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CT2019-2099 Contract
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CT2019-2099 Contract
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Last modified
2/20/2019 1:28:09 PM
Creation date
2/20/2019 1:18:22 PM
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Loan Projects
Contract/PO #
CT2019-2099
Contractor Name
Ogilvy Irrigating and Land Company
Contract Type
Grant/Loan Combo
Loan Projects - Doc Type
Contract Documents
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( <br /> X. "Tax Information"means federal and State of Colorado tax inform:tion including,without <br /> limitation, federal and State tax returns, return information, and such other tax-related <br /> information as may be protected by federal and State law and regu ation. Tax Information <br /> includes, but is not limited to all information defined as federal tax information in Internal <br /> Revenue Service Publication 1075. <br /> Y. "Total Loan Amount" means the total of the Base Loan Amount ,.lus the Origination fee <br /> of one percent(1%). <br /> Any other term used in this Contract that is defined in an Appendix shall be construed and <br /> interpreted as defined in that Appendix. 1 <br /> 6. LOAN ORIGINATION FEE <br /> CWCB's Origination Fee of one percent(1%),added to the Base Loan • 1 ount in accordance with <br /> CWCB Policy No. 16, results in the Total iLoan Amount shown on the S gnature and Cover page <br /> of this Contract. <br /> 7. AMENDMENTS AND OPTION LETTERS <br /> In the event that the Borrower does not use the full amount authorized,th- parties shall amend this <br /> Contract or exercise an Option Letter(attaghed as Appendix 2)and incorp•rated herein,to decrease <br /> the Total Loan Amount including an adjustment of the Origination Fee t. reflect 1% of the actual <br /> amount disbursed to the Borrower. An amendment to this Contract s all be executed for the <br /> following changes including, but not limited to, a change in pledged revenues or property, an <br /> increase in Total Loan Amount,and a decrease in Total Loan Amount w th a change in the annual <br /> loan payment. Additionally, upon substantial completion of the Project, he following applies: <br /> A. Upon substantial completion of tht Project with a decrease in th Total Loan Amount and <br /> if the Borrower requests a change ih the annual loan payment; th- Parties may amend this <br /> Contract to modify the annual loan payment accordingly. <br /> B. Upon substantial completion of the Project with a decrease in t e Total Loan Amount but <br /> no change in the annual payment,which then results in a shortened term of the loan,the State <br /> may exercise an option and shall provide written notice to the Borr.wer in form substantially <br /> equivalent to Appendix 2 to decrease the term of the loan. If exer 'sed,the provisions of the <br /> Option Letter and supporting doc entation shall become part o and be incorporated into <br /> this Contract for the total duration Of this Contract. <br /> 8. CONTRACT AMENDMENT SERVI E FEES <br /> Under certain circumstances, the Borr wer may be assessed a sery ce fee for amending the <br /> Contract. <br /> A. A service fee may be imposed on the Borrower for amendments .rocessed for the benefit of <br /> the Borrower and necessary for the Borrower's course of busine but not necessary for the <br /> CWCB, including, but not limited to, a change in the Borro er's name, assignment of <br /> contract, substitution of Pledged Revenues or Pledged Property, 1.an payment deferments in <br /> excess of 3 per loan, and loan consolidation. Amendments in the course of CWCB business <br /> will be processed at no additional charge to the Borrower. T e service fee shall not be <br /> assessed if the Total loan amount is reduced. <br /> B. The amount charged shall be in ac ordance with the service fee r:to structure set forth in the <br /> CWCB Loan Service Charge Policy in effect at the time the :orrower shall request an <br /> amendment. The current service f e for an amendment is $1,000 <br /> j Page 5 of l <br /> Contract Number:CT2019-2099 <br />
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