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a <br />2. The Borrower is executing the Collateral Pledge, Security Agreement, Financing Statements <br />and Loan Agreement listed in Exhibit "A", and has the full power and authority to own the <br />property described therein. The Borrower has full power and authority to execute and deliver <br />to the Bank, and to perform the obligations under, all Loan Documents executed by such <br />party and all other documents and instruments executed by such party that were required by <br />the Bank in connection with the Loan. <br />3. The Loan Documents and all other documents and instruments required b the Bank in <br />connection with the Loan have been duly authorized, executed and delivered by or on behalf <br />of all parties executing such documents. <br />4. The Loan Documents constitute the legal, valid and binding obligations of the parties hereto <br />enforceable by the Bank in accordance with the respective terms of the Loan Documents, <br />except that such Loan Documents and any note listed in Exhibit "A" (the "Note") are <br />enforceable only to the extent of the Borrower's actual indebtedness secured by the security <br />interest in the Note granted to the Bank. The enforceability of the Loan Documents is subject <br />to applicable bankruptcy, insolvency, or other similar laws affecting generally the <br />enforcement of creditor's rights, including but not limited to Chapter 51 of the Texas <br />Property Code. Such laws, however, shall not, in our opinion, materially interfere with the <br />practical realization of the benefits or security afforded by the Loan Documents. <br />5. The Loan Documents are all in proper form, and have been duly filed and recorded in all <br />necessary public records in the State of Texas as required by law to give notice of, establish, <br />perfect, preserve, and protect the lien and privilege thereof and the rights of the Bank <br />thereunder. Without any further action, the Loan Documents create a valid first priority <br />security interest in the property and assets described therein. No additional filing or <br />recordation is necessary to protect and maintain the validity, priority, effectiveness or <br />enforceability of the Loan Documents, except that the Loan Documents should be reinscribed <br />as follows: The Financing Statements are valid for a period of five (5) years from date of <br />filing, and should be thereafter continued to insure their validity. <br />6. All applicable State and Federal laws and all regulations promulgated under such laws have <br />been complied with in connection with the Loan. <br />Very truly yours, <br />THE MOORE LAW FIRM, L.L.P. <br />BY: <br />A. W. CLEM, Partner <br />AWC:cb <br />Encs. <br />119 <br />