Laserfiche WebLink
<br />a. The BORROWER warrants that by acceptance of the loan money pursuant to the <br />tenns of this contract and by the BORROWER'S representation herein, the <br />BORROWER shall be estopped from asserting for any reason that it is not <br />authorized or obligated to repay the loan money to the STATE as required t;>y this <br />contract. <br /> <br />b. 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 perfonnance and <br />observation of its tenns, conditions and obligations have been duly authorized by <br />all necessary actions of the BORROWER. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or <br />person, other than a bona fide employee working solely for the BORROWER, to <br />solicit or secure this contract and has not paid or agreed to pay any person, <br />company, CQ,.rporation, individual, or finn, other than a bona fide employee, any <br />fee, commission, percentage, gift, or other consideration contingent upon or <br />resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Pledge of Property <br />Provisions of this contract is not encumbered by any other liens of any party other <br />than the STATE or in any other manner. <br /> <br />9. Collateral. Part of the security provided for this loan, as evidenced by the executed <br />Assignment of Certificate of Deposit attached as Appendix E and incorporated <br />herein, shall be an undivided one hundred percent (100%) interest in the principal of <br />a certificate of deposit account established by the BORROWER in the amount of one <br />annual loan payment ($2,778.31) hereinafter referred to as CD ACCOUNT. The STATE <br />shall use the funds contained in the CD ACCOUNT for the purpose of paying principal <br />and interest due under this contract not otherwise paid by the BORROWER. Any <br />amount withdrawn by the STATE for this purpose shall be replenished by the <br />BORROWER within sixty days after such withdrawal. The STATE shall not disburse any <br />loan funds under this contract until the BORROWER has established the CD ACCOUNT, <br /> <br />10. Pledge Of Property. The BORROWER hereby irrevocably pledges to the STATE for <br />purposes of repayment of this loan revenues from assessments levied for that <br />purpose as authorized by the BORROWER'S resolution and all of the BORROWER'S rights <br />to receive said revenues from its stockholders (hereinafter collectively referred to as <br />the "pledged property"). Furthermore, BORROWER agrees that <br /> <br />11. Revenues For This Loan Are To Be Kept Separate. The BORROWER hereby <br />agrees that the pledged revenues shall be set aside and kept in an account separate <br />from other BORROWER revenues, and warrants that these revenues shall not be used <br />for any other purpose. <br /> <br />a. Establish Security Interest. The BORROWER agrees that, in order to provide a <br />security interest for the STATE in the pledged property so that the STATE shall have <br />priority over all other competing claims for said property, it shall execute a Security <br />Agreement, attached hereto as Appendix F incorporated herein, and an <br />Assignment of Deposit Account as Security, attached as Appendix G and <br /> <br />Feasibility Report Loan Contract <br /> <br />Page 4 of 11 <br />