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32 <br /> EXHIBIT A - PROMISSORY NOTE <br /> Amount: Date: <br /> $ _,000.00 July 1, 2019 <br /> FOR VALUE RECEIVED, , Inc., a North Carolina nonprofit <br /> corporation (hereafter the "Borrower") promises to pay to the order of Orange County (hereafter <br /> the "County"), the principal sum stated above. <br /> PAYMENTS; PREPAYMENT <br /> Borrower shall make its first monthly payment on 1, 2019 in the amount of$ from the <br /> date of the Promissory Note to , 2019. <br /> If not paid sooner, all unpaid principal on this Note shall be due and payable on August <br /> 1, 2029. <br /> The Borrower may prepay the outstanding principal amount at its option at any time, in <br /> whole or in part, without penalty or premium. <br /> Each monthly payment and any prepayments shall be applied first to any outstanding <br /> principal accrued to the payment date. <br /> MANNER OF PAYMENT <br /> All payments shall be made payable to "Orange County and shall either be delivered to <br /> the County at its offices at 200 South Cameron Street, Suite 257, Hillsborough, NC 27278, or <br /> sent by mail in care of Orange County Department of Finance and Administrative Services, 200 <br /> South Cameron Street, Hillsborough, NC 27278. The County, however, by written notice to the <br /> Borrower under the Loan Agreement, may designate a different address for payments. All <br /> payments shall be made in lawful money of the United States of America. <br /> NO INTEREST <br /> For the purposes of this Note, the interest rate is zero percent for all maturities through <br /> final maturity. <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 July 1, 2019, between the Borrower and the County (the "Loan Agreement"). Payments <br /> under this Note are further secured by a Uniform Commercial Code (UCC) Financing Statement <br /> of even date herewith made by the Borrower for the County's benefit. <br /> DEFAULT <br /> Upon the occurrence of any Event of Default described in the Loan Agreement, the <br /> County shall have all rights granted by the Loan Agreement. <br /> 1 <br />