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are vital and are in the best interests of the City and the <br />health, safety, morals and welfare of its residents, and ill <br />accordance with the public purpose and provisions of the <br />applicable state and local laws and requirements under which <br />the Project has been undertaken and is being assisted. <br />NOW, THEREFORE, in consideration of the premises and the <br />mutual obligations of the parties hereto, each of them does <br />hereby covenant and agree with the other as follows: <br />2 <br />M <br />