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NOW, THEREFORE, Declarants hereby declare that the real <br />estate described as follows: <br />Lots 1 and 2, Block 1, Island Pointe, according to the <br />recorded plat thereof, Hennepin County, Minnesota <br />all of which collectively is hereinafter referred to as the <br />"Real Estate") is and shall be held, transferred, conveyed, <br />sold, leased, occupied, developed and used subject to the <br />covenants, restrictions and easements hereinafter set forth, <br />which are part of an overall plan for the purpose of protecting <br />the value, desirability and attractiveness of said real estate, <br />and which shall run with the Real Estate and be binding upon and <br />inure to the benefit of all parties, their heirs, personal <br />representatives, successors and assigns having any right, title <br />or interest in the Real Estate or any part thereof, their heirs, <br />successors and assigns. <br />Section 1. <br />ARTICLE I <br />DEFINITIONS <br />"Lot" shall mean each of said Lots 1 or 2. <br />Section 2. "Owner" shall mean the record owner, whether <br />one or more persons or entities of a fee simple title to a Lot. <br />An Owner may assign some or all of its rights under this <br />Declaration to a contract vendee or tenant, but only by a <br />written instrument. <br />Section 3. "Septic System Easement Area" shall mean parts <br />of Lots 1 and 2, Block 1, ISLAND POINTE, according to the <br />recorded plat thereof, described on Exhibit A hereto. <br />Section 4. "Septic System Improvements" shall mean the <br />tanks, drainfield, pipes, and related equipment and <br />appurtenances installed from time to time within the Septic <br />System Easement Area. <br />Section 5. "Cabin" shall mean a detached housing unit <br />consisting of connected rooms in one structure designed for use <br />as living or vacation accommodations for one family or other <br />grouping of persons living or vacationing together. <br />ARTICLE II <br />EASEMENTS <br />Section 1. Grant of Easements. Declarants hereby create <br />the following perpetual, non-exclusive easements and rights in, <br />over, under, across and upon the Septic System Easement Area for <br />the benefit of Owners of all or any part of the Lots and <br />appurtenant to all and any portion of the Lots for septic system <br />-2-