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Shadow Valley Premier Builder

One Year Limited Warranty Agreement

Lot ____   Phase ____   Street Address _____________________________________

Shadow Valley Master Planned Community, Rogers, AR 72758

____________________________________________________, hereafter called the “Company,” extends the

following One Year Limited Warranty to ________________________________________________________,

hereafter referred to as “Owner,” who has contracted with the Company for purchase of the home identified

above for the purchase price of  ______________________________________________________________

($___________________) DOLLARS.

The commencement date of the warranty is ________________________, and shall extend for a period of ONE YEAR. 

1.  COVERAGE ON HOME EXCEPT CONSUMER PRODUCTS:   The Company expressly warrants to the original Owner of the home that the home will be free from defects in materials and workmanship due to noncompliance with customary building standards.

2.  COVERAGE OF CONSUMER PRODUCTS:  For purposes of this Limited Warranty Agreement, the term “consumer products” means all appliances, equipment and other items which are generally considered consumer products and which are located in the home on the commencement date of the warranty.  The Company expressly warrants that all consumer products will, for a period of one year after the commencement date of this warranty, be free from defects due to noncompliance with generally accepted standards which assure quality of materials and workmanship.  ANY IMPLIED WARRANTIES FOR ANY SUCH CONSUMER PRODUCTS SHALL TERMINATE ON THE SAME DATE AS THE EXPRESS WARRANTY STATED ABOVE.  The Company hereby assigns to Owner all rights under manufacturers’ warranties, which are excluded from coverage of this limited warranty, and Owner should follow the procedures in the manufacturer’s warranties if defects appear in these items.  

3.  COMPANY’S OBLIGATIONS:  If a covered defect occurs during the one year warranty period, the Company agrees to repair, replace, or pay Owner the reasonable cost of repairing or replacing the defective item.  The Company’s total liability under this warranty is limited to the purchase price of the home stated above.  The choice among repair, replacement, or payment is the Company’s.  Any steps taken by the Company to correct defects shall not act to extend the term of this warranty.  All repairs by the Company shall be at no charge to the Owner and shall be performed within a reasonable length of time. 

4.  OWNER’S OBLIGATIONS:  Owner must provide normal maintenance and proper care of the home according to this warranty, the warranties of manufacturers of consumer products, and other generally accepted standards.  The Company must be notified in writing by the original Owner of the existence of any defect before the Company is responsible for the correction of that defect.  Written notice of defect and no action at law or in equity may be brought by Owner against the Company for failure to remedy or repair any defect about which the Company has not received timely notice in writing.  Owner must provide access to the Company during normal business hours to inspect the defect reported and, if necessary, to take corrective action.  

5.  INSURANCE:  In the event the Company repairs or replaces or pays the cost of repairing or replacing any defect covered by this warranty for which the Owner is covered by insurance or a warranty provided by another party, Owner must, upon request of the Company, assign the proceeds of such insurance or other warranty to Company to the extent of the cost to the Company of such repair or replacement. 

6.  CONSEQUENTIAL OR INCIDENTAL DAMAGES ARE NOT COVERED BY THIS WARRANTY. 

7.  EXCLUSIONS:  THE FOLLOWING ITEMS ARE NOT COVERED BY THIS LIMITED WARRANTY: 

      A.  Cosmetic items that are not  completed prior to closing.  All cosmetic  items must have  been                 completed prior to closing and Owner does acknowledge that there will be no further discussion or demand for such items to be repaired.  Cosmetic items include the following:  sheetrock flaws, painting flaws, scratches in various materials, concrete imperfections, wood imperfections, material variations, chips, dents, etc.

      B.   Defect in any item that was not part of the original home as constructed by the Company.

C.   Any defect caused or worsened by negligence, improper or absence of maintenance, improper action or inaction, willful or malicious acts by any party other than the Company, its employees, agents or subcontractors.

D.   Normal wear and tear of the home or consumer products in the home.

E.   Loss or damage caused by Acts of God, including, but not limited to fire, explosion, smoke, water escape, changes which are not reasonably foreseeable in the level of underground water table, glass breakage, windstorm, hail , lightening, falling trees, aircraft, vehicles, flood and earthquake.

F.    Any defect or damage caused by changes in the grading or drainage patterns or by excessive watering of the ground of the Owner’s property or adjacent property by any party other than the Company, its employees, agents or subcontractors. 

G.   Any defect which does not cause actual loss or damage.

H.   Any loss or damage which arises while the home is being used primarily for non-residential purposes. 

I.    Any defect or damage, to the extent it is caused or worsened by failure of anyone other than the Company, its employees, agents or subcontractors, to comply with the requirements of this warranty, or the requirements of warranties of manufacturers of appliances, equipment, or fixtures.

J.    Loss or damage caused by failure of Owner to take timely action to minimize loss or damage and/or failure of Owner to give the Company notice under paragraph 4 of this Limited Warranty.

K.   Bodily injury, damage to personal property, or real property which is not part of the home.

L.   Insect or animal damage.

M.  Any and all items purchased, placed, installed, or built into this property by the Owner or his agents, shall be specifically excluded from warranty coverage.  Any and all items which could or might be affected by changed or added items will not be included in warranty coverage.

N.  I understand that the Company has used all diligence, all standard accepted building practices, and all standard materials and has followed the existing city or county code as close as is humanly possible, I realize, as the Owner, that the Company is unable to protect or treat for unforeseen items, such as attacks by molds, spores, mildews, vermin, fungi or the like.  This does not mean that at some point in the future, these conditions may exist or make themselves known or even now be in a dormant state.  I also am aware that some items placed in this house, by the very nature of being organic, natural, man-made or porous, may contain molds, spores, mildew, vermin, fungi, or the like, that do not, at present, appear or show any signs of being present.  I further state that I will hold the Company harmless and release it from any and all liability that such items or attacks may present and I will seek no further remedies.  I further understand that many different conditions and possibilities may cause any or none of the items to form, grow or exist.  These conditions do not exist as can be determined at the present time, nor are they known by the Company or me as the Owner at this time.  I further realize, as the Owner, that these conditions may or may not ever exist.  The Company has used all diligence to use quality accepted materials, standards, practices and techniques.  I do not expect any warranty, nor will I expect this condition to be warranted.     Company herein specifically states that this condition will not be warranted nor covered in the Company one-yearwarranty, nor will it have any future remedies.  Owner has been made aware that at some point in the future, a condition may exist wherein molds, spores, mildew, fungi, vermin, or the like may surface and make their presence known.

O.  Wood will sometimes crack, or “spread apart” because of the drying process.  This condition is most often caused by heat inside the house or exposure to the sun on the outside of the house.  This condition is considered normal, and the Owner is responsible for any maintenance or repairs resulting from same.

P.  Floor squeaks:  After extensive research and writing on the subject, technical experts have concluded that much has   been tried, but that little can be done about floor squeaks.  Generally, floor squeaks will appear and disappear over time with changes in the weather.  Floor squeaks will not be warranted.

Q.  Indoor Air Quality Disclaimer:  The United States Environmental Protection Agency (EPA) has expressed concern over the presence of radon gas in homes.  Prolonged exposure to high levels of indoor radon, or its progeny, may affect the health of residents.  Although such conditions may exist, the Company has made no investigation to determine whether radon gas or other environmental pollutants are present in the home or affecting the premises.  The Company has made no analysis or verification of the extent of the environmental or health hazard, if any, that may affect the premises or residents.  The Company makes no representations or warranty as to the presence of radon or hazardous environmental condition, nor as to the effect of radon or any such condition on the premises or residents.

R.  Differing Site Condition Disclaimer:  A differing site is a physical characteristic of the property that materially changes the construction techniques necessary to fulfill the terms of the contract and the building  of this property.  Examples of differing site conditions are subsurface or latent physical conditions at the site  differing materially from standard conditions that may have or may not have been known, physical conditions of any unusual nature located on the building site, such as sink holes, artesian springs, wet weather springs, rock out crops, or other naturally occurring conditions or the like.  All diligence has been used to seek remedies for these occurrences and conditions and proper expert diagnosis and opinions have been used to remedy such known conditions as is humanly possible, but these items cannot be included in this warranty and it is strongly suggested that additional insurance be sought as a remedy for any such condition that now exists or may exist in the future. These conditions are not warranted and no coverage will be expected.

8.  EXCLUSIVE WARRANTY:  The Company and Owner agree that this limited warranty on the home is in lieu of all warranties of habitability or workmanlike construction, or any other warranties, express or implied, to which Owner might be entitled, except as to consumer products.  No employee, subcontractor, or agent of the Company has the authority to change the terms of this One Year Limited Warranty. 

9.  NOT TRANSFERABLE:  This limited warranty is extended to the Owner only if the Owner is the first purchaser of the home.  When the first Owner sells the home or moves out of it, this limited warranty automatically terminates.  It is not transferable to subsequent purchasers of the home, or to the first Owner’s tenants.  

10.  WARRANTY SERVICE:  Warranty Service will be performed Monday through Friday, between the hours of 9:00 A.M. and 4:00 P.M., Central Time.  All warranty services requested must be in writing to the Company.  NO REQUEST WILL BE TAKEN OVER THE PHONE (except in the case of an emergency).  This is for your protection, as well as ours, and allows us efficient and accurate operation.  All correspondence should be addressed by mail to ______________________________________________________________________ or by email to _____________________________________.  Allow fourteen (14) working days for correspondence or warranty work after the receipt of your request.  Please include a daytime telephone number so that repair scheduling may be set.  

Please read through this limited warranty agreement before submitting a warranty service request.  All requests for service must be reported in writing.  Please remember that “cosmetic repairs,” including but not limited to drywall, paint, doors and wood trim, etc. are not required repair items after the Owner has moved into the house.  We prefer that the Owner wait thirty (30) days after moving in to submit a warranty service request.  This allows you sufficient time to become settled in your new home and thoroughly examine all components of your new home. 

DATED the __________ day of ______________________, 20___.  

_______________________________________               _______________________________________

_______________________________________               COMPANY

OWNER(S)