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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 />City which may adversely affect the financial condition or operation of Owner or Owner's <br />development of the Project and leasehold interest in the Lease or ownership of the <br />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 Premises 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 Premises that has not been corrected, and no condition under the Lease or <br />on the Premises 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 120 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 City. Owner agrees to place a sign (with design to be provided by <br />City) on the Premises during construction acknowledging the City's participation. Promptly <br />after completion of the Project, Owner shall obtain certification from the City's Building <br />Department certifying that the Improvements have been completed in accordance with this <br />Agreement. <br />4.3 USE AND MAINTENANCE OF THE PROPERTY. Owner may use the <br />Premises for any uses allowed by City's DA-1 Zoning designation, and Owner covenants <br />for itself and its successors and assigns that throughout the term of the Loan, the Premises <br />shall be used only for such purposes unless the City and City subsequently approve other <br />uses. <br />Owner shall keep the Premises and the Improvements in good repair and condition, <br />and from time to time make necessary repairs, renewals and replacements thereto so that <br />the Premises and Improvements shall be preserved and maintained. Owner agrees to <br />5 <br />