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WHEREAS, the obligation of the County to make the Installment <br /> Payments pursuant to this Contract shall be secured by the Deed of <br /> Trust (as hereinafter defined) ; and <br /> WHEREAS, the Lender and the County each have duly authorized <br /> the execution and delivery of this Contract and the Deed of Trust; <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 "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 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 /> 1.3 "Installment Payments" means those payments made by the <br /> County to the Lender as described in Section 3 . 1 of this Contract. <br /> 1.4 "Maturity Date" means July 15, 2009 . <br /> 1.5 "Permitted Encumbrances" means any lien or encumbrance <br /> appearing as an exception to coverage on the policy of title <br /> insurance covering the Site (as hereinafter defined) which is <br /> issued contemporaneously herewith, any lien for taxes not yet due, <br /> and any lien otherwise permitted by the Lender to exist from time <br /> to time. <br /> 1. 6 "Plans and Specifications" refers to the plans and <br /> specifications for the Improvements prepared by the County' s or the <br /> Board of Education' s architect and/or engineer. <br /> 1. 7 "Property" means the Site (as described on Exhibit B) , the <br /> Improvements and any and all repairs thereto and replacements <br /> thereof, and all rights, appurtences, easements, privileges, <br /> remainders and reversions appertaining thereto. It is expressly <br /> provided, however, that mobile or modular classrooms located on the <br /> Site at any time shall not be a part of the Property and shall not <br /> be subject to the lien of the Deed of Trust . <br /> 2 <br />