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' _ r. �..___.. _'.._,1 .. . _ . . ' � . ..�.. _ "'�_' ; _ - " '_ _ 4.:.7.--�.- �r '.�.r- -_ L <br />, . s . .�. _ . . . .. <br />� .: ._ ._ _ . _ . . _... .... • b_.' _ . __._ .. <br />ARTICLE II <br />REP1aE�ENTATIONS, COVENANTS AND WARRANTIES <br />Sectian 2.1. Representations and Warranties by the <br />Authoritv. The Authority represents and warrants that: <br />(a) The Authority is a municipal corporation and <br />political subdivision of the State organized and existing <br />under the laws of the State. <br />(b) The Authority has the authority to enter into this <br />Agreement and carry out its obligations hereunder, subject to <br />the same enforceability exceptions provided in Section 2.2(a) <br />with respect to the Developer. <br />(c) The Authority represents that the City established <br />the Development District and adopted its Development Program <br />pursuant to the Minnesota Municipal Development District Act, <br />previously found in Minnesota Statutes, Chapter 472A, and now <br />codified in Minnesota Statutes, Sections 469.124 through <br />469.134, and that the City established the Tax Increment <br />Financing District within the Development District pursuant to <br />the Tax Increment Act. The Authority also represents that <br />pursuant to Minnesota Statutes, Section 469.093, on March 28, <br />1994, the City Council adopted an enabling resolution and <br />thereby established the Authority. Pursuant to Minnesota <br />Statutes, Section 469.094, Subdivision 2, the City transferred <br />to the Authority, and the Authority accepted from the City <br />transfer of, the control, authority, and operation of the <br />Development District, including the Tax Increment Financing <br />District therein, thereby empowering the Authority to exercise <br />all of the powers that the City could exercise with respect to <br />the Development District, subject to the covenant and pledge <br />by the Authority to perform the terms, conditions, and <br />covenants of all bond indentures and other agreements executed <br />for the security of any bonds issued and any other activities <br />undertaken with respect to the Development District. <br />(d) The Authority makes no representation, guarantee, or <br />warranty, either express or implied, and hereby assumes no <br />responsibility or liability as to the Development Property or <br />its condition (whether regarding soils, pollutants, hazardous <br />wastes or materials or otherwise) or that the Development <br />Property will be suitable for the purposes or needs of the <br />Developer or Multi-Tech. <br />262545.1 2 � 1 <br />