CT2019-3463 Contract

• Contract/PO #: CT2019-3463
• Contractor Name: Left Hand Ditch Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

A. Upon substantial completion of the Project with a decrease in the Total Loan Amount and
if the Borrower requests a change in the annual loan payment, the Parties may amend this
Contract to modify the annual loan payment accordingly.
B. Upon substantial completion of the Project with a decrease in the Total Loan Amount but
no change in the annual payment,which then results in a shortened term of the loan,the State
may exercise an option and shall provide written notice to the Borrover in form substantially
equivalent to Appendix 2 to decrease the term of the loan. If exercised, the provisions of the
Option Letter and supporting documentation shall become part of and be incorporated into
this Contract for the total duration of this Contract.
5. CONTRACT AMENDMENT SERVICE FEES
Under certain circumstances, the Borrower may be assessed a service fee for amending the
Contract.
A. A service fee may be imposed on the Borrower for amendments processed for the benefit of
the Borrower and necessary for the Borrower's course of business but not necessary for the
CWCB, including, but not limited to, a change in the Borrower's name, assignment of
contract, substitution of Pledged Revenues or Pledged Property, loan payment deferments in
excess of three (3) per loan, and loan consolidation. Amendments in the course of CWCB
business will be processed at no additional charge to the Borrower.
B. The amount charged shall be in accordance with the service fee rate structure set forth in the
CWCB Loan Service Charge Policy in effect at the time the Borrower shall request an
amendment. The current service fee for an amendment is one thousand and no/100 dollars
($1,000).
C. The Borrower shall remit the service fee to the CWCBp rior to initiation of the amendment.
Any service fee remitted to the CWCB cannot be refunded.
6. 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.
7. 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.
8. 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 fro#n notification from the
CWCB of either(1) completion of the Project or(2) determination by the CWCB that the Project
Contract Number:CT2019-3463 Page 7 of 20 Version 0119