C150374 Paid in Full Documents

• Contract/PO #: C150374
• Contractor Name: Boulder and Larimer County Irrigating and Manufacturing Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

BORROWER does not use the LOAN AMOUNT authorized, the parties shall amend this
CONTRACT to revise the LOAN AMOUNT including adjustment of the service fee to reflect
1% of the actual LOAN AMOUNT disbursed to the BORROWER.
2. Contract Amendment Service Fees. Under certain circumstances, the BORROWER
shall be assessed a fee for amending the CONTRACT.
a. A service fee shall be imposed on the BORROWER for a - = • ents processed for
the benefit of the BORROWER and necessary for th_ :•, O E ourse of
business but not necessary for the CWCB, including, bu'nt.I` o change
in BORROWER name, assignment of contract,as bstitution of co eral, loan
payment deferments in excess of 3 per s ' .Jan to solidation.
Amendments in the course of CWCB business, inclu�ng, , tt i to o, loan
payment deferments (up to 3 per loan), changes in terms of to r e and
amendments to adjust the interest rate pursuant to Paragraph Ac. herein, will be
processed at no additional charge to the BORROWER.
b. The amount charged shall be in accordance with the fee rate structure set forth in
the CWCB Loan Service Charge Policy in effect at the time the BORROWER shall
request an amendment. The current fee for an amendment is $1,000.
c. The BORROWER shall remit the service fee to the CWCB prior to initiation of the
amendment. Any service fee remitted to the CWCB cannot be refunded.
3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an
amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in
accordance with the terms as set forth in the PROMISSORY NOTE, attached hereto as
APPENDIX 2 and incorporated herein. The PROMISSORY NOTE shall identify the LOAN
AMOUNT. If the amount of loan funds disbursed by the CWCB to the BORROWER differs
from the LOAN AMOUNT, the parties agree to amend this CONTRACT, including its
appendices where necessary, to revise the LOAN AMOUNT.
4. Interest Prior to PROJECT Completion. Interest will not accrue prior to PROJECT
completion.
5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the
PROJECT in accordance with the terms of this CONTRACT shall be remitted to the CWCB
within 30 calendar days from notification from the CWCB of either (1) completion of the
PROJECT or (2) determination by the CWCB that the PROJECT will not be completed.
6. BORROWER'S Authority to Contract. The BORROWER warrants that it has full power and
authority to enter into this CONTRACT. The execution and delivery of this CONTRACT and
the performance and observation of its terms, conditions and obligations have been
duly authorized by all necessary actions of the BORROWER. The BORROWER'S
AUTHORIZING RESOLUTION(S) are attached as APPENDIX 3a, (if required) and APPENDIX
3b, (required) and incorporated herein.
7. Attorney's Opinion Letter. Prior to the execution of this CONTRACT by the CWCB, the
BORROWER shall submit to the CWCB a letter from its attorney stating that it is the
attorney's opinion that
Loan Contract C150374
Page 2 of 11