Laserfiche WebLink
<br />(a) Due Organization and Existence. The Authority is a joint exercise of powers authority, <br />duly organized and existing under and by virtue of the laws of the State; has power to enter <br />into the Site Lease, this Lease Agreement and the Assignment Agreement; is possessed of full <br />power to own and hold, improve and equip real and personal property and to lease and sell the <br />same; has duly authorized the execution and delivery of all of the aforesaid agreements and <br />such agreements constitute the legal, valid and binding agreements of the Authority, <br />enforceable against the Authority in accordance with their respective terms. <br /> <br />(b) No Encumbrances. The Authority will not pledge the Lease Payments or other <br />amounts derived from the Property and from its other rights under this Lease Agreement and <br />will not mortgage or encumber the Property, except as provided under the terms of this Lease <br />Agreement. <br /> <br />(c) No Violations. Neither the execution and delivery of the Site Lease, this Lease <br />Agreement or the Assignment Agreement, the fulfillment of or compliance with the terms and <br />conditions hereof or thereof, nor the consummation of the transactions contemplated hereby or <br />thereby, conflicts with or results in a breach of the terms, conditions or provisions of any <br />restriction or any agreement or instrument to which the Authority is now a party or by which <br />the Authority is bound, constitutes a default under any of the foregoing, or results in the <br />creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property <br />or assets of the Authority, or upon the Property, except Permitted Encumbrances. <br /> <br />(d) No Assignments. Except for its assignment to the Assignee or as otherwise provided <br />herein, the Authority will not assign this Lease Agreement, its right to receive Lease Payments <br />from the City or its duties and obligations hereunder to any other person, firm or corporation <br />so as to impair or violate the representations, covenants and warranties contained in this <br />Section 2.2. <br /> <br />(e) Execution and Delivery. The Authority has duly authorized and executed this Lease <br />Agreement in accordance with the laws of the State. <br /> <br />-4- <br />