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conjunction with the implementation of this Agreement. The Members shall only be bound <br /> and obligated under this Agreement as expressly agreed to by each Member. No Members <br /> may obligate any other Member. No member shall be obligated or liable for any debt, <br /> obligation, or liability of the Land Bank. <br /> Section 3.05. No Third-Party Bene�ciaries. Except as otherwise specifically provided, this <br /> Agreement does not create in any person or entity other than a Member any direct or indirect <br /> benefit, obligation, duty, promise, right to be indemnified, right to be subrogated to any <br /> Member's rights under this Agreement, and/or any other right or benefit. <br /> ARTICLE IV <br /> POWERS OF THE LAND BANK <br /> Section 4.01. Powers of the Land Bank. The Members hereby confer upon the Land Bank, <br /> to the full extent of the Member's constitutional and statutory authority, the authority to do all <br /> things necessary or convenient to implement the purposes, objectives, and provisions of this <br /> Agreement, and take all related actions. Among other powers, the Land Bank shall exercise <br /> and enjoy the authority of its home rule Members, including the City of Danville and Village <br /> of Rantoul,to: <br /> (a) Purchase, accept or otherwise acquire real and personal property from any entity, <br /> including, but not limited to, other governmental units and private third parties; <br /> (b) Hold real and personal in its name of the Land Bank for the purposes set forth <br /> herein; <br /> (c) Sell real and personal property held by the Land Bank to any entity, including, but <br /> not limited to, other governmental units and private third parties <br /> (c� Extinguish past due tax liens to the extent permitted by law; <br /> (e) Exercise the statutory authority of its Members to take removal action, lien <br /> property, foreclose on liens, and petition a Circuit Court for a declaration of <br /> abandonment pursuant to 65 ILCS 5/11-31-1(d), an agent of an individual <br /> Member; <br /> (f} Sue and be sued in its own name, including, defending the actions of the Land Bank; <br /> (g� Borrow money and issue notes through the Land Bank; <br /> � <br /> s <br /> (h) Enter into contracts and other instruments in any capacity, necessary, incidental, or <br /> convenient to the performance of the Land Bank's duties and the exercise of its <br /> powers, including, but not limited to, agreements with Members or other local <br /> governments regarding the disposition of Land Bank properties located within their <br /> respective municipal boundaries; <br /> 3 <br />