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REVISION LETTER may be used only for decreasing the final loan amount or to extend the time for completion of the STUDY. In the event that the parties execute the REVISION LETTER to decrease the amount of the loan, the parties shall amend the Promissory Note and all documents executed by the BORROWER to convey security interests to the STATE as required by this contract to reflect the decreased loan amount. 8. Warranties. a. The BORROWER warrants that by acceptance of the loan money pursuant to the terms of this contract and by the BORROWER'S representation herein, the BORROWER shall be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the STATE as required by this contract. b. The BORROWER warrants that it has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER. c. The BORROWER warrants that it hD9t E'f'lned or retained any company or person, other than a bona fide erRpl~g solely for the BORROWER, to solicit or secure th}s contrac:t"~dr h~. not paid or agreed to pay any person, company, corporation, indivUIJl~r ,))tll"tl'ft1 a bona fide employee, any fee, commission, percentage, gift, olJr~eration contingent upon or resulting from the award-or the making of this contract. d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract is not encumbered by any other liens of any party other than the STATE or in any other manner. 9. Collateral. Part of the security provided for this loan, as evidenced by the executed Assignment of Certificate of Deposit attached as Appendix E and incorporated herein, shall be an undivided one hundred percent (100%) interest in the principal of a certificate of deposit account established by the BORROWER in the amount of $3,000, hereinafter referred to as CD ACCOUNT, The STATE shall use the funds contained in the CD ACCOUNT for the purpose of paying principal and interest due under this contract not otherwise paid by the BORROWER. Any amount withdrawn by the STATE for this purpose shall be replenished by the BORROWER within sixty days after such withdrawal. The STATE shall not disburse any loan funds under this contract until the BORROWER has established the CD ACCOUNT. 10. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes of repayment of this loan revenues from membership dues and from assessments levied for that purpose as authorized by the BORROWER'S resolution and all of the BORROWER'S rights to receive said revenues from its members (hereinafter collectively referred to as the "pledged property"). Furthermore, BORROWER agrees that Feasibility Report Loan Contract Page 4 of 11 \ \ 1\ \ i