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71 <br /> • EXHIBIT B <br /> COVENANTS AND RESTRICTIONS <br /> 1. The Property shall not be exempt from real estate taxes notwithstanding the ownership <br /> or use of the Land. <br /> 2. The Property shall not be sold, transferred, conveyed or leased to any of the following <br /> parties: <br /> (a) An institution of purely public charity; <br /> (b) A church or ancillary tax exempt housing; <br /> (c) A public hospital; <br /> (d) A public school district; <br /> (e) An organization exempt from federal income taxes pursuant to Section <br /> 501(c)(3) of the Internal Revenue Code of 1986, as amended; or <br /> (f) A Minnesota cooperative association organized under Minnesota Statutes, <br /> Section 308.05 and 308.18 for the purpose of complying with the provisions of <br /> Minnesota Statutes, Section 273.133, subdivision 3, or any other party that <br /> would cause the Property to be valued and assessed for real estate tax <br /> purposes at a lower percentage of its market value than the Property is then <br /> being valued and assessed for real estate tax purposes or would result in the <br /> Property becoming exempt from real estate taxes. <br /> 3. The land shall not be used for any of the following purposes: <br /> (a) The operation of a public charity; <br /> (b) A church or house of worship; <br /> (c) The operation of a public hospital; <br /> (d) The operation of a public schoolhouse, academy, college, university or seminary <br /> of leaming; or <br /> B-1 <br />