Laserfiche WebLink
1 The Developer has been duly organized and is <br />validly existing as a limited liability company under the <br />laws of the State of Minnesota and is qualified to do <br />business in the State of Minnesota. The Developer has full <br />power and authority to execute, deliver and perform in full <br />the Development Agreement and the Development Agreement has <br />been duly and validly authorized, executed and delivered by <br />the Developer and, assuming due authorization, execution and <br />delivery by the other party thereto, is in full force and <br />effect and is a valid and legally binding instrument of the <br />Developer enforceable in accordance with its terms, except <br />as the same may be limited by bankruptcy, insolvency, <br />reorganization or other laws relating to or affecting <br />creditor's rights generally and general principles of <br />equity. <br />2 The consummation of the transactions contemplated <br />by the Development Agreement by the Developer and the <br />carrying out of the terms thereof, will not result in <br />violation of any material provision of, or in material <br />default under, the articles of incorporation and bylaws of <br />the Developer, or any indenture, mortgage, deed of trust, <br />indebtedness, agreement, judgment, decree or order to which <br />the Developer, is a party or by which it or its property is <br />bound or subject. <br />1054867.2 <br />Very truly yours, <br />Page 101 <br />