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BB&T <br />December 29, 2000 <br />Mr. Kenneth T. Chavious <br />Finance Director <br />Orange County <br />PO Box 8181 <br />Hillsborough, NC 27278 <br />Dear Ken: <br />Governmental Finance <br />3605 Glenwood Avenue, Suite 130 <br />Raleigh, NC 27612 <br />(919) 716-9880 <br />Fax(919)716-9871 <br />Branch Banking and Trust Company ("BB&T") is pleased to offer this proposal for the financing <br />requested by Orange County (the "County"). <br />(1) Project: Acquisition of two (2) buildings for the Clerk of Courts and Veteran Affairs <br />(2) Amount To Be Financed: $485,000.00 <br />(3) Interest Rates, Financing Terms and Corresponding Payments: <br />Term Rate <br />10 years 6.58%* <br />* In 2002, if the County is bank qualified, the interest rate may be negotiated to a lower bank <br />qualified rate in order to reduce the County's interest expense. <br />Payments shall be quarterly in arrears. See the attached amortization schedules for information on <br />payments. <br />The interest rate stated above is valid for a closing not later than 45 days after today. Closing of <br />the financing is contingent upon completing documentation acceptable to BB&T and upon the title and <br />condition of the property being acceptable to BB&T. We would also like to review your most recent <br />financial statements before funding this transaction. <br />Our fee for providing the financing and preparing documentation shall be one percent of the <br />amount financed. All applicable taxes, surveys, permits, costs of environmental studies, title insurance <br />premiums, LGC approval fees, costs of lawyers for the County and any other costs will be the County's <br />responsibility and separately payable by the County. The financing documents will allow prepayment of <br />the principal balance in whole at any payment date with a one percent prepayment premium.