2018-193-E Economic Dev - Seal the Seasons loan agreement

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DocuSign Envelope ID: F1811 E7D- C59B- 437F- A7A9 -1 E9E8DD91 D1 B EXHIBIT A - PROMISSORY NOTE Amount: Date: $25,000.00 May 23, 2018 FOR VALUE RECEIVED, Seal the Seasons, a North Carolina company (hereafter the "Borrower ") promises to pay to the order of Orange County (hereafter the "Fund "), the principal sum stated above, together with interest on the unpaid principal balance from the date of this Note at the "Prime Rate," as defined below, plus 2.50% (250 basis points), on the dates and in the amounts described below. PAYMENTS; PREPAYMENT Borrower shall make its first payment on July 1, 2018 in the amount of $771.93. If not sooner paid, all unpaid principal and all accrued and unpaid interest on this Note shall be due and payable on June 1, 2021. The Borrower may prepay the outstanding principal amount at its option at any time, in whole or in part, without penalty or premium. Each regular monthly payment and any prepayments shall be applied first to the payment of interest accrued to the payment date and then to principal. The Borrower may prepay the outstanding principal amount at its option at any time, in whole or in part, without penalty or premium. Each regular monthly payment and any prepayments shall be applied first to the payment of interest accrued to the payment date and then to principal. MANNER OF PAYMENT All payments shall be made payable to "Orange County," and shall either be delivered to Orange County Economic Development at its offices at 131 West Margaret Lane, Suite 211, Hillsborough, NC 27278, or sent by mail in care of Orange County Economic Development, 131 West Margaret Lane, Suite 211, Hillsborough, NC 27278. The Fund, however, by written notice to the Borrower under the Loan Agreement, may designate a different address for payments. All payments shall be made in lawful money of the United States of America. CALCULATION OF INTEREST For the purposes of this Note, the "Prime Rate" means the highest interest rate listed as the U.S. "Prime Rate" in "Money Rates" section of The Wall Street Journal generally available in Orange County, North Carolina. Changes in such published rate shall be effective immediately to change the interest rate payable on this Note. If such rate ceases to be published, then the Fund in its reasonable discretion shall substitute another similar published interest rate index as the Prime Rate under this Note.