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8 <br /> 15 Year Amortization <br /> 3) Fully funded 5.64% (Exhibit C) <br /> 4) Construction Draw 5.71% (Exhibit D) <br /> For any interest rate option, interest will be calculated on the basis of the 365/365 day <br /> method. <br /> TERMS: Equal payments of principal and interest shall be due semi- <br /> annually beginning on July 15, 1995. See attached <br /> amortization schedules for payment amounts. <br /> FEE: The Bank's standard fee of 1% will be waived. <br /> MATURITY: 20 Year Amortization <br /> 1) Fully Funded loan will mature January 15, 2015. <br /> 2) Construction Draw loan will mature on July 15, 2014. <br /> 15 Year Amortization <br /> 3) Fully Funded loan will mature January 15, 2010. <br /> 4) Construction Draw loan will mature on July 15, 2009. <br /> SECURITY: A first security interest in the land and improvements being <br /> financed and as described in the Orange County Installment <br /> Financing Proposal dated November 4, 1994.. <br /> CONDITIONS TO <br /> FIRST ADVANCE: Prior to making the first advance to the Borrower, the <br /> following precedent conditions shall have occurred: <br /> (A) The Bank shall have received, duly executed, all promissory <br /> notes, loan agreements, deeds of trust, security agreements, <br /> financing statements, borrowing authorization documents and <br /> resolutions, and other documents necessary or advisable in <br /> connection with the loan, all of which shall be in form and <br /> substance satisfactory to Orange County, and to the Bank and <br /> its counsel. A complete legal description of the collateral will <br /> be sent to the Bank by January 15, 1995, if this commitment is <br /> accepted. It should also be noted that the Bank will not <br /> require a new survey, appraisal, or environmental report to be <br /> obtained; however, the Bank would like copies of these items if <br /> they are available. <br />