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7.2.1 Developer has all requisite authority to execute and <br />perform its obligations trader the Loan Documents. <br />7.2.2 The execution and delivery of Developer of, and the <br />perforrnance by Developer of its obligations under, each Loan Document has been <br />authorized by all necessary action and does not and will not: <br />(a) require any consent or approval not heretofore <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 incorporation, by -laws or other <br />governing document applicable to Developer; <br />(c) 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) <br />on or with respect to any property now or hereafter owned or leased by Developer,; <br />(d) violate any provision of any law presently in effect; <br />or <br />(e) 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 />7.2.3 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 <br />adverse effect on the financial condition of Developer or the conduct of its business, <br />under any law, contract, lease or other agreement or document described in sub- <br />paragraph (d) or (e) of the previous subsection. <br />7.2.4 No approval, license, exemption or other authorization from, or <br />filing, registration or qualification with, any Governmental Authority is required which <br />has not been previously obtained in connection 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 the liens described ir: the Loan <br />Documents. <br />7.3 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 <br />Loan (a) is complete and correct in all material respects as of the date of preparation <br />thereof, (b) accurately presents the financial condition of Developer, and (c) has been <br />prepared in accordance with generally accepted accounting principles consistently <br />1.6 <br />