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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 the <br /> benefit of the BORROWER and necessary for the BORROWER'S course of business but not necessary <br /> for the CWCB, including, but not limited to, a change in BORROWER name, assignment of <br /> contract, substitution of pledged revenues or property, loan payment deferments in excess of 3 <br /> per loan, and loan consolidation. Amendments in the course of CWCB business, including but <br /> not limited to, loan payment deferments (up to 3 per loan) and changes in terms of loan <br /> 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 in <br /> the CWCB Loan Service Charge Policy in effect at the time the BORROWER shall request an <br /> 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 /> 4. Promissory Note Provisions. The PROMISSORY NOTE shall identify the TOTAL LOAN AMOUNT. The <br /> CWCB agrees to loan to the BORROWER an amount not to exceed the TOTAL LOAN AMOUNT and the <br /> BORROWER agrees to repay the loan in accordance with the terms as set forth in the PROMISSORY <br /> 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 loan.The <br /> CWCB shall calculate the amount of the interest that accrued prior to PROJECT'S substantial completion <br /> (as determined by the CWCB) and notify BORROWER of such amount. The BORROWER shall repay that <br /> amount to the CWCB either (1) within ten (1o) days from the date of notification from the CWCB, (2) <br /> at the CWCB'S discretion, said interest shall be deducted from the final disbursement of loan funds <br /> that the CWCB makes to the BORROWER, or (3) at the CWCB's discretion, said interest shall be rolled <br /> into the TOTAL LOAN AMOUNT due. <br /> 6. 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 /> from notifiCATion from the CWCB of either (1) completion of the PROJECT or (2) determination by the <br /> CWCB THAT the PROJECT will not be completed. Any such LOAN Funds so remitted to CWCB shall be <br /> applied to the principal payment of amounts due on the Loan. <br /> 7. BORROWER'S Authority to Contract. The BORROWER warrants that it has full power and authority to <br /> enter into this CONTRACT. The execution and delivery of this CONTRACT and the performance and <br /> observation of its terms, conditions and obligations have been duly authorized by all necessary actions <br /> of the BORROWER. The BORROWER'S AUTHORIZING RESOLUTION(S) or ORDINANCE(S) are attached as <br /> APPENDIX 4 and incorporated herein. <br /> Page 3 of 14 <br />