Document:

artdimensionss1x42_9252008.htm

     

    

    
      

      

    

     

     

    Exhibit
4.2

    

    

    Warrant

    

    THIS WARRANT AND THE SHARES OF COMMON
STOCK ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER EITHER
THE SECURITIES ACT OF 1933 (THE "ACT") OR APPLICABLE STATE SECURITIES LAWS (THE
"STATE ACTS") AND SHALL NOT BE SOLD, PLEDGED, HYPOTHECATED, DONATED, OR
OTHERWISE TRANSFERRED (WHETHER OR NOT FOR CONSIDERATION) BY THE HOLDER EXCEPT
UPON THE ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF COUNSEL OR SUBMISSION
TO THE COMPANY OF SUCH EVIDENCE AS MAY BE SATISFACTORY TO COUNSEL TO THE
COMPANY, IN EACH SUCH CASE, TO THE EFFECT THAT ANY SUCH TRANSFER SHALL NOT BE IN
VIOLATION OF THE ACT AND THE STATE ACTS.

    

    WARRANT
TO PURCHASE 50,000 SHARES OF COMMON STOCK

    

    ART
DIMENSIONS, INC.

    (a
Colorado Corporation)

    Not
Transferable or Exercisable Except

    Upon
Conditions Herein Specified

    Void
after 5:00 O'Clock p.m.,

    Mountain
Standard Time, on May 31, 2013

    

    

    ART DIMENSIONS, INC., a
Colorado corporation (the "Company") hereby certifies that DAVID WAGNER & ASSOCIATES,
P.C., a partnership organized under the laws of the State of Colorado,
its registered successors and permitted assigns registered on the books of the
Company maintained for such purposes as the registered holder hereof (the
"Holder"), for value received, is entitled to purchase from the Company the
number of fully paid and non-assessable shares of Common Stock of the Company
(the "Shares"), stated above at the purchase price of $.001 per Share (the
"Exercise Price") (the number of Shares and Exercise Price being subject to
adjustment as hereinafter provided) upon the terms and conditions herein
provided.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 1

          
            

          

        

        
           

        

      

    

    

    

    1. Exercise of
Warrants.

    

    (a) Subject to subsection (b) of this
Section 1, upon presentation and surrender of this Warrant Certificate, with the
attached Purchase Form duly executed, at the principal office of the Company at
3636 S. Jason Street, Englewood, Colorado  80110, or at such other
place as the Company may designate by notice to the Holder hereof, together with
a certified or bank cashier's check payable to the order of the Company in the
amount of the Exercise Price times the number of Shares being purchased, the
Company shall deliver to the Holder hereof, as promptly as practicable,
certificates representing the Shares being purchased. This Warrant may be
exercised in whole or in part; and, in case of exercise hereof in part only, the
Company, upon surrender hereof, will deliver to the Holder a new Warrant
Certificate or Warrant Certificates of like tenor entitling the Holder to
purchase the number of Shares as to which this Warrant has not been
exercised.

    

    (b) This Warrant may be exercised in
whole or in part at any time prior to 5:00 o'clock P.M., Mountain Standard Time,
on May 31, 2013.

    

    2. Exchange and Transfer of
Warrant. This Warrant (a) at any time prior to the exercise hereof, upon
presentation and surrender to the Company, may be exchanged, alone or with other
Warrants of like tenor registered in the name of the Holder, for another Warrant
or other Warrants of like tenor in the name of such Holder exercisable for the
same aggregate number of Shares as the Warrant or Warrants surrendered, and (b)
may be sold, transferred, hypothecated or assigned, in whole or in
part.

    

    3. Rights and Obligations of Warrant
Holder.

    

    (a) The Holder of this Warrant
Certificate shall not, by virtue hereof, be entitled to any rights of a
stockholder in the Company, either at law or in equity; provided, however, in
the event that any certificate representing the Shares is issued to the Holder
hereof upon exercise of this Warrant, such Holder shall, for all purposes, be
deemed to have become the holder of record of such Shares on the date on which
this Warrant Certificate, together with a duly executed Purchase Form, was
surrendered and payment of the Exercise Price was made, irrespective of the date
of delivery of such Share certificate. The rights of the Holder of this Warrant
are limited to those expressed herein and the Holder of this Warrant, by its
acceptance hereof, consents to and agrees to be bound by and to comply with all
the provisions of this Warrant Certificate, including, without limitation, all
the obligations imposed upon the Holder hereof by Sections 2 and 5 hereof. In
addition, the Holder of this Warrant Certificate, by accepting the same, agrees
that the Company may deem and treat the person in whose name this Warrant
Certificate is registered on the books of the Company maintained for such
purpose as the absolute, true and lawful owner for all purposes whatsoever,
notwithstanding any notation of ownership or other writing thereon, and the
Company shall not be affected by any notice to the contrary.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 2

          
            

          

        

        
           

        

      

    

    

    

    (b) No Holder of this Warrant
Certificate, as such, shall be entitled to vote or receive distributions or to
be deemed the holder of Shares for any purpose, nor shall anything contained in
this Warrant Certificate be construed to confer upon any Holder of this Warrant
Certificate, as such, any of the rights of a stockholder of the Company or any
right to vote, give or withhold consent to any action by the Company, whether
upon any recapitalization, issue of stock, reclassification of stock, merger,
conveyance or otherwise, receive notice of meetings or other action affecting
stockholders (except for notices provided for herein), receive distributions,
subscription rights, or otherwise, until this Warrant shall have been exercised
and the Shares purchasable upon the exercise thereof shall have become
deliverable as provided herein; provided, however, that any such exercise on any
date when the stock transfer books of the Company shall be closed shall
constitute the person or persons in whose name or names the certificate or
certificates for those Shares are to be issued as the record holder or holders
thereof for all purposes at the opening of business on the next succeeding day
on which such stock transfer books are open, and the Warrant surrendered shall
not be deemed to have been exercised, in whole or in part as the case may be,
until the next succeeding day on which stock transfer books are open for the
purpose of determining entitlement to distributions on the Company's common
stock.

    

    4. Shares Underlying Warrants.
The Company covenants and agrees that all Shares delivered upon exercise of this
Warrant shall, upon delivery and payment therefore, be duly and validly
authorized and issued, fully-paid and non-assessable, and free from all stamp
taxes, liens, and charges with respect to the purchase thereof. In addition, the
Company agrees at all times to reserve and keep available an authorized number
of Shares sufficient to permit the exercise in full of this
Warrant.

    

    5. Disposition of Warrants or
Shares.

    

    (a) The holder of this Warrant
Certificate and any transferee hereof or of the Shares issuable upon the
exercise of the Warrant Certificate, by their acceptance hereof, hereby
understand and agree that the Warrant, and the Shares issuable upon the exercise
hereof, have not been registered under either the Securities Act of 1933 (the
"Act") or applicable state securities laws (the "State Acts") and shall not be
sold, pledged, hypothecated, donated, or otherwise transferred (whether or not
for consideration) except upon the issuance to the Company of a favorable
opinion of counsel or submission to the Company of such evidence as may be
satisfactory to counsel to the Company, in each such case, to the effect that
any such transfer shall not be in violation of the Act and the State Acts. It
shall be a condition to the transfer of this Warrant that any transferee thereof
deliver to the Company its written agreement to accept and be bound by all of
the terms and conditions of this Warrant Certificate.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 3

          
            

          

        

        
           

        

      

    

    

    

    (b) The stock certificates of the
Company that will evidence the shares of Common Stock with respect to which this
Warrant may be exercisable will be imprinted with conspicuous legend in
substantially the following form:

    

    
      	
               
      

            	
              "The
      securities represented by this certificate have not been registered under
      either the Securities Act of 1933 (the "Act") or applicable state
      securities laws (the "State Acts") and shall not be sold, pledged,
      hypothecated, donated or otherwise transferred (whether or not for
      consideration) by the holder except upon the issuance to the Company of a
      favorable opinion of its counsel or submission to the company of such
      other evidence as may be satisfactory to counsel of the Company, in each
      such case, to the effect that any such transfer shall not be in violation
      of the Act and the State Acts."

            

    

    

    The
Company does not file, and does not in the foreseeable future contemplate
filing, periodic reports with the Securities and Exchange Commission ("SEC")
pursuant to the provisions of the Securities Exchange Act of 1934, as amended.
Except as provided in Section 8 of this Warrant, the Company has not agreed to
register any of the holder's shares of Common Stock of the Company with respect
to which this Warrant may be exercisable for distribution in accordance with the
provisions of the Act or the State Acts and, the Company has not agreed to
comply with any exemption from registration under the Act or the State Acts for
the resale of the holder's shares of Common Stock of the Company with respect to
which this Warrant may be exercised. Hence, it is the understanding of the
holders of this Warrant that by virtue of the provisions of certain rules
respecting "restricted securities" promulgated by the SEC, the shares of Common
Stock of the Company with respect to which this Warrant may be exercisable may
be required to be held indefinitely, unless and until registered under the Act
and the State Acts, unless an exemption from such registration is available, in
which case the holder may still be limited as to the number of shares of Common
Stock of the Company with respect to which this Warrant may be exercised that
may be sold.

    

    6. Adjustments. The number of
Shares purchasable upon the exercise of each Warrant is subject to adjustment
from time to time upon the occurrence of any of the events enumerated
below.

    

    (a) In case the Company shall: (i) pay
a dividend in Shares, (ii) subdivide its outstanding Shares into a greater
number of Shares, (iii) combine its outstanding Shares into a smaller number of
Shares, or (iv) issue, by reclassification of its Shares, any shares of its
capital stock, the amount of Shares purchasable upon the exercise of each
Warrant immediately prior thereto shall be adjusted so that the Holder shall be
entitled to receive upon exercise of the Warrant that number of Shares which
such Holder would have owned or would have been entitled to receive after the
happening of such event had such Holder exercised the Warrant immediately prior
to the record date, in the case of such dividend, or the effective date, in the
case of any such subdivision, combination or reclassification. An adjustment
made pursuant to this subsection (a) shall be made whenever any of such events
shall occur, but shall become effective retroactively after such record date or
such effective date, as the case may be, as to Warrants exercised between such
record date or effective date and the date of happening of any such
event.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 4

          
            

          

        

        
           

        

      

    

    

    

    

    (b) In case the Company shall issue
rights or warrants to all holders of its Shares entitling them to subscribe for
or to purchase Shares at a price per Share which, when added to the amount of
consideration received or receivable by the Company for such rights or warrants,
is less than the Current Market Price (as hereinafter defined) per Share at the
record date, the number of Shares purchasable upon the exercise of this Warrant
shall be adjusted so that thereafter, until further adjusted, each Warrant shall
entitle the Holder to purchase that number of Shares determined by multiplying
the number of Shares purchasable hereunder by a fraction, the numerator of which
shall be the number of additional Shares issuable upon the exercise of such
rights or warrants, and the denominator of which shall be the number of Shares
which an amount equal to the sum of (i) the aggregate exercise price of the
total number of Shares issuable upon the exercise of such rights or warrants,
and (ii) the aggregate amount of consideration, if any, received, or receivable
by the Company for such rights or warrants, would purchase at such Current
Market Price. Such adjustment shall be made whenever such rights or warrants are
issued, but shall also be effective retroactively as to Warrants exercised
between the record date for the determination of stockholders entitled to
receive such rights or warrants and the date such rights or warrants are
issued.

    

    (c) For the purpose of any computation
under subsection (b) above, the Current Market Price per Share at any date shall
be: (i) if the Shares are listed on any national securities exchange, the
average of the daily closing prices for the 15 consecutive business days
commencing 20 business days before the day in question (the "Trading Period");
(ii) if the Shares are not listed on any national securities exchange but are
quoted on the National Association of Securities Dealers, Inc. Automated
Quotation System ("NASDAQ"), the average of the high and low bids as reported by
NASDAQ for the Trading Period; and (iii) if the Shares are neither listed on any
national securities exchange nor quoted on NASDAQ, the higher of (x) the
exercise price then in effect, or (y) the tangible book value per Share as of
the end of the Company's immediately preceding fiscal year.

    

    (d) No adjustment shall be required
unless such adjustment would require an increase or decrease of at least 1% in
the number of Shares purchasable hereunder; provided, however, that any
adjustments which by reason of this subsection (d) are not required to be made
shall be carried forward and taken into account in any subsequent adjustment.
All calculations under this Section 6 shall be made to the nearest one-hundredth
of a Share.

    

    (e) No adjustment shall be made in any
of the following cases:

    

    (i) Upon the grant or exercise of
stock options now or hereafter granted, or under any employee stock option or
stock purchase plan now or hereafter authorized, to the extent that the
aggregate of the number of Shares which may be purchased under such options and
the number of Shares issued under such employee stock purchase plan is less than
or equal to 10% of the number of Shares outstanding on January 1 of the year of
the grant or exercise;

    

    (ii) Shares issued upon the conversion
of any of the Company's convertible or exchangeable securities;

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 5

          
            

          

        

        
           

        

      

    

    

    

    

    (iii) Shares issued in connection with
the acquisition by the Company or by any subsidiary of the Company of 80% or
more of the assets of another corporation or entity, and Shares issued in
connection with the acquisition by the Company or by any subsidiary of the
Company of 80% or more of the voting shares of another corporation (including
Shares issued in connection with such acquisition of voting shares of such other
corporation subsequent to the acquisition of an aggregate of 80% of such voting
shares), Shares issued in a merger of the Company or a subsidiary of the Company
with another corporation in which the Company or the Company's subsidiary is the
surviving corporation, and Shares issued upon the conversion of other securities
issued in connection with any such acquisition or in any such merger;
and

    

    (iv) Shares issued pursuant to this
Warrant and pursuant to all stock options and warrants outstanding on the date
hereof.

    

    (f) Notice to Warrant Holders of
Adjustment. Whenever the number of Shares purchasable hereunder is
adjusted as herein provided, the Company shall cause to be mailed to the Holder
in accordance with the provisions of this Section 6 a notice (i) stating that
the number of Shares purchasable upon exercise of this Warrant have been
adjusted, (ii) setting forth the adjusted number of Shares purchasable upon the
exercise of a Warrant, and (iii) showing in reasonable detail the computations
and the facts, including the amount of consideration received or deemed to have
been received by the Company, upon which such adjustments are
based.

    

    7. Fractional Shares. The
Company shall not be required to issue any fraction of a Share upon the exercise
of Warrants. If more than one Warrant shall be surrendered for exercise at one
time by the same Holder, the number of full Shares which shall be issuable upon
exercise thereof shall be computed on the basis of the aggregate number of
Shares with respect to which this Warrant is exercised. If any fractional
interest in a Share shall be deliverable upon the exercise of this Warrant, the
Company shall make an adjustment therefor in cash equal to such fraction
multiplied by the Current Market Price of the Shares on the business day next
preceding the day of exercise.

    

    8. Registration
Rights.

    

    (a) (i) If the Company at any time
elects or proposes to register any of its Shares (the "Registration Shares")
under the Securities Act of 1933 (the "Act") on Forms S-1, S-2, S-3 or S-18, or
any successor registration statement forms in effect at such time (a
"Registration Statement") with the Securities and Exchange Commission (the
"SEC") pursuant to which Shares owned by any shareholder of the Company may be
registered, the Company shall give prompt written notice (the "Registration
Notice") to the Holder of its intention to register the Registration
Shares.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 6

          
            

          

        

        
           

        

      

    

    

    

    (ii) Within 15 days after the
Registration Notice shall have been given to the Holder, the Holder shall give
written notice to the Company (the "Holder Notice"), stating the number of
Shares to be registered (the "Holder Shares") and the states in which the Holder
wishes to register the Shares. In the event the Registration Notice is given by
the Company prior to the time that this Warrant is otherwise exercisable
pursuant to Section l(b) hereof, the Holder Notice shall be accompanied by this
Warrant Certificate together with a duly executed Purchase Form and payment of
the Exercise Price for the Holder Shares in accordance with Section 1
hereof.

    

    (iii) The Company shall use reasonable
efforts to register the Holder Shares under the Act and the applicable state
securities laws (the "State Acts") designated by the Holder in the Holder
Notice. Anything contained herein to the contrary notwithstanding, the Company
shall have the right to withdraw and discontinue registration of the Holder
Shares at any time prior to the effective date of such Registration Statement if
the registration of the Registration Shares is withdrawn or
discontinued.

    

    (iv) The Company shall not be required
to include any of the Holder Shares in any Registration Statement unless the
Holder agrees, if so requested by the Company, to: (A) offer and sell the Holder
Shares to or through an underwriter selected by the Company and, to the extent
possible, on substantially the same terms and conditions under which the
Registration Shares are to be offered and sold; (B) comply with any
arrangements, terms and conditions with respect to the offer and sale of the
Shares to which the Company may be required to agree; and (C) enter into any
underwriting agreement containing customary terms and conditions, including
provisions for the indemnification of the underwriters.

    

    (b) If the offering of the Registration
Shares by the Company is, in whole or in part, an underwritten public offering,
and if the managing underwriter determines and advises the Company in writing
that the inclusion in such Registration Statement of all of the Holder Shares,
together with the Shares of other persons who have exercised their right to
include their Shares in the Registration Statement (collectively referred to as
the "Aggregate Shares") would adversely affect the marketability of the offering
of the Registration Shares, then the Holder shall be entitled to register a
proportion, as determined in Subsection (b)(i) below, of such number of
Aggregate Shares as the managing underwriter determines may be included without
such adverse effects ("Aggregate Underwriter Shares"), subject to the terms,
exceptions and conditions of this Section 8.

    

    (i) The proportion of the Aggregate
Underwriter Shares which the Holder shall be entitled to register shall be equal
to the ratio which the Holder Shares bears to the Aggregate Shares.

    

    (c) The Company shall bear all costs
and expenses of registration of the Registration Shares; provided, however, that
the Holder shall bear all costs and expenses directly related to registration of
the Holder Shares.

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 7

          
            

          

        

        
           

        

      

    

    

    

    (d) It shall be a condition precedent
to the Company's obligation to register any Holder Shares pursuant to this
Section 9 that the Holder provide the Company with all information and
documents, and shall execute, acknowledge, seal and deliver all documents
reasonably necessary, to enable the Company to comply with the Act, the State
Acts, and all applicable laws, rules and regulations of the SEC or of any State
Securities Commission.

    

    9. Loss or Destruction. Upon
receipt of evidence satisfactory to the Company of the loss, theft, destruction,
or mutilation of this Warrant Certificate and, in the case of any such loss,
theft or destruction, upon delivery of an indemnity agreement or bond
satisfactory in form, substance and amount to the Company or, in the case of any
such mutilation, upon surrender and cancellation of this Warrant Certificate,
the Company at its expense will execute and deliver, in lieu thereof, a new
Warrant Certificate of like tenor.

    

    10. Survival. The various rights
and obligations of the Holder hereof as set forth herein shall survive the
exercise of the Warrants represented hereby and the surrender of this Warrant
Certificate.

    

    11. Notices. Whenever any notice,
payment of any purchase price, or other communication is required to be given or
delivered under the terms of this Warrant, it shall be in writing and delivered
by hand delivery or United States registered or certified mail, return receipt
requested, postage prepaid, and will be deemed to have been given or delivered
on the date such notice, purchase price or other communication is so delivered
or posted, as the case may be; and, if to the Company, it will be addressed to
the address specified in Section 1 hereof, and if to the Holder, it will be
addressed to the registered Holder at its, his or her address as it appears on
the books of the Company.

    

     

    
      	 
      	
              ART
      DIMENSIONS, INC.

            
	 
      	 
      
	 
      	
              By: 
      Kathy
      Sheehan       
       

            
	 
      	
              Its: 
      Treasurer                
       

            
	 
      	 
      
	 
      	
              Date: 
      June 1,
      2008          
      

            

    

    

    

    

    

    
      
        
           

        

        
          Exhibit
4.2 - Page 8

          
            

          

        

        
           

        

      

    

    

    PURCHASE
FORM

    

     ______________,
20__

    

    TO: ART
DIMENSIONS, INC.

    

    The undersigned hereby irrevocably
elects to exercise the attached Warrant Certificate to the extent of __________
shares of the Common Stock, of ART DIMENSIONS, INC. and hereby makes payment of
$__________ in accordance with the provisions of Section 1 of the Warrant
Certificate in payment of the purchase price thereof.

     

    
 

    
      INSTRUCTIONS
FOR REGISTRATION OF STOCK

      

      Name:     ________________________________________               

      (Please typewrite or print in block
letters)

      

      Address:  ________________________________________                    

      

       

      

      
        	 
      	
                
                  DAVID
      WAGNER & ASSOCIATES, P.C.

                

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:____________________________________

              
	 
      	 
      
	 
      	
                Its:____________________________________

              
	 
      	 
      
	 
      	
                Date:__________________________________

              
	 
      	 
      

      

       

       

      Exhibit 4.2 - Page
9artdimensionss1x101_9252008.htm

     

     

    
      

      

    

     

    Exhibit
10.1

    

    PROMISSORY
NOTE

     

    
    

     

    
      	 $250,000.00 	 Englewood, Colorado
	 	 June 1,
      2008

    

     

    FOR VALUE
RECEIVED, and at the times hereinafter specified, the undersigned (“Maker”)
hereby promises to pay to the order of Spyglass Investment Partnership
(hereinafter referred to, together with each subsequent holder hereof, as
“Holder”), at such address as may be designated from time to time hereafter by
any Holder, the principal sum of TWO HUNDRED FIFTY THOUSAND AND NO/100THS
DOLLARS ($250,000.00), or so much thereof as shall have been advanced to or for
the benefit of Maker, whichever is less, together with interest on the principal
balance outstanding from time to time, as hereinafter provided, in lawful money
of the United States of America.

     

    The term
of this note shall commence as of the date hereof and, if not sooner paid, the
entire unpaid principal indebtedness, all accrued and unpaid interest, and all
other sums payable in connection with this note shall be due and payable on May
31, 2009 (the “Maturity Date”).  Notwithstanding the foregoing
sentence, the maturity date of this note may be extended at the option of Maker
for a period of one year following the Maturity Date provided Holder receives a
renewal fee equal to 1.5% of the then outstanding principal balance
due.  In no event shall the maturity date of this note be later than
May 31, 2010.

     

    During
the period commencing on the date hereof and continuing until this note is paid
in full, (a) interest on the principal balance of this note shall accrue at the
rate of 15% per annum and (b) interest payments shall be made every 90 days,
beginning 90 days for the date hereof.  Interest shall be computed on
the basis of a 360-day year, calculated for the actual number of days
elapsed.

     

    Whenever
any payment to be made hereunder is due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and such extension of
time shall in such case be included in the computation of payment of
interest.  “Business Day” shall mean a day on which Holder’s offices
are open for business in Denver, Colorado.

     

    Maker may
prepay this note in whole or in part.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

     

    All
payments hereunder shall, at Holder’s option, be applied first to the payment of
accrued interest at the rate specified below, if any, second, to accrued
interest first specified above, and the balance applied in reduction of the
principal amount.  If any payment is not paid when due hereunder, then
the entire outstanding balance hereunder, including the interest component of
the delinquent payment, shall bear interest from the date such payment was due
until such payment is paid at a rate equal to 24.00% per annum (the “Default
Rate”).  In addition, upon the maturity date hereof, by acceleration
or otherwise, the entire balance of principal, interest, and other sums due
shall bear interest from such maturity date until paid at the Default
Rate.

     

    Any
default in payment of any sum required hereunder or performance of any other
covenant or agreement herein contained shall constitute an “Event of Default”
hereunder and under each document securing this note, and any Event of Default
under any of such documents securing this Note shall constitute an Event of
Default hereunder.  Any default in payment or other terms of any other
indebtedness owed by Maker to Holder shall constitute an Event of Default
hereunder, and any default hereunder shall constitute a default under any other
such indebtedness.  Upon the occurrence of any Event of Default, the
entire balance of principal, accrued interest, and other sums owing hereunder
shall, at the option of Holder, become at once due and payable without notice or
demand.

     

    Maker and
all parties now or hereafter liable for the payment hereof, primarily or
secondarily, directly or indirectly, and whether as endorser, guarantor, surety,
or otherwise, hereby severally (a) waive presentment, demand, protest, notice of
protest and/or dishonor, and all other demands or notices of any sort whatever
with respect to this note, (b) waive any defenses that might be available to a
surety or accommodation maker, (c) consent to impairment or release of
collateral, extensions of time for payment, and acceptance of partial payments
before, at, or after maturity, (d) waive any right to require Holder to proceed
against any security for this note before proceeding hereunder, (e) consent to
the release of any other party liable hereunder, without diminishing or in any
way affecting their liability hereunder, and (f) agree to pay all costs and
expenses, including attorneys’ fees and expenses, which may be incurred in the
collection of this note or any part thereof or in preserving, securing
possession of, and realizing upon any security for this note.

     

    The
provisions of this note and of all agreements between Maker and Holder are
hereby expressly limited so that in no contingency or event whatever shall the
amount paid, or agreed to be paid, to Holder for the use, forbearance, or
detention of the money to be loaned hereunder exceed the maximum amount
permissible under applicable law.  If from any circumstance whatever,
the performance or fulfillment of any provision hereof or of any other agreement
between Maker and Holder shall, at the time performance or fulfillment of such
provision is due, involve or purport to require any payment in excess of the
limits prescribed by law, then the obligation to be performed or fulfilled is
hereby reduced to the limit of such validity, and if from any circumstance
whatever Holder should ever receive as interest an amount which would exceed the
highest lawful rate, the amount which would be excessive interest shall be
applied to the reduction of the principal balance owing hereunder (or, at
Holder’s option, be paid over to Maker) and shall not be counted as
interest.

     

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

     

    If any
provision hereof or of any other document securing or related to the
indebtedness evidenced hereby is, for any reason and to any extent, invalid or
unenforceable, then neither the remainder of the document in which such
provision is contained, nor the application of the provision to other persons,
entities, or circumstances, nor any other document referred to herein, shall be
affected thereby, but instead shall be enforceable to the maximum extent
permitted by law.

     

    Each
provision of this note shall be and remain in full force and effect
notwithstanding any negotiation or transfer hereof to any other Holder or
participant.

     

    MAKER
HEREBY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE ARISING IN CONNECTION
WITH THIS NOTE, OR IN ANY WAY RELATED TO THE NEGOTIATION, ADMINISTRATION,
MODIFICATION, EXTENSION OR COLLECTION OF THE INDEBTEDNESS EVIDENCED
HEREBY.  MAKER STATES THAT IT HAS CONFERRED SPECIFICALLY WITH HOLDER
WITH RESPECT TO THIS WAIVER, AND MAKER HAS AGREED TO THIS WAIVER AFTER
CONSULTATION WITH ITS COUNSEL AND WITH FULL UNDERSTANDING OF THE IMPLICATIONS
HEREOF.

     

    Regardless
of the place of its execution, this note shall be construed and enforced in
accordance with the laws of the State of Colorado.

     

    

     

    
      	 
      	
              ART
      DIMENSIONS, INC.

            
	 
      	 
      
	 
      	
              By:
      Kathy
      Sheehan                                   
       

            
	 
      	
              Its:
      Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]