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Minnesota Public Facilities Authority <br />Example Real Property Declaration <br />FOR USE BY FILING OFFICER ONLY <br />REAL PROPERTY DECLARATION <br />The undersigned has the following interest in the real property located in the County of ________, State of <br />Minnesota, that is legally described in Exhibit A attached and all facilities situated thereon (collectively, the <br />“Restricted Property”): <br />(Check the appropriate box.) <br /> a fee simple title <br /> a lease <br /> an easement, <br />and as owner of such fee title, lease or easement, does hereby declare that such interest in the Restricted Property is <br />made subject to the following restrictions and encumbrances: <br />A.The Restricted Property is bond financed property within the meaning of Minn. Stat. Sec. 16A.695, is <br />subject to the encumbrance created and requirements imposed by such statute, and cannot be sold, <br />mortgaged, encumbered or otherwise disposed of without the approval of the Commissioner of Minnesota <br />Management and Budget, which approval must be evidenced by a written statement signed by the said <br />commissioner and attached to the deed, mortgage, encumbrance or instrument used to sell or otherwise <br />dispose of the Restricted Property; and <br />B.The Restricted Property is subject to all of the terms, conditions, provisions, and limitations <br />contained in that certain Agreement between the Minnesota Public Facilities Authority and (Borrower Name) <br />_____________for Project No. ___________, and dated (Approval Date) _________. <br />The Restricted Property shall remain subject to this State of Minnesota General Obligation Bond Financed Declaration <br />for 125% of the useful life of the Restricted Property or until the Restricted Property is sold with the written approval <br />of the Commissioner of Minnesota Management and Budget, at which time it shall be released therefrom by way of a <br />written release in recordable from signed by both the Chair of the Minnesota Public Facilities Authority and the <br />Commissioner of Minnesota Management and Budget, and such written release is recorded in the real estate records <br />relating to the Restricted Property. This Declaration may not be terminated, amended, or in any way modified <br />without the specific written consent of the Commissioner of Minnesota Management and Budget.