Common use of Authority, Authorizations and Consents Clause in Contracts

Authority, Authorizations and Consents. Developer is a Virginia limited liability company. Developer has all necessary power and authority to enter into this Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by Developer have been duly and validly authorized by all necessary action and proceedings, and no further action or authorization is necessary on the part of Developer in order to consummate the transactions contemplated herein. This Agreement is a legal, valid and binding obligation of Developer, enforceable in accordance with its terms. No authorization, consent or approval of, or notice to, any governmental entity or other person or entity is required to be obtained or given in connection with the execution and delivery of this Agreement by Developer or the performance of any of Developer’s obligations hereunder. In the event that Developer assigns this Agreement (in accordance with its terms) to another entity acting as the developer hereunder, such entity shall make the same (but corrected, as necessary) representations set forth in this Section 7.01 as of the date of Closing.