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<br />:-) <br /> <br />i. _j <br /> <br />g, To execute a Security Agreement and an Assignment of Deposit Account as Security to <br />secure the revenues pledged herein in accordance with the Pledge of Property Provisions <br />of this contract <br /> <br />Said resolutions are attached hereto as Appendix 1 and incorporated herein, <br /> <br />8. Attorney's Opinion Letter. Prior to the execution of this contract by the STATE, the <br />BORROWER shall submit to the STATE a letter from its attorney stating that it is the attorney's <br />opinion that the person signing for the BO~ROWER was duly elected or appointed and has <br />authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; <br />that the BORROWER'S shareholders and board of directors have validly adopted resolutions <br />approving this contract; that there are no provisions in the BORROWER'S articles of <br />incorporation or by-laws or any state or 10c",1 law that prevent this contract from binding the <br />BORROWER; and that the contract will be valid and binding against the BORROWER if entered <br />into by the STATE, <br /> <br />9. Promissory Note Provisions. The PromiSSOry Note setting forth the terms of repayment <br />and evidencing this debt in the amount of $100,000 at the interest rate of 4,25% per annum <br />for a term of thirty years is attached as Appendix 2 and incorporated herein, <br /> <br />a, Revision Of Promissory Note. In the event the Borrower does not use all of the loan <br />funds for construction of the Project, the Promissory Note may be adjusted in accordance <br />with the Changes Provisions of this contract <br /> <br />b, Interest During Construction. As the loan funds are disbursed by the STATE to the <br />BORROWER during construction, interest shall accrue at the rate of 4.25% per annum. The <br />amount of the interest accrued during construction shall be calculated by the STATE and <br />the BORROWER shall repay that amount to the STATE either within ten (10) days after the <br />date the STATE determines that the PROJECT has been substantially completed, or, at the <br />STATE'S discretion, the amount shall be deducted from the final disbursement of loan <br />funds that the STATE makes to the BORROWER. <br /> <br />10. Changes. The STATE may decrease the amount of the loan under this contract or extend the <br />time. for completion of the PROJECT through a REVISION LETTER, approved by the State <br />Controller or his designee, in the form attached hereto as Appendix 3, The REVISION LETTER <br />shall not be v",lid until approved by the State Controller or such assistant as he may <br />designate, Upon proper execution and approval, the REVISION LETTER shall become an <br />amendment to this contract and, except for the Special Provisions of the contract, the <br />REVISION LETTER shall supersede the contract in the event of a conflict between the two. The <br />parties understand and agree that the REVISION LETTER may be used only for decreasing the <br />final loan amount or to extend the time for completion of the PROJECT. In the event that the <br />parties execute the REVISION LETTER to decrease the amount of the loan, the parties shall <br />amend the Promissory Note and all documents executed by the BORROWER to convey <br />security interests to the STATE as required by this contract to reflect the decreased loan <br />amount <br /> <br />The Decker Lateral Company <br /> <br />Page 5 of 14 <br /> <br />Loan Contract <br />