Res 2004-190 - Laserfiche WebLink

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I I I Bk Vol P9 04032587 OPR 2577 98 6. Annual Financial Statements. Owner will furnish audited financial statements annually to the City, the County, and the School District as soon as they are available and in any event within one hundred twenty (120) days after the end of each fiscal year of the Owner. 7. Payments to the San Marcos Educational Foundation/City of San Marcos. The Owner will contnbute $100,000 to the San Marcos Educational Foundation (the "Foundation") contemporaneously with the sale of the Bonds and Owner's acquisition of the Property. In addition, all net cash flow, after debt service, operating expenses of the Property, and payments in lieu of taxes under this Agreement, will be used for the education of students from Hays County, Texas in a manner determined by the Board of Managers. The Owner's preference is for the funds to be used for first generatIOn hIgher education students and children whose families are at sixty percent (60%) or less of area median income. 8. Donation of Property. Upon Owner's payment in full of all principal, premium, if any, and interest on the Bonds, and the release of the Property from the mortgage securing the Bonds, Owner shall deed the Property to the CIty. 9. Sale of Property at City Request. At any time from January 1, 2015 through the end of the term of this Agreement, the City may notify the Owner of the CIty'S election to requIre the Owner to sell the Property. If the City notifies the Owner of such election, the Owner shall promptly request approval of all necessary parties under the documents relating to or eVIdencmg the Bonds to sell the Property and if such approval is granted Owner will be obligated to a) market and sell the Property in a commercially reasonable manner within 180 days of the date final approval is received under the Bond documents, and b) pay the net proceeds of such sale, after payment in full of all principal, premium, if any, and interest on the Bonds, and expenses of the sale, including reasonable real estate commissions, to the City. The City agrees to use such net proceeds for the education of students from Hays County, Texas, with due regard for the Owner's preference for first generation higher education students and children whose families are at sixty percent (60%) or less of area medIan income. 10. Additional Properties. So long as this Agreement is effective, Owner agrees that it will not purchase or construct any additional affordable or student housing properties in Hays County, Texas, and seek an exemption from ad valorem taxes on such property. This provision shall not apply to Owner's purchase of any property that is already exempt from ad valorem taxes on the date of purchase. 11. Mediation. If any dispute arises relating to this Agreement (the "Dispute"), including, but not limited to, payment of any amounts due hereunder, then any party hereto may give written notice to the other party requiring all parties to attempt to resolve the dispute by mediation, or by such other form of Alternative Dispute Resolution ("ADR"), as is recognized by the Alternative Dispute Resolution Act of the State of Texas, and upon which the parties agree in writing. Within seven (7) days after receipt of a mediation notice, in the absence of any other written agreement by the parties, the parties will deliver to each other a list of proposed mediators. If the parties are unable to agree upon a mediator, each party will designate a third party mediator who will have authonty to agree upon or designate a mediator. Once a medIator is designated, by whatever manner, the parties must set a mediation date within forty five (45) days -3- pilot agreement. I I-3-04.00C