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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 limited partnership, duly organized, <br />validly existing and in good standing under the laws of the State of Texas and authorized to conduct <br />business in the State of Texas. The obligations of Developer under this Agreement may lawfully <br />be conducted by the Developer. <br />Section 5.02. Authority. The execution, delivery and performance by the Developer of <br />this Agreement are within the Developer's powers and have been duly authorized by all necessary <br />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 />Percentage of Real <br />Percentage of Real <br />Percentage of Real <br />Total <br />Property Taxes <br />Property Taxes <br />Property Taxes <br />Grant <br />Year <br />Building <br />Attributable to <br />Attributable to <br />Attributable to <br />Payment <br />Improvements <br />Building 1 eligible <br />Building 2 eligible <br />Building 3 eligible <br />Earned <br />Schedule <br />to be Refunded <br />to be Refunded <br />to be Refunded <br />2020 <br />Start <br />None <br />None <br />None <br />None <br />Improvements <br />2021 <br />Complete <br />None <br />None <br />None <br />None <br />Improvements <br />2022 <br />100% if not fully <br />100% if not fully <br />100% if not fully <br />Sum of <br />leased <br />leased <br />leased <br />eligible <br />N/A <br />refunds for <br />0% if fully leased <br />0% if fully leased <br />0% if fully leased <br />buildingsl-3 <br />(Paid in <br />2023 <br />2023 <br />75% if not fully leased <br />75% if not fully <br />75% if not fully <br />Sum of <br />Leased <br />leased <br />eligible <br />NIA <br />0% if fully leased <br />refunds for <br />0% if Fully Leased <br />0% if fully leased <br />buildings) -3 <br />(Paid in <br />2024 <br />2024 <br />50% if not fully leased <br />50% if not fully lease <br />50% if not fully <br />Sum of <br />leased <br />eligible <br />N/A <br />0% if fully Leased <br />0% if fully leased <br />refunds for <br />0% if fully leased <br />buildingsl-3 <br />(Paid in <br />2025) <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 limited partnership, duly organized, <br />validly existing and in good standing under the laws of the State of Texas and authorized to conduct <br />business in the State of Texas. The obligations of Developer under this Agreement may lawfully <br />be conducted by the Developer. <br />Section 5.02. Authority. The execution, delivery and performance by the Developer of <br />this Agreement are within the Developer's powers and have been duly authorized by all necessary <br />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 />