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Condominium Ownership The County and the District will own the project as a condominium. The o~i~ner of a condominium unit may lease, sell or encumber its unit. The units of the condominium will be: ^ County Office Unit (101,722 square feet) • Transit Office Unit (25,548 square feet) ^ Joint Hearing Room (4,760 square feet) ^ Transit Mall Unit (66,824 square feet) • County Parking Unit (218 spaces ^ County Parking Unit (218 spaces The units will be located on a bloctc of land loca~ed to the north of ~he County Courthouse (the "Site), which is owned by the County and the District. The condominium will not include that portion of the Site set aside for private development. Nor will the condominium include streetscape improvements located within public right-of- way. Each unit will own an undivided interest in the common elements. The common elements include those items necessary for the use and enjoyment of each unit, such as stairs, elevators, lobbies, and hallways. Each unit will share in the cost of maintenance, repair and replacement of the common elements. Each unit owner may vote according to its share of the common elements. So long as the County and the District are the sole unit owners, all decisions will be made by unanimous vote. If any unit is owned by a third party, ~ decisions will be made by a 75 percent majority. This is intended to protect the controlling interest of the public parties in the Project. The condominium will be governed by an association. Each unit owner is a member of the association. The Counry and the District will each appoint a representative. The association will establish the budget for the repair, maintenance and replacement of condominium common elements; will provide for the maintenance and insurance of the Project; and will conduct all official business of the condominium association. Security The 1998 Certificates represent direct, fractional undivided interests in the 1998 Financing Payments paid by the County under the Agreement. The 1998 Financing Payments are payable from any lawfully available funds of the County that the County elects to duly budget and appropriate for such purpose in accordance with applicable law. The obligation of the County to pay the 1998 Financing Payments is not a full faith and credit general obligation of the County and is not secured by the pledge of any County revenues or by the taxing powers of the County. The Trustee, the Insurer and the Owners of the 1998 Certificates may not compel the County to budget and appropriate funds, or to levy any tax or charge, for the purpose of paying any 1998 Financing Payments when due. The obligation of the County to pay the 1998 Financing Payments is secured by a pledge of the Security made pursuant to the Agreement, which Security includes a pledge of the moneys held by the Trustee under the Agreement and a mortgage lien on the County's interest in the Project granted to the Trustee pursuant to the Mortgage. THE COUNTY'S OBLIGATION TO MAKE THE 1998 F[NANCING PAYMENTS DUE IN EACH FISCAL YEAR SHALL BE AND REMAIN SUBJECT TO THE COUNTY'S HAVING DULY BUDGETED AND APPROPRIATED, IN ACCORDANCE WITH APPLICABLE LAW~ FUNDS FOR THE PURPOSE OF PAYING SUCH 1998 FINANCING PAYMENTS. IF~ FOR ANY REASON~ THE COUNTY FAILS OR REFUSES TO DULY BUDGET AND APPROPRIATE, IN ACCORDANCE WITH APPLICABLE LAW, FUNDS FOR THE PURPOSE OF PAYING THE 1998 FINANCING PAYMENTS DUE IN ANY FISCAL ~ YEAR, THE AGREEMENT SHALL TERMINATE, THE COUNTY WILL HAVE NO FURTHER OBLIGATION TO MAKE ANY *Preliminary, subject to change