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BK -00027 PG:0379 <br />for the payment of principal, interest and all other sums due under this Note and the Deed of Trust <br />notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of <br />any security for this Note or by way of any extension or extensions of time for the payment of principal and <br />interest; and all such parties waive all and every kind of notice of such change or changes and agree that the <br />same may be made without notice or consent of any of them. <br />Upon default the holder of this Note may employ an attorney to enforce the holder's rights and remedies and <br />the maker, principal, surety, guarantor and endorsers of this Note hereby agree to pay to the holder reasonable <br />attorney's fees not exceeding a sum equal to fifteen percent (1590 of the outstanding balance owing on said <br />Note, plus all other reasonable expenses incurred by the holder in exercising any of the holder's rights and <br />remedies upon default. The rights and remedies of the holder as provided in this Note shall be cumulative and <br />may be pursued singly, successively, or together in the sole discretion of the holder. The failure to exercise any <br />such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any of <br />them at another time. This Note is to be governed and construed in accordance with the laws of the State of <br />North Carolina. <br />This Note is given for money loaned, or to be loaned, by the County to the Borrower for the purpose of <br />providing a match for federal grant funds. Borrower acknowledges and agrees that this promissory note is a <br />valid obligation of the Borrower. Borrower's signatories certify that it has authority to enter into this obligation <br />and is doing so willingly. <br />IN TESTIMONY WHEREOF, the County has caused this instrument to be executed in its name by its Chairman, <br />attested by its Clerk and its seal to be hereto affixed and the Borrower has caused this instrument to be executed <br />by its Chairman, Vice Chairman, Secretary and Treasurer and its seal to be hereto affixed, the day and year first <br />above written. <br />The County of Lee <br />By: /4_ <br />Chairman <br />Sanford -Lee County Regional Airport Authoritx <br />By: <br />Chairman <br />Attest - <br />C to the Board <br />Attest: <br />(SEAL) <br />(SEAL) <br />