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060 <br />were not included in the Purchaser's current budget, and if there are no moneys available to pay <br />such additional payments prior to the date upon which such additional payments are due. an <br />Event of Nonappropriation shall be deemed to have occurred upon notice by the Seller to the <br />Purchaser to such effect. <br />"Fiscal Year" means the period beginning on July I of any year and ending on June 30 of <br />the following year. <br />"Installment Payment Date" means each of the dates set forth on the Installment Payment <br />Schedule attached hereto. <br />"Installment Payments" means the payments required to be paid by the Purchaser <br />pursuant to Section 4.1 in order to pay the Purchase Price, as specified in Exhibit A. <br />"Mortgaged Property" means the property subject to the lien of the Deed of Trust, <br />consisting of the Site, together with all of the buildings, improvements and fixtures located or to <br />be located thereon. <br />"Net Proceeds" means any proceeds of insurance paid with respect to the Mortgaged <br />Property remaining after payment therefrom of any expenses (including attorneys' fees) incurred <br />in the collection thereof. <br />"Permitted Encumbrances" means and includes (a) liens for taxes, assessments and other <br />governmental charges due but not yet payable; (b) landlord's, warehouseman's, can ier's, <br />worker's, vendor's, mechanic's and materialmen's liens and similar liens incurred in the ordinary <br />course of business remaining undischarged for not longer than sixty (60) days from the filing <br />thereof; (c) attachments remaining undischarged for not longer than sixty (60) days from the <br />making thereof; (d) liens in respect of pledges or deposits under workers' compensation laws, <br />unemployment insurance or similar legislation and in respect of pledges or deposits to secure <br />bids, tenders. contracts (other than contracts for the payment of money), leases or statutory <br />obligations, or in connection with surety, appeal and similar bonds incidental to the conduct of <br />litigation; (c) the lien created by the Deed of Trust and any lease of all or any portion of the <br />Mortgaged Property permitted by Section 8.2; (Q this Agreement; (g) easements, rights of way, <br />mineral rights, drilling rights and other rights, reservations, covenants, conditions or restrictions <br />which the Purchaser certifies in writing to the Seller will not materially impair the use of the <br />Project for its intended purpose or the marketability of the Mortgaged Property; (h) any mortgage <br />or encumbrance on the Mortgaged Property consented to by the Seller pursuant to Section 9 of <br />the Deed of Trust: land (i) any other encumbrances described in the policy evidencing title <br />insurance required pursuant to Section 5.41. <br />"Project" has the meaning set forth in the preambles to this Agreement. <br />"Purchase Price" means the purchase price of the Project and the amount being financed <br />by the Seller pursuant to Section 3.1 of this Agreement relating to the acquisition of the Project. <br />"Purchaser" means the County of Lee, North Carolina, a political subdivision duly <br />organized and validly existing under and by virtue of the Constitution and laws of the State of <br />North Carolina, and any successor entity. <br />3 <br />