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43 <br /> i <br /> Promissory Note, Private Owner EXHIBIT F <br /> BUILDING REUSE PROGRAM—Revision#3 <br /> 2020-02"201-2687 <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 /> This Promissory Note may not be amended,changed or altered except in writing <br /> executed by the Owner, the Governmental Unit and Commerce, <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 /> 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 3 1"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 /> 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 /> This Note shall be governed by,and construed in accordance with,the laws of the State <br /> of North Carolina, <br /> i <br /> i <br /> Promissory Note-2 <br /> 1 <br /> i <br /> i <br /> i <br /> i <br />