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Agreement, the City may terminate this Agreement and pursue any remedies available at law or in <br />equity for UMC's default under this section. <br />ARTICLE VI <br />REPRESENTATIONS AND WARRANTIES OF DEVELOPERS <br />As of the Effective Date, Developers represent and warrant to the City, as follows: <br />Section 6.01. Organization. Developers are duly organized, validly existing and in good <br />standing under the laws of the State of Delaware and authorized to conduct business in the State <br />of Texas. The activities that Developers and their Affiliates, successors or assigns propose to <br />conduct on the Land may lawfully be conducted. <br />Section 6.02. Authority. The execution, delivery and performance by Developers of this <br />Agreement are within Developers' powers and have been duly authorized. <br />Section 6.03. Valid and Binding Obligation. This Agreement is the legal, valid and <br />binding obligation of Developers, enforceable against Developers in accordance with its terms <br />except as limited by applicable relief, liquidation, conservatorship, bankruptcy, moratorium, <br />rearrangement, insolvency, reorganization or similar laws affecting the rights or remedies of <br />creditors generally, as in effect from time to time. <br />Section 6.04. No Defaults. To the actual knowledge of the individual signing this <br />Agreement, the persons authorizing this Agreement, and the representatives that negotiated this <br />Agreement, Developers not in default in the performance, observance or fulfillment of any of the <br />obligations, covenants or conditions contained in any agreement or instrument to which <br />Developers are parties or by which Developers or any of their property is bound that would have <br />any material adverse effect on Developers' ability to perform under this Agreement. <br />