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3J <br />GOVERNING LAW. The Company and the Bank intend that. North Carolina <br />law shall govern all matters related to this Note: <br />RIGHTS CUMULATIVE. The rights and remedies of the holder as provided in <br />this Note and in any instrument securing this Note shall be cumulative and may be <br />pursued singly, successively, or together, in the sole discretion of the holder. The failure <br />to exercise any such right or remedy shall not be a waiver or release of such rights or <br />remedies or the right to exercise any of them at another time. <br />AMENDMENT AND MODIFICATION. No waiver by the holder of any of the <br />terms and conditions of this Note shall be effective unless it is in writing and signed by <br />the holder. No modification or amendment to this Note may be made except in writing, <br />signed by the maker and the holder. <br />IN WITNESS WHEREOF, the undersigned has caused dais ~ instrument to be <br />signed, sealed and delivered by its duly authorized officers on the day and yeaz first <br />above written. <br />[SEAL] <br />Dianne Reid <br />Secretary-Treasurer <br />[Promissory Note dated March , 2000] <br />By <br />B. Troy Ferguson <br />President <br />RTIFI A OF P iNCIP i • ADV N F.C <br />The amount and date of principal advances not to exceed the face amount hereof <br />shall be entered hereon by an authorized officer of the Bank when the proceeds of each <br />such principal advance are delivered to the Company. <br />ORANGE COUNTY SMALL BUSINESS <br />LOAN PROGRAM COMPANY <br />ou at S~orre~ond' ~ oa ~ ut i a <br />