Laserfiche WebLink
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER <br /> shall 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 not <br /> necessary for the CWCB, including, but not limited to, a change in BORROWER name, <br /> assignment of contract, substitution of collateral, loan payment deferments in excess of <br /> 3 per loan, and loan consolidation. Amendments in the course of CWCB business, <br /> including but not limited to, loan payment deferments (up to 3 per loan) and changes in <br /> terms of loan repayment will be processed at no additional charge to the BORROWER. <br /> b. The amount charged shall be in accordance with the service fee rate structure set forth <br /> in the CWCB Loan Service Charge Policy in effect at the time the BORROWER shall <br /> 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 <br /> BORROWER agrees to repay the loan in accordance with the terms as set forth in <br /> the 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 total <br /> 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 total <br /> LOAN AMOUNT, but not a change in the annual payment, the STATE may exercise <br /> an option and shall provide written notice to the BORROWER in form substantially <br /> equivalent to APPENDIX 2. If exercised, the provisions of the OPTION LETTER and <br /> supporting documentation shall become part of and be incorporated into this <br /> 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 /> PROJECT'S substantial completion (as determined by the CWCB) and notify BORROWER of <br /> such amount. The BORROWER shall repay that amount to the CWCB either within ten (10) <br /> days from the date of notification from the CWCB, or, at the CWCB's discretion, said <br /> interest shall be deducted from the final disbursement of loan funds that the CWCB makes <br /> to the BORROWER. <br /> Page 2 of 12 <br />