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INSTALLMENT PURCHASE CONTRACT <br /> THIS INSTALLMENT PURCHASE CONTRACT, dated as of the 12th day <br /> of January, 1996 (this "Contract") , between NationsBank, N.A. (the <br /> "Lender") and the COUNTY OF ORANGE, NORTH CAROLINA, a political <br /> subdivision and body politic under the laws of the State of North <br /> Carolina (the "County") . <br /> WITNESSETH: <br /> WHEREAS, the County is a political subdivision and body <br /> politic under and by virtue of the Constitution and laws of the <br /> State of North Carolina; and <br /> WHEREAS, the County has the power, pursuant to Section 160A-20 <br /> of the General Statutes of North Carolina, to enter into contracts <br /> to finance the acquisition of real property, or the construction of <br /> improvements thereon; and <br /> WHEREAS, the Lender desires to advance certain funds in the <br /> amount of $2, 000, 000.00 (the "Financing Proceeds") , to enable the <br /> County to a finance the construction of a jail addition in <br /> Hillsborough (the "Improvements") , a courthouse addition in <br /> Hillsborough, and a new Human Services Center in Chapel Hill, North <br /> Carolina (collectively, the "Project") and the County desires to <br /> obtain said advance from the Lender pursuant to the terms and <br /> conditions hereinafter set forth; and <br /> WHEREAS, the obligation of the County to make Installment <br /> Payments (as hereinafter defined) shall constitute a limited <br /> obligation payable solely from currently budgeted appropriations of <br /> the County and shall not constitute a pledge of the faith and <br /> credit of the County within the meaning of any constitutional debt <br /> limitation; and <br /> WHEREAS, no deficiency judgment may be rendered against the <br /> County in any action for breach of a contractual obligation under <br /> this Contract, and the taxing power of the County is not and may <br /> not be pledged in any way directly or indirectly or contingently to <br /> secure any moneys due hereunder; and <br /> WHEREAS, the obligation of the County to make the Installment <br /> Payments pursuant to this Contract shall be secured by the Deed of <br /> Trust (as hereinafter defined) ; and <br /> WHEREAS, the Lender and the County each have duly authorized <br /> the execution and delivery of this Contract and the Deed of Trust; <br /> 2 <br />