Orange County NC Website
Attachment C <br />8 <br />SATISFACTION: The debt evidenced by <br />this Note has been satisfied in full <br />this day of 20 <br />Signed: <br />INSTALLMENT PURCHASE PROMISSORY NOTE <br />Hillsborough, N.C. <br />March 31, 2000 <br />FOR VALUE RECEIVED the undersigned, County of Orange, North <br />Carolina (the "County"), promises to pay to DUKE UNIVERSITY, or <br />assigns of which the County has been notified, the principal sum <br />of $279,900.00, with interest from March 3, 2000 at the rate of <br />five per cent (5~) per annum on the unpaid balance until paid, <br />both principal and interest payable in lawful money of the <br />United States of America, at the office of Jeffrey H. Potter, <br />Director of Real Estate Administration, 402 Oregon Street, <br />Durham, North Carolina 27705 or at such place as the legal <br />holder hereof may designate in writing. The principal and <br />interest shall be due and payable in one installment of <br />principal and interest in the amount of $144,008.88 ($142,9OO.D0 <br />principal; $1,108.88 interest) on March 31, 2000, one <br />installment of principal and interest in the amount of <br />$75,350.00 ($68,500.00 principal, $6,850.00 interest) on March <br />31, 2001 and a final installment of principal and interest in <br />the amount of $71,371.37 ($68,500.00 principal; $2,871.37 <br />interest) on January 31, 2002. Each such installment shall, <br />unless otherwise provided,, be applied first. to payment of <br />interest then accrued and due on the unpaid principal balance, <br />with the remainder applied to the unpaid principal. <br />If not sooner paid, the entire remaining indebtedness shall <br />be due and payable on January 31, 2002. <br />This instrument has been preaudited in the manner required <br />by The Local Government Budget and Fiscal Control Act. <br />Dated: 20 <br />Finance Director; Orange County <br />