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against or affecting the Company or its subsidiaries or any <br /> properties or rights of the Company or its subsidiaries , <br /> which if adversely determined would impair the ability of the <br /> Company or its subsidiaries to carry on its business as now <br /> conducted or would materially adversely affect its financial <br /> condition. <br /> (e) The Company warrants that it has filed all required <br /> federal, state and local income tax returns as they have <br /> become due. The Company g e <br /> discharge all taxes, assessments and governmental charges and <br /> levies imposed upon it or upon its income or profits arges or <br /> n <br /> any of its property prior to the date on which penalties on <br /> attach thereto, except that the Company will not be required <br /> to pay any such tax, assessment, charge or levy, the payment <br /> of which is being contested in good faith and by proper <br /> proceedings in such manner as not to cause any materially <br /> adverse effect upon its financial condition or the loss of <br /> any right of redemption from any sale thereunder and against <br /> which it shall have set aside on its books reserves <br /> (segregated to the extent required by sound accounting <br /> practices) . <br /> (f) The Company agrees that it will pay all govern- <br /> mental charges or taxes (except income, franchise or similar <br /> taxes) at any time payable or ruled to be payable in respect <br /> of the existence, execution or delivery of the Bond Documents <br /> or issuance of the Bond by reason of any existing or <br /> hereafter enacted federal or state statute. <br /> Section 4. Conditions of Purchaser 's Obligations to <br /> Purchase. The Purchaser shall accept delivery of the Bond only <br /> upon the following conditions: <br /> (a) The Bond Documents, all in form satisfactory to the <br /> Purchaser, shall have been executed and delivered to, the <br /> Note shall have been executed and endorsed without recourse <br /> to the order of and pledged to, the Purchaser, the Deed of <br /> Trust shall have been duly recorded and appropriate financing <br /> statements under the Uniform Commercial Code shall have been <br /> filed. <br /> (b) The Purchaser shall have received ( i ) evidence, <br /> reasonably satisfactory to the Purchaser, of the due <br /> authorization, execution and delivery of each of the Bond <br /> Documents by the respective parties thereto, and (ii ) <br /> appropriate certificates satisfactory to the Purchaser <br /> covering litigation, compliance with laws and prior agree- <br /> ments, securing and fulfilling all necessary permits and <br /> 6. <br />