Res 2013-164/Approving a Chapter 380 Economic Development Incentive agreement w/Triangle Pump

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Section 5.01. Organization. Triangle is a Texas Corporation duly organized, validly existing and in good standing under the laws of the State of Texas and authorized to conduct business in the State of Texas. The activities that Triangle proposes to carry on at the Land may lawfully be conducted by Triangle. Section 5.02. Authority. The execution, delivery and performance by Triangle of this Agreement are within Triangle's powers and have been duly authorized. Section 5.03. Valid and Binding Obligation. This Agreement is the legal, valid and binding obligation of Triangle, enforceable against Triangle in accordance with its terms except as limited by applicable relief, liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, reorganization or similar laws affecting the rights or remedies of creditors generally, as in effect from time to time. Section 5.04. No Defaults. Triangle is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which Triangle is a party or by which Triangle or any of its property is bound that would have any material adverse effect on Triangle's ability to perform under this Agreement. Section 5.05. Full Disclosure. Neither this Agreement nor any schedule or exhibit attached hereto in connection with the negotiation of this Agreement contains any untrue statement of a material fact or omits to state any material fact necessary to keep the statements contained herein or therein, in the light of the circumstances in which they were made, from being misleading.