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EXHIBIT 3 <br />air <br />(e) constitute a breach or default under, or permit the <br />acceleration of obligations owed under, any contract, loan agreement, lease or other <br />agreement or document to which Developer is a party or by which Developer or any of its <br />property is bound. <br />9.2.3 Developer is not in default, in any respect that is materially adverse <br />to the interests of City under the Loan Documents or that would have any material <br />adverse effect on the financial condition of Developer or the conduct of its business, <br />under any law, contract, lease or other agreement or document described in sub- <br />paragraph (d) or (e) of the previous subsection. <br />9.2.4 No approval, license, exemption or other authorization from, or <br />filing, registration or qualification with, any Governmental Authority is required which <br />has not been previously obtained in connection with: <br />(a) the execution of Developer of, and the <br />performance by Developer of its obligations under, the Loan Documents; and <br />(b) the creation of the liens described in the Loan <br />Documents. <br />9.3 Financial and Other Information. To the best of Developer's knowledge, <br />all financial information furnished to City with respect to Developer in connection with <br />the Loan (a) is complete and correct in all material respects as of the date of preparation <br />thereof, (b) accurately presents the financial condition of Developer, and (c) has been <br />prepared in accordance with generally accepted accounting principles consistently <br />applied or in accordance with such other principles or methods as are reasonably <br />acceptable to City. To the best of Developer's knowledge, all other documents and <br />information furnished to City with respect to Developer, in connection with the Loans, <br />are correct and complete in all material respects insofar as completeness is necessary to <br />give the City accurate knowledge of the subject matter. To the best of Developer's <br />knowledge Developer has no material liability or contingent liability not disclosed to City <br />in writing and there is no material lien, claim, charge or other right of others of any kinds <br />(including liens or retained security titles of conditional vendors) on any property of <br />Developer not disclosed in such financial statements or otherwise disclosed to City in <br />writing. <br />9.4 No Material Adverse Change. There has been no material adverse change in <br />the condition, financial or otherwise, of Developer since the dates of the latest financial <br />statements furnished to City. Since those dates, Developer has not entered into any <br />material transaction not disclosed in such financial statements or otherwise disclosed to <br />City in writing. <br />9.5 Tax Liability. Developer has filed all required federal, state and local tax returns <br />and has paid all taxes (including interest and penalties, but subject to lawful extensions <br />disclosed to City in writing) other than taxes being promptly and actively contested in <br />14 <br />1M1 <br />