PROJC02506 - Laserfiche WebLink

Home Browse Search

i>~ ; ~ ~ ~ A. LOAN PROVISIONS 1. Loan Service Fee. The Borrower agrees to pay a service fee of one percent (1 %) of the PRO~ECr amount at the time of the PRO~ECr's substantial completion. The service fee is not financed under this Loan Contract. In the event that the BoRROwER does not use the LoaN AnnouNT authorized, the parties shall amend this contract to revise the LoaN AMOUNT including adjustment of the service fee to reflect 1% of the actual LOAN AMOUNT dlSbUl"Sed t0 the BORROWER. 2. Contract Amendment Service Fees. Under certain circumstances, th2 BORROWER shall be assessed a fee for amending the contract. a. A service fee shall be imposed on the BoRROwER for amendments processed for the benefit of the BORROWER and necessary for the BORROWER's course of business but not necessary for the CWCB, including, but not limited to, a change in borrower name (novation), assignment of contract, substitution of collateral, loan payment deferments in excess of 3 per loan, and loan consolidation. Amendments in the course of CWCB business, including, but not limited to, loan payment deferments (up to 3 per loan), and changes in terms of loan repayment will be processed at no additional charge to the BoRROw b. The amount charged shall be in accordance ' the fee r e st cture set forth in the CWCB Loan Service Charge in effe at the ti t BORROWER Sh811 request an amendmen The cu ent f for an a endmen is $1;000. C. The BORROWER II mit the rvic fee to the CWCB prior to initiation of the amendment. Any s ce fee remi to the CWCB cannot be refunded 3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to exceed the LoaN AnnouNT and the BoRROwER agrees to repay the loan in accordance with the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and incorporated herein. The Promissory Note shall identify the LoaN AnnouNT. If the amount of loan funds disbursed by the CWCB to the BoRROwER differs from the LOAN AMOUNT, the parties agree to amend this contract, including its appendices where necessary, to revise the LoaN Annoutvr and to jointly instruct MBIA, Inc., if necessary, to allocate the annual withdrawals from the Fund described in paragraph A.6 herein between the CWCB and the BoRROwER. 4. Interest Prior to PRO~ECr Completion. As the loan funds are disbursed by the CWCB t0 the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to PROJECT's substantial completion (as determined by the CWCB) and notify BoRROwER of such amount. The BoRROwER shall repay that amount to the CWCB either within ten (10) days from the date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan funds that the CWCB makes to the BoRROwER. 5. Return of Unused Loan Funds, Any loan funds disbursed but not expended for the PRO~ECT in accordance with the terms of this contract shall be remitted to the CWCB within 30 calendar days from notification from the CWCB of either (1) completion of the Page 2 of 10