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terms 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 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 action <br /> taken or to be taken by the Developer in connection with the execution, delivery and performance <br /> by the Developer of this Agreement or seeking to prohibit,restrain or enjoin the execution,delivery <br /> or performance by the Developer hereof, wherein an unfavorable decision, ruling or finding (i) <br /> would adversely affect the validity or enforceability of,or the authority or ability of the Developer <br /> to perform, its obligations under this Agreement or (ii) would have a material adverse effect on <br /> the consolidated financial condition or results of operations of the Developer or on the ability of <br /> the Developer to conduct its business as presently conducted or as proposed or contemplated to be <br /> conducted. <br /> Section 5.07. No Defaults. The Developer is current in its obligation to pay taxes to the <br /> City, and is not in default in the performance, observance or fulfillment of any of the obligations, <br /> covenants or conditions contained in any agreement or instrument to which the Developer is a <br /> party or by which the Developer or any of its property is bound that would have any material <br /> adverse effect on the Developer's ability to perform under this Agreement. <br /> Section 5.08. Full Disclosure. Neither this Agreement nor any schedule or exhibit <br /> attached hereto in connection with the negotiation of this Agreement contains any untrue statement <br /> of a material fact or omits to state any material fact necessary to keep the statements contained <br /> 10 <br />