03-25-2013 EDA Packet - Laserfiche WebLink

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(Above Space Reserved for Recording Data) FIRST AMENDMENT TO DECLARATION OF COVENANT AND RESTRICTION THIS FIRST AMENDMENT TO DECLARATION OF COVENANT AND RESTRICTION (this "Amendment") is made by LINO LAKES HOUSING LIMITED PARTNERSHIP, a Minnesota limited partnership ("Declarant"), effective the day of , 2013. RECITALS: A. Declarant owns Lot Eleven (11), Block One (1), Willow Ponds of Lino Lakes, according to the plat and survey thereof on file and of record in the office of the County Recorder in and for Anoka County, Minnesota (the "Subject Property"); B. Declarant made that Declaration of Covenant and Restriction dated July 1, 2010, and filed of record on July 21, 2010, as Document No. 2016409.010 (the "Declaration") which imposed certain covenants and restrictions on the Subject Property. C. Dougherty Mortgage LLC, a Delaware limited liability company ("Lender"), has agreed to make a loan to Declarant in the original principal amount of Two Million Seven Hundred Ninety -One Thousand One Hundred and 00/100 Dollars ($2,791,100.00) (the "HUD Loan") which loan shall be insured by the Federal Housing Administration (the "FHA") of the United States Department of Housing and Urban Development ("HUD") under Section 207/223(f) pursuant to Section 223(a)(7) of the National Housing Act of 1934, as amended, pursuant to the Commitment to Insure dated January 30, 2013 (FHA Project No. 092- 11339), as amended (the "FHA Commitment"). D. The HUD Loan will be evidenced by that certain Amended and Restated Note (the "HUD Note") executed by Declarant in favor of Lender in the original principal amount of the HUD Loan and will be secured in part by (i) that certain Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement and Fixture Filing dated , 2013 (the "HUD Mortgage"), executed by Declarant in favor of Lender, and by (ii) the Regulatory Agreement for Multifamily Housing Projects dated , 2013 (the 439179.1