Laserfiche WebLink
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 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 /> 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 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 to amend this CONTRACT, including its <br /> appendices where necessary, to revise the LOAN AMOUNT. <br /> 4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br /> to the BORROWER, interest shall accrue, on the disbursed funds, at the rate set by the <br /> CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued <br /> prior to PROJECT'S substantial completion (as determined by the CWCB) and notify <br /> BORROWER of such amount. The BORROWER shall repay that amount to the CWCB <br /> either within ten (10) days from the date of notification from the CWCB, or, at the <br /> CWCB's discretion, said interest shall be deducted from the final disbursement of loan <br /> funds that the CWCB makes to the BORROWER. <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. Any <br /> such loan funds so remitted to CWCB shall be applied to the principal payment of <br /> amounts due on the Loan. <br /> 6. BORROWER'S Authority to Contract. The BORROWER warrants that it has full power and <br /> 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 RESOLUTIONS are attached as APPENDIX 3a, Resolutions of the <br /> Shareholders and Appendix 3b, Resolutions of the Board of Directors and <br /> Page 2 of 12 <br />