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5.Assumptions. The Note may be assumed only on the prior written approval of the <br />Lender. Al1 terms and conditions of the Declaration of Restrictive Covenants, this Promissory <br />Note and the Deed of Trust shall remain in effect for any successor to Borrower and any <br />Successor shall assume all duties and obligations to the Borrower. <br />6.Place of Payments. Borrower shall make payments to Lender at Orange County <br />Housing and Community Development, Post Office Box 8181, Hillsborough, NC 27278, or 200 <br />S. Cameron Street, Hillsborough, NC 27278 or such other address as Lender may notify <br />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 />full amount of any installment within 15 daysafter 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, Lender, 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, Lender 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 />Lender may employ an attorney to enforce Lender's rights and remedies, <br />Borrower agrees to pay Lender 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 />DocuSign Envelope ID: 12C19140-2C02-498E-AD84-772B4830D31B