the implied warranties of merchantability and fitness created by , and any implied warranty for habitability which is now recognized, or may in the future be recognized, in . Some states do not allow limitations on how long an implied warranty lasts, so the above limitation may not apply to you.

B. On all other consumer products and on all non-consumer products, whether or not warranted by manufacturers, all implied warranties are expressly disclaimed and do not apply, including but not limited to the implied warranties of merchantability and fitness created by , and any implied warranty of habitability which is now recognized, or may in the future be recognized, in .

V. Warranty Procedures

A. The following procedures have been established to permit maximum efficiency in administering work under warranty. Each unit owner has the opportunity to inspect the unit prior to settlement. At that time there is usually prepared a list of items needing correction in accordance with the Declarant's warranty. If any additional items arise, the procedure to be followed for correcting these items is as follows.

1. days after settlement or occupancy, whichever occurs first, if the unit owner discovers defects that are covered by the Limited Warranty Certificate, in order to obtain performance of any of the Declarant's warranty obligations, a written statement of all warranty claims must be sent during the warranty period to:

2. Upon receipt of the written statement, the Declarant's representative will respond to the unit owner and, when necessary, meet the unit owner, inspect the unit and list the warranted defects on a Warranty Inspection Form to be signed by both the unit owner and the Declarant's representative. If the Declarant requires, the unit owner shall be present at the unit during the inspection and during the performance of any corrective work at the time scheduled by the Declarant.

3. Any warranted latent defects that may be discovered subsequent to the completion of the Warranty Inspection Form, during the period covered by the Limited Warranty Certificate, will be handled individually upon written notice from the unit owner to the Declarant sent to the address set forth in subparagraph A(1) above.

B. If the unit owner and the Declarant's representative fail to agree upon the defects to be noted on the Warranty Inspection Form or the workmanlike correction of defects, the Declarant, upon request by the unit owner, will within days after the date of the request submit the disagreement to the project architect for decision, which decision shall be final and binding on the Declarant and the unit owner. The project architect will render a decision based on the Purchase Agreement, the Public Offering Statement, the condominium instruments, the Unit Inspection Form, the Warranty Inspection Form and the Limited Warranty Certificate. The charge by the project architect for this service will be paid one-half by the Declarant and one-half by the unit owner prior to resolution.

C. This Limited Warranty Certificate may be assigned by a unit owner to a subsequent owner of the unit effective on the date that the subsequent owner notifies the Declarant in writing of the assignment; this Limited Warranty Certificate is not otherwise transferable.

D. The signature of the Declarant's representative on the Warranty Inspection Form constitutes agreement by the Declarant to complete in a workmanlike manner all items noted on that form. Work shall start promptly and be carried on expeditiously by the Declarant. The unit owner agrees to grant reasonable access to the unit for the purpose of that work during normal working hours and as required by the work schedule of the Declarant's contractor. If the unit owner fails to grant that access, Declarant will so notify the unit owner in writing. If the unit owner still fails to grant access days after receipt of the notice, then the unit owner waives any rights to the completion of work noted on the Warranty Inspection Form.

E. Upon completion of all work noted on the Warranty Inspection Form, the Declarant will notify the unit owner in writing and the unit owner shall acknowledge the completion by signing the second part of the form. If the unit owner and the Declarant fail to agree on the satisfactory completion of the work referred to above, the provisions established in Paragraph B above for disagreement concerning the items to be noted on the Warranty Inspection Form will govern.

VI. Interpretation

Nothing contained in this Limited Warranty shall be deemed to be in derogation of the warranty required by , as of this date. No action taken to correct defects shall extend this warranty. The written warranties set forth in this document and the implied warranties limited in this document are in lieu of all other warranties which may otherwise be implied. This Limited Warranty Certificate shall be governed by the laws of . This warranty gives you specific legal rights, and you may also have other rights which vary from state to state.