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8. Borrower acknowledges that it is a Texas non-stock, non-profit industrial development corporation organized <br />exclusively for the purpose of providing and accomplishing public purposes by promoting, assisting and <br />enhancing economic development activities. <br />9. Borrower is, of even date herewith, executing one Note, a Security Agreement, Financing Statements, a <br />Collateral Pledge Agreement, and this Loan Agreement; all of which it acknowledges and affirms it has full <br />power and authority to execute. <br />10. Bonower represents to Lender that all the information and facts set out in the Preliminary Official Statement <br />dated October 30, 1998 given by Borrower as part of the issuance of $4,200,000.00 revenue bonds were true <br />and correct. <br />11. If Borrower pays all the indebtedness due under the terms of the Loan, Lender agrees to execute releases of any <br />encumbrances created upon its collateral by the Loan. <br />12. Any notices pertaining to the Loan and the loan documents being executed of even date herewith shall be in <br />writing and be effective when deposited in the United States Mail, First Class, Certified or Registered Mail, <br />postage prepaid, directed to the addresses set forth below; and Borrower agrees to keep Lender informed at all <br />times of Borrower's most current address and the names of its duly autharized Executive Director and/or <br />President. <br />Address of Borrower: Paris Economic Development Corporation <br />1125 Bonham Street <br />Paris, Texas 75460 <br />13. This agreement constitutes the full understanding of the parties hereto; may not be modified except in writing; <br />and shall be binding upon the successars and assigns of Borrower and Lender, with time being made of the <br />essence as to the provisions of same and all other documents and agreements related to the Loan made by <br />Lender to Borrower. Should any provision be unenforceable, the remaining portions shall be deemed to be <br />modified to be within the limits of enforceability and/or validity. <br />IN WITNESS WHEREOF, this agreement is executed in multiple counterparts this 151 day of September, 2011. <br />LENDER: BORROWER: <br />CAPITAL ONE BANK, N.A. PARIS ECONOMIC DEVELOPMENT <br />CORPORATION <br />BY: BY: <br />Its <br />Duly Authorized <br />M. PIKE BURKHART, SR., President <br />Duly Authorized <br />-2- <br />