C150157 contract docs ‎(2)‎

• Contract/PO #: C150157
• Contractor Name: Grand Mesa Reservoir Company
• Contract Type: Loan
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

payment deferments (up to 3 per loan), changes in terms of loan repayment and
amendments to adjust the interest rate pursuant to Paragraph A.13 herein, will be
processed at no additional charge to the borrower.
b. The amount charged shall be in accordanee with the fee rate structure set forth in
the CWCB Loan Service Charge Policy in effect at the time the BoRROwER shall
request an amendment. The current fee for an amendment is $1,000.
c. The BoRROwER shall remit the service fee to the CWCB prior to initiation of the
amendment. Any service fee remitted 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 AnnoutvT 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
AnnoutvT. 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, inaluding its
appendices where necessary; to revise the LoaN AnnouNT.
4. Interest Prior to Ptto�ecr Completion. As the loan funds are disbursed by the CWCB
to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The
GWCB shall calculate the amount of the interest that accrued prior to PRO�ECT's
substantial completio.n (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 notifcation from the CWCB of either (1) completion of the
PRO�ECr or (2) determination by the CWCB that the PRO�ECT will not be completed.
6. 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's
authorizing resolution(s) are attached as Appendix 3 and incorporated herein.
7. 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'S board of directors and/or
stockholders
c. there are no provisions in the BoRROwER's articles of incorporation or bylaws or any
state or local law that prevent this contract from binding the BoRROwER; and
Page 2 of 9