CT2017-2253 Contract - Laserfiche WebLink

Home Browse Search

A. DEFINITIONS The following terms as used herein shall be construed and interpreted as follows: i. BASE LOAN AMOUNT: Loan amount that does not include the one percent (i%) Loan Origination fee. This the amount disbursed by CWCB to the BORROWER. ii. BORROWER:An eligible entity, as specified, who will be responsible for the repayment of the loan. iii. COLLATERAL: Property or other assets that the BORROWER offers to secure the loan. iv. DEED OF TRUST:A security instrument conveying title in trust to CWCB covering a particular piece of property. It is used to secure payment of a PROMISSORY NOTE. v. EVIDENCE OF INSURANCE:Acord 25 form, written documentation of insurance. vi. LOAN DOCUMENTS: Include all formal loan contract documents including but not limited to the executed loan contract, all executed appendices, and all executed amendments. vii. LOAN ORIGINATION FEE: One (i%) of the BASE LOAN AMOUNT. viii. PROMISSORY NOTE: The document providing a written agreement to pay the TOTAL LOAN AMOUNT to CWCB. ix. SECURITY AGREEMENT: The document that provides a security interest in a specified asset pledged to repay the loan. x. TOTAL LOAN AMOUNT: BASE LOAN AMOUNT and LOAN ORIGINATION FEE of one percent (i%). B. LOAN PROVISIONS i. Loan Origination Fee. The TOTAL LOAN AMOUNT shall include (1) the BASE LOAN AMOUNT loaned by the CWCB, to the BORROWER, for the PROJECT and (2) a LOAN ORIGINATION FEE of one percent (i%) of the BASE LOAN AMOUNT. 2. Amendments and Option Letters. In the event that the BORROWER does not use the full amount authorized, the parties shall amend this CONTRACT or exercise an OPTION LETTER (attached as APPENDIX 2) to revise the TOTAL LOAN AMOUNT including an adjustment of the LOAN ORIGINATION FEE to reflect i% of the actual amount disbursed to the BORROWER.An amendment to this CONTRACT shall be executed for the following changes including, but not limited to, an increase in TOTAL LOAN AMOUNT, change in Page 2 of 14