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qualified residential rental project known as The Palms at Vero Beach Apartments to be located <br /> within the geographic boundaries of the County; and <br /> WHEREAS, the acquisition, construction and equipping of such qualified residential <br /> rental project in cooperation with the County complies with and will further the purposes for <br /> which FHFC was created; and <br /> WHEREAS, FHFC has determined to allocate certain of the private activity bond <br /> limitation available to it to the particular qualified residential rental project known as the The <br /> Palms at Vero Beach Apartments, which amount is not sufficient to fully finance the acquisition, <br /> construction and equipping of such project, and <br /> WHEREAS, the County has likewise determined to assist in the financing of such project, <br /> so long as the financing of the full project is undertaken; and <br /> WHEREAS, the County and FHFC have ascertained that the most efficient and cost <br /> effective method for providing for the allocation of the respective amounts of private activity <br /> bond limit and for issuing the bonds allocable thereto is for FHFC to issue its bonds utilizing the <br /> private activity bond limit contributed by it and the private activity bond limit contributed by the <br /> County for and on behalf of the County; and <br /> WHEREAS, the County and FHFC wish by this Agreement to provide for the issuance by <br /> FHFC of its obligations by and on behalf of the County in the manner provided herein in order to <br /> further the purposes stated herein; <br /> NOW, THEREFORE, in consideration of the mutual covenants of this Agreement, the <br /> County and FHFC agree as follows: <br /> SECTION 1. County Private Activity Allocation. The parties hereby agree that the <br /> qualified private activity bonds related to the private activity bond limit contributed by the <br /> County shall be issued by FHFC in the same manner as are the FHFC private activity bonds for <br /> such project. The provisions of all such bonds relating to payment, security, refinancing and all <br /> other customary financial terms shall be the same without regard to the source of the private <br /> activity bond limit. <br /> SECTION 2. All Necessary Action. The parties hereto agree that they will, individually or <br /> jointly, take all action within their respective powers, necessary, desirable or required by the <br /> Division in order to preserve the private activity bond limit for use in financing the project and to <br /> assure the exemption of interest on the bonds from Federal income taxation. <br /> SECTION 3. Reversion of Private Activity Bond Limit. In the event that the financing of <br /> the project does not proceed for reasons that are beyond the control of the County and the <br /> developer of the project, The Palms at Vero Beach Limited Partnership (the "Developer), then <br /> FHFC agrees that this Agreement will terminate on the day such financing is formally abandoned <br /> in writing by the Developer, without any further action on the part of the County revert to the <br /> Page 2 of 5 <br />