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<br /> MEMORANDUM OF UNDERSTANDING FOR HEALTH SYSTEM PROPERTIES ACQUISITIONS
<br /> NOW COME Health System Properties, LLC, 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 a sum equal to the 2011 property tax amount
<br /> on a tract of land, located in Orange County, Chapel Hill, North Carolina, at 1350 Raleigh Road
<br /> (Orange County Property Identifier#9798-44-1499), which it purchased on May 12, 2005.
<br /> 2. The Parties agree that Health System Properties, LLC, will pay$18,205.73 as a fixed amount on
<br /> an annual basis, upon receipt of an invoice from the Orange County Tax Collector Office,for the
<br /> property located in Orange County, Chapel Hill, North Carolina, at 1350 Raleigh Road (Orange
<br /> County Property Identifier#9798-44-1499).
<br /> 3. The Parties agree that the$18,205.73 shall be distributed annually on a pro rata basis the same
<br /> as the tax receipts for any other similarly situated property would be distributed.
<br /> 4. Health System Properties, LLC, does not own and did not construct the building located in
<br /> Orange County, Chapel Hill, North Carolina, at 1350 Raleigh Road (Orange County Property
<br /> Identifier#9798-44-1499).
<br /> 5. The University of North Carolina Hospitals constructed the building located in Orange County,
<br /> Chapel Hill, North Carolina, at 1350 Raleigh Road (Orange County Property Identifier#9798-44-
<br /> 1499), and entered into a ground lease with Health System Properties, LLC, effective 1 January
<br /> 2011,for ninety-nine years and six months, for that property.
<br /> 6. The term of this Memorandum of Understanding ("Memorandum") shall coincide with the term
<br /> of the ground lease referenced in Section 5 above. This Memorandum shall thereafter
<br /> automatically renew for successive terms of one-year or for the full term of any successive
<br /> ground lease.
<br /> 7. The Parties hereby agree that Health System Properties, LLC,will not pay any amount, annual or
<br /> otherwise,for the structures or equipment located in Orange County, Chapel Hill, North
<br /> Carolina, at 1350 Raleigh Road (Orange County Property Identifier#9798-44-1499).
<br /> 8. 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 January 2012.
<br /> Health System perties, LLC Orange County
<br /> By: "' By:
<br /> William L. Roper, r a ant Frank Clifton, unt ' n`wa r
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