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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 />b. The amount charged shall be in accordance with the fee rate structure set forth in <br />the CWCB Loan Service Charge Policy in effect at the time the BoRROwER shall <br />request an amendment. The current fee for an amendment is $1,000. <br />c. The BoRROwER s�all 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 TOTAC LOAN AMOUNT and the BORROwER agrees to repay the <br />loan in accordance with the terms as set forth in the Promissory Note, attached hereto <br />as Appendix 2 and incorporated herein. The Promissory Note shall identify the ToTa� <br />LoaN AMOUtvT. If the amount of loan funds disbursed by the CWCB to the BoRROwER <br />difFG'I'S fl'OCT1 the TOTAL LOAN AMOUNT, the Parties agree to amend this contract to revise <br />the TOTAL LOAN 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 PRO�ECT 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�ECT 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 />PRO�ECT or (2) determination by the CWCB that the PRO�ECT will not be completed. <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 />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 />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 />b. the resolutions or ordinances of the BORROwER authorizing the execution and <br />delivery of the contract were duly adopted by the goveming bodies of the <br />BORROWER; <br />c. there are no provisions in the Colorado Constitution or any other state or local law <br />that prevent this contract from binding the BoRROwER; <br />Page 2 of 10 <br />