CT2019-2099 Contract

• Contract/PO #: CT2019-2099
• Contractor Name: Ogilvy Irrigating and Land Company
• Contract Type: Grant/Loan Combo
• Loan Projects - Doc Type: Contract Documents

JtC. The Borrower shall remit the service fee to the CWCB prior to initiion of the amendment.
Any service fee remitted to the CWCI cannot be refunded.
9. PROMISSORY NOTE PROVISIONS '
The Promissory Note shall identify the Total Loan Amount. The CWC: agrees to loan to the
Borrower an amount not to exceed the Total Loan Amount and the Borr•wer agrees to repay the
loan in accordance with the terms as set forth in the Promissory Note, (.ttached as Appendix 3)
and incorporated herein.
io. INTEREST PRIOR TO PROJECT COI1IPLETION
For all loan funds disbursed by the CWCB to the Borrower prior lo the Contract Project
Performance End Date, interest shall accrl4e on the disbursed funds at th- rate set by the CWCB
for this loan.The CWCB shall calculate the amount of the interest that acc ed prior to the Project's
substantial completion (as determined by he CWCB) and notify the B•rrower of such amount.
The Borrower shall repay that amount to the CWCB either(1)within thirt (30)days from the date
of notification from the CWCB, (2)at the CWCB's discretion, said intere•t 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 accordan e with the terms of this
Contract shall be remitted to the CWCB within thirty(30)calendar days f om notification from the
CWCB of either(1) completion of the Prdject or(2) determination by - CWCB that the Project
will not be completed. Any such loan funds so remitted to CWCB shall .- 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 an authority to enter into this Contract. The
execution and delivery of this Contract and the erformance and •bservation of its terms,
conditions and obligations have been duly authorized by all necessary act ons of the Borrower. The
Borrower's Authorizing Resolutions(attached as Appendix 4)and inco .orated herein,include the
Resolutions of the Board of Directors.
13. ATTORNEY'S OPINION LETTER
Prior to the final execution of this Contract the Bojol wer 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 Borrowe who are duly elected or
appointed and are authorized to execute the Contract and to bind t u e Borrower; and
B. the resolutions of the Borrower authorizing the execution and del' ery of the Contract were
duly adopted by the Borrower's boa'd of directors and shareholde .; and
C. there are no provisions in the Borrower's articles of incorporatio or bylaws or any state or
local law that prevent this Contract from binding the Borrower; . d
D. the Contract will be valid and binding against the Borrower if full, executed.
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Contract Number:CT2019-2099 I