03-25-2019 Council Packet - Laserfiche WebLink

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DECLARATION OF RESTRICTIVE COVENANT This Declaration of Restrictive Covenant (the “Agreement”) is made as of this _____ day of _____________, 2019 (the “Effective Date”), by CM PROPERTIES 14, LLC, a Minnesota limited liability company (“Grantor”). Statement of Facts A. Grantor is the owner of certain property located in Anoka County, Minnesota, which is legally described in Exhibit A attached hereto and incorporated herein (the “Property”). B. Grantor previously executed that certain Declaration of Driveway Easement dated July 31, 2013 which was recorded in the Office of the Anoka County Recorder as Document No. 2626404 (the “Driveway Easement”). C. Grantor desires to place a restrictive covenant on the Property prohibiting the conveyance of the Property to a third party until either an amendment to the Driveway Easement or a separate suitable reciprocal easement is recorded against the Property, providing reciprocal access and utility rights for the respective owner(s) of the Property. NOW, THEREFORE, in consideration of one dollar ($1.00) and other good and valuable consideration, Grantor declares that the Property is and shall be held, transferred, sold, conveyed and occupied subject to the covenants, restrictions and agreements hereinafter set forth: 1. Covenants and Restrictions. The Property shall be subject to the following restrictive covenant: (a) The Property shall not be conveyed to any third party, and Outlots A and B of Main Street Shoppes 2nd Addition shall not be developed, until an amendment to the Driveway Easement or a separate suitable reciprocal easement providing reciprocal access and utility rights for the respective owners of the Property is recorded against the Property. 2. Runs with the Land. The above covenant binds and restricts the Property as a covenant and restriction running with the land and shall bind Grantor, and its respective heirs, successors and assigns, including all subsequent owners of the Property and all persons claiming under them. Grantor may release this Declaration, in whole or in part, with the written consent of the City of Lino Lakes.