C150118 Paid in Full Contract

• Contract/PO #: C150118
• Contractor Name: The Kern Resevoir and Ditch company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

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
2. 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 to revise the LOAN
AMOUNT.
3. 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 substantial
completion of the PROJECT 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 makes to the BORROWER.
4. 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) upon the determination by the CWCB that the PROJECT will not be
completed.
5. 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 ;thy BORROWR. The BORROWER'S
authorizing resolution(s) are attached as Appe 'ellk;:3 and incorporated herein.
6. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the
BORROWER shall submit to the CWCB letter fr rwjt-s attor1ey stating that it is the
attorney's opinion that
a. the contract has been duly executed by officers of the BORROWER who are duly
elected or appointed and are authorized to execute the contract and to bind the
BORROWER;
b. the resolutions of the BORROWER authorizing the execution and delivery of the
contract were duly adopted by the BORROWER'S board of directors and/or
stockholders
c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or any
state or local law that prevent this contract from binding the BORROWER; and
d. the contract will be valid and binding against the BORROWER if entered into by the
CWCB.
7. Pledge Of Property. The BORROWER irrevocably pledges to the CWCB for purposes of
repayment of this loan: (1) revenues from assessments levied for that purpose as
authorized by the BORROWER'S resolution(s) and (2) all of the BORROWER'S rights to
receive said assessment revenues, hereinafter collectively referred to as the "Pledged
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