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3 <br />DRAFT OF AUGUST ii, 2004 <br />Retum After Recording To: <br />F. Louis Loyd, III <br />Post Office Box 31273 <br />Charlotte, NC 28231 <br />MODIFICATION AGREEMENT <br />STATE OF NORTH CAROLINA) COLLATERAL IS OR INCLUDES FIXTURES <br />ORANGE COUNTY <br />THIS MODIFICATION AGREEMENT (this "Modification Agreement") is dated as <br />of August 18, 2004, and is granted by ORANGE COUNTY, NORTH CAROLINA, a political <br />subdivision of the State of North Carolina (the "County"), to BRANCH BANHING AND <br />TRUST COMPANY ("BB&T"). <br />The North Carolina Local Government Commission joins in the execution of this <br />instrument for the purpose of evidencing its approval of the modifications effected by this <br />instrument. <br />This Modification Agreement, among other things, modifies and amends a <br />Financing Agreement and Deed of Trust granted to F. Louis Loyd, III (the "Deed of Trust <br />Trustee") for the benefit of Branch Banking and Trust Company, successor to and assignee <br />of BB&T Leasing Corporation ("BB&T") dated as of December 1, 1996, and recorded in <br />Book 1536, Page 459, Orange County Registry; and those subsequent Modification <br />Agreements dated as of March 1, 1997, and recorded at Book 1564, Page 163, Orange <br />County Registry, and dated as of June 1, 1998 and recorded at Book 1797, Page 393, <br />Orange County Registry, respectively (together, the "Original Agreement"). <br />The parties desire to modify the Original Agreement to amend the average rate of interest <br />payable by the County on the outstanding balance of the principal amount financed pursuant to <br />the Original Agreement to an annual interest rate of 3.90%. <br />