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EXHIBIT B • <br /> COVENANTS AND RESTRICTIONS <br /> 1. The Property shall not be exempt from real estate taxes notwithstanding the <br /> ownership or use of the Land. <br /> 2. The Property shall not be sold, transferred, conveyed or leased to any of the <br /> following 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 <br /> pursuant to Section 501(c)(3) of the Internal Revenue <br /> Code of 1986,as amended; or <br /> (f) A Minnesota cooperative association organized under i <br /> Minnesota Statutes, Section 308.05 and 308.18 for the <br /> purpose of complying with the provisions of Minnesota <br /> Statutes, Section 273.133,.subdivision 3, or any other party <br /> that would cause the Property to be valued and assessed <br /> for real estate tax purposes at a lower percentage of its <br /> market value than the Property is then being valued and <br /> 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, <br /> university, or seminary of learning; or <br /> B-1 • <br />