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2713803
<br /> I, IIIIII IIIIII III VIII IIII IIII
<br /> 08/16/2005 013:47P
<br /> IIIIII VIII IIIIII IIIIII III
<br /> Boulder County Clerk, CO COVENANT R 76.00 D 0.00
<br /> • Unit Owners shall take reasonable steps to avoid having any mechanic's liens recorded against
<br /> his or her Unit.
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<br /> 5.4 City Right of First Refusal.
<br /> (a) Developer, on behalf of itself and its successor Unit Owners, hereby
<br /> grants, bargains, sells and conveys to the City a first right of refusal, the terms of which are as set
<br /> forth in this Section 5.4 to acquire any Unit offered for sale and for which, in the case of an
<br /> initial sale, the 120-day period set forth in Section 2.2(b) or, in the case of a resale, the 180-day
<br /> period set forth in Section 4.1, has expired. The foregoing 120-day and 180-day periods are
<br /> hereafter referred to the "Sale Period".
<br /> (b) If, upon the expiration of the applicable Sale Period, the Unit Owner
<br /> desires to sell its Unit, the Unit Owner shall provide the City with written notice of its intention
<br /> to offer the Unit for sale for a Purchase Price above the Initial Sales Price, in the case of an initial
<br /> sale, or above the Maximum Resale Price, in the case of a resale. The City shall have twenty-
<br /> one (2 I) days from the date of receipt of such written notice to advise Unit Owner in writing as
<br /> to whether the City elects to exercise its right of first refusal and purchase the subject Unit for the
<br /> Initial Sales Price, in the case of an initial sale, or for the Maximum Resale Price, in the case of a
<br /> resale. I f the City elects to exercise its right of first refusal and purchase the subject Unit, then
<br /> Unit Owner and City shall complete such purchase and sale within sixty(60) days after the date
<br /> of the City's notice electing to exercise its rights of first refusal and purchase the Unit, and the
<br /> • Purchase Price paid by the City shall be considered the original Purchase Price for purpose of
<br /> any subsequent re-sales of the Unit.
<br /> VI. DURATION AND AMENDMENT
<br /> 6.1 Covenant Running with Land; Duration. The terms of this Covenant constitute
<br /> covenants running with the land and each Unit in perpetuity. This Covenant shall bind, and the
<br /> benefit hereof shall inure to, Developer, the Unit Owners and the City, and any heirs, legal
<br /> representatives, executors, successors and assignees thereof. The Units shall be held, conveyed,
<br /> hypothecated, encumbered, leased, rented and occupied subject to the covenants, restrictions and
<br /> limitations set forth herein, which are intended to constitute both equitable servitudes and
<br /> covenants running with the land and each Unit in perpetuity. Any buyer or transferee of the
<br /> Units or any portion thereof, by,acceptance of a deed therefor, or by the signing of a contract or
<br /> purchase agreement to purchase the same, shall, by acceptance of such deed or by the signing of
<br /> such contract or agreement, be deemed to have consented to and accepted the covenants,
<br /> conditions, restrictions and limitations set forth herein, whether or not there is any express
<br /> reference to this Covenant in such deed or contract.
<br /> 6.2 Amendment. This Covenant may be amended at any time by a recorded
<br /> • document executed and acknowledged the Unit Owners and the City. An amendment may be
<br /> effective as to some but not all of the Units, in which event it need be approved only by the Unit
<br /> • Owner(s) of the Unit(s) so involved.
<br /> VII. ENFORCEMENT
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