Representations and Warranties of Serruya. Serruya represents and warrants to ARI that the following statements are true and correct as of the date hereof (except for any representation and warranty relating to the Joint Venture which is stated to be made as of the Closing, which will be made by Serruya on Closing by the delivery of the officer’s certificate referred to in Section 3.07(a)(i)) and Serruya acknowledges ARI is relying on the truth and correctness of these statements in entering into this Agreement and performing its obligations hereunder:
