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the Tax Office; <br />(b) funds equivalent in value to 75 percent the Personal Property Taxes are <br />appropriated for the specific purpose of making a Grant Payment as part of the City's <br />ordinary budget and appropriations approval process; and <br />(c) the Developer has submitted all information required under this Agreement <br />necessary to verify its compliance. <br />Provided all three events in subsections (a), (b) and (c) of this Section have been satisfied and <br />Developer is otherwise in compliance with this Agreement, the City shall pay to Developer any <br />Grant Payments due for the applicable fiscal year of the City within 60 days after the last to <br />occur of the events in subsections (a), (b) and (c) of this Section. <br />ARTICLE V <br />REPRESENTATIONS AND WARRANTIES OF DEVELOPER <br />As of the Effective Date, the Developer represents and warrants to the City, as follows: <br />Section 5.01. Organization. The Developer is a corporation duly organized, validly <br />existing and in good standing under the laws of the State of Delaware and authorized to conduct <br />business in the State of Texas. The activities that Developer proposes to carry on at the Land <br />may lawfully be conducted by the Developer. <br />Section 5.02. Authority. The execution., delivery and performance by the Developer <br />of this Agreement are within the Developer's powers and have been duly authorized by all <br />necessary action of the Developer. <br />Section 5.03. No Conflicts. Neither the execution and delivery of this Agreement, nor <br />the consummation of any of the transactions herein contemplated, nor compliance with the terms <br />and provisions hereof will contravene the organizational documents of the Developer or, to <br />Developer's actual knowledge, any provision of law, statute, rule or regulation to which the