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WHISPER PUBLIC IMPROVEMENT DISTRICT <br />REIMBURSEMENT AGREEMENT <br />This Whisper Public Improvement District Reimbursement Agreement (this "Reimbursement <br />Agreement") is executed between San Marcos, Texas ("City"), and Whisper Master Community <br />Limited Partnership, a Texas limited partnership (including its Designated Successors and <br />Assigns, the "Owner"), to be effective , 20_ (each individually referred to as a <br />"Party" and collectively as the "Parties"). <br />RECITALS <br />WHEREAS, on October 6, 2014, the City Council of City of San Marcos, Texas (the "City <br />Council'), passed and approved Resolution No. 2014-143R (the "Creation Resolution") <br />authorizing the creation of the Whisper Public Improvement District (the "District") covering <br />approximately 705.853 acres of land described by exhibits in the Creation Resolution (the <br />"District Property"); and <br />WHEREAS, on , 2017, the City Council approved that certain Whisper Public <br />Improvement District Financing Agreement by and between the Owner and City (the "PID <br />Finance Agreement"); <br />WHEREAS, the purpose of the District is to finance certain improvements authorized by Chapter <br />372, Texas Local Government Code (as may be amended, the "Act") that promote the interests <br />of the City and confer a special benefit on the Assessed Property within the District; and <br />WHEREAS, the District Property is being developed in phases and the Owner intends to <br />construct certain Public Improvements over time to serve District Property (or portions thereof); <br />and <br />WHEREAS, Special Assessments have been levied against the Assessed Property within the <br />District for the construction of the Public Improvements pursuant to an ordinance of the City <br />Council in accordance with the Whisper Public Improvement District Service and Assessment <br />Plan (as the same may be amended or updated from time to time, the "SAP") which was <br />approved by the City Council on , 20_; <br />WHEREAS, Owner is ready to commence the construction of the Public Improvements (herein <br />so called) which are more particularly described in the SAP and on Exhibit A attached hereto and <br />made a part hereof, and <br />WHEREAS, the SAP Consultant recommended a Special Assessment be levied against the <br />District Property in the amount of $ (the "PID Special Assessment"); and <br />110 <br />