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DocuSign Envelope ID:758215CF-OA18-45F8-8807-AB90F35D5BA2 <br /> 5. Assumptions. The Note may be assumed only on the prior written approval of the <br /> Lender. All 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 days after 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 /> 35 <br />