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9ooK . it ~~cE 403 <br />® 3 <br />- -Carolina. The Municipalities have the power.,and authority to enter into this <br />Lease pursuant to North Carolina General Statutes 160A-321 and 153A-275, <br />and also the power and authority to perform their obligations under this Lease <br />and has obtained the necessary approvals required by law for such action. <br />(b) Neither the execution or delivery of this Lease nor the <br />performance of the obligations under or the consummation of the transactions <br />contemplated by the Lease violates or will violate any law or governmental <br />order, conflicts or will conflict with any material term or provision of any <br />agreement or instrument to which the Municipalities are party or by which <br />they are bound, or constitutes or will constitute a material breach of or a default <br />under any such agreement or instrument. <br />0 Section 2.2. Representations by the Corporation. The Corp- <br />oration makes the following representations as the basis for the undertakings <br />on its part herein contained: <br />(a) The corporation.is a business corporation duly incorporated, <br />existing and in good standing under the laws of the State of North Carolina and is <br />duly qualified to do business in the State. The Corporation has power and author- <br />ity to enter into this Lease, to perform its obligations under and consummate the <br />transactions contemplated by this Lease, and has by proper corporate action duly <br />authorized the execution and delivery of this Lease. <br />(b) Neither the execution and delivery of this Lease nor the <br />performance of the obligations under or consummation of the transactions con- <br />templated by this Lease, violates or will violate any law or governmental order, <br />conflicts or will conflict with any provision of the certificate of incorporation or <br />