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WHEREAS, the Board of Trustees of The University of North Carolina (hereinafter sometimes called the "Board") on February 26, 1962 duly adopted a resolution entitled:

"A RESOLUTION AUTHORIZING THE CONSTRUCTION OF FOURTEEN STUDENT APARTMENT BUILDINGS, WITH APPURTENANT FACILITIES, AT THE UNIVERSITY OF NORTH CAROLINA, IN CHAPEL HILL; AUTHORIZING THE ISSUANCE OF $1,000,000 UNIVERSITY OF NORTH CAROLINA STUDENT APARTMENT REVENUE BONDS OF 1961, SERIES A, OF THE BOARD OF TRUSTEES OF THE UNIVERSITY OF NORTH CAROLINA TO PROVIDE FUNDS, WITH OTHER AVAILABLE FUNDS, FOR PAYING THE COST THEREOF, AND $1,971,000 UNIVERSITY OF NORTH CAROLINA STUDENT APARTMENT REVENUE BONDS OF 1961, SERIES B, OF SAID BOARD OF TRUSTEES FOR THE PURPOSE OF REFUNDING A LIKE PRINCIPAL AMOUNT OF UNIVERSITY OF NORTH CAROLINA STUDENT APARTMENTS REVENUE BONDS, SERIES 1958, OF SAID BOARD OF TRUSTEES; PROVIDING FOR THE PAYMENT OF SAID BONDS AND THE INTEREST THEREON FROM REVENUES; AND SETTING FORTH THE RIGHTS AND REMEDIES OF THE HOLDERS OF SAID BONDS. "

(hereinafter called the "Bond Resolution"); and

WHEREAS, the Board, acting for and on behalf of the University of North Carolina, and the United States of America entered into a Loan Agreement, dated as of December 1, 1961, with respect to the issuance of $2,971,000 University of North Carolina Student Apartment Revenue Bonds of 1961, consisting of $1,000,000 Series A bonds of the Board of the development of a project consisting of fourteen new apartment buildings, with appurtenant facilities, to house approximately 92 married student families, and $1,971,000 Series B bonds for refunding a like principal amount of University of North Carolina Student Apartments Revenue Bonds, Series 1958, and the Bond Resolution authorized the construction of said project and the issuance of University of North Carolina Student Apartment Revenue Bonds of 1961, Series A and Series B, in said amounts for said purposes; and

WHEREAS, on August 29, 1962, the United States of America executed a Waiver to be attached to said Loan Agreement waiving the provisions thereof to the extent necessary to permit:

1. reduction of one building, containing the 3-bedroom apartments, from the project so that the project description will read "thirteen new apartment buildings, with appurtenant facilities, to house approximately 84 married student families", and, accordingly, the elimination of the provision for initial rental rates of $85 for 3-bedroom apartments; and

2. reduction in Series B bonds from $1,971,000 to $1,942,000 by eliminating therefrom the 1962 maturities of $29,000; and