Laserfiche WebLink
necessary to guarantee such repayment as provided herein <br /> including, without being limited to, the actions specified in <br /> this contract. <br /> VI <br /> L. Th c4ttt40# t agrees that the specific revenues to be <br /> 5 <br /> pledgedA`fo repay ate shall include, without being limited <br /> to, a aSe fk <br /> �,� elt ,1. , for that purpose as authorized by <br /> Resolutio o ~the Contractor. The Contractor hereby pledges <br /> such assessment revenues to repay the State loan, warrants that <br /> these revenues will not be used for any other purpose, and <br /> agrees to provide the State a perfected security interest in the <br /> form provided by the State irrevocably pledging such revenues on <br /> the date of execution of this contract. <br /> M. The Contractor warrants that it has duly passed, or will <br /> pass, a Resolution (Exhibit A) by its Board of Directors, as <br /> provided in its By-laws, authorizing: the Contractor to enter <br /> into this contract with the State to borrow the principal sum of <br /> Two Hundred Thousand Dollars ($200, 000) ; to make and levy <br /> assessment(s) sufficient to pay off this contract loan pursuant <br /> to its terms and to discharge this lawful indebtedness; to set <br /> aside this assessment revenue in a special fund separate and <br /> apart from other Contractor revenues to assure repayment of this <br /> revenue to the State; and to sign a security interest in such <br /> assessment revenues in favor of the State to secure the <br /> repayment. Copies of such security interest (Uniform Commercial <br /> Code--Security Agreement and Uniform Commercial Code--Financing <br /> Statement) shall be attached hereto and incorporated herein as <br /> Exhibits E and F, respectively. The Resolution of the <br /> Contractor and the security interest of the Contractor are <br /> conditions precedent to State performance. <br /> N. The Contractor warrants that in the event of a default by <br /> Page 14 of 17 Pages <br />