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� � <br />payment deferments (up to 3 per loan), changes in terms of loan repayment and <br />amendments to adjust the interest rate pursuant to Paragraph A.13 herein, will be. <br />processed at no 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 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 />3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the Loarv AnnouNT and the BoRROwER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, attached hereto as <br />Appendix 2 and incorporated herein. The Promissory Note shall identify the LoaN <br />AMOUNT. If the amount of loan funds disbursed by the CWCB to the BoRROwER differs <br />from the LoaN AMOUNT, the parties agree to amend this contract, including its <br />appendices where necessary; to revise the LoaN AMOUtvT. <br />4. Interest Prior to PRwecr Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue at the rate set by the for this toan. The <br />CWCB shall calculate the amount of the interest that acc d p or to PROJECT'S <br />substantial comple#io.n (as determined by the CW ) and no B RROWER Of SUCh <br />amount. The BoRROwER shall repay that amount to e CWC ither within ten (10) <br />days from the date of notification fro WCB, o the CWCB's discretion, said <br />interest shall be deducted fr m the al di ursement of loan funds that the CWCB <br />makes to the BoRROw . <br />5. Return of Unused Loa ds. Any loan funds disbursed but not expended for the <br />PRO�ECT in accordance wi the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notifcation 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) are attached as Appendix 3 and incorporated 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 attorney 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 of the BORROWER authorizing the execution and delivery of the <br />contract were duly adopted by the BORROWER's board of directors and/or <br />stockholders <br />c. there are no provisions in the BoRROwER's articles of incorporation or bylaws or any <br />state or local law that prevent this contract from binding the BoRROwER; and <br />Page 2 of 9 <br />