Laserfiche WebLink
<br />ARTICLE II <br /> <br />REPRESENTATIONS, COVENANTS AND WARRANTIES <br /> <br />Section 2.1. Representations, Covenants and Warranties of the City. The City represents, <br />covenants and warrants to the Authority and the Assignee as follows: <br /> <br />(a) Due Organization and Existence. The City is a municipal corporation and chartered <br />city, duly organized and existing under the laws of the State. <br /> <br />(b) Authorization. The laws of the State authorize the City to enter into the Site Lease and <br />this Lease Agreement and to enter into the transactions contemplated by and to carry out its <br />obligations under all of the aforesaid agreements; the City has duly authorized and executed all <br />of the aforesaid agreements and such agreements constitute the legal, valid and binding <br />agreements of the City, enforceable against the City in accordance with their respective terms. <br /> <br />All procedures and requirements, including any legal bidding requirements, have been <br />met by the City prior to the execution of this Lease Agreement in order to insure the <br />enforceability of this Lease Agreement, and all Lease Payments and other payment obligations <br />will be paid out of funds legally available for such purpose. <br /> <br />The governing body of the City has complied with all applicable open public meeting <br />and notice laws and requirements with respect to the meeting at which the City's execution of <br />this Lease Agreement was authorized. <br /> <br />(c) No Violations. Neither the execution and delivery of the Site Lease or this Lease <br />Agreement, nor the fulfillment of or compliance with the terms and conditions hereof or <br />thereof, nor the consummation of the transactions contemplated hereby or thereby, conflicts <br />with or results in a breach of the terms, conditions or provisions of any restriction, agreement <br />or instrument to which the City is now a party or by which the City is bound, constitutes a <br />default under any of the foregoing, or results in the creation or imposition of any lien, charge or <br />encumbrances whatsoever upon any of the property or assets of the City, or upon the Property, <br />except Permitted Encumbrances. <br /> <br />(d) Execution and Delivery. The City has duly authorized and executed this Lease <br />Agreement in accordance with the laws of the State. <br /> <br />(e) Essential Nature of Property. The Property is essential to the City's operations. <br /> <br />(f) Use of the Property. The City will use the Property for the purpose of performing one <br />or more governmental or proprietary functions of the City consistent with the permissible <br />scope of the City's authority. <br /> <br />(g) Value of the Property. The value of the Property is approximately $12,000,000. <br /> <br />Section 2.2. Representations, Covenants and Warranties of Authority. The Authority <br />represents, covenants and warrants to the Assignee and the City as follows: <br /> <br />-3- <br />