CT2018-1999 Contract

• Contract/PO #: CT2018-1999
• Contractor Name: Centenial Irrigating 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.
9. PROMISSORY NOTE PROVISIONS.
The Promissory Note shall identify the Total Loan Amount. The CWCB agrees to loan to the
Borrower an amount not to exceed the Total Loan Amount and the Borrower agrees to repay the
loan in accordance with the terms as set forth in the Promissory Note, (attached as Appendix 3)
and incorporated herein.
10. INTEREST PRIOR TO PROJECT COMPLETION.
For all loan funds disbursed by the CWCB to the Borrower prior to the Contract Project
Performance End Date, interest shall accrue on the disbursed funds at the rate set by the CWCB
for this loan. The CWCB shall calculate the amount of the interest that accrued prior to the
Project's substantial completion (as determined by the CWCB) and notify the Borrower of such
amount. The Borrower shall repay that amount to the CWCB either (1) within thirty (30) days
from the date of notification from the CWCB, (2) at the CWCB's discretion, said interest shall be
deducted from the final disbursement of loan funds that the CWCB makes to the Borrower, or(3)
at the CWCB's discretion, said interest shall be rolled into the Total Loan Amount due.
11. 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 thirty (30) calendar days from notification from
the CWCB of either (1) completion of the Project or (2) determination by the CWCB that the
Project will not be completed. Any such loan funds so remitted to CWCB shall be applied to the
principal payment of amounts due on the Loan.
12. 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 the Borrower.
The Borrower's Authorizing Resolution(s) (attached as Appendix 4) and incorporated herein,
include the Resolutions of the Board of Directors and the Resolutions of the Shareholders.
13. ATTORNEY'S OPINION LETTER.
Prior to the final execution of this Contract the Borrower shall submit to the CWCB a letter from
its attorney 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; and
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 shareholders; and
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 fully executed.
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Contract Number:CT2018-1999