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31 <br /> "Deed of Trust" means the Deed of Trust and Security Agreement, dated as of <br /> May 1, 2016, from the County to a deed of trust trustee for the benefit of the Lender and <br /> its assigns, as it may be duly amended or supplemented. <br /> "Event of Default" means one or more events of default as defined in Section 9.1. <br /> "Event of Nonappropriation" means a failure by the County Board to include <br /> funds for Contract Payments in the County's budget for any Fiscal Year, or any reduction <br /> or elimination of an appropriation for Contract Payments, all as further described in Sec- <br /> tion 2.5. <br /> "Fiscal Year" means the County's fiscal year beginning July 1, or such other fiscal <br /> year as the County may later lawfully establish, and also includes the period between the <br /> Closing Date and June 30, 2016. <br /> "Installment Payments" means the payments payable by the County pursuant to <br /> Section 2.1. <br /> "LGC" means the North Carolina Local Government Commission, or any succes- <br /> sor to its functions. <br /> "Mortgaged Property" has the meaning assigned in the Deed of Trust, and general- <br /> ly includes the Pledged Site and the Pledged Facilities. <br /> "Net Proceeds," when used with respect to any amounts derived from claims made <br /> on account of insurance coverages required under this Agreement, any condemnation award <br /> arising out of the condemnation of all or any portion of the Mortgaged Property, payments <br /> on any bonds required by Section 4.2, any amounts recovered from any contractor on an <br /> action for default or breach, or any amounts received in lieu or in settlement of any of the <br /> foregoing, means the amount remaining after deducting from the gross proceeds thereof all <br /> expenses (including attorneys' fees and costs) incurred in the collection of such proceeds, <br /> and after reimbursement to the County or the Lender for amount previously expended to <br /> remedy the event giving rise to such payment or proceeds. <br /> "Permitted Encumbrances" means, as of any particular time, (a) the encumbrances <br /> on the County's title to the Mortgaged Property that are stated on Exhibit B to the Deed <br /> of Trust, (b) liens for taxes and assessments not then delinquent, or liens which may re- <br /> main unpaid pursuant to Sections 3.8 or 5.2, (c) the Deed of Trust, (d) any lien or encum- <br /> brance which is made by its terms expressly subordinate to the lien of the Deed of Trust, <br /> including a lease of the Financed Facilities to the School Board, and (e) easements and <br /> rights-of-way granted by the County pursuant to Section 1-6 of the Deed of Trust. <br /> "Pledged Facilities" has the meaning ascribed to that term in the Deed of Trust, <br /> and generally includes Grady Brown School. <br /> 24 <br />