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032795 EDA Official File Copy CITY OF NEW HOPE EDA AGENDA EDA Regular Meeting #4 March 27, 1995 President Edward J. Erickson Commissioner W. Peter Enck Commissioner Pat La Vine Norby Commissioner Gerald Otten Commissioner Terri Wehling 1. Call to Order 2. Roll Call 3. Approval of Minutes of March 13, 1995 4. Discussion Regarding City Owned Property at 7528 42nd Avenue North (Improvement Project 474) 5. Update Regarding "Shop New Hope" City-Wide Retail Promotion (Improvement Project No. 537) 6. Public Hearing - Resolution Authorizing and Approving Sale of 7909 51st Avenue North to T. Jeff Bangsberg (Improvement Project No. 505) 7. Resolulil!!aAmending Declaration of Covenants for 7901 - 7909 51 st Avenue North (Im~t Projec~ No. 505) 8. Adjournment: CITY OF NEW HOPE 4401 XYLON AVENUE NORTH- HENNEPIN COUNTY, MINNESOTA 55428 Approved EDA Minutes March 13, 1995 Meeting #3 CALL TO ORDER President Erickson called the meeting of the Economic Development Authority to order at 8:16 p.m. ROLL CALL Present: Erickson, Enck, Otten, Wehling, Norby Staff Present: Sondrall, Hanson, Donahue, Leone, McDonald APPROVE MINUTES Motion was made by Commissioner Enck, seconded by Commissioner Wehling, to approve the EDA minutes of February 27, 1995. All present voted in favor. Motion carried. "SHOP NEW HOPE" President Erickson introduced for discussion Item 4, 'Shop New Hope" PROMOTION--IMP. City-Wide Retail Promotion. PROJECT NO. 537 Item 4 President Erickson prefaced the discussion by stating this idea was prompted by the closing of the Winnetka Super Valu grocery store. He expressed the need to promote the City's retail stores. Mr. Daniel Donahue, City Manager, explained that one of the 1995 goals of the City Council and staff is to improve communication/coordination between the City and the retail/commercial businesses in New Hope. He commented that retail businesses have told the City that the best way to assist them is to help promote their businesses on the marketing or sales side. This initiated the idea of a "Shop New Hope" City-wide retail promotion. Since the beginning of the year the City has contacted or met with the majority of owners/managers of New Hope's commercial centers and major retailers including Midland Center, Poste Haste Center, Winnetka Center, winnetka Commons, K-Mart and New Hope Mall. The purpose of these meetings has been to inquire how the City can better assist the business/retail environment at these locations and to find out if the shopping centers and major businesses would cooperate with the City in a 'Shop New Hope" promotion. It is anticipated that such a promotion would be jointly funded by the City and businesses and would educate residents about shopping opportunities in New Hope. Such a promotion could be coordinated in conjunction with Duk Duk Daze. The majority of shopl~n_ g center/retail business owners and/or managers indicated that they Would be very supportive of the program and would participate. - Staff also has met with Key Group Advertising, Inc., the promotion company utilized by Kraus-Anderson, to discuss the City-wide retail promotion idea. Key Group indicated that they thought the idea was very progressive and forward thinking and that they would like to work with the City on the development of these ideas in the coming months. Key Group could assist in the development of a budget for the promotion and would assist in coordinating group meetings between the retailers and the City to develop the program. Several of the ideas discussed to date for the promotion include possible discounts for purchases made at local businesses or the development of a map/directory of New Hope New Hope EDA March 13, 1995 Page I businesses. President Erickson shared marketing ideas such as wearing buttons and conducting cash prize drawings. He noted if the City effectively advertises the campaign this year and the merchants recognize the results, there would be less need for city funding in subsequent years. Commissioner Enck emphasized the need to have a means of measuring the promotion's results. Concerns were raised regarding whether there is sufficient time to have the promotion in place by July. It was noted that the promotion company believes it can be accomplished to coincide with Duk Duk Daze. Commissioner Wehling expressed a desire to be involved in establishing the promotion. Ms. Kathy Hemken, 1995 Duk Duk Daze Chair, was recognized. She expressed support of conducting the proposed campaign in conjunction with Duk Duk Daze. She reported that the Committee hired the 'White Side Walls' for the band at Duk Duk Daze. This year's festival will be held July 14, 15, and 16, 1995. Mr. Donahue stated any dollars expended for this idea would be economic development dollars, not property tax dollars. Staff will meet with Key Group and the merchants to draft a preliminary plan and report back to the EDA hopefully by March 27. Commissioner Enck suggested forming a steering committee comprised of merchants, staff, City Council, and the Key Group. IMPROVEMENT President Erickson introduced for discussion Item 5, Resolution Authorizing PROJECT NO. 505 Publication of Notice and the Holding of a Public Hearing Regarding Sale Item 5 of 7909 51s! Avenue North (Improvement Project No. 505). EDA RESOLUTION Commissioner Enck introduced the following resolution and moved its 95-03 adoption: 'RESOLUTION AUTHORIZING PUBLICATION OF NOTICE AND Item $ THE HOLDING OF A PUBUC HEARING REGARDING SALE OF 7909 51ST AVENUE NORTH (IMPROVEMENT PROJECT NO. 505).' The motion for adoption of the foregoing resolution was seconded by Commissioner Welding, and upon vote being taken thereon the following voted in favor thereof: Erickson, Otten, Enck, Wehling; and the following voted against the same: None; Abstained: Norby; whereupon the resolution was declared duly oassed and adooted, signed by the president which was attested to by the executive director. ADJOURNMENt;~ Motion was made by Commissioner Otten, seconded by Commissioner Welding, to adjourn the meeting. All present voted in favor. The New Hope EDA adjourned at 8:30 p.m. Valerie Leone City Clerk New Hope EDA ' March 13, 1995 Page 2 EDA REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section City Manager EDA Kirk McDonald Item No. By:. Management Assistant By:. 4- DISCUSSION REGARDING CITY-OWNED PROPERTY AT 7528 42ND AVENUE NORTH (IMPROVEMENT PROJECT NO. 474) In 1993 the City acquired the Foremost property at 7528 42nd Avenue North for future redevelopment. As part of the purchase agreement the City agreed to lease the property to Foremost, Inc. for a two-year period. The terms of the lease required Foremost to pay all real estate taxes, insurance premhm~, utilities for the operation, repair/maintenance/upkeep of the building, etc. The City has had a difficult time in getting Foremost to pay the taxes on the property. One unlaw~l detainer action was initiated which resulted in the payment of the 1994 real estate taxes. The lease expires on July 19, 1995, and the lease payment due on February 1st was the pro rata share of the 1995 taxes ($10,010.00) which has not been paid. The City was in the process of initiating another unlawful detainer action when we learned that, as of March 3rd, Foremost was a defunct company. There is a new entity interested in acquiring the assets (lease) and the acquisition is contingent upon the successful assignment and extension of the existing lease terms to the new entity/corporation. A representative from Northland Financial Group will be appearing at the EDA meeting to request the EDA's consideration of extending the lease under the same terms for a one-year period. As the lease is currently written, it cannot be assigned or renewed without the consent of the EDA. Northland will be requesting the EDA's consent on both issues. Northland has indicated that if the lease is not extended per the original terms, that they will not pursue the creation of the new entity. Also, the bank that holds the title to the machinery in the building has guaranteed that they will pay the first half-year's taxes. Prior to the EDA ~, staff will I~ checking with Hennepin County to determine if the second half taxes can be ab~~ is no private company in operation at the building after July 19th. MOTION BY SECOND BY 6128970567 MAR--~4--95 ~RI 18 :~6 NORTHLAND ~INANCIAL 61289?856? P. ~l 7701 NORMANDALE ROAD SUITE#111 MINNEAPOU$, MN 554~ (6 ~ 2) 897-.0477 Fax (6]2) 897-0567 MARCH 24, 1995 TO: CITY OF NEW HOPE ATTN: DANIEL J. DONAHUE FAX~: 612-S31-$136 FROM: BILL MARCEAU RE:7526 42ND AVENUE NORTH(PREVIOUS FOREMOST, INC. LOCATION) AS I OUTLINED TO YOU AND YOUR ASSOCIATES YESTERDAY MYSELF AND TOM GIEBEL FROM ST. PAUL, MN. HAVE MADE AN OFFER TO THE FIRST NATIONAL BANK OF MINNETONKA TO PURCHASE THE ASSETS OF FOREMOST, INC.. FINANCING HAS BEEN APPROVED AND WE WOULD REQUIRE AN ~,~TENSION OF THE FOREMOST LEASE TO MAKE THIS TRANSACTION FEASABLE, THEREFORE I WOULD PROPOSE THE FOLLOWING ON BEHALF OF PHOENIX MANUFACTURING CORP.: · - 1) FOREMOST ASSIGN ITS LEASE TO PHOENIX AS OF THE PURCHASE DATE OF THE ASSET~ FROM FIRST NATIONAL BANK OF MINNETONKA. 2) THE CITY OF NEW HOPE WILL EXTEND THE TERM OF THE LEASE TO DECEM~R 31, 1995. ~ WE W~'HOPE TH!~ APPROVAL COULD BE AVAILABLE AT THE MONDAY MARCH 27, 1995 CITY COUNCIL MEETING. WILLIAM C. MARCEAUfBOARD OF DIRECTORS (PHOENIX MFG. CORP.) NORTHLAND FINANCIAL 61289?856? - AGREEMENT THIS AGREEMENT made and entered into this 23rd day of March, 1995, by and between Foremost, Inc.(FOREMOST), Allen Fredendall and Phoenix Manufacturing Corporation(PHOENIX), a Minnesota Corporation; WITNESSETH: FOREMOST hereby agrees to assign PHOENIX any rights and interests in its present lease with The City of New Hope for Its premises located at 7526 42nd Auenue North, New Hope, Mn. Said assignment is continguent upon City of New Hope approval. SIGNED:, Allen U. Fredendall SIGNED:, Kathline M. Fredendall LEASE AGREEMENT THIS AGREEMENT made and entered into this J~ ~' day of ~l~ , 1993, by and between The Economic Development Authority in and for the City of New Hope (hereinafter "Lessor") and Foremost, Inc., a Minnesota Corporation (hereinafter "Lessee"); WI TNESSETH: 1. LEASED PREMISES. The Lessor in consideration of the rents and covenants herein contained, to be paid, kept and performed by the Lessee, does hereby demise, lease and let unto the Lessee, and the Lessee does hereby hire and take from the Lessor the following, to- wit: (the "Leased Premises"): 7526 42nd Avenue North, commonly known as the Foremost, Inc. property 2. TERM. The Lessee shall have and hold the Leased Premises herei:n demised, together with all rights, privileges and appurtenances thereunto pertaining and belonging unto the_said Lessee for a.term of two (~) years, commencing on the /cir,. day of ~ , 19~J and ending the /~x. day o~ · .'~-~, - ~ , 19~5.. The Lessee may terminate this lease at-an~ time dUring the rental period by giving Lessor ninety (90) days written notice of their intention to terminate the lease. In the event of termination by the Lessee, the rent shall be adjusted on a pro-rata based to the date of termination. This lease shall automatically terminate at the end of the 24 month period without notice by either party. · '3. RENT. The Lessee shall pay, during the term of this Lease, One Doll&r ($1.00) and other good and valuable consideration as set forth herein. ~On the date of execution of this Lease, the Lesse~tha~l pay the rent and the real estate taxes payable in 1993 a~nst the property. On May 15, 1994, Lessee shall pay the r~$ estate, taxes payable in 1994 against the property. On February 1, 1995, Lessee shall pay its pro rata share of real estate taxes in 1995 against the property. The payment of real estate taxes shall be deemed as a prepayment of additional rent and not as a security deposit hereunder. 1 4. AUTHORIZED USE. It is agreed that the Leased Premises shall be used by the Lessee for the Foremost, Inc, sheet metal business and for no other purpose, subject to all local and state regulations regarding the use of said premises, Lessee further acknowledges and agrees that it is accepting the property in an "as is" condition and agrees that the property is fit for Lessee's intended use, Lessee further acknowledges it has occupied this building prior to Lessor's ownership and will indemnify and hold harmless Lessor for any injury or damage caused by the condition of this property and improvements thereon or Lessor's use of the property notwithstanding any contrary language in other provisions of this lease. 5. ADDITIONAL RENT. Lessee shall pay as additional rent all operating expense as defined herein. Any additional rent payable hereunder which remains unpaid at the end of the term of this Lease shall be due and payable upon the termination date. "Operating Expenses" shall mean and include the following expenses with respect to the building in which the Leased Premises are situated, the parking lot serving said building, and the real estate on which said building and parking lot are located: (a) Real estate taxes, including installments of special assessments payable in the year for which such expenses are being determined; (b) Insurance premiums and any license, permit or inspection fees; and (c) Costs for all labor, material and services, including,. but not limited to, security service, janitor service and utilities, for the operation, repair, maintenance, management a~rd upkeep of the building, including common ~eag thereof, parking lot, and lands on which the same a~rmsitu&ted to the extent that the Lessor is responsible four such expenses under this Lease. 6. HOLDING OVER. If the Lessee holds over beyond the term of this Lease with the written consent of the Lessor, it is agreed that the Lease 2 is automatically extended for a period of thirty (30) days under the same terms and conditions. 7. RENEWAL OPTION. Lessee shall have no option to renew this lease. 8, CARE AND MAINTENANCE. The Lessee shall be wholly responsible for the exterior and interior maintenance of the Leased Premises and all costs associated therewith. The Lessee shall further keep the Leased Premises in an orderly, clean and sanitary condition, as required by the laws and ordinances applicable thereto; shall neither do nor permit to be done on said premises anything in violation of laws or ordinances applicable thereto; shall neither omit nor suffer waste in said premises; and shall pay for all glass broken by its fault or negligence, or the fault or negligence of its employees. It is agreed that the maintenance and repair obligations of the Lessee hereunder shall extend to all parts or portions of the Leased Premises, including the grounds, parking areas, entrance and overhead garage doors, and including heating and plumbing, electrical and mechanical fixtures and equipment whether located on the interior or on the exterior of the Leased Premises. It is further understood and agreed by the parties hereto that upon termnination of this Lease the building may be demolished by the Lessor and, therefore, that fact will be taken into account regarding painting, upkeep and repair of the premises. 9. UTILITIES. The Lessee shall pay for all utilities, including gas, electricity, city water, and any other service used by Lessee. during the term of this Lease. The ~l~.eh&ll maintain in full force and effect during the termed;Ets Lease a policy of public liability insurance under which'both Lessor and Lessee are named insured$. The minimum limits of liability of such insurance shall be $1,000,000 for injury or death to any one person, $2,000,000 for injury or death to more than one person and $100,000 for property damage. The policy shall further contain a provision requiring ten (10) days written notice to be g~ven to the Lessor before a cancellation of the policy can be effected. Lessee hereby agrees to deliver a duplicate copy of said policy to Lessor. Said coverage may be provided by a combination of primary and excess liability coverage. 11. DESTRUCTION OF LEASED PREMISES. Should the Leased Premises become untenantable or unfit for occupancy in whole or in part by the total or partial destruction of the building by fire or other casualty, this Lease shall be terminated and Lessee shall have no further rights hereunder. The Lessor shall have no obligation to restore the premises and the rent to be paid hereunder shall be abated in proportion to the loss and impairment of the agreement between the parties hereto. 12. CLAIMS FOR LOSS. The Lessee shall make no claim against the Lessor and shall hold the Lessor harmless for any loss of or damage to property of the Lessee caused by theft, burglary, fire, water, windstorm or other casualty or cause, unless said loss or damage was caused by Lessor. 13. RIGHT TO INSPECT. The Lessor may at all reasonable times enter the Leased Premises to inspect the same. 14. ALTERATIONS/REMOVABLE FIXTURES. The Lessee shall pay the cost of any alterations made to the Leased Premises and will not be compensated for any alterations at the termination of the Lease. Further, Lessor agrees Lessee may during the rental period remove all personal property, trade fixtures, machinery and equipment and any other removable fixtures and to otherwise salvage all removable property from the real property. Lessee shall not be required to pay for any salvaged item except all costs of remov~ end-all co, ts to secure the building shall be paid by Less~. However, Lessee agrees that nothing shall be removed from~-~pro~arty unless Lessee is current on all payments due hereunder to Lessor. Lessee further agrees that it will give Lessor at least 24 hours notice before removing any salvagable property from the premises and a description of the property to be removed. 15. HAZARDOUS MATER[ALS. Lessee agrees that it will not transport, store, use, generate, treat or dispose of any toxic or hazardous substances, and will use the Premises, all in compliance with any local, state or federal zoning, environmental or hazardous waste laws or other environmental laws or regulations from and after the commencement of this lease. Lessee will comply with all Federal, State and local laws or regulations regarding any disposal or transportation of any toxic or hazardous substances including, without limitation, any reporting requirements, relating to any storage tanks located in the Leased Premises. If required, Lessee shall file reports on any such activities with the appropriate authority. At the expiration or termination of this Lease, Lessee shall remove any tanks for storage of any toxic or hazardous substances installed by Lessee in compliance with all applicable statues, rules and regulations. If, at any time during the Term of this Lease, any local, state or federal authority should request a report on any toxic or hazardous substances Lessee has stored, used or disposed of on or from the Leased Premises, Lessee will either cause said-report to be made as soon as practicable at its own cost and expense, or if not made within thirty (30) days of Lessor's request for the same, will reimburse Lessor, as Additional Rent, for Lessor's cost of obtaining said report. Lessee agrees to absolutely indemnify, defend and hold Lessor harmless of and from any loss, damage, costs, expenses, including all attorneys fees, arising out of or in any manner related to the generation, transportation, treatment, storage, manufacture, emission, use or disposal of any toxic or hazardous substances in, from, to or about the Leased Premises. This warranty shall survive the expiration or termination of this Lease. 16. WAIVER AND INOEMNITY. Lessor shall not be liable to Lessee, or those claiming by, througl~or under Lessee, for any injury, death or property dam&ql~'-~rring iqn, on or about the Premises unless caused by the ~'of Lessor. Without limitation of the foregoing, Les~~1~l' not be liable to Lessee for any, and Lessee here~le&ses Lessor from all damage, compensation or claims arisfn~-'from~ loss or damage to books, records, files, money, securities, negotiable instruments or other papers in or about the Premises; the necessity of repairing any portion of the Premises or the amenities within or without the Premises; any interruption in the use of the Premises; accident or damage resulting from the use or operation of Lessor, Lessee, or any ,,' 5 other person or persons whatsoever of elevators, or heating, cooling, electrical or plumbing equipment or apparatus; any fire, robbery, theft, or any other casualty; and leakage or bursting of pipes or water vessels or any roof or wall leakage, in any part or portion of the Premises; water, rain, snow or underground water that may leak into, flow on, or flow from, any part of the Premises, Lessee shall defend with counsel approved by Lessor (which approval will not be unreasonably withheld), indemnify and save Lessor harmless from and against all liabilities, obligations, damages, fines, penalties, claims, demands, costs, charges, judgment and expenses, including, but not limited to, reasonable architects' and attorneys' fees, which may be imposed upon or incurred or paid by or asserted against the Lessor, the Property or any interest therein by reason of or in connection with any of the following occurring during the term of this Lease: (i) Any alterations and anything done in, on or about the Premises or any part thereof in connection therewith; (ii) The use, non-use, possession, occupation, condition, operation, maintenance or management part of Lessee or any of its agents, contractors, servants, employees, licensees or invitees; (iv) Any accident, injury, death or damage to any person or property occurring in or on the Premises; and (v) Any failure on the part of Lessee to perform or comply with any of the covenants, agreements, terms, provisions, conditions or limitations contained in this Lease or its part to be performed or complied with. Nothing contained in this Section shall be deemed to require Lessee to indemnify Lessor to any extent prohibited by law. After termination of this lease, it is agreed that Lessee shall not be responsible for any care, upkeep or removal of the four (4) test wells on the Premises. -= 17. DEFAULT. Should the Lessee (a) fail to pay rent in accordance with the terme of this Lease, or (b) default in any of the covenants cont&~e4 herein~lnd said default remains uncured after ten (10): ~written notice thereof is given by the Lessor, the Les$~:{~ either such event, shall hereby be authorized to re-en~lp~the Leased Premises, eject the Lessee and take full possessto~ of the premises, terminate this Lease at its option, and relet the premises should it deem Such a relettin9 to be in its beet interest. The Lessee ehell further, in the event of either nonpayment of rent or default, have the right to remove from the Leased Premises all personal property of the Lessee and store the same at the risk and expenses of the Lessee. Should the Lessor determine that any action or proceeding at law or otherwise is necessary to enforce the terms and conditions hereof, the Lessee agrees that reasonable attorney's fees and all other necessary costs and disbursements may be charged against the Lessee as additional rent, which additional rent shall be due and payable upon receipt of an invoice therefor from the Lessor. The Lessee also agrees that if it, or any permitted sublessee or assignees, if such be the case, be the subject to any voluntary or involuntary proceedings under the Bankruptcy Act of the United States, as amended, or any other insolvency proceeding, or should any proceeding for the appointment of a receiver or trustee be commenced against the Lessee, or any permitted sublessee or assignee, then, and in any such events, the Lessor may in addition to its other remedies at law, and at its option, terminate this Lease and pursue one or more of the remedies set forth in the first paragraph of this Section in the same manner as if the Lessee had defaulted in any covenant contained herein. 18. ASSIGNMENT. The Lessee shall not assi9n this Lease or any interest herein, or sublet any part of the Leased Premises, or permit any other person or entity, whether jointly with the Lessee or otherwise, to occupy any part thereof with the exception of Foremost, Inc. Should the Lessee make any such assignment or subletting or permit any such occupancy, neither the acceptance of rent by the Lessor thereafter from Lessee or any other person or entity, nor any failure on the part of the Lessor for any particular period of time to take action on account of such breach or to enforce its rights with respect thereof, shall be deemed a waiver of the breach, and such breach shall be a continuing breach for so long as may such sub-tenancy or occupancy continue. It is understood and agreed that any assignment of this Lease made with the consent of the Lessor sha]~ not re]ease or discharge the obligations of the Lessee hereunder; further, the Lessee sh&]l remain second, fy liab1¢ for any rent or other obligation to the exte~'~&t the same is not satisfied in full by any sub- less~.asstgnee. IN WITNE$8 WNEREOF, the Lessor and Lessee have caused this lease to be executed in duplicate as of the day and year first above written. the presence of: THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE (Lessor) By Its By Its In presence of- FOREMOST, [NC. Its Its The undersigned, for and in consideration of the Lessor's execution of this lease, do hereby unconditionally guarantee the performance of all obligations of the Lessee herein, including specifically the obligation to pay rent as set forth in the ag r eement. Allen ¥, Fredenda11 , .' 8 STATE OF MINNESOTA ) ) SS. COUNTY OF HENNEPIN ) The foregoing was acknowledged before me this day of , 199 ,, by Edw. J. Erickson and Daniel J. Donahue, the and , respectively, of the Economic Development Authority in and for the City of New Hope. Notary Public STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) ThC, rig w&$the, &cklqo' 1 edged_~1 g cJ~--,~gcJ~-- bybef°re me ~-~-~ ~/.and t h i $ ?~l~~&Yan°df, respectively, of Foremost, ]:nc., a Minnesota corporation, on beh&lf of said corporation. NOT~¥ ~JBLIC--e/,~a,~S.~TA My Commissmn Expires Sept. 25, STATE OF MXNNESOTA ) ) se. COUNTY OF HENNEPXN ) egoing w&s acknoeledged before me thia ~.~ day of ~~_~or ~ lg~_., by Allen V. Fredend&11 and Kathleen Fred~d&ll~. c:\wp51\cnh\fredend&11.1e& .,. 9 CITY OF NEW HOPE MEMORANDUM DATE: March 22, 1995 TO: Dan Donahue, City Manager Steve Sondrall, City Attorney FROM: Kirk McDonald, Managemem Assistant/Community DeVelopmem Coordinator SUBJECT: Indusu'ial Building Rental Rates In an effort to determine what market rental rates currently are for industrial buildings in the New Hope area, I contacted Thorpe Bros., Inc. (our agent for the vacant property at 42nd/Nevada Avenues). We specifically discussed the Foremost, Inc. building at 7528 42nd Avenue North. Per the attached excerpt from the appraisal, the building contains an area of 20,795 square feet and contains 1,600 square feet of office space, or 8% office area. Thorpe indicated that a low rental rate for warehouse space would be $2.50 per square foot on a triple net lease (they pay all utilities and taxes). They said a more reasonable rate would probably be $3.00 - $3.25 per square foot. Thorpe indicated that the office space should rent for $5.00 - $6.00 per square foot. Using these market estimates on the Foremost building, the monthly and annual payments that might be derived from a lease are calculated as follows: Office Space = 1,600 sq. ft. x 5.00 psf - $ 8,000.00 Warehouse Space = 19,195 sq. ft. x 3.25 psf = 62,383.75 TOTAL PER YEAR = $70,383.75 + 12 months TOTAL PER MONTH $ 5,865.31 The land is improved with a one story, concrete block and steel frame industrial k~!din~ with onsite paved parkin~ and landscaping. Size 80' X 87.5' = 7,000 17.5' X 66' = 1,155 40' X 76' = 3,040 120' X 80' = 9,600 Total 20,795 s~e feet GBA (1,600 sf office space, or 8% office) The k~ild/ng ~s reported to have been originally built in 1962, with a 1965 ~tion and the last rear addit/on co~mTxuc~d in 1978. A poured concrete and ooncrete block foun~atic~ system is obeerved. It appears to be in average to goo~ co~diti~. Only m/nor settlement was observed in sc~e floor cracks and in one series of wall cracks near the midpoint on Quek~c Avenue. Framin~ Concrete block exterior wmll and in~erior steel ~ ~ ~ f~ is ~~. It ~ ~ ~ ~ av~ ~ g~ ~ti~. ~ior ~~ ~~~~~~ bl~ ~ ~1 ~ ~ ~e offi~ av~ ~~. ~ mf ~ a ~ ~ jo~ ~wi~m~ ~, rigid ~ation ~a~ 5 ~ 6 y~ ~. ~ ~f 1~~ ~~ ~~ ~f is ~~ ~ ~ g~ ~ti~. 7 ~(1~ OF ~ (IINT'D Floors offices are covered with vinyl tile. Interior Walls Intarior walls are primarily painted concrete blocks with average to fair quality pl~:od panel~ in the offices. Interior walls are in average acoustic tiles with recessed fluorescent lightin~ in the offices. ~nere is atte~ fl~ lightin~ in th. sh~ The buil~ has metal fram~ windows with swine-out offi~, s~le ~-gl~. ~ ~ a g~ ~ ~ f~nt ~i~ ~ ~ ~ ~i~ ~~ ~ for 1~ at ~i~t. ~ ~ w~ ~ ~ av~e ~~. El~i~ A 1,200 ~ ~~ ~ ~ ~ ~~. ~ c~~ ~ f~ 1~ ~ ~~. ~e,r pl~-~ ~ ~ ~ off~ a~ ~ ~ve av~e ~i~ ~~i~. ~offi~~y~~, ~ f~ tile ~r ~ ~~ ~~ ~ ~ a ~~ five f~ ~1~ a 360° ~ey ~ ~. ~ ~ a 30 g~l~ ~~ g~ fi~ Heatirg/Coolinu Hea~ is su~lied by ~en ceilin~ hu~ P~znor or ~y~n ceiling hun~ gas fired blower units in the shop space. A Carrier natural gas fired fuxnace and central air oonditionir~ unit serves the offices. Supplementary office air conditioning is provided by one wall air ~tioner. The office also has a smoke eater (air purifier). A three ton sir~le r~l, rail crane/ho~ passes in an east wes~ direction frcm the recessed loadirg dock across the width of the buildirg:. No other personal property, machinery, furniture or related items are included in this The general layout of the kxhildir~ is shown ~ the bu/ldinq sketch contained in the Addenda. ~ huildir~ b~-~ a good basic design ar~ layout for light mamlf~inq ar~ the modest amount of office usage that usually acc~es t~at type of use. TD~ rear shop space is divided into three or four general use areas some of which are partitioned. There are two sets of smaller shop offices. On an ~verall ~asis, the b,~4/nq has a good basic design, adequate loading, and is in slightly above average ovexall conditi~. On-Site Im~~ts The huildir~ cccugies abc~c half of the site. Scddinq occupies abcu~ 10% of the si~ ly~em~c and soura of the kuil~ with the balance of the site ~ park~ lot, drive isle, and loadir~ areas. The bituminous pa~ is' aging, screW%at breaking u~ and considered to be in only fair ovezall I ! AZ I/~ SEC. 177, I ,., ~-~ .--~; - I ~ " ~ '"' ROCKFORD ' ) ,~, ~ · '7~ - :,, : ~ · · : ~ ,,,: ' EDA REQUEST FOR ACTION Originating Depmh,,ent Approved for Agenda Agenda Section City Manager EDA 3-27-95 Kirk McDonald ~ } Item No. By: Management Assistant By:~/ ? UPDATE REGARDING "SHOP NEW HOPE" CITY-WIDE RETAIL PROMOTION (IMPROVEMENT PROJECT #537) Staff requests to update the EDA on the progress of the "Shop New Hope" promotion, which was previously discussed at the March 13th EDA meeting. City officials/staff and representatives from Key Group Advertising, Inc. will be conducting a meeting on March 24th with shopping center owners/managers and other major retailers to discuss the "Shop New Hope" promotion. The purpose of the meeting is to discuss program ideas, establish a budget, develop a time schedule for the promotion and to form a steering committee who can work further with Key Group on the details of the campaign. Once a definite program is developed, all New Hope businesses will be invited to participate in the promotion. MOTION BY SECOND Review: Admlnlata'atlon: Finance: RFA-OOI 4401 Xy/on Avenue Nortl~ C,,ry Hall: 512-$31-5100 C, ty Hall Fax: New Hoce. Minnesota 55428-4898 =:,',~8: 512-531-5170 Po/ice Fax: Public Works: 612-533-4823 Public Works Fax: ~12-5~3.7~50 TDD: 612-531.5109 F/re Dep't. Fax: 612.531.5175 March 17, !995 Ms. Judy Hemak Director of Shopping Center Services Ms. Mary Anne Gears General Manager/Vico President Key Group Advertising, Inc. 501 South 8th Street Minneapolis, MN 55404 Subject: "Shop New Hope' Promotion Dear Ms. Hemak and Ms. Gears: Thank you for agreeing to assist the City of New Hope with our 'Shop New Hope' promotion. This letter will conf'mn our phone conversation today that you will be able to attend a meeting at the New Hope City Hall on Friday, March 24th, to assist us in a brainstorming session with key merchants on this promotions campaign. As I indicated, we would like you to meet with the Mayor, a Councilmember and the City Manager at 11:00 a.m. to ~ discuss this idea. We would also like you to assist us in leading a 12:00 noon box lunch meeting with shopping center owner-dmanagets and other major retzilers to discuss program ideas, a budget, and a time schedule for the promotion- (I have enclosed a letter sent to major businesses in New Hope inviting them to attend the meeting, for your informa~oll.) Hopefully a steering committee can be formulated from this meeting to work further with you on the details of the campaign. I understand that you will work with us initially for an hourly tare of $50.00 and that you will submit a proposal to the City after the program is better defined. The City is ~ forward to woridn~ with Key Group on this promotion. If you have any questions pri~lptlie meeting, please contact me at ~31-5119, otherwise, we will look forward to seeing you at Il:00 a.m. on the 24th. Sincerely, ..',Manag~a~nt A~i~,am/Community l:~velopmem Coordinator &l~ll City ~ For Family Livinl March 17, 1995 Subject: March 24th Lunch Meeting to Discuss "Shop New Hope" Promotion Dear 2-' One of the City Council's goals for 199:5 is to improve communicatiOns/coordination between the City and retail/commercial businesses in New Hope. We are very concerned that the City maintain a healthy and vibrant retail/commercial economy. Since the beginning of the year, the City Manager and myself have contacted or met with the majority of owners/managers of New Hope's commercial centers and major retailers to inquire as to how the City can better assist the business/retail environment. One of the ideas that has developed is a 'Shop New Hope' promotion, which hopefully would be jointly funded by both the City and businesses. Such a promotion could educate residents about shopping opportunities available in New Hope and one idea would be to coordinate the program in conjunction with the City's Duk Duk Daze festival held in July. The majority of shopping center/retail business owners and/or managers indicated that they would be very supportive of the program and would participate. This idea was discussed by the full City Council at a recent meeting and the Council unanimously approved the concept. The City has retained the services of Key Group Advertising, Inc., who have extensive experience in planning special events, to help the City and businesses coordinate the promotion. I would like to invite you and anotlm' representative from your or/sniT~rion or one of your anchor tenants to aRend a MmT, h meeti~ at 12:00 noon on Friday, March 24th, at the New Hope City Hall, to further discuss the 'Shop New Hol~' promotion. Tim City will provide box lumhes and beverases. Representatives from Key Group will be presznt t~ assist in leadin~ tim meetin~ to discuss promotional ideas and to help devek)p a budget and thne schedule for the promotion. I hope that you will be able to take time out of your busy schedule to attend this me~i~. I think a 'Shop New Hope' promotion would be a great way for the City to work with our ~ busimss~ to i .reprove th~ commercial economy in tl~ City and educate our residents about tl~ ~ ovponua/t~ available in New Hope. Sincerely, $7 ;-- Edward I. ~ Major of New Hol~ (Please RSVP your atmndam~ to Kirk McDonald, Community Development Coordinator, at "SHOP NEW HOPE" PROMOTION Mailing Distribution List City Council Mr. Ed Erickson, Mayor Ms. Terri Web_ling, Councilmember 8216 49th Avenue North 3083 Gettysburg Avenue North New Hope, MN 55428 New Hope, MN 55427 City Staff Dan Donahu¢, City Manager Kirk McDonald, Management Assistant/ Community Development Coordinator Duk ~ Daz~ Reor~s~ntative Ms. Kathi Hemken, Duk Duk Daze Chair 3657 Maryland Avenue North New Hope, MN 55427 Fr~-$tnndin? Merchnnm Mr. A.C. Carlson Mr. RaCy Rosengren, President A.C. Carlson Furniture & Appliances Sumhine Factory Restaurant 7750 Bass Lake Road 7600 42nd Avenue North New Hope, MN 55428 New Hope, MN 55428 Ms. Lori Haataja, Manager Mr. Brian ffohnson Lyndale Crarden Center Applebee's Neighborhood Grill & Bar 8001 Bass Lake Road 4203 Winnetlm Avem~ North New Hope, MN 55428 New Hope, MN 5.5428 Ms. Julie Almquist, ~ Mr. Kevin Tiffany Frank's Nursery & Crofts Country ~ of New Hope 5620 Winnetlm Avem~ Nor~ 7849 42nd Avenue North New Hope, MN ~ ' New Hope, MN 55427 Mr. John ~ ~ K-Mart Dise. ount ~ 4300 Xylon Avem~ Nortll New Hope, MN 55428 Midland Shopping Center Ms. Barbara Van Auken Mr. Dan Engelsma Director of Properties Engelsma Limited Partnership Kraus-Anderson Realty Company 523 South 8th Street 523 South 8th Street Minneapolis, MN 55404-1078 Minneapolis, MN 55404-1078 Winnetlo Commons Shoppin~ Center Mr. Gary Jackson Mr. Ed Kauffmann lackson-Scott & Associates, Inc. Jackson-Scott & Associates, Inc. 3500 West 80th Street, Ste. 115 3500 West 80th Street, Ste. 115 Minneapolis, MN 55431 Minneapolis, MN 55431 Poste Haste Shouuin~ Center Mr. Jerry Showalter 4957 Yukon Avenue North New Hope, MN 55428 Winnetka Center Ms. Lawana Varajon, Operations Manager Building Management, Inc. 5353 Wayzata Boulevard, Ste. 210 Minneapolis, MN 55416 New Ho{~ Mall/City Center Mr. Gary Lidstone, CPM CB Commercial '7760 France Aveuue South, St~. 7'70 Minneapolis, MN 55435-52ff2 I';DA REQUEST FOR ACTION Originating Department Approved for Agenda Agenda Section City Manager EDA !~27-95 Kirk McDonaldt ! Item No. B~. Management Assistant By:. ~/ 6 PUBLIC HEARING - RESOLUTION A .U~ORIZING AND APPROVING SALE OF 7909 51ST AVENUE NORTH TO T. JEFF BANGSBERG (IMPROVEMENT PROJECT NO. 505) At the March 13th Economic Development Authority meeting, the EDA authorized publication of notice and the holding of a public hearing at the March 27th EDA meeting regarding the sale of one side of the twin home to be constructed at 7909 51st Avenue North. This is the public hearing to authorize and approve the sale. Lots 1 and 2, Block 1, Marky Addition, were purchased by the EDA in February, 1994. Subsequent to the purchase of the property, the existing structure was razed and staff has been working with the CO-OP Northwest Community Revitalization Corporation to improve the property with a handicap accessible twin home to be sold to persons of low or moderate income. The project has progressed to the point of a signed purchase agreement for one of the two units with T. Serf Bangsberg. The purchase agreement is contingent upon approval of the EDA. The purchase agreement incorporates the plans and specifications for the twin home to be constructed on the site. The buyer has qualified for a first time home buyer mortgage with the Minnesota Housing Finance Agency, as well as a second mortgage in the amount of $15,000 using CHODO Home Investment Partnership funds. The purchase agreement states that the City will sell the home to Bangsberg for $85,000. At the March 13th meeting a motion was approved to reject the bids received for the construction of the twin home due to confusion on the sewer/water alternate. Revised specifications have been completed and are now in the bidding process. Bids are scheduled to be opened on April 4th and to be presented to the EDA on April 10th. This results in a timing issue involving EDA approval of the purchase agreement and the actual award of the bid to construct the twin home. Staff is recommending that the EDA hold and close the public hearing on the Resolution approving the sale, but not act on the Resolution until the April 10th EDA meeting, which will be the same meeting that the contract for construction of the twin home is awarded. In this manner the EDA will avoid approving a p~. agreement to-sell one unit prior to awarding the contract for construction. Staff recommends ~ th~ public hearing and tabling the matter until the April 10th EDA meeting. t ¢l/o lq.q: / Review: Administration: Finance: RFA-O01 ~ CORRICK & SONDRALL, P.A.. STEVENA. SONORALL ATTORNEYS AT LAW L~GAbA~STANT, .~C,*EL R. U~EU, Edinburgh Executive Office Plaza L^VO,,E S. KSSKS MARTIN P. MALECHA WILLIAM D. STRAIT 8525 Edinbrook Crossing SRJRO. O. DERBY Suite #203 Brooklyn Park, Minnesota 55443 TELEPHONE (6~2) 4~7~ FAX (S~2) 4Z~S~7 March 22, 1995 Daniel J. Donahue Executive Director New Hope EDA 4401Xylon Avenue North New Hope, MN 55428 RE: 7901 - 7909 51st Avenue North Our File No: 99.11124 Dear Dan: The handicap accessible twinhome project at 7901 - 7909 has progressed to the point of a signed purchase agreement for one of the two units. That purchase agreement is contingent upon approval by the governing body of the EDA. The. purchase agreement incorporates the plans and specifications for the twinhome to be constructed on the site. The buyer will be qualifying for a first time home buyer mortgage with Minnesota Housing Finance Agency, as well as a second mortgage in the amount of $15,000.00 using CHODO Home [nvestment Partnership funds. The enclosed Resolution approves the purchase agreement. There is a timing issue here involving EDA approval of the purchase agreement and the actual award of the bids to construct the twinhome. You may wish to close the public hearing on the Resolution approving the sale, but not act on the Resolution until the April 10, 1995 meeting, which will be the same meeting that the contracts for construction of the twinhome are awarded. In this manner the EDA will avoid approving a purchase agreement to sell one unit of'the twinhome for a fixed price without knowing how much it will actually cost to construct the twinhome. The second Resolution modifies the covenants passed in February so as to delete two provisions which raised some enforcement issues with staff. The deleted Covenants involved.placement of motor vehicles and other items in the driveway, and the location and type of antennas on the property. After further review it appears these ~tems are adequately covered by City Code. This Resolution can be . passed on March 27. Mr. Daniel J. Donahue March 22, 1995 Page 2 Please call me if you have any questions. S~ncerely, Mart~n P. Malecha s3w2 Enclosure cc: Kirk McDonald (w/enc) Sarah Bellefu~1 (w/eric) Valer~e Leone (w/eric) Steven A. Sondra11, C~ty Attorney EDA RESOLUTION NO. 95- RESOLUTZON AUTHORIZING AND APPROVING SALE OF 7909 51ST AVENUE NORTH TO T. JEFF BANGSBERG WHEREAS, the Economic Development Authority tn and for the City of New Hope (EBA) owns certain real estate known as 7901 - 7909 51st Avenue North, legally described as: Lots 1 and 2, Block 1, Marky Addition, Hennepin County, Minnesota, (the Property), and WHEREAS, the Property was purchased by the EDA in February of 1994, and WHEREAS, at the time of said purchase the Property was determined by the EDA to be blighted by reason of delaptdatton, obsolescence, and faulty arrangement or design, and WHE.REAS, subsequent to purchase of the Property the existing structure was razed, and the EDA staff has been working with Hennepin County and Minnesota Housing Finance Agency to improve the Property with a handicap accessible twinhome to be sold to persons of low or moderate income, and WHEREAS, the EDA staff is in the process of obtaining bids ~nd awarding a contract for construction of the twinhome on the Property, and WHEREAS, the EDA has entered into a Purchase Agreement with T. Jeff Bangsberg for the purchase of Lot 1, Block 1, Marky Addition, a copy of which Purchase Agreement is attached hereto as Exhibit A, and ~~s&~d Purchase Agreement is contingent upon approval o.f throng body of the EDA, and WHEREA~ the EDA has the authority to se31 the property under Minn. Stat. §§469.001, 469,105 and ~,69.029, and WHEREAS~ on March 15, 1995 notice was pub3ished in the New Hope-Golden Valley Sun Post regarding a pub3ic hearing on the sale of 7909 51st Avenue North, and WHEREAS, the sale of Lot 1, Block 1, Marky Addition to T. Jeff Bangsberg is in the best interest-, of the City of New Hope and its people and furthers its general plan of economic development. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: 1. That the above recitals are incorporated herein by reference. 2. That the sale of Lot 1, Block 1, Marky Addition to T. Jeff Bangsberg in accordance with the terms of the Purchase Agreement attached hereto as Exhibit A is approved. 3. That the President and Executive Director are authorized and directed to sign a deed and any other documents, and to take such other action, as needed to complete the sale of Lot 1, Block 1, Marky Addition to T. Jeff Bangsberg in accordance with the terms of said Purchase Agreement. Adopted by the Economic Development Authority in and for the City of New Hope this day of , 1995. Edw. J. Erickson, Chatrman Attest: Daniel J. Donahue, Executive Director EDA RESOLUTION NO. 95- RESOLUTXON AMEND[NG DECLARATION OF COVENANTS FOR 7901 - 7909 51ST AVENUE NORTH WHEREAS, the Economic Development Authority in and for the City of New Hope (EDA) owns certain real estate known as 7901 - 7909 51st Avenue North, lega~3y described as: Lots I and 2, Block 1, Marky Addition, Hennepin County, Minnesota, (the Property), and WHEREAS, on or about February 27, 1995, the EDA as Declarant approved a Declaration of Covenants regarding the Property, but said Declaration has not been signed or filed with Hennepin County, and WHEREAS, after addttiona3 review, it is determined that deletion of paragraphs 6 and 7 of the origina] Declaration of Covenants is desirable, and WHEREAS, the modified Dec3aration of Covenants w~th said deletions is attached hereto as Exhibit A. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: 1. That the above recitals are incorporated herein by reference. 2. That the Dec3aration of Covenants attached hereto as Exhibit A is approved and adopted, and shall amend, supercede an~ replace the prior Declaration of Covenants. forthe Property. 3. The President and Executive Director are authorized and directed to s~gn the Declaration of Covenants attached as Exhibit A and arrange for filing the same with Hennepin County. Adopted by the Economic Development Authority in and for the City of New Hope this day of , 1995. Edw. J. Erickson, Chairman At t est: Daniel J. Donahue, Executive Director DECLARATION OF COVENANTS This declaration is made this day of , 1995, by Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, hereinafter referred to as the Declarant. WHEREAS, the Declarant is the fee owner of: Lots 1 and 2, Block 1, Marky Addition, according to the plat thereof filed or of record in the Office of the Registrar of Titles in and for Hennepin County, Minnesota, (hereinafter the Property), and WHEREAS, the purpose of the Declaration is to insure proper use and improvement of the Property and each residential site so as to protect all owners of the Property against such improper use of the Property that will depreciate the value of their Property, to encourage the maintenance of attractive improvements appropriately ~ocated to prevent an inharmonious appearance and function, and to provide a development that will promote the general welfare of the neighborhood. NOW, THEREFORE, the Declarant hereby declares that all of the Property shall be held,..transferred, sold, conveyed and occupied sUbject to .the; following covenants, conditions and restrictions which are o.f the Property, and which shall run with the Property and be binding on all parties that have a right, title, or interest in the Property or any part thereof, their heirs, successors and assigns, and shall inure to the benefit of each owner thereof. EXHIBIT A 1. Definitions. "Property" shall mean the real property platted as Lots 1 and 2, Block 1, Marky Addition, Nennepin County, Minnesota, according to the plat thereof on file or of record in the Office of the Registrar of Titles in and for said County. "Lot" shall mean any lot in the Property. Whenever the singular is used, it shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. 2. Ordinances. In addition to the provisions of this Declaration, the ordinances of the City of New Hope, Minnesota (hereinafter City) in effect as of the date of this Declaration shall be binding hereafter. 3. Land Use. The Property shall be used solely for single- family residential purposes. No trade or other business activity shall be carried on upon any of the Property, nor shall anything be done thereof which may be or become an annoyance or nuisance. 4. Improvement of Property. Except for the initial construction of the dwelling on the Property while the Property is owned by Declarant, no owner shall undertake any modification, change or alternation of the dwelling thereof, whether functional or decorative, unless and until the value, type and size thereof, materials to be used in construction, exterior color scheme, specifications and details thereof, shall have been approved in writing by Declarant, and all necessary permits and approvals have been received from the City. 5. Tpmporary Structures. No structure of a temporary 2 character, recreational vehicles, trailer, basement, tent, shack, garage, barn or other out buildings shall be used on any lot at any time either temporarily or permanently, except that each lot may have a garden or yard storage shed not to exceed 100 square feet, provided that its exterior is of the same material and color as the dwelling and its placement on the lot is such that it will not damage or interfere with any easement for the installation or maintenance of utilities, ~nd will not change, obstruct or retard direction or flow of any drainage easements. 6. L~ndscaping. No tree, hedge or other landscape feature shall be planted or maintained in the location which obstructs sight lines for vehicular traffic on public streets. 7. Window Treatment. No bedsheets, plastic sheets, newspaper, plastic storm windows or other similar window treatments shall be hung or placed in or on any window on any dwelling located on the Property. 8. Party Walls and Party Fences. The rights and duties of owners with respect to party walls and party fences shall be governed by the following: a. Gene.fa1 Rule of..Law to App].y. Each wall or fence whtch ~$ constructed as part of the original construction on the Property~ any part of which is placed on the d~vtdtng line between lots shall constitute a party wall or party fence, and w~th respect to such wall or fence, each of the adjoining owners shall assume the burdens and be subject to an easement for that portion of a party wall or fence within his or her lot boundary and shall be entitled to the benefits of these restrictive covenants and, to the extent not inconsistent herewith, the general rules of law regarding party walls and party fences and regarding liability for property damage due to negligence or willful acts or omissions shall apply thereto. b. Sharing of Repair and Maintenance and Destruction by Fire or Other Casualty. If any such party wall or fence is damaged or destroyed by fire or other casualty or by some cause other than the act of one of the adjoining owners, his agents or family (including ordinary wear and tear and deterioration from lapse of time), then, in such event, both such adjoining owners shall proceed forthwith to rebuild or repair the same to as good condition as formerly, in proportion to their respective use of the party wall or fence. c. Repairs of Damage Caused by One Owner. If any such party w&11 or fence is damaged or destroyed through the act of one- adjoining owner or any of his agents or guests or members of his family (whether or not such act is negligent or otherwise culpable) so as to deprive the other adjoining owner of the ful~ use and enjoyment of such wall or fence, then the owner responsible for such damage shall forthwith proceed to rebuild and repair the same to as good condition as formerly, withoUt cost to the adjoining owner. d. Other Changes. In addition to meeting the other requirements of this Declaration, and of any building code or similar regulation or ordinance, any owner proposing to modify, make additions to or rebuild his residential unit in any manner which requires the extension or other alteration of any party wall or fence shall first obtain the written consent of the adjoining owner and Declarant. e. Right. to Contribut¢on Run8 With Land. The right of any owner to contribution from any other owner under this section shall be appurtenant to the land and shall pass to the successors in title of such owner. 9. Insurance. By virtue of taking title to a residential unit in the Property, each owner covenants and agrees with all other owners and with Declarant that each individual owner shall carry ali risk casualty insurance on the residential unit and other structures constructed on the lot, and include coverage for a home sharing a common wall and liability coverage of at least $300,000.00. Each individual owner also agrees that in the event that their dwelling is totally destroyed, the owner shall proceed 5 promptly to repair or reconstruct the dwelling in a manner consistent with the original construction. 10. Alternations to Exterior. Owners agree that the exterior of all structures, including the garage, shall be maintained in accordance with the same quality and materials as the original construction. No alterations to the exterior of the dwelling, including an alteration in the color, shall be made without prior written consent of the other owner and Declarant. 11. Oovenants Run With Land. These restrictions and covenants are to run with the land and shall be binding on all parties and all persons claiming under them for 30 years from the date hereof, at which time these covenants may be extended, or may be modified and extended, for successive periods of thirty years, with extension by a majority vote, and modification only by an unanimous vote, of then owners and Declarant, with the combined owners of each individual lot to cast one vote, and an instrument setting forth said extension or modification and extension is duly executed and acknowledged by said owners and Declarant voting in favor of the extension or modification and extension and duly filed with the Registrar of Titles in and for Henneptn County, Minnesota. Notwithstan~ng.~ the foregoing, the covenants and restrictions applying to' the party wall or fence shall continue in full force and effect as long as a dwelling with a party wall or fence is in existence on the Property. 6 12. Assignment. The Declarant may assign any and al1 of its rights, powers, obligations and privileges hereunder to any other corporation, association or person. Such assignment, or assignments, are effective upon the recording and filing with the Registrar of Titles Office, Hennepin County, Minnesota of the instrument assigning the same. 13. Enforcement. Enforcement of these covenants shall be by proceeding at ]aw or in equity against any person or persons violating or attempting to violate any of the covenants and · restrictions, either to restrain violation or to recover damages, any owner or Declarant shall have the right to seek enforcement of these covenants and restrictions, and in the event such party seeking such enforcement shall be upheld by the courts, the defendant or defendants in such case shall be liable for the reasonable attorney's fees sustained' by the plaintiff, together with court costs of such action, and the same shall, to the extent permitted by law, constitute a lien upon the property of such d~fendant. 14. Severability. Each of the provisions hereof shall be deemed independent of the others, and invalidation of any one of these or any part or parts thereof, by judgments or coUrt order, 1! in no way affect any of the other provisions hereof which shall remain in full force and effect. .. 7 IN WITNESS WHEREOF, the Declarant hereto has executed this declaration on the day and year indicated below. ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE By [ts President By Its Executive D~rector STATE OF MINNESOTA ) ) SS, COUNTY OF HENNEPIN ) The foregoing was acknowledged before me, a Notary Public within and for sa~d County, this day of , 1995 by Edward J. Erickson and Daniel J. Donahue, the President and Executive Director, respectively, of the Economic Development Authority tn and for the City of New Hope, a Minnesota municipal corporation, on behalf of said municipal corporation. Notary Public The foregoing Declaration of Covenants is hereby accepted as of the date hereof. THIS INSTRIJI~N? DRAFTED BY: CORRICK & SONDRALL, P.A. 8525 Edinbrook Crossing, #203 Brooklyn Park, MN 55443 (612) 425-5671 c: \ ~ pS 1\cnh\ declarlt~on. I& MINNESOTA STANDARD I:IESIDENTIAL PURCHASE AGREEMENT e. Co~ 1~. Dy He.nepal County 8~ Association, Minneapolis. Minnesota. BEFORE YOU USE OR SIGN THIS CONTRACT. YOU SHOULD CONSULT WITH AN ATTORNEY TO DETERMINE THAT THIS CONTRACT ADEQUATELY PROTECTS YOUR LEGAL RIGHTS. Henneom County Bar Assoclal~-i clisctalms any liability ansmg ou! of use of tins form t. PARTIES. This Purc~aee Agreement ~s made on 19 0y aha ~)etween '~ ~Name) ,;' _ ~ ~ //~ . - ~mantal status) ~ 3 (Address) ;~ '" J' -- ' ' SELLER AND : 5 (Ad~) ~l~ ~ , '' i'/" ~-' ' " ' BUYER. ~ Z O~CE~A~[ Buyer offers to purchase and Seller agrees to sell real property legally described as ~0. Ci~of "~ .r:,.~ ,CounWof, , ,=~: i ' S~te of Minnesota "~ 3. ACC~A~ D~ This offer to purchase, unless accepted sooner, shall be null and void at 11:59 P.M. ~2. {date) .22,%~ )t .~72 ~dinsu~t~e~neet~n~s~all~re~toBuye~ 13, ~ ~ ~ ~ R~ ~[~ ~ ~ ~ f~ it~ ~ ~a ~ ~ fi~ms own~ ~ ~ller and 14 ~ ~ ~ ~ ~ ~ j~ ~ ~ ~ [ Str:ke Out ~tems not ~tude~: ~ ~, ~, tr~.~ ~ ~ - / 15 ~-~ ~, ' - '~, a~ ~Ni~ fi~ wi~ bulbs, plumbing fixtures, , ~ 6 ;~~ ~, ~ S~S, ~ .... ~~ ~i~'in air conOitmn- ~ 7 i~ uni~;~~ au~ma~ gm~ ~ ~ ~ ~~i~*in dishwashem, garage 21 ~. ~~'* )~ ~..~.~.~ ,., -~. ~ueu~~~ _:__ _ --')~] ~OFCLOSING. , 27. ~~$ ~,~ I ~ -, . . 28. & ~~~~~.~~~a ~ Wa~ 3~. 32. (C)~~~~~ 37. .~ ~ (~~ ...... ~Y~~lin~m~ .... f~ 49. ~~~ .... , · EXHIBIT "A" = 74. MINNESOTA STANDARD RESIDENTIAL pURCHASE AGREEMENT/PAGE 2 11. D~CLOSURE OF NOTICE~. Set~er has not rece~,,~::l any notice !rOm ar,a/governmental authomy as to violation of any law. orclmance or regmta- t~. If the prooerty is suDlect to restoctive covenants, Seller has not recewed any notice from aoy person as to a preach of the covenants =.4 12. TRU"FI4-tN-NOU~IN~. Brayer acknowledges, receipt of the Truth-~n-H0usmg Disclosure Report or other inspact~On report If required ~y *,he mumc- '~5 ~pality in which tile O,"opa}ly is Iocated~ = '; .~ 36 13. POSSESSION. Se,er shall deliver possess}on of the property not later than ' .l.: . ' : _ ~ . ~ 67 closing. All interest, fuel od, lio~dj~etroleum gas, and all charges for ctty water, cdy sewer, electricdy, and natural gas shall be prorateC ~e[ween me ~8 partlesasot ~gtE°- O. ~_: ~9 14. EXAMINATIO~ OF TITLE. Within a reasonal~le time after acceptance of this Agreement Seller shell furnish Buyer w,th an ADstract of Title or a 90 Registered Pm0erty Abstract certified to date including proper searches covenng t~anaruptc~es and State and Feperal judgments, liens, anti lewed 9 ~ am:l paroling speciel assessments. Buyer shall have ten (10) Dusinoas days after receipt of the Abstract of Title or Registerep Prol)en'y ADstract eKher 92 to have Buyer~ attorney examine the title anti provide Seller wdtl written o~jestiens or, at Buyer~ own expanse, to make an application for a Title 93 Insurence Policy and notify Seller of the application. Buyer shall have ten (10) I~uaneas days after recmpt of the Commitment for Title Insurance to 94 provide Seller with a copy of the Commitment and written ol~entions. Buyer shall be deemep to have waived any title oDjoctions not made w,hin the 95 alAolical:~e ten (10) day perKxl for above, except that this shall not o0erete as a wa~er of Seller's covens,n! to deliver a statutory Warranty DeecL unless 96 a Warranty Deed is not specified apove. 97 15. TITLE COI~qECTION~ AND REMEDIE~. Seller shall have 120 days from rec~pt of Buyer's wriffen title ol:~actions to make title marketable. Upon 98 rece~ot of Buyer's rise ol:seolions, Seller shall, within ten (10) husineas days, notify Buyer of Seller's intention to make title marketable w;thin the 120 99 day pa~:)d. L~e~s or encuml~rences ~ liquidated amounts wflich can be released by payment or escrow from proceeds of closing shall not belay the 100 cIoSU~J. Cure of the defects by Seller shall be reasonal~e, dillgeot and prompt. Pending correction of title, alt payments requirect here;n and the 101 cloalng shall I~e poslOoned. 102. A. If notice is ojven and Seller makes title marketeMe. Iflen upon presentation to Boyer and I~'O0osed lender of documentation estaDlishing that 103 title ha~ been made mert(et~, and if not ol:sectacl to in ~ same time and manner as the onglnal tit~e oDjections,, the closing shall take place t04. within ten (10) l~alness days or on the scbeduled ctoelng date, wflichaver is letez. t 05: B. If notice is giveo and Belier i:aoceeds in good faith to melre title merketel:~e but the 120 day pafiod exoires without title paing made merketapte, 106. Buyer may deslere 0lie Agmerneot null and void by rlotice to Seller, neither 0erty shal~ ice liaple for dameges hareunder to the other, and 107, earnest mcoey ~ pa refunded to Buyer. 108. C. If Seller dse~ not givenOoce Of intenliO~ to mey'e llfle merketetgle, Or if notise is g~ert I~ut Ifle 120 day padocl ex0ires without title being made 109. marketeDle due to Seller's fallore to proceed in good faittt Buyer may seek, se permitted I~ law, any one or more of the following: 110. 1. proceed to clO~mg without welver or meeger in the deed of the ol:Seolions to lille am:l wifllout waiver of any remedies, and may: t t I (a) Seek damege~ costs, ~from Se#er as ~ by law (damagse u~Oer this subparagraph (a) shall 112. be limited to ~he c~'t of cunng otsestions to title, and cc~sequentlel damages am exctucled);of, 113 (b) Underage mocesdings to consct .me ceienaons to lute; 114. 2. Resciselort of' t~lis Pul'cttese Agreement by nol~ce se Prow:led Ileealn. in whic'/t cese the Purchase Ago'cement shall I:~e null and v°id 116. 3. Damages from Se#or including costa .... _ ' ' - as im~mitted by law; 1t8. D. IftIfleismm1"~etsil~e~orism~dema~m~/Diese~:m:~videdhemin~andBuy~d~fauitsinaf~ftheagmementshereln~Sellermayalectalther~f ' 120. 1. Cancel this contract as P~:~,'ide~t by statt~te and m~ifl ell I~made II~m~'tOer se liquideted damage~' The I:~a~'ties ackn°wle<lge t24. permitted-I~ lew. 125. E. If title i8 ~, or i8 macW ~ as I~Ovided horeln, ancl Seller deflUIII in ~Iy c~ l~le egreerrWEl~ I1E~i~' B~tYer' may' as permitted by 126. te~: INrrL4z~' · "T,~ ' ~ NITIALS sm. Lrm Ecor~mic De~elcf~nt ~J.W. tio~d, ty f..-~ ~ fo~ at, bl~ FINANCING ADDENDUM FHA INSURED E',ORTGAGE This form a~ Dy the Mmn®~O~a As.,.cOClation of REALTORSe: Minneaola AssociatiOn of ~EALTORS· disclnlm$ any lial~lily arising out ot use or m~$use of tn~$ lorm 1. Date Ha=ch 3, ]..995 2. Page ]. of ]- Pages :~ Addendum to Purchase Agreement between parties dated [vr.a~ch 3 1995 pertaining to the purchase 4. and sale of the property at 7909 5].st. Avenue No., Near [-[o[~et ~ 5. 6. B_u~er~w411,.,a,~,~ol¥.~or and secure at Buyer's exbense an FHA INSURED mortgage in the amount 7 ~ amortized monthly over a penod Of not more than _._30____ years with interest at no more 8. than ~- 1 ) percent per annum,~ under: the _fib:sc r..i.~e home buyer' 9. MORTGAGE APPLICATION: The mortgage application IS TO BE MADE WITHIN FIVE BUSINESS DAYS after the t0 acceptance of tins Purchase Agreement Buyer agrees to use best efforts to secure a commitment for' ~ such hnancmg and !o execute all documents required tO consummate said financing. In the event Buyer cannot secure ~ 2 a commitment for sa~o mortgage, this agreement snail become null and void and earnest money paid Dy the Buyer shall De ;3. refundecl to Buyer; Buyer and Seller agree to s~gn a Cancellation of Purchase Agreement. 14 MORTGAGE INSURANCE PREMIUMS: Pursuant to Federal Regulations, a one time Mortgage Insurance Premium (MIP) ;5 must be pa~d at t~e ctosing of this transaction. It is understood by Seller and Buyer this Purchase Agreement sublect to t~e one t~me Mortgage Insurance Premium, as appl~cai~le and determined by the lender. The said Mortgage 17 Insurance Premium w~ll increase the mortgage amount unless paicl in cash at the closing. This prowsion may not be 18. a,oplicaDle to condominium transactions. 19. DISCOUNT POINTS: Mortgage discount points not to exceed 2..0 % of the total of the mortgage amount including 20. MIR if eddecl to mortgage, shall be paid as follows: I Do not exceed maximum Seller 21. 0 paid by Buyer. I NOTE: contribution allowed by FHA. J 22. ~ 2--* 0 paid by Seller. 23. LOCKING/FLOATING OF MORTGAGE INTEREST RATE AND DISCOUNT POINTS: Seller and Buyer agree the mortgage 24. ~ntereSt rate and discount points shall I:)e LOCKED / ~ on the dale Of application.~ 25. ' .... 26 ...... 27 .----cc-- '- ' ' · '~" In the event t~e discount I~:~nts cl~argea ~y 28. the lender are less than the discount points agreed to above, the discount points iil~t~hall be cl~argea to 30. FHA. COMMITMENT WORK ORDERS: Nothing in this Purchase Agreement shall be construed as a wa~.rt2~n~ ty..~that the Seller will make repairs re~uir~ by tl~e FHA commitment. However. the Seller agreed to pay up to $Z)Lh.(JU. 32. to make repaurs SS reduir~d By t~e FHA commitment. If the FHA commitment ie subject to any work orclers for wn~cn the 33. cost Of making ~ ral~airs sl'~all excee~ t. llie amount, the Seller sl'~all have tile following options: 34. (A) Making the necessary repairs; or 35. (B) Negotiating the coal of making s,sid rep"irs with the Buyer; or 36. (C) Declaring ti're P _v_lchase Agreement' null and void and earnest money paid sl~all be refunded to the Buyer; 37. Buyer and Setl~ to sign a Cancellation of t~e Purchase Agreement. 38. LENDER PFIOCE$~I~¢~ FEES: Seller agreed to pay miscellaneous processing fee~ which the lender cannot charge 39. to Buy~, not to exceed $ [00.00 4,3. ~ "THE APPRAIS~'D VALUATION IS ARRIVED AT TO DETERMINE THE MAXIMUM MORTGAGE THE DEPARTMENT 4~ OF HOUSING AND URBAN DEVELOPMENT WILL INSURE. HUD DOES NOT WARRANT THE VALUE OR THE 4~ CONDITION OF THE PROPERTY. THE PURCHASER SHOULD SATISFY HIM/HERSELF THAT THE PRICE AND 50, CONDITION OF THE PROPERTY ARE ACCEFTABLE:' 5'1. OTHEI~ Buyez' sha.~, al.so &pp~.~r ~'0= and secu=e a Secoad L'~o]:l:~sSe :tn the amount off $].5,000.0 It is expressly agreed that notwithstanding any other provisions of this contract, the purchaser shall not be obligated to complete the purchase of the property described herein or to incur any penalty by forfeiture of earnest money deposits or otherwise unless the purchaser has been given in accordance with HUD/FHA or VA requirements a written statement by the Federal Housing Commissioner, Veteran's Administration, or a Direct Endorsoment Lender setting fourlh the appraised value of the property of not less than $ 85,000.00 The purchaser shall have the privilege and option of proc~ding with consumma{ion of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine [l~e maximum mortgage the Department of Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the property. The purchaser should satisfy himself/herself that the price and condition of the property are acceptable. NOTE; The dollar amount to be inserted in the amendatory clause is the sale price as stated on the contract. RE: FHA Case No. The following individuals or firms each hereby certify that the terms of the contract for purchase are trtle to each signer's best knowledge and bellof, and that any other agreement entered, into by any of these parties to the transaction is attached to the sales agreement. $1~LLER -ExeCUt~'~e Director of the DATE F_,conoatic Development Authority in ~ ?n~ th;, C~r_y of New Ho_ne ...... . / , ,, BUYER DATE BROKER/SELLING AGENT DATE FHAAMENC 1193 ADDENDUM TO PURCHASE AGREEMENT T~s is an Addendum to that certain Purchase Agreement dated March 3, 199R, by and between the Economic Development Authority end for the City of New Hope as Seller and T, Jeff Bangsberg as Buyer regaralng certain proDerty Known as 7909 51st Avenue North, New Hooe, HenneD~n County, Minnesota. ~el~er and Buyer hereby ~grss aG follows~ of this Addendum end the Purchase Agreement, the languaSe of th~s Addendum sha~l control. ~. ~. Buyer's ~nterest ~n the Purchase Agreement may not be so~d~ assigned or transferred in any m~nner whatsoever, 3, ~a.~. Seller certifies that Seller does not know of any wells on the described real property, 4. Ej.~anctn~. Thts Purchase Agreement is contingent u~on ~uyer ~ualify~ng for a f~ret mortgage through Marquette Bank using- the MHFA First T~me Home Buyer Progr-am, and also qualifying for a secona mcr;gage using CHODO Home Funds, all as detatled in the a~tached F~nanctng Addendum. If Buyer does not so qualify, ~urchaee Agreement shell be nu~l end void, 5. Construction ~f ~W®t~na. By thee Purchase Agreement~ 9uyer wi~; be purchaein~ re&~ estate that by closing wt~ be improved by Salter wlt~ one dwstltng unlt of & two =weitlng unft twin home. Se;let agrees, through its agents or employees, to construct one dwelling unit on the rea; estate in a=cord&noe with the 0lane and spe;~f~c&ttone aa set forth tn the att&shed A~den~um 1, 6. Ch&nee Ord~F=. Any ch&ngae tn plans end set for~ tn Addendum. 1 eh&il ~e &~]owed only ulx}n written authortz&ttonby both Seller end Buyer. [f the change order w~l require the furn~eh~ne o[ extra 1&bet or mater~ale, Buyer shall pay Seller for~the addtttdnal coat of the la,or or materials ~ncre&sine ~ Purchase Prtce or some other aethod acceetable to Se11®r. A,'ellele order reducing the ooet of labor or will not re~lt in &laurcheee Prlce redu;tton. 7. Oot~on~. Any ~tmas 1tared as o~t~ona ~n the ~lane end s0ectftoat~one att&abed ae Addendum t aha111 be oone~dered a ;haqge order requiring the. furnlehtng of extra abor or m&terials and sh&11 not be ~ncluded in the construction without folio=lng 0rocedure for change orders set forth above. 8. 1~, L~nd~c~pin~ mhall be completed by closin~ by Seller' or ils agents in accordance with the Landscaping Plans attached ~ereto as Addendum 3. 9. Closing Delay. In the event of delay, the time of completion of the construction and closing shall ~e extended for such reasonable time a~ needed to comp]eta conatruction of the dwelling. Seller shall have no liability to Buyer for any suGh delay. 10. ~, At the closing Seller sh~11 aeeign to Buyer all warrant~es which Seller can assign t~at are associated wl~ ~he dwelling and ~ts contents, including all apoliances. 11. Cancell~o~ Ootion. Buye~ shall have a 24-hour period beginning at the opentng of the bids Seller receives for construction of the dwelling on the property, in which to ~e¢lare this purchase agreement null end void by delivering a writing to [hat e~?ect to Seller. If Buyer does not so declare this purchase agreement null and void by delivering such writing to Seller, Buyer and Seller shall prooeed to perform thie purchase agreement. Buyer does declare this purchase agreement null and votd, Buyer an~ Seller shall each execute a cancellation of this purchaae agreement and all earneet money eh&11 be refunded to Buyer. Dated: , 19~5. ECONOMIC DEVELOPMENT AUTHOI~[TY~ IN AND' FOR THE C~TY OF NEW HOPE, Seller ItS Ex~c{t~vl 01r~cto~ EDA REQUF~T FOR ACTION Originating Depaxtment Approved for Agenda Agenda Section City Manager EDA 3-27-95 Kirk McDonald / ~ Item No. By: Management Assistant B~.~/// 7 RESOLUTION AMENDING DECLARATION OF COVENANTS FOR 7901 - 7909 51ST AVENUE NORTH (IMPROVEMENT PROJECT NO. 505) This Resolution modifies the Declaration of Covenants for the handicapped accessible twin home to be constructed at 7901 - 7909 51st Avenue North, which were approved at the February 27th EDA meeting, so as to delete two provisions which are already adequately covered by the City Code and which raised some enforcement issues. The City Attorney is recommending that paragraphs 6 and 7 of the original Declaration of Covenants be deleted. Paragraph 6 stated that all vehicles (recreational, boats, snowmobiles, etc.) had to be stored within the garage and this requirement is more restrictive than the existing City Code [section 4.033(8)(9)]. Paragraph 7 stated that all television antennas must be located within the interior of the dwelling and that requirement is also more restrictive than the existing City Code [section 4.032(3)]. Staff is recommending that both of these sections be deleted. The revised Covenants would amend and supersede the original Declaration of Covenants. Staff recommends approval of the resolution. ! Review: Administration: Finance: RFA-O01 CO.aCK & SOND~L, P.A. ATTORNEYS AT LAW ---'- --~QlnDurg~ Executive Office Plaza 8525 E~nbrook Crossing Suite ~203 Brookl~ P~k, Minnesota 55~3 TE~ONE (S12) 4~ F~ (612) 4~ March 22, 1995 Daniel J. Donahue Executive Director New Hope EDA 4401Xylon Avenue North New Hope, MN 55428 RE: 7901 - 7909 51st Avenue North Our Fi.la No: 99.11124 Dear Dan: The handicap accessible twinhome project at 7901 - 7909 has progressed to the point of'a signed purchase agreement for one of the two units. That purchase agreement is contingent upon approval by the governing body of the EDA. The purchase agreement incorporates the plans and specifications for the twinhome to be constructed on the site. The buyer will be qualifying for a first time home buyer mortgage with Minnesota Housing Finance Agency, as well as a second mortgage in the amount of $15,000.00 using CHODO Home Investment Partnership funds. The enclosed Resolution approves the purchase agreement. 'There is.a timing issue here involving EDA approval of the purchase agreement and the actual award of the bids to construct the twtnhome. You may wish to close the public hearing on the Resolution approving the sale, but not act on the Resolution until the April 1~ 1995 meeting, which will be the same meeting that the contract~mr~construdtion of the twinhome are awarded. In this manner, th~EBA will avoid approving a purchase agreement to sell one ~ntt ~hl twinhome for a fixed price without knowing, how much it w~ll-a~a&lly cost to construct the twinhome. The second Resolution modifies the covenants passed in February so as tb delete two provisions which raised some enforcement issues. with staff. The deleted Covenants involved placement of motor vehicles and other items in the driveway, and the location amd. type of antennas on the property. After further review it appears these items are adequately covered by City Code. This Resolution can be passed on March 27. Mr. Dan.iel d. Donahue March 22, 1995 Page 2 Please call me 'if you have any questions. S.incerely, ORIGINAL SIGNED ;':.V Ma r t'-~nRTl{J~ s3w2 Enc]osure cc: Kirk McDona]d (w/enc~cOP~ FOt~ ]~i~Bilk Sarah Be] ]efui] (w/eric') ~- Va]erie Leone (w/eric) Steven A. Sondra]], City Attorney EDA RESOLUTION NO. 95- RESOLUTION AMENDING DECLARATION OF COVENANTS FOR 7901 - 7909 51ST AVENUE NORTH WHEREAS, the Economic Development Authority in and for the City of New Hope (EDA) owns certain real estate known as 7901 - 7909 51st Avenue North, legally described as: Lots 1 and 2, Block 1, Marky Addition, Henneptn County, Minnesota, (the Property), and WHEREAS, on or about February 27, 1995, the EDA as Declarant approved a Declaration of Covenants regarding the Property, but said Declaration has not been signed or filed with Hennepin County, and WHEREAS, after additional review, it is determined that deletion of paragraphs 6 and 7 of the original Declaration of Covenants is desirable, and WHEREAS, the modified Declaration of Covenants with said deletions is attached hereto as Exhibit A. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: 1. That the above recitals are incorporated herein by reference. 2. That the Declaration of Covenants attached hereto as Exhibit k is approved .and adopted, and shall amend, aupercede an~ replace the prior Oeclaration of Covenants ~,the Property. 3. TfiePreetdent and Executive Oirector are authorized and d~rected to sign the Declaration of Covenants attached as Exhtblt A and arrange for filing the same with Hennepin County. Adopted by the Economic Development Authority in and for the City of New Hope this day of , 1995. Edw. J. Erickson, Chairman Attest: Daniel J. Donahue, Executive Director DECLARATION OF COVENANTS This declaration is made this day of , 1995, by Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, hereinafter referred to as the Declarant. WHEREAS, the Declarant is the fee owner of: Lots 1 and 2, Block 1, Msrky Addition, according to the plat thereof filed or of record in the Office of the Registrar of Titles in and for Hennepin County, Minnesota, (hereinafter the Property), and WHEREAS, the purpose of the Declaration is to insure proper use and improvement of the Property and each residential site so as to protect all owners of the Property against such improper use of the Property that will depreciate the value of their Property, to encourage the maintenance of attractive improvements appropriately located to prevent an inharmonious appearance and function, and to provide a development that will promote the general welfare of the n. ejghborhood. NOW, THEREFORE, the Bari&rant hereby declares that all of the Property ah&l)be held, transferred, sold, conveyed and occupied subject t~~ following covenants, conditions and restrictions which are~/the Property, and which shall run with the Property and be binding on all parties that have a right, title, or interest in the Property or any part thereof, their heirs, successors and assigns, and shall inure to the benefit of each owner thereof. 1. Definitions. "Property" shall mean the real property platted as Lots 1 and 2, Block 1, Marky Addition, Hennepin County, Minnesota, according to the plat thereof on file or of record in the Office of the Registrar of Titles in and for said County. "Lot" shall mean any lot in the Property. Whenever the singular is used, it shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. 2. Ordinances. In addition to the provisions of this Declaration, the ordinances of the City of New Hope, Minnesota (hereinafter City) in effect as of the date of this Declaration shall be binding hereafter. 3. Land Use. The Property shall be used solely for single- family residential purposes. No trade or other business activity shall be carried on upon any of the Property, nor shall anything be done thereof which may be or become an annoyance or nuisance. 4. Improvement of Property. Except for the initial construction of the dwelling on the Property while the Property is owned by Declarant, no owner sha31 undertake any modification, change or alternation of the dwelling thereof, whether functional or decorative, unless and until the value, type and size thereof, materials t~ be used-'in construction, exterior color scheme, specificat~'en~ and details thereof, shall have been approved in writing by Declarant, and all necessary permits and approvals have been received from the City. 5. Temoorary Structures. No structure of a temporary 2 character, recreational vehicles, trailer, basement, tent, shack, garage, barn or other out buildings shall be used on any lot at any time either temporarily or permanently, except that each lot may have a garden or yard storage shed not to exceed 100 square feet, provided that its exterior is of the same material and color as the dwelling and its placement on the lot is such that it will not damage or interfere with any easement for the installation or maintenance of utilities, and will not change, obstruct or retard direction or flow of any drainage easements. 6. Landscaping. No tree, hedge or other landscape feature shall be planted or maintained in the location which obstructs sight lines for vehicular traffic on public streets. 7. Wtndo. w. Treatment.. No bedsheet s, plastic sheets, newspaper, plastic storm windows or other similar window treatments shall be hung or pl&ced in or on any window on any dwelling located on the Property. 8. Party Walls and Party Fences. The rights and duties of owners with respect to party walls and party fences shall be governed by the following: a. ~eneral Rule of Law to ADOI¥. Each wall or fence which i~.-.~conatructsd as part of the original construction on tt~'~i'i, Olmerty, any part of which is placed on the dividing line between lots shall constitute a party wall or party fence, and with respect to such wall or fence, each of the adjoining owners shall assume the burdens and be subject to an easement for that portion of a party wall or fence within his or her lot boundary and shall be entitled to the benefits of these restrictive covenants and, to the extent not inconsistent herewith, the general rules of law regarding party walls and party fences and regarding liability for property damage due to negligence or willful acts or omissions shall apply thereto. b. SharinM of Repair and Maintenance and Destruction by Fire or Other Casualty. If any such party wall or fence is damaged or destroyed by fire or other casualty or by some cause other than the act of one of the adjoining owners, his agents or family (including ordinary wear and tear and deterioration from lapse of time), then, in such event, both such adjoining owners shall proceed forthwith to rebuild or repair the same to as good condition as formerly, in proportion to their respective use of the party wall or fence. c. Repairs of Damage Caused by One Owner. If any such party wall or fence: is damaged or destroyed through the act of adjoining-:owner or any of his agents or guests or ~$. of his family (whether or not such act is negligent or otherwise culpable) so as to deprive ther other adjoining owner of the full use and enjoyment of such wall or fence, then the owner responsible for such damage shall forthwith proceed to rebuild and repair the same to as good condition as formerly, w~thout cost to the adjoining owner. d. Other Changes. In addition to meeting the other requirements of this Declaration, and of any building code or similar regulation or ordinance, any owner proposing to modify, make additions to or rebuild his residential unit in any manner which requires the extension or other alteration of any party wall or fence shall first obtain the written consent of the adjoining owner and Declarant. e. Right to Contribution Runs With Land. The right of any owner to contribution from any other owner under this section shall be appurtenant to the land and shall pass to the successors in title of such owner. 9. Insurance. By virtus of taking title to a residential unit in the Property, each Owner covenants and agrees with ali other owners and with Declarant that each Individual owner shall carry all risk casualty insurance on the residential unit and other structure~st:ructed ~ the lot, and tnclude coverage for a home sharing a~'~mmn wall and liability coverage of at least $300,000.00. Each individual owner also agrees that in the event that their dwelling is totally destroyed, the owner sh&11 proceed promptly to repair or reconstruct the dwelling in a manner consistent with the original construction. 10. Alternations to Exterior. Owners agree that the exterior of all structures, including the garage, shall be maintained in accordance with the same quality and materials as the original construction. No alterations to the exterior of the dwelling, including an alteration in the color, shall be made without prior written consent of the other owner and Declarant. 11. Oovenants Run With Land. These restrictions and covenants are to run with the land and shall be binding on 811 parties and all persons claiming under them for 30 years from the date hereof, at which time these covenants may be extended, or may be modified and extended, for successive periods of thirty years, with extension by a majority vote, and modification only by an unanimous vote, of then owners and Declarant, with the combined owners of each individual lot to cast one vote, and an instrument setting forth said extension or modification and extension is duly executed and acknowledged by said owners and Declarant voting in favor of the extension or modification and extension and duly filed with the Re~$trar of Titles in and for Henneptn County, Minnesota. Notwithst~ the foregoing, the covenants and restrictions applying t~party w&11 or fence shall continue in full force and effect as long as a dwelling with a party wall or fence is in existence on the Property. 6 12. Assignment. The Declarant may assign any and all of its rights, powers, obligations and privileges hereunder to any other corporation, association or person. Such assignment, or assignments, are effective upon the recording and filing with the Registrar of Titles Office, Hennepin County, Minnesota of the instrument assigning the same. 13. Enforcement. Enforcement of these covenants shall be by proceeding at law or in equity against any person or persons violating or attempting to violate any of the covenants and restrictions, either to restrain violation or to recover damages, any owner or Declarant shall have the right to seek enforcement o~ these covenants and restrictions, and in the event such party seeking such enforcement shall be upheld by the courts, the defendant or defendants in such case shall be liable for the reasonable attorney's fees sustained by the plaintiff, together with court costs of such action, and the same shall, to the extent permitted by law, constitute a lien upon the property of such defendant. 14. Severabiltty. Each of the provisions hereof shall be deemed indepe~tdent of the others, and invalidation of any one of court ord~&~l~~: in no way affect any of the other provisions hereof which sha1~ remain in full force and effect. 7 IN WITNESS WHEREOF, the Declarant hereto has executed this declaration on the day and year indicated below. ECONOMIC DEVELOPMENT AUTHORITY AND FOR THE CITY OF NEW HOPE By Its President By [ts Executive Director STATE OF MINNESOTA ) COUNTY OF HENNEPIN ) The foregoing was acknowledged before me, a Notary Public within and for said County, this day of , 1995 by Edward J. Erickson and Daniel J. Donahue, the President and Executive Director, respectively, of the Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, on behalf of said municipal corporation. Notary Public The foregoing Oeclaration of Covenants is hereby accepted as of the date hereof. THIS INST~~DRAF?ED BY: CORR[CK & ~LL, P.&. 8525 Edinbrook Crossing, #203 Brooklyn Park, MN 55443 (612) 425-5671 4.033 (4) CD) (v) (rD - (9) (%) (fl) Land,cape.Guarantee. Ail plants shall De guaranteed for cna full year from %he t~me plan:lng has been completed. ~I1 plants shall De alive and in sa:islet%cry grow=h ac the end of guarantee period or be replaced· ~~5) ~ild: 072684, Ord.89-~) · Any lighting used to illuminate an off-street parking area, s~gn, or other struc%ure, shall be arranged to deflect d~rect light away from any adjoining residential zone or from the public s=reets. Direct or sky-reflected glare, whether from fioodlign%s or from high %ampere%ute processes such as combustion or weld~n~ shall no= be dire%ced in:o any adjoining property. The source of lights shall be hooded or controlled in a manner so as not to ligh= adjacent property. Bare incandescent light shall no: be permi=ced in view of property adjacent to the public righ:-of-way. ~ny light or combination of lights which cas% light on a public street shall no% exceed one foot candle reading; as measured from the center line of the Street. Any ligh= or combination of ligh=$ which cast light on residential proper%y shall no% exceed four fooc candles (meter reading) as measured a: or on the adjoining proper%y. (6) Pus:, Odor and Smoke. The emissiom of smoke odors, dust and ~ p-'~i~a~=ter by any use shall be in compliance with an4 re~late~ Dy the State of Minnesota Poilu%ion Control Standards. (7) Noise. Noise shall flor exceed the standards in the NOiSe Prov~sions of Chap:er 9. (Ord. 79-Ii, (a) £xcep: for licensed vehicles in win%er storage, passenger automobiles, sea%ion wagons and trucks no% currently licensed by the s:a%e, or which are because of mechanical defi.iency incapable of movement under %heir own power, are parked o~ stored ou%side for a period in excess of cherty days, and all ocher materials scored outside in v~olation o~ the City Code are considered re,use o~ ~unk and s~al~ be remove~ from premises i~ the City. · (b)X~ ali IClll %he'ovne~ of vacant land shall keep such land ~ee o~ re~uae, weeds and waste fill. )pec/£ically authorized eAsevnere in Chis toga, snaiA De scores ~.__..~-/w£Chin i builting oc ~ully screened so as nec co be visible adjoining proper:ies, except for %he following: - . Ca) Clothesline pole and w~res lb) ~ecreacional equ£pmen% end vehicles 4-25 '- I 0';2684- 4.033 (9)(c) - I 4.034 (I) - (c) Cons:ruc::on and landscap:ng mater:al curren=ly bexng uses (o} Of:-s:reet parking of passenger vehicles and =ruc~s not i exceeding a gross we:ght of 12,000 pounds in R-l, R-2, R-3 an~ R-4 D~S=r~cts. i (10) Open Sales Lo:s. Open sales are prohibL:ed except for sales promc:~ons o: net more than 3 days dura:ion which are ancillary premises. All second hand passenger oars ancO/or trucks, mo:or sco¢:ers, mo%orcycies, boazs, =railers, aircraft i equ~pmen: and monuments held for sale or scored for sale, shall (Ord. 79-i1, 84-3) i (11) Radiation and ~lectrical ~missions. No activity shall be perm~==e~ =aa= em~=s dangerous radioactivity beyond enclosed areas. There shall be no electrical disturbance adversely i- af~ec:ing the operations a= any 9oint of any equipment other than =ns% o'f thecreator of such disturbances. i4.034 Yard Requ~remen:$. (1) Purpose. This section identifies minimum yard spaces, i excep=~ons, and areas to be provided for in each zoning (2) Mxnim== ls Required. No lot, yard or other open space shall be reduced ~n area or dimension so as =o make such lot, yard or open i space less than the minimum required by this Code, and if an .. existzng ~prd or other open space is less than the minimum required, Lt shall not be further reduced. No required open space provxded a~ou: any building or structure shall be included i as a par% o~ any open space required for another structure. (3) Se:hacks. Ail se=back distances, as listed in the =able below, snell Oe measured from the appropriate lot line. t Fron= Yard Side Yard Rear Yard R-1 30iiCi) (b)(c) 35 i R-2 30(a) (b)(c) 35 R-3 30 20 35 R-4 35 20 35 R-5 35 20 35 ~-0 35 10(b) 35 i ~-~ _ 3S(a) 10(b) 35 B-2 35(a) 10(b) 35 .~3 35 lO(b) 35 ~,.¢; 35 10 35 1.2 -~ ' a ) 3 5 (a) Where ~djacefl~ structures within the same block have front yard setbacks different from those required, the front yard minimum setback shall be the average of the adjacen~ struc=ures. If there is any one adjacent structure, the front yard minimum setback shall be the average of the i required se=back and the setback of the adjacent structure. In no case shall the minimum front yard setback exceed %nifty feet. 072684 I 4.032 (2)(f) o I (g) (~araae and Off Site Parktfl~ So~o NO Permit -,, --- ~ 8~rucCurl for eiGh dwelling. ~acn aOoltcan~ for a building Oirmi~ ~0 COnl~G~ ~Y ~elling s~ell be raquirad ~o provide houl~ tfl addt~tofl ~o an~ garage somme ~o Ue u.~. Every ~elling unt~ hereafter erected snail bo ap Ioca~ on ~he lo~ 8o leai~ · ~ (2) Gar garage; e~her aCCaGhe~ or de.chad, can loca~ed on oatd (h) ci~4~ on Nut. rs. EaGh ~O~ s'a11 be l~t~ed ~o one (1) acce~iory ~utldtng tn a4dt~ton ~o an accealory garage. . (Code 072e~0 Ord. (t } ~?~ Co~dt~onerl. Accessory usei or equtow~ con~i~tonlng C~11ng a~rucCurel or condenieri (ground whtGh generate notie aha1] be located tn rear yardi ~hlnd ~he rear butldtng 11ne. Att condt~iofl~ng coollflg i~ruG~urei or c~denieri (t) ~e c~ltflg i~c~ure or cofldenier ohm11 no~ or~Uce noile ~eveli G~rary ~o Jig. A23 ,~nd 9.42& of ~ ~. 1~diC~tng, fenGiflg, or o~her N~l r~doring t~ c~nceeled fry vtw Pry adJacen~ Orooer~y. . (~) Th~ G~llng i~ruc~ure or condenior ~h~11 no~ 1te width , r~tr~ drainage ~d/or u~tlt~y m (~o o?2eMr o~d. ~4-3, 92-17) ~' ~elevtet~ ~d radio an~enflaa ~d o~er ~ ~r~mtoot~/r~ton devices are permitted accoo~ry .aea ~ (t) ~. ~e cwtca~ton devtce hetgh~ shall exce~ ~. ~t~) ~, X~ v~U~ion °r o~s~ruc~iono tn~er~ere w4~, aa~ell I aMve ~e o~ ~he r~f condt~t~al oeik I I 4-20 m 072M& ~.o32 (J)(v) - (k) accompanied by a aJte plan aha structural components data for the communication device, including datiJla of anchoring. The ' 8utldtng 0fftct&l mua~ approve the plane before ina~llletton. (vi) Ltahtnina ProHecCion. Each communication device shall be grounded to protect against natural lightning atrtkma in conformance with the National Electrical Code ae adopted by the City of New Hope. (vii) ElecHrtcal Code. Communication device electrical equtpflmnt NOW HOl~O. (Ord. 84-3, 88-8) (viii) ~./.~dW~/~. Communication devices aha11 be of · neutral color ~nd any lettering or scenes con~tned off said device qualifying tt Is a sign shall be au~Jec~ to'the repel&atone of aeGtione 3.40 through 3.485 of the New Hope Sign Code. (tx) Effective Date. The provisions of thtl aection aha11 aOOltc&Dle to ell commufltc&tion reception/transmission devices er~t~4 after Aortl 7, 1988. All such structures prtor~hte dice shell be &ddreaeed Il leg~l non-conform4fl9 (Ord. (k) pum tiled CaflOnY. C~OO4ll 1eta&ed over ~ toledo Ih111 II1~ ii IGCIII~PF s~ruc~reo Jfl Chi 8-3 zontng dtl&rtc~ e,~tle ier~tce i~l~Jofll end convenience I~tll wJ~ ~hi oro~r~y line. Adequate vJiJb111~y ~h on ~d off tlt. ~t~ ~y height ~y no~ exc~ tw~ty. (20) fee~, -~ ' : ~t30~4~e mint~ clelrMce of four~ (i&) ' tv*~ ~F f~ uy ~t exce~ thr~ (3) f~ tn :~ ~" (~.~ f~ c~lee, al meelur~ on .the orwr~y ttne uhen cope. &-20A 07268~ DECLARATION OF COVENANTS T~is declaration is made thi.~ day af , 1995, by Economic Oeve]opmer~[ Auti~Ority in and for the City of New Hooe, a Minnesota municipal corporation, hereinafter referred to as the Declarant. WHEREAS, the De¢lara. t is the ~ee owner ct: Lot~ 1 and 2, glock 1, Marky Addition, according to the plat thereof r11e~ or o~ recor~ in ~he Oftlce of the Registrar of Titles ~n and for Henne~n County, Minnesota, (hereinafter the Property), WHEREAS, the purpose of the Declar'uLton ts to Insure proper use and improvement of the Pro~erty and each residential mite so to protect all owners of the Property against such improger use of the Property that w{~l deprecfate the ~alue of their Property~ encourage the maintenance of attractive tmorovementm a~ropri~tely ~oomted to ~revent an tnhar~nfous apgemrance and function, and to provide a development that will promote the 9choral welfare of the net ghbO rhood. N~, THEREFOflE~ the De;latent hereb~ de~larel that ~11 Of the subject t~the fol]owf~g covenants~ conditions and restrictions which aren,t'the Property, and wh{eh sha3l run w~th the ffroperty and be blndlng on ali parties that have a right, ttt~e, or in the Property or any part thereof, their he~rs~ suGceeeors ~nd assigns, and sh611 inure tm the benefit of each o~ner thereof. 1 1. ~finitions. "Property" ~hall mean the real property platted as Lots 1 and 2, Block 1, Marky Addition, HenneDin County, Minnesota, according to the p!mt thereof on file or of record in the Office of the Registrar of Titles in and fnr said CoiJnty. "Lot" shall mean any lot In the property, whenever :he 81ngu!ar is u~ed, it aha11 include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. 2. Ordinances. In addition to the provisions of. this Declaration, the ordinances of the City of New Hops, MinneSota (hereinafter City) in cf?act as o? the date Of this Declaration shall be binding hereafter. ~. Land Use. The Property shall be used solely for single- family res'idential purposes. No trade or other ~usinese activity shall be carried on upon any of the Property, nor shall anything be Gone thereof whtc~ may be or become an annoyance or nuisance. 4. [morovement_ of Prooert¥. Except for the initial construction of the dwelling on the Pro~erty wh~le the Property is uwrTed b~ Deular'anl, no uwfter' ~hall urtder'Lake ~rty modt;icaLtor;, change or alternation of the dwelling thereof, whether functional or decorative, unless and until The value, type and stze thereof, materialm~' to be ueed~£tn construction, exterior color scheme, specific&t-regis and detatls thereof, shall have been aporoved in writing by De;latent, and all ne~essar~ permits and appro¥&ls have been received from the City. 9. Temporary Structures.. No structure of a temporary 2 character, recreational vehicles, trailer, basement, tent, shack, garage, ~arn or other out buildings shall be used on any lot at any time either temporarily or permanently, except that e~ch lot may have a garden or yard storage shed not ,o A~c~d 100 square feet, provided that 1ts exterior ls of the same material and color as the dwelling.an~ its pi&cement on the lot is such that it will not damage or interfere with any easement for the installation or maintenance of utilities, and will not change, obstruct or retard direction or flow of any drainage easements. e. Veblcle§.~'~No vebtcles without a current and valid resistratto~, ne tom,arable vehicles, and ne commercial vehicles, recreational vehicles, trailers, boats, snowmobiles, and wheeled or track vehicles or ~ommer~tal equipment of any kind shall be ~tor'~d on the lot other than within the garage so as not to be visible from outside t~e lot. ~6~13 television or other antenna 'shall be located within the interior of the dwelling un,ess hardships involved make it nemeSSar¥ to use mnother location. An~ such alternative loc~t{on must be specifically approved in writing by Dec]stent II~.~.~or to an~ Installation work. $&telltte dishes or simtl&r t~{tting or receiving devices w~11 not normally be approved ~fthin the Property. 8, J. ADSL~T~Ig.~, No tree, hedge or other landsGape feature shall be planted or matntatnAd in the loc~t{on which ob~tructa 3 sight lines for velqicular traffic on public streets. 9. Win,dow Treatment. No bedeheet s, plastic sheets, newspaper, plastic storm windows or other similar window treatments shell be hung or ))laced in or on any window on any dwelling located on the Property. 10. Party Wa.llS.,anU p~rty Fences. T~e r~ghts and duties ownere with respect to party wa~ls and party ~encem mhm~ be governed by the ~Qneral Rule o~_~w to Auolv, Each .all or' tenure whiuh is constructed as part of the original construction on the Property, any par[ of w~ich is place~ on t~e dividing l~ne between lots shall constitute a party wall or part~ fence, and with respect to such wall or fence, each of the adjoining owners shall assume the burdens and be subject to an easement for that portion of a p~rty wall or fence within his or her lot boundary and shall be entitled to the benefits of these restrictive covenants and, to the extent not inconsistent herewith, the general r"ulms' of 1~ r'm~ardtn~ parL~ wa11~ and par'tX 'ren~em and shall apply thereto. o~ Other' C~ualtv, If any such oarty wall d~aged or destroyed by f~re or other casualty or cause other th~ the act of one of the adjoining his aeent$ or f~mi]y (inc~udin9 ordinary wemr mhd tear &nd deterioration from ]ap~e of time), then, in ~uch event, both such adjoining owners shall proceed forthwith to rmbui]d or repair the same to am 9ood condition &s formerly, in proportion to their resDective use of the party wall or fence. o. Reoaire of Oam&ge_C&umed bv One Owner. If any such party wall or fence is damaged or destroyed throuG~ the act of on~ adjoinin9 owner or mny of hi~ &genre or ~uests or members of h~s family (whether or nnt such act is negligent or otherwise culpable) so se to deprive the · ' other adjotntn9 owner of the full use ~nd enjoyment of such wa~l or fence, then the owner resmonstble for such damage sha~l forthwith promeed to rebuild and repair the same to ~ good condition ~ f~rmerly, w~thout cost to the =~jo1nin9 o~ner. d, ~heF Chap~em, In &ddttton to meet~n~ the other re=u~rements of this Oecd&ration, and of any building code or stm~ar re~u~ation or ordinance, any owner prol~oeing to modify, make additions to or rebuild his tdenttm~nit in any manner w~tc~ requlres the 'i~lflljOn or other alteration of tony pirty w&11 or fence shll~ first obtain the written consent of the a~joining owner and Deel&rant, e. RiQht to Contribution Runs With Land. The right of any owner to contribution from any other owner under this section shall be appurtenant to the ]and and shall to the successors in title of such owner. 11. Insurance. By virtue of taklng title to a residential unit in the Property, each owner covenants and agrees with other owners and with Declarant that each individual owner carry all risk casualty insurance on the residential unit and other structures constructed on the lot, and include coverage for a home snaring a common wall eno liaDillty coverage of at least $300,000.00. Each individual owner also agrees that in the event that their dwelling is totally destroyed, the owner shall proceed promptly to repatr or reconstruct the dwelling in a manner consistent with the original construction. 12. Alternations to Exterior. Owners agree that t~e exterlor of all structures, including the garage, shall be maintained in accordance w~th the same qualtt¥ and materials as the original -oonstruction. No alterattonm to the exterior of the dwellir~g, includin9 an alteration in the color, shell be made without prior written consent of the ot~er owner and Declarant. 13, ~F~tD~J~.~.--J~ with Land. These restrictions and covenant~ Mi;~ tO riJn with th~ lend and shall be binding on part,es and all persona ¢la~mlng under :hem for SO years from the date hereof, at which time these covenants may be extended, or may ~e modlfted and extended, for successive per~ods of thtrty years, with extension Dy a maiori~y vote, and modification only by unanimous voted of then owners and Declarant, w{th the combined owners of each individua3 lot to cast one vote, and an instrument se~l:lng ~ortl~ said extension ur-modification and extension is dul~ executed and ~cknowledged by sa~d owners and Dec3arant voting in favor of the extension or modification and extension aha duly filed w~th the Registrar of Tit~ee ~n and for Hennep~n County~ M~nneeota, Notwithstanding the formgmtng, the covenants and restrictions applying to the party wall or fence sh~ll uunttnue in full for~e and effeot as lonB as a dwelling with ~ party wall or fence existence on the P~o~erty. 14. Assienment. The Dead,rant may aeeign any and a]~ of r~ghts, powers, obligat~on~ and privileges hereunder to any other corporat 1on ~ assoct a~ io~ or person. Such assignment, or' asstgnmente~ are effective upon the recording and f~l~ng with the Registrar of T~t]es Office. Henne~n County, M~nneso~ of instrument assigning the 15. ~. Enforcement of tha;e covenants aha11 be by proceeding at law or ~n equtty agatnst any person or persons vio~stins or itt;pt{ne to violate thy of the covenants and restrictt&-either tb restrain v~o~ation or to recover d~mages, Shy own~~eGlarant sha~3 have the r~ght to eeek enforGement of these covenants and ra~trtct~ons, and in the event such seekln~ suGh enforcement shal3 be upheld by the Go~t8~ the 7 defendant or defendants ir~ ~uch case shall be liable for the re&sonable attorney's fees sustained by the plaintiff, together with court costs of such action, and the same shall, to the extent permitted by law, constitute a lien upon the property of such defendant. 15. SeveF&blltt¥. Each oF [tie pr'o¥ision$ hereof shall be deemed independent of the others, and ~nva~dat~on of any one of these covenantS, or any part or parts thereo~, by ~udgments or court order, ehal~ ~n no way effect any of the other pro¥~eions hereof which eh&~ ?eme~n ~n full foFce end effect. IN WITNESS WHEREOF, the Declarant hereto has executed this ECONOMIC DEVELOPMENT AUTHORITY AND FOR THE CITY OF NEW NOPE By Its E~ecut~ve Director 8 STATE OF MZNNESOTA ) COUNTY OF HENNEPIN The ror-ego'ing was acknowledged before me, ~ Notary Public within and for said County, this day of , 199~ by Fdward J. Erickson and Daniel J. Donahue, the P~e~ident and Exeouttve Director, respectively, of the Economic Deve~o~men~ Authority in Minnesota muniei~&l corpnr~tion, on behalf of said municipal corporation. Not&fy P~blic The foregoing Declaration of Covenants ~s hereby accepte~ as of the date hereof. THIS IN6TRUMENT DRAFTED BY: CORRICK & ~ONDRALL, 8525 Ed{nb~ook Croee~n~ ~20~ Brooklyn Park, MN 55443 (612) 425-5671 9