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(20) days after written notice to the undersigned, or (c) a <br />Nonappropriation as described below then in any such event the <br />holder may without further notice, declare the remainder of the <br />principal sum, together with all interest accrued thereon at once <br />due and payable. Failure to exercise this option shall not <br />constitute a waiver of the right to exercise the same at any <br />other time. <br />This Note is to be governed and construed in accordance with <br />the laws of the State of North Carolina. <br />This Note is delivered under the authority of North Carolina <br />General Statute Section 160A --20 as a part of the payment of the <br />purchase price for real property; and is secured by a Deed of <br />Trust of even date (the "Deed of Trust ") to , <br />Trustee which is a first lien upon the property therein <br />described. <br />The obligation of the County to make payments hereunder <br />shall be from year to year only and shall not constitute a <br />mandatory payment obligation of the County in any ensuing fiscal <br />year beyond the then current fiscal year. This Note does not <br />directly or indirectly or contingently obligate the County to <br />make any payments beyond those appropriated in the sole <br />discretion of the County for any fiscal year. In the event the <br />governing board of the County determines not to appropriate in <br />its budget an amount to pay the sums due hereunder in the fiscal <br />year for which such budget applies, said board shall adopt a <br />resolution specifically deleting such appropriation and stating <br />the reasons therefor (any such decision not.to appropriate being <br />herein called a "Nonappropriation "). The County shall have the <br />right, at any time, to terminate its obligation to make payments <br />hereunder by permitting the occurrence of a Nonappropriation. In <br />the event of a Nonappropriation, the holder(s) of this Note shall <br />have and may exercise, to the extent permitted by law, any of the <br />remedies following a default hereunder or under the related Deed <br />of Trust. <br />NOTWITHSTANDING ANYTHING HEREIN OR IN THE DEED OF TRUST TO <br />THE CONTRARY, NO DEFICIENCY JUDGMENT MAY BE RENDERED AGAINST THE <br />COUNTY IN ANY ACTION FOR BREACH OF ANY OBLIGATION UNDER THIS NOTE <br />OR THE DEED OF TRUST OR UPON A NONAPPROPRIATION, AND THE TAXING <br />POWER OF THE COUNTY IS NOT AND MAY NOT BE PLEDGED DIRECTLY OR <br />INDIRECTLY TO SECURE ANY MONEYS DUE UNDER THIS NOTE, THE DEED OF <br />TRUST OR THE COUNTY'S OBLIGATION TO PURCHASE REAL PROPERTY IN <br />CONNECTION WITH THIS TRANSACTION. <br />2 <br />