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negligent in the planning, design, engineering, grading, construction, or development thereof; or (b) any claim or cause of action against the Declarant or a Designated Builder or any employee, agent, director, member, or officer of Declarant or a Designated Builder arising out of or in any way related to the development of the Project or the management or operation of the Association, including without limitation any claim for negligence, fraud, intentional misconduct, or breach of fiduciary duty. The Association, Declarant, and Designated Builders; all Owners, Residents, and other Persons bound by this Declaration; and any Person not otherwise bound by this Declaration who agrees to submit to this Article 11 (collectively, the `Bound Parties ") agree that the dispute resolution procedures set forth in this Article 11 shall apply to all claims. 11.2 ' Notice of Claim. Any Bound Party having or alleging to have a Claim (a "Claimant ") against any other Bound Party (a "Respondent ") shall notify each Respondent in writing of the Claim, stating plainly and concisely (a) the nature of the Claim, including date, time, location, Persons involved, and Respondent's role in the Claim; (b) the factual and legal basis of the Claim; and (c) what Claimant wants Respondent to do or not do to resolve the Claim (the "Claim Notice "). In the event that the Claimant is the Association, the Association must provide written notice to all Members prior to delivering a Claim Notice or commencing any legal action, cause of action, proceeding, reference, or arbitration against a Declarant or a Designated Builder, which notice shall at a minimum include (a) a description of the Claim; (b) a description of the attempts of the Declarant or any Designated Builder to correct the Alleged Defect (as defined in Section 11.4) and the opportunities provided to Declarant or the Designated Builder to correct such Alleged Defect; (c) the estimated cost to repair such Alleged Defect; (d) the name and professional background of the attorney retained by the Association to pursue the Claim against the Declarant or Designated Builder and a description of any relationship between such attorney and any member of the Board; (e) a description of the fee arrangement between such attorney and the Association; (f) the estimated attorneys' fees and expert fees and costs necessary to pursue the Claim and the source of the funds that will be used to pay such fees and expenses; (g) the estimated time necessary to conclude the action against the Declarant or Designated Builder; (h) a description of the manner in which the action will be funded and a description of any demands, notices, offers to settle, or responses to offers to settle made either by the Association or the Declarant or Designated Builder; and (i) an affirmative statement from the Board that the action is in the best interests of the Association and its Members. 11.3 Approval of Litigation. 201309222 The Association shall not deliver a Claim Notice to any Bound Party; commence any legal action, mediation, or arbitration proceeding against any Bound Party; or incur any expenses in connection with any Claim (including without limitation attorneys' fees) without prior approval of the Board. In the event that the Association commences any legal action or arbitration proceeding involving a Claim, all Owners must notify prospective Purchasers of such legal action or arbitration proceeding and must provide such prospective Purchasers with a copy of the Claim Notice received from the Association. Page 52 of 68