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ESBLPLSA <br /> <br />PROMISSORY NOTE <br /> <br />Amount: Date: <br /> <br />$ 7,973.68 <br /> <br />June 8, 2020 <br /> <br /> <br /> FOR VALUE RECEIVED, Rey-Khan LLC, a North Carolina Limited Liability Company (hereafter <br />the “Borrower”) promises to pay to the order of the Orange County (hereafter the “County”), the principal <br />sum stated above, together with interest on the unpaid principal balance from the date of this Note at the <br />rate, on the dates and in the amounts described below. <br /> <br />INTEREST; PAYMENTS; PREPAYMENT <br /> <br />Interest payable on this Note shall accrue at the annual rate of zero percent (0%). <br /> <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 />$147.66. <br /> <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 /> <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 /> <br />Each regular monthly payment and any prepayments shall be applied to the principal. <br /> <br />MANNER OF PAYMENT <br /> All payments shall be made payable to “Orange County.” <br /> <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 /> <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 /> <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 June <br />8, 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 /> <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 /> <br />DocuSign Envelope ID: 46C5D239-FB14-4B9E-BCC2-18DEF775A68B