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<br />before the time at which said vacancies are made available <br /> <br />for rental. <br /> <br />If the Section 8 program ceases to exist during <br /> <br />the <br /> <br />term of <br /> <br />this <br /> <br />agreement, <br /> <br />the <br /> <br />City may <br /> <br />substitute <br /> <br />some <br /> <br />other entity for said program in order to satisfy the rental <br /> <br />availability notice requirement of this agreement. <br /> <br />Owner agrees that any sale, <br /> <br />conveyance, or transfer of <br /> <br />the <br /> <br />development <br /> <br />will <br /> <br />contain <br /> <br />a <br /> <br />restriction <br /> <br />that <br /> <br />any <br /> <br />subsequent <br /> <br />Owner <br /> <br />of <br /> <br />the <br /> <br />property <br /> <br />for <br /> <br />the duration of the <br /> <br />Private Activity bonds will <br /> <br />comply with the <br /> <br />terms of this <br /> <br />agreement. <br /> <br />"[D]uration of the Private A.ctivity bonds" means <br /> <br />that <br /> <br />period <br /> <br />of <br /> <br />time <br /> <br />for <br /> <br />which <br /> <br />the <br /> <br />bonds <br /> <br />were <br /> <br />originally <br /> <br />issued or fifteen years, whichever is greater. <br /> <br />In <br /> <br />return, <br /> <br />the <br /> <br />City <br /> <br />of <br /> <br />San <br /> <br />Marcos <br /> <br />will <br /> <br />agree <br /> <br />to <br /> <br />authorize <br /> <br />the <br /> <br />issuance <br /> <br />of <br /> <br />Private <br /> <br />Activity <br /> <br />Bonds <br /> <br />by <br /> <br />the <br /> <br />Capi tal Area Housing Finance <br /> <br />Corporation in the <br /> <br />amount of <br /> <br />$8,000,000.00 for the benefit of Shepherd Enterprises, <br /> <br />Inc. <br /> <br />and Hickory Creek Apartments. <br /> <br />EXECUTED this <br /> <br />9 <br /> <br />day of <br /> <br /> <br />~~ <br /> <br />J . Younger <br />Mayor <br />City of San Marcos, <br /> <br />June <br /> <br />, 1987. <br /> <br />Texas <br /> <br />Attest: <br />'""- /1." 11 L. ),~J.) ~ if¡ f¡ ) <br />\~7- ) b,./)1!!'<:7} ¿JJ'!J/}1yl.~tßJ:/ <br />Ja '~s K. Womack <br />City Secretary <br /> <br />William Shepherd, President <br />Shepherd Enterprises, Inc. <br /> <br />-2- <br />