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<br />,-- <br />. ~l <br /> <br />c, For any damage to property, the sum of Five Hundred Thousand Dollars ($500,000) for <br />each occurrence. <br /> <br />Said general liability insurance sha!1 name the STATE as additional insured. A copy of a certificate <br />of said liability insurance must be filed with the STATE sixty (60) days prior to the completion of the <br />PROJECT, Such certificate shall be incorporated herein as part of this contract, Evidence of renewal <br />of said liability insurance is to be submitted with the annual payment which is discussed below. <br /> <br />6. BORROWER'S authority to contract. The BOf\ROWER shall, pursuant to its articles of incorporation <br />and to its by-laws, have its board of directors authorize the President and Secretary to adopt an order <br />or a resolution authorizing the BORROWER to do the following: <br /> <br />a, Contract for this loan debt with the SlATE, and to pay the indebtedness on behalf of the <br />BORROWER, and <br /> <br />b. Execute the deed of trust as security required by the STATE as specified in the deed of trust <br />provisions of this contract, and <br /> <br />c. Levy annual assessments sufficient to repay the annual amounts due under this contract, <br />and <br /> <br />d, Place money collected from assessments each year in a special fund separate and apart <br />from other BORROWER revenues to assure repayment of this loan to the STATE, and <br /> <br />e. Sign a security interest in the revenue; pledged herein in favor of the STATE to secure the <br />repayment of this loan to the STATE. <br /> <br />Such resolution shall be attached hereto as Appendix A and included herein prior to the STATE'S <br />performance under this contract. <br /> <br />7. Warranties. The BORROWER warrants the following: <br /> <br />a. By acceptance of the loan money pursuant to the terms of this contract and by the <br />BORROWER'S representation herein, the BORROWER shall be estopped from asserting for any <br />reason that it is not authorized or obligated to repay the loan money to the STATE as required <br />by this contract. <br /> <br />b, It has full power and authority to enter into this contract. The execution and delivery of <br />this contract and the performance and ()bservation of its terms, conditions and obligations <br />have been duly authorized by all neceSSery actions of the BORROWER. <br /> <br />C. It has not employed or retained any company or person, other than a bona fide employee <br />working solidly for the BORROWER, to solicit or secure this contract and that it has not paid or <br />agreed to pay any person, company, corporation, individual, or firm, other than a bona fide <br />employed, any fee, commission, percentage, gift, or other consideration contingent upon or <br />resulting from the award or the making of this contract, <br /> <br />8. Promissory note provisions. The BORROW~R understands that this contract is also a promissory <br />note for the repayment of funds loaned according to the terms set forth herein. <br /> <br />ELMWOOD LATERAL DITCH COMPANY <br /> <br />Pag~4of11 <br /> <br />LOAN CONTRACT <br />