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• i IIlli II1I IlI Ili
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<br /> 08/16/2005 03:47P
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<br /> Boulder County Clerk, CO COVENANT R 76.00 D 0.00
<br /> • 1.10 "Purchase Price" shall mean all consideration paid for the Transfer of a Unit,
<br /> either at or outside of closing,but shall not include any proration amounts, taxes, costs and
<br /> expenses of obtaining financing, the fair market value of furnishings or personal property,
<br /> lenders fees, title insurance fees, closing costs, inspection fees, or other normal and customary
<br /> costs related to the purchase of property but not paid directly to the seller.
<br /> 1.11 "Transfer" means any sale, assignment or transfer, voluntary or involuntary or by
<br /> operation of law (whether by deed, contract of sale, gift, devise,bequest, trustee's sale, deed in
<br /> lieu of foreclosure, other otherwise) of any interest in a Unit, including but not limited to, a fee
<br /> simple interest, a joint tenancy interest, a tenancy in common, a life estate, a leasehold interest
<br /> (except for a lease allowed under Section 5.2 below), or any interest evidenced by a land contract
<br /> by which possession of such Unit is transferred while the existing Unit Owner retains title.
<br /> 1.12 "Unit" means residential condominium unit numbers 110, 115, 118, 120, 218, 220
<br /> and 320 located within the Project. The floor plan,building plan and legal descriptions more
<br /> specifically identifying the Units are attached hereto as Exhibit "B" and is incorporated herein by
<br /> this reference.
<br /> 1.13 "Unit Owner" means the record title owner at any time of a Unit.
<br /> II. UNITS; INITIAL SALE OF UNITS
<br /> 2.1 Affordable Housing Units. Developer hereby subjects the Units to this Covenant.
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<br /> 2.2 .Initial Sales Price.
<br /> (a) Each of the Units shall be sold by Developer only to one or more buyers
<br /> who qualify as Eligible Buyers for no more than the Initial Sales Price. For purposes of this
<br /> Covenant, "Initial Sales Price" means, with respect to each one-bedroom Unit, an amount equal
<br /> to $203,785, and with respect to each two-bedroom Unit, an amount equal to $217,370. The
<br /> Initial Sales Price shall not include any proration amounts, taxes, title insurance fees, closing
<br /> costs, inspection fees, or other normal and customary costs related to the purchase of real
<br /> property but not paid directly to Developer.
<br /> (b) Notwithstanding Sedtion 1.4 above, in the event (i) a particular Unit is not
<br /> under contract on the date one hundred twenty(.120) days following the date on which the
<br /> "drywall inspection" for that Unit has been successfully completed (as evidenced by signed,
<br /> dated inspection report); and (ii) the City's has not exercised its right of first refusal under
<br /> Section 5.4, this Covenant shall no longer apply to such Unit and shall be of no further force or
<br /> effect with respect to such Unit, except as provided in Section 4.4.
<br /> 2.3 Fulfillment of Obligations. This Covenant and Developer's performance of its
<br /> obligations hereunder constitute the complete satisfaction of Developer's Affordable Housing
<br /> Obligations under the PUD or otherwise.
<br /> • 2.4 Waiver of Fees. As further consideration for this Covenant, the City shall waive
<br /> certain fees and taxes associated with the initial construction of the Units, as set forth in City
<br /> Council Resolution No. 52, Series 2004.
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