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result in violation of any material provisions of, or in material default under, the articles of <br />organization and bylaws of the Developer, or any indenture, mortgage, deed of trust, <br />indebtedness, agreement, judgment, decree or order to which the Developer, is a party or by <br />which it or its property is bound or subject. <br />Very truly yours, <br />P-2 <br />- 1 5 - <br />