04-26-2021 EDA - Laserfiche WebLink

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7 DOCSOPEN\MU205\50\716385.v4-4/22/21 Developer in writing of its approval. Such approval shall not be unreasonably withheld. If the EDA rejects the evidence of financing as inadequate, it shall do so in writing specifying the basis for the rejection and the Developer shall have 30 days thereafter to submit a commitment for additional or alternate financing acceptable to the EDA. If the Developer fails to submit a commitment for financing acceptable to the EDA within said period of time or any additional period to which the EDA may agree, the EDA may notify the Developer of its failure to comply with the requirement of this Section 3.3 and may terminate this Agreement at its sole discretion, with refund of any Earnest Money to the Developer. Section 3.4. Representations. (a) To the best of its knowledge, the EDA makes the following representations and disclosures regarding the Development Property: (1) No materials have been delivered nor any work or labor performed on the Development Property under contracts with the EDA that have not been fully paid for, and no person or entity acting by or at the direction of the EDA presently has any lien, or right of lien, against the Development Property for labor or materials. (2) Except for and as set forth in this Agreement, there are no contracts in force for the purchase of the Development Property, and the EDA has not entered into any other contracts for the sale of the Development Property, nor are there any rights of first refusal, options to purchase, rights to build, or leases regarding the Development Property. (3) There is no litigation or administrative action, claim or demand pending, and to the EDA’s knowledge, there is no litigation or administrative action threatened against or relating to any of the Development Property or the EDA’s ability to convey the Development Property pursuant to this Agreement, and there are no pending, or to the EDA’s knowledge, threatened or contemplated condemnation actions with respect to the Development Property. The EDA has not received any written request from any governmental entity with regard to dedication of any of the Development Property. (4) The EDA has good and marketable title to the Development Property, subject to matters of record. There are no unrecorded leases or licenses affecting the Development Property. (5) Except for special assessments of record and levied against the Development Property as of the date of this Agreement, the EDA has no knowledge of any actual, threatened, or contemplated special assessments or reassessments of the Development Property, or any knowledge of a new public improvement project from any governmental assessing authority, the costs of which may be assessed against the Development Property. (b) Other than as represented herein by the EDA, the Developer acknowledges that the EDA makes no representations or warranties as to the condition of the soils on the Development Property or its fitness for its intended use and for construction of the Minimum Improvements or any other purpose for which the Developer may make use of such property.