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i <br />F31 � <br />$14,000.00 loan for 13 additional Buyers of Low- income Houses, that <br />all necessary and appropriate budgetary requirements will have been <br />met for all of said loans prior to the applicable dates of the Buyers' <br />purchases of the Low- income Houses, that all necessary and appropriate <br />legal requirements have been met, and that the Town, through its Town <br />Council, has directed all appropriate Town boards and commissions, and <br />the Town Manager has directed the appropriate Town staff, employees, <br />and agents, to give review and processing of the subdivision project <br />at the Property the highest practical priority. <br />E. Representations and Warranties of the Corporation. The <br />Corporation warrants and represents to the Town, which warranties and <br />representations shall survive the execution and delivery of this <br />Agreement: <br />1. The Corporation is duly formed and validly existing <br />in good standing under North Carolina law; <br />2. The Corporation has all necessary corporate power <br />to enter into, execute, de4iver, and perform this Agreement; <br />3. The execution, delivery, and performance of this <br />Agreement will not result in a breach or violation of any lien, <br />promissory note, or any other agreement or any charter or by -law <br />provision of the Corporation by which either the Corporation or its <br />property is bound; <br />4. The Corporation is taking all necessary corporate <br />steps and actions to authorize the execution, delivery, and <br />performance of this Agreement; and <br />5. <br />No litigation is <br />pending. or, to <br />the knowledge <br />of <br />the Corporation, <br />threatened which, <br />if decided <br />adversely to <br />the <br />- 37 - <br />