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C150148 PIF
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C150148 PIF
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Last modified
12/5/2018 11:37:54 AM
Creation date
12/5/2018 11:37:39 AM
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Loan Projects
Contract/PO #
C150148
Contractor Name
The Ogilvy Irrigating and Land Company
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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CWCB business, including, but not limited to, loan payment deferments (up to 3 per <br /> loan) and changes in terms of loan repayment will be processed at no additional <br /> charge to the BORROWER. <br /> b. The amount charged shall be the fee rate structure in accordance with the CWCB <br /> Loan Service Charge Policy in effect at the time the BORROWER shall request an <br /> amendment. The current fee for an amendment is $1,000. <br /> 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 /> 3. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an amount not <br /> to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in accordance with <br /> the terms as set forth in the Promissory Note, attached hereto as Appendix 2 and <br /> incorporated herein. The Promissory Note shall identify the LOAN AMOUNT. If the amount of <br /> loan funds disbursed by the CWCB to the BORROWER differs from the LOAN AMOUNT, the <br /> parties agree to amend this contract, including all appendices, to revise the LOAN AMOUNT. <br /> 4. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB to <br /> the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The CWCB <br /> shall calculate the amount of the interest that accrued prior to substantial completion of the <br /> PROJECT and notify BORROWER of such amount. The BORROWER shall repay that amount to <br /> the CWCB either within ten (10) days from the date of notification from the CWCB, or, at <br /> the CWCB's discretion, said interest shall be deducted from the final disbursement of loan <br /> funds that the CWCB makes to the BORROWER. <br /> 5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br /> PROJECT in accordance with the terms of this contract shall be remitted to the CWCB within <br /> 30 calendar days from notification from the CWCB of either (1) completion of the PROJECT <br /> or (2) upon the determination by the CWCB that the PROJECT will not be completed. <br /> 6. 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) are attached as Appendix 3 and incorporated herein. <br /> 7. 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 rs of the •BoRR"WEiwho are duly elected <br /> or appointed and are authorized to execute the contract and,i bilt. the BORROWER; <br /> b. the resolutions of the BORROWER authorizing the execution and delivery of the contract <br /> were duly adopted by the BORROWER'S board of directors and/or stockholders <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 /> 8. Pledge Of Property. The BORROWER irrevocably pledges to the CWCB for purposes of <br /> repayment of this loan: (1) revenues from assessments levied for that purpose as <br /> authorized by the BORROWER'S resolution(s) and (2) all of the BORROWER'S rights to receive <br /> said assessment revenues, hereinafter collectively referred to as the "Pledged Property." <br /> Page 2 of 9 <br />
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