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<br />21 <br />The Crossroads at Washington <br />City HOME Loan Agreement <br /> <br />(iv) violate any provision of any law presently in effect; or <br /> <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 /> <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/HOME 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/HOME 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 />Developer has no material liability or contingent liability not disclosed to City in writing <br />and there is no material lien, claim, charge or other right of others of any kinds (including <br />liens or retained security titles of conditional vendors) on any property of Developer not <br />disclosed in such financial statements or otherwise disclosed to City in writing. <br />9.4. No Material Adverse Change. There has been no material adverse change <br />in 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 <br />returns and has paid all taxes (including interest and penalties, but subject to lawful <br />extensions disclosed to City in writing) other than taxes being promptly and actively <br />contested in good faith and by appropriate proceedings. Developer is maintaining adequate <br />reserves for tax liabilities (including contested liabilities) in accordance with generally <br />EXHIBIT 5