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WHEREAS, this Amended Dec..l.aration-of.rovenants apd Restrictions (the "AMENDED IDECLAKATLON") shall styorsede and terminate the ORIGINAL DECLARATION; WHEREAS, in .order to satisfy the requirements of GEM LAKE, the. BORROWER has;exe.cuted this AMENDED DECLARATION; and WHEREAS, the BORR.OWER,.With the.written consent of Gem. Lake -and WBL, evidenced by their ekectilion of this certificate, to amend the Declarationas provided herein. NOW, THEREFORE, subject to the conditions set forth herein, the BORROWER does.liereby impose upon the PROPERTY the following covenants and -restrictions which shall be•covenants runningwith*the land and-shall.be binding upon the BORROWER; .its successors and assigns, and shall inure solelyto-the benefit of GEM LAIR and WBL,: A. The BORROWER. represents, covenants.and agrees that, -to -the. -extent permissible-under•thefederal Pair Housing Act and Minnesota law, the PROJECT will bce.designed and used:during the,term of this AMENDED DECL.ARATIQN ex;:Iusively as:.a senior housing PROJECT for occupancy by households in Which at least one occupatit is age 55 years. or older.. In the event the form of ownership of the PROJECT is converted to a .commoninterest community, BORROWER may satisfy the foregoing requirement -by including in the documents establishing the.cotnlnon interest community provisions requiring that, to the extent permis6bleundef the federal Fair Housing Act and. Minnesota law, units in the PROJECT be occupied .by households in whicfi at least.one ofthe occupants is age 55 and older. R. The tern of this AMENDED DECLARATION shall extend from the:date:ofthe ORIGINAL DEC.LARAT.ION for a period -of 35 years. During the term of this AMENDED DECLARATION the BORROWER, so long as the Bonds are. not otitianding, may request the modification for or termination of this AMENDED DECLARATION and. demonstrate *that the modification or termination of this.AMENDED DECLARATION is necessary.to ensure the economic viability ofthe PROJECT. which niodificationortenninationis.subject.totltewrittenapprovalofGEM LAKEandWBL,which approval may be`granted or withheld. in the sole discretion of GEM LAKE. and WBL. C. Inthe.e.ventthat the .BORROWER (gr.anyentttysucceeding tothe interest of the .BORROWER .Jiereunder)shall default in its perfeirinanceor observance-pfany covenant, agreement or restric.tion.set forth herein and suchdefault shall retrain uncured for a period of thirty ('10) days .after notice thereof shall have bden .given by GEM LAKE or. WBL to the BORROWER: fdrany-en(ity succeeding to the interest ofthe BORROWER hereunder), then higuch case;. GEM LAKE of WBL-may institute -and prosecute any proceeding at law or inequity to abate, prevent or enjoin atiy such violation: I