C153682A PIF Contract - Laserfiche WebLink

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NOW THEREFORE, it is hereb d that 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments which shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and agreements herein set forth. 2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified herein, are to apply to this Amendment as though they were expressly rewritten, incorporated, and included herein. only 3. It is agreed the ORIGINAL CONTRACT is and shall be modified, altered, and changed in the following respects Paragraph A.7 Promissory Note Provisions is appended by the following: The above conditions apply specifically to the ORIGINAL LOAN AMOUNT. The following Promissory Note Provisions apply to the SMALL PROJECT LOAN AMOUNT. g Principal amount. The principal amount shail be the total amount of funds advanced by the ST.4TL- to the BORROWER under the terms of this contract, not to exceed the SMALL PROJECT LOAN AMOUNT of $25,000. Interest rate. The interest on this principal amount shall accrue at the rate of three and three -- fourths -_,; cent (3.75%) per annum on all SMALL PROJECT LOAN AMOUNT funds advanced to BORROWER during PROJECT construction. i. !duration. The repayment period of this SMALL PROJECT LOAN AMOUNT shall be twenty (20) years. j. Loan payment. If the amount borrowed is the SMALL PROJECT LOAN AMOUNT, payments would be made in twenty (20) annual installments of One Thousand Seven Hundred and Ninety -Nine Dollars and Five Cents 41,799.05), which amount is principal and interest. The first installment shah be due Ono payabie on the first day of the month, one year after the STATE declares that the PROJECT has been substantially completed, and yearly thereafter until the entire principal surn and any accrued interest shah have been paid. Installment payments are to be made payable to the CWCB at the address given herei!i. K. Interest during construction. The BORROWER shall repay to the STATE interest accrued on the SMAL , PROJECT LOAN AMOUNT advances"ade during construction which will be calculated at the rate of three and three- fourths percep-a'I0.75 %)•per annum on each advance disbursed to the BORROWER made durtrag construction. The ire 6gtVruiriufated during cons tructio l be paid to the STATE as a single h!.-op SUM on the firs tday c+f401,;r7onth following the month t T£-declares that the PROJECT has bean substantiallY.aomD1eted.• The actual interest wh/ to our" g construction is unknown ar:)d cannot bQ•CdICUlared Lntil the conclusion of con c I. erepaynrent eonditions. The BORROWER may prepa a oan at any time, without penalty Tl+ese. Nyo.;ients will be applied first to anv ac to then to reduce the principal' amount. The parties agree that loan fund advances rritl to the BORROWER during construction shall be first from the ORIGINAL LOAN AMOUNT of $50, 000 and such advances shall accrue interest at the rate of 2 $' When the ORIGINAL LOAN AMOUNT exhausted, the loan advances will be made from the SMALL PROJECT LOAN AMOUNT of $25,000 and such advances shall accrue interest at the rate of 3.75 %. Paragraph 8. Security for loan is amended by replacing the first sentence with the following: The security provided for the TOTAL LOAN AMOUNT Of $75,000 shall be the following: Paragraph 8 Security for loran is appended by the following: A revised deed of trust, attached hereto as ATTACHMENT 1 and incorporated herein, which reflects the TOTAL LOAN AMOUNT hereby replaces the deed of trust referred to as APPENDIX A in the ORIGINAL. CARYL R. CARROLL Page 2 of 3 CONTRACT AMENDMENT