12-06-1995 Council Agenda - Laserfiche WebLink

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knowledge of any unrecorded claims, liens, or encumbrances against the Project other than the Permitted Encumbrances. 3.4 Developer has not, nor has any agent, employee or contractor, on Developer's behalf, begun any actual visible improvement upon the Land within the meaning of Minnesota Statutes Chapter 514. 3.5 To the best of Developer's knowledge, after due and diligent inquiry, No violation of any local law, ordinance, regulation or requirement exists with respect to the Project. 3.6 There are no actions, suits or proceedings pending, or to the knowledge of Developer threatened, against or affecting it or the Project, or involving the validity or enforceability of the Mortgage or the priority of the lien thereof, at law or in equity, except actions, suits and proceedings fully covered by insurance. Developer is not in default with respect to any order, writ, injunction, decree or demand of any court or any governmental authority. 3.7 The consummation of the transaction contemplated hereby and performance of this Agreement, the Note, the Mortgage and the other Loan Documents will not result in any breach of, or constitute a default under, any mortgage, deed of trust, lease, bank loan or credit agreement, corporate charter, by -law or other instrument to which Developer is a party or by which it may be bound or affected. 304291.2 3.8 No Event of Default has occurred and is continuing as of the date hereof and no event has occurred and is continuing which would be an Event of Default hereunder were it not for any grace period specified herein or which would become an Event of Default if notice thereof were given to the EDA. 3.9 All financial statements heretofore delivered to the EDA by or on behalf of Developer or Guarantors are true and correct in all respects, have been prepared in accordance with GAAP, and fairly present the respective financial conditions of the subjects thereof as of the respective dates thereof; no materially adverse change has occurred in the financial conditions reflected therein since the respective dates thereof, and no additional borrowings have been made by Developer since the date thereof other than the borrowing contemplated hereby or borrowings previously approved in writing by the EDA. 3.10 Developer and Guarantors have filed all federal, state and other income and other tax returns required to be filed, which returns properly reflect taxes owed by the Developer and Guarantors for the period covered thereby and they have paid or made appropriate provisions for the payment of all taxes which may become due pursuant to said returns and for the payment of all present installments of any assessments, fees and other governmental charges upon the Developer and Page 12