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2 <br /> 1 . The ASSOCIATION covenants that it has authority to enter <br /> into this contract for itself and for the owners of each lot in the <br /> Subdivision, their grantees, successors and assigns . As used in <br /> this agreement hereafter, the term "ASSOCIATION" refers to the <br /> Piney Mountain Homeowners Association and the owners of each and <br /> every lot in the Subdivision. <br /> 2 . The ASSOCIATION covenants that it will pay to the COUNTY <br /> and to OWASA: ( 1) all costs and expenses , including the value of <br /> administrative and professional time expended by each, in the <br /> application for, administration of and the closeout of the Clean <br /> Water grant applied for by the COUNTY; (2 ) all costs and expenses <br /> not covered by ( 1) expended by each in the design, bidding and <br /> contract award, construction, regulatory approval and permitting of <br /> the Subdivision wastewater system. The costs and expenses <br /> described in ( 1) and (2 ) are hereafter referred to collectively and <br /> sometimes individually as "the project expense" or "project <br /> expenses . " In order to facilitate the covenant contained in this <br /> paragraph, the ASSOCIATION has deposited, or will upon demand by <br /> the COUNTY, deposit the sum of $ with the COUNTY for <br /> the payment of the costs and expenses described here. The parties <br /> acknowledge that the deposit amount is equal to the total project <br /> expense determined by estimates made in good faith. The <br /> ASSOCIATION further acknowledges its obligation to the COUNTY and <br /> OWASA for project expense that exceeds the estimate and to make <br /> further advances upon demand by the COUNTY to cover project expense <br /> that exceeds the estimate. The ASSOCIATION further acknowledges <br /> 3 <br />