Interstate Land Sales Full Disclosure Act; Building Completion Date. (a) The Interstate Land Sales Full Disclosure Act (the “Federal Act”) governs the offer for sale or lease of lots, including condominium units. Section 1702(a)(2) of Title 15 of the United States Code exempts from the Federal Act (1) the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building; or (2) the sale or lease of land under a contract obligating the seller or lessor to erect such a building on the lot within a period of two years (referred to as the “Improved Lot Exemption”). The sale of the Property covered by this Agreement is intended to be made pursuant to the Improved Lot Exemption and to comply with the requirements of the Improved Lot Exemption and shall be construed consistent with the Improved Lot Exemption. Accordingly, notwithstanding any other provision in this Agreement to the contrary, Seller shall complete construction of the Unit and the building in which the Unit is to be located so as to permit normal occupancy within two (2) years from the date this Agreement is signed by Buyer (the "Building Completion Date"); provided, however, that the Building Completion Date will be extended for any period of time during which construction is actually delayed by Force Majeure Events. If construction of the Unit and the building in which the Unit is to be located is not completed by the Building Completion Date, such failure to so complete shall be a default by Seller under this Agreement, in which case Buyer shall be entitled to the applicable remedies set forth in Article V, Section G.2 of this Agreement, including the cancellation of this Agreement at any time after the Building Completion Date, as the same may have been extended.
(b) Section 1702(b)(9) of Title 15 of the United States Code provides that the provisions of the Federal Act requiring registration and disclosure shall not apply to the sale or lease of a condominium unit that is not exempt under subsection (a) of Section 1702 (referred to as the “Condominium Exemption”). If, for any reason, the sale of the Property covered by this Agreement does not qualify for the Improved Lot Exemption, then in such case only, the sale of the Property shall be intended to be made pursuant to the Condominium Exemption and to comply with the requirements of the Condominium Exemption and shall be consistent with the Condominium Exemption.
Interstate Land Sales Full Disclosure Act; Building Completion Date. (a) The Interstate Land Sales Full Disclosure Act (the “Federal Act”) governs the offer for sale or lease of lots, including condominium units. Section 1702(a)(2) of Title 15 of the United States Code exempts from the Federal Act (1) the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building; or (2) the sale or lease of land under a contract obligating the seller or lessor to erect such a building on the lot within a period of two years (referred to as the “Improved Lot Exemption”). The sale of the Property covered by this Agreement is intended to be made pursuant to the Improved Lot Exemption and to comply with the requirements of the Improved Lot Exemption and shall be construed consistent with the Improved Lot Exemption. Accordingly, notwithstanding any other provision in this Agreement to the contrary, Seller shall complete construction of the Unit and the building in which the Unit is to be located so as to permit normal occupancy within two
