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DocuSign Envelope ID:758215CF-OA18-45F8-8807-AB90F35D5BA2 <br /> 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. Interest Rate. 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 /> 34 <br />