Orange County NC Website
Browse       Search
Promissory Note, Private Owner <br />BUILDING REUSE PROGRAM – Revision #3 <br />EXHIBIT F <br /> <br />2020-025-3201-2587 <br /> <br />Promissory Note - 2 <br />The Owner hereby waives protest, presentment, notice of dishonor and notice of <br />acceleration and maturity and agrees to remain bound for the payment of principal, interest and <br />all other sums due under this Promissory Note and the LBC, notwithstanding any change or <br />changes by way of release, surrender, exchange, modification or substitution of any security for <br />this Promissory Note, or by way of any extension or extensions of time for the payment of <br />principal and interest; and the Owner waives all and every kind of notice of such change or <br />changes and agrees that the same may be made without notice of or consent to any of them. <br /> <br />This Promissory Note may not be amended, changed or altered except in writing <br />executed by the Owner, the Governmental Unit and Commerce. <br /> <br />If not repaid within 30 days following demand hereunder, the Loan funds demanded by <br />the Governmental Unit or Commerce under this Promissory Note shall bear interest at the rate of <br />10% per annum after demand until repaid. If either the Governmental Unit or Commerce <br />initially demands Loan repayment from the Owner (“First Demand”) in an amount less than the <br />Loan funds the Owner has actually received under the LBC but, failing to receive repayment <br />and, in its discretion under the LBC, increases the Loan repayment demand (“Second Demand”) <br />to the full amount the Owner has received under the LBC, then such interest on the difference <br />between the First and Second Demands shall begin to accrue as of the date of the Second <br />Demand. <br /> <br />For example, if under the terms of the LBC, a Business engages in an improper <br />expenditure of Loan funds, the Governmental Unit has the discretion to require in a First <br />Demand the partial repayment of Loan funds received by the Owner. Interest will begin to <br />accrue at 10% per annum on whatever portion of the sum is not repaid as of the 31st day after the <br />First Demand. Further, if the Owner fails to repay the First Demand in full, the Governmental <br />Unit retains the discretion under the LBC to terminate the LBC and issue a Second Demand for <br />the full repayment by the Owner of all Loan funds. Interest will continue accruing at 10% per <br />annum on the original principal amount still unpaid from the First Demand and, following the <br />expiration of 30 days from the Second Demand, interest will begin to accrue at 10% per annum <br />on the additional unpaid principal Loan amount in the Second Demand. <br /> <br />Payment shall be made in lawful money of the United States of America via United <br />States Mail First Class, Federal Express or UPS to the attention of the person at the address or in <br />person at the address of the Governmental Unit or Commerce as directed in writing. <br /> <br />This Note shall be governed by, and construed in accordance with, the laws of the State <br />of North Carolina. <br /> <br />35