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<br />in the State, and has power and authority to enter into this Agreement and to perform its obligations <br />hereunder and is not in violation of any provision of the laws of the State. <br />(2) The construction of the Project would not be undertaken by the Developer, and in <br />the opinion of the Developer would not be economically feasible within the reasonably foreseeable <br />future, without the assistance and benefit to the Developer provided for in this Agreement. <br />(3) Neither the execution and delivery of this Agreement, the consummation of the <br />transactions contemplated hereby, nor the fulfillment of or compliance with the terms and <br />conditions of this Agreement is prevented, limited by or conflicts with or results in a breach of, <br />the terms, conditions or provision of any contractual restriction, evidence of indebtedness, <br />agreement or instrument of whatever nature to which the Developer is now a party or by which it <br />is bound, or constitutes a default under any of the foregoing. <br />(4) The Developer understands that the City may subsidize or encourage the <br />development of other developments in the City, including properties that compete with the <br />Development Property and the Project, and that such subsidies may be more favorable than the <br />terms of this Agreement, and that the City has informed the Developer that development of the <br />Development Property will not be favored over the development of other properties. <br /> <br />6 <br />EL185-50-718703.v2 <br /> <br />