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3 <br />2. APS agrees and promises to pay to the order of County <br />$61,031 as follows: <br />$6,831 on or before 5:00 p.m., August 7, 1990 and <br />$54,200 on or before 5:00 p.m., October 4, 1990. <br />Both payments shall be delivered to the County Finance Director <br />or his designee at the County administrative offices in <br />Hillsborough, North Carolina. <br />3. In the event of default in payment of any installment <br />of the sum due hereunder and such default is not cured within ten <br />(10) days from the due date, then in that event the holder of <br />this promissory note may without further notice declare the <br />remainder of the principal sum at once due and payable. The <br />unpaid principal and any part thereof shall bear interest at the <br />rate of fifteen per cent (15 %) per annum after default until <br />paid. <br />4. All persons bound by this promissory note, whether as <br />principal, endorser or otherwise, hereby waive demand, <br />presentment, protest, notice of protest and of dishonor, and <br />consent to partial payment by any party hereto before or after <br />maturity and further agree to be bound for the payment hereof <br />until the full principal has been paid, and each of the makers <br />and endorsers further agree: that any extension of time for the <br />performance of any matters and things herein mentioned, or for <br />the payment hereof, may be made without notice, and without <br />releasing the makers or endorsers from the obligation hereof. <br />5. Upon default the holder of this promissory note may <br />employ an attorney to enforce the holder's rights and remedies <br />0 <br />