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The parties desire to modify the Original Agreement, as modified by the Prior <br />Modification, for two purposes. The first purpose of the modification is to provide for an <br />adjustment of the principal and interest payments payable under the Original Agreement, as <br />modified by the Prior Modification. The second purpose of the modification is to allow a portion <br />of the financing proceeds provided to the County under the Original Agreement to be used on a <br />different project. Any capitalized terms used herein and not otherwise defined shall have the <br />meanings assigned thereto in the Original Agreement. <br />Now, therefore, for and in consideration of the premises, and for the purposes <br />described in the Original Agreement and the Prior Modification, the County covenants and <br />agrees with the Deed of Trust Trustee and BB&TGF (and their respective heirs, successors <br />and assigns), as follows: <br />1. Exhibit D to the Original Agreement, as modified by the Prior Modification, is <br />hereby amended to read as set forth on Exhibit A attached to this Modification Agreement and <br />incorporated herein by this reference. <br />2. Notwithstanding any contrary provision of the Original Agreement, the Prior <br />Modification or the Original Escrow Agreement, the County may use up to $750,000 of the <br />Amount Advanced on Costs of Construction related to the Elementary Schools, as defined in <br />paragraph 3 below. The County shall not use any portion of the Amount Advanced to reimburse <br />the School Board or the County for payments on Costs of Construction related to the Elementary <br />Schools made more than 60 days prior to May 6, 1998. <br />3. The Original Agreement is hereby amended by adding the following definition to <br />Article I of the Original Agreement: <br />"Elementary Schools" means the properties operated by the School <br />Board and known as the Estes Hills and Glenwood Elementary Schools. <br />4. The definition of "Costs of Construction" in the Original Escrow Agreement is <br />hereby amended to read as follows: <br />"Costs of Construction" means the following: <br />(a) obligations incurred or assumed for the Facilities or the <br />Elementary Schools in connection with the design, planning, construction - <br />(including reconstruction and renovation) acquiring, installing and equipping <br />of the Facilities or the Elementary Schools; <br />(b) the cost of design, planning, construction (including reconstruction . <br />and renovation), acquiring, installing and equipping the Facilities or the <br />Elementary Schools, interest during construction and for up to six months <br />following completion, and all costs related to the financing of the Facilities <br />2 <br />