7

$4,000.00 HIGH POINT, N.C., Sept. 2, 1942

FOR VALUE RECEIVED, I (we) promise to pay the
HIGH POINT PERPETUAL BUILDING AND LOAN ASSOCIATION, of High Point, North Carolina, or order, the full sum of

FOUR THOUSAND Dollars ($4,000.00),

with interest thereon from date until paid, at the rate of 6 per centum per annum, said interest and installments on
principal to be payable monthly as hereinafter provided.

This note is secuired by a deed of trust of even date herewith, and by the assignment of 40 shares of the Direct [Reduction?]
Loan Shares owned by the undersigned in said Association in connection with which shares the loan evidenced by this
obligation is made. The undersigned agrees to pay to said Association upon said shares

a monthly installment of not less than 58.45 on or before the first day of October 1942, and a like amount on or before the first
day of each month thereafter until an amount has been paid sufficient to retire the whole of the indebtedness, together with all
interest thereon.

It is expressly understood that the amount paid each month upon the shares as herein provided shall be applied in the following
order: (1) to the payment of the interest on this note; (2) to the payment of any sums advanced by said Association under the terms
of the deed of trust for the benefit of the undersigned and not otherwise paid, with interest thereon; (3) to the principal of this note.

If the undersigned shall fail to remain a member in good standing of said Association, or fail to pay any installment on said shares
in said Association when due, or fail to keep and observe any other provision or requirement of this note, or the deed of trust securing
this note, and such default shall continue for thirty days or longer, then, in any such event, the holder of this note may immediately
declare the entire unpaid balance of the note and all other indebtedness of the undersigned to the Association on account of this loan
immediately due and payable and proceed with the collection of this note and call upon the Trustee in said deed of trust to foreclose the
same.

Witness the following signature(s) and seal(s), the date above written.

Witness: [?] (SEAL)
[?] Edith H. Perry (SEAL)
Edith H. Perry (SEAL)
Guardian (SEAL)

[stamped diagonally] Cancelled of Record
I. H. McADOO Regester of Deeds