Agenda Package 11-4-13 Reg. Meeting

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014 principal, interest and all other sums due under this Note and the Deed of Trust notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them. Upon default the holder of this Note may employ an attorney to enforce the holder's rights and remedies and the maker, principal, surety, guarantor and endorsers of this Note hereby agree to pay to the holder reasonable attorney's fees not exceeding a sum equal to fifteen percent (15%) of the outstanding balance owing on said Note, plus all other reasonable expenses incurred by the holder in exercising any of the holder's rights and remedies upon default. The rights and remedies of the holder as provided in this Note shall be cumulative and may be pursued singly, successively, or together in the sole discretion of the holder. The failure to exercise any such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any of them at another time. This Note is to be governed and construed in accordance with the laws of the State of North Carolina. IN TESTIMONY WHEREOF, the County has caused this instrument to be executed in its name by its Chairman, attested by its Clerk and its seal to be hereto affixed and the Borrower has caused this instrument to be executed by its Chairman, Vice Chairman, Secretary and Treasurer and its seal to be hereto affixed, the day and year first above written. The County of Lee By: --------------- - -- Chairman Lee County Economic Development Corporation By: Chairman By: Treasurer Attest: --------------- - -- Clerk to the Board By: Vice Chairman By: Secretary (SEAL) (SEAL)