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. 3 <br /> INSTALLMENT PURCHASE CONTRACT PROPOSAL <br /> The enclosed proposal Exhibit (I) 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 an <br /> Installment Purchase Contract which will be executed by the parties. <br /> The proposal is as follows: <br /> 1. COUNTY: Orange County, North Carolina. <br /> 2. SECURED PARTY: First Union National Bank or its nominee. <br /> 3. EQUIPMENT, TERM AND PAYMENT: See attached exhibit. <br /> 4. TYPE OF CONTRACT: The contract will be a net contract whereby the <br /> County will be responsible for all expenses related directly or <br /> indirectly to the use of the equipment including maintenance, <br /> taxes, insurance coverage, 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 /> deposit and one copy of the County's three (3) most current Financial <br /> Statements. As is our standard practice, this proposal is subject to <br /> final approval by our Pricing and Credit Committee. <br /> FIRST UNION NATIONAL BANK ACCEPTED PROPOSAL EXHIBIT NO. 1 <br /> se �� / - L_______ Orange County, North Carolina (Seal) <br /> P. Scott Nagelson By: <br /> Public Finance <br /> Title: <br /> Date: <br /> THIS PROPOSAL SHALL EXPIRE ON April 5, 19 9 UNLESS ACCEPTED <br /> BY THE COUNTY PRIOR TO THAT DATE. <br />