Orange County NC Website
DocuSign Envelope ID:847BA5A1-CA01-4305-A31D-3C3DABB304E8 <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 Borrower. <br /> 7. Prepayments.Borrower may make payments of principal,either in whole or in part, <br /> 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 the <br /> Note is in default, Lender does not require Borrower to pay immediately in full, <br /> Lender will still have the right to do so at a later time if the default is continuing or <br /> if the Note is in default at a later time. If this Note is in default,Lender may employ <br /> an attorney to enforce Lender's rights and remedies,Borrower agrees to pay Lender <br /> for all of its costs and expenses in enforcing this Note to the extent not prohibited <br /> by applicable law.Thos7e expenses include,for example,reasonable attorneys'fees <br /> based on time and expenses actually expended 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 other <br /> document executed in connection with the Loan shall be cumulative and may be pursued singly, <br /> successively,or together. The failure to exercise any right or remedy will not be a waiver or release <br /> 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 /> person or entity is fully and personally obligated to keep all of the promises made in this Note, <br /> including the promise to pay the full amount owed. Any person or entity who is a guarantor, surety <br /> 38 <br />