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omissions therefrom as those executing the Loan Agreement shall <br /> approve, their execution and delivery thereof constituting the <br /> conclusive approval of the Authority of any changes therein, <br /> additions thereto or omissions therefrom. <br /> Section 2. The Authority hereby approves the form of the <br /> Company' s promissory note, to be dated as of the date of the Loan <br /> Agreement (the "Note") , presented to the Board at this meeting in <br /> the form attached as Exhibit A to the Loan Agreement. The <br /> Authority hereby authorizes the endorsement without recourse and <br /> pledge of the Note to the Purchaser, in substantially the form of <br /> endorsement and pledge appearing on the form of the Note, as <br /> security for the Bond. <br /> Section 3 . The Authority hereby approves the Assignment in <br /> the form of that has been presented to the Board at this meeting, <br /> and the Chairman or the Vice Chairman and the Secretary or any <br /> Assistant Secretary of the Authority are hereby authorized to <br /> execute and deliver the Assignment, in any number of signed <br /> counterparts, for and on behalf of the Authority in substantially <br /> such form with such changes therein, additions thereto and <br /> omissions therefrom as those executing the Assignment shall <br /> approve, their execution and delivery thereof constituting the <br /> conclusive approval of the Authority of any changes therein, <br /> additions thereto or omissions therefrom. <br /> Section 4. The Authority hereby approves the Security <br /> Agreement in the form of that has been presented to the Board at <br /> this meeting, and the Chairman or the Vice Chairman and the <br /> Secretary or any Assistant Secretary of the Authority are hereby <br /> authorized to execute and deliver the Security Agreement, in any <br /> number of signed counterparts, for and on behalf of the Authority <br /> in substantially such form with such changes therein, additions <br /> thereto and omissions therefrom as those executing the Security <br /> Agreement shall approve, their execution and delivery thereof <br /> constituting the conclusive approval of the Authority of any <br /> changes therein, additions thereto or omissions therefrom. <br /> Section 5. The Authority hereby approves the form of Company <br /> Guaranty from the Company to the Purchaser with respect to the <br /> Bond. <br /> Section 6. The Authority hereby approves the form of <br /> Personal Guaranty from Mr. and Mrs. Jerome J. Richardson to the <br /> Purchaser with respect to the Bond. <br /> Section 7. For the purpose of providing funds to finance a <br /> portion of the cost of the acquisition of a tract of land of <br /> approximately 20 acres located east of Hillsborough, North <br /> Carolina on State Road 1879 or Elizabeth Brady Road near the <br /> 3 . <br />