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INSTALLMENT FINANCING CONTRACT <br />EQUIPMENT <br />THIS INSTALLMENT FINANCING CONTRACT, dated as of November 12, <br />2004 (the "Contract"), by and between RBC CENTURA BANK, a North Carolina banking <br />corporation (the "Bank"); and COUNTY OF ORANGE, a body politic and corporate of the <br />State of North Carolina (the "County "); <br />WITNESSETH: <br />WHEREAS, the County is a duly and validly created, organized and existing public <br />body politic, duly created and existing under and by virtue of the Constitution and laws of <br />the State of North Carolina; and <br />WHEREAS, the County has the power, pursuant to Section 160A-20 of the General <br />Statutes of North Carolina, to enter into installment contracts to finance the purchase of <br />personal property, including property to be affixed or attached to real estate as fixtures; and <br />WHEREAS, the Bank desires to advance certain funds to enable the County to <br />finance the purchase and installation of the Equipment (as hereinafter defined); and <br />WHEREAS, the County desires to obtain such advance from the Bank and to <br />purchase and install the Equipment pursuant to the terms and conditions hereinafter set <br />forth; and <br />WHEREAS, the obligation of the County to make Installment Payments (as <br />hereinafter defined) and other payments required under Section 3 hereof shall constitute a <br />limited obligation payable solely from currently budgeted appropriations of the County and <br />shall not constitute a pledge of the faith and credit of the County within the meaning of any <br />constitutional debt limitation or as otherwise prohibited by the North Carolina Constitution; <br />and <br />WHEREAS, no deficiency judgment may be rendered against the County in any <br />action for breach of a contractual obligation under this Contract, and the taxing power of the <br />County is not and may not be pledged in any way, directly or indirectly or contingently, to <br />secure any moneys due under this Contract; and <br />WHEREAS, the Bank and the County each have duly authorized the execution and <br />delivery of this Contract. <br />NOW, THEREFORE, for and in consideration of the premises and of the covenants <br />hereinafter contained, and other valuable consideration, the parties hereto agree as follows: <br />