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NOW, THEREFORE, in consideration of the facts stated above and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Declarants hereby declare and agree as follows: ' 1. Recitals Incorporated. The facts stated above are hereby incorporated into this Declaration and made a part of this Declaration by this reference. 2. Effective Date. This Declaration shall be effective immediately upon recording, in the office of the County Recorder in and for Hennepin County, Minnesota, of both the Plat and the deed required by Section 6 below. ' 3. Definitions. The following words, when used in this Declaration, shall have the following meanings: (a) "Assessment": a Common Expense fixed and established by the Owners in accordance with Section 10. I (b) "Common Area": Outlots A and B of the Plat. {c) ``Common Expense": any expenditure made and liability incurred by or on behalf of the Owners as provided in Section 9. (d) "Lot": any of the following: Lot 1, Block 1 of the Plat; Lot Z, Block 1 of the Plat; and Lot 2, Block 1, Braeketts Point. (e} "Lot Assessment": that portion of the Common Expense assessed against a Lot. {f} _ "Owner": one or mare Persons who or which holds fee title to a Lot; provided, however, that if a Lot is being sold pursuant to a contract for deed, the contract purchasers) entitled to possession of the Lot shall be the Owner unless and until the contract for deed shall have been cancelled or otherwise shall,have terminated. (g) "Person": a natural individual, corporation, limited liability company, partnership (whether general, limited or limited liability), trustee, or any other legal entity capable of holding title to real property in the State of Minnesota. (h) "Plat": the recorded plat of Bracketts Point 2°d Addition, Hennepin County, Minnesota. (i) '`Private Road'": the roadway and other improvements now or hereafter located on Outlot B of the Plat, including without limitation any underground utilities now or hereafter constructed or installed thereon, therein or thereunder. {j} "Property": The Lots and the Common Area. 1008833v5