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loan origination fee to reflect 1% of the actual LOAN AMOUNT disbursed to the <br /> BORROWER. <br /> 2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall <br /> be assessed a service fee for amending the CONTRACT. <br /> a. A service fee shall be imposed on the BORROWER for amendments processed for the <br /> benefit of the BORROWER and necessary for the BORROWER'S course of business but <br /> not necessary for the CWCB, including, but not limited to, a change in BORROWER <br /> name, assignment of contract, substitution of collateral, loan payment deferments in <br /> excess of 3 per loan, and loan consolidation. Amendments in the course of CWCB <br /> business, including but not limited to, loan payment deferments (up to 3 per loan) and <br /> changes in terms of loan repayment will be processed at no additional charge to the <br /> BORROWER. <br /> b. The amount charged shall be in accordance with the service fee rate structure set <br /> forth in the CWCB Loan Service Charge Policy in effect at the time the BORROWER <br /> shall request an amendment. The current service 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. <br /> a. The PROMISSORY NOTE shall identify the LOAN AMOUNT. The CWCB agrees to loan <br /> to the BORROWER an amount not to exceed the LOAN AMOUNT and the BORROWER <br /> agrees to repay the loan in accordance with the terms as set forth in the <br /> PROMISSORY NOTE, attached hereto as APPENDIX 3 and incorporated herein. <br /> b. If the amount of loan funds disbursed by the CWCB, to the Borrower, differs from <br /> the LOAN AMOUNT, the parties shall amend this CONTRACT or exercise an OPTION <br /> LETTER. <br /> c. An amendment to this CONTRACT shall be executed for the following changes <br /> including, but not limited to, an increase in LOAN AMOUNT, change in collateral, <br /> and decrease in LOAN AMOUNT with re-amortization of the Loan. <br /> d. Upon substantial completion of the PROJECT with a resulting decrease in the <br /> total LOAN AMOUNT and the Borrower requests a re-amortization of the Loan, the <br /> PARTIES agree to amend this contract. <br /> e. Upon substantial completion of the PROJECT with a resulting decrease in the <br /> total LOAN AMOUNT, but not a change in the annual payment, the STATE may <br /> exercise an option and shall provide written notice to the BORROWER in form <br /> substantially equivalent to APPENDIX 2. If exercised, the provisions of the OPTION <br /> LETTER and supporting documentation shall become part of and be <br /> incorporated into this CONTRACT for the total duration of this CONTRACT. <br /> 4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to <br /> the BORROWER, interest shall accrue, on the disbursed funds, at the rate set by the CWCB <br /> for this loan. The CWCB shall calculate the amount of the interest that accrued prior to <br /> Page 2 of 12 <br />