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C150392 Contract
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C150392 Contract
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Last modified
12/23/2024 9:17:16 AM
Creation date
6/2/2014 1:05:45 PM
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Loan Projects
Contract/PO #
C150392
Contractor Name
Sylvan Dale Ranch, LLLP
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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CONTRACT to revise the LOAN AMOUNT including adjustment of the service fee to <br />reflect 1 % of the actual LOAN AMOUNT disbursed to the BORROWER. <br />2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br />shall be assessed a fee for amending the CONTRACT. <br />a. A service fee shall be imposed on the BORROWER for amendments processed for <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, assignment of contract, substitution of collateral, loan <br />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 Ac. 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 <br />in the CWCB Loan Service Charge Policy in effect at the time the BORROWER <br />shall 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 />3. 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 <br />in 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 <br />differs from the LOAN AMOUNT, the parties agree to amend this CONTRACT, including its <br />appendices where necessary, to revise the LOAN AMOUNT. <br />4. Interest Prior to PROJECT Completion. Interest will not accrue prior to PROJECT <br />completion. <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 <br />CWCB within 30 calendar days from notification from the CWCB of either (1) <br />completion of the PROJECT or (2) determination by the CWCB that the PROJECT will not <br />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 <br />CONTRACT and the performance and observation of its terms, conditions and <br />obligations have been duly authorized by all necessary actions of the BORROWER. The <br />BORROWER'S AUTHORIZING RESOLUTION is attached as APPENDIX 3 and incorporated <br />herein. <br />7. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, <br />the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the <br />attorney's opinion that: <br />Loan Contract C150392 <br />Page 2 of 12 <br />
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