Agenda - 02-01-1993 - VIII-A - Laserfiche WebLink

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�1- _ l 12 $45,000.00 PROMISSORY NOTE Hillsborough, NC January , 1993 For value received, being balance purchase money, the undersigned promises to pay to The Preservation Fund of Hillsborough, Inc., or order, the principle sum of Forty-five Thousand Dollars ($45,000.00),payable in lawful money of the United States of America at , Hillsborough, NC, or at such other place or places as the legal holder hereof may designate in writing; principle and interest to be due and payable as follows: $9,000.00 due and payable on July 1, 1993 and on each successive July 1 thereafter until the indebtedness evidenced hereby is paid in full; the final due date for payment, if not sooner paid, being July 1, 1997. The indebtedness evidenced hereby may be pre-paid in full or in part at any time without any penalty or premium. In the event of(a) default in payment of any installment of principal hereof as the same becomes due and such default is not cured within ten (10) days from the due date, or (b) default under the terms of any instrument securing this Note, and such default is not cured within fifteen (15) days after written notice to maker, then in either such event the holder may without further notice, declare the remainder of the principal sum, at once due and payable. Failure to exercise this option shall not constitute a waiver of the right to exercise the same at any other time. The unpaid principal of this Note and any part thereof, and all other sums due under this Note and Deed of Trust, if any, shall bear interest at the rate of twelve per cent (12%)per annum after default until paid. All parties to this Note hereby waive protest, presentment, notice of dishonor, and notice of acceleration of maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Note and the Deed of Trust notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest; and all such parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of any of them. Upon default the holder of this Note may employ an attorney to enforce the holders's rights and remedies and the maker of this Note hereby agrees to pay to the holder reasonable attorney's fees plus all other reasonable expenses incurred by the holder in exercising any of the holder's rights and remedies upon default. This Note is to be governed and construed in accordance with the laws of the State of North Carolina. This Note is given to evidence balance purchase money due, and is secured by a balance purchase money Deed of Trust, which is a first lien upon the property therein described. IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed by its duly authorized officers as of the day and year first above written. ATTEST: ORANGE COUNTY, NORTH CAROLINA Secretary By: [Corporate Seal]