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time as the Alternate Payee shall be the registered owner of this bond payment of the instalments of principal and interest then due and payable shall be made at the Wachovia Bank and Trust Company, in the City of Raleigh, North Carolina, or, at the option of the Alternate Payee, at First National City Bank, in the Borough of Manhattan, City and State of New York. Payments of principal and interest, including any prepayments of instalments of principal, shall be noted on the Payment Record made a part of this bond and written notice of the notation of such payment on the Payment Record shall be given promptly to the Treasurer of the Board without presentation or surrender hereof, and the Board shall be fully discharged of its obligation on this bond to the extent of the payment so made. Upon final payment this bond shall be surrendered to the Board for cancellation.

This bond is a temporary bond issued in lieu of definitive coupon bonds of the denomination of $1,000 each and aggregating in principal amount the amount of this temporary bond. At the request of the registered owner the Board will, within ninety (90) days after its receipt of such request, cause to be prepared and delivered in exchange for this temporary bond, at the place designated by the registered owner and without expense to the registered owner, definitive coupon bonds in an aggregate principal amount equal to the principal amount of this temporary bond then unpaid, having maturities corresponding to the maturities of the instalments of principal of this temporary bond then unpaid and of the same series and bearing interest at the same rate or rates as indicated above for such maturities, and upon any such exchange all coupons appertaining to the definitive coupon bonds and representing interest theretofore paid shall be detached and cancelled. Until so exchanged this temporary bond shall in all respects be entitled to the same benefit of the Resolution hereinafter mentioned as the definitive coupon bonds to be issued thereunder.

This bond shall not be deemed to constitute a debt of the State of North Carolina or a pledge of the faith and credit of the State, but shall be payable as to both principal and interest solely from the special fund provided therefor as hereinafter set forth.

This bond is one of a duly authorized issue of $2,942,000 bonds of the Board (herein called the "bonds"), consisting of $1,000,000 bonds designated "University of North Carolina Student Apartment Revenue Bonds of 1962, Series A" (herein called the "Series A bonds"), numbered 1 to 1,000, inclusive, and maturing in annual instalments in the years 1965 to 2002, inclusive, and

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