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a. Upon substantial completion of the PROJECT with a resulting decrease in <br /> the TOTAL LOAN AMOUNT and the BORROWER requests a change in the annual <br /> loan payment; the PARTIES agree to amend this contract. <br /> b. Upon substantial completion of the PROJECT with a resulting decrease in <br /> the TOTAL LOAN AMOUNT, but not a change in the annual payment, the <br /> STATE may exercise an option and shall provide written notice to the <br /> BORROWER in form substantially equivalent to APPENDIX 2. If exercised, the <br /> provisions of the OPTION LETTER and supporting documentation shall <br /> become part of and be incorporated into this CONTRACT for the total <br /> duration of this CONTRACT. <br /> 3. Contract Amendment Service Fees. Under certain circumstances, the BORROWER shall be <br /> assessed a service 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 business but <br /> not necessary for the CWCB, including, but not limited to, a change in BORROWER name, <br /> assignment of contract, substitution of pledged revenues or property, loan payment <br /> deferments in excess of 3 per loan, and loan consolidation. Amendments in the course <br /> of CWCB business, including but not limited to, loan payment deferments (up to 3 per <br /> loan) and changes in terms of loan repayment will be processed at no additional charge <br /> to the 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 shall <br /> request an amendment. The current service fee for an amendment is si,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 /> 4. Promissory Note Provisions. The PROMISSORY NOTE shall identify the TOTAL LOAN AMOUNT. <br /> The CWCB agrees to loan to the BORROWER an amount not to exceed the TOTAL, LOAN <br /> AMOUNT and the BORROWER agrees to repay the loan in accordance with the terms as set forth <br /> in the PROMISSORY NOTE, attached hereto as APPENDIX 3 and incorporated herein. <br /> 5. 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 <br /> loan. The CWCB shall calculate the amount of the interest that accrued prior to PROJECT'S <br /> substantial completion (as determined by the CWCB) and notify BORROWER of such amount. <br /> The BORROWER shall repay that amount to the CWCB either (1) within ten (10) days from the <br /> date of notification from the CWCB, (2) at the CWCB'S discretion, said interest shall be <br /> deducted from the final disbursement of loan funds that the CWCB makes to the BORROWER, <br /> or (3) at the CWCB's discretion, said interest shall be rolled into the TOTAL LOAN AMOUNT due. <br /> 6. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PROJECT <br /> in accordance with the terms of THIS CONTRACT shall be remitted to the CWCB WITHIN 30 <br /> calendar days from notifICATion from the CWCB of either (i) completion of the PROJECT or (2) <br /> Page 3 of i4 <br />