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;~. T't>..~ expressly rewritten, incorporated, anu' 1I1l.iluded herein. 3. It is agreed the ORIGINAL CONTRACT is and shall be modified. altered, and changed in the following respects only: a. RECITAL 9 is replaced by the following: The CWCB approved at their November 9, 1992, meeting, a loan to the TOWN in an amount not to exceed $320,000, at an interest rate of 2% per annum, and for a duration of 20 years; and b. Paragraph A.6 Authority to Contract is appended by the following: The TOWN and the BORROWER also warrant that both the TOWN'S Board of Trustees and the BORROWER'S governing body have complied with all statt/tory and other requirements and duly passed a joint resolution authorizing the borrowing of the SUPPLEMENTAL LOAN AMOUNT of $630,000 for a TOTAL LOAN AMOUNT of $950,000. Such resolution, attached hereto as ATTACHMENT 1 and incorporated herein, authorizes the same actions as Resolution 0809, Series 1995, attached t" the ORIGINAL CONTRACT as APPENDIX B. c. Paragraph A.a Promissory Note Provisions i~ appended by the following: The above conditions apply specifically to the ORIGINAL LOAN AMOUNT. The following promissory note provisions apply to the SUPPLEMENTAL LOAN AMOUNT. g. Principal amount. The principal amount shall be the total amount of funds advanced by the STA TE to the BORROWER under the terms of this contract, flat to exceed the SUPPLEMENTAL LOAN AMOUNT of $630,000, h. Interest fate. The interest on this principal amount shall accrue at the rate of fOUf percent (4%J per annum on all SUPPLEMENTAL LOAN AMOUNT funds ad~fanced to BORROWER during PROJECT construction. i. Duration. The repayment periOd of this SUPPLEMENTAL LOAN AMOUNT shall be forty (40) years. j. Loan payment. If the amount borrowed i$ the SUPPLEMENTAL LOAN AMOUNT, payments would be made in forty (40) annual installments of Thirty-One Thousand Eight Hundred Twenty-Nine Dollars and Eighty Cents 1$31,829.80). which amount is principal anI! interest. The first installment shall be due and payable on the first day of the month, one year after the STA TO declares that the PROJECT has been substantially completed, . and yearly thereafter until the entire principal sum and any accrued interest shall have been paid. Installment payments are to be made payable to the CWCB at the address given herein. k. Interest during construction. The BORROW,R shall repay to the STATE interest accrued on the SUPPLEMENTAL LOAN AMOUNT advances made during constrtJction which will be calculated at the rate of four percent (4%1 per annum on each advance disbursed to the BORROWER made during construction. The interest accumulated during construction shall be paid to the STA fE as a single lump sum on the first day of the month following the month that the STA TO declares that the PROJECT has been substantially completed. The actual interest which will accumulate during construction is unknown and cannot be calculated until the conclusion of construction. I. Prepayment conditions. The BORROWER may prepay all or any of the loan at any time, without penalty. These payments will be applied first to any accrued interest and then to reduce the principal amount. The parties agree that loan fund advances made to the BORROWER during construction shall be first from the ORIGINAL LOAN AMOUNT of $320,000 and such advances shall accrue interest at the rate of 2%. When the ORIGINAL LOAN AMOUNT exhausted, the loan advances will be made from the SUPPLEMENTAL LOAN AMOUNT of $630,OOOand such advances shall accrue interest at the rate of 4%. d, Paragraph 9. Collateral is amended by replacing the first sentence with the following: The security provided for this loan of the TOTAL LOAN AMOUNT shall be the following: e, Paragraph 9 Collateral is appended by the following: A revised UCC Security Agreement and Fiflancing Statement, attached hereto as ATTACHMENT 2 and TOWN OF NORWOOD & NORWOOD WATER COMMISSION CONTRACT AMENDMENT Page 2 of 3