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5 <br /> ARTICLE I <br /> DEFINITIONS: INTERPRETATION <br /> Unless the context clearly requires otherwise, capitalized terms used in this Agreement <br /> and not otherwise defined shall have the following meanings: <br /> "Additional Payments" means any of the County's reasonable and customary fees and <br /> expenses related to the transactions contemplated by this Agreement, and of the County's <br /> expenses (including attorneys' fees) in prosecuting or defending any action or proceedings in <br /> connection with this Agreement, any required license or permit fees, state and local sales and use <br /> or ownership taxes or property taxes which the County is required to pay as a result of this <br /> agreement, inspection and re-inspection fees, and any other amounts payable by the affordable <br /> housing owner(or paid by the County on the affordable housing owner's behalf) as a result of its <br /> covenants under this Agreement(together with interest that may accrue on any of the above if the <br /> affordable housing owner shall fail to pay the same, as set forth in this Agreement). <br /> "Affordable Housing Owner Representative" means the affordable housing owner's <br /> executive director or such other person or persons at the time designated, by a written certificate <br /> furnished to the County and signed on the affordable housing owner's behalf by the presiding <br /> officer of the affordable housing owner's Governing Board, to act on the affordable housing <br /> owner's behalf for any purpose (or any specified purpose)under this Agreement. <br /> "Amount Reimbursed"has the meaning assigned in Section 2.02. <br /> "Business Day" means any day on which banks in the State are not by law authorized or <br /> required to remain closed. <br /> "Closing Date" means the date on which this Agreement is first executed and delivered <br /> by the parties. <br /> "County"means Orange County,North Carolina. <br /> "Event of Default"means one or more events of default as defined in Section 7.01. <br /> "Existing Encumbrances"means the encumbrances described in Exhibit C. <br /> "Governing Board" means the affordable housing owner's governing board as from time <br /> to time constituted. <br /> "Mortgaged Property"means the Mortgaged Property, as defined above. <br /> "Payment" means the payment payable by the affordable housing owner pursuant to <br /> Section 3.01. <br /> "Payment Dates"means the date indicated in Exhibit D. <br /> 5 <br />