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 Interest shall be calculated for the actual number of days elapsed. The Fund shall keep a record of the Prime Rate as in effect from time to time. The Fund's calculations of interest on this Note shall bind the Borrower in the absence of mathematical error. NOTE GIVEN UNDER LOAN AND SECURITY AGREEMENT; SECURED BY DEED OF TRUST This Note is issued pursuant to, and is governed by a Loan and Security Agreement dated May 23, 2018, between the Borrower and the Fund (the "Loan Agreement "). Payments under this Note are further secured by a Uniform Commercial Code (UCC) Financing Statement of even date herewith made by the Borrower for the Fund's benefit. DEFAULT Upon the occurrence of any Event of Default described in the Loan Agreement, the Fund shall have all rights granted by the Loan Agreement. EXPENSES OF COLLECTION In the event of a default under any provision of this Note (and in addition to collecting all principal, interest and other amounts due on this Note) or the North Carolina UCC financing statement, securing this Note or any violation of the Loan Agreement, the Company may employ an attorney to enforce the Company's rights and remedies. The Borrower agrees to pay to the Company reasonable attorney's fees not exceeding a sum equal to fifteen per cent (15 %) of the outstanding balance owing on the Note, plus all other reasonable expenses incurred by the Company in exercising any of the Company's rights and remedies upon default. COVENANTS All parties to this Note, including the maker and any sureties, endorsers or guarantors, hereby waive (to the extent permitted bylaw) protest, presentment, notice of dishonor and notice of acceleration of maturity and agree to continue to remain bound for the repayment of principal, interest and all other sums due under this Note, 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 extensions of time for the payment of this Note; and all such parties waive (to the extent permitted by law) 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. GOVERNING LAW The Borrower and the Fund intend that North Carolina law shall govern all matters related to this Note. RIGHTS CUMULATIVE The rights and remedies of the Fund as provided in this Note and any instrument securing this Note shall be cumulative and may be pursued singly, successively, or together against the property described in the UCC Financing Statement or any other funds, property or security held by the Fund for payment or security, in the sole discretion of the Fund. The failure to exercise any such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any of them at another time. 0)