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