Laserfiche WebLink
A. LOAN PROVISIONS <br /> 1. Loan Service Fee. The amount of the loan (LOAN AMOUNT) shall include (1) the amount of the <br /> funds loaned by the CWCB to the BORROWER for the PROJECT and (2) a service fee of one <br /> percent (1%) of the PROJECT amount. In the event that the BORROWER does not use the LOAN <br /> AMOUNT authorized, within the TIME FOR PERFORMANCE (Appendix 1, Section 10), the parties shall <br /> amend this CONTRACT to revise the LOAN AMOUNT including adjustment of the service fee to reflect <br /> 1% of the actual LOAN AMOUNT disbursed to the BORROWER. <br /> 2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall be <br /> assessed a fee for amending the CONTRACT. <br /> a. A service fee shall be imposed on the BORROWER for amendments processed for the benefit of <br /> the BORROWER and necessary for the BORROWER'S course of business but not necessary for <br /> the CWCB, including, but not limited to, a change in BORROWER name, assignment of <br /> CONTRACT, substitution of collateral, loan payment deferments in excess of 3 per loan, and <br /> loan consolidation. Amendments in the course of CWCB business, including, but not limited <br /> to, loan payment deferments (up to 3 per loan), and changes in terms of loan repayment will <br /> be 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 the CWCB <br /> Loan Service Charge Policy in effect at the time the BORROWER shall request an amendment. <br /> 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 amendment. <br /> Any service fee remitted to the CWCB cannot be refunded. <br /> 3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not to <br /> exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with the <br /> terms as set forth in the PROMISSORY NOTE, attached hereto as APPENDIX 2 and incorporated herein. <br /> The PROMISSORY NOTE shall identify the LOAN AMOUNT. If the amount of loan funds disbursed by <br /> the CWCB to the BORROWER differs from the LOAN AMOUNT, the parties agree to amend the <br /> Promissory Note and this CONTRACT, including its appendices where necessary, to revise the LOAN <br /> AMOUNT. <br /> 4. Interest Prior to Project Completion. As the loan funds are disbursed by the CWCB to the <br /> BORROWER, interest shall accrue on the disbursed funds at the rate set by the CWCB for this loan. <br /> The CWCB shall calculate the amount of the interest that accrued prior to PROJECT'S substantial <br /> completion (as determined by the CWCB) and notify BORROWER of such amount. The BORROWER <br /> shall repay that amount to the CWCB either within ten (10) days from the date of notification from <br /> the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the final <br /> disbursement of loan funds that the CWCB makes to the BORROWER. <br /> 5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PROJECT in <br /> accordance with the terms of this CONTRACT shall be remitted to the CWCB within 30 calendar days <br /> Loan Contract C15041OD <br /> Page 2 of 13 <br />