Orange County NC Website
EXHIBIT A - PROMISSORY NOTE <br />2 <br />Interest shall be calculated for the actual number of days elapsed. The Company shall <br />keep a record of the Prime Rate 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 />NOTEGIVEN UNDER LOAN AND SECURITY AGREEMENT; SECURED BY DEED OF <br />TRUST <br />This Noteis issued pursuant to, and is governed bya Loan and Security Agreement <br />dated October 12, 2018,between the Borrowerand the Company(the “Loan Agreement”). <br />Payments under thisNoteare further secured by a Uniform Commercial Code (UCC) Financing <br />Statement ofeven date herewith made by the Borrowerfor the Company’s benefit. <br />DEFAULT <br />Upon the occurrence of any Event of Default described in the Loan Agreement, the <br />Companyshall have all rights granted by the Loan Agreement. <br />EXPENSES OFCOLLECTION <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 UCCfinancing <br />statement,securing this Note or any violation of the Loan Agreement, the Companymay <br />employ an attorney to enforce the Company’srights and remedies. The Borroweragrees to pay <br />to the Companyreasonable attorney’s fees not exceeding a sum equal to fifteen per cent (15%) <br />of the outstanding balance owing on the Note, plus all other reasonable expenses incurred by <br />the Companyin exercising any of the Company’srights 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 />interestand 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 Noteor 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 LAW <br />The Borrowerand the Companyintend that North Carolina law shall govern all matters <br />related to this Note. <br /> <br />RIGHTSCUMULATIVE <br />The rights and remedies of the Companyas provided in this Noteand any instrument <br />securing this Noteshall be cumulative and may be pursued singly, successively, or together <br />against the property described in the UCC Financing Statementor any other funds, property or <br />security held by the Companyfor payment or security, in the sole discretion of the Company. <br />The failure to exercise any such right or remedy shall not bea waiver or release of such rights <br />or remedies or the right to exercise any of them at another time. <br />DocuSign Envelope ID: 71A540D4-95BC-4724-9E65-6A85543C95A9