Orange County NC Website
Browse       Search
SATISFACTION: The debt evidenced by <br />this Note has.been satisfied in full <br />this day of ,19— <br />Signed: <br />INSTALLMENT PURCHASE PROMISSORY NOTE <br />$302,500 <br />, N. C. <br />1991 <br />FOR VALUE RECEIVED.the undersigned, County of Orange, North <br />Carolina (the "County "), promises to pay to VINTON A. HOYLE, JR. <br />—and— MARTHA G— HOYLE, or assigns of which the County has been <br />notified, the principal sum of $302,500, with interest from the <br />date of this Note, at the rate of seven per cent (70) per annum <br />on the unpaid balance until paid, both principal and interest <br />payable in lawful money of the United States of America, at the <br />office of or at <br />such place as the legal holder hereof may designate in writing. <br />The principal and interest shall be due and payable in 19 <br />consecutive quarterly installments of principal consisting of 18 <br />installments of $ and a final payment of $ , <br />together with interest on the original balance. Payment of <br />principal and interest will be made on the day of each <br />, , and commencing , <br />1991. Each such installment shall, unless otherwise provided, be <br />applied first to payment of interest then accrued and due on the <br />unpaid principal balance, with the remainder applied to the <br />unpaid principal. <br />If not sooner paid, the entire remaining indebtedness shall <br />be due and payable on , 1996. <br />This Note may be prepaid in full or in part at any time <br />without penalty or premium. Partial prepayments shall be applied <br />to installments due in reverse order of their maturity. <br />In the event of (a) default in payment of any installment of <br />principal or interest hereof as the same becomes due and such <br />default is not cured within ten (10) days after written notice to <br />the undersigned, or (b) default under the terms of any instrument <br />securing this Note, and such default is not cured within twenty <br />This instrument has been preaudited in the manner required <br />by The Local Government Budget and Fiscal Control Act. <br />Dated: , 1991. <br />Finance Director, Orange County <br />