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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 to <br /> be done all things within its control and necessary to preserve and keep in full force and effect its <br /> 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 with <br /> the terms of this Agreement) for the purpose of financing a portion of the Costs of Construction <br /> for the Project, in order to create additional employment opportunities in the City and to benefit <br /> the health, safety, morals and general welfare of the citizens of the City and the 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 Redevelopment <br /> Commission agrees that it will do or cause to be done all things within its control and necessary to <br /> 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 finance <br /> a portion of the Costs of Construction for the Project, the Redevelopment Commission agrees that <br /> it will consider appropriations from the Tax Increment Revenues then currently on deposit in the <br /> Allocation Fund for the purpose of paying to,or upon the order of,the City for depositing into the <br /> Project Fund, with the sum of such appropriations not to exceed an aggregate principal amount <br /> equal to One Million Two Hundred Fifty Thousand Dollars($1,250,000). <br /> (c) The Redevelopment Commission acknowledges and agrees that the Loan being <br /> made by the City to the Borrower is subject to forgiveness in the sole discretion of the City and <br /> upon the Borrower's satisfaction of certain conditions set forth in Section 4.3 of the Loan <br /> Agreement. <br /> (End of Article II) <br /> 4 <br />