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b. funds equivalent in value to the applicable Grant Payment amount are <br /> appropriated for the specific purpose of making a Grant Payment as part of the City's <br /> ordinary budget and appropriations approval process; and <br /> C. the Developer has submitted all information required under this Agreement <br /> necessary to verify its compliance. <br /> Section 4.03. Grant Payments Paid Only for Unleased Space. The Grant Payments are <br /> intended, to mitigate the impact to Developer of carrying the costs of unleased space in any <br /> completed Building Improvements. If all or any of the buildings comprising the Building <br /> Improvements is leased, then any Grant Payment otherwise owed by the City for the year during <br /> which such leasing occurred will be reduced in proportion to the square footage of the area leased <br /> relative to the total square footage of the Building Improvements. For instance, if Developer is <br /> eligible to receive a Grant Payment for a 100,000 square foot building that is assessed as of January <br /> 1 of the year for which a Grant Payment is requested, but 50,000 square feet of the building is <br /> leased during such calendar year, then the Grant Payment would be reduced by 50 percent. If the <br /> entire building became fully leased during that calendar year, then the City would not owe, and <br /> Developer is not eligible to collect, any further Grant Payments associated with such leased <br /> Building Improvements. <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 liability company,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 /> 8 <br />