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When Recorded Return to: ► • . al Division <br />EXc et�Development hrokp Neb ka Dep ent of Economic Development <br />301 Cen al Mall South <br />Pt -H )! ChriS 4 Nilson PO B <br />8551 Le M 4on Ave. <br />uncd&n, N E (0$505 <br />AKNOWLEDGMENT OF COVENANT RUNNING WITH LAND <br />coin, NE 6850 <br />CTJ <br />THIS COVENANT is entered into between the Nebraska Department of Economic Development <br />("Department") and Southlawn IV, LLC, a Nebraska Limited Liability Company ("Owner"), <br />whose address is 8551 Lexington Avenue, Lincoln, Nebraska 68505, upon the date of signature <br />by both parties. <br />WHEREAS, the Department has executed HOME Program Contract 19-OERH-30117 between <br />the Department and Southlawn IV, LLC ("Recipient"). <br />WHEREAS, the Department and the Recipient have agreed the Department would provide <br />HOME Program funds in an amount not to exceed Eight Hundred Fifty Thousand Dollars <br />($850,000) and such funds would be used, loaned, or otherwise transferred by the Recipient to <br />Owner in order to accomplish the acquisition and rehabilitation rental housing units located, or to <br />be located, in Grand Island, Nebraska (the "Project") at the property legally described as: <br />Lots One (1), Two (2), Three (3), Four (4), Five (5), Six (6), Seven (7), Eight (8), Nine <br />(9), and Ten (10), all in Block Two (2), Southlawn Subdivision, in the City of Grand <br />Island, Hall County, Nebraska. <br />WHEREAS, seven (7) of the Project's thirty-six (36) units shall be HOME -assisted units. <br />HOME -assisted units in a rental housing project or HOME -assisted non -owner -occupied units in <br />single-family housing purchased with HOME Program funds must be occupied only by households <br />that are eligible as low-income families and must maintain maximum rent limits and occupancy - <br />eligibility limits as established by the United States Department of Housing and Urban <br />Development ("HUD"). <br />Page 1 of 5 <br />