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85- 005959 DECLARATION OF COVENANTS This Declaration of Covenants, made this �Tday of October, 1985, by Devco Investment Corporation, a Nebraska corporation ("Declarant ") , WHEREAS, Declarant is the owner of certain property in Grand Island, Hall County, Nebraska, more particularly described as the commercial condo- minium units In Exhibit "A" (hereinafter referred to sometimes collectively as "The Yancey Commerce pace" or "Units" and individually as "Unit ") which is attached hereto and incorporated herein by this reference; and WHEREAS, Declarant desires to cause the City of Grand Island to con- struct and operate a public parking facility and related public improvements on Lots 1, 2 and 3, Parking Ramp Subdivision, a replat of a portion of the south half of Block Seventy -nine (79) in the Original Town, now City of Grand Island,. Hall County, Nebraska ( "Public Parking Facility "), which is directly south and on the same block as The Yancey Commercial Space which is described in Exhibit "A"; and WHEREAS, the City of Grand Island will need to incur tax increment financing indebtedness in the future in order to finance the Public Parking Facility and the execution of this Declaration of Covenants will assist the City of Grand Island in its tax increment financing efforts; and WHEREAS, this Declaration of Covenants which run with the land and the Units described in Exhibit "A" will only be effective if the City of Grand Island incurs indebtedness as part of the tax increment financing of the Public Parking Facility and will continue so long as the City of Grand Island's tax increment indebtedness remains outstanding; NOVI, THEREFORE, Declarant does hereby declare that The Yancey Commercial Space described in Exhibit "A" shall be held, transferred, sold, conveyed, and owed subject to the covenants hereinafter set forth, which covenants shall run with the Iand and Units and be binding upon the owners of all property described in Exhibit "A ", and which covenants shall be effec- tive only if the City of Grand islanincurs tax increment indebtedness for a Public Parking Facility and which covenants shall remain effective and en- forceable so long as the City of Grand Island's tax increment indebtedness remains outstanding for the Public Parking Facility. I. The owners of the units agree not to contest, protest or object to any valuation (based upon fair market value) placed upon a Unit by the Hall County Assessor less than the sums stated in Exhibit "B" which is attached hereto and incorporated herein by this reverence; provided that the owners reserve the right to protest the valuation of the Unit or Units prior to full completion of the renovation and to protest the tax levy rate. 2. The owners agree to pay all ad valorem taxes levied upon their Units prior to the time such taxes become delinquent. EXHIBIT "3" L_ _1