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1.10 "Plans and Specifications" means and refers to the plans <br /> and specifications for the Project prepared by the County' s <br /> architect and/or engineer. <br /> 1.11 "Property" means the Site, the Improvements and any and <br /> all repairs thereto and replacements thereof, and all rights, <br /> appurtences, easements, privileges, remainders and reversions <br /> appertaining thereto. <br /> 1.12 "Site" means the land on which the Improvements will be <br /> located, as described in Exhibit B attached hereto and incorporated <br /> herein by reference. <br /> SECTION 2 . ADVANCE OF FINANCING PROCEEDS <br /> 2 .1 Advances by Lender. Subject to the terms and conditions <br /> of this Contract, Lender hereby agrees to advance to the County an <br /> aggregate amount of t TWO MILLION AND N01100 DOLLARS <br /> ($2, 000, 000.00) , representing the above-referenced Financing <br /> Proceeds for the Project. The Lender shall advance the Financing <br /> Proceeds by making the deposit to the Construction Fund as provided <br /> in Section 4.1 below. <br /> The Financing Proceeds shall be used solely for the purpose of <br /> constructing the Project. Interest shall accrue on the total <br /> amount of the advanced Financing Proceeds outstanding from time to <br /> time at a fixed rate of 4.35%, based upon a year having 365 days <br /> (or 366 days, as the case may be) , for the actual number of days in <br /> any interest calculation 'period, and shall be paid in accordance <br /> with the provisions of Section 3 below. <br /> 2 .2 Security Instrument. All advances made by Lender to or <br /> for the benefit of the County under this Contract will be secured <br /> by the Deed of Trust, which shall constitute, subject to Permitted <br /> Encumbrances, a first priority lien on the Property and a first <br /> priority security interest in any and all fixtures used in <br /> connection with the operation of the Property. <br /> SECTION 3 . INSTALLMENT PAYMENTS <br /> 3 .1 Amounts and Times of Installment Payments. The County <br /> shall repay the Financing Proceeds in equal semi-annual <br /> installments of principal and interest (herein the "Installment <br /> Payments") in an amount sufficient to fully amortize the repayment <br /> of the same over a period of ten years, in the amount of <br /> $124, 763 .06 each, with the first such Installment Payment being due <br /> and payable on July ±� 2, 1996, and subsequent Installment Payments <br /> being due and payable on each January = 12 and July " 1122 <br /> thereafter, to and including January " 12, 2006. If not sooner <br /> paid, all remaining principal and interest shall be due and payable <br /> by the County on the Maturity Date. Each installment shall be <br /> 4 <br />