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or improvements to the Elementary Schools through the Financing <br />Agreement and all related transactions, including the Escrow Agent's fees and <br />expenses, legal fees and expenses, taxes, inspection costs, permit fees, filing <br />and recording costs and advertising expenses; and <br />(c) all other costs which aze considered to be a part of the costs of the <br />design, planning, construction (including reconstruction and renovation), <br />acquiring, installing and equipping of the Facilities or the Elementary <br />Schools in accordance with generally accepted accounting principles and <br />which will not adversely affect the exclusion from gross income for federal <br />income tax purposes of the designated interest component of Installment <br />Payments payable by the County under the Financing Agreement, including <br />sums required to reimburse the County or its agents for advances made by the <br />County or its agents that are properly chazgeable to the design, planning, <br />construction (including reconstruction and renovation), acquisition, <br />installation and equipping of the Facilities or the Elementary Schools, and <br />all applicable sales taxes and other charges resulting from any such acquiring, <br />constructing or equipping. <br />5. The final paragraph of Section 4.1 of the Original Escrow Agreement is hereby <br />amended to read as follows: <br />The Escrow Agent shall hold the Construction Fund in trust and shall <br />apply the amounts on deposit therein from time to time to the payment of the <br />Costs of Construction and, pending such application, such amounts shall be <br />subject to a lien and chazge in favor of BB&TLC; provided, however, that <br />the County shall not request the disbursement of, and the Escrow Agent <br />shall not disburse, a total of more than $750,000 from the Construction <br />Fund for payment of Costs of Construction related to the Elementary <br />Schools without further amendment of this Escrow Agreement. Upon the <br />written request of the County or the School Board, the Escrow Agent shall <br />file with the County, the School Board and BB&TLC, not later than the tenth _ <br />day of each calendaz month, a statement of all transactions relating to the - <br />Construction Fund for the calendar month immediately prior to the date of <br />such statement. <br />6. Except as modified by this Modification Agreement, the terms and provisions of <br />the Original Agreement, the Prior Modification and the Original Escrow Agreement are in all <br />respects ratified and confirmed. <br />7. Notwithstanding any other provision of this agreement, the Original Agreement <br />or the Prior Modification, the County, the Deed of Trust Trustee and BB&TGF intend to comply <br />with North Carolina General Statutes Section 160A-20. No deficiency judgment may be entered <br />against the County in violation of such Section 160A-20, including, without limitation, any <br />3 <br />