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ARTICLE II <br />REPRESENTATIONS AND WARRANTIES <br />Section 2.1 Representations, Warranties and Covenants by the Developer. The <br />Developer represents and warrants that: <br />(a) The Developer is a corporation duly organized and in good standing under <br />the laws of the State of Minnesota and the Developer is authorized to enter into and <br />perform its obligations under this Agreement. <br />(b) The execution and delivery of this Agreement, the consummation of the <br />transactions contemplated hereby and the fulfillment of or compliance with the terms and <br />conditions of this Agreement are not prevented or limited by and will not conflict with or <br />result in a breach of any of the Developer's organizational documents or of any provision <br />or requirement applicable to the Developer or of any provision of any evidence of <br />indebtedness, agreement or instrument of whatever nature to which the Developer is now <br />a party or by which it is bound. <br />(c) The Developer has received no notice or communication from any local, <br />state or federal official or body that any activities of the Developer respecting the <br />Premises referenced by this Agreement may be or will be in violation of any law or <br />regulation. <br />(d) Developer agrees to submit all outstanding Business Subsidy Agreement <br />reports as required in Section 6.3 of the Development Agreement. <br />ARTICLE I1I <br />PILOT PAYMENTS <br />Section 3.1 Payments in Lieu of Taxes. The Developer agrees to pay to the City, on <br />each Payment Date, as a Pilot Payment, the amount of $5,000. The Pilot Payment shall be paid <br />to the City at the address set forth in Section 6.3 hereof. The payment shall continue through <br />October 15, 2022 at which time the Developer and the City will consider a possible further <br />extension of the Pilot Agreement, in an equitable manner as long as the property continues to be <br />partially exempt from property tax. <br />Section 3.2 Late Payments. Interest shall accrue on any portion of a Pilot Payment not <br />paid on when due at the annual rate of ten percent (10.00 %). <br />3 <br />4626500v 1 <br />