C150360 Amend 1 - Laserfiche WebLink

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BORROWER does not use the full 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 amendments processed for the benefit of the BORROWER and necessary for the BORROWER'S course of business but not necessary for the CWCB, including, but not limited to, a change in BORROWER name, assignment of contract, substitution of collateral, loan payment deferments in excess of 3 per loan, and loan consolidation. Amendments in the course of CWCB business, including, but not limited to, loan payment deferments (up to 3 per loan), and changes in terms of loan repayment 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. CWCB further agrees that in the event BORROWER pays the reimbursement from the NRCS, or any other grants or other funds (excluding regular Loan Payments under the PROMISSORY NOTE) obtained by BORROWER to CWCB, such funds will apply to the reduction of the LOAN AMOUNT and the Loan Payment under the PROMISSORY NOTE shall be recalculated and reduced to a new Loan Payment amount based on the principal balance remaining after applying said NRCS funds, grants or other funds to the Loan balance amortized over the remaining term of the Loan at the interest rate stated in the PROMISSORY NOTE. CWCB and BORROWER agree that the recalculation and the new Loan Payment shall be confirmed in writing, by the Parties in an amendment to this CONTRACT, properly executed and approved in accordance with applicable Colorado State law, State Fiscal Rules. 4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB shall calculate the amount of the interest that accrued prior to PROJECT'S substantial completion (as determined by the CWCB) and notify BORROWER of such amount. The BORROWER shall repay that amount to the CWCB either within ten (10) days from the date of notification from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the final disbursement of loan funds that the CWCB Loan Contract C150360 Page 2 of 12