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<br />Prepazed By and Return After <br />Recording To: <br />Robert M. Jessup, Jr. <br />Post Office Box 3168 <br />Chapel Hill, NC 27515 <br />MODIFICATION AGREEMENT <br />STATE OF NORTH CAROLINA) COLLATERAL IS OR INCLUDES FIXTURES <br />ORANGE COUNTY ) <br />THIS MODIFICATION AGREEMENT (this "Modification Agreement") is dated as <br />of June 1, 1998, and is granted by ORANGE COUNTY, NORTH CAROLINA, a public body <br />of the State of North Carolina (the "County"), to F. Louis Loyd, III, a citizen and resident of <br />Mecklenburg County, North Carolina, as trustee (the "Deed of Trust Trustee"), for the benefit of <br />BB&T GOVERNMENTAL FINANCE ("BB&TGF"), which is an operating unit of Branch <br />Banking & Trust Company of North Carolina. <br />This Modification Agreement, among other things, modifies and amends a <br />Financing Agreement and Deed of Trust (the "Original Agreement") dated as of December <br />1, 1996, which was recorded on December 19, 1996, at Book 1536, Page 459, Orange <br />County Registry, and a previous Modification Agreement (the "Prior Modification") dated <br />as of March 1,1997, and recorded at Book 1564, Page 163, Orange County Registry. <br />The current scheduled date for final repayment of amounts to be paid by the County <br />pursuant to the Original Agreement and the Prior Modification remains on or about February 1, <br />2012. The security interest evidenced hereby and by the prior instruments is a "construction <br />mortgage" within the meaning of N.C. Gen. Stat. § 25-9-313. -- <br />In addition, this Modification Agreement modifies and amends an Escrow Agreement <br />dated as of December 1, 1996 (the "Original Escrow Agreement"), among the County, BB&T <br />Leasing Corporation and the undersigned Escrow Agent. BB&TGF is the assignee of BB&T <br />Leasing Corporation's rights under the Original Escrow Agreement and as beneficiary under the <br />Original Agreement. <br />The North Carolina Local Government Commission and the undersigned Escrow Agent <br />join in the execution of this instrument to evidence their respective approvals of the <br />modifications effected by this instrument. <br />1 <br />