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11. Warranties. <br /> a. The BORROWER warrants that by acceptance of the loan money pursuant to the terms of <br /> this contract and by the BORROWER'S representation herein, the BORROWER shall be <br /> estopped from asserting for any reason that it is not authorized or obligated to repay the <br /> loan money to the STATE as required by this contract. <br /> b. The BORROWER warrants that it has full power and authority to enter into this contract. <br /> The execution and delivery of this contract and the performance and observation of its <br /> terms, conditions and obligations have been duly authorized by all necessary actions of <br /> the BORROWER. <br /> c. The BORROWER warrants that it has not employed or retained any company or person, <br /> other than a bona fide employee working solely for the BORROWER, to solicit or secure <br /> this contract and has not paid or agreed to pay any person, company, corporation, <br /> individual, or firm, other than a bona fide employee, any fee, commission, percentage, <br /> gift, or other consideration contingent upon or resulting from the award or the making of <br /> this contract. <br /> d. The BORROWER warrants that the property identified in the Collateral Provisions of this <br /> contract is not encumbered by any other liens or in any other manner. <br /> 12. Collateral. Part of the security provided for this loan, as evidenced by the executed <br /> Assignment of Certificate of Deposit attached as Appendix 4 and incorporated herein, shall <br /> be an undivided one hundred percent (100%) interest in a certific. # %posit account <br /> established by the BORROWER in the amount of one a -I VVe14-1 •- ,ment ($5,959.82), <br /> hereinafter referred to as CD ACCOUNT. The STATE s N,= funds contained in the CD <br /> ACCOUNT for the purpose of paying principal and interest due under this contract not <br /> otherwise paid by the BORROWER. Any amount withdrawn by the STATE for this purpose shall <br /> be replenished by the BORROWER within sixty days after such withdrawal. The STATE shall <br /> not disburse any loan funds under this contract until the BORROWER has established the CD <br /> ACCOUNT. <br /> 13. Collateral During Repayment. The BORROWER shall not sell, convey, assign, grant, <br /> transfer, mortgage, pledge, encumber, or otherwise dispose of the CD ACCOUNT provided as <br /> security for this loan, or any of the assessment revenues pledged to repay the loan herein, so <br /> long as any of the principal and any accrued interest on this loan which remain unpaid, <br /> without the prior written concurrence of the STATE. <br /> 14. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for purposes <br /> of repayment of this loan revenues from assessments levied for that purpose as authorized <br /> by the BORROWER'S resolution, and all of the BORROWER'S rights to receive said assessment <br /> revenues from its stockholders (hereinafter collectively referred to as the "pledged property"). <br /> Furthermore, BORROWER agrees that <br /> a. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby agrees <br /> that the pledged revenues shall be set aside and kept in an account separate from other <br /> BORROWER revenues, and warrants that these revenues shall not be used for any other <br /> The Decker Lateral Company Page 6 of 14 Loan Contract <br />