Res 2008-170 - Laserfiche WebLink

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as a result of any cure period under this section. SECTION 5.2. COVENANTS OF THE CITY. From the Effective Date of this Agreement until the end of the Tenn and subject to the annual appropriation of funds therefor as provided in Sections 4.2 and 7.2, the Tax Fund shall remain a separate, unencumbered fund or account containing only a stun of money equivalent to the Real Property Taxes for the payment of the Grant Payments for the applicable period. SECTION 5.3 FURTHER ACTIONS. The City and the Developer will do all things reasonably necessary or appropriate to carry out the objectives, terms and provisions of this Agreement and to aid and assist each other in carrying out such objectives, tenns and provisions, provided that the City shall not be required to spend any money or have further obligations other than to reimburse the Developer pursuant to the terms of this Agreement. ARTICLE VI REPRESENTATIONS AND WARRANTIES SECTION 6.1. REPRESENTATIONS AND WARRANTIES OF DEVELOPER. The Developer represents and warrants to the City, as of the Effective Date, as follows: SECTION 6.1.1. ORGANIZATION. The Developer is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Texas and authorized to do business in the State of Texas. The business that Developer proposes to carry on at each New Building may lawfully be conducted by the Developer. SECTION 6.1.2. AUTHORITY. The execution, delivery and performance by the Developer of this Agreement are within the Developer's powers and have been duly authorized by all necessary action of the Developer. SECTION 6.1.3. No CONFLICTS. Neither the execution and delivery of this Agreement, nor the consummation of any of the transactions herein contemplated, nor compliance with the terms and provisions hereof will contravene the organizational documents of the Developer or, to Developer's actual knowledge, any provision of law, statute, rule or regulation to which the Developer is subject or any judgment, decree, license, order or permit applicable to the Developer, or will conflict or be inconsistent with, or will result in a breach of any of the terms of the covenants, conditions or provisions of, or constitute a delay under, or result in the creation or imposition of a lien upon any of the property or assets of the Developer pursuant to the terms of any indenture, mortgage, deed of trust, agreement or other instrument to which the Developer is a party or, to the knowledge of the Developer, by which the Developer is bound, or to which the Developer is subject.