Document:

EXHIBIT
10.1

    

    PROMISSORY
NOTE

    

    THIS
NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON THE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF FEDERAL AND STATE SECURITIES LAWS PROVIDED BY
REGULATION D UNDER THE SECURITIES ACT OF 1933, AS AMENDED AND MAY NOT BE SOLD,
PLEDGED, TRANSFERRED, ASSIGNED, HYPOTHECATED, OR OTHERWISE DISPOSED OF WITHOUT
COMPLIANCE WITH SUCH REQUIREMENTS OR A WRITTEN OPINION OF COUNSEL ACCEPTABLE TO
THE OBLIGOR THAT SUCH TRANSFER WILL NOT RESULT IN ANY VIOLATION OF SUCH LAWS OR
AFFECT THE LEGALITY OF THEIR ISSUANCE.

    

    
      
        	
                $25,000.00

              	
                DATED:
      June 3, 2010

              

      

    

    

    FOR VALUE
RECEIVED, the undersigned, Crownbutte Wind Power, Inc., a
Nevada corporation (the “Borrower”) HEREBY PROMISES TO PAY to the order of Gottbetter Capital Group, Inc.
(the “Lender”), on July 2, 2010 (the “Maturity Date”), or sooner as provided
herein, the principal amount of Twenty-five Thousand Dollars
($25,000.00).  This Note shall not bear interest except as provided
below.

    

    Principal
of this Note due and not paid shall bear interest at a rate per annum equal to
10% per annum until any such principal is paid in full.  Interest will
be computed on the basis of a 360-day year of twelve 30-day months for the
actual number of days elapsed.

    

    The
Borrower agrees to issue and deliver to the Lender on the date hereof, in
consideration of the Lender’s willingness to make the loan evidenced by this
Note, two hundred fifty thousand (250,000) restricted shares of its common
stock, par value $0.001 per share (the “Lender Shares”).  The Borrower
represents and warrants that upon issuance, such Lender Shares will be duly and
validly issued, fully paid and non-assessable and free of preemptive
rights. The
Borrower hereby irrevocably constitutes and appoints the Lender as its
attorney-in-fact for the purpose of causing the Borrower’s transfer agent to
issue certificates for the Lender Shares to the Lender, and agrees that its
issuance of this Note shall constitute full authority to its officers and agents
who are charged with the duty of executing stock certificates to execute and
issue the necessary certificates for shares of Lender Shares in accordance with
the terms and conditions of this Note.

    

    The
Borrower shall have the right at any time and from time to time to prepay in
whole or in part the principal amount hereof, without premium or
penalty.  In addition, the Borrower shall prepay the unpaid principal
amount of this Note, without premium or penalty, immediately in cash upon the
Borrower’s receipt after the date of this Note of any cash from any source
whatsoever, including, without limitation, the proceeds from any loan,
borrowing, lease financing, repayment of receivables, issuance of securities,
sale of assets, warrant exercise or any other transaction (and including
particularly, but without limitation, and cash received under the Warrant
Exercise Subscription Agreement dated as of July 2, 2010, between the Borrower
and the holders of certain warrants referred to therein) (any of the foregoing,
a “Transaction”), and such prepayment to the Lender shall be a condition
precedent to the closing of any Transaction.  Any amounts so prepaid
may not be reborrowed hereunder.

    

    In
addition, the Borrower agrees that from the proceeds of any Transaction, after
making the prepayment of this Note aforesaid, it will immediately pay to
Gottbetter & Partners, LLP (“G&P”), all accrued and unpaid professional
fees and expenses of G&P to the date of such payment, and such payment to
G&P shall be a condition precedent to the closing of any
Transaction.

    

    The
Borrower hereby authorizes G&P, to the extent it acts as escrow agent in
connection with any Transaction, to deduct from the proceeds of any Transaction
received by G&P, without any further notice or authorization, (a) the unpaid
principal amount of this Note, together with any accrued but unpaid interest and
any other amounts payable hereunder, and to deliver such amounts to the Lender,
and (b) the accrued and unpaid professional fees and expenses of G&P and to
apply such amounts against the obligations of the Borrower to
G&P.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    The
Lender is the beneficiary of the Guaranty of even date herewith of the
Borrower’s obligations under this Note given by Ronald Moschetta (the
“Guaranty”).

    

    So long
as the Borrower shall have any obligation under this Note, the Borrower shall
not without the Lender’s written consent:

    

    
      	
              (a)

            	
              (i)
      pay, declare or set apart for such payment, any dividend or other
      distribution (whether in cash, property or other securities) on shares of
      capital stock other than dividends on shares of Common Stock solely in the
      form of additional shares of Common Stock or (ii) directly or indirectly
      or through any subsidiary make any other payment or distribution in
      respect of its capital stock;

            

    

    

    
      	
              (b)

            	
              redeem,
      repurchase or otherwise acquire (whether for cash or in exchange for
      property or other securities or otherwise) in any one transaction or
      series of related transactions any shares of capital stock of the Borrower
      or any warrants, rights or options to purchase or acquire any such
      shares;

            

    

    

    
      	
              (c)

            	
              create,
      incur, assume or suffer to exist any liability for borrowed money, except
      (i) borrowings in existence or committed on the date hereof and of which
      the Borrower has informed Lender in writing prior to the date hereof, (ii)
      indebtedness to trade creditors or financial institutions incurred in the
      ordinary course of business or (iii) borrowings, the proceeds of which
      shall be used to repay this Note;

            

    

    

    
      	
              (d)

            	
              sell,
      lease or otherwise dispose of any significant portion of its assets
      outside the ordinary course of
business;

            

    

    

    
      	
              (e)

            	
              lend
      money, give credit or make advances to any person, firm, joint venture or
      corporation, including, without limitation, officers, directors,
      employees, subsidiaries and affiliates of the Borrower, except loans,
      credits or advances (a) in existence or committed on the date hereof and
      which the Borrower has informed Lender in writing prior to the date hereof
      or (ii) made in the ordinary course of business;
  or

            

    

    

    
      	
              (f)

            	
              assume,
      guarantee, endorse, contingently agree to purchase or otherwise become
      liable upon the obligation of any person, firm, partnership, joint venture
      or corporation, except by the endorsement of negotiable instruments for
      deposit or collection and except assumptions, guarantees, endorsements and
      contingencies (a) in existence or committed on the date hereof and which
      the Borrower has informed Lender in writing prior to the date hereof, and
      (b) similar transactions in the ordinary course of
    business.

            

    

    

    In the
event that (i) the Borrower shall fail to pay any principal under this Note when
due and payable hereunder, and such failure shall continue for a period of two
(2) days after receipt by Borrower of written notice by the Lender thereof; or
(ii) the Borrower shall fail to pay any interest or any other amount under this
Note when due and payable hereunder, and such failure shall continue for a
period of five (5) days after receipt by Borrower of written notice by the
Lender thereof; or (iii) a default shall occur and be continuing under the
Guaranty, or the Guaranty shall fail to remain in full force and effect, or any
action shall be taken to discontinue the Guaranty or to assert the invalidity
thereof; or (iv) the Borrower breaches any material covenant or other material
term or condition contained in this Note and such breach continues for a period
of five (5) days after written notice thereof to the Borrower from the Lender;
or (v) a receiver, trustee or other similar official shall be appointed
over the Borrower or a material part of its assets and such appointment shall
remain uncontested for twenty (20) days or shall not be dismissed or discharged
within sixty (60) days; or (vi) the Borrower shall become insolvent or generally
fails to pay, or admits in writing its inability to pay, its debts as they
become due, subject to applicable grace periods, if any; or (vii) the Borrower
shall make a general assignment for the benefit of creditors; or (viii) the
Borrower shall file a petition for relief under any bankruptcy, insolvency or
similar law (domestic or foreign); or (ix) an involuntary proceeding shall be
commenced or filed against the Borrower under any bankruptcy, insolvency or
similar law (domestic or foreign) and such petition shall not be dismissed
within sixty (60) days after commencement or filing (each event specified in
clauses (i) through (ix) above, an “Event of Default”); then, in the case of any
of the events specified in clauses (v), (vi), (vii), (viii) or (ix), the
outstanding principal amount under this Note, together with accrued and unpaid
interest thereon, and all other amounts payable by Borrower under this Note
shall become immediately due and payable without any action on the part of the
Lender, and in the case of any of the other events specified above, the Lender
may by written notice to the Borrower declare the outstanding principal amount
under this Note, together with accrued and unpaid interest thereon, and all
other amounts payable by Borrower under this Note to be immediately due and
payable, whereupon the same shall become immediately due and payable, and,
except for the notices specified in this sentence, Borrower waives demand,
presentment, protest, notice of protest, dishonor, notice of dishonor or any
other notice of any kind.  Any notice specified in this paragraph by
Lender to Borrower of the occurrence of a failure to pay or other default must
be delivered as specified below and must clearly specify that it is a notice of
default under this paragraph.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    The
Borrower shall pay or reimburse the Lender promptly on demand for all costs and
expenses (including attorney costs) incurred by it in connection with the
enforcement or attempted enforcement of, or the preservation of any rights or
remedies under, this Note or the Guaranty during the existence of an Event of
Default or after acceleration of this Note (including in connection with any
"workout" or restructuring regarding the Note, and including in any bankruptcy
or insolvency proceeding or appellate proceeding).

    

    No delay
on the part of Lender in exercise of any right, power or remedy shall operate as
a waiver thereof, nor shall any single or partial exercise by Lender of any
right, power or remedy preclude other or further exercise thereof, or the
exercise of any other right, power or remedy.  No waiver of, or
consent with respect to, any provision of this Note shall in any event be
effective unless the same shall be in writing and signed and delivered by
Lender, and then any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

    

    Unless
otherwise agreed by the Lender and the Borrower, both principal and interest
hereunder are payable to the Lender at:

    

    
      
        
          	 
      	
                  Gottbetter
      Capital Group, Inc.

                	 
      
	 
      	
                  488
      Madison Avenue

                	 
      
	 
      	
                  12th
      Floor

                	 
      
	 
      	
                  New
      York, New York 10022

                	 
      

        

      

    

    

    in
immediately available funds on the Payment Date, in the lawful currency of the
United States of America.  Whenever any payment to be made hereunder
shall be due on a Saturday, Sunday or public or bank holiday in New York City
(any other day being a “Business Day”), such payment shall be made on the next
succeeding Business Day, and such extension of time shall be included in the
computation of interest payable.

    

    The
Borrower shall not have any right to assign its obligations under this Note
without the prior written consent of the Lender.

    

    Notices,
confirmations and demands hereunder shall be in writing and will be sufficient
if delivered by hand, by first class mail or nationally recognized courier
service postage prepaid, or by tested cable, or facsimile transmission, at the
following addresses, or to such other address as the recipient shall have
designated to the sender by written notice hereunder.

    

    If
to the Borrower:

    Crownbutte
Wind Power, Inc.

    111 Fifth
Avenue, NE

    Mandan,
ND 58554

    Fax:

    Attn:
Timothy H. Simons, Chief Executive Officer

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    If
to the Lender:

    Gottbetter
Capital Group, Inc.

    488
Madison Avenue

    New York,
NY 10022

    Fax:
(212) 400-6910

    Attention:
Adam S. Gottbetter, President

    

    Notwithstanding
anything contained in this Note to the contrary, no interest shall accrue under
this Note at a rate in excess of the highest applicable rate permitted by law,
and the payment of any interest (including any charge or fee held by the a court
to be interest) in excess of such rate shall constitute a payment of and be
applied to principal.

    

    The
Borrower (i) acknowledges that the Lender and G&P have the same principal
owners, (ii)  acknowledges that G&P is also counsel to the Company
in the transactions contemplated in this Note and has acted, and from time to
time continues to act, as counsel to the Company in unrelated matters, (iii)
consents to the representation of the Company, or affiliates thereof, by
G&P, (iv) acknowledges that the Lender and/or G&P and/or their
respective partners and/or affiliates own securities of the Borrower
constituting less than 1% of the outstanding common stock of the Borrower, and
(v) waives any conflicts of interest claim which may arise from any or all of
the foregoing.  The Borrower and the Lender agree that this Note and
the repayment thereof and the Lender Shares are not in exchange for legal
services, and no legal services have been or will be provided to the Borrower by
the Lender.

    

    The
Borrower acknowledges that the Lender Shares to be issued pursuant to this Note
could have a substantially higher value at some undetermined future date than
the value of the loan provided by the Lender under this Note.

    

    This
Note shall be governed by and construed in accordance with the laws of the State
of New York applicable to contracts made and to be performed entirely within
such State.  Any judicial proceeding brought to enforce this Note may
be brought in a federal or New York State court located in the County of New
York, State of New York.  Each party to this Note waives any objection
to jurisdiction of and venue in such courts in any action instituted hereunder
and shall not assert any defense based on lack of jurisdiction of or improper
venue in any such court or based upon forum non
conveniens.

    

    THE
BORROWER HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING UNDER OR RELATED TO THIS NOTE.

    

    
      
        	 
      	
                CROWNBUTTE
      WIND POWER, INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Timothy H. Simons

              
	 
      	 
      	
                Timothy
      H. Simons, Chief Executive Officer

              
	 
      	 
      	 
      
	 
      	
                Acknowledged
      and agreed:

              
	 
      	 
      
	 
      	
                GOTTBETTER
      CAPITAL GROUP, INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Adam S.
      Gottbetter

              
	 
      	 
      	
                Adam
      S. Gottbetter, President

              

      

    

    
      
         

      

      
        4EXHIBIT
10.2

     

    
      
        
          
            	
                    

                  	
                    

                  

          

        

      

    

     

        June 25,
2010

     

    Crownbutte
Wind Power, Inc.

    111 Fifth
Avenue, NE

    Mandan,
ND 58554

    
      	
              Attention: 

            	
              Mr.
      Timothy H. Simons, Chief Executive
Officer

            

    

    

    
      	
              Re: 

            	
              Promissory Note dated
      June 3, 2010

            

    

    

    Ladies
and Gentlemen:

    

    We refer
to the Promissory Note dated June 3, 2010, from Crownbutte Wind Power, Inc. (the
“Borrower”) to the Gottbetter Capital Group, Inc. (the “Lender”) in the
principal amount of $25,000.00 (the “Note”).  Capitalized terms used
herein without definition have the meanings ascribed to them in the
Note.

    

    The
Lender acknowledges receipt today from the Borrower of cash in the amount of
$25,000.00 as prepayment in full of the principal of the Note.  In
consideration thereof, the Lender hereby agrees to amend the fifth paragraph of
the Note to read in its entirety as follows:

    

    In
addition, the Borrower agrees that, after making the prepayment of this Note
aforesaid, upon concluding each Transaction the Borrower will immediately pay to
Gottbetter & Partners, LLP (“G&P”) ten percent (10%) of the proceeds of
such Transaction against accrued and unpaid professional fees and expenses of
G&P until all accrued and unpaid professional fees and expenses of G&P
have been paid in full, and such payment to G&P shall be a condition
precedent to the closing of any Transaction.

    

    Except as
modified hereby, the Note shall remain in full force and effect until all
amounts due thereunder have been paid in full.

    

    Please
signify your agreement to the foregoing by countersigning this letter in the
place indicated and returning a copy to the Lender.

    

    
      
        	 
      	
                Very
      truly yours,

              
	 
      	 
      
	 
      	
                GOTTBETTER
      CAPITAL GROUP, INC.

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Adam S. Gottbetter

              
	 
      	 
      	
                Adam
      S. Gottbetter, President

              

      

    

    

    
      
        	
                Acknowledged
      and agreed:

              	 
      
	 
      	 
      
	
                CROWNBUTTE
      WIND POWER, INC.

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Timothy H. Simons

              	 
      
	 
      	
                Timothy
      H. Simons, Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]