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MEMORANDUM OF UNDERSTANDING FOR HEALTH SYSTEM PROPERTIES ACQUISITIONS <br />NOW COME Health System Properties, LLC, a corporate entity, and Orange County, a political <br />subdivision of the State of North Carolina, together "the Parties", and acknowledge and agree to the <br />following: <br />1. In return for good and valuable consideration, the receipt of which is hereby acknowledged, <br />Health System Properties, LLC, has agreed to pay to Orange County, from 2012 forward, a sum <br />equal to the 2011 property tax amount on a tract of land, located in Orange County, Chapel Hill, <br />North Carolina, which Health System Properties purchased on January 6, 2012 ("Eastowne <br />Parcel"), at the following location: being all of tract 3 containing 12.4252 acres +/- as shown on <br />plat entitled "survey of tract 3, Eastowne Office Park", prepared by AI Prince & Associates, P.A., <br />and recorded in book of maps 73, page 46, Orange County Registry, and also being all of Orange <br />County Pin No. 9890807564. <br />2. The Parties agree that Health System Properties, LLC, will pay $42,055.64 as a fixed amount on <br />an annual basis, upon receipt of an invoice from the Orange County Tax Collector Office, for the <br />Eastowne Parcel. <br />3. The Parties agree that the $42,055.64 shall be distributed annually on a pro rata basis the same <br />as tax receipts for any other similarly situated property would be distributed. <br />4. The Parties hereby agree that Health System Properties, LLC, will not pay any amount, annual or <br />otherwise, for any future structures or equipment located in Orange County, Chapel Hill, North <br />Carolina, on this Eastowne Parcel (Orange County Property Identifier 9890807564). <br />5. The Parties agree that this Memorandum will cease to apply to this Eastowne Parcel should <br />Health System Properties, LLC, sell the parcel to an entity that is not a North Carolina <br />governmental entity. <br />6. The Parties agree that this Memorandum constitutes and expresses the entire agreement and <br />understanding between the Parties concerning the subject matter herein. <br />This the day of 2012. <br />Health System Properties, LLC <br />Orange County ~~ <br />B ~' ~ ~~ ~-- <br />Y• <br />Frank Clifton, Cou ty Manager <br />By: <br />William L. Roper, President <br />