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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 2~.1. By Irc 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) Ifi 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 tlqe necessary equity capital and will obtain commitments for mortgage financing
<br />necessary for co~truction 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 A~reement, the Program, the TIF Plan, and all local, state and federal laws and
<br />regulations; [
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<br /> (d) UPon completion of the Minimum Improvements, the Developer will lease the
<br />Development PrOperty 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) Tl~e 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 ~ive Hundred Thousand Dollars ($500,000).
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<br /> (f) T~e Developer has received no notice or communication from any local, state or
<br />federal official th!t the activities of the Developer or the City in the Development District may be, or
<br />will be, in viol_trion 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 environmental law, regulation or review procedure.
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<br /> (g) Tge Developer will obtain, in a timely manner, all required permits, licenses and
<br />approvals, and w~ill meet, in a timely manner, all requirements of all applicable local, state and
<br />federal laws and ~regulations which must be obtained or met before the Minimum Improvements
<br />may be lawfully ~,onstructed.
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<br /> (h) N~ither 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 thi~ Agreement, is prevented, limited by or conflicts with, or results in a breach of
<br />the terms, conditi~ons, or provisions of any corporate restriction or any evidences of indebtedness,
<br />agreement or inst~'ument of whatever nature to which the Developer is now a party or by which the
<br />Developer is boufid, or constitutes a default under any of the foregoing.
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<br /> (i) Tile 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 Pro,am, or Minimum Improvements.
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<br /> (j) W~enever any Event of Default occurs and if the City employes attorneys or incur
<br />other expenses f~r 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 Developer agrees that it shall, within ten days of written demand by the City, pay
<br />to the City the reisonable fees of such attorneys and such other expenses so incurred by the City~
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