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THIS LEASE MODIFICATION is dated as of June 1 , 2025 , and is entered into by <br /> and between ORANGE COUNTY, NORTH CAROLINA, as lessor (the " County " ) , and <br /> THE ORANGE COUNTY BOARD OF EDUCATION, as lessee (the " School Board " ) . <br /> This Modification modifies and amends the Lease dated as of June 13 , 2023 , and <br /> recorded at Book 6818, Page 1070 , Orange County Registry, as modified by the lease <br /> modification recorded at Book 6850 , Page 1000 , Orange County Registry (together, the <br /> " Original Lease " ) . The County is the record owner of the property subject to the <br /> Original Lease and this Modification . This Modification affects all and only the property <br /> subject to the Original Lease . <br /> Introduction <br /> The County and the School Board have previously agreed to cooperate in a plan to <br /> finance, construct and equip improvements to various schools administered by the School <br /> Board , including the schools referenced above. The parties entered into the Original Lease <br /> to facilitate the County' s financing improvements to the schools . The County has asked <br /> the School Board to modify the Original Lease to extend its term, to facilitate an additional <br /> financing transaction contemplated by the County. <br /> In connection with its financing, the County is entering into a Supplemental Trust <br /> Agreement dated as of June 1 , 2025 (the " 2025 Trust Agreement" ) . The County is similarly <br /> entering into a Deed of Trust Modification # 3 , also dated as of June 1 , 2025 (the " 2025 <br /> Deed of Trust ") , to secure the County' s repayment obligations under the 2025 Trust <br /> Agreement. The School Board has agreed to subordinate its leasehold interest to the 2025 <br /> Deed of Trust, just as the School Board subordinated its interest to the deed of trust <br /> delivered by the County in connection with the originally referenced financing. <br /> NOW THEREFORE, for and in consideration of the Mutual promises contained in <br /> this Lease . the parties agree as follows : <br /> 1 . Definitions . <br /> (a) The term " Modified Lease " means the Original Lease as modified by this <br /> Modification . <br /> 2 <br />