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DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <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 Orange <br /> County, North Carolina, pursuant to the Orange County HOME Investment Partnership Program <br /> and the Orange County Long-Term Housing Affordability Policy. The loan is secured by a Deed <br /> of Trust, (the "Deed of Trust")dated the same date as this Note,and which is a lien on the property <br /> described in the Deed of Trust(the "Property"). The Trustee is John Roberts.All terms of the Deed <br /> of Trust are incorporated in this Note by reference, and any default under the Deed of Trust is a <br /> 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 unpaid, <br /> with interest, if any,until paid, to Orange County,North Carolina("Lender"). Amounts advanced <br /> by Lender to protect its interest in the Property securing this Note, if any, shall be added to the <br /> principal amount owing under this Note, shall accrue Interest at the Default Rate from the date of <br /> 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 zero <br /> percent (0%)per year. <br /> 4. Payments. No monthly principal or interest payments are required. All unpaid <br /> principal amount of the loan shall be due and payable on the day of the earlier of the following <br /> dates (the "Due Date"): <br /> a. The date the Property is sold or transferred by the Borrower,whether voluntarily or <br /> 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 the <br /> 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 described <br /> in the Development Agreement, if on or prior to that date, the Property ceases to <br /> provide affordable housing, as defined in the Development Agreement. <br /> 37 <br />