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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 Nom 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 Nom, (attached as Appendix 3) and incorporated herein. <br /> 5. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB, to <br /> the BORROWER, interest shall accrue on the disbursed funds at the rate set by the CWCB for <br /> this loan. The CWCB shall calculate the amount of the interest that accrued prior to the <br /> PROJECT'S substantial completion (as determined by the CWCB) and notify the BORROWER of <br /> ' such amount. The BORROWER shall repay that amount to the CWCB either (1) within thirty <br /> (30) days from the date of notification from the CWCB, (2) at the CWCB's discretion, said <br /> interest shall be deducted from the final disbursement of loan funds that the CWCB makes to <br /> the BORROWER, or (3) at the CWCB's discretion, said interest shall be rolled into the TOTAL <br /> LOAN AMOUNT due. <br /> 6. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the PROJECT <br /> in accordance with the terms of Tests CONTRACT shall be remitted to the CWCB within thirty <br /> (3o) calendar days from notification from the CWCB of either (i) completion of the PROJECT or <br /> (2) determination by the CWCB that the PROJECT will not be completed. Any such loan funds <br /> so remitted to CWCB shall be applied to the principal payment of amounts due on the Loan. <br /> 7. BORROWER'S Authority to Contract. The BORROWER warrants that it has full power and <br /> authority to enter into this CONTRACT. The execution and delivery of this CONTRACT and the <br /> performance and observation of its terms, conditions and obligations have been duly <br /> authorized by all necessary actions of the BORROWER. The BORROWER'S AUTHORIZING <br /> RESOLUTION(s) (attached as Appendix 4) and incorporated herein, include the Resolutions of <br /> the Board of Directors and the Resolutions of the Shareholders (if required). <br /> 8. 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 attorney stating that it is the attorney's <br /> 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 /> BORROWER;and <br /> b. the resolutions of the BORROWER authorizing the execution and delivery of the <br /> CONTRACT were duly adopted by the BORROWER'S board of directors and shareholders;and <br /> c. there are no provisions in the BORROWER'S articles of incorporation or bylaws or any <br /> state or local law that prevent this CONTRACT from binding the BORROWER;and <br /> d. the CONTRACT will be valid and binding against the BORROWER if entered into by the <br /> CWCB. <br /> Page 6 of 16 <br />