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~ r ! ! 84,-- 006685 [ I Ir t . , ~, ~ f [ r' ~" ~; T>BCLARATlotI OF COVBNAHTS This Declaration of CovenfQlts. made' this ~~.. clay of Detl.~~~ .1..i by Devco Investment Corporation, a Mebrulta corporation ("~..).. WHEREAS, l'eclartmt is the owner of certain property. In;Gr~'' Hall County. Nobrsaka. more, particularly described .s Parcel '1'_ Yancey") in Exhihit "A" which is attached h~reto and inco1'pOrated this reference i anil WHEREAS, Declarant desires to cause the City 01 Grand 1a1qc1 to COIl.... struet and operate a pubUc parking faellit)' and related pubUc illlpZ'OY.....~ on the south half of Block Seventy-nine (19) in the Original Town" BOW ... a~ of Grand Island. Hall County. Nebraska ("Public Parking Fac1Ilty"), wb1ch18 directly south and on the same block u The Yancey which is described iA Exhibit "A"; and WHEREAS. the City of G~'and Island wUl need to iAcur tax incNtDeat financing indebtedness in the future in order to ftnance the Public ParkinC Facllit}. and the execution of thll1 Declaration of Covenants will usiat the City of Grand IlIland in its tax increment financing efforts; IInd ~. ~, I i- t i t WHEREAS. this Declaration of Covenants which run with the land _cl The V_coy units described in Exhibit "Aft will only be effective if the City of Cr_d Islan~ incurs ~ndebtedness ~~!'~_ of_!I!!_~.~_in~~nt ~ of thu-?u'Dli'c?iif'kil'ig'riic1liiy and wHr continue 80 long V~ the City 0 rlllld Island'. tsx increment indebtedness remain. outstanding; N(Wl, THEREFORE. Peclarant does hereb}' declare that The YlIIlcoy and the units described in Exhibit "An shall be held. transferred. sold. con- veyed. and owed subject to the covenants hereinafter Ht forth. which cove- nantll .hall run with the land and be binding upon the owners of aU property described in Exhibit "A". and which covenants shall be effective only if the City of Grand llIland incurs tax increment indebtedness for Il Public Parkini Facility and which covenants shall remain effective and enforceable 80 long as the City of Grand Island's tax increment indebtedness remains outstandini for the Public Parking Facility. 1. The owners of the units agree not to contest, protest or object to any valuation (based upon fair market vll.lue) placed upon the unit by the Uall County Assessor less than the sums stated in Exhibit "B" which is attached hereto and incorporated herein by this reference; provided that the owners reserve the riiht to protest the valuation of the units and The Vancey prior to full completion of the renovation and to prote.t the tax levy rate. 2. The owners acree to pay all ad valorem taxes levied upon their unit. prior to the time such taxes become delinquent. 3. The owners agree not to convey any unit to any entity 80 u to make the unit exempt from property taxation unless provisions are made for the payments in lieu of property tues in annual amounts sufficient to prepey or fully retire that portion of the tax increment indebtedness L. L L u ..J I ..J