Laserfiche WebLink
<br />ARTICLE 2 <br /> <br />REPRESENTATIONS <br /> <br />SECTION 2.01. REPRESENTATIONS BY THE ISSUER. The Issuer makes the following <br />representations as the basis for its covenants herein: <br /> <br />(a) the Issuer is a duly organized and existing political subdi vision under the laws <br />of the State; <br /> <br />(b) in authorizing the loan for the renovation of the Facilities, the Issuer's <br />purpose is, and in its judgment the effect thereof will be. to promote the public welfare by <br />providing transitional housing for low and moderate income individuals and families; <br /> <br />(c) the financing of the Project, the issuance and sale ofthe Bonds, the execution <br />and delivery of this Loan Agreement. the Pledge Agreement and the Resolution, and the <br />performance of all covenants and agreements of the Issuer contained in the Bonds, this Loan <br />Agreement and the Resolution, and of all other acts and things required under the <br />Constitution and laws of the State to make the Bonds, this Loan Agreement and the <br />Resolution valid and binding obligations of the Issuer in accordance with their tem1s, are <br />authorized by the Act and have been duly authorized by the Resolution; <br /> <br />(d) under the provisions of the Pledge Agreement, the Issuer's interest in this <br />Loan Agreement and certain payments due hereunder are pledged and assigned to the Lender <br />as security for the payment of the principal of and interest and premium, if any, on the <br />Bonds; <br /> <br />(e) no elected public official of the Issuer has either a direct or indirect financial <br />interest in this Loan Agreement nor will any elected public official either directly or <br />indirectly benefit financially from this Loan Agreement. <br /> <br />SECTION 2.02. REPRESENTATIONS BY THE CORPORATION. The Corporation makes the <br />following representations as the basis for its covenants herein: <br /> <br />(a) the Corporation is a nonprofit corporation duly incorporated, validly existing <br />and in good standing under the laws of the State, and is authorized and qualified to do <br />business in the State, has authority to enter into this Loan Agreement, and has duly <br />authorized the execution and delivery of this Loan Agreement; <br /> <br />(b) the execution and delivery ofthis Loan Agreement and the consummation of <br />the transactions contemplated thereby, and the fulfillment of the terms and conditions <br />thereof, do not and will not connict with or result in a breach of the Articles of <br />Incorporation, By-laws, any restriction of any agreement or instrument to which the <br />Corporation is now a paIiy and do not and will not constitute a default under any of the <br />foregoing, or result in the creation or imposition of any lien, charge or encumbrance of any <br /> <br />2-1 <br />