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BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br /> attorney's opinion that <br /> a. the CONTRACT has been duly executed by the GENERAL PARTNER of the Petrocco <br /> Family Limited Liability Limited Partnership who is duly authorized to execute the <br /> CONTRACT and to bind the BORROWER; <br /> b. the resolution authorizing the execution and delivery of this CONTRACT was duly <br /> adopted by the GENERAL PARTNER of the Petrocco Family Limited Liability Limited <br /> Partnership; <br /> c. there are no provisions in the partnership agreement for the Petrocco Family <br /> Limited Liability Limited Partnership or any state or local law that prevent this <br /> CONTRACT from binding the BORROWER; <br /> d. there are no provisions in any of the Petrocco Family Limited Liability Limited <br /> Partnership's formation and governing documents that would invalidate the <br /> approval of this loan; <br /> e. the CONTRACT will be valid and binding against the BORROWER if entered into by the <br /> CWCB. <br /> 8. Debt Service Reserve Account. Debt Service Reserve Account. To establish and <br /> maintain the debt service reserve account, the BORROWER shall deposit an amount <br /> equal to one-tenth of an annual payment into its debt service reserve fund on the due <br /> date of its first annual loan payment and annually thereafter for the first ten years of <br /> repayment of this loan. In the event that the BORROWER applies funds from this <br /> account to repayment of the loan, the BORROWER shall replenish the account within <br /> ninety (90) days of withdrawal of the funds. <br /> 9. Collateral. The COLLATERAL for this loan is described in Section 6 (COLLATERAL) of the <br /> PROJECT SUMMARY, and secured by the SECURITY INSTRUMENT(S) including the SECURITY <br /> AGREEMENT (APPENDIX 4), DEED(S) OF TRUST (APPENDICES 5a, 5b, 5c AND 5d) and STOCK <br /> ASSIGNMENT(S) (APPENDICES 6a, 6b, 6c, 6d). <br /> 10. Collateral During Loan Repayment. The BORROWER shall not sell, convey, assign, <br /> grant, transfer, mortgage, pledge, encumber, or otherwise dispose of the COLLATERAL <br /> so long as any of the principal, accrued interest, and late charges, if any, on this loan <br /> remain unpaid, without the prior written concurrence of the CWCB. In the event of <br /> any such sale, transfer or encumbrance without the CWCB's written concurrence, the <br /> CWCB may at any time thereafter declare all outstanding principal, interest, and late <br /> charges, if any, on this loan immediately due and payable. <br /> 11. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire <br /> principal, all accrued interest, and late charges, if any, as specified in the PROMISSORY <br /> NOTE, the CWCB agrees to release and terminate any and all of the CWCB's right, title, <br /> and interest in and to the COLLATERAL. <br /> 12. Warranties. <br /> a. The BORROWER warrants that, by acceptance of the loan under this CONTRACT and <br /> by its representations herein, the BORROWER shall be estopped from asserting for <br /> Loan Contract C150363 <br /> Page 3 of 11 <br />