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• <br />EXHIBIT C <br />DECLARATION OF COVENANT AND RESTRICTION <br />This Declaration of Covenant and Restriction is made as of this day of <br />, 1995, by Cottage Homesteads of Willow Ponds Limited Partnership <br />( "Declarant "), a Minnesota limited partnership. <br />RECITALS <br />WHEREAS, Declarant owns the property legally described on the attached <br />Exhibit A (the "Subject Property "); <br />WHEREAS, pursuant to that certain Contract for Private Redevelopment dated <br />, 1995 by and between the City of Lino Lakes Economic <br />Development Authority (the "Authority ") and Declarant, the Declarant is required to <br />impose certain covenants and restrictions upon the Subject Property; <br />WHEREAS, the Subject Property is to be improved with four buildings <br />• containing twelve multi- family residential units each, for a total of 48 units; <br />• <br />WHEREAS, of the 48 units, 47 will be used for occupancy by residents (the <br />"Occupied Units ") and it is anticipated that one unit will be used as a community <br />room; <br />WHEREAS, the Authority requires that the Occupied Units be restricted as set <br />forth herein; <br />NOW, THEREFORE, Declarant hereby declares and imposes upon the Subject <br />Property the following covenant and restriction: <br />1. For the purpose of complying with the requirements imposed by the <br />Authority, Declarant hereby declares that each of the 47 Occupied Units shall, to the <br />extent occupied and not vacant, be occupied by at least one occupant who is fifty -five <br />(5 5) years of age or older. <br />2. The foregoing covenant and restriction shall expire on February 1, 2026 <br />(the "Termination Date "). <br />r': 1DOC\KT1vP56304 <br />