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<br />I <br /> <br />I <br /> <br />I <br /> <br />90. <br /> <br />Bk 1,,'01 P9 <br />04032587 OPR 2577 96 <br /> <br />AGREEMENT FOR PAYMENT <br />IN LIEU OF AD VALOREM TAXES <br /> <br />This Agreement for Payment in Lieu of Ad Valorem Taxes (the "Agreement") is made <br />and entered into this ~ day of November, 2004, by and between the CITY OF SAN <br />MARCOS, TEXAS (the "City") and EOP SAN MARCOS EXCHANGE, LLC, a Texas limited <br />liabihty company (the "Owner"). <br /> <br />Recitals <br /> <br />A. The Owner is a Texas limited liability company. The Owner's sole member is <br />American Housing Foundation ("AHF"), a Texas non-profit corporation. AHF is a certified <br />community housing development organization. <br /> <br />B. AHF is organized exclusively for charitable, religious, educational and scientific <br />purposes, including the provision of decent and affordable housing for low and moderate income <br />persons. <br /> <br />C. The Owner o.wns the San Marcos Exchange Apartments (the "Property") in San <br />Marcos, Texas. The Property consists of the land described on the attached Exhibit "A" and all <br />improvements located on the land, including (without limitation) a 288 unit apartment complex <br />that will be leased exclusively to full time college or university students. <br /> <br />D. Capital Trust Agency Student Housing Revenue Bonds (AHF Student Housing <br />Portfolio) Series 2004A, Series 2004A-T, Series 2004B, and Series 2004C (the "Bonds") issued <br />by CapItal Trust Agency (the "Issuer") will be utilized to finance the acqUIsition and <br />rehabilitation of the Property and in connection therewith, Wells Fargo, National Association, <br />will act as Trustee (the "Trustee"). <br /> <br />E. The Issuer and certain administrative agencIes of the State of Texas have required the <br />Owner to provide affordable housing to full time college or university students. <br /> <br />F. The Property qualifies for exemption from ad valorem taxes pursuant to Section <br />11.18 of the Texas Tax Code (the "Exemption"). <br /> <br />G. The City, In connection with the approval of the City's Mayor for the issuance of the <br />Bonds, requires that the Owner make payments in lieu of ad valorem taxes otherwise payable In <br />Texas, and agree to the other terms and conditions contained in this Agreement. <br /> <br />Aereement <br /> <br />For good and valuable consideration, including the approval by the City's Mayor <br />regarding the issuance of bonds pursuant to IRS Section 147(g) in the form attached to this <br />Agreement, the receipt and sufficiency of which is acknowledged, the parties agree as follows: <br /> <br />-1- <br /> <br />pilot agreement. I 1- 3-04.DOC <br />