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NationsBank. V.A. Tel 919 918-4240 5 <br /> Commercial Banking Group Fax 919 967-3881 <br /> F. 0. Box 570 <br /> Chapel Hill,INC 27514-0570 <br /> NationsBank <br /> November 20, 1997 <br /> Mr. Ken Chavious <br /> Finance Officer <br /> Orange County Finance Office <br /> P.O. Box 8181 <br /> Hillsborough, N.C. 27278 <br /> Dear Mr. Chavious: <br /> NationsBank, NA (the "Bank") is pleased to provide this financing <br /> commitment to Orange County (the "Borrower"). The terms and conditions <br /> are as follows: <br /> BORROWER: Orange County, N.C.. <br /> PURPOSE: To provide financing for the renovation of the <br /> property located at 501 & 503 West Franklin St., <br /> Chapel Hill, N.C. <br /> AMOUNT: $780,000.00. <br /> INTEREST RATE: 5.03% Fixed. <br /> FUNDING: Full funding of the credit facility at closing. Closing <br /> to occur no later than December 19, 1997. <br /> TERMS: Equal payments of principal and interest shall be <br /> due semi-annually beginning on July 1, 1998. See <br /> attached amortization schedule for payment <br /> amounts. <br /> MATURITY: January 1, 2008 <br /> FEE: The Bank's standard fee of 1% will be waived. <br /> Member FDIC <br />