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c. The BoRROwER shall remit the service fee to the CWCB prior to initiation of the amendrnent. Any service fee remitted to the CWCB cannot be refunded 2. 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 LoArv AMOUNT If the amount of loan funds disbursed by the CWCB to the BoRROwER differs from the LoaN AnnouNT, the parties agree to amend this contract to revise the LoAtv AMOUNT. 3. Interest Prior to PRO,IECT 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 substantial completion of the PRO�ECT 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. 4. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PRO�ECr 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 PROJECT OI' (2� upon the determination by the CWCB that the PRO�ECT will not be completed. 5. BORROwER'S Authority To Contract The BoRROwER warrants that it has full power and authority to enter into this contract. The execution and delivery of this contract and the performance and observation of its terms, conditions and obligations have been duly authorized by all necessary actions of the BORROWER The BORROWER authorizing resolution(s) are attached as Appendix 3 and incorporated herein. 6. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the BORROWER Shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that a. the contract has been duly executed by officers of the BoRROwER who are duly elected or appointed and are authorized to execute the contract and to bind the BORROWER; b. the resolutions of the BORROWER authorizing the execution and delivery of the contract were duly adopted by the BORROWER board of directors and/or stockholders c. there are no provisions in the BORROwER articles of incorporation or bylaws or any state or local law that prevent this contract from binding the BoRROwER; and d. the contract will be valid and binding against the BoRROwER if entered into by the CWCB. 7. Pledge Of Property. The BoRROwER irrevocably pledges to the CWCB for purposes of repayment of this loan: (1) revenues from assessments levied for that purpose as authorized by the BORROWER�S f2SOlUtlOt1(S� a11d (2� all Of the BORROWER rights to receive said assessment revenues, hereinafter collectively referred to as the "Pledged Page 2 of 9