htf8kex10_3.htm



Exhibit 10.3




 


 









	
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (NTD81-10-06) (Mandatory 1-07)  







 


1


2


3


4       IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION, CONSULT LEGAL COUNSEL.


5       THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED


6       BEFORE SIGNING.


7


8                                                                        PROMISSORY NOTE


9


10         U.S. $ 840,000.00                                                                                                            Denver, Colorado


11         Colorado


12                                     Date: September 15, 2014


13


14


15


16         1.  FOR VALUE RECEIVED, the undersigned (Borrower)  promise(s) to pay


17         Thomas S. Yang  (Note Holder) or order,  the principal sum of Eight hundred forty thousand and 00/100 dollars,


18        ($840,000.00)with interest on the unpaid principal balance from September 16, 2014 until paid, at the rate of 7, 8, 9


19         percent per annum.  Principal and interest shall be payable at 2700 Youngfield St., Ste. 280, Lakewood, CO 80215 , or such other


20         place as Note Holder may designate, in 24 payments of Five thousand nine hundred thirty-six and 95/100  US Dollars


21         ($5,936.95) due on the 16th day of each month, beginning November 1,2014. Such payments shall continue until


22         the entire indebtedness  evidenced by this Note  is fully paid; provided, however,  if not sooner  paid,  the entire principal


23         amount outstanding and accrued interest thereon, shall be due and payable on October 16, 2019.


24                First and second year interest rate with 25 year amortization monthly payment at $5,936.95.


26               Third and 4th year interest rate with 25 year amortization monthly payment at $$6,277.73.


27               Fifth year interest rate with 25 year amortization monthly payment at $6,639.64.


28


29         2. Borrower shall pay to Note Holder a late charge of  8­ % of any payment not received by Note Holder within 24 days


30         after the payment is due.


31


32         3.  Payments received for application to this Note shall be applied first to the payment of late charges, if any, second to the


33         payment of accrued interest at the default rate specified below, if any, third to accrued interest first specified above, and the


34         balance applied in reduction of the principal amount hereof. 


35


36         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


37         occurs, the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option


38             of Note Holder (Acceleration); and the indebtedness shall bear interest at the rate of  7,8,9 percent per annum from the date


39         of default. Note Holder shall be entitled to collect all reasonable costs and expense of collection and/or suit, including, but not


40         limited to reasonable attorneys’ fees. 41


42         5.  Borrower may prepay the principal amount outstanding under this Note, in whole or in part, at any time without penalty


43         except 44


45                                NONE


46


47


48


49


50         Any partial prepayment shall be applied against the principal amount outstanding and shall not postpone the due date of any


51         subsequent payments or change the amount of such payments. 


52


53         6.   Borrower and all other makers, sureties, guarantors, and endorsers hereby waive presentment, notice of dishonor and


54         protest, and they hereby agree to any extensions of time of payment and partial payments before, at, or after maturity. This


55         Note shall be the joint and several obligation of Borrower and all other makers, sureties, guarantors and endorsers, and their


56         successors and assigns. 


57


 





NTD 81-10-06. PROMISSORY NOTE








Page 1 of 2













  






 


 


58        Any notice to Borrower provided for in this Note shall be in writing and shall be given and be effective upon (a) delivery to 


59        Borrower or (b) by mailing such notice by first class U. S. mail, addressed to Borrower at Borrower’s address stated below, or 


60        to such other address as Borrower may designate by notice to Note Holder. Any notice to Note Holder shall be in writing and  


61        shall be given and be effective upon (a) delivery to Note Holder or (b) by mailing such notice by first class U.S. mail, to Note 


62        Holder at the address stated in the first paragraph of this Note, or to such other address as Note Holder may designate by notice 


63        to Borrower.


64


65        8.     The indebtedness evidenced by this Note is secured by a Deed of Trust dated September 15, 2014, and until released 


66        said Deed of Trust contains additional rights of Note Holder. Such rights may cause Acceleration of the indebtedness 


67        evidenced by this Note. Reference is made to said Deed of Trust for such additional terms. Said Deed of Trust grants rights 


68        in the following legally described property located in the City and County of Denver, State of Colorado:


69


70        Lot 9, 10 and 11, Block 7, Ramona, City and County of Denver, State of Colorado


71      


72        known as No. 4420-4440 Garfield Street, Denver, CO 80216-6519                                                   (Property Address).


73                                              Street Address            City    State            Zip


73


74


75


76                                                                                     (CAUTION: SIGN ORIGINAL NOTE ONLY/RETAIN COPY)


77


78


79


80         Buyer:


81


82        /s/ James B Wiegand                                                         


83


84         J Done LLC


85


86


87


88


89        Borrower’s address: __________________________________________________________________________________


90


91


92         KEEP THIS NOTE IN A SAFE PLACE. THE ORIGINAL OF THIS NOTE MUST BE EXHIBITED TO THE 


93         PUBLIC TRUSTEE IN ORDER TO RELEASE A DEED OF TRUST SECURING THIS NOTE.


94


95


96


97


98


99


100


101


102


103


104


105


106


107


108


109


110


111


7




 



 





NTD 81-10-06. PROMISSORY NOTE








Page 2 of 2