Res 2006-153 - Laserfiche WebLink

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Section 2.02 Representation of the Zone. The Zone hereby represents to the Developer that: (A) The Zone is duly authorized, created and existing under the laws of the State and is duly qualified and authorized to carryon the governmental functions and operations as contemplated by this Agreement. (B) The Zone has the power, authority and legal right to enter into and perform this Agreement and the execution, delivery and performance hereof (i) have been duly authorized, will not violate any applicable judgment, order, law or regulation, and (ii) do not constitute a default under, or result in the creation of, any lien, charge, encumbrance or security interest upon any assets of the Zone under any agreement or instrument to which the Zone is a party or by which the Zone or its assets may be bound or affected. (C) This Agreement has been duly authorized, executed and delivered by the Zone and, constitutes a legal, valid and binding obligation of the Zone, enforceable in accordance with its terms. (D) The execution, delivery and performance of this Agreement by the Zone does not require the consent or approval of any person which has not been obtained. (E) The Zone understands and commits that it will use Available Tax Increment Funds to pay its obligations related to this Agreement, but the Zone's obligation to make payments to the Developer is subject to the limitations described in this Agreement. Section 2.03 Representations of the Developer. The Developer hereby represents to the City and the Zone that as of the date hereof: (A) The Developer is duly authorized and existing in good standing under the laws of the State of Texas, and is a Texas Limited Partnership. (B) The Developer has the power, authority and legal right to enter into and perform its obligations set forth in this Agreement, and the execution, delivery and performance hereof, (i) have been duly authorized, and will not, to the best of its knowledge, violate any judgment, order, law or regulation applicable to the Developer, (ii) do not constitute a default under or result in the creation of, any lien, charge, encumbrance or security interest upon any assets of the Developer under any agreement or instrument to which the Developer is a party or by which the Developer or its assets may be bound or affected, and (iii) Developer's performance under this Agreement shall not result in the creation of any claim against City or Zone for money or performance, any lien charge, encumbrance or security interest upon any asset of the City or Zone. (C) The Developer will have sufficient capital to perform its obligations under this Agreement at the time it needs to have sufficient capital. (D) The Developer has obtained or will obtain all necessary permits and approvals from the City and all other governmental officials and agencies having jurisdiction and will provide supervision of all phases of construction of the Proj ect. -4-