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i <br /> GOVERNING LAW. The Company and the Bank intend that North Carolina <br /> law shall govern all matters related to this Note. <br /> RIGHTS CUMULATIVE. The rights and remedies of the holder as provided in <br /> this Note and in any instrument securing this Note shall be cumulative and may be <br /> pursued singly, successively, or together, in the sole discretion of the holder. The failure <br /> to exercise any such right or remedy shall not be a waiver or release of such rights or <br /> remedies or the right to exercise any of them at another time. <br /> AMENDMENT AND MODIFICATION. No waiver by the holder of any of the <br /> terms and conditions of this Note shall be effective unless it is in writing and signed by <br /> the holder. No modification or amendment to this Note may be made except in writing, <br /> signed by the maker and the holder. <br /> IN WITNESS WHEREOF, the undersigned has caused this instrument to be <br /> signed, sealed and delivered by its duly authorized officers on the day and year first <br /> above written. <br /> [SEAL] ORANGE COUNTY SMALL BUSINESS <br /> LOAN PROGRAM COMPANY <br /> By <br /> Dianne Reid B. Troy Ferguson <br /> Secretary-Treasurer President <br /> [Promissory Note dated March , 2000] <br /> CERTIFIC_A_TE OF PRINCIPAL DVANCES <br /> The amount and date of principal advances not to exceed the face amount hereof <br /> shall be entered hereon by an authorized officer of the Bank when the proceeds of each <br /> such principal advance are delivered to the Company. <br /> Amaze Date Corresponding Loan Authorized Signature <br /> 16 <br />