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• SEP-24-1996 11:05 FROM GARDEN UIEW REALTY TO <br /> 8788062 P.03 <br /> �ACHOYIA <br /> iIRREVOCABLE LETTER OF CREDIT NO: LC968-070103 PAGE 2 . <br /> AS USED IN THIS LETTER OF CREDIT WE HAVE BEEN ADVISED THAT THE FOLLOWING <br /> TERMS SHALL HAVE THESE SPECIFIC MEANINGS: <br /> "FOX HILL FARM" MEANS <br /> (A) TRACTS 1, 2, 3,4 AND 5 AS DESCRIBED IN THAT CERTAIN DEED -FROM CENTRAL <br /> CAROLINA BANK AND TRUST COMPANY, TRUSTEE, TO RANDOLPH DUDLEY FOX .DATED AND <br /> RECORDED AUGUST 30, 1990 IN THE ORANGE COUNTY (N.C. ) REGISTRY AT BOOK 872, <br /> PAGES 513 THROUGH 538, BUT <br /> (B) LESS AND EXCEPT THE FOLLOWING: <br /> U) FOX HILL FARM, PHASE I, SECTION A, AS PER PLAT RECORDED *.IN PLAT <br /> BOOK 57, PAGE 103_, ORANGE COUNTY (NC) REGISTRY; <br /> (ii) FOX HILL FARM, PHASE I, SECTION A ("RECOMBINATION OF A PORTION <br /> 0 F LOT 9") , AS PER PLAT RECORDED AT PLAT BOOK 57, PAGE 198, ORANGE COUNTY <br /> (NC) REGISTRY; <br /> (iii) FOX HILL FARM, PHASE I, SECTION B, AS PER PLAT- RECORDED IN' <br /> T BOOK 60, PAGE 39, ORANGE COUNTY (NC) REGISTRY. <br /> (iv) FOX HILL FARM, PHASE I, SECTION C, AS PER PLAT RECORDED. IN <br /> PLAT BOOK 74,PAGE 136, ORANGE COUNTY (NC) REGISTRY. <br /> "FINAL PLAT" MEANS ANY SUBDIVISION PLAT OF A PORTION OF FOX HILL- FARM • ' <br /> APPROVED BY ORANGE COUNTY FOR REGISTRATION AS A FINAL PLAT PURSUANT -TO ITS <br /> SUBDIVISION ORDINANCE. <br /> "IMPROVEMENTS" MEANS ALL SITE WORK SHOWN UPON ANY FINAL PLAT OR REQUIRED BY <br /> ORDINANCE, INCLUDING, WITHOUT LIMITATION BUT AS APPLICABLE, ROADS, UTILITIES, <br /> LANDSCAPING, SIGNAGE AND COMMUNITY AMENITIES. <br /> EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS DOCUMENTARY CREDIT IS <br /> SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 <br /> • REVISION, INTERNATIONAL CHAMBER OF. COMMERCE PUBLICATION NO. 500 . <br /> PLEASE DIRECT ANY FUTURE- CORRESPONDENCE OR INQUIRY QUOTING OUR REFERENCE <br /> NUMBER TO WACHOVIA BANK OF NORTH CAROLINA, 301 NORTH MAIN STREET, WINSTON- <br /> SALEM, NORTH CAROLINA 27150, ATTN: STANDBY L/C UNIT. <br /> SINCERELY YOURS,. <br /> WACHOVIA BANK OF NORTH CAROLINA, N.A. <br /> BY: <br /> ilzE SIGNA <br /> /LM <br />