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7.2,[ Developer has all requisite authority to execute and <br />perfonn its obligations tinder the Ioan Docurnents, <br />7.2.2 The execution and delivery oMeveloperal, and the <br />performance by Developer of its obligations under, each Ulan Document has beer) <br />authorized by all necessary action and does not and will riot: <br />(a) require any consent or approval not herelofiore <br />obtained of any person having any interest in Developer, <br />(b) violate any provision of, or require any consent or <br />approval not heretofore obtained under, any articles of incorpo ration, by-laws or other <br />governing document applicable to Developer; <br />(c) result in or rciprirc the creation of any lien, claim, <br />charge or offier right of others of any kind (other than tinder the City Loan Docuinents) <br />on or with respect to any property now or bereafter owned or leased by Developer; <br />(d) violate any provision of any lave presently in effect; <br />or <br />(c) constitute a breach or default under; or permit the <br />acceleration of obligations owed tinder, any contract, loan agreement, lease or other <br />agreement or doQuniorit to which Developer is a party or by which Developer or any of its <br />property is bound. <br />7.2.3 Developer is not in default, in any respect that is materially adverse <br />to the interests of City under the Loan Dour merits or that would have any material <br />adverse effect on the financial condition of Developer or tire conduct of its business, <br />under arty law, contract, lease or other agreement or document described in wb <br />pa,ragraph (d) or (c) of the previous subsection. <br />7.14 No approval, license, exemption or other authorization from, or <br />filing, registration or qualification with, any Governmental Authority is required which <br />has riot been previously obtained in coruiection with: <br />(a) the execution of Developer of, and the <br />performance by Developer of its obligations under,. the Loan Documents; and <br />(b) the creation of liens described in the Loan <br />Documents, <br />73 Financial and Other Information. To the best of Developer's knowledge, all <br />financial information furnished to City with respect to Developer in eonriectioa with the <br />Loan (a) is complete and correct in all material respects as of the date of preparation <br />thereof, (b) accurately present,; the financial condition of Developer, and (0) has been <br />prepared in afwordancQ with generally aceepted accounting principles consistently <br />16 <br />25B-22 <br />