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PROJC00157
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PROJC00157
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Last modified
11/19/2009 11:06:37 AM
Creation date
10/6/2006 12:03:43 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153825
Contractor Name
Farmers Pawnee Canal Company, The
Contract Type
Loan
Water District
64
County
Logan
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
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<br />from binding the BORROWER; and that the contract will be valid and binding against the BORROWER if <br />entered into by the STATE. <br /> <br />9. Promissory Note Provisions. The Promissory Note setting forth the terms of repayment and <br />evidencing this loan in the amount of $22,250 at an interest rate of 3.5% per annum for a term of ten <br />years is attached as Appendix 2 and incorporated herein, <br /> <br />a. Revision Of Promissory Note. In the event the Borrower does not use all of the loan funds for <br />construction of the Project, the Promissory Note may be adjusted in accordance with the <br />Changes Provisions of this contract. <br /> <br />b. Interest During Construction. As the loan funds are disbursed by the STATE to the BORROWER <br />during construction, interest shall accrue at the rate of 3.5%. The STATE shall calculate the <br />amount of the interest accrued during construction and the BORROWER shall repay that amount to <br />the STATE either within ten (10) days after the date the STATE determines that the PROJECT has <br />been substantially completed, or, at the STATE'S discretion, said interest shall be deducted from <br />the final disbursement of loan funds that the STATE makes to the BORROWER. <br /> <br />10, Changes. The parties may decrease the amount of the loan under this contract or extend the time <br />for completion of the PROJECT through a REVISION LEITER, approved by the State Controller or his <br />designee and the BORROWER, in the form attached hereto as Appendix 3, The REVISION LEITER <br />shall not be valid until approved by the State Controller or such assistant as he may designate, <br />Upon proper execution and approval, the REVISION LEITER shall become an amendment to this <br />contract and, except for the Special Provisions of the contract, the REVISION LEITER shall supersede <br />the contract in the event of a conflict between the two, The parties understand and agree that the <br />REVISION LEITER may be used only for decreasing the final loan amount or to extend the time for <br />completion of the PROJECT, In the event that the parties execute the REVISION LEITER to decrease <br />the amount of the loan, the parties shall amend the Promissory Note and all documents executed by <br />the BORROWER to convey security interests to the STATE as required by this contract to reflect the <br />decreased loan amount. <br /> <br />11. Warranties, <br /> <br />a. The BORROWER warrants that, by acceptance of the loan money pursuant to the terms of this <br />contract and by the BORROWER'S representation herein, the BORROWER shall be estopped from <br />asserting for any reason that it is not authorized or obligated to repay the loan money to the <br />STATE as required by this contract. <br /> <br />b, The BORROWER warrants that it has full power and authority to enter into this contract. The <br />execution and delivery of this contract and the performance and observation of its terms, <br />conditions and obligations have been duly authorized by all necessary actions of the <br />BORROWER. <br /> <br />c. The BORROWER warrants that it has not employed or retained any company or person, other <br />than a bona fide employee working solely for the BORROWER. to solicit or secure this contract <br />and has not paid or agreed to pay any person. company, corporation. individual, or firm. other <br />than a bona fide employee. any fee, commission, percentage, gift. or other consideration <br />contingent upon or resulting from the award or the making of this contract. <br /> <br />d. The BORROWER warrants that the property identified in the Collateral Provisions of this contract <br />is not encumbered by any liens of any party other than the STATE or in any other manner. <br /> <br />Farmers Pawnee Canal Company <br /> <br />Page 5 of 13 <br /> <br />Loan Contract <br />
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