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Draft 9/8/94
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<br /> ARTICLE II
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<br />REPRESENTATION AND UNDERTAKINGS
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<br /> Section 2il. By IbC Developer. The Developer makes the following representations and
<br />undertakings: :
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<br />(a) The Developer has the leg~ authority and power to enter into this Agreement;
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<br /> (b) If,~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 th~ necessary equity capital and will obtain commitments for mortgage financing
<br />necessary for construction of the Minimum Improvements;
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<br /> (c) The 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;
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<br /> (d) Ul~on completion of the Minimum Improvements, the Developer will lease the
<br />Development Prol~erty and Minimum Improvements to Detail Tool and Engineering, Inc. (DT&E) '
<br />which will operate and maintain the Minimum Improvements.
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<br /> (e) Th{ Minimum Improvements constitute permitted uses under City ordinance, are in
<br />conformity with the Program and TIF Plan, and will be constructed by the Developer at a market
<br />value of at least Fige Hundred Thousand Dollars ($500,000).
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<br /> (f') The: 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 viola~on of any environmental law or regulation (other than those notices or
<br />communications of which the City is aware). The Developer is aware of no facts, the existence of,
<br />which would causa it to be in violation of or give any person.._a valid claim under any local, state or
<br />federal environmerltal law, regulation or review procedure.
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<br /> (g) ThC 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 rdgulations which must be obtained or met before the Minimum Improvements
<br />may be lawfully co~ structed.
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<br /> (h) Neither the execution and delivery of this Agreement, the consummation of the
<br />transactions conte.i'nplated hereby, nor the fulfillment of, or compliance with, the terms and
<br />conditions of this Agreement, is prevented, limited by or conflicts with, or results in a breach of
<br />the terms, conditioh~ s, or provisions of any corporate restriction or any evidences of indebtedness,
<br />agreement or instrufnent 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.
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<br /> (i) The ~Developer will cooperate with the City with respect to any litigation, other than
<br />litigation in which {he City and the Developer are adverse parties, commenced with respect to the
<br />TIT Plan, the Progr~.m, or Minimum Improvements.
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<br /> (j) Wh~.never any Event of Default occurs and if the City employes attorneys or incur
<br />other expenses for the collection of payments due, or to become due, or for the enforcement of
<br />performance or obs{rvance of any obligation or agreement on the part of the Developer under this
<br />Agreement, the De,Jeloper 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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