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8 <br /> ADVISORY DISCLOSURE: SNB is not a registered municipal advisor as defined under the <br /> Dodd-Frank Wall Street Reform and Consumer Protection Act <br /> and its related rules and regulations. In providing this Term <br /> Sheet, SNB is not providing any advice, advisory services, or <br /> recommendations with respect to the structure, timing, terms, <br /> or similar matters concerning an issuance of municipal securities. <br /> This Term Sheet is a commercial, arms-length proposal that does <br /> not create a fiduciary duty by SNB to the Borrower. The Borrower <br /> may engage, separately and at its own cost, an advisor to review <br /> this Term Sheet and the proposed transaction on the Borrower's <br /> behalf. <br /> CREDIT APPROVAL: The IFC is subject to formal credit approval by SNB and the <br /> negotiation of mutually acceptable documentation. For due <br /> diligence, Lender will require Borrower's three (3) most recent <br /> audited financial statements, its most recently adopted budget, <br /> a complete Equipment listing, a copy of any contract in <br /> connection with the Equipment, and any other information that <br /> Lender may reasonably require. <br /> LOCAL GOVERNMENT COMMISSION: This Term Sheet is subject to Local Government Commission <br /> Review and Approval. <br /> PROPOSAL EXPIRATION: Unless accepted by the Borrower or extended in writing by SNB <br /> at its sole discretion, this Term Sheet shall expire on May 30, <br /> 2017. <br /> Upon receipt of the signed Term Sheet, we will endeavor to provide you with a timely commitment and <br /> we will use good faith efforts to negotiate and finance the IFC based on the terms herein. It is a pleasure <br /> to offer this financing proposal and we look forward to your favorable review. <br /> Very truly yours, <br /> Mark A. Cargo <br /> Managing Director <br /> mcargo @snb.com <br /> www.snb.com <br /> Agreed to and Accepted by: <br /> Orange County, NC <br /> (Name) <br /> (Title) <br /> (Date) <br /> SNB Confidential Fenn Sheet S 1 p a g e <br />