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3 <br /> LEASE PROPOSAL <br /> The enclosed proposal Exhibit (1) contains additional information <br /> regarding this proposal and is incorporated herein by reference. If the <br /> terms are mutually satisfactory, they will be incorporated in a Lease <br /> Agreement which will be executed by the parties. <br /> The lease proposal is as follows: <br /> 1. LESSEE: Orange County, North Carolina <br /> 2. LESSOR: First Union National Bank or its nominee. <br /> 3. EOUIPMENT. LEASE TERM AND LEASE PAYMENT: See attached exhibits. <br /> 4. TYPE OF LEASE: The lease will be a net lease whereby the Lessee will <br /> be responsible for all expenses related directly or indirectly to the <br /> use of the equipment including maintenance, taxes, insurance coverage, <br /> etc. <br /> Should this proposal be acceptable in principal, please sign, seal and <br /> date this document in the space provided below and return it to us as an <br /> indication of your acceptance. In addition, please include the required <br /> lease deposit and one copy of the County's three (3) most current <br /> Financial Statements (FYE 86, 87 and 88) by May 19, 1989. As is our <br /> standard practice, this proposal is subject to final approval by our <br /> Pricing and Credit Committee. <br /> FIRST UNION NATIONAL BANK ACCEPTED PROPOSAL EXHIBIT NO. 1 <br /> I. _,-,44-1 ,_� Orange County. North Carolina (Seal) <br /> �t <br /> P. Scott Nagelson By: <br /> Assistant Vice President <br /> Public Finance . <br /> Title <br /> Date: <br /> THIS PROPOSAL SHALL EXPIRE ON June 9. 1989 UNLESS ACCEPTED <br /> BY LESSEE PRIOR.TO THAT DATE. <br /> • <br />