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<br />assignment of contract, substitution of collateral, loan payment deferments in <br />excess of 3 per loan, and loan consolidation. Amendments in the course of <br />CWCB 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 /> <br />b. The amount charged shall be the fee rate structure in accordance with the eWCB <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 /> <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 /> <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, in the form attached <br />hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the <br />LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER <br />differs from the LOAN AMOUNT, the Parties agree to amend this contract to revise the <br />LOAN AMOUNT. <br /> <br />4. Interest Prior to PROJECT 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 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 (1 0) 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 eWCB makes to the BORROWER. <br /> <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 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 or (2) determination by the CWCB that the PROJECT will not be completed. <br /> <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) or ordinance(s) are attached as Appendix 3 and incorporated <br />herein. <br /> <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 counsel stating that it is the <br />attorney's opinion that <br /> <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 /> <br />b. the resolutions or ordinances of the BORROWER authorizing the execution and <br />delivery of the contract were duly adopted by the governing bodies of the <br />BORROWER; <br /> <br />Page 2 of 10 <br />