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EXHIBIT E <br />PROMISSORY NOTE <br />DEFERRED PAYMENT LOAN <br />Date: _________ <br />Amount: __________ ($______) <br />1.Loan. This Note evidences a loan made by Lender to Borrower under a <br />Development Agreement between Habitat For Humanity Of Orange County, NC, Inc.and <br />Orange County, North Carolina,pursuant to the Orange County HOME Investment Partnership <br />Program and the Orange County Long-Term Housing Affordability Policy. The loan is secured <br />by a Deed of Trust, (the "Deed of Trust") dated the same date as this Note, and which is a lien on <br />the property described in the Deed of Trust (the "Property"). The Trustee is John Roberts. All <br />terms of the Deed of Trust are incorporated in this Note by reference, and any default under the <br />Deed of Trust is a default under this Note. <br />2.Borrower's Promise to Pay. In return for a loan received (the “Loan"), <br />______________("Borrower")promises to pay_____________DOLLARS and ________ <br />CENTS (U.S. $_________) or so much of the loan as may have been disbursed and remain <br />unpaid, with interest, if any, until paid, to Orange County, North Carolina ("Lender"). Amounts <br />advanced by Lender to protect its interest in the Property securing this Note, if any, shall be <br />added to the principal amount owing under this Note, shall accrue Interest at the Default Rate <br />from the date of advance until paid and shall be due and payable on demand. <br />3.InterestRate. Interest shall accrue on the unpaid principal balance at a rate of <br />zero percent (0%) per year. <br />4.Payments.No monthly principal or interest payments are required. All <br />unpaid principal amount of the loan shall be due and payable on the day of the earlier of the <br />following dates (the "Due Date"): <br />a.The date the Property is sold or transferred by the Borrower, whether voluntarily <br />or involuntarily or by operation of law, other than to a qualified assumer under <br />Paragraph 5; <br />b.The date a default occurs under the terms of any loan secured by a lien to which <br />the Deed of Trust is subordinated; <br />c.Any date within 40 years after the date of recording of the last deeds of trust <br />securing the Lender’s investment in the dwelling units that are the Project <br />described in the Development Agreement, if on or prior to that date, the Property <br />ceases to provide affordable housing, as defined in the Development Agreement. <br />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B