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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 />S 650,000 Sanford, N. C.
<br />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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