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3 <br />4 <br />the benefit of the BORROWER and necessary for the BORROWER'S course of <br />business but not necessary for the CWCB, including, but not limited to, a change <br />in borrower name (novation), assignment of contract, substitution of collateral, <br />loan payment deferments in excess of 3 per loan, and loan consolidation. <br />Amendments in the course of CWCB business, including, but not limited to, loan <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 />Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT 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 t end this contract, including its <br />appendices where necessary, to revise the L NT. ,, <br />Interest Prior to PROJECT Completion. <br />to the BORROWER, interest shall accrue'° <br />CWCB shall calculate the amount of tl <br />substantial completion (as determined bi <br />amount. The BORROWER shall repay thq <br />days from the date of notification from th <br />interest shall be deducted from the final <br />makes to the BORROWER. <br />i s disbursed by the CWCB <br />e CWCB for this loan. The <br />t accrued prior to PROJECT's <br />CB) and notify BORROWER of such <br />to the CWCB either within ten (10) <br />or, at the CWCB's discretion, said <br />nent of loan funds that the CWCB <br />5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PROJECT in accordance with the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notification from the CWCB of either (1) completion of the <br />PROJECT or (2) determination by the CWCB that the PROJECT 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 />Page 2 of 10 <br />