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Prior to the conveyance of any residential unit within a conversion condominium, other than a conveyance to a declarant or affiliate of a declarant:

A. The declarant shall establish and maintain, during the one year warranty period provided under Section 16.04.160, an account containing a sum equal to 10 percent of the actual cost of making the repairs required as a result of the inspection;

B. During the one year warranty period, the funds in such account shall be used exclusively for paying the actual cost of making repairs required, or for otherwise satisfying claims made, under such warranty;

C. Following the expiration of the one year warranty period, any funds remaining in such account shall be immediately disbursed to the declarant; and

D. The declarant shall notify in writing any condominium homeowner’s association and the City as to the location of such account and any disbursements therefrom. (Ord. 1744 § § 7, 1993).