Orange County NC Website
Browse       Search
33 <br /> EXHIBIT A - PROMISSORY NOTE <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 County may employ <br /> an attorney to enforce the County's rights and remedies. The Borrower agrees to pay to the <br /> County reasonable attorney's fees not exceeding a sum equal to fifteen per cent (15%) of the <br /> outstanding balance owing on the Note, plus all other reasonable expenses incurred by the <br /> County in exercising any of the County'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 LAW <br /> The Borrower and the County intend that North Carolina law shall govern all matters <br /> related to this Note. <br /> RIGHTS CUMULATIVE <br /> The rights and remedies of the County 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 County for payment or security, in the sole discretion of the County. The <br /> failure to exercise any such right or remedy shall not be a waiver or release of such rights or <br /> remedies or the right to exercise any of them at another time. <br /> AMENDMENT AND MODIFICATION <br /> No waiver by the County of any of the terms and conditions of this Note shall be effective <br /> unless it is in writing and signed by the County. No modification or amendment to this Note may <br /> be made except in writing, signed by the Borrower and the County. <br /> COUNTERPARTS <br /> This Note may be executed in two or more counterparts, each of which shall be <br /> deemed an original, but all of which together shall constitute one and the same instrument. For <br /> purposes hereof, a facsimile copy of this Note, including the signature pages hereto, shall be <br /> deemed to be an original. Notwithstanding the foregoing, the parties shall deliver original <br /> execution copies of this Note to one another as soon as practicable following execution thereof. <br /> IN WITNESS WHEREOF, the Borrower has caused this Note to be signed, sealed and <br /> delivered by its duly authorized officers on the day and year first above written: <br /> 2 <br />