Laserfiche WebLink
0 0 <br /> the benefit of the BORROWER and necessary for the BORROWER'S course of <br /> business but not necessary for the CWCB, including, but not limited to, a change <br /> in borrower name (novation), assignment of contract, substitution of collateral, <br /> loan payment deferments in excess of 3 per loan, and loan consolidation. <br /> Amendments in the course of CWCB business, including, but not limited to, loan <br /> payment deferments (up to 3 per loan), and changes in terms of loan repayment <br /> will be processed at no additional charge to the BORROWER. <br /> b. The amount charged shall be in accordance with the fee rate structure set forth in <br /> the CWCB Loan Service Charge Policy in effect at the time the BORROWER shall <br /> request an amendment. The current 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 /> 3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br /> amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br /> accordance with the terms as set forth in the Promissory Note, attached hereto as <br /> Appendix 2 and incorporated herein. The Promissory Note shall identify the LOAN <br /> AMOUNT. If the amount of loan funds ed y WCB to the BORROWER differs <br /> from the LOAN AMOUNT, the pantie d this contract, including its <br /> appendices where necessary, to revis MOUNT. <br /> 4. Interest Prior to PROJECT Com _ A a f ds re.disbursed by the CWCB <br /> to the BORROWER, interest shall c t t WCB for this loan. The <br /> CWCB shall calculate the amo f thd`In'terest that accrued prior to PROJECT'S <br /> substantial completion (as determined by the CWCB) and notify BORROWER of such <br /> amount. The BORROWER shall repay that amount to the CWCB either within ten (10) <br /> days from the date of notification from the CWCB, or, at the CWCB'S discretion, said <br /> interest shall be deducted from the final disbursement of loan funds that the CWCB <br /> makes to the BORROWER. <br /> 5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br /> PROJECT in accordance with the terms of this contract shall be remitted to the CWCB <br /> within 30 calendar days from notification from the CWCB of either (1) completion of the <br /> PROJECT or (2) determination by the CWCB that the PROJECT will not be completed. <br /> 6. BORROWER'S Authority To Contract. The BORROWER warrants that it has full power <br /> and authority to enter into this contract. The execution and delivery of this contract and <br /> the performance and observation of its terms, conditions and obligations have been <br /> duly authorized by all necessary actions of the BORROWER. The BORROWER'S <br /> authorizing resolution(s) or ordinance(s) are attached as Appendix 3 and incorporated <br /> herein. <br /> 7. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br /> BORROWER shall submit to the CWCB a letter from its bond counsel stating that it is the <br /> attorney's opinion that <br /> a. the contract has been duly executed by officers of the BORROWER who are duly <br /> elected or appointed and are authorized to execute the contract and to bind the <br /> Page 2 of 17" <br /> k' <br />