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<br />~ <br />! <br /> <br />f. To execute a Security Agreement and an Assignment of Deposit Account as <br />Security to secure the revenues pledged herein in accordance with the Pledge of <br />Property Provisions of this contract. <br /> <br />Said resolutions are attached hereto as Appendix B and incorporated herein. <br /> <br />5. 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 <br />attorney's opinion that the person signing for the BORROWER was duly elected or <br />appointed and has authority to sign such documents on behalf of the BORROWER and <br />to bind the BORROWER; that the BORROWER'S stockholders and board of directors have <br />validly adopted resolutions approving this contract; that there are no provisions in the <br />BORROWER'S articles of incorporation or by-laws or any state or local law that prevent <br />this contract from binding the BORROWER; and that the contract will be valid and <br />binding against the BORROWER if entered into by the STATE. <br /> <br />6. Promissory Note Provisions. The Promissory' Note setting forth the terms of <br />repayment of this loan in the amount of $23,400 at an interest rate of 3.25% per <br />annum for a term of 10 years and evidencing this debt is attached as Appendix C and <br />incorporated herein. <br /> <br />a. Revision Of Promissory Note. In the event the Borrower does not use all of the <br />loan funds for the STUDY, the Promissory Note may be adjusted in accordance with <br />the Changes Provisions of this contract. <br /> <br />b. Interest During Study Period.. As the loan funds are disbursed by the STATE to <br />the BORROWER during the study period, interest shall accrue at the rate of 3.25%. <br />The amount of the interest accrued during the study period shall be calculated by <br />the STATE and the BORROWER shall repay that amount to the STATE either within <br />ten (10) days after the date the STATE accepts the completed Feasibility Study, or, <br />at the STATE'S discretion, the amount shall be deducted from the final <br />disbursement of loan funds that the STATE makes to the BORROWER. <br /> <br />7. Changes. The STATE may decrease the amount of the loan under this contract or <br />extend the time for completion of the STUDY through a REVISION LETTER, approved by <br />the State Controller or his designee, in the form attached hereto as Appendix D. The <br />REVISION LETTER shall not be valid until approved by the State Controller or such <br />assistant as he may designate. Upon proper execution and approval, the REVISION <br />LETTER shall become an amendment to this contract and, except for the Special <br />Provisions of the contract, the REVISION LETTER shall supersede the contract in the <br />event of a conflict between the two. The parties understand and agree that the <br />REVISION LETTER may be used only for decreasing the final loan amount or to extend <br />the time for completion of the STUDY, In the event that the parties execute the <br />REVISION LETTER to decrease the amount of the loan, the parties shall amend the <br />Promissory Note and all documents executed by the BORROWER to convey security <br />interests to the STATE as required by this contract to reflect the decreased loan <br />amount. <br /> <br />8. Warranties. <br /> <br />Feasibility Report Loan Contract <br /> <br />Page 3 of 11 <br />