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12.2 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 12.4) 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. 12.3 Approval of Liti2ation. 12.4 Right to Enter, Inspect, Repair, and /or Replace. Page 53 of 69 201503252 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. Within a reasonable time after the receipt by the Declarant or a Designated Builder of a Claim Notice, the Declarant or Designated Builder shall have the right, upon reasonable notice to Claimant and during normal business hours, to enter onto or into the Common Area or any Lot for the purposes of inspecting and/or testing to determine the validity of the Claim and, if deemed necessary by the Declarant or Designed Builder, to correct, repair, and/or replace the alleged deficiency in the planning, design, engineering, grading, construction, or development of the Common Area or any Lot that is the basis for the Claim (the "Alleged Defect "). In conducting such inspection, testing, repairs, and /or replacement, the Declarant or Designated Builder shall be entitled to take any actions as it shall deem reasonable and necessary under the circumstances.