Agenda Package - 10-1-12 Reg. Meeting

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U J9 ARTICLE 1 DEFINITIONS AND EXHIBITS SECTION I.I. Definitions and Rules of Construction Unless the context otherwise indicates, words importing the singular number shall include the plural number and vice versa. The words "hereby', "herein', "hereof', "hereto', "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or subdivision hereof. All references herein to "Articles ", "Sections" and other subdivisions are to the corresponding Articles, Sections or subdivisions of this Agreement unless some other reference is indicated. "Act" means Section 160A -20 of the General Statutes of North Carolina, as amended. "Agreement" means this Installment Financing Agreement, including any amendment or supplement hereto permitted herein. "Board" means the Board of Commissioners for the Purchaser. "Closing" means the date on which the Purchaser executes and delivers this Agreement, and purchases the Project from the Seller. "Closing Costs" means and further includes all items of expense directly or indirectly payable by or reimbursable to the Purchaser relating to the financing of the Project, including, but not limited to, filing and recording costs, title insurance premiums, settlement costs, printing costs, word processing costs, reproduction and binding costs, legal fees and charges and financing and other professional consultant fees. "Deed of Trust" means the Deed of Trust, of even date herewith, from the Purchaser to the Deed of Trust Trustee, for the benefit of the Seller, securing the Installment Payments and other obligations specified hereunder and thereunder, as supplemented and amended from time to time. "Deed of Trust Trustee" means the person or other entity at the time serving as trustee under the Deed of Trust. "Enforcement Limitation" means the provisions of the Act that provide that no deficiency judgment may be rendered against the Purchaser in any action for breach of a contractual obligation incurred under the Act and that the taxing power of the Purchaser is not and may not be pledged directly or indirectly to secure any moneys due under this Agreement. `Event of Nonappropriation' means (a) the failure by the Board to budget and appropriate in its budget for the ensuing Fiscal Year adopted on or about .tune 30 of each year moneys sufficient to pay all Installment Payments and any reasonably estimated additional payments under this Agreement coming due in the next ensuing Fiscal Year or (b) the Board's deletion from its duly adopted budget of any appropriation for the purposes specified in clause (a). In the event that during any Fiscal Year, any additional payments shall become due that