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<br />NORTH .CAROLINA <br />ORANGE CaT7NTY` <br />$:250, tI40.00 <br />PRQ~iISSORY 1~QTS. <br />_ ~C i( ~, 13 <br />FOR VALUE RECEIVED, the undersigned promises to pay to the. <br />order. of Orange County~':North Carolina, ,ts successors or assigns, <br />at'ite pffce in Hillsborough, North Carolina, in lawful money of <br />the IIn.ted States of America, the principal sum> of Two hundred <br />. Fifty Thousand: and NoI100 Dollars {$250,400.OQ}, with interest <br />thereon on -the whole amount of principal .remaining unpaid from time <br />to time: at the rate of zero per cent {fl~~ per annum for the first <br />five (5 } years,; one .per cent: (I~ ~ per ann~un fat years gx through <br />ten, and three per cent (3~& j per annum for years eleven. through <br />twenty unless, du=nq years ele,vex~ through twenty, interest rate <br />increases on the Central Carolina Bank and Trust.. Company first <br />mortgage. loan. to the maker of this note on the Whined Forest <br />Limited Partnership-owned property,; in which. event the interest <br />rate will, be a maximum of 3~:and not more than an amount necessary <br />to maintain. a debt service coverage ratio of 1.~ between years 11 <br />and 20. The principal and: interest shall. be due and payable <br />annually as follows: <br />Years one through. five - -0-,• <br />Years six through ten - -Eight Thousand Four Hundred Sixty-N.ne <br />and No/100 Dollars ($8, 469.00 ~ axnualiy on the ~tsT shay of <br />commencing ~~ V~ ~ ~~ <br />~ ,~, • <br />20Qfl <br />1 <br />