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<br />8/20/2003 <br /> <br />"State" shall mean the State of Texas. <br /> <br />"Tax Increment Revenue Fund" shall mean the special fund established by the La Porte <br />Authority and funded with payments made by the City and any other participating Taxing Units, <br />pursuant to the La Porte Agreement, which payments are attributable to ad valorem property <br />taxes paid on the Project Site. <br /> <br />"Taxing Unit" shall mean individually and collectively, the City and any other taxing <br />units participating in the La Porte Zone. <br /> <br />1.2 Singular and Plural. Words used herein in the singular, where the context so <br />permits, also include the plural and vice versa. The definitions of words in the singular herein <br />also apply to such words when used in the plural where the context so permits and vice versa. <br /> <br />ARTICLE 2 <br />REPRESENTATIONS <br /> <br />2.1 Representation of La Porte Authority. The La Porte Authority hereby represents <br />to the Developer that: <br /> <br />(A) The La Porte Authority is duly authorized, created and existing in good <br />standing under the laws of the State and is duly qualified and authorized to carryon the <br />governmental functions and operations as contemplated by this Agreement. <br /> <br />(B) The La Porte Authority has the power, authority and legal right to enter <br />into and perform this Agreement and the execution, delivery and performance hereof (i) have <br />been duly authorized, (ii) to the best of its knowledge, will not violate any applicable judgment, <br />order, law or regulation, and (iii) do not constitute a default under, or result in the creation of, <br />any lien, charge, encumbrance or security interest upon any assets of the La Porte Authority <br />under any agreement or instrument to which the La Porte Authority is a party or by which the La <br />Porte Authority or its assets may be bound or affected. <br /> <br />(C) The Project, the Public Improvements and the Project Costs are <br />components of or are consistent with the Project Plan. <br /> <br />(D) This Agreement has been duly authorized, executed and delivered by the <br />La Porte Authority and, constitutes a legal, valid and binding obligation of the La Porte <br />Authority, enforceable in accordance with its terms except to the extent that (i) the enforceability <br />of such instruments may be limited by bankruptcy, reorganization, insolvency, moratorium or <br />other similar laws of general application in effect from time to time relating to or affecting the <br />enforcement of creditors' rights and (ii) certain equitable remedies including specific <br />performance may be unavailable. <br /> <br />4 <br />