vrcv_ex10-13.htm


Exhibit 10.13


 


 


IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL. THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.







PROMISSORY NOTE


 


 



	
U.S. $425,000.00

	
Durango, Colorado


	  	
November 27, 2006












1.           FOR VALUE RECEIVED, the undersigned (Borrower) promise(s) to pay Old Idaho Properties, LLC or order (Note Holder) the principal sum of $425,000.00 U.S. Dollars, with interest on the unpaid principal balance from November 13, 2006, until paid, at the rate of 7.6 percent per annum. Accrued interest shall be payable at 4432 County Road 124, Hesperus, Colorado, 81326, or such other place as the Note Holder may designate, in monthly payments of Two Thousand Seven Hundred and Sixty-Two Dollars and Fifty Cents (U.S. $2,762.50), due on the first day of each month, beginning December 1, 2006. The entire principal amount outstanding and accrued interest thereon shall BALLOON and be due and payable on November 13, 2011.







2.           Borrower shall pay to the Note Holder a late charge of 10% of any payment not received by the Note Holder within 10 days after the payment is due.







3.           Payments received for application to this Note shall be applied first to the payment of late charges, if any, second to the payment of accrued interest at the rate specified below, if any, third, to accrued interest first specified above, and the balance applied in reduction of the principal amount hereof.







4.           If any payment required by this Note is not paid when due, or if any default under any Deed of Trust securing this Note occurs, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option of the Note Holder (Acceleration); and the indebtedness shall bear interest at the rate of 12 percent per annum from the date of default. The Note Holder shall be entitled to collect all reasonable costs and expenses of collection and/or suit, including, but not limited to reasonable attorneys' fees.







5.           Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty. Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any subsequent payments or change the amount of such payments.







6.           Borrower and all other makers, sureties, guarantors, and endorses hereby waive presentment, notice of dishonor and protest, and they hereby agree to any extensions of time of payment and partial payments before, at, or after maturity. This Note shall be the joint and several obligation of Borrower and all other makers, sureties, guarantors and endorsers, and their successors and assigns.







7.           Any notice to Borrower provided for in this Note shall be in writing and shall be given and be effective upon (1) delivery to Borrower or (2) mailing such notice by first-class U.S. mail, addressed to Borrower at the Borrower's address stated below, or to such other address as Borrower may designate by notice to the Note Holder. Any notice to the Note Holder shall be in writing and shall be given and be effective upon (1) delivery to Note Holder or (2) by mailing such notice by first-class U.S. mail, to the Note Holder at the address stated in the first paragraph of this Note, or to such other address as Note Holder may designate by notice to Borrower.





















  





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8.           The indebtedness evidenced by this Note is secured by a Deed of Trust dated November 13, 2006, and until released said Deed of Trust contains additional rights of the Note Holder. Such rights may cause Acceleration of the indebtedness evidence by this Note. Reference is made to said Deed of Trust for such additional terms. Said Deed of Trust grants rights in the property identified as follows:







All of the following described lode mining claims situate, lying and being in the California Mining District, La


Plata County, Colorado, to-wit:








	
NAME OF CT-AIM (patented lode)

	
PATENT U.S. SURVEY NUMBER


	  	  
	
IDAHO MILLSITE

	
18320


	
IDAHO MILLSITE NO.1

	
18321


	
IDAHO MILLSITE NO.2

	
18321


	
ALPINE

	
18321


	
LORD KITCHENER

	
17108


	
HARTFORD

	
17108


	
GERTRUDE

	
16616


	
GOOD HOPE

	
17124


	
SUNRISE

	
17124


	
CATHRYN

	
16616


	
MIDNIGHT

	
19646


	
HELEN

	
19515


	
MIDNIGHT NO.2

	
19646


	
PAYDAY

	
19516 "A"


	
PA Y DAY MILLSITE

	
19516 "B"












 


 


Property address: n/a







IF BORROWER IS NATURAL PERSON(S)







/s/ James M. Clements


James M. CIements







Borrower's Address: 3643 Baker St., San Diego, CA 92117






















KEEP THIS NOTE IN A SAFE PLACE. THE ORIGINAL OF THIS NOTE MUST BE EXHIBITED TO THE PUBLIC TRUSTEE IN ORDER TO RELEASE A DEED OF TRUST SECURING THIS NOTE.


 


 




 




  





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