Latent Defect Defined Sample Clauses

Latent Defect Defined. For the purposes of this Limited Warranty Agreement, a Latent Defect is defined as and limited to a defect in a necessary component in the Dwelling which (i) is not apparent at the Limited Warranty Commencement Date but which becomes apparent during the Limited Warranty Period; (ii) is not otherwise excluded in this Limited Warranty Agreement; (iii) results in actual physical damage to the Dwelling; (iv) is the direct result of the failure by Seller to construct the Dwelling in accordance with [Insert here any applicable Guidelines to be used such as (i) the Residential Construction Performance Guidelines for Professional Builders and Remodelers, published by National Association of Homebuilders or (ii) the Building Quality Standards a copy of which has been provided by Seller to Buyer, (iii) such other Guidelines for construction as may be provided by Seller to Buyer, or if there are no Guidelines, then applicable building codes](defined herein as the “Guidelines”); and (v) has been set forth in detail by Buyer in a written notice to Seller prior to the expiration of the Limited Warranty Period. The responsibility of Seller to repair or replace certain items with respect to which there might be a Latent Defect shall be as set forth in the Guidelines. If a specific Latent Defect is not addressed in the Guidelines, then the applicable codes adopted by the local governing body with respect to residential construction standards (or if no such codes have been adopted, then the standards of construction prevailing in the geographical area of the Dwelling) will be used in lieu of the provisions of the Guidelines. The Guidelines lists specific defects that might occur within specified categories of the construction and the responsibilities of Seller and Buyer with respect thereto.LIMITATION UPON LIABILITY