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pledged revenues or property, and decrease in TOTAL LOAN AMOUNT with a change in <br /> the annual loan payment. Additionally, upon substantial completion of the PROJECT, <br /> the following applies: <br /> 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 the BORROWER'S <br /> name, assignment of contract, substitution of PLEDGED REVENUES or property, loan <br /> payment deferments in excess of 3 per loan, and loan consolidation. Amendments in the <br /> course of CWCB business, including but not limited to, loan payment deferments (up to <br /> 3 per loan) and changes in terms of loan repayment will be processed at no additional <br /> charge 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 $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. <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 the PROJECT'S <br /> substantial completion (as determined by the CWCB) and notify the BORROWER of such <br /> amount. The BORROWER shall repay that amount to the CWCB either (1) within ten (io) days <br /> from the date of notification from the CWCB, (2) at the CWCB's discretion, said interest shall <br /> be deducted from the final disbursement of loan funds that the CWCB makes to the <br /> BORROWER, or (3) at the CWCB's discretion, said interest shall be rolled into the TOTAL LOAN <br /> Page 3 of 14 <br />