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I <br /> United States Farmers P.O. Box 699 <br /> Oepartmentof Home Hickory, NC 28603 <br /> Agriculture Administration 706/322-7557 <br /> <br /> April 8, 1986 <br /> <br /> Water & Sewer of Cabarrus County <br /> Attn: James W. Lentz, Chairman <br /> P. O. Box 707 <br /> Concord, N. C. 28025 <br /> <br /> 'Dear Mr. Lentz: <br /> <br />-- Due to recent changes in Farmers Home Administration procedures, it is <br /> necessary to amend the "Letter of Conditions" dated August 27, 1983, issued <br /> pursuant to your loan request of $5,576,000.00 as follows: <br /> <br /> "The applicant agrees that, in the event of deficiencies in <br /> development, design, or construction of the project or any <br /> part thereof, the applicant will take the required adminis- <br /> trative or legal action to secure financial compensation <br /> from the engineer, architect, contractor or attorney as <br /> appropriate for any necessary cost to restore the project <br /> or defective part to a level of service equal to that expected <br /> for normal design and/or construction and legal services." <br /> <br /> "If FmHA makes the loan, you may make a written request that the <br /> interest rate be the lower of the rate in effect at the time of <br /> loan approval or the time of loan closing. If you do not request <br /> the lower of the two interest rates, the interest rate charged <br /> will be the rate in effect at the time of loan approval. The <br /> loan will be considered approved on the date a signed copy of <br /> Form FmHA 1960-1,'Request for Obligation of Funds', is mailed <br /> to you. If you want the lower of the two rates, your written <br /> request should be submitted to FmHA as soon as practical. In <br /> order to avoid possible delays in loan closing such a request <br /> should ordinarily be submitted at least 30 calendar days before <br /> loan closing." <br /> <br /> "Please complete and return the attached Form FmHA 442-46,'Letter <br /> of Intent to Meet Conditions', if you desire that further con- <br /> sideration be given your application, and indicate on bottom of <br /> form your desire to use the lower interest rate." <br /> <br /> If you have questions, please contact us. <br /> <br /> Sincerely, . <br /> <br /> " CHARLES W.' TESENEER <br /> ~ ~"~ District Director <br /> <br /> <br />