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<br />.... -~, <br /> <br />LOAN CONTRACT <br />Beaver Parle. Water. lnc.~ <br />Feasibility Study <br /> <br />Borrower revenues, warrants that these revenues will not be used for any other <br />purpose, and agrees to provide the State a perfected security interest such that the <br />State has priority over all other competing claims for such secured revenues. <br /> <br />9c. Such security interest shall be in the form provided by the State irrevocably <br />pledging such revenues on the date of execution of this contract. Copies of such security <br />interest (Uniform Commercial Code--Security Agreement and Uniform Commercial <br />Code--Financing Statement) shall be attached hereto and incorporated herein as <br />Appendix D and E , respectively. The security interest of the Borrower is a condition' <br />precedent to State performance on this contract. <br /> <br />9d. During the fourth year that this contract is in effect, the Borrower shall have <br />the obligation to provide the State with a fully and properly executed Continuation <br />Statement (Form UCC 3) of the Security Interest (Security Agreement and Financing <br />Statement, Appendix D and E) required by this paragraph. Said Continuation <br />Statement must be delivered to the State in such a manner that the State has actual <br />possession of the fully and properly executed form no less than 30 days before the end <br />of the fourth year in which this contract is effective. <br /> <br />10. (BORROWER WARRANTIES): <br /> <br />lOa The Borrower warrants that it has full power and authority to enter into this <br />Contract. The execution and delivery of this Contract and the performance and <br />observation of its terms, conditions and obligations have been duly authorized by all <br />necessary actions of the Borrower. <br /> <br />lOb. The Borrower warrants that by accepting a loan pursuant to the terms of this <br />Contract and by the Borrower's representations herein, the Borrower shall be estopped <br />from asserting fot any reason that it is not authorized or obligated to repay the loan <br />pursuant to the terms of this Contract to the State, <br /> <br />lOco The Borrower warrants that he has not employed or retained any company <br />or person, other than a bona fide employee working solely for him, to solicit or secure <br />this contract and that he has not paid or agreed to pay any person, company, <br />corporation, individual, or firm, other than a bona fide employee working solely for <br />him, any fee, commission, percentage, gift, or other consideration contingent upon or <br />resulting from the award or the making of this contract. <br /> <br />Page 6 of 10 Pages <br />