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EXHIBIT B DECLARATION OF COVENANT AND RESTRICTION This Declaration of Covenant and Restriction (this "Declaration ") is made as of this day of , 2010 by Lino Lakes Housing Limited Partnership, a Minnesota limited partnership "Declarant "). RECITALS WHEREAS, 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 "); and WHEREAS, pursuant to that certain Contract for Private Redevelopment dated October 3, 1995 (the "Development Contract ") between the Lino Lakes Economic Development Authority (the "Authority ") and Cottage Homesteads of Willow Ponds Limited Partnership (the "Prior Developer "), the Prior Developer was required to imposed certain covenants and restrictions on the Subject Property pursuant to that certain Declaration of Covenant and Restriction dated as of August 23, 1995 (the "Covenants "); and WHEREAS, Declarant is the assignee and successor in interest to the Prior Developer with respect to the Subject Property and the Development Contract; and WHEREAS, pursuant to a First Amendment to Contract for Private Redevelopment and Subordination Agreement between Declarant and the Authority dated as of July 1, 2010 (the "First Amendment "), the Declarant was required to execute this Declaration to replace and supersede the Covenants in all respects; and WHEREAS, the Subject Property is improved with four buildings containing twelve multi - family residential units each, for a total of 48 units; and WHEREAS, of the 48 units, 47 are used for occupancy by residents (the "Occupied Units "), and one unit is used as a community room; and WHEREAS, the Authority requires that the Occupied Units be restricted as set forth herein; NOW, THEREFORE, Declarant hereby declares and imposes on the Subject Property the following covenant and restriction: 1. For the purposes of complying with the requirements imposed by the Authority, Declarant hereby declares that each of the 47 Occupied Units shall, to the extent occupied and not vacant, be occupied by at least one occupant who is fifty -five (55) years of age or older. 368750v4 SJB LN 140 -25 • • •