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<br />Draft 3/16/95
<br />
<br /> ARTICLE II
<br />llEPRESENTATION AND UNDERTAKINGS
<br />
<br /> Section ~.1.
<br />undertakings: ~.
<br />
<br />By the D.~veloper. The Developer makes the following representations and
<br />
<br /> (a) T~.e Developer has the legal authority and power to enter into this Agreement.
<br /> (b) I~, to the extent allowed by law, the City makes available to the Developers the
<br />proceeds of TIF 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 eo0smacfion of the Minimum Improvements.
<br /> (c) T~ae 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) .UPon completion of the Minimum Improvements, the Developer will operate and
<br />maintain the Mirfi, mum Improvements. '
<br />
<br />(e) Tae Minimum Improvements constitute permitted uses under City ordinance, are in
<br />conformity with ~e Program and TIF Plan, and will be constructed by the Developer at a market
<br />value of at least O~ne Million Dollars and no cents ($1,000,000.00).
<br /> ? '
<br />
<br /> (f) T~e Developer has received no notice or communication from any local, state or
<br />federal official their the activities of the Developer or the City in the Development District may be, or
<br />will be, in violation of any environmental law or regulation (other than those notices or
<br />communications d~f which the City is aware). The Developer is aware of no .facts, the existence of,
<br />which would cau ,~, it to be in violation of or give any person a valid claim under any local, state or
<br />'federal environmfl, ntal law, regulation or review procedure.
<br />
<br /> (g) Tl~. Developer will obtain, in a timely manner, all required permits, licenses and
<br />approvals, and will meet, in a timely manner, all requirements of all applicable local, state and
<br />federal laws and ~gulafions which must be obtained or met before the Minimum Improvements
<br />may be lawfully cbnstmcted.
<br />
<br /> (h) Neither the execution and delivery of this Agreement, the consummation of the
<br />transactions contemplated hereby, nor the fulfillment of, or compliance with, the terms and
<br />conditions of this ,~tigreement, is prevented, limited by or conflicts with, or results in a breach of
<br />the terms, conditia, ns, or provisions of any corporate restriction or any evidences of indebtedness,
<br />agreement or instrament 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 /> (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, th.e Progim'n, or Minimum Improvements.
<br /> [
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<br /> (.j) Whenever any Event of Default occurs, and ff the City employs attorneys or incurs
<br />other expenses fori the collection of payments due, or to become due, or for the enforcement of
<br />performance or ob4ervance of any obligation or agreement on the part of the Developer under this
<br />Agreement, the De~eloper agrees that it shall, within ten days of written demand by the City, pay
<br />to the City the reasonable fees of such attorneys and such other expenses so incurred by the City.
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