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<br />D-1 <br />516911v4 JAE MU205-47 <br />EXHIBIT D <br /> <br />DECLARATION OF RESTRICTIVE COVENANTS <br /> <br /> <br /> <br /> THIS DECLARATION OF RESTRICTIVE COVENANTS, dated _________________, 2018 (the <br />“Declaration”), by BOULEVARD APARTMENTS, LIMITED PARTNERSHIP, a Minnesota limited <br />partnership (the “Developer”), is given to the MOUNDS VIEW ECONOMIC DEVELOPMENT <br />AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the <br />“Authority”). <br /> <br />RECITALS <br /> <br /> WHEREAS, the Authority entered into that certain Contract for Private Development, dated <br />_______________, 2018, filed _____________, 20____ in the Office of the [County Recorder] [Registrar of <br />Titles] for Ramsey County as Document No. _________ (the “Contract”), between the Authority and the <br />Developer; and <br /> <br /> WHEREAS, pursuant to the Contract, the Developer is obligated to cause construction of 60 housing <br />units of workforce rental housing (the “Project”) on the property described in EXHIBIT A hereto (the <br />“Property”), and to cause compliance with certain affordability covenants described in Section 4.5 of the <br />Contract; and <br /> <br /> WHEREAS, Section 4.5 of the Contract requires that the Developer cause to be executed an <br />instrument in recordable form substantially reflecting the covenants set forth in Section 4.5 of the Contract; <br />and <br /> <br /> WHEREAS, the Developer intends, declares, and covenants that the restrictive covenants set forth <br />herein will be and are covenants running with the Property for the term described herein and binding upon all <br />subsequent owners of the Property for the term described herein, and are not merely personal covenants of <br />the Developer; and <br /> <br /> WHEREAS, capitalized terms in this Declaration have the meaning provided in the Contract unless <br />otherwise defined herein. <br /> <br /> NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth, and of <br />other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Developer <br />agrees as follows: <br /> <br />1. Term of Restrictions. <br /> <br />(a) Occupancy and Rental Restrictions. The term of the occupancy restrictions set forth in <br />Section 3 and the term of rent restrictions set forth in Section 4 of this Declaration will commence on the date <br />a certificate of occupancy is received from the City of Mounds View, Minnesota (the “City”) for the Project. <br />The period from commencement to termination is the “Qualified Project Period.” <br /> <br /> (b) Termination of Declaration. This Declaration will terminate upon the date that is the earlier <br />of (i) 26 years after the commencement of the Qualified Project Period; or (ii) the date the Tax Increment <br />Financing District No. 1-6 established by the Authority and the City of Mounds View is decertified.