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A <br />TRUST; TO COVENANT, WARRANT AND REPRESENT ITS <br />COMPLIANCE WITH CERTAIN TAX COVENANTS RELATING TO THE <br />FINANCING; AND TO EXECUTE, DELIVER OR ACKNOWLEDGE ANY <br />OTHER DOCUMENTS NECESSARY TO EFFECT THE ACQUISITION OF <br />THE REAL PROPERTY AND THE TRANSACTIONS CONTEMPLATED BY <br />THE OFFER TO PURCHASE AND CONTRACT, THE PROMISSORY NOTE <br />AND THE ,DEED OF TRUST. <br />WHEREAS, this Board has been presented with an Offer to <br />Purchase and Contract (the "Contract ") to acquire on behalf of <br />Orange County (the "County ") an approximately 34.10 acre tract of <br />real property owned by Vinton A. Hoyle, Jr. and wife Martha G. <br />Hoyle (the "Property "); <br />NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners <br />for the County of Orange as follows: <br />Section 1. The Board of Commissioners hereby determines. <br />that the acquisition of the Property by the County pursuant to <br />the terms of the Contract is in the best interest of the County. <br />Section 2. This Board hereby approves the purchase of the <br />Property at a purchase price of $852,500, payable approximately <br />$550,000 at closing and with the balance to be paid in 19 <br />quarterly installments with interest at a rate of seven percent <br />per annum and with the unpaid purchase price evidenced by the <br />County's promissory note (the "Promissory Note ") and secured by a <br />Deed of Trust to a trustee named therein (the "Deed of Trust "). <br />Section 3. The Contract, the Promissory Note and the Deed <br />of Trust, in substantially the forms presented, and the <br />performance by the County of its obligations thereunder, are <br />hereby approved, and the Chairman or the Vice Chairman of the <br />Board of Commissioners is hereby authorized and directed to <br />execute and deliver, and the Clerk to the Board of Commissioners <br />is hereby authorized and directed to attest and acknowledge, as <br />the case may be, the Contract, the Promissory Note and the Deed <br />of Trust substantially in such forms with such necessary and <br />appropriate variations, omissions and insertions as may be <br />approved by the persons signing on behalf of the County, their <br />execution and delivery thereof constituting conclusive evidence <br />of any such variations, omissions and insertions. All of the <br />provisions of the Contract, the Promissory Note and the Deed of <br />Trust shall be deemed to be a part of this Resolution as fully <br />and to the same extent as if incorporated verbatim and shall be <br />in full force and effect as provided therein upon the execution <br />and delivery thereof. <br />Section 4. The Chairman or the Vice Chairman is hereby <br />authorized and directed to execute and deliver for and on behalf <br />of the County, and the Clerk to the Board of Commissioners is <br />hereby authorized and directed to attest and acknowledge, as the <br />case may be, any and all financing statements, certificates, <br />�3 <br />9 <br />