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"Personal Guarantors" ) to the Purchaser , pursuant to which the
<br /> Personal Guarantors unconditionally guarantee the payment of the
<br /> Bond ( this Bond Purchase Agreement , the Bond, the Loan Agreement ,
<br /> the Note, the Assignment, the Deed of Trust, the Security
<br /> Agreement, the Company Guaranty and the Personal Guaranty herein
<br /> sometimes called collectively the "Bond Documents" ) ; and
<br /> WHEREAS, the Authority, the Purchaser and the Company desire
<br /> to set forth certain terms and conditions with respect to the
<br /> purchase, sale and issuance of the Bond, the custody and applica-
<br /> tion of the proceeds thereof, and the custody and application of
<br /> funds received for the purpose of paying the principal thereof and
<br /> the premium, if any, and interest thereon; now, therefore,
<br /> The parties hereto agree as follows:
<br /> Section 1 . Issuance and Purchase of Bond. The Authority
<br /> shall issue the Bond substantially in the form attached as Exhibit
<br /> A hereto. The Bond shall be in the principal amount of
<br /> $1 ,500,000, shall be designated "The Orange County Industrial
<br /> Facilities and Pollution Control Financing Authority Industrial
<br /> Revenue Bond ( Isotechnologies, Inc. Project) " , shall be dated of
<br /> even date herewith and shall be stated to mature on July 1, 1996,
<br /> subject to mandatory prepayment and to the right of optional
<br /> prepayment, all as set forth in the Bond. In reliance upon the
<br /> representations, warranties and agreements herein contained, and
<br /> subject to the conditions herein set forth, at the Closing Time
<br /> (hereinafter defined) : the Authority agrees to issue and sell the
<br /> Bond to the Purchaser, to enter into the Loan Agreement and the
<br /> Assignment in the forms of Exhibits B and C, respectively, hereto,
<br /> and to pledge to the Purchaser the Note, endorsed without recourse
<br /> to the order of the Purchaser, as security; the Purchaser agrees
<br /> to purchase the Bond from the Authority; and the Company agrees to
<br /> enter into the Loan Agreement, the Security Agreement, the Deed of
<br /> Trust and the Company Guaranty in the forms of Exhibits B, D, E
<br /> and F, respectively, hereto, to cause the Personal Guarantors to
<br /> enter into the Personal Guaranty in the form of Exhibit G hereto,
<br /> to execute the Note in the form of Exhibit A to the Loan
<br /> Agreement, and to consent to the pledge of the Note, endorsed
<br /> without recourse to the order of the Purchaser, and to the
<br /> Assignment, all as security for the Bond. Payment for the Bond
<br /> shall be made, by deposit to the account of the Authority in the
<br /> Project Fund provided for by Section 9 hereof, at 10:00 A.M. ,
<br /> local time, on July , 1986 at the offices of the Purchaser in
<br /> ° the City of Chapel H 1l, North Carolina, or at such other time,
<br /> date and place as may be mutually agreed upon by the arti
<br /> hereto (the "Closing Time" ) . p y p es
<br /> 2 .
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