C150318 Contract - Laserfiche WebLink

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thE benefit of the BORROWER and necessary for the BORROWER'S course of business but not necessary for the CWCB, including, but not limited to, a change in orrower name (novation), assignment of contract, substitution of collateral, loari payment deferments in excess of 3 per loan, and loan consolidation. An endments in the course of CWCB business, including, but not limited to, loan pa ment deferments (up to 3 per loan), changes in terms of loan repayment and arr endments to adjust the interest rate pursuant to Paragraph A.13 herein, will be prc cessed at no additional charge to the borrower. b. Th amount charged shall be in accordance with the fee rate structure set forth in th CWCB Loan Service Charge Policy in effect at the time the BORROWER shall re est an amendment. The current fee for an amendment is $1,000. c. Th BORROWER shall remit the service fee to the CWCB prior to initiation of the am ndment. Any service fee remitted to the CWCB cannot be refunded 3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amour not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accor with the terms as set forth in the Promissory Note, attached hereto as Appe ,n,ce ix 2 and incorporated herein. The Promissory Note shall identify the LOAN AMou If the amount of loan funds disbursed by the CWCB to the BORROWER differs from a LOAN AMOUNT, the parties agree to amend this contract, including its appees where necessary, to revise the LOAN AMOUNT. 4. Interec. t Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to the 30RROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCE shall calculate the amount of the interest that accrued prior to PROJECT'S substa itial completion (as determined by the CWCB) and notify BORROWER of such amou The BORROWER shall repay that amount to the CWCB either within ten (10) days f m the date of notification from the CWCB, or, at the CWCB's discretion, said interes shall be deducted from the final disbursement of loan funds that the CWCB makes to the BORROWER. 5. Retuff of Unused Loan Funds. Any loan funds disbursed but not expended for the PRoiEd.T in accordance with the terms of this contract shall be remitted to the CWCB within 0 calendar days from notification from the CWCB of either (1) completion of the PROJE T or (2) determination by the CWCB that the PRoJEcT will not be completed. 6. BORR ER's Authority To Contract. The BORROWER warrants that it has full power and a horny to enter into this contract. The execution and delivery of this contract and the pei formance and observation of its terms, conditions and obligations have been duly a ithorized by all necessary actions of the BORROWER. The BORROWER'S authori dng resolution(s) are attached as Appendix 3 and incorporated herein. 7. Attom y's Opinion Letter. Prior to the execution of this contract by the CWCB, the BORRO ER shall submit to the CWCB a letter from its attorney stating that it is the attom s opinion that a. contract has been duly executed by officers of the BORROWER who are duly Loan Contract C150318 Page 2 of 11