C150399 Contract

• Contract/PO #: CT2015-092
• Contract/PO #: C150399
• Contractor Name: Fulton Irrigationg Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

a service fee of one percent (1%) of the PROJECT amount. In the event that the
BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this
CONTRACT to revise the LOAN AMOUNT including adjustment of the service fee to
reflect 1% of the actual LOAN AMOUNT disbursed to the BORROWER.
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER
shall be assessed a fee for amending the contract.
a. A service fee shall be imposed on the BORROWER for amendments processed for
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 BORROWER name, assignment of contract, substitution of collateral, loan
payment deferments in excess of 3 per loan, and loan consolidation.
Amendments in the course of CWCB business, including, but not limited to, loan
payment deferments (up to 3 per loan), changes in terms of loan repayment and
amendments to adjust the interest rate pursuant to Paragraph A.13 herein will be
processed at no additional charge to the BORROWER.
b. The amount charged shall be in accordance with the fee rate structure set forth
in the CWCB Loan Service Charge Policy in effect at the time the BORROWER
shall request an amendment. The current fee for an amendment is $1,000.
c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the
amendment. Any service fee remitted to the CWCB cannot be refunded.
3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an
amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan
in accordance with the terms as set forth in the PROMISSORY NOTE, attached hereto as
APPENDIX 2 and incorporated herein. The Promissory Note shall identify the LOAN
AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER
differs from the LOAN AMOUNT, the parties agree to amend this CONTRACT, including its
appendices where necessary, to revise the LOAN AMOUNT.
4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the
CWCB to the BORROWER, interest shall accrue, on the disbursed funds, at the rate set
by the CWCB for this loan. The CWCB 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 amount. The BORROWER shall repay that amount to the
CWCB either within ten (10) days from the date of notification from the CWCB, or, at
the CWCB's discretion, said interest shall be deducted from the final disbursement of
loan funds that the CWCB makes to the BORROWER.
5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the
PROJECT in accordance with the terms of this CONTRACT shall be remitted to the
CWCB within 30 calendar days from notification from the CWCB of either (1)
completion of the PROJECT or (2) determination by the CWCB that the PROJECT will not
be completed. Any such loan funds so remitted to CWCB shall be applied to the
payment of amounts due on the Loan.
Loan Contract C150399
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