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the benefiit of the BC?RR�WER and necessary for the BURR�WER course of <br />business but not necessary for #he CWCB, including, but not limifi�d to, a change <br />in borrower name (novation), assignment af contract, substitution of collateraf, <br />(oan payment defierments in excess of 3 per loan, and loan consolidation. <br />Amendments in the course of CWCB business, including, but not limited to, loan <br />payment deferments (up to 3 per Ioan), changes in terms of loan repayrr�ent and <br />amendments to adjust the infierest rate pursuant to Paragraph A.13 herein, will be <br />processed at no additi4nal charge to the borrower. <br />b. The amount charged sMal! be in accordance with the fee rate s#ructure set forth in <br />the CWCB Loan Senrice Charge Poticy in effect at the time the Bo�t�owER sMall <br />request an amendment. The current fee for an arnendment is $1,000. <br />c. The BoRROwER shall rerrtit the service fee to the CWCB prior to initiafiion of the <br />amendment. Any senrice fee remitfied to the CWCB cannot be refunded <br />3. Promissory Note ProvisiQns. The CWCB agrees to loan to the Botz�tow�R an <br />amount not to exceed the LoaN Annoutv`r and the BoRROVV�R agrees to repay the loan in <br />accardance wi�h the terms �s set forth in the Promissory Nofie, attached hereto as <br />Appendix 2 and incorporated her�in. The Promissory Note shall identify the LoAN <br />Announrr. ff the amoun# ot loan funds disbursed by the CWCB to the BoRROwER differs <br />frorr� the LoAtv AMOUN7 the parties agree to amend this contraet, including its <br />appendices where necessary, ta revise the Lo�rv AnnouNT. <br />4. Intsrest Priar to Pt���cT Ccarnpletion. As the loan funds are disbursed by th� CWGB <br />to the BoRROw�R, in#ere5t sMafl accrue at the rate set by the CWCB for this loan. The <br />CWCB sha11 calculate the amoun# of the interest tha# accrued p�ior to PROJECT <br />substantial completion (as det�rmined by the CWCB) and notify BoRROwER of such <br />amount. The BoRr�owER sh�ll repay that amount to the CWCB either within ten (10) <br />days from the date of notificati�n from the CWCB, or, at the CWCB's discrefiion, said <br />interest shaH be deduc#ed from the final disbursemenfi of loan funds that the CWCB <br />makes to the 8[7RROWER. <br />5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PRO.��cT in accordance wifih the term� of tMis contract shall be remitted to fihe CWCB <br />within 30 calendar day5 from notification fram the CWCB of ei#her (1) completion af the <br />PRO,t�cT or (2) determination by the CWCB fiha# the PRO�ECT will not be completed. <br />6. BORRQYYER` Aufihority Ta Gontract� The Bo�tROwER warranfis that it has full power <br />and authority to enter into tt�is contract. The executian and deiivery of this contract and <br />the perForrnance and obseruafiion af its terms, conditions and obligations have been <br />duly aufihorized by all necessary actions of the BORROWER. Th� BORROWER <br />au�thoriiing resolution{s) are attached as Appendix 3 and incorpprated h�rein. <br />7. Attorney's Opinian Letter. Prior ta the execution of this contract by fihe CWCB, the <br />BoRROwER shatl submit to the CWCB a letter from its attorney stating that it is the <br />attomey's opinion that <br />a. fihe con#ract has been duly executed by afficers nf the BoRROwER who are duly <br />Loan Contracfi C150270 <br />Page 2 of 11 <br />