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Rev August 8, 2018 <br />Exhibit C <br /> <br />Attachment 2 <br /> <br />HOME INVESTMENT PARTNERSHIPS PROGRAM (HOME) <br />ORANGE COUNTY HOME CONSORTIUM <br />A qualified HOME Program Consortium <br /> <br />PROMISSORY NOTE <br />(OWNER-OCCUPIED CONSTRUCTION OR REHABILITATION PROJECT) <br />(DEFERRED PAYMENT LOAN) <br /> <br />STATE OF NORTH CAROLINA $_______________________ <br />COUNTY OF ORANGE ________________________ <br />_______________, 20_____ <br /> <br /> FOR VALUE RECEIVED, the undersigned (the "Borrower") jointly and severally <br />promise(s) to pay to the order of (the "Holder") Orange County the principal amount of <br />____________________________________________________($________) according to the <br />following terms, at the office of the Orange County Housing and Community Development Office, <br />200 S. Cameron Street, Hillsborough, N.C. 27278, or at such other place, or to such other party as <br />the holder of this Note may from time to time designate in writing. <br /> <br />1. LOAN. This Note evidences a loan (the "Loan") made by Holder to Borrower under the <br />National Affordable Housing Act, HOME Investment Partnerships Program (HOME) to <br />construct or rehabilitate a single-family dwelling unit. The Holder is obligated under the <br />terms of this Note, the Deed of Trust and the HOME Program to establish a time period <br />within which the dwelling unit rehabilitated with the proceeds of the loan shall continuously <br />qualify as affordable housing under the provisions of 24 CFR 92.254 and shall extend _____ <br />years from the date of this Note, and shall hereinafter be called the "Period of Affordability". <br />The Loan is secured by a Deed of Trust to John Roberts, Trustee, dated the same date as this <br />Note, and which conveys the property in Orange County, North Carolina, and which Deed <br />of Trust is to be registered in Orange County and is a lien on the property described in the <br />said Deed of Trust. All terms of the Deed of Trust are incorporated in this Note by <br />reference, as if fully set forth herein, and any default under the Deed of Trust or as otherwise <br />outlined herein shall constitute a default under this Note. <br /> <br />2. TERM. The term of the Loan shall be from the date of this Note until the earlier of (i) the <br />date the balance due is paid in full or (ii) the first day of the month first occurring ____ years <br />after the recordation date of the Deed of Trust as designated below. A "Loan Year" shall be <br />each twelve (12) month period commencing on the date of this Note and on each subsequent <br />anniversary of the date hereof. <br /> <br />3. PAYMENT. <br /> <br />DocuSign Envelope ID: 62EC95C2-2AA8-49D7-B576-F94193C9DB65