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12 <br />In the event of (a) default in payment of any <br />installment of principal or interest hereof as the same <br />becomes due and such defau],t is not cured within 10 days <br />after written notice to the undersigned, or (b) default <br />under the terms of any instrument securing this Note, and <br />such default is not cured within 20 days after written <br />notice to the undersigned, or (c) a Nonapprcpriation as <br />described below then in any such event the holder may <br />without further notice, declare the remainder of the <br />principal sum, together with -all interest accrued thereon <br />at once due and payable. ,Failure to exercise this option <br />shall not constitute a~waiver of the right to exercise the <br />same at any other time: <br />This Note is to be governed and construed in <br />accordance 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-ZO as part of the <br />payment of the purchase price for real property, and is <br />secured by a. Deed of Trust of even date (the °Deed of <br />Trust") to MARSHALL L. CATES, JR. and wife VIRGINIA LINER <br />GATES, which is a lien upon the property therein described. <br />The obligation of the County to make payments <br />hereunder shall~be from month to month only and shall not <br />constitute a mandatory payment obligation of the County in <br />any ensuing fiscal year beyond the then cuxrent fiscal <br />year. This Note does not directly or indirectly or <br />contingently obligate the County to eke any payments <br />beyond those appropriated in the so7~ discretion of the <br />County for any fiscal year. In the event the governing <br />board. of the County determines not to appropriate in its <br />budget any amount to pay the sums due hereunder in the <br />fiscal year for which such budget applies, said board shall <br />adopt a resolution specifically deleting such appropriation <br />and stating the reasons therefor (any such decision not to <br />appropriate being herein called a "Nonappropriation"). The <br />county shall have the right, at .any time, to terminate its <br />obligation to make payments hereunder by permitting the <br />occurrence of a Nonappropriation. Tn the event of a <br />Nonappropriation, the holder(s) of .this Note shall have and <br />may. exercise, to the extent permitted by law, any of the <br />remedies fallowing a default hereunder yr under tYse slated <br />Deed of .Trust . <br />