C150299 Contract

• Contract/PO #: C150299
• Contractor Name: Lake Canal Reservoir Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Contract Documents

a
6 a
, service fee shall be imposed on the BORROWER for amendments processed for
ie benefit of the BORROWER and necessary for the BORROWER'S course of
usiness but not necessary for the CWCB, including, but not limited to, a change
i borrower name (novation), assignment of contract, substitution of collateral,
)an payment deferments in excess of 3 per loan, and loan consolidation.
, mendments in the course of CWCB business, including, but not limited to, loan
ayment deferments (up to 3 per loan), changes in terms of loan repayment and
mendments to adjust the interest rate pursuant to Paragraph A.13 herein, will be
rocessed at no additional charge to the borrower.
b. he amount charged shall be in accordance with the fee rate structure set forth in
e CWCB Loan Service Charge Policy in effect at the time the BORROWER shall
quest an amendment. The current fee for an amendment is $1,000.
c. he BORROWER shall remit the service fee to the CWCB prior to initiation of the
mendment. Any service fee remitted to the CWCB cannot be refunded
3. Pro issory Note Provisions. The CWCB agrees to loan to the BORROWER an
am unt not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in
a rdance with the terms as set forth in the Promissory Note, attached hereto as
Ap ndix 2 and incorporated herein. The Promissory Note shall identify the LOAN
AM NT. If the amount of loan funds disbursed by the CWCB to the BORROWER differs
fro the LOAN AMOUNT, the parties agree to amend this contract, including its
app ndices where necessary, to revise the LOAN AMOUNT.
4. Inte est Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB
to tt a BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The
CWC#B shall calculate the amount of the interest that accrued prior to PROJECT'S
substantial completion (as determined by the CWCB) and notify BORROWER of such
amc int. The BORROWER shall repay that amount to the CWCB either within ten (10)
day from the date of notification from the CWCB, or, at the CWCB's discretion, said
inter st shall be deducted from the final disbursement of loan funds that the CWCB
ma s to the BORROWER.
5. Rett rn 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
withi 130 calendar days from notification from the CWCB of either (1) completion of the
PRO ECT or (2) determination by the CWCB that the PROJECT will not be completed.
6. BOR OWER'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 erformance and observation of its terms, conditions and obligations have been
duly authorized by all necessary actions of the BORROWER. The BORROWER's
auth rizing resolution(s) are attached as Appendix 3 and incorporated herein.
7. Atto ney's Opinion Letter. Prior to the execution of this contract by the CWCB, the
BOR OWER shall submit to the CWCB a letter from its attorney stating that it is the
alto ey's opinion that
Loan Contract C150299
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