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FIRST <br /> HORIZON . <br /> 1 Glenwood Avenue, Suite 800 Phone (919) 645-6330 <br /> Raleigh, NC 27603 Steele.HallAfirsthorizon.coin <br /> *CONFIDENTIAL* <br /> Term Sheet <br /> (For Discussion Purposes) <br /> October 27,2021 <br /> Orange County ABC Board <br /> 601 Valley Forge Road <br /> Hillsborough,NC 27278 <br /> Attn:Ron McCoy, Finance Officer <br /> RE: Option 1: $2,719,000 Loan 100% GC Contract <br /> Option 2: $1,359,500 Loan 50%GC Contract <br /> Dear Ron: <br /> First Horizon Bank(Lender) is pleased to submit the following proposal for your consideration. . <br /> This is not a commitment to lend by the Bank,but rather a summary of potential financing terms that can <br /> serve as a basis for further discussion. In the event that final credit approval is obtained, the actual terms <br /> and conditions of the approval may differ from those outlined below.The terms and conditions of the <br /> loan are as follows. <br /> TYPE OF LOAN: Construction Permanent Real Estate Loan to finance a new ABC retail <br /> store. <br /> BORROWER: Orange County ABC Board <br /> PURPOSE: The loan proceeds are to be used solely for construction of a new ABC <br /> retail store located at 7713 US Highway 70,Mebane,NC 27302. <br /> LOAN AMOUNT: The borrower shall have the option of selecting one of the loan amounts <br /> listed below: <br /> OPTION 1: Up to Two Million Seven Hundred Nineteen Thousand and no/l00 Dollars <br /> ($2,719,000.00) <br /> OPTION 2: Up to One Million Three Hundred Fifty Nine Thousand Five Hundred and <br /> no/100 Dollars($1,359,500.00) <br />