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~~.-'~~~ D E C L A R A T I O N THIS DECLARATION made on the date Hereinafter set forth by BARRY C. STALKER, PATRZCIA P. STALKER, CHARLES E. FOX and MARY FOX, all hereto collectively called "Declarant" the owner as of th~z date hereof of all of the following described real estate, to wit: Lots 31, 32, 33, 34 and 35 of Lafayette Park Subdivision in the City of Grand Island, Hall County, Nebraska. W I T N E S S E T H • WHEREAS, Declarant is desirous of providing easements, restrictions, covenants and conditions for the use of said premises for the purpose of protecting the value aid desirability of said property. NOW, THEREFORE, Declarant hereby declares that all of the Properties described above shall be held, sold, and conveyed subject to the following easements, restrictions, covenants and conditions which are for the purpose of protecting the value and desirability of, and which shall run with the real property above described as well as any other property submitted hereto as provided herein, and shall be binding on all parties having any right, title, or interest in the described Properties or any part thereof, their heirs, successors and assigns, and shall inure to the benefit of each owner thereof until January 1, 1996, at which time said covenants shall be automatically extended for successive periods of ten (10) years unless by written agreement of seventy percent (70°~) of the then owners of the Lots during the first fifteen year period of this instrument, and thereafter by not less than fifty percent (509'°) of the owners of the Lots, it is agreed to change said covenants in whole or in part, said agreement to be executed and recorded in the manner provided by law for conveyance of real estate. ARTICLE I DEFINITIONS Sect-ion 1. "Aasaciatian" shall mean and refer to Lafayette az~u"iidiviaion Qwners Association, its successors and assigns, a Nebraska nonprofit corporation. Section 2. "Owner" shall mean and refer to the record owner, whet r one or more persona or entities, of a fee simple title to any Lot which is a part of the Properties, but excluding those having such interest merely as security for the performance of an obligation, or the purchaser under a recorded contract for the sale and purchase of a Lot under which the seller retains title solely as security foz the performance of the purchaser's obligations under the contract. Section 3. "Properties" shall mean and refer to that certain rea estate hereinbefore first described. Section 4. "Common Area" shall mean all real property in Lafayette~ar Subdivision in the City of Grand Island, Nebraska, ousr which the. association has an easement and shall exclude the interior of the structures erected in the subdivision. The Common .;Area gill-consist of easements over all of Lafayette Park Subdivision except the interior of residences, prior to the conveyance of the first lot in the subdivision, Declarant shall convey as easement to the Association for the entire subdivision except the interior of structures to be erected thereon, in accordance with this Declaration,