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12 <br /> <br />to enter into and perform its obligations under this DEVELOPMENT AGREEMENT, <br />and no approvals or consents of any persons are necessary in connection with the <br />authority of DEVELOPER to enter into and perform its obligations under this <br />DEVELOPMENT AGREEMENT. <br /> <br />b) NO DEFAULT. DEVELOPER is not in default under any lease, contract or agreement <br />to which it is a party or by which it is bound which would affect performance under this <br />DEVELOPMENT AGREEMENT. DEVELOPER is not a party to or bound by any <br />mortgage, lien, lease, agreement, instrument, order, judgment or decree which would <br />prohibit the execution or performance of this DEVELOPMENT AGREEMENT by <br />DEVELOPER or prohibit any of the transactions provided for in this DEVELOPMENT <br />AGREEMENT. <br /> <br />c) PRESENT COMPLIANCE WITH LAWS. DEVELOPER has complied with and is <br />not in violation of applicable federal, state or local statutes, laws, and regulations <br />including, without limitation, permits and licenses and any applicable zoning, <br />environmental or other law, ordinance or regulation affecting the FINAL PLAT and the <br />DEVELOPMENT PLANS and the DEVELOPER IMPROVEMENTS; and <br />DEVELOPER is not aware of any pending or threatened claim of any such violation. <br /> <br />d) CONTINUING COMPLIANCE WITH LAWS. DEVELOPER will comply with all <br />applicable federal, state and local statutes, laws and regulations including, without <br />limitation, permits and licenses and any applicable zoning, environmental or other law, <br />ordinance or regulation affecting the FINAL PLAT and the DEVELOPMENT PLANS <br />and the DEVELOPER IMPROVEMENTS. <br /> <br />e) NO LITIGATION. There is no suit, action, arbitration or legal, administrative or other <br />proceeding or governmental investigation pending, or threatened against or affecting <br />DEVELOPER or the FINAL PLAT or the DEVELOPMENT PLANS or the <br />DEVELOPER IMPROVEMENTS. DEVELOPER is not in default with respect to any <br />order, writ, injunction or decree of any federal, state, local or foreign court, department, <br />agency or instrumentality. <br /> <br />f) FULL DISCLOSURE. None of the representatives and warranties made by <br />DEVELOPER or made in any exhibit hereto or memorandum or writing furnished or to <br />be furnished by DEVELOPER or on its behalf intentionally contains or will contain any <br />untrue statement of material fact or intentionally omit any material fact the omission of <br />which would be misleading. Any unintentional untrue statements or omissions shall be <br />co1Tected or cured within thirty (30) days after the DEVELOPER receives FORMAL <br />NOTICE or obtains knowledge of such error, unless an extension is granted by the <br />CITY. <br /> <br />g) PLAT COMPLIANCE. The FINAL PLAT and the DEVELOPMENT PLANS <br />comply with all CITY, COUNTY, metropolitan, state and federal laws and regulations, <br />including but not limited to, subdivision ordinances, zoning ordinances and <br />environmental regulations. <br /> <br />h) WARRANTY ON PROPER WORK AND MATERIALS. The DEVELOPER <br />warrants all work required to be performed by it under this DEVELOPMENT <br />AGREEMENT against defective material and faulty workmanship for a period of two <br />(2) years after its completion and acceptance by the CITY. The DEVELOPER shall be