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EXHIBIT D DECLARATION OF RESTRICTIVE COVENANTS THIS DECLARATION OF RESTRICTIVE COVENANTS, dated , 2018 (the "Declaration"), by BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited partnership (the "Developer"), is given to the MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the "Authority"). RECITALS WHEREAS, the Authority entered into that certain Contract for Private Development, dated , 2018, filed , 20 in the Office of the [County Recorder] [Registrar of Titles] for Ramsey County as Document No. (the "Contract"), between the Authority and the Developer; and WHEREAS, pursuant to the Contract, the Developer is obligated to cause construction of 60 housing units of workforce rental housing (the "Project") on the property described in EXHIBIT A hereto (the "Property"), and to cause compliance with certain affordability covenants described in Section 4.5 of the Contract; and WHEREAS, Section 4.5 of the Contract requires that the Developer cause to be executed an instrument in recordable form substantially reflecting the covenants set forth in Section 4.5 of the Contact; and WHEREAS, the Developer intends, declares, and covenants that the restrictive covenants set forth herein will be and are covenants running with the Property for the term described herein and binding upon all subsequent owners of the Property for the term described herein, and are not merely personal covenants of the Developer; and WHEREAS, capitalized terms in this Declaration have the meaning provided in the Contact unless otherwise defined herein. NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth, and of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Developer agrees as follows: Term of Restrictions. (a) Occupancy and Rental Restrictions. The term of the Occupancy Restrictions set forth in Section 3 of this Declaration will commence on the date a certificate of occupancy is received from the City of Mounds View, Minnesota (the "City") for all rental units on the Property. The period from commencement to termination is the "Qualified Project Period." (b) Termination of Declaration. This Declaration will terminate upon the date that is the earlier of (i) 26 years after the commencement of the Qualified Project Period; or (ii) the date the Tax Increment Financing District No. 1-6 established by the Authority and the City of Mounds View is decertified. D-1 516911vl JAE MU205-47