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f <br /> NOW, THEREFORE, for and in consideration of the premises and <br /> of the covenants hereinafter contained, and other valuable <br /> consideration, the parties hereto agree as follows: <br /> SECTION 1. DEFINITIONS <br /> For purposes of this Contract, in addition to any other terms <br /> defined herein, wherever used the following terms shall have the <br /> definitions set forth below: <br /> 1.1 "Tax Certificate" means the Tax Certificate, in <br /> substantially the form of Exhibit A attached hereto and <br /> incorporated herein by reference, delivered by the County at the <br /> time of execution of this Contract. <br /> 1.2 "Budget Officer" means the officer from time to time <br /> charged with preparation of the County' s draft budget as initially <br /> submitted to the County Commission for consideration. <br /> 1.3 "County Commission" means the Board of Commissioners <br /> = for Orange County, North Carolina, as it is constituted from time <br /> to time. <br /> 1.4 "Deed of Trust" means the Deed of Trust and Security <br /> Agreement, of even date herewith, from the County to a trustee for <br /> the benefit of the Lender, encumbering the Property, subject to <br /> Permitted Encumbrances (as hereinafter defined) , as security for <br /> the County' s obligations to Lender for the repayment of the <br /> Financing Proceeds advanced by Lender pursuant to this Contract. <br /> 1.5 "Event of Nonappropriation" means any failure by the <br /> County Commission to adopt, by the first day of any fiscal year, a <br /> budget for the County that includes an appropriation for payments <br /> required hereunder for such fiscal year. <br /> 1.6 "Installment Payments" means those payments made by the <br /> County to the Lender as described in Section 3 .1 of this Contract. <br /> 1.7 "Maturity Date" means January 15, 2006. <br /> 1. 8 "Permitted Encumbrances" means the Deed of Trust and any <br /> lien or other encumbrance appearing as an exception " on any <br /> title opi� covering the Site which is issued contemporaneously <br /> herewith, any lien for taxes not yet due, and any other exception, <br /> lien or other encumbrance permitted under this Contract. <br /> 1.9 "Permitted Investments" means any investments which are <br /> legal investments of the County's funds at the time of the purchase <br /> of such investments. <br /> 3 <br />