FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 acceleration of obligations owed under, any contract, loan agreement, lease or other agreement or document to which Developer is a party or by which Developer or any of its property is buund. 9.2.3 Developer is not in default in any respect that is materially adverse to the interest, of C'iiy under the T oan Documents or that would have any material adverse effect on the, financial condition of Developer or t}re conduct of its business, tinder any law, contract, lease or other agreement or document described in sub- paragraph (d) or (e) of the previous subsection. 92.4 No approval, license, exemption or other authorization from, or filing, regisuation or qualification with, any Governmental Authority is required which has not been previously obtained in connection with: (a) the execution of Developer of, and the performance by Developer of its obligations under, the Loan DOCmnents; and (b) the creation of the liens described in the Loan Documents. 9.3 Financial stud Olher Inlinrmation. To the best of Developei's lnowled e, all financial infurtnatiun furnished to City with respect to Developer in connection with the I .oan (a) is complete and correct in all material respects as of the (late of preparation Ihereol; (b) accurately presents the financial condition ol'Developer, and (c) has been prepared in accordance with generally accepted accounting principles consistently applied or in accordance. with such other principles or nn:tliods as arc reasonably acceptable to City. To the best of Developer's knowledge, all other docunnems and information furnished to City with respect to Developer, in connection with the Loans, are correct and complete in all material respects insofar as completeness is necessary to give the City accurate knowledge of the SttbieQL nnatter. 't o the best of Developer's knowledge Developer has no material liability or contingent liability not disclosed to City in writing and there is no material lien, claim, Charge or other right of others ut ativ kind (including liens or retained security titles of conditional vendors) on any property of Developer not disclosed in such financial slatements or otherwise disclosed to City in writing. 9.4 No Material Adverse Chan-e. There has been no material adverse change in The condition, financial or otherwise, of Developer since the dates of the latest financial statements furnished to City. Since those dates, Developer has not entered into any material transaction not disclosed in such financial statements or otherwise disclosed to City in writing. 9.5 Tax Liability. Developer has tiled all required federal, state and local tax returns and has paid all taxes (including interest and penalties, but subject to lawful extensions disclosed to City in writing) other than taxes being promptly and actively contested in good faith and by appropriate proceedings. Developer is maintaining adequate reserves for tax liabilities (including contested liabilities) in accordance with generally accepted City Council 15 21 — 19 4/20/2021