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Project up until the date hereof, all in compliance with the terms of the Development Agreement <br /> and the Ground Lease. <br /> With the approval of the City and the HRA, the Original Developer has, effective as of <br /> the date of this document, sold and transferred its interest in the Project and under the Ground <br /> Lease to the Declarant named above. In connection with the closing of the sale transaction, the <br /> mortgage financing encumbering the Property and the Project securing the Housing Bonds has <br /> \ been paid and satisfied in full, and of record. In addition, as part of the sale transaction, pursuant <br /> -� to separate instruments, the HRA has simultaneously conveyed fee title to the Project and the <br /> Property to Declarant, subject to the Development Agreement, and pursuant to separate <br /> instruments, the parties have terminated and released the Ground Lease of record. Pursuant to a <br /> separate instrument, the parties have amended the Development Agreement to delete any <br /> reference to the Ground Lease, but the Development Agreement otherwise remains in full force <br /> and effect, and as an encumbrance against the Property and the Project. <br /> Even though the Ground Lease has been terminated, the parties intend that certain of the <br /> covenants and restrictions previously contained in the Ground Lease will continue to encumber <br /> the Property and the Project. Accordingly, the parties have entered into this Declaration for such <br /> purposes. <br /> NOW, THEREFORE, for One Dollar ($1.00) and other good and valuable <br /> consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree <br /> that the following restrictions and covenants will be deemed to be imposed on the Project and the <br /> Property: <br /> 1. Recitals. The above "Background" recitals are expressly incorporated in this <br /> Declaration by reference as if fully stated as additional terms and conditions of this Declaration. <br /> 2. Submission of Property to Declaration. This Declaration will be recorded <br /> against the Property. The Property is hereby subjected to the provisions of this instrument, and <br /> the Property will be owned, occupied, leased, sold, conveyed, mortgaged or otherwise <br /> transferred subject to covenants of this instrument. <br /> 3. Covenants. The Declarant covenants that during the "Term" (as defined below): <br /> a. The rental housing units in the Project will be rented only to persons fifty- <br /> five (55) years of age or older (the "Senior Housing Restriction"). The Senior Housing <br /> Restriction will be deemed satisfied if a married couple rents a rental housing unit in the <br /> Project and one of the spouses is 55 years of age or older, even though one spouse is <br /> younger than 55 years of age. Moreover, if a housing unit is leased to a married couple, <br /> one of whom is 55 years of age or older, and one of whom is less than 55 years of age, <br /> and if the older spouse dies, or due to health reasons must relocate to a nursing home or <br /> similar facility, then the younger spouse remaining in the housing unit will continue to be <br /> deemed to meet and satisfy the Senior Housing Restriction, even if he/she is less than 55 <br /> years of age. <br /> vtce is cl 01-11"'7 7 <br /> {00350591 } <br /> 2 <br />