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SCHEDULEI <br />DESCRIPTION OF THE PROJECT <br />The Project will consist of (a) the refinancing of the existing loan with First <br />Union National Bank that financed a portion of the construction of the Upper <br />School Project, described below, and (b) the completion of the Upper School Project, <br />which includes the construction and equipping of an approximately 14,272 square <br />foot Administration Building, an approximately 20,623 square foot Auditorium <br />Building, an approximately 15,053 square foot Middle School Multipurpose <br />Building, an approximately 29,783 square foot Middle School Academic Building <br />and an approximately 20,128 square foot Fine Arts Center, and the renovation of <br />existing Classrooms, Gymnasiums, Cafeteria/Kitchens, Locker Rooms, Athletic <br />Building, and Library. <br />All of the facilities described above are or will be owned and operated by the <br />School and are or will be located at 1895 Saint Edward's Drive, Vero Beach, Florida <br />32963. <br />11 <br />