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contract, the REVisiorv LErrER shall supersede the contract in the event of a conflict between the two. The parties understand and agree that the REVisioN LErrER may be used only for decreasing the final loan amount or to extend the time for completion of the PRO~ECr. In the event that the parties execute the REVisioN LETrER 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 STarE as required by this contract to reflect the decreased loan amount. 11. 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 Shell be estopped from asserting for any reason that it is not authorized or obligated to repay the loan money to the STa,TE 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 has not employed or retained any company or person, other than a bona fide employee working solely for the BoRROwER, to solicit or secure this contract and has not paid or agreed to pay any person, company, corporation, individual, or firm, other than a bona fide employee, any fee, commission, percentage, gift, or other consideration 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 or in any other manner. 12. Collateral. In addition to the revenues pledged as repayment for this loan, part of the security provided for this loan shall be an undivided 100% interest in the following, hereafter referred to as Security: a. 1,876 shares of stock of the Excelsior Irrigating Company ("Excelsior shares"), owned by C.R. Evans (EVaNS), as evidenced by Certificate Number 6. To protect the STATE's and EvAtvs' interests in the Excelsior shares, EvANS shall meet the following conditions: I. Eva,rvs shall convey a security interest to the STaTE in the Excelsior shares by executing a Deed of Trust, Security Agreement and Stock Assignment encumbering all of said shares, attached hereto as Appendix 4, Appendix 5 and Appendix 6 respectively. The Stock Assignment shall become effective solely in the event of a default by the BoRROwER or Eva~vs under this contract. II. EvaNS shall have the shares issued in both his and the CWCB's names, and shall give physical custody of tF~e stock certificates to the CWCB, which shall Excelsior Irrigating Company Page 6 of 15 Loan Contract