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excess of 3 per loan, and loan consolidation. Amendments in the course of <br />CWCB business, including, but not limited to, loan payment deferments (up to 3 <br />per loan), and changes in terms of loan repayment will be processed at no <br />additional charge to the BoRROweR. <br />b. The amount charged shall be in accordance with the fee rate structure set forth in <br />the CWGB Loan Service Charge Policy in effect at the time the BoRROweR shall <br />request an 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 <br />amount not 10 exceed the To�at LoAN AMOUrvT and the BoRROweR agrees to repay the <br />loan in accordance with the terms as set forth in the Promissory Note, attached hereto <br />as Appendix 2 and incorporated herein. The Promissory Note shall identify the TorA� <br />LoaN Annourvr. If the amount of loan funds disbursed by the CWCB to the BoRROweR <br />difF@fS ffOfl't th@ TOTAL LOAN AMOUNT the Parties agree to amend this contract to revise <br />th6 TQTAL LOAN AMOUNT. <br />4. Interest Prior to PRO�ecT Completion. As the loan funds are disbursed by the CWCB <br />t0 th6 BORROWER interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCB shail calculate the amount of the interest that accrued prior to substantial <br />completion of the PRO�ECr and notify BoRROweR of such amount. The BoRROweR shall <br />repay that amount to the CWCB either within ten (10} days from the date of notification <br />from the CWCB, or, at the CWCB's discretion, said interest shall be deducted from the <br />final disbursement of loan funds thaf the CWCB makes to the BortROweR. <br />5. Return of Unused Loan Funds. Any loan funds disbursed but not expended for the <br />PRO�ecr.in accordance with the terms of this contract shall be remitted to the CWCB <br />within 30 calendar days from notification from the CWGB of either (1) completion of the <br />PRO�eCr or (2) determination by the CWCB that the PRO�ecr will not be completed. <br />6. BORROWER Authority To Contract. The BoRROweR warrants that it has full power <br />and authority to enter into this contract. The execution and delivery of this contract and <br />the perFormance and observation of its terms, conditions and obligations have been <br />duly authorized by all necessary actions of the BORROWER. Th8 BORF20WER <br />authorizing resolution(s) or ordinance(s) are attached as Appendix 3 and incorporated <br />herein. <br />7. Attorney's Opinion Letter. Prior to the execution of this contract by the CWCB, the <br />BORROWER Shell submit to the CWCB a letter from its counsel stating that it is the <br />attorney's opinion that <br />a. the contract has been duly executed by officers of the BoRROweR who are duly <br />elected or appointed and are authorized to execute the contract and to bind the <br />BORROW ER; <br />b. the resolutions or ordinances of the BORROWER authorizing the execution and <br />deliven,+ of the contract were dufy adopted by the goveming bodies of the <br />BORROWER; <br />c. there are �o provisions in the Colorado Constitution or any. other state or local faw <br />that prevent this contract from binding the BoRROweR; <br />Page 2 of 10 <br />