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RESTRICTIVE COVENANT <br />This Restrictive Covenant is hereby established as of , 2019 ("Effective <br />Date") by Village Bank, a Minnesota Banking Corporation (the "Fee Owner"). <br />WHEREAS, the Fee Owner owns the real property legally described on Exhibit A hereto (the <br />"Real Property"), consisting of 14 Lots and 7 Outlots; <br />WHEREAS, in order to obtain approval of the plat of River Walk Village, the County of Anoka <br />requires that certain lots be designated as Affordable Home Lots. <br />NOW, THEREFORE, Fee Owner hereby establishes the following lots as Affordable <br />Home Lots: <br />Lots 1, 2, and 3, Block 1 River Walk Village, Anoka County, MN. <br />Affordability will be determined at 80% of the Area Median Income as dictated by Metropolitan <br />Council Affordability Limits for Ownership and Rental Housing. <br />The Restrictive Covenant set forth herein shall run with the land for 15 years from the <br />above date. <br />IN WITNESS WHEREOF, the Fee Owner signs this Restrictive Covenant this day <br />of ,2019. <br />Village Bank: <br />By: <br />Its: <br />