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<br /> SATISFACTION:The debt evidenced by BK:00027 PG:0900
<br /> this Note has been satisfied in full this
<br /> day of
<br /> PROMISSORY NOTE
<br /> Sanford, N.C.
<br /> $ 650,000 Date
<br /> FOR VALUE RECEIVED the undersigned,jointly and severally, promise to pay to the County of Lee or order, the principal sum of Six Hundred Fifty
<br /> Thousand DOLLARS($650,000),with interest from ,at the rate of 2.83%per annum on the unpaid balance until paid or until default,
<br /> both principal and interest payable in lawful money of the United States of America, at the office of 408 Summit Drive, PO Box 1968,Sanford, NC
<br /> 27331,or at such place as the legal holder hereof may designate in writing. It is understood and agreed that additional amounts may be advanced
<br /> 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
<br /> 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
<br /> as follows:
<br /> Payable in semi-annual installments due on the first of February and the first of August as shown on the attached Exhibit A.
<br /> Pursuant to NC General Statute §160A-20, unassignable except with Local Government Commission approval.
<br /> If not sooner paid,the entire remaining indebtedness shall be due and payable on August 1, 2030.
<br /> If payable in installments, each such installment shall, unless otherwise provided, be applied first to payment of interest then accrued and due on
<br /> the unpaid principal balance,with the remainder applied to the unpaid principal. Unless otherwise provided,this Note may be prepaid in full or in
<br /> part at any time without penalty or premium. Partial prepayments shall be applied to installments due in reverse order of their maturity.
<br /> 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
<br /> 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
<br /> fifteen(15)days after written notice to maker,then in either such event the holder may without further notice,declare the remainder of the principal
<br /> sum,together with all interest accrued thereon and,the prepayment premium, if any,at once due and payable. Failure to exercise this option shall
<br /> 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
<br /> and all other sums due under this Note and the Deed of Trust, if any, shall bear interest at the rate of Five per cent(5%) per annum after default
<br /> until paid. All parties to this Note, including maker and any sureties, endorsers, or guarantors hereby waive protest, presentment, notice of
<br /> dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums
<br /> due under this Note and the Deed of Trust notwithstanding any change or changes by way of release, surrender, exchange, modification or
<br /> 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
<br /> 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
<br /> 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,
<br /> 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
<br /> (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
<br /> rights and remedies upon default. The rights and remedies of the holder as provided in this Note and any instrument securing this Note shall be
<br /> cumulative and may be pursued singly, successively, or together against the property described in the Deed of Trust or any other funds, property
<br /> or security held by the holder for payment or security, in the sole discretion of the holder. The failure to exercise any such right or remedy shall
<br /> not be a waiver or release of such rights or remedies or the right to exercise any of them at another time.
<br /> This Note is to be governed and construed in accordance with the laws of the State of North Carolina.
<br /> This Note is given for money loaned, and is secured only by a Deed of Trust on the interest contemporaneously herewith by the Seller which is a
<br /> first lien upon the property therein described.
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