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ARTICLE II. <br /> REPRESENTATIONS; LOAN TO BORROWER <br /> Section 2.1. Representations by City. The City represents and warrants that: <br /> (a) The City is a municipal corporation organized and existing under the laws of the <br /> State of Indiana. Under the provisions of the Act, the City is authorized to enter into the <br /> transactions contemplated by this Agreement and to carry out its obligations hereunder. City has <br /> been duly authorized to execute and deliver this Agreement. City agrees that it will do or cause <br /> to be done all things within its control and necessary to preserve and keep in full force and effect <br /> its existence. <br /> (b) Concurrently with the execution and delivery of the Loan Agreement and this <br /> Agreement, the City agrees to make the Loan to the Borrower on a draw basis (upon the District <br /> making funds available to simultaneously reimburse the City for such purpose in accordance <br /> with the terms of this Agreement) for the purpose of financing a portion of the Costs of <br /> Construction for the Project, in order to create additional employment opportunities in the City <br /> and to benefit the health, safety, morals and general welfare of the citizens of the City and the <br /> State. <br /> Section 2.2. Representations by Redevelopment District. The Redevelopment <br /> Commission, governing body for the District, represents and warrants that: <br /> (a) The Redevelopment Commission is the governing body of the District, which is a <br /> special taxing district organized and existing under the laws of the State of Indiana. Under the <br /> provisions of the Act, the Redevelopment Commission is authorized to enter into the transactions <br /> contemplated by this Agreement and to carry out its obligations hereunder. The Redevelopment <br /> Commission has been duly authorized to execute and deliver this Agreement. The <br /> Redevelopment Commission agrees that it will do or cause to be done all things within its control <br /> and necessary to preserve and keep in full force and effect its existence. <br /> (b) In order to simultaneously reimburse the City for its costs incurred, or to be <br /> incurred, in providing draws on the Loan pursuant to Section 2.3 of the Loan Agreement to <br /> finance a portion of the Costs of Construction for the Project, the Redevelopment Commission <br /> agrees that it will consider appropriations of not more than $4,000,000 from the respective <br /> amounts of the Tax Increment Revenues then currently on deposit in the Allocation Funds for the <br /> purpose of paying to, or upon the order of, the City for depositing into the Project Fund, with the <br /> sum of such appropriations not to exceed an aggregate principal amount equal to Four Million <br /> Dollars ($4,000,000). <br /> (c) The Redevelopment Commission acknowledges and agrees that the Loan being <br /> made by the City to the Borrower is subject to forgiveness upon the Borrower's satisfaction of <br /> certain conditions set forth in Section 4.3 of the Loan Agreement. <br /> (End of Article II) <br /> 4 <br />