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4 <br /> July 2026 <br /> Promissory Note <br /> For value received,Orange Grove Volunteer Fire Department, Inc.,a North Carolina <br /> nonprofit corporation, hereby promises to pay to the order of Orange County, North <br /> Carolina, the principal sum of One Million Seven Hundred Thousand Dollars <br /> ($1,700,000), together with interest on the unpaid principal balance at the annual <br /> rate of %, to be calculated on the basis of a 360-day year consisting of twelve <br /> 30-day months. <br /> Payments of principal and interest are due as described in Schedule I. Each annual <br /> payment is due on or before January 15 of each year, commencing January 15, 2027, <br /> and continuing annually thereafter until the principal and all accrued interest are paid <br /> in full. If not sooner paid, all outstanding principal and all accrued interest are due on <br /> January 15, 2047. <br /> If any payment is not received by the Lender within fifteen days after its due date, the <br /> Borrower shall pay a late charge equal to five percent (5%) of the overdue amount. <br /> This late charge is in addition to all other rights and remedies available to the Lender <br /> under this Note or applicable law. <br /> If any payment due under this Note is not made within thirty days of its due date, the <br /> Lender shall have the right to offset and withhold from any fire district taxes or other <br /> funds payable by the Lender to the Borrower an amount equal to all amounts overdue, <br /> including principal and interest and any applicable late charges, until all amounts due <br /> are satisfied in full. <br /> The Borrower may prepay the outstanding principal balance of this Note at any time, <br /> in whole or in part,but if in part (a) the prepayment must be in the minimum amount <br /> of$10,000, (b) the Borrower may make only one prepayment in any calendar month, <br /> and (c) prepayments will be applied first to interest due on this Note, and then to <br /> installments of principal in inverse order of their due dates. The Lender will prepare <br /> and deliver a substitute Schedule I upon each prepayment. No prepayment affects the <br /> Borrower's obligation to make future payments when due. <br /> The parties intend that North Carolina law will govern this Note and all matters of its <br /> interpretation. <br /> [Signature on the following page.] <br />