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1 - — • 1241611 AMENDED AND RESTATED DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW -INCOME HOUSING CREDITS THIS DECLARATION OF LAND USE RESTRICTIVE COVENANTS (this "AGREEMENT"), dated effective as of August 7, 1996, by Cottage Homesteads of Willow Ponds Limited Partnership and its successors and assigns (the "Owner") is given as a condition precedent to the allocation of low- income housing credits by the Minnesota Housing Finance Agency, a public body corporate and politic of the State of Minnesota, Suite 300, 400 Sibley Street, St. Paul, NLN 5510I (MHFA) (together with any successor to its rights, duties and obligations). WITNESSETH: WHEREAS, the Owner is or shall be the owner of a 45 unit rental housing project located on lands in the City of Lino Lakes, County of Anoka, State of Minnesota, more \( particularly described in Exhibit A (legal description) hereto, known as or to be known as ` Willow Ponds (the "Project"); and ._ 3 3-00 c, G WHEREAS, the MHFA has been designated by the Legislature of the State of Minnesota as the housing credit agency for the location of the Project for the allocation of low- income housing credit dollars (the "Credit "); and WHEREAS, Owner has applied to the IvIBFA for an allocation of Credit to the Project; and WHEREAS, the Owner has represented to the MHFA in Owner's Low - Income Housing Credit Application (the "Application ") that Owner shall lease 100% of the units in the-Project to individuals or families whose income is 60% or less of the area median gross income (including adjustments for family size) as determined in accordance with Section 42 of the Internal Revenue Code ("Low-Income Tenants "). WHEREAS, the MHFA has determined the Project would support an annual Credit in the amount of $250,000.00; and WHEREAS, the Owner has represented to the MHFA in Owner's application that it will impose additional rent restrictions or will covenant to maintain the Section 42 rent and income restrictions for additional period of time. (Optional, check if applicable. If not applicable, indicate N /A) N/A WHEREAS, the Code has required as a condition precedent to the allocation of the Credit that the Owner execute, deliver and record in the official land deed records of the county in which the Project is located this Agreement in order to create certain covenants running with the land for the purpose of enforcing the requirements of Section 42 of the Code and the N HFA Occupancy Restrictions found in Section 5 hereof by regulating and restricting the use and occupancy and transfer of the Project as set forth herein; 091196 F'DA1A ■l t 1001JK.k0091 OC >\i 1