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EXHIBIT F <br />DECLARATION OF RESTRICTIVE COVENANTS <br />THIS DECLARATION OF RESTRICTIVE COVENANTS, dated , <br />2022 (the "Declaration"), by JACKSON STREET APARTMENTS, LLC, a Minnesota limited <br />liability company (the "Developer"), is given for the benefit of the CITY OF ELK RIVER, <br />MINNESOTA, a municipal corporation and political subdivision organized and existing under the <br />Constitution and laws of the State of Minnesota (the "City"). <br />RECITALS <br />WHEREAS, the City and the Developer entered into that certain TIF Development Assistance <br />Agreement, dated , 2022, (the "Contract"); and <br />WHEREAS, pursuant to the Contract, the Developer is obligated to cause construction of 44 <br />units of multifamily rental housing (the "Project") on the property described in EXHIBIT A hereto <br />(the "Property"), and to cause compliance with certain affordability covenants described in Section <br />3.3 of the Contract; and <br />WHEREAS, Section 3.3 of the Contract requires that the Developer cause to be executed an <br />instrument in recordable form substantially reflecting the covenants set forth in Section 3.3 of the <br />Contract; and <br />WHEREAS, the Developer intends, declares, and covenants that the restrictive covenants set <br />forth herein will be and are covenants running with the Property for the term described herein and <br />binding upon all subsequent owners of the Property for the term described herein, and are not merely <br />personal covenants of the Developer; and <br />WHEREAS, capitalized terms in this Declaration have the meaning provided in the Contract <br />unless otherwise defined herein. <br />NOW, THEREFORE, in consideration of the promises and covenants hereinafter set forth, <br />and of other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the <br />Developer agrees as follows: <br />Term of Restrictions. <br />(a) Occupancy and Rental Restrictions. The term of the Occupancy Restrictions set forth <br />in Section 3 of this Declaration will commence on the date a certificate of occupancy is received from <br />the City for all rental units on the Property and continue through the Termination Date defined below <br />(the "Qualified Project Period"). <br />F-1 <br />EL185-70-769416.d7 <br />