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2713803 111111111M1111111111 VIII 111111 1011111 08/16!2005 03:47P • Boulder County Clerk, CO COVENANT R 76.00 D 0.00 costs, or accept any consideration not stated in the deed or other document effecting the Transfer of such Unit. [fa Unit is sold with furnishings or other personal property, no more than the fair market value of such personal property maybe charged. 4.3 Acceptance of Offers. A Unit Owner may not accept an offer or bid on such Unit Owner's Unit with a Purchase Price that exceeds the Maximum Resale Price or from a purchaser who is not an Eligible Buyer. A Unit Owner may accept any offer from an Eligible Buyer that is equal to or less than the Maximum Resale Price. 4.4 Allocation of Proceeds for At-Market Sales. In the event a Unit is allowed to be sold and is sold free of the Initial Sales Price or Maximum Resale Price requirements of this Covenant, the City shall be paid at the time of closing of such sale seventy percent (70 %) of the Profits from such sale. The amount payable to the City shall be deposited in a separate, restricted account of the City, to be used solely for a housing project(as the term"project" is defined in C.R.S. § 29-4-203) or for the provision of affordable housing within the City. Any amount paid to the City and not used for such purposes within five (5) years of the date of receipt thereof shall be returned to the Unit Owner who paid such funds to the City with actual interest earned, or such Unit Owner's heirs or personnel representatives. • V. RESTRICTIONS ON USE AND RENTAL; CITY FIRST RIGHT OF REFUSAL 5.1 Sole Residence. Each Unit Owner shall maintain his or her Unit as such Unit Owner's Sole Residence. Upon written request of the City, a Unit Owner shall provide the City • with such information as the City may reasonably request to satisfy itself that the applicable Unit will be used or is being used as the Unit Owner's Sole Residence. In determining whether the Unit is the Unit Owner's Sole Residence, the City may take into consideration information relating to the circumstances of the Owner, including but not limited to business pursuits; employment; income sources; residence for income and other tax purposes; age; marital status; residence of parents, spouse and children, if any; location and use of personal and real property; motor vehicle registration; and other registrations and licenses. Ownership and occupancy of a "second home" shall not in and of itself be a disqualifying, but may be considered among other information. Units may not be used for any business activities, except as may be allowed by then existing zoning codes, City ordinances and restrictive covenants governing the Project. Unit Owners shall not use or occupy, not permit any use or occupancy of the Units in violation of this Covenant. 5.2 No Rentals. A Unit Owner shall not lease or rent his or her Unit to other parties. This restriction may be waived by the City in writing to allow a temporary rental of a Unit for good and sufficient cause, such as, short-term vacations (less than two (2) months), medical emergencies, extended period of unsuccessful sales efforts, or during the administration of an estate sale. A Unit Owner must receive advance written permission from the City, acting through the City Manager or his or her designee, to rent his or her Unit. • • 5.3 Maintenance. Each Unit Owner shall maintain his or her Unit in a good, safe, and habitable condition in all respects, except for normal wear and tear, and in full compliance with • all applicable laws, ordinances, homeowner covenants or rules and regulations of any governmental authority with jurisdiction over matters concerning the condition of such Unit. • 5 • •