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DECLARATION OF RESTRICTIONS THIS DECLARATION is made and executed as of September 24 , 2008, by BAYSHORE PROPERTIES, LLC, a Minnesota professional corporation, as the owner of the real property hereinafter described ("Owner"), for the benefit of the CITY OF ST. ANTHONY, a municipal corporation under the laws of the State of Minnesota (the "City"). A. Owners are the fee owners of the two parcels of real property located in the City of St. Anthony, County of Hennepin, State of Minnesota, legally described on Exhibit A attached hereto and identified on the attached Exhibit A as "Parcel A" and "Parcel B" (together referred to as the "Property"). B. Owner wishes to combine Parcels A and B into one contiguous tract or parcel in order that they be treated as one parcel for purposes of all applicable ordinances of the City and in order that the property line between the parcels be disregarded for purposes of the City's setback, building and zoning ordinances. C. The City Council will consider and take action on this request to approve the combination of Parcels A and B subject to the condition that restrictive covenants be executed by the Owner and recorded by the City to serve as recorded evidence of the permanent combination of the parcels, and to be binding upon the Owner and all subsequent owners of the Property. NOW, THEREFORE, The Owner for itself, its legal representatives' successors and assigns, hereby declare that the Property shall be held, transferred, sold, conveyed and occupied subject to the following restrictive covenants: 1. Parcel A shall be combined with Parcel B in any conveyance of either parcel, and no part of the Property shall be separately conveyed without the prior written consent of the City, as approved by the City Council. 2. Parcels A and B shall be combined for real estate tax purposes into one tax parcel having a single property identification number. The Owner shall sign all appropriate forms and documents necessary to effect such tax parcel combination, and no subsequent division of the tax parcel shall occur without the prior written consent of the City, as approved by the City Council. 3. The restrictive covenants herein contained shall operate as covenants running with the title to the Property and shall be enforceable by the City. The City shall have the right to sue for and obtain an injunction, prohibitive or mandatory, to prevent the breach of the covenants herein contained, or to take any other action to enforce the performance or observance of the restrictive covenants herein set forth. 4. These restrictive covenants shall inure only to the City and its successors and assigns. Any modification, amendment, termination or release of the restrictions herein contained may be made pursuant to a document executed by only the City and then fee owners of the Property.