C150083 PIF

• Contract/PO #: C150083
• Contractor Name: John Peroulis and Sons Partnership
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

CWCB determines that the PROJECT has been substantially completed, 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.
3. 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 days of either (1) completion of the PROJECT or (2) upon the determination by the CWCB
that the PROJECT will not be completed.
4. BORROWER'S Authority To Contract. The BORROWER'S Partners have voted to approve this
loan and have authorized the BORROWER to enter into and perform in accordance with the
terms of this contract. The minutes of the Partnership meeting at which the Partners voted to
approve this loan are attached as Appendix 3 and incorporated herein.
5. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the
BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's
opinion that
a. the persons signing for the BORROWER have authority to sign such documents on behalf
of the BORROWER and to bind the BORROWER;
b. as required by the CWCB, all of the BORROWER'S partners and their spouses have duly
executed this contract and the promissory note;
c. the BORROWER'S Partners have validly voted to approve this contract;
d. there are no provisions in the BORROWER'S partnership agreement or any state or local
law that prevent this contract from binding the BORROWER; and
e. the contract will be valid and binding against the BORROWER if entered into by the CWCB.
6. Debt Service Reserve Account. To establish and maintain a debt service reserve account,
the BORROWER shall deposit an amount equal to one-tenth of an annual payment into its debt
service reserve fund on the due date of its first annual loan payment and annually thereafter
for the first ten years of this loan. In the event that the BORROWER applies funds from this
account to repayment of the loan, the BORROWER shall repter ish\the4i,aoco t within ninety
(90) days of withdrawal of the funds. Further, the BoRRov,\ All ostli„ and maintain
.,
adequate operation and maintenance and emergency r air>.s4rvices eserves for the
PROJECT. •
7. Collateral. The collateral for this loan is described itin 4;.(,eoatr of; e, Project
rYby
Summary, and secured the deed of trust attack 4Ap ndfi -ate*i t6Thporated
herein. The BORROWER shall not sell, convey, assign, grant, transfer, mortgage, pledge,
encumber, or otherwise dispose of the collateral for this loan, including the Pledged
Property, so long as any of the principal, accrued interest, and late charges, if any, on this
loan remain unpaid, without the prior written concurrence of the CWCB. In the event of any
such sale, transfer or encumbrance without the CWCB's written concurrence, the CWCB
may at any time thereafter declare all outstanding principal, interest, and late charges, if
any, on this loan immediately due and payable.
8. Release After Loan Is Repaid. Upon complete repayment to the CWCB of the entire
principal, all accrued interest, and late charges, if any, as specified in the Promissory Note,
the CWCB agrees to release and terminate any and all of the CWCB's right, title, and interest
in and to the collateral and the property pledged to repay this loan.
Page 2 of 8 Loan Contract