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DECLARATION OF RESTRICTIVE COVENANTS <br /> <br /> THIS DECLARATION is made this,~ day of <br />Homesteads of Elk River, Inc., a Minnesota corporation ("Declarant")( <br /> <br />199¢, by Cottage <br /> <br />RECITALS: <br /> <br /> A. Declarant is the owner of certain real property located in Sherbume County, <br />Minnesota, and legally described as Outlot A, Elk Run (the "Property"). <br /> <br /> B. Declarant intends to develop the Property and, in connection therewith, has agreed <br />that certain real covenants in favor of the City of Elk River (the "City") be recorded against the <br />Property. <br /> <br />Now, THEREFORE, Declarant makes the following declaration: <br /> <br />DECLARATION <br /> <br />1. Restrictive Covenant. No single family residence may b~ constructed on a lot <br />comprising a part of the Property, which residence, including the value of the land and <br />improvements appurtenant thereto, costs less than $130,000. <br /> <br />2. Legal Effect. The restrictive covenant set forth in paragraph 1' <br /> <br />a. Is intended to benefit only the City, personally in gross and may be amended, <br />modified or terminated only with the written consent of the City (except as otherwise <br />expressly set forth hereinbelow); <br /> <br />b. Is a covenant binding upon and running with the land comprising the Property. <br /> <br /> IN WITNESS WHEREOF, this instrument has been executed effective as of the date first above ' <br />written. <br /> COTTA~OMESTEADS INC. <br /> By:~ <br /> <br />State of Minnesota ) <br /> ) <br />County of Hennepin ) <br /> <br />SS. <br /> <br /> The foregoing instrument was acknowledged before me this l~~' . day of ~¢c_~ ,r~ <br />1997, by Michael W. Saxton, the president of Cottage Homesteads of Elk River, Inc., a Minnesoth <br />corporation, on behalf of the corporation. ~ ¢.~ ._~ <br /> <br />Notary Public <br /> <br />This Instrument Drafted By: <br />Fabyanske, Svoboda, Westra & Hart, P.A. <br />920 Second Avenue South, Suite 1100 <br />Minneapolis, MN 55402 <br /> <br />N:~DOC~IvlH~94107 <br /> <br /> ER\Govt\CityCove 297 <br /> <br /> <br />