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SEP-24-1996 11:04 FROM GARDEN U I EW REALTY TO E7EE062 P.02 <br /> �e <br /> WACHOVIA BANK OF NORTH CAROLINA, N.A. <br /> R')1 NORTH MAIN STREET <br /> NSTON—SALEM, N.C. 27150-210S <br /> MAY 22, 1996 <br /> IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: LC968-070103 <br /> BENEFICIARY: APPLICANT: <br /> ORANGE COUNTY RANDOLPH D. FOX <br /> ORANGE COUNTY COURT HOUSE 2726 CROASDAILE DR, SUITE 102 <br /> HILLSBOROUGH, NC 27278 DURHAM, NC 27705 <br /> AMOUNT: * U.S. ' $500, 000. 00*' <br /> FIVE HUNDRED THOUSAND AND- 00/100 <br /> ONLY UNITED STATED DOLLARS <br /> EXPIRATION: MAY 15, ' 1998 <br /> AT OUR COUNTERS. FOR PAYMENT <br /> DEAR SIR: <br /> THIS IS TO INSTRUCT YOU THAT WACHOVIA BAND OF NORTH CAROLINA, N.A.`, 30.1 NORTH <br /> MAIN STREET, WINSTON—SALEM, NC 27150 HAS OPENED ITS IRREVOCABLE 'CREDIT IN <br /> FAVOR OF ORANGE COUNTY FOR THE ACCOUNT OF RANDOLPH D. FOX UNDER OUR CREDIT <br /> NUMBER LC968-070103 FOR A SUM OR SUMS NOT EXCEEDING A TOTAL OF U.S . <br /> S--00, 0.00 . 00 (FIVE HUNDRED THOUSAND AND 0.0/100. U.S. DOLLARS) AVAILABLE BY YOUR <br /> "TS ON WACHOVIA BANK OF NORTH CAROLINA, N.A. AT SIGHT, TO BE ACCOMPANIED <br /> A CERTIFICATE FROM THE ORANGE COUNTY (N.C. ) COMMISSIONERS OR FROM THE ORANGE <br /> COUNTY (N.C. ) MANAGER READING: " THE TIME FOR CONSTRUCTION OF ALL <br /> IMPROVEMENTS SHOWN ON THE FINAL PLAT(S) OF A PORTION OF FOX HILL FARM <br /> IDENTIFIED AS (HERE STATE SUBDIVISION PHASE(ES) AND SECTION (G) OR OTHERWISE <br /> REQUIRED BY ORDINANCE TO BE CONSTRUCTED THEREON HAS EXPIRED AND SAID ' <br /> IMPROVEMENTS DO NOT CONFORM TO STANDARDS REQUIRED BY ORANGE COUNTY (N.C. ) " . <br /> DRAFTS MAY BE PRESENTED SERIALLY. ANY DRAFTS SO DRAWN MUST BE MARKED "DRAWN <br /> UNDER CREDIT NUMBER LC968-070103" . THE PERIOD FOR COMPLETION OF ALL <br /> IMPROVEMENTS BY RANDOLPH D. .FOX EXPIRES ON I11AY 15, 1998. <br /> THIS IRREVOCABLE LETTER OF CREDIT TERMINATES ON THE EARLIER TO OCCUR OF: <br /> (A) THE EXPIRATION DATE OF MAY 15, 1998, OR <br /> (B) THE PRESENTATION OF A CERTIFICATE FROM THE ORANGE COUNTY (N.C. ) <br /> COMMISSIONERS OR ORANGE COUNTY (NC) MANAGER READING: ALL OF THE IMPROVEMENTS <br /> SHOWN ON ALL FINAL PLATS OR OTHERWISE REQUIRED BY ORDINANCE TO BE CONSTRUCTED <br /> THEREON HAVE EITHER BEEN SATISFACTORILY COMPLETED OR THAT ALL OF THE FINAL <br /> PLATS HAVE BEEN WITHDRAWN" . <br /> THE UNDERSIGNED ENGAGES WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN <br /> ",IANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON DELIVERY OF <br /> ENTS AS SPECIFIED IF PRESENTED AT THIS OFFICE ON OR BEFORE MAY 15, 1998. <br /> —CONTINUED- <br />