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• i <br />(c) AUTHORIZATION. The Loan Documents and the transactions contemplated <br />thereby have each been duly authorized by Owner, and when executed and delivered will <br />each constitute a valid and binding obligation of Owner, enforceable in accordance with the <br />respective terms thereof. The persons executing the Loan Documents on behalf of Owner <br />have been duly authorized to do so. <br />(d) NO LITIGATION OR OTHER PROCEEDING. There are no pending or to <br />Owner's knowledge, threatened actions or proceedings before any court or administrative <br />agency which may adversely affect the financial condition or operation of Owner or Owner's <br />development of the Project and ownership of the Property and the Improvements. <br />(e) NO BANKRUPTCY. Owner is not the subject of a bankruptcy or insolvency <br />proceeding. <br />(f) COMPLIANCE WITH LAWS. Owner is in compliance in all material respects <br />with all local, state and federal laws, rules, regulations, orders and decrees which are <br />applicable to the Property or to Owner in relation thereto ("Applicable Law") including <br />without limitation, all environmental, health and safety and employment laws. Owner has <br />received no notice from any governmental authority regarding any threatened or pending <br />zoning, building, fire, or health code violation or violation of other governmental regulations <br />concerning the Property that has not been corrected, and no condition on the Property <br />violates any Applicable Law. <br />ARTICLE IV <br />AFFIRMATIVE COVENANTS <br />4.1 USE OF FUNDS; CONSTRUCTION SCHEDULE. Owner covenants that it <br />shall use the Loan Proceeds solely for purpose of financing the Project in accordance with <br />Section 2.1. Owner shall commence construction of the Project within 60 days following <br />the Effective Date, and shall complete construction of the Project Improvements and obtain <br />certification from the City's Building Department in accordance with Section 4.2 no later <br />than 250 days after the Effective Date. <br />4.2 CONSTRUCTION PURSUANT TO PLANS; CERTIFICATION. All <br />construction related to the Project shall be undertaken pursuant to plans and specifications <br />approved by City and Agency. <br />4.3 USE AND MAINTENANCE OF THE PROPERTY. Owner may use the <br />Property for any uses allowed by City's DA-1 Zoning designation, and Owner covenants for <br />itself and its successors and assigns that throughout the term of the Loan, the Property <br />shall be used only for such purposes unless the Agency and City subsequently approve <br />other uses. <br />Owner shall utilize the increased water service for two new commercial spaces at <br />1404 Washington Avenue within the term of the loan. <br />4.4 Reserved. <br />4.5 ACCOUNTING RECORDS; PROPERTY INSPECTION. Owner shall <br />maintain accurate books and records with respect to the completion of the Project and the <br />i 1n.23~-z ~ <br />