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482

Any such redemption, either in whole or in part, shall be
made upon at least thirty (30) days' prior notice by publication and
otherwise as provided in the Resolution and shall be made in the manner
and under the terms and conditions provided in the Resolution; provided,
however, that notice by publication shall not be required for the
redemption of any bonds held by the United States of America or any
agency thereof. On the date designated for redemption, notice having
been given and moneys for payment of the redemption price being held
in trust for such purpose, all as provided in the Resolution, the bonds
so called for redemption shall become and be due and payable at the
redemption price provided for redemption of such bonds on such date,
interest on the bonds so called for redemption shall cease to accrue,
coupons for any such interest after such date shall be void, such bonds
shall cease to be entitled to any lien, benefit or security under the
Resolution, and the holders of such bonds shall have no rights in
respect thereof except to receive payment of the redemption price
thereof.

Modifications or amendments of the Resolution or of any resolu-
tion supplemental thereto may be made by the Board only to the extent
and in the circumstances permitted by the Resolution.

This bond is registered as to both principal and interest in the
name of the Payee on books of the Board kept by the Treasurer of the
Board as Bond Registrar, and it may hereafter be transferred by the
registered owner hereof only upon execution of an assignment hereon
duly executed by such registered owner or by his or its attorney or
legal representative. Notice of such assignment shall be given promptly
by the assignor to the Bond Registrar by registered mail, such notice
to be in such form as shall be satisfactory to the Bond Registrar, and
upon receipt of such notice this bond shall be registered as to both
principal and interest on such registration books in the name of the
assignee named in such notice.

This bond is issued with the intent that the laws of the State of
North Carolina shall govern its construction. All acts, conditions
and things required by the Constitution and laws of the State of North
Carolina and the by-laws, rules and regulations of the Board to happen,
exist and be performed precedent to and in the issuance of this bond
have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, the Board of Trustees of The University
of North Carolina has caused this bond to bear the facsimile signature
of the Governor of the State of North Carolina as ex officio Chairman of
said Board and to be signed by the Secretary of said Board, and the
official seal of said Board to be impressed hereon, all as of the 1st
day of November, 1963.

Secretary, Board of Trustees of. The
University of North Carolina

Governor of the State of North
Carolina as ex-officio Chairman
of the Board of Trustees of The
University of North Carolina

(SEAL)
(Endorsements)
ASSIGNMENT

FOR VALUE RECEIVED, the undersigned registered owner thereof
hereby sells, assigns and transfers the within bond unto

Dated:

In the presence of:

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