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DocuSign Envelope ID:99AD3BD7-DDE5-4F33-B12B-32DBF304D7B0 <br /> PROMISSORY NOTE <br /> Amount: Date: <br /> $ 1,000.00 May 13, 2020 <br /> FOR VALUE RECEIVED, James Carter Studio, LLC, a North Carolina Limited Liability Company <br /> (hereafter the "Borrower") promises to pay to the order of the Orange County (hereafter the "County"), <br /> the principal sum stated above, together with interest on the unpaid principal balance from the date of <br /> this Note at the rate, on the dates and in the amounts described below. <br /> INTEREST; PAYMENTS; PREPAYMENT <br /> Interest payable on this Note shall accrue at the annual rate of zero percent (0%). <br /> For six (6) months from the date of this Note (the "Grace Period"), no payment shall be due. <br /> Thereafter, starting on the first day of the month next following the expiration of the Grace Period, and <br /> continuing on the first day of each month for 54 consecutive months, equal monthly payments of <br /> $18.52. <br /> If not sooner paid, all unpaid principal and all accrued and unpaid interest on this Note shall be <br /> due and payable five (5) years from the date of this Note. <br /> The Borrower may prepay the outstanding principal amount at its option at any time, in whole or <br /> in part, without penalty or premium. <br /> Each regular monthly payment and any prepayments shall be applied to the principal. <br /> MANNER OF PAYMENT <br /> All payments shall be made payable to "Orange County." <br /> Borrower authorizes, gives permission and provide necessary information and cooperation for <br /> Orange County and its agents and representatives to debit funds from a bank account through an <br /> Electronic Fund Transfer ("EFT") on the Automated Clearing House network. <br /> Payments shall be drawn by EFT but additional payments may be delivered to the County at its <br /> offices at 131 West Margaret Lane, Hillsborough, NC 27278. The County, however, by written notice to <br /> the Borrower under the Loan Agreement, may designate a different address for payments. All payments <br /> shall be made in lawful money of the United States of America. <br /> NOTE GIVEN UNDER LOAN AND SECURITY AGREEMENT; SECURED BY DEED OF TRUST <br /> This Note is issued pursuant to, and is governed by a Loan and Security Agreement dated May <br /> 13, 2020, between the Borrower and the County (the "Loan Agreement"). Payments under this Note are <br /> further secured by a Uniform Commercial Code (UCC) Financing Statement of even date herewith made <br /> by the Borrower for the County's benefit and any personal guarantee if required. <br /> DEFAULT <br /> Upon the occurrence of any Event of Default described in the Loan Agreement, the County shall <br /> have all rights granted by the Loan Agreement. <br /> ESBLPLSA <br />