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6 <br /> "Permitted Encumbrances" means, as of any particular time, (a) the Existing <br /> Encumbrances, (b) liens for taxes and assessments not then delinquent, (c) this Agreement, (d) <br /> easements, rights-of-way and other such minor defects or restrictions as normally exist with <br /> respect to property of the same general character as the Mortgaged Property which will not <br /> impair the affordable housing owner's intended use of the Mortgaged Property, (e) a Declaration <br /> of Covenants ensuring that the Mortgaged Property will be used for a minimum of ninety-nine <br /> years for housing for families earning up to 80% of HUD area median income as described in <br /> Section 4.14 of this Agreement, (f) a deed of trust(s) securing financing for the initial <br /> construction of the Facilities, and (g) a deed of trust securing a first mortgage.... <br /> "Required Payments"means the Payment and Additional Payments. <br /> "State"means the State of North Carolina. <br /> All references in this Agreement to designated "Sections" and other subdivisions are to <br /> the designated sections and other subdivisions of this Agreement. The words "hereof" and <br /> "hereunder" and other words of similar import refer to this Agreement as a whole and not to any <br /> particular Section or other subdivision unless the context indicates otherwise. Words importing <br /> the singular number shall include the plural number and vice versa. <br /> ARTICLE II <br /> SECURITY PROVIDED BY THIS AGREEMENT; ADVANCE <br /> 2.01 Security for Payment and Performance. This Agreement secures the affordable <br /> housing owner's payment, as and when the same shall become due and payable, of all Required <br /> Payments and the affordable housing owner's timely compliance with all terms, covenants and <br /> conditions of this Agreement. <br /> 2.02 Amount Reimbursed. The County reimburses $ (the "Amount <br /> Reimbursed") to the affordable housing owner on the Closing Date, and the affordable housing <br /> owner hereby accepts the reimbursement. The County is paying the full amount of the Amount <br /> Reimbursed to the affordable housing owner simultaneously with the execution and delivery of <br /> this Agreement. <br /> 2.03 Affordable Housing Owner's Continuing Obligations. The affordable housing <br /> owner shall remain liable for full performance of all its covenants under this Agreement, <br /> including payment of all Required Payments, notwithstanding the occurrence of any event or <br /> circumstances whatsoever, including any of the following: <br /> (a) The County's waiver of any right granted or remedy available to it; <br /> (b) The forbearance or extension of time for payment or performance of any <br /> obligation under this Agreement, whether granted to the affordable housing owner, a subsequent <br /> owner of the Facilities or the Site or of both the Facilities and the Site, or any other person; <br /> 6 <br />