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13 <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 State <br /> Grant; and, (2 ) all costs and expenses not covered by ( 1) expended <br /> by each in the design, bidding and contract award, construction, <br /> regulatory approval and permitting of the Subdivision wastewater <br /> system. The costs and expenses described in ( 1) and (2 ) are <br /> hereafter referred to collectively and sometimes individually as <br /> the project expense" or "project expenses . " In order to <br /> facilitate the covenant contained in this paragraph, the <br /> ASSOCIATION has deposited, or will upon demand by the COUNTY, <br /> deposit the sum of $ with the COUNTY for the payment of <br /> the costs and expenses described here. The parties acknowledge <br /> that the deposit amount is equal to the total project expense <br /> detelmined by estimates made in good faith. The ASSOCIATION <br /> further acknowledges its obligation to the COUNTY and OWASA for <br /> project expense that exceeds the estimate and to make further <br /> advances upon demand by the COUNTY to cover project expense that <br /> exceeds the project expense estimate. The ASSOCIATION further <br /> 3 <br />