Res 2013-175/Approving a Chapter 380 Economic Development Inventive agreement w/Corvac

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authorized to conduct business in the State of Texas. The activities that Corvac proposes to carry on at the Land may lawfully be conducted by Corvac. Section 5.02. Authority. The execution, delivery and performance by Corvac of this Agreement are within Corvac's powers and have been duly authorized. Section 5.03. Valid and Binding Obligation. This Agreement is the legal, valid and binding obligation of Corvac, enforceable against Corvac 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. Corvac 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 Corvac is a party or by which Corvac or any of its property is bound that would have any material adverse effect on Corvac'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. ARTICLE VI PERSONAL LIABILITY OF PUBLIC OFFICIALS AND LIMITATIONS ON CITY OBLIGATIONS Section 6.01. Personal Liability of Public Officials. No employee or elected official of the City shall be personally responsible for any liability arising under or growing out of this Agreement.