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11111111111 II II I 01111111111111111011111111111111 2713803 3 3 08/16/2005 03:47P ■ Boulder County Clerk, CO COVENANT R 76.00 D 0.00 • III. RESTRICTIONS ON TRANSFERS 3.1 .Transfer Only to Eligible Buyers. Except as set forth in Section 3.2 below, a Unit may only be Transferred to one or more Eligible Buyers. . • 3.2 Exempt Transfers. The following Transfers are exempted from the above restriction: • • (a) A Transfer resulting from the death of a Unit Owner where the Transfer is to such Unit Owner's spouse or co-owner who is also such Unit Owner. (h) A Transfer to a Unit Owner's estate following such Unit Owner's death for the purpose of administering the estate and distributing the assets thereof during a limited period of time. (c) A Transfer by a Unit Owner where the spouse of such Unit Owner becomes a co-owner of the applicable Unit. (d) A Transfer resulting from a decree of dissolution of the marriage or legal separation or from a property settlement agreement incidental to such a decree, by which a spouse who is a Unit Owner becomes the sole Unit Owner of the applicable Unit. • IV. RESTRICTION ON RESALE PRICE 4.1 Maximum Resale Price. The Purchase Price for a Transfer of a Unit to a new Unit Owner may not exceed the Maximum Resale Price. For purposes of this Covenant, the "Maximum Resale Price" shall mean the sum of(a) the original Purchase Price paid for such Unit by the then Unit Owner, and (b) the greater of(i) four percent (4%) of such original Purchase Price (calculated on an annual basis during the period of such Unit Owner's ownership), or (ii) the CPI, and (c) the fair market value of Capital Improvements made to the Unit during the period of such Unit Owner's ownership, which value shall be determined in accordance with guidelines established by the City Manager and in effect from time to time, which guidelines may include further requirements and procedures for qualifying Capital Improvements for purposes of this Section 4.1. The foregoing Maximum Resale Price limitation shall not apply in the event (a) such Unit is not under contract for sale within a period of time equal to one hundred eighty (180) days following the date such Unit is first listed by such Unit Owner with the multiple listing service or similar multiple agency real estate listing service; (b) such Unit has been continuously listed with such service for such 180-day period and at the time such Unit was first listed the Unit Owner provided written notice to the City Manager that the Unit was being offered for sale; and (c) such Unit is not being acquired by the City pursuant to its right of first refusal under Section 5.4. A new 180-day period shall apply in the event a Unit is under contract within such 180-day period and such contract is then terminated. In the event of a resale that is not subject to the Maximum Resale Price requirement of this Section 4.1, the City shall be allocated a portion of the proceeds of such sale, as provided in Section 4.4, below. • 4.2 No Additional Consideration. The Purchase Price for a Unit shall be expressly recited in the deed or other document effecting the Transfer of such Unit. A Unit Owner may not permit any prospective buyer to assume any or all of such Unit Owner's customary closing 4 •