Laserfiche WebLink
Section 202. Representations, Covenants and Warranties of the Authority. <br />The Authority represents, covenants and warrants to the City as follows: <br />(a) The Authority is ajoint powers authority duly organized, existing and in <br />good standing under and by virtue of the laws of the State of California; has power to enter <br />into the Lease Agreement, the Site Lease and the Trust Agreement, is possessed of full power <br />to own and hold real and personal property and to lease and sell the same; and has duly <br />authorized the execution and delivery of all of the aforesaid Agreements. <br />(b) The Authority will not pledge the Lease Payments or other amounts <br />derived from [he Project and from its other rights under [he Lease Agreement and the Site <br />Lease and will not encumber the Project, except as provided under the terms of [he Lease <br />Agreement, the Site Lease and the Trust Agreement. <br />(c) Neither the execution and delivery of the Lease Agreement, the Site <br />Lease or the Trust Agreement, nor the fulfillment of or compliance with the terms and <br />conditions hereof or thereof, nor the consummation of the transactions contemplated hereby <br />or 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 [he Authority is now a party or by which <br />the Authority is bound, or constitutes a default under either of the foregoing, or results in the <br />creation or imposition of any lien, charge or encumbrance whatsoever upon any of the <br />property or assets of the Authority, or upon the Project, except Permitted Encumbrances. <br />(d) Except as provided in the Lease Agreement or the Trust Agreement, the <br />Authority will not assign the Lease Agreement or the Site Lease or its right to receive Lease <br />Payments from the City, or its duties and obligations under the Lease Agreement or the Site <br />Lease to any other person, firm or Authority so as [o impair or violate the representations, <br />covenants and warranties contained in this Section 202. <br />ARTICLE III <br />DEPOSIT OF MONEYS <br />Section 301. Deposit of Moneys. <br />On the Closing Date, the Authority shall cause [o be deposited with the Trustee <br />the amount specified in Section 203 of the Trust Agreement. The City hereby certifies that the <br />Project is completed and ready for use by the City. <br />van~som.t,A~ <br />