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WHEREAS, the Owner, under this Agreement, intends, declares and covenants that the regulatory and restrictive covenants set forth herein governing the use, occupancy and transfer of the Project shall be and are covenants running with the Project Land for the term stated herein and binding upon all subsequent owners of the Project Land for such term, and are not merely personal covenants of the Owner. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Owner agrees as follows: SECTION 1- DEFINITIONS All words and phrases defined in Section 42 of the Code and by Treasury, Internal Revenue Service or Department of Housing and Urban Project regulations pertaining thereto shall have the same meanings in this Agreement. SECTION 2 - RECORDING AND FILING; COVENANTS TO RUN VYITH't'ti.k; LAND (a) Upon execution and delivery by the Owner, the Owner shall cause this Agreement and all amendments hereto to be recorded and filed with the County Recorder of the county in which the Project is located, and shall pay all fees and charges incurred in connection therewith. Upon recording, the Owner shall immediately transmit to the MHFA an executed original of the recorded Agreement showing the date and document numbers of record, or a duly certified copy or the executed original. The Owner agrees that the MHFA will not issue the Internal Revenue Service Form 8609 constituting final allocation of the Credit unless and until the MIHFA has received the recorded executed original; or a duly certified copy, of the Agreement as recorded. (b) The Owner intends, declares and covenants, on behalf of itself and all future Owners and operators of the Project Land during the term of this Agreement, that this Agreement and the covenants and restrictions set forth in this Agreement regulating and restricting the use, occupancy and transfer of the Project Land and the Project (i) shall be and are covenants running with the Project Land, encumbering the Project Land for the term of this Agreement, binding upon the Owner's successors in title and all subsequent Owners and Operators of the Project Land, (ii) are not merely personal covenants of the Owner, and (iii) shall bind the Owner (and the benefits shall inure to the MHFA and any past, present or prospective tenant of the Project) and its respective successors and assigns during the term of this Agreement. The Owner hereby agrees that any and all requirements of the laws of the State of Minnesota to be satisfied in order for the provisions of this Agreement to constitute deed restrictions and covenants running with the land shall be deemed to be satisfied in full, and that any requirements of privileges or estate are intended to be satisfied, or in the alternate, that an equitable servitude has been created to insure that these restrictions run with the land. For the longer of the period this Credit is claimed or the term of this Agreement, each and every contract, deed or other instrument hereafter executed conveying the project or portion thereof shall expressly provide that such conveyance is subject to this Agreement, provided, however, the 091196 F:'DATA M 1000X, 00910CJM 2