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Developer is subject or any judgment, decree, license, order or permit applicable to the <br />Developer, or will conflict or be inconsistent with, or will result in a material breach of any of <br />the material terms of the covenants, conditions or provisions of, or constitute a delay under, or <br />result in the creation or imposition of a lien upon any of the property or assets of the Developer <br />pursuant to the terms of any indenture, mortgage, deed of trust, agreement or other instrument to <br />which the Developer is a party or, to the knowledge of the Developer, by which the Developer is <br />bound, or to which the Developer is subject. <br />Section 5.04. No Consents. No consent, authorization, approval, order or other action <br />by, and no notice to or filing with, any court or governmental authority or regulatory body or <br />third party is required for the due execution, delivery and performance by the delivery of this <br />Agreement or the consummation of the transactions contemplated hereby or thereby. <br />Section 5.05. Valid and :Binding Obligation. This Agreement is the legal, valid and <br />binding obligation of the Developer, enforceable against the Developer in accordance with its <br />terms except as limited by applicable relief, liquidation, conservatorship, bankruptcy, <br />moratorium, rearrangement, insolvency, reorganization or similar laws affecting the rights or <br />remedies of creditors generally, as in effect from time to time. <br />Section 5.06. No Pending Litigation. There is no action, proceeding, inquiry or <br />investigation, at law or in equity, before any court, arbitrator, governmental or other board or <br />official, pending or, to the current actual knowledge of the Developer, threatened against or <br />affecting the Developer or any subsidiaries of the Developer, questioning the validity or any <br />action taken or to be taken by the Developer in connection with the execution, delivery and <br />performance by the Developer of this Agreement or seeking to prohibit, restrain or enjoin the <br />execution, delivery or performance by the Developer hereof, wherein an unfavorable decision,