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221 <br /> <br />City of Santa Aha <br />June 17, 1998 <br />Page Three <br /> <br />Fees- <br /> <br />Lessee shall pay all costs and disbursements associated with the <br />Escrow Facility. In addition, Lessee shall also pay the cost of <br />obtaining an opinion of Special Counsel. <br /> <br />THIS IS A NON-BINDING PROPOSAL AND IS NOT DESIGNED TO SET FORTH ALL <br />OF THE TERMS AND CONDITIONS OF A PROPOSED FINANCING. ACCORDINGLY, <br />THIS PROPOSAL IS CONDITIONED UPON AND SUBJECT TO: <br /> <br />(1) a. PBCC's transaction and credit approval; <br /> <br />b. PBCC's investment approval of the economics of the proposed transaction; an.d. <br /> <br />c. There being in PBCC's sole opinion no material change or prospect thereof in Lessee's <br /> structure, ownership, financial condition or operating trends, between the date of the most <br /> recent financial statement received by PBCC and the date of funding of the proposed <br /> transaction. <br /> <br />(2) Negotiation of documentation in form and substance satisfactory in all respects to all parties to <br /> the transaction and their respective counsel. <br /> <br />This letter is not a commitment to enter into this financing, nor should it be construed as an offer to <br />perform any undertaking. By your execution below you agree that PBCC shall not be held liable <br />for any action or inaction stemming from this letter. A commitment can be issued only after full <br />credit, legal and investment review and subsequent approval by the appropriate officers of PBCC. <br /> <br />Upon receipt of this executed proposal letter, we will be in a position to begin the transaction <br />analysis process. This letter will remain in effect until the close of business on June 29,1998. <br /> <br />We at Pitney Bowes Credit Corporation look forward to working with you on this transaction. <br />Should you have any questions or require any additional information, please do not hesitate to <br />contact me, toll free, at {800) 553-0171 Ext. 7220. <br /> <br />Sincerely, <br /> <br />Ron C. Hemphill <br />Account Executive <br /> <br />City of Santa Ana <br /> <br />Accepted By: <br /> <br />Printed Name <br /> <br />Date: <br /> <br /> <br />