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713 I 1111111111111111 /1 • III 1111111111111 08 2916!2005 8 030:473 P • • . Boulder County Clerk, CO COVENANT R 76.00 D 0_00 • 1.3 "CPI" means the Consumer Price Index—all Urban Consumer, for the Boulder- Longmont, Metropolitan Area, All Items (1982-84= 100), as published by the Bureau of Labor Statistics of the United States Department of Labor. If publication is discontinued or published less frequently, then CPI shall mean a substitute index published by a United States governmental body or recognized United States financial institution that reasonably reflects and monitors consumer prices in the United States. 1.4 "Eligible Buyer" means a household: (a) whose aggregate annual income is at or below an amount calculated by multiplying the AMI times .80; and (b) the head of which has completed a first-time home buyer training course, in the event purchase of the Unit would be the household's first home purchase. The determination under subsection 1.4(a) shall be made by the city manager of the City(the "City Manager"), or his or her designee, based on the following: (a) federal income tax returns for the immediately prior two (2) years; (b) evidence that such individual has been so qualified by Boulder County, the City of Boulder, the City of Lafayette or the City of Longmont, or the housing authority for any of the foregoing,within the last year; (c) personal financial statements in form and content reasonably required by the City; or(d) such other factors as the City Manager, or his or her designee, reasonably deems relevant, including, without limitation, such household's net worth, which determination shall be made no later than ten (10) business days following the City Manager's, or his or her designee's, receipt of the foregoing information; provided, however, that if such determination has not been made within the foregoing time period, then such household shall be deemed to be a Eligible Buyer. The determination under subsection 1.4(b) shall be made by the City Manager, or his or her designee,based on evidence, such as a certificate of completion, demonstrating that the head of the household has completed a first-time home buyer training course approved by the Federal Housing Administration or the Colorado Housing and Finance Authority; provided, however, that the requirement of subsection 1.4(b)may be waived at the sole and absolute discretion of the City Manager, or his or her designee. No Unit shall be placed under a contract of sale unless and until the prospective purchaser of such Unit shall be determined, or deemed determined, to be an Eligible Buyer. 1.5 "HUD" means the United States Department of Housing and Urban Development. 1.6 "Institutional Lender" means any bank, savings and loan association, or any other lender which is licensed to engage in the business of providing purchase money mortgage financing on residential real property. 1.7 "Sole Residence" means a person's sole permanent place of residence. 1.8 "Permanent Place of Residence"means the home in which one's habitation is fixed and to which one, whenever he or she is absent, has a present intention of returning after a departure or absence therefrom, regardless of the duration of the absence. 1.9 "Profits"means the difference between the Purchase Price paid for a Unit and, in the case of an initial sale, the Initial Sales Price of the Unit(as set forth in Section 2.2(a) or, in the case of a resale, the Maximum Resale Price of the Unit(as determined pursuant to Section • 4_1.) • 2