IMPORTANT: BY USING iRenovate AND IT'S SERVICES, YOU ARE AGREEING TO BE BOUND BY THE FOLLOWING TERMS:

Warranty Period.

Contractor does hereby provide to Owner this Limited Warranty Agreement with respect to the Renovation Work for a period of (the “Limited Warranty Period”) beginning on the earlier of (i) the date upon which a Certificate of Occupancy has been issued with respect to the Renovation Work by the applicable governmental building inspection department; (ii) the date upon which Contractor has reasonably determined that the Renovation Work is substantially complete and ready for occupancy (in the event that there is no governmental building inspection department with jurisdiction over the Dwelling; or (iii) the date of initial occupancy by Owner of the portion of the Dwelling upon which the Renovation Work has been performed, whichever occurs first (the “Limited Warranty Commencement Date”), and Owner does hereby agree to the terms of this Limited Warranty Agreement and further agrees to accept this Limited Warranty Agreement as the only warranty given, in lieu of all other warranties of any kind, expressed or implied, with respect to the Renovation Work. The Limited Warranty Period has been negotiated between Contractor and Owner as a part of the negotiation of the terms and provisions of the Contract.

Limited

Warranty Contractor hereby warrants to Owner that, for and during the Limited Warranty Period, the Renovation Work will be free from Latent Defects, as hereinafter defined. If a Latent Defect occurs in an item which is covered by this Limited Warranty Agreement, Contractor will repair, replace, or pay to Owner the reasonable cost of repairing or replacing any such item. Contractor shall in its sole discretion determine whether to repair, replace, or pay the reasonable cost of repairing or replacing any such item. THE LIABILITY OF CONTRACTOR IS STRICTLY LIMITED TO THE OBLIGATION TO REPAIR, REPLACE, OR PAY THE REASONABLE COST OF REPAIRING OR REPLACING ANY SUCH ITEM, AND ANY RIGHT THAT OWNER MIGHT HAVE TO RECOVER ANY OTHER OR ADDITIONAL DAMAGES IS HEREBY WAIVED AND EXCLUDED. OWNER ACKNOWLEDGES THAT THE SOLE REMEDY AVAILABLE TO OWNER HEREUNDER IS THE RIGHT TO REQUIRE CONTRACTOR TO REPAIR, REPLACE, OR PAY THE REASONABLE COST OF REPAIRING OR REPLACING ANY SUCH ITEM. Steps taken by Contractor to correct any Latent Defect under this Limited Warranty Agreement shall not extend the Limited Warranty Period.

Definition of Latent Defect.

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 Renovation Work which has been constructed by Contractor pursuant to the Contract and 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 portion of the Dwelling which has been constructed by Contractor as part of the Renovation Work; (iv) is the direct result of the failure by Contractor to perform the Renovation Work in accordance with the applicable Building Standard portion of the Building Quality Standards Section attached hereto as Exhibit I; and (v) has been set forth in detail by Owner in a written notice to Contractor prior to the expiration of the Limited Warranty Period. A Latent Defect shall not include the condition of any portion of the Dwelling immediately prior to the commencement by Contractor of the Renovation Work, nor to any defect in the Renovation Work which is caused, in whole or in part, by the pre-existing condition of any portion of the Dwelling. The responsibility of Contractor to repair or replace certain items with respect to which there might be a Latent Defect shall be as set forth in the Responsibility portion of the Building Quality Standards Section. If a specific Latent Defect is not addressed in the Building Quality Standards Section, then the applicable codes adopted by the local governing body with respect to residential renovation standards (or if no such codes have been adopted, then the standards of renovation prevailing in the geographical area of the Dwelling) will be used in lieu of the provisions of the Building Quality Standards Section. The Building Quality Standards Section lists specific defects that might occur within specified categories of the renovation and the responsibilities of Contractor and Owner with respect thereto, pursuant to the following format:

Possible Defect - a brief statement of problems that may be encountered.

Building Standard - a building standard relating to a specific defect

Responsibility - a Statement of the corrective action required of Seller to repair the defect or a statement of Buyer’s maintenance responsibilities.

[The following paragraph 3 may be used in lieu of the preceding paragraph 3 in the event that the parties desire to omit the Building Quality Standards section attached as Exhibit I and to replace that particular Building Standard with the Residential Construction Performance Guidelines for Professional Contractors and Remodelers. If the following paragraph is used instead of the preceding paragraph, then the Building Quality Standards Section will not be attached as an exhibit and Exhibit I will be either the Preoccupancy Inspection Agreement or the Acknowledgment of Acceptance.]

Definition of Latent Defect.

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 Renovation Work which has been constructed by Contractor pursuant to the Contract and 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 portion of the Dwelling constructed by Contractor as part of the Renovation Work; (iv) is the direct result of the failure by Contractor to perform the Renovation Work in accordance with Residential Construction Performance Guidelines for Professional Contractors and Remodelers, latest edition, published by National Association of HomeContractors (the “Guidelines”); and (v) has been set forth in detail by Owner in a written notice to Contractor prior to the expiration of the Limited Warranty Period. A Latent Defect shall not include the condition of any portion of the Dwelling immediately prior to the commencement by Contractor of the Renovation Work, nor to any defect in the Renovation Work which is caused, in whole or in part, by the pre-existing condition of any portion of the Dwelling. The responsibility of Contractor 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 Contractor and Owner with respect thereto.

Limitation upon liability.

The sole remedy availabel to owner under this limited warranty agreement is right to require contractor to repair, replace or pay the reasonable cost of repairing replacing latent defects, as here in defined, IN THE PORTION OF THE DWELLING CONSTRUCTED BY CONTRACTOR AS PART OF THE RENOVATION WORK. CONTRACTOR’S TOTAL LIABILITY UNDER THIS LIMITED WARRANTY AGREEMENT SHALL NOT EXCEED THE ORIGINAL CONSIDERATION PAID TO Contractor UNDER THE CONTRACT, LESS THE INCREASE IN VALUE OF THE REAL PROPERTY UPON WHICH THE DWELLING IS LOCATED AS THE RESULT OF THE PERFORMANCE OF THE RENOVATION WORK. THIS LIMITED WARRANTY AGREEMENT DOES NOT EXTEND TO OR INCLUDE LIABILITY FOR INDIRECT OR CONSEQUENTIAL DAMAGES.

Pre-Occupancy Inspection

Prior to taking possession of the portion of the Dwelling constructed or improved as part of the Renovation Work, Owner agrees to cooperate with Contractor in the completion and execution by owner of a preoccupancy inspection of the Renovation Work, and Owner will [Insert here one, but only one, of either “complete and execute the Preoccupancy Inspection Agreement” or “execute the Acknowledgment of Acceptance”] in accordance with the form attached hereto as [Insert Exhibit II if the Building Quality Standards Section is attached as Exhibit I; otherwise; insert Exhibit I], and any exceptions, omissions, or malfunctions agreed upon and noted thereon will be corrected promptly by Contractor. Contractor may elect, at the discretion of Contractor, to correct all exceptions, omissions, or malfunctions and document, with Owner, such corrections of exceptions, omissions, or malfunctions, and Contractor shall be allowed such time and access to the Dwelling as necessary to complete said corrections

Assignment of Insurance and Warranties to Contractor

In the event Contractor repairs, replaces, or pays to Owner the reasonable cost of repairing or replacing any Latent Defect covered by this Limited Warranty Agreement which is covered by insurance or other warranties, Owner will, upon the request by Contractor, assign the products or proceeds of such insurance or warranties to Contractor to the extent of the cost to Contractor of such repair, replacement, or payment.

Exclusions and Disclaimers

This Limited Warranty Agreement shall not extend to, include, or be applicable to (a) defects in garages, storage buildings or other outbuildings not attached to the Dwelling; swimming pools; other recreational facilities; driveways; walkways; retaining walls; fences; landscaping (including sodding, seeding, shrubs, trees, and plantings); or items furnished or installed by Owner or by parties who have dealt directly with Owner; or (b) defects which are the result of characteristics common to the materials used, such as (but not limited to) warping and deflection of wood; the presence of mildew, mold, spores, fungi, or other moisture-related conditions; fading, chalking, and checking of paint due to sunlight; cracks due to drying and curing of concrete, stucco, plaster, bricks, and masonry; shrinking and cracking of caulking and weatherstripping; or non-uniformity of appearance of brick and mortar; or (c) defects resulting from failure to perform general maintenance, including but not limited to the presence or growth of mildew, mold, spores, fungi, or other moisture-related conditions; negligence; normal wear and tear; improper maintenance; or improper operation of the Dwelling or any part of the systems in the Dwelling; and Owner hereby waives and disclaims any claim arising out of any such defects.

This Limited Warranty Agreement shall not extend to, include or be applicable to any loss, damage, or injury caused by or resulting from any events, conditions or circumstances not within the complete control of Contractor; riots; civil commotion; fire; explosion; smoke; accidents; water escape; mildew, mold, spores, fungi, or other moisture-related conditions; falling objects; aircraft; vehicles; acts of God; lightning; windstorm; hail; flood; mud slides; damage to personal property; earthquakes; volcanic eruptions; wind driven water; radon gas; the condition of any portion of the Dwelling prior to the commencement by Contractor of the Renovation Work; the presence of fiberglass (also known as rock wool) as a component in the Renovation Work; infestation from termites or other insects; sink holes; subsurface conditions; or changes in the underground water table; including, but not limited to, any mental anguish or bodily injury and any incidental, consequential, or secondary damages caused or claimed to be caused thereby; and Owner hereby waives and disclaims any claim arising out of any such loss, damage or injury.

This Limited Warranty Agreement does not limit or enhance any manufacturer’s warranty that is given on any appliance, fixture, equipment, or material included within the Renovation Work (“Manufacturer’s Warranted Items”), if any. The warranties supplied by the manufacturers, either directly or indirectly, to Owner, on some Manufacturer’s Warranted Items, may be greater in both scope and time than warranties provided in this Limited Warranty Agreement. These warranties are the property of Owner, and Contractor shall deliver all such warranties at the pre-occupancy inspection and transfer the rights that Contractor has in such warranties, if any, to Owner. Owner will file with the manufacturer any forms contained in these manufacturer’s warranties that are necessary to activate such warranties. These Manufacturer’s Warranted Items are specifically not covered by this Limited Warranty Agreement, and Owner shall rely on the manufacturers to correct any deficiencies with respect to these Manufacturer’s Warranted Items.