No. 1589 approving declaration of protective and restrictive covenants of the US 31 Industrial Park

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RESOLUTION NO 1589 Exhibit B COVENANTS -US 31 INDUSTRIAL PARK THIS DECLARATION is jointly made this day of , 1998, by the South Bend Redevelopment Commission (referred to as "Commission "), and severally referred to as "Declarant ", as Owner and Lessee of that certain real Property hereinafter described and located in the City of South Bend, St. Joseph County, Indiana. The Commission hereby declares that all of the real property legally described in and referred to in" Attachment 1" attached to this Declaration, to be known as US 31 Industrial Park is and shall be held, conveyed hypothecated, encumbered, leased, transferred, sold, occupied, built upon or otherwise used or improved in whole or in part, subject to the Covenants and Restrictions (sometimes referred to as "Covenants ") hereinafter set forth and all of said Covenants herein contained are declared and agreed to be in furtherance of a general plan for the subdivision, improvement and lease or sale of US 31 Industrial Park and are established for the purpose of enhancing the value, desirability and attractiveness of US 31 Industrial Park and every part thereof. ARTICLE 1 DEFINITIONS The following terms, as used in this Declaration, unless the context clearly requires otherwise, shall mean the following. 1.1 Declarant. "Declarant" shall mean the South Bend Redevelopment Commission, its successors and assigns, and Declarant's assigns shall be deemed to include any party whom Declarant designates, by means of a notice of Record in the Official Records, as the party who, from and after the date such notice is Recorded, will perform Declarant's functions under this Declaration. 1.2 Design Committee. "Design Committee" shall mean the Design Committee of US 31 Industrial Park, of South Bend, Indiana. The Design Committee shall be a standing Committee of the Owners Association. The Design Committee shall consist of three (3) members all of whom shall be appointed by the Redevelopment Commission so long as the Declarant is the owner of twenty -five (25) percent of the property in US 31 Industrial Park, South Bend, Indiana. The Redevelopment Commission reserves the right to appoint one (1) individual representative of the Commission to serve on the Design Committee until such time as the Redevelopment Commission relinquishes such rights in writing. When the -1-