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SECTION 4 AMENDMENTS AND TERMINATION 4.01 Amendments This Declaration may be amended prior to January 1, 1996, by an instrument in writing executed by the Declarant. This Declaration may be amended, modified or terminated by an instrument in writing, executed by the holders of 80% of the votes, as determined at the next previous election of members of the Board, pursuant to Section 3.01 of this Declaration. An instrument executed in accordance with this Section shall be effective when filed for recording with the Anoka County Recorder's Office. No amendment or modification to this Declaration may impose additional restrictions on the Property. 4.02 Termination The covenants, conditions and restrictions set forth in this Declaration shall run with the Property and be binding on all persons claiming under them for a period of 20 years from the date this Declaration is filed for recording with the Anoka County Recorder's Office, after which time, said covenants, conditions and restrictions shall be automatically extended for successive periods of ten year each, unless otherwise earlier terminated pursuant to Section 4.1 of this Declaration. SECTION 5 MISCELLANEOUS 5.01 Severability If any term, covenant or provision of this instrument, or an exhibit attached to it, is held to be invalid or unenforceable for any reason whatsoever, such determination shall not be deemed to alter, affect or impair, in any manner whatsoever, any other portion of this instrument or exhibits. 5.02 Construction When applicable, the masculine gender of any word used in this Declaration shall mean the feminine or neutral gender, or vice versa, and any singular of any word used in this Declaration shall mean the plural, or vice versa. 5.03 Mortgagees The provisions of this Declaration shall be subordinate to the lien of a first mortgage on any lot and none of the provisions of this Declaration shall supersede or in any way reduce the security or effect the validity of any such mortgage; provided, however, that if any lot is sold under a foreclosure of any such mortgage, the purchaser and the purchaser's heirs, successors and assigns, shall own such lot, subject to all the covenants, conditions and restrictions of this Declaration. 5.04 No Assessments Except as provided in Section 3.04, no assessments may be levied against a lot by the Board or by the owners, nor shall the owners of lots be obligated to pay any dues in connection with the covenants, conditions and restrictions imposed by this Declaration. Page 8 of9