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ARTICLE I <br />DEFINITIONS: INTERPRETATION <br />Unless. the context clearly requires otherwise, capitalized terms used in this Agreement <br />and not otherwise defined shall have the following meanings: <br />"Additional Payments" means any of the County's reasonable and customary fees and <br />expenses related to the transactions contemplated by this Agreement, and of the County's <br />expenses (including attorneys' fees) in prosecuting or defending any action or proceedings in <br />connection with this Agreement, any required license or permit fees, state and local sales and use <br />or ownership taxes or property taxes which the County is required to pay as a result of this <br />agreement, inspection and re-inspection fees, and any other amounts payable by the affordable <br />housing owner (or paid by the County on the affordable housing owner's behalf) as a result of its <br />covenants under this Agreement (together with interest that may accrue on any of the above if the <br />affordable housing owner shall fail to pay the same, as set forth in this Agreement). <br />"Affordable Housing Owner Representative" means the affordable housing owner's <br />executive director or such other person or persons at the time designated, by a written certificate <br />furnished to the County and signed on the affordable housing owner's behalf by the presiding <br />officer of the affordable housing owner's Governing Board, to act on the affordable housing <br />owner's behalf for any purpose (or any specified purpose) under this Agreement. <br />"Amount Reimbursed" has the meaning assigned in Section 2.02. <br />"Business Day" means any day on which banks in the State are not by law authorized or <br />required to remain closed. <br />"Closing Date" means the date on which this Agreement is first executed and delivered <br />by the parties. <br />"County" means Orange County, North Carolina. <br />"Event of Default" means one or more events of default as defined in Section 7.01. <br />"Existing Encumbrances" means the encumbrances described in Exhibit <br />"Governing Boazd" means the affordable housing owner's governing boazd as from time <br />to time constituted. <br />"Mortgaged Property" means the Mortgaged Property, as defined above. <br />"Payment" means the payment payable by the affordable housing owner pursuant to <br />Section 3.01. <br />"Payment Dates" means the date indicated in Exhibit D. <br />5 <br />