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(2) The Developer will cause the Minimum Improvements <br />to be constructed, operated and maintained in accordance <br />with the terms of this Agreement, the Development Program <br />and all local, state and federal laws and regulations <br />(including, but not limited to, environmental, zoning, <br />energy conservation, building code and public health laws <br />and regulations). <br />(3) The Developer will use its best efforts to obtain, <br />or cause to be obtained, in a timely manner, all required <br />permits, licenses and approvals and will meet, in a timely <br />manner, all requirements of all applicable local, state, and <br />federal laws and regulations which must be obtained or met <br />before the Minimum Improvements may be lawfully constructed. <br />(4) Neither the execution and delivery of this <br />Agreement, the consummation of the transactions contemplated <br />hereby, nor the fulfillment of or compliance with the terms <br />and conditions of this Agreement is prevented, limited by or <br />conflicts with (unless all necessary waivers, consents or <br />the like have been obtained) or results in a breach of, <br />material terms, conditions or provision of any contractual <br />restriction, evidence of indebtedness, agreement or <br />instrument of whatever nature to which the Developer is now <br />a party or by which it is bound, or constitutes a material <br />default under any of the foregoing. <br />(5) The Phase I Minimum Improvements will be <br />constructed at a cost of not less than $1,950,000 and the <br />Phase II Minimum Improvements will be constructed at a cost <br />of not less than $600,000. <br />(6) The Developer will cooperate fully with the City <br />with respect to any litigation commenced with respect to the <br />Project. <br />(7) The Developer has or will obtain funds sufficient <br />for the acquisition or construction of the Minimum <br />Improvements, together with financing provided by the City <br />1054867.2 <br />Page 56 <br />