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\ � <br /> NOW, THEREFORE, in consideration of the facts stated above and for other good and <br /> valuable consideration, the receipt and sufficiency of wh2ch are hereby acknowledged, <br /> Declarants hereby declare and agree as follows: <br /> 1. Recitals Incorporated. The facts stated above are hereby incorporated into this <br /> Declaration and made a part of this Declaration by this reference. <br /> 2. Effective Date. This Declaration shall be effective immediately upon recording, <br /> in the office of the County Recorder in and for Hennepin County, Minnesota, of both the Plat <br /> and the deed rec�Liired by Section 6 below. <br /> 3. Definitions. The following words, when used in this Declaration, shall have the <br /> following meanings: <br /> (a) "Assessment": a Common Expense fixed and established by the Owners in <br /> accordance with Section 10. <br /> (b) "Common Area": Outlots A and B of the Plat. <br /> (c) "Common Expense": any eYpenditure made and liability incurred by or on <br /> behalf of the Owners as provided in Section 9. <br /> (d) "Lot": any of the following: Lot 1, Block 1 of the Plat; Lot 2, Block 1 of <br /> the Plat; and Lot 2, Block 1, Bracketts Point. <br /> (e) "Lot Assessment": that portion of the Common Expense assessed against a <br /> Lot. <br /> (� "Owner": one or more Persons who or which holds fee title to a Lot; <br /> provided, however, that if a Lot is being sold pursuant to a contract for deed, the contract <br /> purchaser(s) entitled to possession of the Lot shall be the Owner unless and until the contract for <br /> deed shall have been cancelled or otherwise shall have terminated. <br /> (g) "Person": a natural individual, corporation, limited liabiliry company, <br /> partnership (whether general, limited or limited liability), trustee, or any other legal entity <br /> capable of holding title to real property in the State of Minnesota. <br /> (h) "Plat": the recorded plat of Bracketts Point 2"d Addition, Hennepin <br /> County, Minriesota. <br /> (i) "Private Road": the roadway and other improvements now or hereafter <br /> located on Outlot B of the Plat, including without limitation any underground utilities now or <br /> hereafter constructed or installed thereon, therein or thereunder. <br /> (j) "Property": The Lots and the Common Area. <br /> 1008833v> 2 <br /> I , <br />