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<br />" -., <br /> <br />/ <br /> <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 />a. The BORROWER warrants that by acceptance of the loan money pursuant to the <br />terms 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 by 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 perfonmance and <br />observation of its terms, conditions and obligations have been duly authorized by <br />all necessary actions of the BORROWEOR. <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, corporation, individual, or finm, 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 Collateral Provisions of <br />this contract is not encumbered by any other liens of any party other than the <br />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 herein, <br />shall be an undivided one hundred percent (100%) interest in the principal of a <br />certificate of deposit account established by the BORROWER in the amount of $3,000, <br />hereinafter referred to as CD ACCOUNT. The STATE shall use the funds contained in <br />the CD ACCOUNT for the purpose of paying principal and interest due under this <br />contract not otherwise paid by the BORROWER. Any amount withdrawn by the STATE <br />for this purpose shall be replenished by the BORROWER within sixty days after such <br />withdrawal. The STATE shall not disburse any loan funds under this contract until the <br />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 membership dues and from <br />assessments levied for that purpose as authorized by the BORROWER'S resolution and <br />all of the BORROWER'S rights to receive said revenues from its members (hereinafter <br />collectively referred to as the "pledged property"). Furthenmore, BORROWER agrees <br />that <br /> <br />Feasibility Report Loan Contract <br /> <br />Page4of11 <br />