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<br />7 <br /> <br />e <br /> <br />e <br /> <br />Porte agrees to use the Little Cedar Bayou Park Amount solely for <br />the construction and/or installation of Capital Improvements <br />-(subject to the terms of the Declaration) at Little Cedar" Bayou <br />Park. <br /> <br />ARTICLE V <br /> <br />DEFAULT AND REMEDIES <br /> <br />In the event either Party fails to perform its covenants <br />and obligations hereunder or if the warranties and <br />representations of either Party prove to be untrue in any <br />material respect or if La Porte takes any action which will have <br />the effect of terminating any of the restrictions, covenants, or <br />conditions imposed by the Declaration prior to the expiration of <br />the term of said Declaration, the same shall constitute a default <br />hereunder. In the event of a default hereunder by either Party, <br />the other Party shall be entitled to exercise any and all rights <br />and remedies to which it is entitled at law or in equity or by <br />statute or otherwise and the exercise by such Party of such right <br />or remedy shall not preclude the simultaneous or later exercise <br />by such Party of any other such right or remedy. <br /> <br />ARTICLE VI <br /> <br />RECORDS AND BOOKS OF ACCOUNT OF LA PORTE <br /> <br />La Porte shall keep at the central location where La <br />Porte maintains its financial records, a permanent, accurate set <br />of records and books of account concerning' all funds received <br />from the State of Texas in connection with Little Cedar Bayou <br />Park. All such records shall be retained and preserved until the <br />expiration of two (2) years after the date La Porte receives said <br />funds1 and, in the event Lawrence is required to pay the Little <br />Cedar Bayou Park Amount, such records shall be subject to <br />inspection and audit by Lawrence and his agents at all reasonable <br />times. Lawrence will treat as confidential all such records <br />furnished by La Porte, except to the extent that Lawrence is <br />required to disclose such records to Lawrence's employees, <br />agents, partners, accountants, or attorneys. <br /> <br />ARTICLE VII <br /> <br />WARRANTIES AND REPRESENTATIONS <br /> <br />By execution of this Agreement, La Porte acknowledges, <br />covenants, agrees, warrants, and represents that (a) the <br />execution and delivery of the Declaration and this Agreement (i) <br />is within the power and authority of La Porte, and (ii) has been <br />duly authorized by all requisite municipal corporate action; and <br /> <br />-4- <br />