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<br />SATISFACTION: The debt evidenced by O this Note has been satisfied in full this 0,9-9
<br />_day p(
<br />Signed: PROMISSORY NOTE
<br />Sanford N.c
<br />s 531 058 00
<br />Date
<br />FOR VALUE RECEIVED he undersigned, jointly and severally, promise to pay,o County of Lee, one of the counties of
<br />the State of North Carolina and a body both politic and corporate
<br />n, order,
<br />theprincipalspmof Five Hundred Thirty-One Thousand Fifty-Ei¢,ht Dollars and No Cents
<br />DOLLARS ($_531.058.00 I, Iitn interest from , a, the are or _ Five and 1/4
<br />per cent ( 5.25 m per annum on the unpaid balance until paid or until default, both principal and interest payable in lawful money of the UnitM Stares of
<br />America, at the office of the Finance Officer Lee Coun[v GovernmenC Centers 106 Hill-crest Drive,
<br />Saufori, NC 27330
<br />or at such place as the legal Miner Hereof may desegnate m wnteng. tr rc undemnM and agreed that additional amounts may be advanced by the holder hereof as
<br />provided in the instruments, it any, securing this Note and such advances will be Aided to the principal or this .Nora and will accuse interest at the above s s,riEed
<br />tae of interest from the dare of advance until paid. The prmclpal and interest shalt be due and payable as follows:
<br />The sum of $69,611.89 on the 2nd day of January 2009 and a like sun of $69,611.89
<br />on the 2nd day of January of each year thereafter until the principal and interest
<br />are fully paid
<br />If not sooner paid, the entire remaining indebtedness shall be due and payable on JauuaTy 2- 2018
<br />If payable in mstallmen, each such installment shall, unless other sia, provided, be applied first m payment of interest 'Lou accrued and due on the unpaid
<br />pinapal balance, with the remainder applied to the unpaid principal.
<br />Unless om 'ise P o dedth' Nore may he prepa d - II or in pan at any time without penalty or preen Pa Nal prepayments shall he apple o Io -nstallmmts
<br />due e en rd of the mnty
<br />m e t of default payment of and instalment of principal o rest hmeor as the same becomes due and .,h default is not R-rd w ton ten 10) days
<br />from the due date, or Ed default under the terms of any instrument securing this Note, and such default is not curd within Green H SI days after wrlnen notice an
<br />maker, then in either such event the holder may wimout further notice, declare the remainder of me principal sum, together with all interest accrued thereon and,
<br />me prepayment premium, if any, at once due and payable. Failure to exercise this ople., shall not constitute a waver o: the right to exercise the same at any other
<br />time. The imoaid pundisal of this here and any pan thereof, acoud interest and all other sums due under this Note and me Ded of Trull, if any that bar interest
<br />at the tore of six _ per tech 1 6 %I per annum after defauh until paid.
<br />All parties to this Note, including maker and any sureties, endorsers, or guarantors hereby waive protest, presentment, notice of dishonor, and notice of
<br />accelerce.. of ma,a,,N and agree to costume I. remain bound for the payment of pincipal, interest and all other sums due under this Note and the Derail of Trust
<br />myo ithaoding arty change or changes by way of release, surrender, exchange, modification our substiwti e, of any security for this Note or by was of any extension
<br />or extensions of time for the payment of principal and interest-, and all sv 1, parties waive all and every kind of nonce of such change or changes and agree that the
<br />same may be made without hunch or consent of any of them.
<br />Upon default the holder of this Nole may employ an attorney to enforce the holders bghrs arc reh d, and :he maker, principal, ,r, guarantor and
<br />endorsers of this three hereby agree to pay eL the holder reasonable attorneys Tres nor exceedmg a arm ecoal to fl(teeo perm', 05%) of the oumar lm, balarcx
<br />owing on said Nore, plus all other reasonable expenses incurred by the holder in exercising any of tire holders rights and remedies upon defauh. The rights and
<br />trimesters of me holder as providd in this Note and any instrument securing this Note shall her cumulative and may be pursued singly, successively, or together
<br />against the property described at the old of Forst or any other funds, property or security held by the holder for payment or s,,urnf, in the sole discretion of the
<br />holder. The failure to exercise any such right or remedy shall not be a wa'wer or release of such rights or remedies or the :fight to exercise any of them a, another rime.
<br />This Note is to be govemd and continued Ia accordance with the laws of the Stare of North Canuha.
<br />This Note is given fOr mOn~ 0 nerd . and is sccurd by a
<br />which is a first fen moon the property therein described
<br />.
<br />IN TESTIMONY WHEREOF, each corporate maker has caused this IN TFSTUnONY WHEREOF, each individual makarhasheneumosethlsl,and
<br />instrument to be eecuted IT its corporate name by in and adopted as his w " I the word "SEAL" al) a rots bes;de his rN e, the day
<br />Cf1ai 9T,IAn RNsXiFK, arrested by Its andar Lest mmve wbner.
<br />Secretary , and its maiddrdte seal to be
<br />hereto aRrxed, all by order of Its Bard of Directors first duly given, the day and
<br />year hest above wriren.
<br />Sanford-Lee Count Regional Airport Authori
<br />ty
<br />c. he amel
<br />
<br />.
<br />By
<br />11Tk1I1
<br />W
<br />)
<br />ATTESTL
<br />Secreraey (Coryonde Seal)
<br />U
<br />G
<br />m
<br />ICorpoeam Named
<br />By:
<br />~
<br />Presidem
<br />5ecremy (C.qdy.y Seat
<br />RC. Bar Assoc. Forre No .1 0 1976, Revsd 1998 - ens. sr p,msnem wnn ln. x. C. ev imsa iun - 198, - Jan Wlbu d U. Inc r in, IN - 1.1-1r. If 27t65
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