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<br />6. Representations of Developer and the Citv. <br /> <br />(a) The Developer hereby represents and warrants to the City that: <br /> <br />(1) Developer has full power and authority to enter into and perfonn <br />its obligations under this Agreement, and that the execution, delivery and perfonnance of this <br />Agreement and all documents contemplated hereby have been duly and effectively approved and <br />authorized by all necessary action. Developer agrees that this Agreement is binding upon it and <br />its successors and assignees, in accordance with its tenns, and that upon execution hereof by <br />Developer, this Agreement is a legal, valid and binding obligation of Developer, enforceable in <br />accordance with its tenns. <br /> <br />(2) Developer hereby represents to the City that the true value of the <br />Project Site, including any structures located thereon, as of the date of this Agreement is $70,300 <br />and that it expects that the true value of the Improvements will not be less than $1,200,000. <br /> <br />(b) The City hereby represents and warrants to and covenants with Developer <br /> <br />that: <br /> <br />(1) The City has full power and authority to enter into and to perfonn <br />its obligations under this Agreement, and that the execution, delivery and perfonnance of the <br />Agreement and all documents contemplated hereby have been duly and effectively approved and <br />authorized by all necessary action. The City agrees that this Agreement is binding upon it and its <br />successors and assignees, in accordance with its tenns, and upon execution hereof by the Mayor, <br />this Agreement is a legal, valid and binding obligation of the City, enforceable in accordance <br />with its tenn; <br /> <br />(2) Upon execution of this Agreement and when funds are available, <br />the City will contract to undertake the Public Improvements described in Exhibit C including the <br />engagement of a Construction Manager to oversee the implementation of the Public <br />Improvements. <br /> <br />7. Binding Effect. This Agreement shall be binding upon and shall inure to <br />the benefit of the City and Developer and their respective successors and assigns. No provision <br />of this Agreement is intended to .or shall be merged by reason of any deed transferring title to the <br />Project Site or any part of the Project Site to any successor in interest of Developer, and any such <br />deed shall not be deemed to affect or impair the provisions and covenants of the Agreement. <br /> <br />8. Remedies. <br /> <br />(a) In the event of a breach of this Agreement or any of its tenns by <br />Developer or any successor thereto, the City shall provide written notice of such breach to the <br />defaulting party at the address specified in Section 12 hereof (or such other address as the party <br />may specify in writing) so that the Developer or its pennitted successor may attempt to cure the <br />same. In case such remedial action is not taken or not diligently pursued within thirty (30) days <br />of such written notice, or in case such action does not cure the bre~ach within a reasonable period <br />after its commencement, the City may institute such proceedings at law or in equity as may be <br />necessary or appropriate in its opinion to remedy such breach. <br /> <br />4 <br />