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9 <br />This Note may be prepaid in full or in part at any time <br />without penalty or premium. Partial prepayments shall be applied <br />to installments due in reverse order of their maturity. <br />Tn the event of (a) default in payment of any installment <br />of principal or interest hereof as the same becomes due and such <br />default is not cured within 10 days after written notice to the <br />undersigned, or (b) default under the terms of any instrument <br />securing this Note, and such default is not cured within 20 days <br />after written notice to the undersigned, or (c) a <br />Nonappropriation as described below then in any such event the <br />holder may without further notice, declare the remainder of the <br />principal sum, together with all interest accrued thereon at <br />once due and payable. k'ailure to exercise this option shall not <br />constitute a waiver of the right to exercise the same at any <br />other time. <br />This Note is to be governed and construed in accordance <br />with the laws of the State of North Carolina. <br />This Note is delivered under the authority of North <br />Carolina General Statute Section 160A-20 as a part of the <br />payment of the purchase price for areal property, and is secured <br />by a Deed of Trust of even date (the "Deed of Trust") to Jeffrey <br />H. Potter, Trustee which is a lien upon the property therein <br />described. <br />The obligation of the County to make payments hereunder <br />shall be from year to year only and shall not constitute a <br />mandatory payment obligation of the County in any ensuing fiscal <br />year beyond the then current fiscal year. This Note does not <br />directly or indirectly or contingently obligate the County to <br />make any payments beyond those appropriated in the sole <br />discretion of the County for any fiscal year. In the event the <br />governing board of the County determines not to appropriate in <br />its budget an amount to pay the sums due hereunder in the fiscal <br />year for which such budget applies, said board shall adopt a <br />resolution specifically deleting such appropriation and stating <br />the reasons therefor (any such decision not to appropriate being <br />herein called a "Nonappropriation"). The County shall have the <br />right, at any time, to terminate its obligation to make payments <br />hereunder by permitting the occurrence of a Nonappropriation. In <br />the event of a Nonappropriation, the holder(s) of this Note <br />shall have and may exercise, to the extent permitted by law, any <br />