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27278, or 200 S. Cameron Street, Hillsborough, NC 27278 or such other address as Lender may <br />notify Borrower. <br />7. Prepayments. Borrower may make payments of principal, either in whole or in <br />part, at any time before they are due. <br />8. Late Charges. If this Note is paid in installments, and Lender has not received the <br />fall amount of any installment within 15 days after it is due, Borrower shall pay a late charge of <br />4% of the amount overdue. <br />9. Default. <br />a. If Borrower dues not pay the full amount of principal and interest due under this <br />Note within ten (10) days from the due date, this Note will be in default. If, after <br />the applicable cure period provided, if any, there exists an Event of Default under <br />any other document entered into in connection with the Loan; this Note will be in <br />default. <br />b. If this Note is in default, Leader, without further notice to Borrower, may require <br />Borrower to immediately pay the full amount of the principal which has not been <br />paid, any accrued interest and other sums due under this Note. Even if, at a time <br />the Note is in default, Leader does not require Borrower to pay immediately in <br />full, Lender will still have the right to do so at a later time if the default is <br />continuing or if the Note is in default at a later time. If this Note is in default, <br />Leader may employ an attorney to enforce Lender's rights and remedies, <br />Borrower agrees to pay Leader for all of its costs and expenses in enforcing this <br />Note to the extent not prohibited by applicable law. Thos7e expenses include, for <br />example, reasonable attorneys' fees based on time and expenses actually expended <br />at normal hourly rates. <br />c. If this Note is in default the sums due under this Note shall bear interest at ten <br />percent (10 %) per year (the "Default Rate "). <br />10. Waiver by Lender. Lender's rights and remedies as provided in this Note or any <br />other document executed in connection with the Loan shall be cumulative and may be pursued <br />singly, successively, or together. The failure to exercise any right or remedy will not be a waiver <br />or release of such right or remedy or the right to exercise any of them at another time. <br />11. Joint and Several Liability. If more than one person or entity signs this Note, each <br />person or entity is fully and personally obligated to keep all of the promises made in this Note, <br />including the promise to pay the full amount owed. Any person or entity who is a guarantor, <br />surety or endorser of this Note is also obligated to do these things. Any person or entity who <br />takes over these obligations, including the obligations of a guarantor, surely or endorser of this <br />Note, is also obligated to keep all of the promises made in this Note. The Lender may enforce its <br />rights under this Note against each person or entity individually or against all such persons or <br />entities together. <br />12. Waivers. Borrower and any other Person or entity who has obligations under this <br />Note waives the rights of protest, presentment, notice of dishonor and notice of acceleration of <br />maturity. "Presentment" means the right to require Holder to demand payment of amounts due. <br />