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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 /> herein or therein, in the light of the circumstances in which they were made, from being <br /> misleading. <br /> ARTICLE VI <br /> PERSONAL LIABILITY OF PUBLIC OFFICIALS; <br /> LIMITATIONS ON CITY OBLIGATIONS <br /> Section 6.01. Personal Liability of Public Officials. No employee or elected official of <br /> the City shall be personally responsible for any liability arising under or growing out of this <br /> Agreement. <br /> Section 6.02. Limitations on City Obligations. The Grant Payments made and any other <br /> financial obligation of the City hereunder shall be paid solely from lawfully available funds that <br /> have been budgeted and appropriated each year during the Term by the City as provided in this <br /> Agreement. Under no circumstances shall the City's obligations hereunder be deemed to create <br /> any debt within the meaning of any constitutional or statutory provision. Consequently, <br /> notwithstanding any other provision of this Agreement, the City shall have no obligation or <br /> liability to pay any Grant Payments or other payments unless the City budgets and appropriates <br /> funds to make such payments during the City's fiscal year in which such Grant Payment(s)or other <br /> payments are payable under this Agreement. <br /> 7 <br />