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In the event of (a) default in payment of any installment <br />of principal or interest hereof as the same becomes due and such <br />default is not cured within 10 days after written notice to the <br />undersigned, or (b) default under the terms of any instrument <br />securing this Note, and such default is not cured within 20 days <br />after written notice to the undersigned, or (c) a <br />Nonappropriation as described below then in any such event the <br />holder may without further notice, declare the remainder of the <br />principal sum, together with all interest accrued thereon at <br />once due and payable. Failure to exercise this option shall not <br />constitute a waiver of the right to exercise the same at any <br />other time. <br />This Note is to be governed and construed in accordance <br />with the laws of the State of North Carolina. <br />This Note <br />Carolina General <br />of the purchase <br />Deed of Trust <br />property therein <br />is delivered under the authority of North <br />Statute Section 160A -20 as part of the payment <br />price for real property, and is secured by a <br />of even date (the "Deed of Trust ") to <br />Trustee, which is a lien upon the <br />described. <br />The obligation of the County to make payments hereunder <br />shall not constitute a mandatory payment obligation of the <br />County in any ensuing fiscal year beyond the then current fiscal <br />year. This Note does not directly or indirectly or contingently <br />obligate the County to make any payments beyond those <br />appropriated in the sole discretion of the County for any fiscal <br />year. In the event the governing board of the County determines <br />not to appropriate in its budget any amount to pay the sums due <br />hereunder in the fiscal year for which such budget applies, said <br />board shall adopt a resolution specifically deleting such <br />appropriation and stating the reasons therefor (any such <br />decision not to appropriate being herein called a <br />"Nonappropriation ") . The County shall have the right, at any <br />time, to terminate its obligation to make payments hereunder by <br />permitting the occurrence of a Nonappropriation. In the event of <br />a Nonappropriation, the holder(s) of this Note shall have and <br />may exercise, to the extent permitted by law, any of the <br />remedies following a default hereunder or under the related Deed <br />of Trust. <br />NOTWITHSTANDING ANYTHING HEREIN OR IN THE DEED OF TRUST TO <br />THE CONTRARY, NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE <br />COUNTY IN ANY ACTION FOR BREACH OF ANY OBLIGATION UNDER THIS <br />NOTE OR THE DEED OF TRUST OR UPON A NONAPPROPRIATION, AND THE <br />