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• <br />ARTICLE II <br />' Representations <br />Section 2.1. Representations by the Lessor. The <br />Lessor makes the following representations as the basis for <br />the undertakings on its part herein contained: <br />(a) The Lessor is duly organized as a municipal <br />corporation pursuant to the laws of the State of Indiana <br />and has the power to enter into the transactions con- <br />templated by this Lease and to carry out its obliga- <br />tions hereunder. The Project constitutes and will <br />constitute "economic development facilities" within the <br />meaning of the Act. By proper corporate action, the <br />Lessor has been duly authorized to execute and deliver <br />this Lease. <br />(b) The Lessor has acquired good and marketable <br />title to the Leased Land, subject to Permitted Encum- <br />brances, and proposes to cause to be acquired and installed <br />the Leased Equipment in the Building or on the Leased <br />Land, and proposes to lease the Project to the Lessee, <br />and to sell the Project to the Lessee, upon Lessee's <br />exercise of its option to purchase the Project or at <br />the expiration or sooner termination of the Lease Term, <br />all for the purpose of promoting economic development <br />by inducing the Lessee to locate and operate the Project <br />in or near the City of South Bend, Indiana. <br />The Lessor agrees to use its best efforts to <br />procure from the appropriate state, county, municipal <br />and other authorities and corporations connection and <br />discharge arrangements for the supply of water, gas, <br />electricity and other utilities and sewage and indus- <br />trial waste disposal for the operation of the Project. <br />(c) To finance the cost of the Project, the <br />Lessor will issue the Series 1976 Bonds in the aggregate <br />principal amount of $3,350,000. <br />(d) The Bonds are to be issued under and secured <br />by the indenture, pursuant to which the Lessee's interest <br />in this Lease and the revenues and receipts derived by <br />the Lessor from the leasing or sale of the Project will <br />be pledged, and the Project will be mortgaged to the <br />Trustee as security for payment of the principal of, <br />premium, if any, and interest on the Bonds. <br />y", 20 , 211 <br />