Agenda - 03-02-2006-8bCC - Laserfiche WebLink

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recovered from any contractor on an action for default or breach, as described in Section 3.4, or (f) any sale of the Pledged Facility, as well as all judgments, settlements or other payments in lieu of any of the foregoing, in any case reduced by the susn of (i} all expenses (including attorneys' fees and casts) incurred in the collection of such proceeds and {ii} all amounts expended by the County, the Company or the Tnistee to remedy the event giving rise to such proceeds, all of which amounts will be paid or reimbursed from the gross proceeds. "Permitted Encumbrances" means, as of any particular time, (a) the "Existing Encumbrances," as defined in the Deed of Trust, (b) liens for taxes and assessments not then delinquent, or liens which may remain unpaid pursuant to Sections 4.8 or 5.2, (c) the Deed of Trust, (d} any lease to the School Board as contemplated by Section 4.6(b}, (e} any lien or encumbrance made by its terms expressly subordinate to the lien of the Deed of Trust, and {f) easements and rights- of-uray granted by the County pursuant to [Section 1-6(e)(i)] of the Deed of Trust. "Plans and Specifications" means the plans and specifications for the Pledged Facility as prepared for the County by an Appropriate Consultant. "Pledged Facility" has the meaning ascribed to that term in the Deed of Trust, and generally includes the planned ne~T middle school for the Orange County school system to be known as "Gravelly Hill Middle School." "Pledged Site" has the meaning ascribed to that term in the Deed of Trust, and generally includes the real property upon which the Pledged Facility is to be constructed. "Project Costs" means all costs of the design, planning, constructing, acquiring, installing and equipping of the Financed Facilities as determined in accordance with generally accepted accounting principles and that will not ad~Tersely affect the exclusion from gross income for federal income tax purposes of the designated interest component of Installment Payments payable under this Contract, including (a) sums required to reimburse the County or its agents for advances made for any such costs, {b) interest during the construction process and for up to six months thereafter, and (c) all costs related to the financing of the Financed Facilities through this Contract and all related transactions. "Project Sites" means {a) the Pledged Site, along with {b) the real property associated with the remainder of the Financed Facilities. 93361v2 31