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C150137 Contract
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C150137 Contract
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Last modified
3/7/2013 2:27:17 PM
Creation date
3/26/2007 10:40:06 PM
Metadata
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Loan Projects
Contract/PO #
C150137
Contractor Name
Lake Meredith Reservoir Company, The
Contract Type
Loan
Water District
17
County
Crowley
Loan Projects - Doc Type
Contract Documents
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<br />excess of 3 per loan, and loan consolidation. Amendments in the course of <br />eWCB business, including, but not limited to, loan payment deferments (up to 3 <br />per loan) and changes in terms of loan repayment will be processed at no <br />additional charge to the borrower. <br />b. The amount charged shall be the fee rate structure in accordance with the CWCB <br />Loan Service Charge Policy in effect at the time the Borrower shall request an <br />amendment. The current fee for an amendment is $1,000. <br />c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the <br />amendment. Any service fee remitted to the CWCB cannot be refunded <br />3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, attached hereto as <br />Appendix 2 and incorporated herein. The Promissory Note shall identify the LOAN <br />AMOUNT. If the amount of loan funds disbursed by the eWCB to the BORROWER differs <br />from the LOAN AMOUNT, the parties agree to amend this contract to revise the LOAN <br />AMOUNT. <br />4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue atthe rate set by the eWeB for this loan. The <br />CWeB shall calculate the amount of the interest that accrued prior to substantial <br />cOmpletion of the PROJECT and notify BORROWER of such amount. The BORROWER shall <br />repay that amount to the CWCBeither within ten (10) days from the date of notification <br />from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the <br />final disbursement of loan funds that the CWCB makes to the BORROWER. <br />5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PROJECT in accordance with the terms of this c,ontract shall be remitted to the CWCB <br />within 30 calendar days from notification from the CWeB of either (1) completion of the <br />PROJECT or (2) upon the determination by the CWCB that the PROJECT will not be <br />completed. <br />6. BORROWER'S Authority To Contract. The BORROWER warrants that it has full power <br />and authority to enter into this contract. The execution and delivery of this contract and <br />the performance and observation of its terms, conditions and obligations have been <br />duly authorized by all necessary actions of the BORROWER. The BORROWER'S <br />authorizing resolution(s) are attached as Appendix 3 and incorporated herein. <br />7. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br />attorney's opinion that <br />a. the contract has been duly executed by officers of the BORROWER who are duly <br />elected or appointed and are authorized to execute the contract and to bind the <br />BORROWER; <br />b. the resolutions of the BORROWER authorizing the execution and delivery of the <br />contract were duly adopted by the BORROWER'S board of directors and/or <br />stockholders <br />c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or any <br />state or local law that prevent this contract from binding the BORROWER; and <br /> <br />Page 2 of9 <br />
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