Res 2007-150 - Laserfiche WebLink

Home Browse Search

7. Owner's Covenants. Warranties. Oblieations and Duties I 7.1 Owner makes the following covenants and warranties to City, and agrees to timely and fully perform the following obligations and duties. Any false or substantially misleading statement contained herein or failure to timely and fully perform as required in this Agreement shall be an Act of Default by Owner. Failure to comply with anyone covenant or warranty shall constitute an Act of Default by Owner. 7.2 Owner is authorized to do business and is in good standing in the State of Texas and shall remain in good standing in the State of Texas during the Term of this Agreement. 7.3 The execution of this Agreement has been duly authorized by Owner's general partner, and the individual signing this Agreement is the manager of the general partner, empowered to execute such Agreement and bind the partnership, said authorization, signing and binding effect is not in contravention of any law, rule or regulation, or of the provisions of Owner's partnership agreement, or by-laws, or of any agreement or instrument to which Owner is a party or by which it may be bound, such authority to be evidenced by a partnership resolution, attached hereto at the time of execution. 7.4 No litigation or governmental proceeding is pending or, to the knowledge of Owner or Owner's officers, threatened against or affecting Owner that may result in any material adverse change in Owner's business, properties or operation. No consent, approval or I authorization of or registration or declaration within any governmental authority is required in connection with the execution of this Agreement or the transactions contemplated hereby. 7.5 There are no bankruptcy proceedings or other proceedings currently pending or contemplated, and Owner has not been informed of any potential involuntary bankruptcy proceedings. 7.6 To its current, actual knowledge, Owner has acquired and maintained all necessary rights, licenses, permits and authority to carryon its business in San Marcos, Texas, and will continue to use its best efforts to maintain all necessary rights, licenses, permits and authority. 7.7 The funds herein granted shall be utilized solely for the purpose of offsetting the cost of Project as described herein. 7.8 Owner shall timely and fully comply with all of the terms and conditions of this Agreement. 7.9 Owner shall timely acquire and provide evidence of same to the City, fiscal assurance instruments and/or performance bonds in a total amount required to cover all Public Improvements set forth on Exhibit "C". I 6