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the benefit of the BORROWER and necessary for the BORROWER course of <br />business but not necessary for the CWCB, inciuding, but not limited to, a change <br />in borrower name (novation), assignment of contract, substitution of collateral, ban <br />payment deferments in excess of 3 per loan, and loan consolidation. <br />Amendments in the course of CWCB business, including, but nof limited to, loan <br />payment deferments (up to 3 per loan), changes in terms of loan repayment and <br />amendments to adjust the interest rate pursuant to Paragraph A.13 herein, will be <br />processed at no additional charge to the borrower. <br />b. The amount charged shall be in accordance wifh the fee rate structure set forth in <br />the CWCB Loan Service Charge Policy in efFect at the time the BotutowER shall <br />request an amendment. The current fee for an amendment is $1,000. <br />c. The BoRROwER shalt 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 Bo�ovvER an amount <br />not to exceed the LoAtv A�wouNr and the BoRROwER agrees to repay the loan in <br />accordance with the terms as sef forth in the Promissory Note, attached hereto as <br />Appendix 2 and incorporated herein. The Promissory Note shall idenfify the LoAN <br />At�tovNr. If the amount of foan funds disbursed by the CWCB to the Bot�towFR differs <br />from the LOAN AMOUNT the parties agree to amend this contract, induding its <br />appendices where necessary, to revise the Lontv AMOUrvr. <br />4. Interest Prior to PRO.t�cT Completion. As the loan funds are disbursed by the CWCB <br />to 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 PRO�ECr's <br />substantiai complefion (as determined by the CWCB) and notify BoRROwER of such <br />amount. The BoRROwER shall repay that amount to the CWCB either within ten (10) <br />days from the date of notification from the CWCB, or, at the CWCB's discretion, said <br />interest shal! be deducted from the finat disbursement of toan funds that the CWCB <br />makes to the BoRROrrvER. <br />5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PRO�ECT in accordance with the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notfication from the CWCB of either {1) completion of the <br />PRO�ECr or (2) determination by the CWCB that the PRO�ECT will not be completed. <br />6. BORROWER' Authority To Contract The BORROWER W8Ra11�.S f118t It haS fUll pOW� <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 duly <br />authorized by all necessary actions of the BoRROwER. The BoRROV►►�R's authorizing <br />resolution(s) are attached as Appendix 3 and incorporated herein. <br />7. Attorney's Opinion Letter. <br />BoRROwER sha11 submit to <br />attorney's opinion that <br />Prior to the execution of this contract by the CWCB, the <br />the CWCB a letter ftom its attomey stating that it is the <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 />,_ Page 2 of 11 <br />