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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 Loatv AnnourvT 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 Lo� <br />AMOUNT If the amount of loan funds disbursed by the CWCB to the BoRROwER differs <br />from the LoaN AMOUNT, the parties agree to amend this contract to revise the Loatv <br />AMOUNT. <br />4. Interest Prior to PRO�ecT Completion. As the loan funds are disbursed by the CWCB <br />t0 the BORROWER interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCB 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 CWCB either 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 />PRO�ECr in accordance with the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notification from the CWCB of either (1) completion of the <br />PROJECT OP (2� upon the determination by the CWCB that the PRO�ECT wi(I not be <br />completed. <br />6. BortrtoweR'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 <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 attomey stating that it is the <br />attorney's opinion that . <br />a. the aontract has been duly executed by officers of the BoRROwER who are dufy <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 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 />d. the contract will be valid and binding against the BoRROwER if entered into by the <br />CWCB. <br />Page 2 of 9 <br />