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<br />Draft 3/22/95
<br />
<br /> Section 2.1.
<br />undertakings:
<br />
<br /> (a)
<br />
<br /> ARTICLE H
<br />REPRESENTATION AND UNDERTAKINGS
<br />
<br />By the Developer. The Developer makes the following representations and
<br />
<br />The Developer has the legal authority and power to enter into this Agreement.
<br />
<br /> (b) ~, to the extent allowed by law, the City makes available to the Developers the
<br />proceeds of TI~ Bonds or other obligations in the exercise of its reasonable discretion, the
<br />Developer has t.~e necessary equity capital and will obtain commitments for mortgage financing
<br />necessary for construction of the Minimum Improvements.
<br />
<br /> (c) T!a,e Developer will construct the Minimum Improvements in accordance with the
<br />terms of this Agreement, the Program, the TIF Plan, and all local, state and federal laws and
<br />regulations.
<br />
<br /> (d) .U~pon completion of the Minimum Improvements, the Developer will operate and
<br />maintain the Mini'mm Improvements.
<br />
<br /> (e) Tlae Minimum Improvements constitute permitted uses under City ordinance, are in
<br />conformity with ~he Program and TIF Plan, and will be constructed by the Developer at a market
<br />value of at least Four Hundred Thousand Dollars and no cents ($400,000.00).
<br />
<br /> (f) Thc Developer has received no notice or communication from any loCal, state or
<br />federal official that the activities of the Developer or the City in the Development District may be, or
<br />will be, in viohition of any environmental law or regulation (other than those notices or
<br />communications ~f which the City is aware). The Developer is aware of no facts, the existence of,
<br />which would cause it to be in violation of or give any person a valid claim under any local, state or
<br />federal environm{ntal law, regulation or review procedure.
<br />
<br /> (g) The Developer will obtain, in a timely manner, all required permits, licenses and
<br />approvals, and Mll meet, in a timely manner, all requirements of all applicable local, state and
<br />federal laws and ~gulations which must be obtained or met before the Minimum Improvements
<br />may be lawfully e~nstructed. '
<br />
<br /> (h) NVjther the execution and delivery of this Agreement, the consummation of the
<br />transactions contgmplated hereby, nor the fulfillment of, or compliance with, the terms and
<br />conditions of thisiAgreement, is prevented, limited by or conflicts with, or results in a breach of
<br />the terms, conditions, or provisions of any corporate restriction or any evidences of indebtedness,
<br />agreement or instrgment of whatever nature to which the Developer is now a party or by which the
<br />Developer is bound, or constitutes a default under any of the foregoing.
<br />
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<br /> (i) The Developer will cooperate with the City with respect to any litigation, other than
<br />litigation in which; the City and the Developer are adverse parties, commenced with respect to the
<br />TIF Plan, the Prog~'am, or Minimum Improvements.
<br />
<br /> (j) Whenever any Event of Default occurs, and if the City employs attorneys or incurs
<br />other expenses fo~ the collection of payments due, or to become due, or for the enforcement of
<br />performance or observance of any obligation or agreement on the part of the Developer under this
<br />Agreement, the Ddveloper agrees that it shall, within ten days of written demand by the City, pay
<br />to the City the reasbmible fees of such attorneys and such other expenses so incurred by the City.
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