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ARTICLE III: CONDITIONS PRECEDENT <br /> The obligation of City to make this Loan contemplated hereunder is subject to <br /> the fulfillment of the following conditions: <br /> SECTION 3.01 APPROVAL OF CITY'S COUNSEL <br /> All legal matters incidental to City's commitment to issue the Loan hereunder <br /> shall be satisfactory to counsel of City, including the form, validity and enforceability <br /> of this Agreement and herein referenced agreements. <br /> SECTION 3.02 AUTHORIZATION TO EXECUTE DOCUMENTS <br /> Recipient hereby covenants that Recipient has full power and authority to <br /> enter into this transaction. <br /> SECTION 3.03 APPROVAL OF OTHERS <br /> Recipient shall have secured all necessary approvals or consents required with <br /> respect to this transaction, if required, by any governmental bodies having <br /> jurisdiction with respect to any activity contemplated in accordance with the use of <br /> proceeds of the Loan. <br /> Recipient shall have additionally secured all necessary approvals or consents <br /> required with respect to this transaction by any mortgagee, creditor, or other party <br /> having any financial interest in Recipient. <br /> SECTION 3.04 COMPLIANCE <br /> The representations and warranties contained herein shall be true on and as of <br /> the date of the signing of this Agreement with the same effect as though such <br /> representation and warranties have been made on and as of such date, and on such <br /> date no event of default as defined in Article VI herein (Events of Default ) and no <br /> condition, event or act which, with the giving of notice or the lapse of time or both <br /> would constitute an Event of Default, shall have occurred and be continuing or shall <br /> exist. <br /> 5 <br />