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11 <br />EXHIBIT C <br />CCB <br />r s <br />Habitat for Humanity of Orange County NC, Inc. <br />Mr. John Eckblad, President <br />PO Box 3673 <br />Chapel Hill, NC 27515 <br />April 16, 1991 <br />RE: Construction Loan: Chestnut Oaks Subdivision <br />Dear Mr. Eckblad: <br />Central Carolina Bank and Trust Company and Orange Federal Savings and Loan <br />Association, (hereinafter called "Banks "), are pleased to advise Habitat for <br />Humanity of Orange County NC, Inc., (hereinafter called "Borrower "), that we <br />have approved contingent construction financing for eleven (11) single family <br />residences. The purpose of this commitment is to make funds available to satis- <br />fy the requirements of a grant from the State of North Carolina that eleven <br />(11) low to moderate residences will be built in the Chestnut Oaks Subdivision <br />within the time constraints outlined in the grant. This commitment will only <br />be utilized if, as, or when donations to the Borrower are not sufficient to <br />continue the construction of the residences and other site improvements on a <br />timely basis. After completion, The residences are to be sold to qualified <br />low to moderate income families in Orange County. The terms and conditions <br />of this commitment are as follows: <br />I. BORROWER: <br />Habitat for Humanity of Orange County NC, Inc. <br />2. SECURITY: <br />First mortgage lien on the remaining lots of Phase I, Phase II, and <br />Phase III of the Chestnut Oaks Subdivision, Orange County, NC, and <br />all improvements to be built thereon. Security shall include the <br />proportionate interest in the common elements including but not limit- <br />ed to streets, rights of ways and all such appurtenances together <br />with an assignment to the Banks of all rights necessary to provide <br />the residences with those utilities, including but not limited to <br />sewer, water, electricity and gas services, approved by those govern- <br />mental authorities having jurisdiction thereof. In addition, security <br />shall consist of an Assignment of Leases, Rents, and Profits, and <br />present and future mortgages now held or to be held by the Borrower. <br />Regional Lending Center <br />Suite 490, Europa Center, 100 Europa Drive <br />Chapel 14111, North Carolina 7.7515, 919/932.2731 <br />