Agenda - 01-24-2006-8a - Laserfiche WebLink

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At "Fiscal Year" means the County's fiscal year beginning July 1 or such other fiscal year as the County may later lawfully establish. "Governing Board" means the County's governing board as from time to time constituted. "Installment Payments" means the payments payable by the County pursuant to Section 3.01. "LGC" means the North Carolina Local Government Commission. "Mortgaged Property" means the Mortgaged Property, as defined above. "Payment Dates" means the dates indicated in Exhibit C. "Permitted Encumbrances" means, as of any particular time, (a) the Existing Encumbrances, (b) liens for taxes and assessments not then delinquent, (c) this Agreement, and (d) easements, rights-of-way and other such minor defects or restrictions as normally exist with respect to property of the same general character as the Mortgaged Property which will not impair the County's intended use of the Mortgaged Property. "Prime Rate" means the interest rate so denominated and set by Branch Banking & Trust Company of North Carolina (whether or not such Bank, or any affiliate thereof, is at any time the beneficiary under this Agreement) as its "Prime Rate," as in effect from time to time. "Required Payments" means Installment Payments and Additional Payments. "Section 160A-20" means Section 160A-20 of the North Carolina General Statutes, as amended, or any successor provision of law. "State" means the State of North Carolina. All references in this Agreement to designated "Sections" and other subdivisions are to the designated sections and other subdivisions of this Agreement. The words "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision unless the context indicates otherwise. Words importing the singular number shall include the plural number and vice versa. ARTICLE II 5 finagreemttweeter