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i C 1 r _ SECTION 2.05 CORRECTNESS OF FINANCIAL STATEMENTS Any financial statements heretofore delivered by Contractor to City present fairly and accurately the financial condition of Contractor, and have been prepared in accordance with generally accepted accounting principles consistently applied. SECTION 2.06 SUBORDINATION If necessary to secure other financing, City may execute a subordination agreement resulting in City's security interest in the Property becoming subject to and of lower priority than the lien of some other security instrument. Such agreement shall be entered into only after City has reviewed and approved the form of the subordination agreement. SECTION 2.07 TAXES Contractor has filed any required tax returns and has paid and agrees to continue to pay in full in a timely manner all taxes or assessments which have or may become due pursuant to said returns or pursuant to any assessments levied against the Contractor or its personal or real property by any taxing agency, federal, state, or local. No tax liability has been assessed by the Internal Revenue Service or other taxing agency, federal, state or local, for taxes materially in excess of those already provided for and the Contractor knows of no basis for any such deficiency assessment. SECTION 2.08 PERMITS, FRANCHISES Contractor possesses, and will hereafter possess, all permits, memberships, franchises, contracts, and licenses required and all trademark rights, trade name rights, patents, patent rights, and fictitious name rights necessary to enable it to conduct the business in which it is now engaged without conflict with the rights of others. SECTION 2.09 EVIDENCE OF PROTECT FUNDING Before disbursement of the Loan funds, Contractor shall submit to the City acceptable evidence of financing for the balance of the project cost. 4