RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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EXHIBIT G FORM OF DECLARATION OF COVENANTS AND RESTRICTIONS (Affordable Housing) THIS DECLARATION OF COVENANTS AND RESTRICTIONS (this “Declaration”) is made as of the \[_____\] day of \[_______\], 2021, by SA SENIOR LIVING LLC, a Minnesota limited liability company (“Declarant”). Recitals A. Declarant is the owner of certain real property situated in the city of St. Anthony (the “City”), county of Hennepin and Ramsey, state of Minnesota, legally described in the attached Exhibit A (the “Property”). B. Declarant and the Housing and Redevelopment Authority of St. Anthony, Minnesota, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the “Authority”) are parties to that certain Redevelopment Agreement dated \[_______\] \[__\], 2021 (as may be amended from time to time, the “Redevelopment Agreement”). C. The Redevelopment Agreement provides for the redevelopment of the Property by Declarant with the cooperation and assistance of the Authority and provides for the expenditure of certain public funds to assist in such redevelopment of the Property and construction thereon of a 135-unit senior care facility with independent living, assisted living and memory care (the “Project”). D. Pursuant to the Redevelopment Agreement, Declarant has agreed to impose certain restrictive covenants upon the Property to ensure that at least seven (7) units or, five percent (5%) of the total units, within the Project will be reserved for households who have a combined gross annual income which does not exceed 50% of the Area Median Income (“AMI”) (“Affordable Units”). E. Declarant, under this Declaration, intends, declares, and covenants that the restrictive covenants set forth herein governing the use, occupancy, and transfer of the Project shall be and are covenants running with the Property for the Term stated herein and binding upon all subsequent owners of the Property for such Term, and are not merely personal covenants of Declarant. F. Capitalized terms in this Declaration have the meaning provided in the Redevelopment Agreement unless otherwise defined herein. NOW, THEREFORE, Declarant makes the following Declaration, hereby specifying that said Declaration shall constitute covenants to run with the land and shall be binding on all parties in interest and their respective successors and assigns: 1. Use Restriction. The Property shall not be used for any purpose other than a senior care facility with independent living, assisted living and memory care and related activities meeting the requirements set forth in Section 2 hereof, without the prior written approval of the City and the Authority during the period commencing on the date hereof (“Commencement Date”) and ending on the later to occur 1