Document:

Exhibit 10.4 

Contract NO. HXD20080901 

Asset Purchase Contract 

Between 

Harbin Xinda
Macromolecule Material Co., Ltd. 

And 

Harbin Xinda High-tech
Co., Ltd. 

     

September
20th, 2008 

     

Table of Contents 

			
			
			
	ARTICLE 1	 	 	SALE OF ASSETS	 	 	 	1	 
	ARTICLE 2	 	 	TRANSFER AND REGISTRATION OF TITLE CHANGE	 	 	 	1	 
	ARTICLE 3	 	 	ARTICLE 3 PURCHASE PRICE AND PAYMENT	 	 	 	2	 
	ARTICLE 4	 	 	TAXES AND OTHER EXPENSES	 	 	 	3	 
	ARTICLE 5	 	 	ARTICLE 5 REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF SELLER	 	 	 	3	 
	ARTICLE6	 	 	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF PURCHASER	 	 	 	4	 
	ARTICLE 7	 	 	BREACH OF PURCHASER	 	 	 	5	 
	ARTICLE 8	 	 	BREACH OF SELLER	 	 	 	5	 
	ARTICLE 9	 	 	INDEMNITIES	 	 	 	6	 
	ARTICLE 10	 	 	NOTICE	 	 	 	6	 
	ARTICLE 11	 	 	TERMINATION	 	 	 	7	 
	ARTICLE 12	 	 	GOVERNING LAW AND DISPUTE RESOLUTION	 	 	 	7	 
	ARTICLE 13	 	 	FORCE MAJEURE	 	 	 	8	 
	ARTICLE 14	 	 	MISCELLANEOUS	 	 	 	9	 

Appendix A  ASSETS LIST (See
Attachment) 
Appendix B REPORT OF ASSETS APPRAISAL (See Attachment) 
Appendix C COMMITMENT
LETTER 

        The
Asset Purchase Contract (this “Contract”) is entered into as of September 20th,
2008 by the following parties in Harbin, Heilongjiang Province, China. 

(1)        Harbin
Xinda Macromolecule Material Co., Ltd.(hereinafter called “Purchaser”), a
business entity incorporated under the laws of the People’s Republic of China(“China”),
was registered in No.9, QinLing Road, Yingbin Road Centralized District, Harbin
Development Zone, Heilongjiang Province, China; and  

(2)                  Harbin
Xinda High-tech Co., Ltd.(hereinafter called “Seller”), a           business
entity incorporated under the laws of the People’s Republic of           China(“China”),
was registered in No.9, Dalian North Road, Haping Road           Centralized District ,
Harbin Development Zone, Heilongjiang Province, China  

        Purchaser
and Seller here are called “party” respectively and, collectively the
“parties” in the Contract. Both parties agree to the following agreements under
negotiation. 

ARTICLE 1 

SALE OF ASSETS 

        1.1
      The parties agree to: the purchaser purchases plants, lands, equipments and subsidiary
construction and facilities listed in Appendix A (hereinafter called “assets”)
from the seller. Appendix A should be the acceptance basis of seller’s transferring
assets to purchaser.  

        1.2
      The assets appraisal prices are detailed in Appendix B. Appendix B is the basis of
determining the price by parties.  

ARTICLE 2 

TRANSFER AND
REGISTRATION OF TITLE CHANGE 

1 

        2.1
      
The Seller should start transferring assets to purchaser on the date of this contract.
All equipments and subsidiary construction and facilities in the plant listed in Appendix
A should be checked, inspected and transferred; the transfer of plant listed in Appendix
A should be based on transferring of the keys.  

        2.2
      Any custodial responsibilities and losses of the transferred assets shall be transferred
to purchaser as of the date of transferring; meanwhile, any right of managing, using,
disposal and earning of the transferred assets shall be transferred to purchaser as of
the date of transferring.  

        2.3
           The parties agree to: 

        
      
      2.3.1      
For the part of assets that are required not to be registered in title change, the
transferring date of ownership should be the actual date of transferring.  

        
      
      2.3.2      
For the part of assets that are required to be registered in title change, the change
date of ownership should be assured under relevant laws. Any party has obligations to
assist the other to conduct the registration formalities of changing the title, include,
but not limited to, signing the individual transaction file in connect with this contract
and conducting relevant formalities(hereinafter called “obligations of mutual
assistance “)  

ARTICLE 3 

ARTICLE 3 PURCHASE
PRICE AND PAYMENT 

        3.1      
Based on the reference of Report of Assets Appraisal (detailed in Appendix B), the
parties agree to confirm the assets price under this contract which is 240 million RMB.
Purchaser should pay the assets price to seller according to this contract.  

        3.2      
     The date and amount of purchaser's payment to seller are as follows: 

	 	
1  50 million RMB to be paid before Dec.31st, 2008 
2   190 million RMB to be paid before
Sep.30th, 2009  

2 

ARTICLE 4 

TAXES AND OTHER
EXPENSES 

        Purchaser
and seller should bear any expenses with respect to the negotiation, drafting, signing and
fulfilling of this contract. The taxes generated by this contract should be paid by
taxpayer set forth in laws. 

ARTICLE 5 

ARTICLE 5
REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS OF SELLER 

        The
seller acknowledges that, the purchaser shall sign this contract based on the truth of
following representations and warranties by seller. The seller’s representations,
warranties and undertakings to purchaser are as follows: 

		    (a)        The
seller has all rights and authorization of signing, conducting and
               delivering of this contract and carrying out the proposed transactions in
this                contract, and the seller is incorporated or formed formally in
accordance to                applicable local laws.  

		    (b)        After
singed and delivered this contract, the seller must fulfill all proposed
               transactions in this contract, and takes all necessary corporate or other
               actions to get the formal approval and authorization.  

		    (c)        If
the purchaser authorizes, signs and delivers this contract formally, it
               constitutes legal, effective and binding obligations to seller and can be
               conducted forcibly according to the rules of this contract unless this
clauses                are limited by the laws of bankruptcy, insolvency, restructuring,
deferred                payment and similar laws that affect the right of creditor; and  

		    (d)        The
seller’s signing, delivery and fulfillment of this contract and the
               completion of proposed transaction in this contract will not violate the
rules                of the seller’s organization and the corporate governing; or
violate any                laws, regulations, contracts and judgments that have binding
obligations to the                seller.  

3 

		    (e)        The
seller promises that it will not engage in the business that will compete
               with purchaser as of the date of signing this contract.  

		    (f)        The
seller will bear all interests, repayments of credit, equipment debts and
               project payments raised during the period of this contract.  

ARTICLE 6 

REPRESENTATIONS,
WARRANTIES AND UNDERTAKINGS OF PURCHASER 

        The
purchaser acknowledges that, the seller shall sign this contract prior to the truth of the
following representations and warranties by purchaser. The purchaser’s
representations, warranties and undertakings to purchaser are as follows: 

		    (a)        The
purchaser has all rights and authorization of signing, conducting and
               delivering of this contract and carrying out the proposed transactions in
this                contract, and the purchaser is incorporated or formed formally in
accordance to                applicable local laws.  

		    (b)        After
signed and delivered this contract, the purchaser must conduct all
               proposed transactions stated in this contract, and take all necessary
corporate                or other behaviors to get the formal approval and authorization.  

		    (c)        If
the seller authorizes, signs and delivers this contract formally, it
               constitutes legal, effective and binding obligations to purchaser and can
be                conducted forcibly according to the rules of this contract unless this
clauses                are limited by the laws of bankruptcy, insolvency, restructuring,
deferred                payment and similar laws that affect the right of creditor; and  

4 

		    (d)        The
purchaser’s signing, delivery and fulfillment of this contract and the
               completion of proposed transaction in this contract will not violate the
rules                of the party’s organization and the corporate governing; or
violate any                laws, regulations, contracts and judgments that have binding
obligations to the                party.  

		    (e)        If
the purchaser can not make the payment under the term of payment, the
               purchaser will bear all interests, repayments of credit, equipment debts
and                project payments of seller.  

ARTICLE 7 

BREACH OF PURCHASER 

        If
purchaser has the following actions without prior writing consent of seller, the purchaser
should make compensations to seller in order to indemnify the seller from damages. 

		    (a)        If
the purchaser defaults in payment exceeding 30 days, the purchaser should
               bear all interest costs occurred after the maturity date of payment.  

		    (b)        Failing
to discharge or fulfill proper mutual assistance obligation.  

ARTICLE 8 

BREACH OF SELLER 

        If
the seller has following actions, the seller should make compensations to purchaser in
order to indemnify the purchaser from damages: 

		    (a)        Failing
to transfer assets to purchaser in time exceeding 30 days, and failing                to
transfer in time after the purchaser’s reasonable demanding.  

		    (b)        Failing
to discharge or fulfill proper mutual assistance obligation.  

5 

ARTICLE 9 

INDEMNITIES 

        If
any representations, warranties or undertakings of any party in this contract or relevant
document delivered according to this contract are inaccurate, or any violation of the
representation, warranties and undertakings bring about any claim of right, damages,
indemnity, expense and cost (including reasonable legal fee, attorney fee and expense),
the party (“the indemnifying Party”) should make compensation to the other party
in order to indemnify it from damages. 

ARTICLE 10 

NOTICE 

		    
10.1        Notice  

        All
notices, requests, demands, permission and other communications (“Notices”)
shall be delivered to the other party by hand delivery, or mail, or facsimile
transmission, addressed as set forth on the first page of this agreement as well as the
other address or facsimile which have been given by each party. Such notices shall be in
compliance with this provision. 

		    10.2        Delivery  

        Any
notices shall be deemed to have been delivered under the following circumstance: 

		    (a)                     Such
notices shall be deemed upon delivered by hand delivery or express shipping
          company  

		    (b)                     Or,
upon the third day following receipt of registered mail or certified mail           with
postage prepaid.  

6 

		    (c)            Or,
upon the date when delivered by facsimile (the sender shall hold the
               transmission confirmation report which shows the content, recipient’s
               number, transmission page and date.)  

ARTICLE 11 

TERMINATION 

        11.1
       
Termination  

        This
Agreement shall be terminated upon the date when fully executed except additional
information under this Agreement. 

        11.2
       
Contingent  

        If
terminated under this provision, this Agreement shall be no effective. However, both
parties shall be under the binding of provision 10.1, 10.2, 12.1, 12.2 and this provision.
No provisions shall be deemed to release any liabilities against any party of breach of
this Agreement prior to the date of termination. 

ARTICLE 12 

GOVERNING LAW AND
DISPUTE RESOLUTION 

        12.1
       Governing Law  

        The
signing, effectiveness, explanation, execution and dispute resolution of this Agreement
shall be governed by and construed in accordance with Chinese Law. 

7 

        12.2       
Dispute Resolution  

        Any
dispute, disagreement or claim caused by this Agreement or relevance to this Agreement, or
execution, explanation, breach or effectiveness, or relevant to all above, shall be
resolved by friendly negotiation. Negotiation shall start when delivery the requirement of
such negotiation in writing, which requires to note the nature of dispute. If the dispute
will not be resolved within 30 days after the said date of notice, the dispute shall bring
to litigation following by the notice from one party to another party. 

        12.3
       Litigation  

        Litigation
shall be raised and be accepted by the Intermediate People’s Court of Harbin City. 

        12.4
       Property Preservation  

        In
order to protect the right of both parities and provide solution, any party has the right
to ask for property preservation before the final award by the court in accordance with
law. During the period of dispute resolution, both parties shall continue performing other
provision of this Agreement except dispute matter. 

ARTICLE 13 

FORCE MAJEURE 

        As
the incidents that the blocked side can’t forecast and prevent or avoid it from
occurring, such as earthquakes, typhoons, floods (but except for the negligence or
intentional fires caused by either party of this agreement , employees or guests), fire
emergency (but except for the negligence or intentional fires caused by either party of
this agreement , employees or guests) and other natural disasters, wars, riots and similar
military actions, civil commotion, as well as strikes, sabotage, epidemic and the embargo
, expropriation, injunction or other restrictions and actions of the government (
“force majeure”), are directly to cause that either party can not fulfill the
obligations in whole or in part under the agreement (“blocked party”), as long
as meeting all the following situations, the blocked side should be regarded as not in
breach of the contract. 

8 

          	 	(a) 	
               If the blocked side encounters the work stoppage, obstacles or delays due to the
               force majeure as a direct result of the incident when it carries out the
               obligations of the contract ; and: 

               

          	 	(b) 	
               When force majeure takes place, the blocked side has noticed the other side, and
               provided the written materials concerning it within 30 days after the force
               majeure takes place, which includes specifications of stating delays in
               performances or the parts about the reason to fulfill this agreement. 

               

ARTICLE 14 

MISCELLANEOUS 

        14.1
       Abstention  

        As
any of the parties waives the right of this agreement, it must sign up a written document
as the proof. The right, power or remedy of any party under delay or failure to exercise
this agreement should not be regarded as abstention. Exercising the right, power or remedy
under the part of this agreement should not rule out further exercise of such rights,
powers or remedies or the exercise of other rights, powers or remedies. Without limiting
the provisions above, if one party waives to investigate the other party’s breach to
the provisions of this agreement, it should not be viewed as its giving up investigating
the breach of this provision or any other provision in the further. 

9 

        14.2
           No transferring or subletting 

        This
contrast shall be binding upon and inure to the benefit of the parties hereto, their
successors and assigns. Without the prior written agreement of the other side, either
party may not transfer its present rights and obligations under the agreement. 

        14.3
       Entire Agreement  

        The
entire undertakings and agreements that have reached by both sides about the main issues
are used to replace the agreements and understandings that were reached by both sides
about the main issues of this agreement before. 

        14.4
       Remedy  

          	 	(a) 	
               Both parties confirm that the damages may not be sufficient to compensate for
               the breach of agreement loss. Each party has the right to prohibit the violation
               of this agreement, the enforcement of agreement terms and provisions of the
               injunction or other relief. 

               

          	 	(b) 	
               The rights of each party under the agreement belong to the accumulative rights;
               any party can own all other rights or the rights after remedies according to the
               law. 

               

        14.5
           Not constituting an employment or partnership 

        Without
any regulation under this agreement should be constituted or be deemed as constitute
Employer-employee relationship or partnership. 

10 

        14.6
       Divisibility  

        Any
or each of the obligations should be treated as the independent obligation under this
agreement and any or more obligation in whole or in part will be enforced separately when
it can’t be enforced. If any or more terms of this agreement can’t be enforced,
it should be deleted from the agreement, but any of the deletions will not affect other
enforcement without deletion under this agreement. 

        14.7
       Leasing Agreement  

        The
same month as the agreement being signed is the termination month of leasing agreement,
the purchaser will never pay the rent since October, 2008. The original leasing agreement
is abolished. 

        14.8
       Undertaking  

        In
order to avoid the horizontal competition that may arise between Harbin Xinda
Macromolecule Material Co., Ltd. and maintain the benefits of all shareholders in the
company to keep long-term and stable development of the enterprise, the seller makes
commitment in the form of a commitment letter which is detailed in Appendix C. 

        14.9
       Amendment  

        The
contract can be amended, modified and supplemented only if the both parties sign the
written agreement upon the contract. 

        [The
remainder of this page intentionally left blank] 

11 

IN WITNESS WHEREOF, the parties
hereto have executed this contract as of the date and year first above written. 

SELLER: HARBIN XINDA HIGH- TECH CO.,
LTD. 

By: _______________ 

Date:________________ 

PURCHASER: HARBIN XINDA
MACROMOLECULE MATERIAL CO., LTD. 

By: __________________ 

Date:___________________ 

Appendix A ASSETS LIST (See
Attachment) 
Appendix B REPORT OF ASSETS APPRAISAL (See Attachment) 
Appendix C COMMITMENT
LETTER 

Commitment Letter 

In order to avoid the horizontal
competition that may arise between Harbin Xinda Macromolecule Material Co., Ltd., Our
Company swears in the form of Commitment Letter, as follows: 

Our company guarantees that we will
never engage in competitive business activities or pose a competitive threat to the
primary business of HARBIN XINDA MACROMOLECULE MATERIAL CO., LTD. directly, indirectly or
any other way inside or outside China. 

	 	
HARBIN
XINDA HIGH-TECH CO., LTD.

	 	
By

	 	
September 20,
2008xedar8kex101_12302008.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.

     

    SIXTH
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: Variable - Key Bank Prime Rate

               

            	
              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 Sixth 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.

     

     

    
      
         

      

      
        -
1 -

        
          
 

      

      
         

      

    

     

     

    Interest shall accrue on
all principal amounts advanced to Maker hereunder at a rate equal to the Key
Bank Prime Rate, as it may be adjusted from time to time, 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.

     

    
      
         

      

      
        -
2 -

        
          
 

      

      
         

      

    

     

    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.

     

    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.

     

    
      
         

      

      
        -
3 -

        
          
 

      

      
         

      

    

     

    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.

     

    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.

     

    
      
         

      

      
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4 -

        
          
 

      

      
         

      

    

    
 

    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.

     

    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

     

     

    
      
         

      

      
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