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5 623340v3SA730-2 ARTICLE II Representations and Warranties Section 2.1. Representations by the Authority and City. (a) The Authority is a housing and redevelopment authority duly organized and existing under the laws of the State. Under the provisions of the Act, the Authority has the power to enter into this Agreement and carry out its obligations hereunder. (b) The City is a municipal corporation duly incorporated and existing under the laws of the State. Under the provisions of State law, the City has the power to enter into this Agreement and carry out its obligations hereunder. (c) The Authority and City will use their best efforts to facilitate development of the Minimum Improvements, including but not limited to cooperating with the Redeveloper in obtaining necessary administrative and land use approvals and construction financing pursuant to Section 7.1 hereof. (d) The Authority will issue the Note, subject to all the terms and conditions of this Agreement. (e) The activities of the Authority and City are undertaken for the purpose of fostering the redevelopment of certain real property previously occupied by substandard and obsolete buildings, which will revitalize this portion of the Project Area, increase tax base, and increase housing opportunities for City residents. Section 2.2. Representations and Warranties by the Redeveloper. As of the date of this Agreement, the Redeveloper represents and warrants that: (a) The Redeveloper is a limited liability company, duly organized and in good standing under the laws of the State, is not in violation of any provisions of its articles of organization or bylaws, is duly qualified as a domestic limited liability company and authorized to transact business within the State, has power to enter into this Agreement and has duly authorized the execution, delivery, and performance of this Agreement by proper action of its members. (b) The Redeveloper will construct, operate and maintain the Minimum Improvements in accordance with the terms of this Agreement, the Redevelopment Plan and all local, state and federal laws and regulations (including, but not limited to, environmental, zoning, building code, energy-conservation and public health laws and regulations) in effect at the time of such construction, operation, or maintenance, except for any variances necessary to construct the Minimum Improvements and approved by the City.