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b. The execution and delivery of Developer of, and the performance by <br />Developer of its obligations under, each Loan Document has been authorized by all necessary <br />action and does not and will not: <br />(1) require any consent or approval not heretofore <br />obtained of any person having any interest in Developer; <br />(2) violate any provision of, or require any consent or <br />approval not heretofore obtained under, any articles of incorporation, by-laws or other governing <br />document applicable to Developer; <br />(3) result in or require the creation of any lien, claim, <br />charge or other right of others of any kind (other than under the City Loan Documents) on or <br />with respect to any property now or hereafter owned or leased by Developer; <br />presently in effect; or <br />(4) to best of its knowledge, violate any provision of any law <br />(5) constitute a breach or default under, or permit the <br />acceleration of obligations owed under, any contract, loan agreement, lease or other agreement or <br />document to which Developer is a party or by which Developer or any of its 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 effect <br />on the financial condition of Developer or the conduct of its business, under any law, contract, <br />lease or other agreement or document described in sub-paragraph (4) or (5) of the previous <br />subsection. <br />d. No approval, license, exemption or other authorization from, or <br />filing, registration or qualification with, any Governmental Authority is required which has not <br />been previously obtained in connection with: <br />(1) the execution of Developer of, and the performance by <br />Developer of its obligations under, the Loan Documents except for necessary City permits <br />necessary for the demolition and construction work on the Property as called for in the Loan <br />Documents; and <br />(2) the creation of the liens described in the Loan Documents. <br />9.4 Financial and Other Information. To the best of Developer's knowledge, all <br />financial information furnished to City with respect to Developer in connection with the Loans <br />(a) is complete and correct in all material respects as of the date of preparation thereof, (b) <br />accurately presents the financial condition of Developer, and (c) has been prepared in accordance <br />with generally accepted accounting principles consistently applied or in accordance with such <br />other principles or methods as are reasonably acceptable to City. To the best of Developer's <br />knowledge, all other documents and information furnished to City with respect to Developer, in <br />17 <br />80A-73