Document:

Filed by sedaredgar.com - Tuscany Minerals, Ltd. - Exhibit 10.7

TUSCANY MINERALS, LTD.

Audit Committee Charter

	I. 	Purpose of Audit Committee of Tuscany
      Minerals, Ltd. (the “Corporation”) 

The purpose of the Audit Committee (the “Committee”) is to:

	 	1. 	
      Assist the Board of Directors of the Corporation (the
      “Board”) in fulfilling its oversight responsibilities relating
  to:

	 	 	 	 
	 		(a) 	
      the quality and integrity of the Corporation’s financial
      statements, financial reporting process and systems of internal controls
      and disclosure controls regarding risk management, finance, accounting,
      and legal and regulatory compliance;

	 	 	 	 
	 		(b) 	
      the independence and qualifications of the Corporation’s
      independent accountants and review of the audit efforts of the
      Corporation’s independent accountants and internal auditing department;
      and

	 	 	 	 
	 		(c) 	
      the development and implementation of policies and
      processes regarding corporate governance matters.

	 	 	 	 
	 	2. 	
      Provide an open avenue of communication between the
      internal auditing department, the independent accountants, the
      Corporation’s financial and senior management and the Board.

	 	 	 	 
	 	3. 	
      Prepare the report required to be prepared by the
      Committee pursuant to the rules of the Securities and Exchange Commission
      (the “SEC”) for inclusion in the Corporation’s annual proxy
    statement.

The Committee will primarily fulfill these responsibilities by
carrying out the activities enumerated in Section VII below of this Audit
Committee Charter (this “Charter”).

While the Committee has the responsibilities and powers set
forth in this Charter, it is not the duty of the Committee to plan or conduct
audits, or to determine that the Corporation’s financial statements are complete
and accurate or are in accordance with generally accepted accounting principles,
accounting standards, or applicable laws and regulations. This is the
responsibility of management of the Corporation, the Corporation’s internal
auditing department and the Corporation’s independent accountants. Because the
primary function of the Committee is oversight, the Committee shall be entitled
to rely on the expertise, skills and knowledge of management, the internal
auditing department, and the Corporation’s independent accountants and the
integrity and accuracy of information provided to the Committee by such persons
in carrying out its oversight responsibilities. Nothing in this Charter is
intended to change the responsibilities of management and the independent
accountants.

- 2 -

	II. 	Composition 

The Committee shall be composed of at least one director and if
the Corporation has independent board members, the majority of whom shall, in
the judgment of the Board, meet (i) the independence requirements of Rule 10A-3
of the Securities Exchange Act of 1934 (the "1934 Act") and any other rules and
regulations promulgated by the SEC thereunder; (ii) the independence
requirements of the rules of any stock exchange upon which the Company’s
securities are listed (the "Exchange Rules") for audit committee members as in
effect from time to time. One or more members of the Committee shall be, in the
judgment of the Board, an "audit committee financial expert," as such term is
defined in Item 407(d)(5)(ii) of Regulation S-K and the rules and regulations
promulgated by the SEC thereunder, and be able to read and understand
fundamental financial statements, including the Corporation's balance sheet,
income statement, and cash flow statement as required by the Exchange Rules.

	III. 	Authority 

The Committee shall have the authority to (i) retain (at the
Corporation’s expense) its own legal counsel, accountants and other consultants
that the Committee believes, in its sole discretion, are needed to carry out its
duties and responsibilities; (ii) conduct investigations that it believes, in
its sole discretion, are necessary to carry out its responsibilities; and (iii)
take whatever actions that it deems appropriate to foster an internal culture
that is committed to maintaining quality financial reporting, sound business
risk practices and ethical behaviour within the Corporation. In addition, the
Committee shall have the authority to request any officer, director or employee
of the Corporation, the Corporation’s outside legal counsel and the independent
accountants to meet with the Committee and any of its advisors and to respond to
their inquiries. The Committee shall have full access to the books, records and
facilities of the Corporation in carrying out its responsibilities. Finally, the
Board shall adopt resolutions which provide for appropriate funding, as
determined by the Committee, for (i) services provided by the independent
accountants in rendering or issuing an audit report, (ii) services provided by
any adviser employed by the Committee which it believes, in its sole discretion,
are needed to carry out its duties and responsibilities, or (iii) ordinary
administrative expenses of the Committee that are necessary or appropriate in
carrying out its duties and responsibilities.

The Committee, in its capacity as a committee of the Board, is
directly responsible for the appointment, compensation, retention and oversight
of the work of the independent accountants engaged (including resolution of
disagreements between the Corporation’s management and the independent
accountants regarding financial reporting) for the purpose of preparing and
issuing an audit report or performing other audit, review or attest services for
the Corporation.

The independent accountants shall submit to the Corporation
annually a formal written statement delineating all relationships between the
independent accountants and the Corporation and its subsidiaries, addressing the
non-audit services provided to the Corporation or its subsidiaries and the
matters set forth in Independence Standards Board Standard No. 1.

The independent accountants shall submit to the Corporation
annually a formal written statement of the fees billed for each of the following
categories of services rendered by the independent accountants: (i) the audit of
the Corporation’s annual financial statements for the most recent 

- 3 -

fiscal year and any reviews of the financial statements; (ii)
information technology consulting services for the most recent fiscal year, in
the aggregate and by each service (and separately identifying fees for such
services relating to financial information systems design and implementation);
and (iii) all other services rendered by the independent accountants for the
most recent fiscal years, in the aggregate and by each service.

	IV. 	Appointing Members 

The members of the Committee shall be appointed or re-appointed
by the Board on an annual basis. Each member of the Committee shall continue to
be a member thereof until such member’s successor is appointed, unless such
member shall resign or be removed by the Board or such member shall cease to be
a director of the Corporation. Where a vacancy occurs at any time in the
membership of the Committee, it may be filled by the Board and shall be filled
by the Board if the membership of the Committee is less than three directors as
a result of the vacancy or the Committee no longer has a member who is an “audit
committee financial expert” as a result of the vacancy.

	V. 	Chairperson 

The Board, or in the event of its failure to do so, the members
of the Committee, must appoint a chairperson from the members of the Committee
(the “Chairperson”). If the Chairperson of the Committee is not present at any
meeting of the Committee, an acting Chairperson for the meeting shall be chosen
by majority vote of the Committee from among the members present. In the case of
a deadlock on any matter or vote, the Chairperson shall refer the matter to the
Board. The Committee shall also appoint a secretary who need not be a director.
All requests for information from the Corporation or the independent accountants
shall be made through the Chairperson.

	VI. 	Meetings 

The time and place of meetings of the Committee and the
procedure at such meetings shall be determined from time to time by the members
thereof provided that:

	 	1. 	
      A quorum for meetings shall be one member.

	 	 	 
	 	2. 	
      The Committee shall meet at least quarterly (or more
      frequently as circumstances dictate).

	 	 	 
	 	3. 	
      Notice of the time and place of every meeting shall be
      given in writing or facsimile communication to each member of the
      Committee and the external auditors of the Corporation at least 48 hours
      prior to the time of such meeting.

While the Committee is expected to communicate regularly with
management, the Committee shall exercise a high degree of independence in
establishing its meeting agenda and in carrying out its responsibilities. The
Committee shall submit the minutes of all meetings of the Committee to, or
discuss the matters discussed at each Committee meeting with, the Board.

- 4 -

	VII. 	Specific Duties 

In meeting its responsibilities, the Committee is expected
to:

	 	1. 	
      Select the independent accountants, considering
      independence and effectiveness, approve all audit and non-audit services
      in advance of the provision of such services and the fees and other
      compensation to be paid to the independent accountants, and oversee the
      services rendered by the independent accountants (including the resolution
      of disagreements between management and the independent accountants
      regarding preparation of financial statements) for the purpose of
      preparing or issuing an audit report or related work, and the independent
      accountants shall report directly to the Committee.

	 	 	 	 
	 	2. 	
      Review the performance of the independent accountants,
      including the lead partner of the independent accountants, and, in its
      sole discretion, approve any proposed discharge of the independent
      accountants when circumstances warrant, and appoint any new independent
      accountants.

	 	 	 	 
	 	3. 	
      Periodically review and discuss with the independent
      accountants all significant relationships the independent accountants have
      with the Corporation to determine the independence of the independent
      accountants, including a review of service fees for audit and non-audit
      services.

	 	 	 	 
	 	4. 	
      Inquire of management and the independent accountants and
      evaluate the effectiveness of the Corporation's process for assessing
      significant risks or exposures and the steps management has taken to
      monitor, control and minimize such risks to the Corporation. Obtain
      annually, in writing, the letters of the independent accountants as to the
      adequacy of such controls.

	 	 	 	 
	 	5. 	
      Consider, in consultation with the independent
      accountants, the audit scope and plan of the independent
    accountants.

	 	 	 	 
	 	6. 	
      Review with the independent accountants the coordination
      of audit effort to assure completeness of coverage, and the effective use
      of audit resources.

	 	 	 	 
	 	7. 	
      Consider and review with the independent accountants, out
      of the presence of management:

	 	 	 	 
	 		(a) 	
      the adequacy of the Corporation's internal controls and
      disclosure controls including the adequacy of computerized information
      systems and security;

	 	 	 	 
	 		(b) 	
      the truthfulness and accuracy of the Corporation's
      financial statements; and

	 	 	 	 
	 		(c) 	
      any related significant findings and recommendations of
      the independent accountants together with management's responses
      thereto.

- 5 -

	 	8. 	
      Following completion of the annual audit, review with
      management and the independent accountants:

	 	 	 	 
	 		(a) 	
      the Corporation's annual financial statements and related
      footnotes;

	 	 	 	 
	 		(b) 	
      the independent accountants' audit of the financial
      statements and the report thereon;

	 	 	 	 
	 		(c) 	
      any significant changes required in the independent
      accountants' audit plan; and

	 	 	 	 
	 		(d) 	
      other matters related to the conduct of the audit which
      are to be communicated to the committee under generally accepted auditing
      standards.

	 	 	 	 
	 	9. 	
      Following completion of the annual audit, review
      separately with each of management and the independent accountants any
      significant difficulties encountered during the course of the audit,
      including any restrictions on the scope of work or access to required
      information.

	 	 	 	 
	 	10. 	
      Establish regular and separate systems of reporting to
      the Committee by each of management and the independent accountants
      regarding any significant judgments made in management's preparation of
      the financial statements and the view of each as to appropriateness of
      such judgments.

	 	 	 	 
	 	11. 	
      In consultation with the independent accountants, review
      any significant disagreement among management and the independent
      accountants in connection with the preparation of the financial
      statements, including management's responses.

	 	 	 	 
	 	12. 	
      Consider and review with management:

	 	 	 	 
	 		(a) 	
      significant findings during the year and management's
      responses thereto; and

	 	 	 	 
	 		(b) 	
      any changes required in the planned scope of their audit
      plan.

	 	 	 	 
	 	13. 	
      Review filings with the SEC and other regulatory
      authorities having jurisdiction and other published documents containing
      the Corporation's financial statements, including any certification,
      report, opinion or review rendered by the independent accountants, or any
      press releases announcing earnings (especially the use of "pro forma" or
      "adjusted" information not prepared in compliance with generally accepted
      accounting principles) and all financial information and earnings guidance
      intended to be provided to analysts and the public or to rating agencies,
      and consider whether the information contained in these documents is
      consistent with the information contained in the financial
    statements.

- 6 -

	 	14. 	
      Prepare and include in the Corporation's annual proxy
      statement or other filings of the SEC and other regulatory authorities
      having jurisdiction any report from the Committee or other disclosures as
      required by applicable laws and regulations.

	 	 	 
	 	15. 	
      Review with management the adequacy of the insurance and
      fidelity bond coverages, reported contingent liabilities, and management's
      assessment of contingency planning. Review management's plans regarding
      any changes in accounting practices or policies and the financial impact
      of such changes, any major areas in management's judgment that have a
      significant effect upon the financial statements of the Corporation, and
      any litigation or claim, including tax assessments, that could have a
      material effect upon the financial position or operating results of the
      Corporation.

	 	 	 
	 	16. 	
      Review with management and the independent accountants
      each annual, quarterly and other periodic report prior to its filing with
      the SEC or other regulators or prior to the release of earnings.

	 	 	 
	 	17. 	
      Review policies and procedures with respect to officers'
      expense accounts and perquisites, including their use of corporate assets,
      and consider the results of any review of these areas by the independent
      accountants.

	 	 	 
	 	18. 	
      Establish, review and update periodically a Code of
      Ethics and Business Conduct for employees, officers and directors of the
      Corporation and ensure that management has established a system to enforce
      this Code of Ethics and Business Conduct.

	 	 	 
	 	19. 	
      Review management's monitoring of the Corporation's
      compliance with the Corporation's Code of Ethics and Business
    Conduct.

	 	 	 
	 	20. 	
      Review, with the Corporation's counsel, any legal, tax or
      regulatory matter that may have a material impact on the Corporation's
      financial statements, operations, related Corporation compliance policies,
      and programs and reports received from regulators.

	 	 	 
	 	21. 	
      Evaluate and review with management the Corporation's
      guidelines and policies governing the process of risk assessment and risk
      management.

	 	 	 
	 	22. 	
      Consider questions of possible conflicts of interest of
      Board members and of the corporate officers and approve in advance all
      related party transactions.

	 	 	 
	 	23. 	
      Provide advice on changes in Board
compensation.

	 	 	 
	 	24. 	
      Meet with the independent accountants and management in
      separate executive sessions to discuss any matters that the Committee or
      these groups believe should be discussed privately with the
    Committee.

	 	 	 
	 	25. 	
      Report Committee actions to the Board with such
      recommendations as the Committee may deem
appropriate.

- 7 -

	 	26. 	
      Maintain, review and update the procedures for (i) the
      receipt, retention and treatment of complaints received by the Corporation
      regarding accounting, internal accounting controls or auditing matters and
      (ii) the confidential, anonymous submission by employees of the
      Corporation of concerns regarding questionable accounting or auditing
      matters, as set forth in Annex A attached to this
Charter.

	 	 	 
	 	27. 	
      Review and update this Charter periodically and recommend
      any proposed changes to the Board for approval, in accordance with the
      requirements of the 1934 Act and Exchange Rules.

	 	 	 
	 	28. 	
      Perform such other functions consistent with this
      Charter, the Corporation's Bylaws and governing law, as the Committee
      deems necessary or appropriate.

	ANNEX A 
	PROCEDURES FOR THE SUBMISSION OF 
	COMPLAINTS AND CONCERNS REGARDING 
	ACCOUNTING, INTERNAL ACCOUNTING CONTROLS OR 
	AUDITING MATTERS 

	1. 	
      Tuscany Minerals, Ltd. (the “Corporation”) has designated
      its Audit Committee of its Board of Directors (the “Committee”) to be
      responsible for administering these procedures for the receipt, retention,
      and treatment of complaints received by the Corporation or the Committee
      directly regarding accounting, internal accounting controls, or auditing
      matters.

	 	 
	2. 	
      Any employee of the Corporation may on a confidential and
      anonymous basis submit concerns regarding questionable accounting controls
      or auditing matters to the Committee by setting forth such concerns in a
      letter addressed directly to the Committee with a legend on the envelope
      such as “Confidential” or “To be opened by Committee only”. If an employee
      would like to discuss the matter directly with a member of the Committee,
      the employee should include a return telephone number in his or her
      submission to the Committee at which he or she can be contacted. All
      submissions by letter to the Committee can be sent
to:

	 	Tuscany Minerals, Ltd. 
	 	c/o Audit Committee 
	 	Attn: Chairperson 
	 	Suite 780 – 333 Seymour Street 
	 	Vancouver, British Columbia 
	 	Canada V6B 5A6 

	3. 	
      Any complaints received by the Corporation that are
      submitted as set forth herein will be forwarded directly to the Committee
      and will be treated as confidential if so indicated.

	 	 
	4. 	
      At each meeting of the Committee, or any special meetings
      called by the Chairperson of the Committee, the members of the Committee
      will review and consider any complaints or concerns submitted by employees
      as set forth herein and take any action it deems necessary in order to
      respond thereto.

	 	 
	5. 	
      All complaints and concerns submitted as set forth herein
      will be retained by the Committee for a period of seven (7)
  years.xedar8kex101_3272009.htm

     

    
      

      

    

    

      Exhibit
10.1

      

      THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"ACT"), AND IS NOT A "REGISTERED SECURITY" AS THAT TERM IS DEFINED IN RULE 144
UNDER THE ACT.  THIS NOTE MAY NOT BE OFFERED FOR SALE, SOLD OR
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT
OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT, THE AVAILABILITY OF
WHICH IS TO BE ESTABLISHED TO THE SATISFACTION OF THE MAKER.

      

      SEVENTH
AMENDED AND RESTATED

      SECURED
SUBORDINATED PROMISSORY NOTE

      

      XEDAR
CORPORATION

      

      

      
        
          	
                  Original
      Principal Balance: $2,800,000.00

                  so
      much thereof as actually advanced

                	
                  Issue
      Date: March 3, 2008, as amended

                  and
      restated April 24, 2008, as subsequently 

                  amended
      and restated June 30, 2008,

                  as
      subsequently amended and restated 

                  August
      20, 2008, as subsequently amended and 

                  restated
      September 4, 2008, as subsequently 

                  amended
      and restated October
      9, 2008, 

                  and
      as subsequently amended and restated

                  December
      31, 2008

                
	 	 
	
                  Interest
      Rate: 12% Per Annum

                   

                	
                  Due
      Date: On Demand after
12/31/2008

                

        

      

      

      FOR VALUE RECEIVED, XEDAR
CORPORATION, a Colorado corporation ("Maker"), whose address is 3773
Cherry Creek North Drive, Suite 995, Denver, Colorado 80209, hereby
unconditionally promises to pay to the order of Hugh H. Williamson, III
(together with any authorized subsequent holder, are hereinafter referred to as
"Holder") whose address is 3773 Cherry Creek North Drive, Suite 995, Denver,
Colorado 80209, the principal sum of Two Million Eight Hundred Thousand Dollars
and No Cents ($2,800,000.00), or so much thereof as is actually advanced from
time to time, pursuant to the terms hereof and in accordance with that certain
Pledge and Security Agreement, dated as of the issue date hereof ("Pledge") and
all other documents executed in connection with the loan evidenced by this
Seventh Amended and Restated Secured Subordinated Promissory Note ("Note") (this
Note, the Pledge, and all other documents executed in connection herewith are
collectively referred to as the "Loan Documents"), together with interest
thereon, from and after the date hereof, at an annual rate determined in
accordance with the terms set forth herein, on all unpaid balances until paid in
full.

      

      All payments required hereunder shall
be made in lawful currency of the United States of America and shall be paid by
Maker to Holder as specified herein, or to such other person or entity, or at
such other place, as Holder hereof may designate from time to time in
writing.

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

      Interest shall accrue on all principal
amounts advanced to Maker hereunder at a rate equal to twelve percent (12%) per
annum, from and after the date of each advance made pursuant
hereto.  Interest will be calculated on the basis of a 365-day
year.

       

      Unless prepaid by Maker, the entire
unpaid principal balance, together with all accrued and unpaid interest, and all
other amounts due and owing under the terms of this Note and the Loan Documents
shall be due and payable, and shall be paid, in full, upon demand by Holder at
any time after December 31, 2008 ("Maturity Date").

       

      Maker may prepay the entire debt
evidenced by this Note, or any portion thereof, at any time and from time to
time, without penalty or premium. All prepayments of principal or interest shall
be applied to the latest interest or principal payments to be paid under this
Note and shall not reduce or delay subsequent installment payments to be made
hereunder.

      

      In the event of failure to make any
payment when due hereunder, or in the event the entire balance hereunder is
accelerated as the result of a breach of, or the event of a default under the
terms of this Note or any of the other Loan Documents (which default is not
cured within the permitted cure periods), or an advance is made under the Loan
Documents to preserve and protect any collateral securing this Note, or to
enforce the provisions of this Note or the other Loan Documents, interest shall
be paid upon the entire outstanding principal balance and all other advances
made pursuant to this provision, at the rate of fifteen percent (15%) per annum,
until all amounts due and owing under this Note and the Loan Documents are paid
in full.  In each event that any payment due hereunder shall be made
by check or other negotiable instrument, and such check or negotiable instrument
is dishonored or refused by Maker or the payor institution, the Maker agrees to
pay, in addition to the all other sums due hereunder, a charge of One Hundred
Fifty Dollars and No Cents ($150.00) per check or negotiable instrument so
dishonored or refused.  At Holder’s option, all sums due hereunder
must be paid in the form of bank cashier’s check or wire transfers.

       

      All payments made hereunder shall first
be applied to the payment of any interest, including interest at the default
rate due and owing, and then to the payment of other sums (other than principal)
due and owing under the Loan Documents, then to the payment of the principal
balance due and owing hereunder.

       

      This Note is secured by various Loan
Documents, including, without limitation, the Pledge, and such other agreements
and assignments as required by Holder and executed and delivered by Maker in
connection with the loan evidenced by this Note and the Loan
Documents.

      In the event Maker shall default in any
of the payments due hereunder, Holder shall give Maker notice of such default
and thereafter, if such payment is not made within ten (10) days after such
notice is given, or in the event Maker breaches or defaults in the performance
of any covenant, obligation, condition, representation or warranty contained in
any of the other Loan Documents, which breach or default is not cured within the
applicable cure periods as provided in the Loan Documents, the full amount
remaining unpaid hereunder, together with accrued and unpaid interest, and fees
and any subsequent advances, including, without limitation, advances made by
Holder for payment of reasonable attorneys’ fees or in connection with the
preservation or protection of any collateral pledged to secure payment hereof,
at the option of Holder, shall be accelerated and shall become immediately due
and payable, in full, without further notice.  It is agreed that
notice of the exercise of such acceleration option is hereby expressly
waived.  Failure by Holder at any time, or from time to time, to
exercise such acceleration option shall not constitute a waiver of the right to
exercise the same at any other time.

      
        
           

        

        
          -
2 -

          
            

          

        

        
           

        

      

      

      This Note may not be transferred by
Maker or assumed by any third party, except as permitted by Holder in
writing.

       

      This Note is subject to the express
condition that at no time shall Maker be obligated or required to pay interest
on the principal balance due under the Note at a rate which could subject Holder
of the Note to either civil or criminal liability as a result of being in excess
of the maximum interest rate which Maker is permitted by law to contract or
agree to pay.  In the event maturity of this Note is accelerated by
reason of an election by Holder thereof resulting from a breach or default
hereunder or under the Pledge, or under the terms of any of the other Loan
Documents, or by voluntary prepayment by Maker, or otherwise, then earned
interest may never include more than the maximum rate of interest permitted by
applicable law.  If from any circumstance any Holder of this Note
shall ever receive interest or other charges constituting interest, or
adjudicated as constituting interest, the amount of which, if any, would exceed
the maximum rate of interest permitted by applicable law, said excess amount
shall be reclassified as a principal payment and shall be applied to the
reduction of the principal amount then owing on this Note or on account of any
other principal indebtedness of Maker to Holder and not to the payment of
interest; or if such excessive interest exceeds the unpaid balance of principal
of this Note and any such other indebtedness, the amount of such excessive
interest that exceeds the unpaid principal balance of this Note or such other
indebtedness shall be refunded to Maker.  All sums paid or agreed to
be paid to Holder for the use, forbearance or detention of the indebtedness of
Maker to Holder shall be prorated, allocated and spread throughout the full term
of such indebtedness until payment in full for the purpose of determining the
actual rate of interest on such indebtedness so that the actual rate of interest
on such indebtedness is uniform throughout the term, and, in conjunction
therewith, if the loan evidenced by this Note should ever be deemed to consist
of two or more loans, then any sum paid or agreed to be paid to Holder for the
use, forbearance or detention of the indebtedness of Maker to Holder which is
deemed to be excessive interest with respect to one or more of such loans shall
be allocated to the loan or loans for which a maximum lawful rate of interest
has not been contracted for, charged or received or for which no maximum rate of
interest exists.

      

      Except as otherwise provided for
herein, Maker, endorsers or other persons liable hereunder, waive diligence or
delinquency in collection, demand for payment, presentment for payment, protest,
notice, notice of protest, notice of dishonor and all duty or obligation of
Holder to effect, protect, perfect, retain or enforce any security for payment
of this Note or to proceed against any collateral.  This Note shall be
the joint and several obligation of Maker, endorsers or other persons liable
hereunder and shall be binding upon them, their personal representatives, heirs,
successors and assigns.

      
        
           

        

        
          -
3 -

          
            

          

        

        
           

        

      

       

      Maker, endorsers or other persons
liable hereunder, jointly and severally, unconditionally guarantee prompt
satisfaction when due, whether by acceleration or otherwise, of the entire
outstanding principal balance and all accrued and unpaid interest, and amounts
of any additional advancements, and further agree to immediately pay to Holder
upon demand, all losses, costs, expenses (including reasonable attorneys’ fees
as provided herein) incurred by Holder from collection and/or enforcement of
this Note in the event of default.  If this Note is placed in the
hands of an attorney in the event of default for collection or to enforce
payment hereunder or to enforce any other obligation as so provided in any other
Purchase Document, whether suit or other legal action is filed or foreclosure
proceedings are in fact commenced, Maker agrees to pay, in addition to all other
sums due hereunder, reasonable attorneys’ fees incurred in connection with the
enforcement of payment or the enforcement of the other obligations of Maker
under the other Loan Documents, and the collection of said sums, including
reasonable attorneys’ fees incurred in preparation for and proceedings in
foreclosure, probate, bankruptcy, receivership, or other legal proceedings in
connection with the enforcement of payment or other obligations and collection
of all sums evidenced by this Note.

      

      No extension, postponement,
forbearance, delay or failure on the part of the Holder of this Note in the
exercise of any power, right or remedy hereunder, under the Pledge or under the
other Loan Documents, or at law or in equity, shall operate as a waiver thereof,
nor shall a single or partial exercise of any power or right preclude other or
further exercise thereof or the exercise of any other power, right or
remedy.  All rights, powers and remedies of the Holder shall be
cumulative and may be exercised simultaneously or from time to time in such
order and manner as the Holder in its sole discretion may elect.

       

      In the event any one or more of the
provisions of this Note for any reason shall be held to be invalid, illegal or
unenforceable, in whole or in part or in any respect, or in the event that any
one or more of the provisions of this Note operates or would operate
prospectively to invalidate this Note, then and in either of those events, such
provision or provisions only shall be deemed null and void and shall not affect
any other provision of this Note, and the remaining provisions of this Note
shall remain operative and in full force and effect and shall in no way be
affected, prejudiced or disturbed thereby.

       

      This Note may not be amended, modified,
or changed, nor shall any waiver by Holder hereof of any provision of this Note
be effective, except by written instrument signed by the party against whom
enforcement of such amendment, modification, or waiver is sought.

       

      Time is of the essence with respect to
all payment provisions set forth in this Note.

      

      Holder may, in the exercise of its
discretion, foreclose its security interests and liens in any property securing
payment of this Note simultaneously or severally, in any order selected by
Holder.  Maker waives any right to require Holder to marshal assets in
enforcing Holder's remedies.

      
        
           

        

        
          -
4 -

          
            

          

        

        
           

        

      

      

      Maker, and all endorsers or other
persons liable hereunder, agree to promptly pay any and all deficiencies which
may arise if Holder exercises its rights under the Pledge or any other agreement
comprising the Loan Documents, it being the intention of Maker and Holder that
Holder shall have full recourse against each undersigned Maker, all endorsers or
other persons liable hereunder and that they shall remain fully liable for the
all amounts which are due and owing hereunder, regardless of the value of the
collateral securing this Note and regardless of whether or not the Holder elects
to exercise any of its remedies against the collateral.

      

      Each individual executing this Note
represents and warrants that he or she is duly authorized to execute and deliver
this Note on behalf of the person or entity for which he or she is so executing
and that this Note is binding upon the undersigned Maker in accordance with its
terms, except to the extent that enforcement of remedies is limited by
applicable bankruptcy, insolvency and other laws affecting the enforcement of
creditors’ rights generally, and that the proceeds of the loan to the
undersigned Maker, which is the basis for the indebtedness evidenced by this
Note, shall be used for business and commercial purposes, and not individually
for any personal, family or household purposes.

      

      This Note shall be interpreted and
enforced in accordance with the substantive and procedural laws and rules of the
State of Colorado.  The parties hereto also agree that jurisdiction
and venue for all proceedings under this Note shall be in city and county of
Denver, Colorado.  The prevailing party in any such proceeding shall
be entitled to recover its reasonable attorney’s fees and costs incurred, in
addition to any other damages.

      

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

       

      
        
          	 	MAKER:
      
                   

                  XEDAR
      CORPORATION,

                  a
      Colorado corporation

                	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/ Steven M. Bragg	 
	 	 	Steven M. Bragg, CFO	 
	 	 	 	 
	 	 	 	 

        

      

       

       

      - 5
-

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