Orange County NC Website
DocuSign Envelope ID:5FCOF65D-9139-4E6A-B13C-2B74E389CABD <br /> EXHIBIT A_ PROMISSORY NOTE <br /> Interest shall be calculated for the actual number of days elapsed. The Company shall <br /> keep a record of the Prime Date as in effect from time to time. The Company's calculations of <br /> interest on this 'Note shall bind the Borrower in the absence of mathematical error. <br /> NOTE GIVEN UNDER LOAN AND SECURITY AGREEMENT; SECURED BY DEED OF <br /> TRUST <br /> This Note is issued pursuant to, and is governed by a Loan and Security Agreement <br /> dated October 2, 2018, between the Borrower and the Company (the "Loan Agreement"). <br /> Payments under this Note are further secured by a Uniform Commercial Code (UCC) Financing <br /> Statement of even date herewith made by the Borrower for the Company's benefit. <br /> DEFAULT <br /> Upon the occurrence of any Event of Default described in the Loan Agreement, the <br /> Company shall have all rights granted by the Loan Agreement. <br /> EXPENSES OF COLLECTION <br /> In the event of a default under any provision of this Note (and in addition to collecting all <br /> principal, interest and other amounts due on this Note) or the North Carolina UCC financing <br /> statement, securing this Note or any violation of the Loan Agreement, the Company may <br /> employ an attorney to enforce the Company's rights and remedies. The Borrower agrees to pay <br /> to the Company reasonable attorney's fees not exceeding a sum equal to fifteen per cent (15°/x) <br /> of the outstanding balance owing on the Note, plus all other reasonable expenses incurred by <br /> the Company in exercising any of the Company's rights and remedies upon default. <br /> COVENANTS <br /> All parties to this Note, including the maker and any sureties, endorsers or guarantors, <br /> hereby waive (to the extent permitted bylaw) protest, presentment, notice of dishonor and notice <br /> of acceleration of maturity and agree to continue to remain bound for the repayment of principal, <br /> interest and all other sums due under this Note, notwithstanding any change or changes by way <br /> of release, surrender, exchange, modification or substitution of any security for this Note or by <br /> way of any extensions of time for the payment of this Note; and all such parties waive (to the <br /> extent permitted by law) all and every kind of notice of such change or changes and agree that <br /> the same may be made without notice or consent of any of them. <br /> GOVERNING LAIN <br /> The Borrower and the Company intend that North Carolina law shall govern all matters <br /> related to this Note. <br /> RIGHTS CUMULATIVE <br /> The rights and remedies of the Company as provided in this Note and any instrument <br /> securing this Note shall be cumulative and may be pursued singly, successively, or together <br /> against the property described in the UCC Financing Statement or any other funds, property or <br /> security held by the Company for payment or security, in the sole discretion of the Company. <br /> The failure to exercise any such right or remedy shall not be a waiver or release of such rights <br /> or remedies or the right to exercise any of them at another time. <br /> 2 <br />