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C <br />1 407 <br />Corporation, would materially adversely affect the Corporation's <br />financial or business condition or affect adversely the ability of the <br />Corporation to perform its obligations under this Agreement. <br />F. Representations and warranties of the Town. The Town <br />represents and warrants to the Corporation, which representations and <br />warranties shall survive the execution and delivery of this Agreement, <br />that: <br />1. The Town is a municipal corporation duly formed <br />under North Carolina law;' <br />2. The Town has all necessary power under State <br />statutes and under its Charter, as amended, to enter into, execute, <br />deliver, and perform this Agreement (and the acts, actions, and <br />transactions referred to in and contemplated by this Agreement) and <br />r <br />has duly and validly authorized the same; <br />3. The Town has the power and authority to enter into, <br />.execute, deliver, and perform Shared Equity Agreements pursuant to and <br />consistent with the terms jnd provisions of this Agreement; <br />4. The Town has. the power and authority to purchase <br />and to sell any Low- income House pursuant to the terms of its <br />contemplated rights of first refusal and this Agreement; <br />5. No litigation is pending or, to the knowledge of <br />the Town, threatened, nor is there any basis for any litigation, which <br />questions, disputes, or affects adversely the power, authority, and <br />ability of the Town to enter into and perform this Agreement; <br />6. The execution, delivery, and performance of this <br />Agreement will not result in or cause the breach or violation of any <br />Town Charter provisions or any provision of any bond, order, trust <br />- 3s - <br />