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<br />ARTICLE II <br /> <br />ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES <br /> <br />Section 2.1 Acknowledgments, Representations and Warranties of the City. The City <br />makes the following representations and warranties: <br /> <br />(1) The City is a municipal corporation and a political subciivision of the State and <br />has the power to enter into this Agreement and carry out its obligations hereunder. <br /> <br />(2) The Tax Abatement Program was created, <br />with the terms of the Tax Abatement Act. <br /> <br />approved in accordance <br /> <br />(3) The City has made the findings required by the Tax Abatel11en,1 Act for the Tax <br />Abatement Program. <br /> <br />(4) The City acknowledges and understands that the EDA is s~lling the Tax <br />Abatement Property to Sportech, Inc. at a price less thanfairmarket value. The City intends to <br />reimburse the EDA for a portion of the amount of the discoul1tin the price of the Tax Abatement <br />Property from the Tax Abatements as herein. <br /> <br />Section 2.2 Acknowledgments, Representa.tions and Warranties of the EDA. The EDA <br />makes the following representations and warf~nties: <br /> <br />(l) The EDAisa.Illlblic body corporate and politic and has the power to enter into <br />this Agreement and out itso'Pligations hereunder. <br /> <br />(2) <br />Developer. <br /> <br />The EDAbasdulyiautborized the sale of the Tax Abatement Property to the <br /> <br />2159586v2 <br /> <br />3 <br />