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<br />G. The CWCB and the BORROWER have agree to amend this contract to increase the <br />amount of the loan by $93,750, for a total loan amount of up to $399,000, which <br />maybe used to finance up to 75% of the total Project cost. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the Original Contract consists of the payments <br />that shall be made pursuant to thi~ Amendment and the Original Contract, and the <br />promises and agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the <br />Original Contract, and all terms, conditions, and provisions thereof, unless <br />specifically modified herein, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br /> <br />3. The CWCB. agrees that it shall loan the BORROWER an additional $93,750 at an <br />interest rate of 5.5% per annum for a term of 30 years, in addition to the original <br />loan of $305,250 at an interest rate of 4.75% per annum for a term of 30 years, to <br />be used to finance up to 75% of the Project costs. <br /> <br />4. The BORROWER'S Board of Directors has adopted resolutions, irrepealable for the term <br />of this loan, authorizing the BORROWER to enter into this contract amendment to <br />borrow the additional $93,750 and to make and levy assessments sufficient to pay the <br />annual loan payments. Said resolutions are attached hereto as Appendix 1. <br /> <br />5. Prior to the execution of this Amendment by the CWCB, the BORROWER shall submit <br />to the CWCB a letter from its attorney stating that it is the attorney's opinion that (1) <br />the person signing for the BORROWER was duly elected or appointed and has <br />authority to sign such documents on behalf of the BORROWER and to bind the <br />BORROWER; (2) the BORROWER'S board of directors has validly adopted resolutions <br />approving this Amendment; (3) there are no provisions in the BORROWER'S articles of <br />incorporation or by-laws or any state or local law that prevent this Amendment from <br />binding the BORROWER; and (4) this Amendment will be valid and binding against the <br />BORROWER if entered into by the CWCB. <br /> <br />6. The BORROWER agrees that it shall execute the following documents, all of which <br />shall set forth the loan amount of $399,000: <br /> <br />a. Promissory Note in the amount of $399,000, attached as Appendix 2 and <br />incorporated herein, which shall supercede and replace the Promissory Note in <br />the amount of $305,250 dated July 20, 2000 (Appendix B to the ORIGINAL <br />CONTRACT). <br /> <br />b. Amendment to Security Agreement, attached as Appendix 3 and incorporated <br />herein, which shall supplement and operate in conjunction with Appendix D of <br />the ORIGINAL CONTRACT. <br /> <br />7. The parties agree that the Original Contract, is and shall be modified, altered, and <br />changed in the following respects only: <br /> <br />Page 2 of 4 <br />