Sales. There are restrictions on the right of any Unit Owner to sell, convey or transfer his Unit. Buyer, at the time the deed is issued by Developer, shall be required to execute and record a covenant restricting resale of the property (the “Covenant”). The Covenant shall bind the Buyer and any subsequent owner of the Unit for a period of three years, unless waived by the Developer, in Developer’s sole discretion. The Covenant shall obligate the Buyer (or subsequent owner) to pay to Developer a percentage of the gross profits realized on any resale (100% of profits in first year, 50% of profits in second year and 25% of profits in third year). Further restrictions are detailed in the Purchase Agreement. However, every new Unit Owner must notify the Association of its purchase or acquisition and must furnish a copy of his deed to the Association and payment to the Association of a fee in the amount of Fifty and No/100 Dollars ($50.00) for the administrative expenses of the Association in connection with the transfer.