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Section 2.2. Representations by the Company.
<br /> The Company represents and warrants as follows:
<br /> (a) The Company is a corporation duly organized, existing and qualified as a not-for-
<br /> profit corporation under the laws of the State of Illinois.
<br /> (b) The Company has the requisite authority to own and operate its properties and to
<br /> carry on its affairs and has obtained or will obtain all material permits, licenses, consents and
<br /> approvals as are necessary or required therefor, including without limitation those required in
<br /> connection with the Project.
<br /> (c) The Company has the power and authority to enter into, execute and deliver this Loan
<br /> Agreement, the Mortgage, the Note, the Assignment of Rents and Leases, the Bond Purchase
<br /> Agreement, the Bond Registrar and Paying Agent Agreement and the Arbitrage Regulation
<br /> Agreement, to borrow the proceeds of the Bonds from the Issuer and to perform its obligations
<br /> under and consummate the transactions contemplated by this Loan Agreement the Mortgage, the
<br /> Note, the Assignment of Rents and Leases, the Bond Purchase Agreement, the Bond Registrar
<br /> and Paying Agent Agreement and the Arbitrage Regulation Agreement, and has by proper action
<br /> duly authorized the execution and delivery of this Loan Agreement, the Mortgage, the Note, the
<br /> Assignment of Rents and Leases, the Bond Purchase Agreement, the Bond Registrar and Paying
<br /> Agent Agreement and the Arbitrage Regulation Agreement.
<br /> (d) This Loan Agreement, the Mortgage, the Note, the Assignment of Rents and Leases,
<br /> the Bond Purchase Agreement, the Bond Registrar and Paying Agent Agreement and the
<br /> Arbitrage Regulation Agreement are valid and binding agreements of the Company, enforceable in
<br /> accordance with their respective terms, except as enforcement thereof may be limited by ,
<br /> applicable bankruptcy, insolvency, moratorium, reorganization or other laws of general
<br /> application affecting remedies or creditors' rights, from time to time in effect, and except that the ',
<br /> availability of specific performance or of injunctive relief is subject to the discretion of the court '
<br /> before which any proceedings may be brought. ,
<br /> (e) The execution and delivery of this Loan Agreement, the Mortgage, the Note, the
<br /> Assignment of Rents and Leases, the Bond Purchase Agreement, the Bond Registrar and Paying �I
<br /> Agent Agreement and the Arbitrage Regulation Agreement, the consummation of the transactions �
<br /> contemplated hereby and thereby and the fulfillment of or compliance with the terms and I,
<br /> conditions hereof and thereof will not (with the passage of time or the giving of notice, or both)
<br /> conflict with or result in or constitute a breach of or default under any indenture, mortgage, deed
<br /> of trust, lease or other agreement or instrument to which the Company is a party or by which it or
<br /> any of its property is bound, or violate any constitutional or statutory provisions, or any order, �I
<br /> rule or regulation of any court or governmental authority applicable to the Company or its
<br /> property.
<br /> (fl The average maturity of the Bonds shall not exceed one hundred twenty percent
<br /> (120%) of the average reasonably expected economic life of the facilities being financed with the
<br /> proceeds of the Bonds as computed in accordance with Section 147(b) of the Code.
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