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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 the other 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 />100354123 } <br />2 <br />