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Notes to Financial Statements <br /> Page 11 <br /> Note 7: Notes Payable, Continued <br /> 2013 2012 <br /> On December 16, 2003, the Organi- <br /> zation entered into a loan <br /> agreement with the U. S. D. A. <br /> Rural Development (RD) . The <br /> loan agreement provided funds <br /> totaling $250,000 at 4.75% <br /> interest with repayment over <br /> a 15 year period; principal and <br /> interest payable at $1,945 per <br /> month; secured by real property <br /> at Moncure, N.C. 105,135. 119,609 <br /> On December 16, 2003, the Organi- <br /> zation entered into a loan <br /> agreement with the U. S. D. A. <br /> Rural Development (RD) . The loan <br /> agreement provided funds totaling <br /> $100,000 at 4.625% interest with <br /> repayment over a 15 year period; <br /> principal and interest payable at <br /> $772 per month; secured by real <br /> property at Moncure, N.C. 41,769 . 47,750 <br /> On January 14, 2013, the Organi- <br /> zation entered into a loan <br /> agreement with the State Employees <br /> Credit Union Foundation. The loan <br /> agreement provided funds totaling <br /> $2,500,000; interest rate 3.5%; <br /> payable interest only commencing <br /> August 1, 2013 through August 1,- 2015; <br /> thereafter, in monthly installments <br /> of $29,985; maturity date August 1, <br /> 2023; Secured by real estate 2,500,000 - <br /> 8,201,748 6,238;722 <br /> Less: Current portion ( 1,550,017) ! 550,939) <br /> Notes. payable; long-term 6.651,731 S 5.687,783 <br /> -24- <br />