$1500.00 High Point, N. C., January 26th, 1928
At or before the maturity of the series of stock hereinafter referred to, for value received, to-wit : borrowed money, we promise to pay to PIEDMONT BUILDING AND LOAN ASSOCIATION, of High Point, or order, the sum of Fifteen Hundred Dollars with interest thereon from date until paid, at the rate of six per centum per annum, payable monthly on or before the fifteenth day of each month at the office of said Association.
This note is secured by the collateral pledge of 15 shares of the 30th series of the stock of said Association, and also by a deed of trust of even date herewith.
And it is understood and agreed:
First: That upon default for three months in the payment of any installment of interest, as herein called for, or in the payment of any dues or fines upon the stock herein referred to, or upon failure to comply in all respects with the conditions expressed in the above referred to deed of trust, or in the Constitution and By-laws of the said Association, the holder of this note may declare the whole sum due and payable and proceed with the collection thereof.
Second: That upon the maturity of said stock so much of the value thereof as may be necessary may be applied by the holder of this note to the payment thereof.
Third: That if upon a foreclosure of said deed of trust the net proceeds of such sale shall be insufficient to pay this note in full, so much of said stock as may be necessary may be sold by the holder of this note, at either public or private sale, without advertisement or notice, and the net proceeds applied to the payment of the balance due on this note.
A. H. Idol (SEAL) Sarah L. Idol (SEAL)
[stamped: Cancelled of Record R. H. WHARTON, Register of Deeds]