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SATISFACTION: The debt evidenced by
<br />his Note has been stood in full this
<br />day of
<br />Signed:
<br />E.
<br />i 531,058.00
<br />PROMISSORY NOTE
<br />Sanford N•
<br />Date
<br />FOR VALUE RECEIVED the undersigned, jointly and severally, promise to pay to City of Sanford a Municipal
<br />or order,
<br />the priest alsm, of Five Hundred Thirty-One Thotsnnd Fifty-Eight Dollars and No Cents
<br />DOLLARS S_531,058.00 „hd, interest Sum , at the race of Five and 1/4
<br />ON cent ( 5_25 per annum on the unpaid balance until paid or on,,) default, both principal and interest payable in lawful money of the United Stores of
<br />Am,Ma,arthuofficeof The Finance Officer Sanford Municipal Center, 225 E. Weatherspoon Street
<br />Sanford NC 27 0
<br />or a: such place .,,he legal hinder heeof may dsigruce in writing. U is undrsrood antl agreed :hat adddional amounts mey be advanced by th, holder hereo( as
<br />prodded in the inswmenrs, if any, securing this Note aM such advance, will be aded to the principal o! this .vote and will accrue interest at the above sprcitid
<br />,at, of interest from the date of advanm until paid. The principal aM Interco, shall be due and payable as fnllo
<br />The sum of €69,611.89 on the 2nd day of January 2009 and a like sum 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 mdebrdness shall bet due and payable on January 2 2018
<br />If payable in installments, each such installment shall, bri mherwise provided, be applied For to payment of interest then accrued and due on the unpaid
<br />principal balance, with the remainder applied ho the unpaid principal.
<br />Unless otherwise Vmi,idd. This NO', may be prepaid in full or in pan at any rom wnhow penalty or premium. Ram-al prepayments shall be applied m anuallmen¢
<br />due in reverse order of their maturity.
<br />In the event of (a) default in payment of any instillment of pnnopal or interest hereof as the same hecomm, due and such default is not curd -,cm ten (10) days
<br />from the due date, or (b) default under the terms of any instrument securi, this Note, and such default , not cured within fifteen (15) days after women notice to
<br />maker, then in either such event the holder may without further nonce, dwl.+ne the remainder of the prindpal sum, together with all interest accrued drereon and,
<br />the prepayment premium, if any, at once due and payable. Failure m exercise this option shalf not csmonf to a waiver of the right to exercise the same at any Other
<br />time. The unpaid principal of rhls Note and any can thereof, accord interest and all other sums due uncer this Note and the Used of Trust, If any, shalt bear interest
<br />at the rate of six per cent 1 _6_ %I Our annum after defauh until paid.
<br />All ponies be Fit, Note, including maker and any sureties, tmdmsen, or yea acers hereby +saeve protest. presentment, notice of dishonor, and notice of
<br />acceleration of uuMurIty and agree to continue to remain bound for the payment of principal, imerenand all e'rel sums due under this Note and the Deed of Trust
<br />mommidrwnding any change w changes by way of release, surrender, exchange nwdificanm or substitution of any security for this Note or by wav of any extension
<br />or extensions of time for the payment of principal and interior; and all such pa vies waive all and eery kint of notice of such change or changes and agree that the
<br />same may ce made without notice or consent of any of them.
<br />Upon default the holder of this Note may employ a attorney m e¢mce the holder's rights and remedies And the maker, enncipal, surety, guarA,l and
<br />endorsers of this Nor, hereby agree to pay m the holder reo amble aataneys fees not evcerd ng a sum eoual to riven percent 0 5%1 of d+e outstanding balance
<br />owing on scud Note, plus all other reasonable expenses incurred by the holder in exercising any of the holder s tights and remedies upon default. The rights and
<br />remedies of the holder as providd in this mote and any instrument securing this Note shall be cumulative and may be pursued singly successively, or trrgedrer
<br />against the popery described in the Ded of Trost or any chief Boost, property or scciAr" held by the bride, for payment or security, in the safe discretion of the
<br />)older. The failure Io exercise any such right or remedy shall not be a weever or release of such rights of mmdies or the right to exercise any of them at another time.
<br />This Note is to be govemed and construed in accordance with the laws of the State of Noun Cauc inc.
<br />This Note is given for 11loney loaned . aM is saNot by a
<br />is a 1i r.St- fen upon the pnaperty therein d<w'dbd.
<br />IN TESTIMONY WHEREOF, each corporate maker has caused this IN TESTWONY WHEREOF, each individual maker has hereunto set his hand
<br />instrument to be executed in its corporate name by its AM adopted as his seal thA,,md °SEAT "appearing beside his names, the day
<br />(,hai man 1F'fiXa1Y.+T anestd by its and year nnu abb n written.
<br />Secretary, and its corpmate seal ro be
<br />hernn affud, all by order or its Board of Dlrectus first duly given, the day and
<br />year nest abase writer. _ ,cr,r,
<br />A thority
<br />/.r Corporate Name) r
<br />By. GG ~~~LG~
<br />Z
<br />Thai anon )PafY~YNMY
<br />O
<br />ATTEST:
<br />7
<br />Secretary (Corporate Seap
<br />x
<br />V
<br />on
<br />®
<br />(Corporate Name)
<br />ey
<br />on
<br />president
<br />ATTEST:
<br />Secrecy CCorporate Sea])
<br />C 1444 CUC
<br />,i
<br />030
<br />N. C. Bar Assoc. Fivn+ No. 4 Cc 1976, Revised 1998 • Yfined 11 AanmwY -1 ma x. c. By anemew - tart - „cop WNen 8 U, me • ear 127 • vep0.a.. ee 27MS
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