Minutes - May 4, 2015 Reg. Meeting

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BK:00027 PG:0378 PROMISSORY NOTE $ 226,110 Date Sanford, N. C. FOR VALUE RECEIVED, the Sanford -Lee County Regional Airport Authority (hereinafter "Borrower"), promises to pay the County of Lee, a body both politic and corporate of the State of North Carolina (hereinafter "County"), a principal sum of up to TWO HUNDRED TWENTY SIX THOUSAND ONE HUNDRED TEN DOLLARS ($226,110.00), with interest at the rate of three percent (390 per annum on the unpaid balance until paid or default, both principal and interest payable in lawful money of the United States of America, at the office of the Finance Director, 408 Summit Drive, Sanford, North Carolina 27330, or at such place as the legal holder hereof may designate in writing. It is understood and agreed that additional amounts may be advanced by the holder hereof as provided in the instruments, if any, securing this Note and such advances will be added to the principal of this Note and will accrue interest at the above specified rate of interest from the date of advance until paid. The principal and interest shall be due and payable as follows: Such loan shall be for a term of twelve (12) months at an interest rate of three percent (3%) per annum, payable in one payment on or before April 30, 2016. If not sooner paid, the entire remaining indebtedness shall be due and payable on April 30, 2016. Unless otherwise provided, this Note may be prepaid in full or in part at any time without penalty or premium. Partial prepayments shall be applied to installments due in reverse order of their maturity. Unless otherwise provided, this Note may be prepaid in full or in part at any time without penalty or premium. In the event of (a) default in payment of any installment of principal or interest hereof as the same becomes due and such default is not cured within ten (10) days from the due date, or (b) default under the terms of any instrument securing this Note, and such default is not cured within fifteen 0 5) days after written notice to maker, then in either such event the holder may without further notice, declare the remainder of the principal sum, together with all interest accrued thereon and, the prepayment premium, if any, at once due and payable. Failure to exercise this option shall not constitute a waiver of the right to exercise the same at any other time. The unpaid principal of this Note and any part thereof, accrued interest and all other sums due under this Note and the Deed of Trust, if any, shall bear interest at the rate of eight percent (8%) per annum after default until paid. All parties to this Note, including maker and any sureties, endorsers, or guarantors hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound