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<br /> -2- <br />Owners agree to document their compliance with this <br />agreement by furnishing the City with a copy of the quarterly <br />reports they file with the trustee, Mercantile National Bank <br />in Dallas, and/or by any other documentation requested by the <br />City Attorney that will show rental rates for all units, <br />rental rates for the low-income units, and occupancy by <br />income for each rental unit. All vacancies in the <br />multi-family residential units owned and/or operated by <br />Owners shall be advertised with the Section 8 program <br />available to San Marcos residents on or before the time at <br />which said vacancies are made available for rental. <br />Owners agree that any sale, conveyance, or transfer of the <br />development will contain a restriction that any subsequent <br />owners of the property for the duration of the Industrial <br />Development bonds will comply with the terms of this <br />agreement. II[D]uration of the Industrial Development bonds" <br />means the period of time for which the bonds were originally <br />issued. <br />In return, the City of San Marcos will agree to <br />authorize the issuance of Industrial Development Bonds by the <br />Capital Area Housing Finance Corporation in the amount of <br />$6,600,000 for the benefit of San Marcos Ranch. <br />EXECUTED this 12 day of February , 19 ~ . <br />