Document:

EXHIBIT 10.2
                                 PROMISSORY NOTE

July 1, 1999

WHEREAS,  an agreement is in place  between New Allied  Development  Corporation
(NADC) and Teresa PORTMAN DBA (PORTMAN).

FOR VALUE RECEIVED,  the undersigned  ("Borrower") hereby promises to pay to the
order of New Allied Development Corporation,  a Colorado corporation ("Lender"),
the principal sum of up to ONE HUNDRED  THOUSAND U.S.  DOLLARS  ($100,000.) at a
place and in the manner hereinafter provided,  together with interest thereon at
the rates described below.

Interest  shall  accrue  beginning  from the date the funds are  received on the
balance of  principal  remaining  from time to time unpaid under this Note at an
annual  interest rate of 12 percent  (12%).  If not sooner paid, and any and all
unpaid  principal  and  interest  shall be due and payable in full no later than
twelve  months  after the funds are  received by the  Borrower,  the  ("Maturity
Date"), unless it has been exchanged by the lender for an equity interest.

After the maturity  which an event of Default  exists under this Note,  Borrower
shall pay interest on the balance of principal  remaining unpaid during any such
period at an annual rate of 15% per annum (the "Default Rate").

Borrower reserves the privilege,  without cost or penalty,  to prepay all or any
part of the  principal  balance with accrued  interest of this Note at any time,
prior to the Maturity  date  referenced  above.  All  payments of principal  and
interest  hereunder shall be paid in U.S. coin or currency which, at the time or
times of payment, is the legal tender for public and private debts in the United
States of America and shall be made at such place as Lender or the legal holders
of this  Note  may  from  time  to  time  appoint,  and in the  absence  of such
appointment, then at the offices of New Allied Development Corporation, 12201 E.
Arapahoe Road, Suite B-14, Englewood, Colorado 80112. If any payment becomes due
and payable on a Saturday,  Sunday or Legal  Holiday in the United States or the
United  Kingdom,  the due date thereof shall be extended to the next  succeeding
business day.

This Note shall be  interpreted,  and the rights and liabilities of Borrower and
Lender  Determined,  in  accordance  with  the  Internal  Laws of the  State  of
Colorado.  As part of the  consideration  for value  received,  Borrower  hereby
consents  to the  exclusive  jurisdiction  of any State or Federal  Court in the
State of Colorado.  Borrower waives any objection or improper venue or Forum Non
Convenients  to any suit or  proceeding  instituted by Lender under this Note in
any state or Federal Court in the State of Colorado and consents to the Granting
of such legal or equitable  relief as is deemed  appropriate by the Court.  This
provision is a material inducement for Lender to enter into the note.

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IN WITNESS WHEREOF, Borrower has executed this Note as of the day and year first
written above.

Borrower:

Teresa Portman DBA
/s/ Teresa C. Portman
---------------------
By: Teresa C. Portman

Address of Borrower:#
Tresco Kellow Plaidy
Looe, Cornwall, England PL 131LEExhibit 10.3
                                PLEDGE AGREEMENT

     THIS PLEDGE  AGREEMENT  ("Pledge  Agreement"),  dated February 15, 2000, is
made by NEW ALLIED DEVELOPMENT CORPORATION,  a Colorado corporation ("Pledgor"),
in  favor  of  PENDLETON,  FRIEDBERG,  WILSON  &  HENNESSEY,  P.C.,  a  Colorado
professional  corporation   ("Pledgee"),   and  is  executed  and  delivered  in
connection  with any and all  indebtedness  of  Pledgor  to  Pledgee  for unpaid
professional fees, costs and late charges now owing Pledgor to Pledgee, which as
of January 31, 2000, are in the aggregate  amount of $154,624.55,  and any fees,
costs and late charges hereafter incurred by Pledgor in connection with services
provided by Pledgee to Pledgor ("Debt").

     Pledgor  has  requested  Pledgee to  undertake  a  foreclosure  action with
respect to the deed of trust and note which are part of the  Pledged  Collateral
(as defined  below),  or other  action to collect the Pledged Note and to secure
the payment of fees,  costs and late charges due or to become due hereafter with
respect to such action and other services  requested of Pledgee by Pledgor,  and
to induce Pledgee to undertake such  action(s) and  representation,  Pledgor has
agreed to execute and deliver to Pledgee this Pledge Agreement.

     Pledgee has agreed to continue providing legal representation to Pledgor on
the Banks, the Monument foreclosure, and the New York grand jury matters without
current payments on account other than through this Pledge Agreement. During the
eight (8) month period following the execution of this Pledge Agreement  Pledgee
agrees on not charge any  additional  late fees or interest on the Debt.  At the
expiration  of that term,  Pledgee  agrees to reduce its late payment  charge as
that term is defined in the Memorandum Regarding Fee Arrangements executed on or
about August 24, 1992, to 1 % (simple) per month.

     IN  CONSIDERATION  of the foregoing and other valuable  consideration,  the
receipt and  sufficiency  of which are hereby  acknowledged,  Pledgor  agrees as
follows:

          1. Pledge.  Pledgor hereby pledges and assigns to Pledgee,  and grants
     to  Pledgee  a  security   interest  in,  the   following   (the   "Pledged
     Collateral"):

               a. the promissory  note described in Exhibit "A" attached to this
          Pledge   Agreement  and  incorporated  in  this  Pledge  Agreement  by
          reference (the "Pledged Note");

               b. the deed of trust  described  in Exhibit "A"  attached to this
          Pledge   Agreement  and  incorporated  in  this  Pledge  Agreement  by
          reference (the "Deed of Trust");

               c. all principal,  interest costs, late charges and other amounts
          now  or in  the  future  payable  under  or  received,  receivable  or
          otherwise  distributed  in respect of or in  exchange  for the Pledged
          Note or any other Pledged Collateral,  including any such amounts past
          due and unpaid;

               d. all present and future right, title and interest of Pledgor in
          and  to  any  property  now or in the  future  securing  or  received,
          receivable or otherwise  distributed  in respect of or in exchange for
          the Pledged Note or any other Pledged  Collateral,  including any such
          property  acquired upon foreclosure of any such security or by deed in
          lieu of foreclosure,  account,  contract rights,  general intangibles,
          chose in action,  document  or  instrument;

               e. all present and future  rights and  interests,  including  any
          account,  contract right or general intangible arising from or related
          thereto,  of Pledgor under any other  document or instrument now or in
          the future relating to,  evidencing,  securing,  or  guaranteeing  the
          Pledged Note or any other  Pledged  Collateral,  including  hazard and
          title insurance  policies,  together with all other present and future
          rights and interests of Pledgor of any nature under or with respect to
          any of the  Pledged  Collateral  (including  the right to enforce  the
          terms thereof); and

               f.  all   supplements,   modifications,   amendments,   renewals,
          extensions, proceeds, replacements and substitutions for, of or to any
          of the foregoing.

          2. Obligations Secured. This Pledge Agreement is given for the purpose
     of  securing  payment  and  performance  of  the  following  (the  "Secured
     Obligations"):  (a) all  present  and  future  indebtedness  of  Pledgor to
     Pledgee  representing  the  Debt,  howsoever  documented  or  incurred  and
     including  principal,  costs,  late charges and all other  amounts  payable
     under the terms of the Debt; and (b) all present and future  obligations of
     Pledgor under this Pledge Agreement;  in each case as such indebtedness and
     other obligations may from time to time be supplemented, modified, amended,
     renewed and extended,  whether evidenced by new or additional  documents or
     resulting in a change in the late charge rate on any such  indebtedness  or
     otherwise.

          3.  Delivery of Pledged  Collateral.  All  documents  and  instruments
     representing or evidencing the Pledged Collateral shall be delivered to and
     held by or on behalf of Pledgee (or its designated representative or agent)
     pursuant to this Pledge Agreement and shall be endorsed and/or  accompanied
     by duly  executed  instruments  of  transfer or  assignment  as Pledgee may
     require  from time to time,  including  assignments  of the pledged Deed of
     Trust in  recordable  form  (which may be  recorded  at the  discretion  of
     Pledgee at any time), all in form and substance reasonably  satisfactory to
     Pledgee.  If at any time,  Pledgee shall  release  possession of any of the
     Pledged Collateral to a governmental  third-party as required by applicable
     law in connection  with any legal action  undertaken in  enforcement of the
     provisions of  any of such Pledged  Collateral, including foreclosure, such
     release  shall be deemed for the sole  benefit  and  account of Pledgee and
     such  governmental  third-party  shall  be  deemed  to  hold  such  Pledged
     Collateral for the sole use, benefit and account of Pledgee,  and Pledgee's
     security   interest  therein  shall  not  be  deemed  released,   impaired,
     subordinated or reduced by reason of such transfer of possession.

          4. Collections on Pledged Collateral. Pledgor shall not have the right
     to receive and retain amounts paid from time to time in respect of interest
     and other amounts  accrued and payable  under the Pledged Note,  until such
     time as Pledgor shall have paid and performed all

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     Secured Obligations as and when due (including any applicable grace period)
     (any such failure being an "Event of Default"),  and Pledgee shall have the
     sole right to collect  and  possess  all such  amounts.  If Pledgor  should
     nevertheless  receive any payments  contrary to the  foregoing  provisions,
     such payments shall be received in trust for the benefit of Pledgee,  shall
     be segregated from other funds of Pledgor, and shall be forthwith delivered
     to Pledgee as Pledged  Collateral in the same form as so received (with any
     necessary  endorsement).  Any such  collection by Pledgee shall not cure or
     waive any Event of Default or notice of default or invalidate  any act done
     pursuant to such notice.  Failure or  discontinuance by Pledgee at any time
     or from time to time to collect such amounts shall not in any manner affect
     the subsequent enforcement by Pledgee of its right to do so.

          5.  Maintenance  and  Administration  of  Pledged  Collateral.  Unless
     Pledgee  otherwise  consents in writing,  Pledgor shall (a) take all action
     reasonably  requested  by Pledgee to maintain  this Pledge  Agreement as an
     indefeasible  first  priority  pledge and security  interest in the Pledged
     Collateral,  (b) take all action reasonably necessary or appropriate in the
     reasonable  discretion  of  Pledgor  with the  advice  of the  Pledgee,  to
     maintain  and  enforce its rights and  interests  in respect of the Pledged
     Collateral,  (c) pay all taxes which are or may become a lien affecting any
     of the  Pledged  Collateral,  (d) not  permit  or agree to any  supplement,
     modification,  amendment,  renewal, extension or termination of, or consent
     or agree to any  waiver of or  departure  from the  terms of, or  otherwise
     release any  interest in or rights under or in  connection  with any of the
     Pledged Collateral,  unless, in the discretion of Pledgor,  with the advice
     of Pledgee, Pledgor believes such action improves the collectability of the
     Pledged  Collateral to the extent of the Debt,  (e) not cause or permit any
     interest in any Pledged  Collateral to be transferred or further encumbered
     (whether voluntarily, by operation of law or otherwise), or cause or permit
     the subordination of any Pledged Collateral to any mortgage,  deed of trust
     or other claim, security interest or encumbrance, unless, in the discretion
     of  Pledgor,  with the advice of  Pledgee,  Pledgor  believes  such  action
     improves the  collectability of the Pledged Collateral to the extent of the
     Debt,  and (f) not  take any  other  action  with  respect  to any  Pledged
     Collateral which is inconsistent with the purposes of this Pledge Agreement
     or which  would  adversely  affect  the  rights  or  interests  of  Pledgee
     hereunder;  provided  that  (i) any  foreclosure,  legal  action  or  other
     proceeding  instituted by Pledgor in connection with any Pledged Collateral
     shall be subject to the prior  written  consent of Pledgee  (which  consent
     shall not be  unreasonably  withheld),  (ii)  Pledgee may require  that the
     proceeds of any sale or  foreclosure  (including  any property  acquired at
     such sale or  foreclosure)  be delivered  directly to Pledgee to be held as
     payment of or additional collateral for the Secured Obligations,  and (iii)
     if an Event of Default has occurred and is continuing,  Pledgor's  right to
     enforce the Pledged  Collateral shall cease and Pledgee shall have the sole
     right to do so.

          6. Actions and Further Assurances.  Pledgor shall appear in and defend
     any claim or any action or other proceeding purporting to affect any of the
     Pledged  Collateral or the rights or interests of Pledgee under this Pledge
     Agreement, and give Pledgee prompt written notice of any such claim, action
     or proceeding,  and Pledgee may, at Pledgor's expense, appear in and defend
     any such  claim,  action  or  proceeding  and any  claim,  action  or other
     proceeding asserted or

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<PAGE>

     brought  against  Pledgee  in  connection  with or  relating  to any of the
     Pledged  Collateral  or this Pledge  Agreement.  Pledgor shall also take or
     cause to be taken such  further  action and execute and deliver or cause to
     be executed and  delivered  such further  documents as Pledgee from time to
     time may  reasonably  request to  maintain,  perfect,  protect,  assure and
     confirm  Pledgee's  rights and  interests,  Pledgor's  obligations  and the
     intention of the parties under this Pledge Agreement.

          7. Performance by the Pledgee.  If Pledgor fails to perform any of its
     obligations  under this  Pledge  agreement,  Pledgee  may,  but without any
     obligation  to do so,  with  notice  to  Pledgor,  perform  or  cause to be
     performed any such  obligations  in such manner and to such extent and take
     such other action as Pledgee may deem appropriate.

          8.  Representations  of Pledgor.  Pledgor  represents  and warrants to
     Pledgee that:

               a.  The  execution,  delivery  and  performance  of  this  Pledge
          Agreement by Pledgor are within  Pledgor's  power and authority,  have
          been duly  authorized by all necessary  action and do not and will not
          (i)  require  any  authorization  which  has not been  obtained,  (ii)
          contravene the organization and governance  documents of Pledgor,  any
          applicable  laws  or  any  agreement  or  restriction  binding  on  or
          affecting  Pledgor or its property,  or (iii) result in or require the
          creation  or  imposition  of any lien or right of others  upon or with
          respect to any property  now or in the future owned by Pledgor  (other
          than liens in favor of Pledgee).  No authorization  which has not been
          obtained is required for the creation of the liens or the  enforcement
          by Pledgee of its remedies  under this Pledge  Agreement.  This Pledge
          Agreement,  when executed and delivered,  constitutes the legal, valid
          and  binding  obligation  of Pledgor  enforceable  against  Pledgor in
          accordance  with its terms,  except as  enforcement  may be limited by
          bankruptcy,  insolvency or other similar laws  affecting the rights of
          creditors generally.

               b.  Pledgor is and will  continue to be the legal and  beneficial
          owner of the  Pledged  Collateral,  free and  clear of all  liens  and
          rights of others  (other  than liens in favor of  Pledgee  hereunder).
          This Pledge Agreement creates a valid and indefeasible  first priority
          lien in the Pledged Collateral securing the payment and performance of
          all Secured  Obligations.  No financing statements covering any of the
          Pledged Collateral are on file in any public office,  except financing
          statements in favor of Pledgee.

               c.  Pledgor  has not  taken any  action,  and is not aware of any
          other event or  circumstance,  that may or would  impair or  otherwise
          interfere  with the rights or interests  of Pledgee  under this Pledge
          Agreement.

          9. Duties of Pledgee.  The remedies  conferred  on Pledgee  under this
     Pledge  Agreement  are solely to protect  its rights and  interests  in the
     Pledged  Collateral  and shall not impose any duty upon it to exercise  any
     such remedies. Except for the safe custody of the Pledged Collateral in its
     possession  and the  accounting  for monies  actually  received  under this
     Pledge Agreement, Pledgee shall be under no duty or obligation to preserve,
     maintain or protect the Pledged  Collateral  or any of Pledgor's  rights or
     interests in the Pledged Collateral, or make or give any

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<PAGE>

     presentments, demands for performance, protests, notices of nonperformance,
     protest or dishonor  or other  notices of any kind in  connection  with the
     Pledged  Collateral,  or take any other  action  with  respect to any other
     matters relating to any Pledged Collateral. Pledgee shall be deemed to have
     exercised  reasonable  care in the custody and  preservation of any Pledged
     Collateral  in its  possession  if  such  Pledged  Collateral  is  accorded
     treatment  substantially  equal  to  that  which  Pledgee  accords  its own
     property.  Pledgor  does not assume and shall have no  liability  for,  and
     shall not be  obligated  to  perform,  any of  Pledgor's  obligations  with
     respect to any  Pledged  Collateral  or any other  matters  relating to the
     Pledged  Collateral,  and nothing  contained in this Pledge Agreement shall
     release Pledgor from any such obligations.

          10.  Default.  Upon the occurrence  and during the  continuance of any
     Event of Default,  Pledgee may,  without  notice to or demand upon Pledgor,
     which are  expressly  waived by  Pledgor  (except  for  notices  or demands
     otherwise  required by applicable laws to the extent not effectively waived
     by Pledgor), and without releasing Pledgor from any of its obligations with
     respect to the Secured Obligations:

               a.  notify  any and all  obligors  under  the  Pledged  Note (the
          "Obligors)  that the Pledged  Collateral  has been assigned to Pledgee
          and  that  all  payments  and  other  performance  are to be made  and
          rendered  directly  and  exclusively  to Pledgee,  and in its own name
          supplement,  modify, amend, renew, extend, accelerate,  accept partial
          payments or performance  on, make allowances and adjustments and issue
          credits with respect to, give  approvals,  waivers and consents under,
          release, settle,  compromise,  compound, sue for, collect or otherwise
          liquidate,  enforce  or  deal  with  any  of the  Pledged  Collateral,
          including judicial or non-judicial sale or foreclosure of any security
          for any Pledged  Collateral and collection of all amounts past due and
          unpaid  (Pledgor  agreeing  not to take  any  such  action  after  the
          occurrence of any Event of Default without prior written authorization
          from Pledgee);

               b. take  possession  of the  Pledged  Collateral  with or without
          judicial process;  enter any premises where any Pledged Collateral may
          be  located  for the  purpose  of taking  possession  of such  Pledged
          Collateral or removing the same; and require  Pledgor,  on demand,  to
          assemble all Pledged  Collateral not then in the possession of Pledgee
          and make it available to Pledgee at a place  selected by Pledgee which
          is reasonably convenient for both parties;

               c. endorse, in the name of Pledgor, all checks,  drafts and other
          evidences of payment relating to the Pledged Collateral,  and receive,
          open and  dispose  of all mail  addressed  to  Pledgor  and notify the
          postal  authorities to change the address for delivery of such mail to
          such address as Pledgee may designate;

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<PAGE>

               d.  foreclose the liens  created  under this Pledge  Agreement or
          under any other  agreement  relating to the Pledged  Collateral by any
          available  judicial  procedure  or  without  judicial  process;  sell,
          transfer, assign or otherwise dispose of the Pledged Collateral or any
          part  thereof in one or more  parcels at public or private  sale,  for
          cash, on credit or for future  delivery,  or otherwise with or without
          representations  or  warranties,  and  upon  such  terms  as  shall be
          acceptable to Pledgee; and

               e.  protect,  exercise  and  enforce  any and all other  remedies
          provided under this Pledge  Agreement or by applicable laws, including
          all remedies of a secured party under the Uniform  Commercial  Code as
          adopted in Colorado.

          If  Pledgee  determines  to sell or  foreclose  the  security  for any
     Pledged  Collateral  or to take any other  action to  enforce  any  Pledged
     Collateral or any security therefor: (i) Pledgee may proceed by judicial or
     non-judicial  action even  though such action may release any Obligor  from
     further liability  thereunder,  (ii) Pledgee may credit bid all or any part
     of the amount owing under any Pledged  Collateral  in  connection  with any
     sale or foreclosure  of security  therefor and become the purchaser at such
     sale or  foreclosure,  and (iii) if Pledgee  should acquire any property at
     any such sale or foreclosure by credit bid of all or any part of any amount
     owing under the Pledged Collateral,  such property shall be held by Pledgee
     as additional collateral for the Secured Obligations.

          Following  the  occurrence  of any Event of Default,  any cash held by
     Pledgee as Pledged  Collateral  and any cash  proceeds  realized by Pledgee
     from the  collection,  sale or other disposal or liquidation of any Pledged
     Collateral  may in  the  discretion  of  Pledgee,  be  held  as  additional
     collateral  for  the  Secured  Obligations  and/or  then  or  at  any  time
     thereafter  applied against the Secured  Obligations in whole or in part in
     such order and manner as Pledgee shall elect.

          Each of the remedies  provided in this Pledge  Agreement is cumulative
     and not exclusive of, and shall not prejudice, any other remedy provided in
     this Pledge  Agreement or by applicable laws or under the Note or any other
     document  securing  it. Each remedy may be  exercised  from time to time as
     often as deemed  necessary  by  Pledgee,  and in such  order and  manner as
     Pledgee may  determine.  This Pledge  Agreement is independent of any other
     security for the Secured Obligations,  and upon the occurrence of any event
     of Default, Pledgee may proceed in the enforcement of this Pledge Agreement
     independently  of any other  remedy that  Pledgee may at any time hold with
     respect to the Pledged Collateral or any such other security.

          11. Costs and Expenses. Pledgor shall pay, on demand, all costs, fees,
     expenses,  advances, charges, losses and liabilities of Pledgee under or in
     connection  with  this  Pledge  Agreement  or the  enforcement  of,  or the
     exercise of any remedy or any other  action  taken by Pledgee  under,  this
     Pledge   Agreement,   in  each  case  including  the  reasonable  fees  and
     disbursements of Pledgee's legal counsel and other out-of-pocket expenses.

          12. Successors and Assigns. This Pledge Agreement applies to and shall
     be  binding  on and inure to the  benefit  of all  parties  to this  Pledge
     Agreement and their respective successors and assigns.

                                       6
<PAGE>

          13.  Governing  Law. This Pledge  Agreement  shall be governed by, and
     construed and enforced in accordance with, the laws of Colorado.

          14. Satisfaction and Release.  Upon payment and performance in full of
     the Secured  Obligations (i) this Pledge Agreement and all liens,  security
     interests,  rights and remedies granted or provided to Pledgee hereunder or
     by reason hereof shall automatically terminate and be without further force
     or effect;  (ii)  Pledgee  shall take all actions  reasonably  requested by
     Pledgor to confirm) the  foregoing,  and (iii)  Pledgor shall have sole and
     exclusive  authority to deal with,  and instruct  Obligors with respect to,
     the Pledged Collateral.

                                             "PLEDGOR "

                                             NEW ALLIED DEVELOPMENT
                                             CORPORATION

                                             By: /s/ Erica J. Hull
                                                 -----------------------------
                                                 Name: Erica J. Hull
                                                 Title:   President

                                             "PLEDGEE"

                                             PENDLETON,FRIEDBERG,
                                             WILSON & HENNESSEY, P .C.

                                             By: /s/ Robert F. Wilson
                                                 -----------------------------
                                                 Name:  Robert F. Wilson
                                                 Title:  President

                                        7
<PAGE>

                                                                     "EXHIBIT A"

                  DESCRIPTION OF PLEDGED NOTE AND DEED OF TRUST

     First  Replacement  Promissory  Note dated  December 19, 1996,  in the face
principal amount of $327,000.00,  executed by Drew Incorporated,  a Pennsylvania
corporation  in  favor  of  New  Allied  Development  Corporation,   a  Colorado
corporation  (unpaid  principal  balance as of the date of this Pledge Agreement
$327,000).

Deed of Trust dated December 19, 1996, executed by Drew Incorporated,
a  Pennsylvania  corporation,  as borrower and  grantor,  in favor of the Public
Trustee, El Paso County,  State of Colorado,  as trustee, for the benefit of New
Allied Development Corporation, a Colorado corporation, as beneficiary, covering
real property  located in E1 Paso County,  Colorado and recorded on December 20,
1996, at Reception No.  096156783,  in the Clerk and  Recorder's  Office of such
County,  as amended by that  Amendment to Deed of Trust dated March 13, 1997, by
and among the  aforesaid  and  recorded  in said county and records on March 19,
1997, at Reception No. 097030747.

                                       A-1

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