The two most important reasons for setting up a covered call:

• Reduce cost basis of buying a stock
• Hedge an existing stock portfolio if you already own 100 shares of a stock.
• Covered calls are profitable even if the stock down’t move

If you were to sell the 105 put for a premium of 5 dollars.  The collected premium effectively lowers the cost basis of buying 100 shares of the stock at 100 dollars to buying the 100 dollars of shares at 95 dollars.  The break even price is now 95 dollars.