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applied or in accordance with such other principles or methods as are reasonably <br />acceptable to City. To the best of Developer's knowledge, all other documents and <br />infonnation famished to City with respect to Developer, in connection with the Loans, <br />are correct and complete insofar as completeness is necessary to give the City accurate <br />knowledge of the subject matter. To the best of Developer's knowledge Developer has <br />no material liability or contingent liability not disclosed to City in writing and there is no <br />material lien, claim, charge or other right of others of any kinds (including liens or <br />retained security titles of conditional vendors) on any property of Developer not disclosed <br />in such financial statements or otherwise disclosed to City in writing. <br />7.4 No Material Adverse Chance. There has been no material adverse change in <br />the condition, financial or otherwise, of Developer since the dates of the latest financial <br />statements furnished to City. Since those dates, Developer has not entered into any <br />material transaction not disclosed in such financial statements or otherwise disclosed to <br />City in writing. <br />7.5 Tax Liability. Developer has filed all required federal, state and local tax returns <br />and has paid all taxes (including interest and penalties, but subject to lawful extensions <br />disclosed to City in writing) other than taxes being promptly and actively contested in <br />good faith and by appropriate proceedings. Developer is maintaining adequate reserves <br />for tax liabilities (including contested liabilities) in accordance with generally accepted <br />accounting principles or in accordance with such other principles or methods as are <br />reasonably acceptable to City. <br />7.6 Governmental Requirements. Developer is in compliance with all laws relating <br />to the Property and all Governmental Authority approvals, including zoning, land use, <br />planning requirements, and requirements arising from or relating to the adoption or <br />amendment of, any applicable general plan, subdivision and parcel map requirement; <br />environmental requirements, including the requirements of the California Enviromnental <br />Quality Act and the National Enviromnental Policy Act and the preparation and approval <br />of all required environmental impact statements and reports; use, occupancy and building <br />permit requirements; and public utilities requirements. <br />7.7 Rights of Others. Developer is in compliance with all covenants, conditions, <br />restrictions, easements, rights of way and other rights of third parties relating to the <br />Property. <br />7.8 Litigation. There are no material actions or proceedings pending or, to the best of <br />the Developer's knowledge, threatened against or affecting Developer or any property of <br />Developer before any Governmental Authority, except as disclosed to City in writing <br />prior to the execution of this Agreement. <br />7.9 Bankruptcy. To the best of Developer's knowledge, no attachments, execution <br />proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, <br />reorganization or other proceedings are pending or threatened against Developer, nor are <br />any of such proceedings contemplated by Developer. <br />17 <br />