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<br /> <br /> A. The City is a municipal corporation under the laws of Minnesota. <br /> <br /> B. The City has the right, power and authority to execute, deliver and perform its <br />obligations under this Agreement. <br /> <br />1.02. Developer Representations and Warranties. The Developer makes the following <br />representations as the basis for the undertakings on its part contained herein: <br /> <br /> A. The Developer is a limited liability company. <br /> <br /> B. The Developer has the right, power and authority to execute, deliver and <br />perform its obligations under this Agreement. The Developer assures the City that the <br />individuals who execute this Agreement on behalf of the Developer are duly authorized to <br />sign on behalf of the Developer and to bind the Developer thereto. <br /> <br /> C. The Developer is not in default under any lease, contract, or agreement to <br />which it is a party or by which it is bound which would affect its performance under this <br />Agreement. The Developer is not a party to or bound by any mortgage, lien, lease, <br />agreement, instrument, order, judgment, or decree which would prohibit the execution or <br />performance of this Agreement by the Developer or prohibit any of the transactions provided <br />for in this Agreement. <br /> <br /> D. The Developer has complied with and will continue to comply with all applicable <br />federal, state and local statutes, laws, ordinances and regulations including, without <br />limitation, any permits, licenses and applicable zoning, environmental, or other laws, <br />ordinances, or regulations affecting the Property or the Improvements. The Developer is not <br />aware of any pending or threatened claim of any such violation. Without limitation of the <br />foregoing, the Developer expressly acknowledges and agrees that it has and shall at all <br />times comply with each and every provision of the City’s subdivision, zoning, and other <br />related municipal code regulations. <br /> <br /> E. There is no suit, action, arbitration or legal, administrative or other proceeding <br />or governmental investigation pending or threatened against or affecting the Developer or <br />Property. The Developer is not in default with respect to any order, writ, injunction or decree <br />of any federal, state, local or foreign court, department, agency or instrumentality. <br /> <br /> F. None of the representations and warranties made by the Developer or made in <br />any exhibit hereto or memorandum or writing furnished or to be furnished by the Developer or <br />on its behalf contains or will contain any untrue statement of material fact or omits any <br />material fact, the omission of which would be misleading. <br /> <br /> G. The Developer has sufficient funds or has obtained a commitment for financing <br />in an amount adequate to finance construction of the Improvements. <br /> <br />1.03 Incorporation of Recitals and Exhibits. The Recitals set forth in the preamble to this <br />Agreement and the Exhibits attached to this Agreement are incorporated into this Agreement <br />as if fully set forth herein.