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Section 10.01. Organization. The Developer, Van Lee, LLC and Ohnheiser Properties, <br />LP are duly organized, validly existing and in good standing under the laws of the State of Texas <br />and are authorized to conduct business or own real property in the State of Texas. <br />Section 10.02. Authority. The execution, delivery and performance by the Owners and <br />the Developer of this Agreement are within their respective powers and have been duly authorized, <br />as applicable, and do not require joinder or consent of any other party. <br />Section 10.03. Valid and Binding Obligation. This Agreement is the legal, valid and <br />binding obligation of the Owners and the Developer, enforceable against each in accordance with <br />its 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 10.04. No Defaults. Neither the Owners nor the Developer are in default in the <br />performance, observance or fulfillment of any of the obligations, covenants or conditions <br />contained in any agreement or instrument to which they are parties or by which they or any of their <br />property is bound that would have any material adverse effect on their ability to perform under <br />this Agreement. <br />ARTICLE XI <br />PERSONAL LIABILITY OF PUBLIC OFFICIALS <br />AND LIMITATIONS ON CITY OBLIGATIONS <br />Section 11.01. Personal Liability of Public Officials. No employee or elected official <br />of the City shall be personally responsible for any liability arising under or growing out of this <br />Agreement. <br />Section 11.02. Limitations on City Obligations. The financial obligation of the City <br />hereunder shall be paid solely from lawfully available funds that have been budgeted and <br />22 <br />065611.00495 309237v15 <br />