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obligations under the Loan Documents. <br />(b) The execution and delivery of Developer of, and the performance <br />by Developer of its obligations under, each Loan Document has been authorized by all <br />necessary action and does not and will not: <br />(i) require any consent or approval not heretofore obtained of <br />any person having any interest in Developer; <br />(ii) violate any provision of, or require any consent or approval <br />not heretofore obtained under, any articles of incorporation, by-laws or other governing <br />document applicable to Developer; <br />(iii) result in or require the creation of any lien, claim, charge or <br />other right of others of any kind (other than under the City Loan Documents) on or with <br />respect to any property now or hereafter owned or leased by Developer; <br />(iv) violate any provision of any law presently in effect; or <br />(v) 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 />(c) 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 adverse <br />effect on the financial condition of Developer or the conduct of its business, under any law, <br />contract, lease or other agreement or document described in subsection (b). <br />(d) No approval, license, exemption or other authorization from, or <br />filing, registration or qualification with, any Governmental Authority is required which has <br />not been previously obtained in connection with: <br />(i) the execution of Developer of, and the performance by <br />Developer of its obligations under, the Loan Documents; and <br />(ii) the creation of the liens described in the Loan 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 the <br />City/NSP Loan (a) is complete and correct in all material respects as of the date of <br />preparation thereof, (b) accurately presents the financial condition of Developer, and (c) <br />has been prepared in accordance with generally accepted accounting principles consistently <br />applied or in accordance with such other principles or methods as are reasonably acceptable <br />to City. To the best of Developer's knowledge, all other documents and information <br />furnished to City with respect to Developer, in connection with the City/NSP Loan, are <br />correct and complete in all material respects insofar as completeness is necessary to give <br />the City accurate knowledge of the subject matter. To the best of Developer's knowledge <br />20 <br />The Crossroads at Washington <br />City NSP Loan Agreement <br />