02-10-14 Regular Meeting of La Porte City Council

Browse Search

(C)The Project, the Public Improvements and the Project Costs are components of or are consistent with the Project Plan. (D)This Agreement has been duly authorized, executed and delivered by the Zone and constitutes a legal, valid and binding obligation of the Zone, enforceable in accordance with its terms except to the extent that (i)the enforceability of such instruments may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws of general application in effect from time to time relating to or affecting the enforcement of creditors’ rights and (ii)certain equitable remedies including specific performance may be unavailable. (E)The execution, delivery and performance of this Agreement by the Zone does not require the consent or approval of any person which has not been obtained. 2.3Representations of the Developer. The Developer hereby represents to the Authority and the Zone that: (A)The Developer is duly authorized, created and existing in good standing under the laws of the State and is qualified to do business in the State. (B)The Developer has the power, authorityand legal right to enter into and perform its obligations set forth in this Agreement, and the execution, delivery and performance hereof, (i)have been duly authorized by requisite corporate action, (ii)will not, to the best of its knowledge, violate any judgment, order, law or regulation applicable to the Developer or any provisions of the Developer’s bylaws or limited partnership agreement, and (iii)do not constitute a default under or result in the creation of, any lien, charge, encumbrance or security interest upon any assets of the Developer under any agreement or instrument to which the Developer is a party or by which the Developer or its assets may be bound or affected. (C)The Developer will have sufficient capital to perform its obligations under this Agreement at the time it needs to have sufficient capital. (D)This Agreement has been duly authorized, executed and delivered and constitutes a legal, valid and binding obligation of the Developer, enforceable in accordance with its terms except to the extent that (i)the enforceability of such instruments may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws of general application in effect from time to time relating to or affecting the enforcement of creditors’ rightsand (ii)certain equitable remedies including specific performance may be unavailable. (E)The Developer will prepare and record residential covenant/deed restrictions for the Project Site requiring that (1) the square footage for each single-family home constructed thereon shall be no less than 1,629 square feet (as determined by HCAD); (2) upon build-out of the Project Site, at least 64% of the single-family homes will have at least 2,000 square feet (as determined by HCAD); and (3) each single-family home shall have a masonry exterior on 100% of the first-floor front elevation and on not less than 50% onof each first-floor side elevation. 5 HOU:3372249.1