Document:

Exhibit 10.5

                               THIRD AMENDMENT

                               to that certain

                                LOAN AGREEMENT

                                by and between

         VPGI Corp. and Trident Growth Fund, L.P. (November 10, 2004)

      This Third Amendment to that certain Loan Agreement by and between VPGI
 Corp.  and  Trident  Growth  Fund,  L.P.  dated  November  10,  2004   (this
 "Agreement") is made and entered into this 7th day of February 2006, by  and
 between VPGI Corp., a Texas corporation (the "Borrower") and Trident  Growth
 Fund, LP, a Delaware limited partnership (the "Lender").

                             W I T N E S S E T H:

      WHEREAS, on  November  10,  2004,  the  parties  entered  into  a  Loan
 Agreement (so called herein) wherein Lender agreed to loan to Borrower up to
 $700,000 (the "Loan"); and

      WHEREAS, on August 8, 2005, the  Loan was amended to increase the  Loan
 Amount by $50,000,  and thereafter amended  again on September  19, 2005  to
 increase the Loan Amount by an additional $100,000; and

      WHEREAS, Borrower  has  requested and  Lender  has agreed  to  loan  to
 Borrower an additional  $100,000 pursuant to  and on the  same terms as  the
 Loan; and

      NOW, THEREFORE, the parties have agreed to amend the Loan as follows:

 1.   Defined Terms.  All capitalized terms set forth but not defined  herein
 shall have the meaning ascribed to them in the Loan Agreement.

 2.   Increase in  Loan Amount.   The  Loan  Agreement  shall be  amended  by
 increasing the Loan Amount from $850,000  to 950,000, and everywhere in  the
 Loan Agreement  where reference  is made  to the  Loan Amount,  directly  or
 indirectly,  such  term   or  reference  shall   be  amended  and   modified
 accordingly.  Accordingly, a Convertible Note in the form of Exhibit A and a
 Second Amended Security Agreement in the form of Exhibit B shall be executed
 and  delivered  by  Borrower  to  Lender  contemporaneously  herewith.   The
 Origination and  Commitment  Fees  described in  Section  2.1  of  the  Loan
 Agreement shall apply to the additional amount to be loaned hereunder.

 3.   Additional Warrant  Coverage.    Borrower  shall  issue  an  additional
 Warrant to Lender in the form of Exhibit C hereto giving Lender the right to
 purchase an additional 72,000 shares of Common Stock at an exercise price of
 $.10 per share.   As set forth  in the Loan  Agreement, Borrower and  Lender
 agree that the  aggregate value of  the Warrant to  be issued in  accordance
 with  this  Agreement  together  with  the  Warrants  previously  issued  in
 connection with the Loan Agreement is less than $1,000.

 4.   Representations and  Warranties.   Except  as  otherwise set  forth  on
 Exhibit D hereto, all of the representations and warranties contained in the
 Loan Agreement  are  true  and  correct  as of  the  date  hereof,  and  the
 Disclosure Schedules  attached thereto   have  not changed  in any  material
 manner.

 5.   Terms of Loan Agreement Unchanged.  Except as set forth or contemplated
 herein, the remaining terms of the Loan Agreement shall remain in effect  as
 set forth therein.

 6.   Execution of  Counterparts.   This Agreement  may  be executed  in  any
 number of counterparts, each of which shall  be deemed to be an original  as
 against any party whose  signature appears thereon, and  all of which  shall
 together constitute one and the same instrument.

 7.   Further Assurances.  Each  party hereto agrees  to perform any  further
 acts and to execute and deliver any further documents that may be reasonably
 necessary to carry out the provisions of this Agreement.

 8.   Governing  Law.   This  Agreement  and  the legal  relations among  the
 parties hereto shall  be governed by  and construed in  accordance with  the
 laws of the State of Texas without regard to its conflicts of law  doctrine.
 Each of the parties hereto irrevocably  consents to the jurisdiction of  the
 federal and state courts located in Dallas County, the State of Texas.

                           [signature page follows]

      IN WITNESS  WHEREOF,  the Borrower  and  the Lender  have  caused  this
 Agreement to be duly executed by  their duly authorized officers, all as  of
 the day and year first above written.

 VPGI CORP.                                 TRIDENT GROWTH FUND, LP

                                            By: TRIDENT MANAGEMENT, LLC, its
                                                GENERAL PARTNER

 By:  /s/ Pat Custer                        By: /s/  Scott Cook
    --------------------------------------      -----------------------------
    Pat A. Custer, Chief Executive Officer      Scott Cook, Authorized MemberExhibit 10.6

                               FOURTH AMENDMENT

                               to that certain

                                LOAN AGREEMENT

                                by and between

         VPGI Corp. and Trident Growth Fund, L.P. (November 10, 2004)

      This Fourth amendment  to that certain  Loan Agreement  by and  between
 VPGI Corp.  and Trident  Growth Fund,  L.P. dated  November 10,  2004  (this
 "Agreement") is made and entered  into this 27th day  of June, 2006, by  and
 between VPGI Corp., a Texas corporation (the "Borrower") and Trident  Growth
 Fund, LP, a Delaware limited partnership (the "Lender").

                             W I T N E S S E T H:

      WHEREAS, on  November  10,  2004,  the  parties  entered  into  a  Loan
 Agreement (so called herein) wherein Lender agreed to loan to Borrower up to
 $700,000 (the "Loan"); and

      WHEREAS, on August 8, 2005, the  Loan was amended to increase the  Loan
 Amount by $50,000,  and thereafter amended  again on September  19, 2005  to
 increase the Loan Amount by an additional $100,000; and again on February 2,
 2006 to increase the Loan Amount by an additional $100,000; and

      WHEREAS, Borrower  has  requested and  Lender  has agreed  to  loan  to
 Borrower an additional  $100,000 pursuant to  and on the  same terms as  the
 Loan; and

      NOW, THEREFORE, the parties have agreed to amend the Loan as follows:

 1.   Defined Terms.  All capitalized terms set forth but not defined  herein
 shall have the meaning ascribed to them in the Loan Agreement.

 2.   Increase in  Loan Amount.   The  Loan  Agreement  shall be  amended  by
 increasing the Loan Amount from $950,000 to 1,050,000, and everywhere in the
 Loan Agreement  where reference  is made  to the  Loan Amount,  directly  or
 indirectly,  such  term   or  reference  shall   be  amended  and   modified
 accordingly.  Accordingly, a Convertible Note in the form of Exhibit A and a
 Third Amended Security Agreement in the form of Exhibit B shall be  executed
 and  delivered  by  Borrower  to  Lender  contemporaneously  herewith.   The
 Origination and  Commitment  Fees  described in  Section  2.1  of  the  Loan
 Agreement shall apply to the additional amount to be loaned hereunder.

 3.   Additional  Warrant  Coverage.   Borrower  shall  issue  an  additional
 Warrant to Lender in the form of Exhibit C hereto giving Lender the right to
 purchase an additional 72,000 shares of Common Stock at an exercise price of
 $.10 per share.   As set forth  in the Loan  Agreement, Borrower and  Lender
 agree that the  aggregate value of  the Warrant to  be issued in  accordance
 with  this  Agreement  together  with  the  Warrants  previously  issued  in
 connection with the Loan Agreement is less than $1,000.

 4.   Representations and  Warranties.   Except  as  otherwise set  forth  on
 Exhibit D hereto, all of the representations and warranties contained in the
 Loan Agreement  are  true  and  correct  as of  the  date  hereof,  and  the
 Disclosure Schedules  attached thereto   have  not changed  in any  material
 manner.

 5.   Terms of Loan Agreement Unchanged.  Except as set forth or contemplated
 herein, the remaining terms of the Loan Agreement shall remain in effect  as
 set forth therein.

 6.   Execution of  Counterparts.   This Agreement  may  be executed  in  any
 number of counterparts, each of which shall  be deemed to be an original  as
 against any party whose  signature appears thereon, and  all of which  shall
 together constitute one and the same instrument.

 7.   Further Assurances.  Each  party hereto agrees  to perform any  further
 acts and to execute and deliver any further documents that may be reasonably
 necessary to carry out the provisions of this Agreement.

 8.   Governing  Law.   This  Agreement  and  the legal  relations among  the
 parties hereto shall  be governed by  and construed in  accordance with  the
 laws of the State of Texas without regard to its conflicts of law  doctrine.
 Each of the parties hereto irrevocably  consents to the jurisdiction of  the
 federal and state courts located in Dallas County, the State of Texas.

                           [signature page follows]

      IN WITNESS  WHEREOF,  the Borrower  and  the Lender  have  caused  this
 Agreement to be duly executed by  their duly authorized officers, all as  of
 the day and year first above written.

 VPGI CORP.                                 TRIDENT GROWTH FUND, LP

                                            By: TRIDENT MANAGEMENT, LLC, its
                                                GENERAL PARTNER

 By:  /s/ Pat Custer                        By: /s/  Scott Cook
    --------------------------------------      -----------------------------
    Pat A. Custer, Chief Executive Officer      Scott Cook, Authorized MemberTHIS NOTE AND THE
SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
APPLICABLE STATE SECURITIES LAWS.  THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES
UNDER SUCH ACT AND APPLICABLE LAWS OR SOME OTHER EXEMPTION FROM
THE REGISTRA­TION REQUIREMENTS OF SUCH ACT AND APPLICABLE
LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED.

 

			INTEGRITY MUTUAL FUNDS,
INC.

				CONVERTIBLE PROMISSORY
NOTE

			 

			 

No. 01

$950,000.00                                                                                                          
Minot, North Dakota

                                                                                                                                 
October 11, 2006

 

For valued received, Integrity Mutual Funds,
Inc., a North Dakota corporation (the "Company"), the principal
office of which is located at 1 Main Street North, Minot, North
Dakota 58703, for value received hereby promises to pay to
PawnMart, Inc., a Nevada corporation (the "Holder"), or its
registered assigns, at 6400 Atlantic Boulevard, Suite 190,
Norcross, Georgia 30071, the sum of Nine Hundred Fifty Thousand
and No/100 Dollars ($950,000.00), or such other amount as shall
then equal the outstanding principal amount hereof and any unpaid
accrued interest hereon, as set forth below, which shall be due
and payable on the earlier to occur of (i) October 15,
2016 or (ii) when declared due and payable by the Holder upon the
occurrence of an Event of Default (as defined below). 
Payment for all amounts due hereunder shall be made by mail to
the registered address of the Holder.

The following is a statement of the rights
of the Holder of this Note and the conditions to which this Note
is subject, and to which the Holder hereof, by the acceptance of
this Note, agrees:

 

1.       Definitions. 
As used in this Note, the following terms, unless the context
otherwise requires, have the following meanings:

1.1.   
"Company" includes any corporation that, to the extent permitted
by this Note, shall succeed to or assume the obligations of the
Company under this Note.

1.2.   
"Holder" when the context refers to a holder of this Note, shall
mean any person who shall at the time be the registered holder of
this Note.

1.3.   
"Securities Act" means the Securities Act of 1933, as
amended.

 

2.      Payment.  All
payments shall be made in lawful money of the United States of
America at the principal office of the Holder, or at such other
place as the holder hereof may from time to time designate in
writing to the Company.  Payment shall be credited first to
accrued interest due and payable and the remainder applied to
principal.

 

3.       Security. 
This Note is a general unsecured obligation of the Company.

 

4.       Interest. 
Commencing on April 15, 2007, and on each April 15 and October 15
thereafter until all outstanding principal and interest on this
Note shall have been paid in full, the Company shall pay interest
at the lesser of (i) the rate of six and one-half percent
(6.5%) per annum or (ii) the highest rate permitted by law
(the "Initial Interest Rate") on the principal of this Note
outstanding during the period beginning on the date of issuance
of this Note and ending on the date that the principal amount of
this Note becomes due and payable.  In the event that the
principal amount of this Note is not paid in full when such
amount becomes due and payable, interest at the same rate as the
Initial Interest Rate plus four percent (4%) shall continue to
accrue on the balance of any unpaid principal until such balance
is paid.

 

5.       Events of
Default.  If any of the events specified in this
Section 5 shall occur (herein individually referred to as
an "Event of Default"), the Holder of this Note may, so long as
such condition exists, declare the entire principal and unpaid
accrued interest hereon immediately due and payable, by notice in
writing to the Company:

 

5.1.   
Default in the payment of the principal and unpaid accrued
interest of this Note when due and payable if such default is not
cured by the Company within ten (10) days after the Holder has
given the Company written notice of such default; or

 

5.2.    Any
other material breach by the Company of any representation,
warranty, or covenant in this Note; provided, that, in the event
of any such breach, to the extent such breach is susceptible to
cure, such breach shall not have been cured by the Company within
thirty (30) days after the earlier to occur of (a) written
notice to the Company of such breach, and (b) the Company's
knowledge of such breach; or

 

5.3.    The
institution by the Company of proceedings to be adjudicated as
bankrupt or insolvent, or the consent by it to institution of
bankruptcy or insolvency proceedings against it or the filing by
it of a petition or answer or consent seeking reorganization or
release under the federal Bankruptcy Act, or any other applicable
federal or state law, or the consent by it to the filing of any
such petition or the appointment of a receiver, liquidator,
assignee, trustee or other similar official of the Company, or of
any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the taking of
corporate action by the Company in furtherance of any such
action; or

 

5.4.    If,
within sixty (60) days after the commencement of an action
against the Company (and service of process in connection
therewith on the Company) seeking any bankruptcy, insolvency,
reorganization, liquidation, dissolu­tion or similar relief
under any present or future statute, law or regulation, such
action shall not have been resolved in favor of the Company or
all orders or proceedings thereunder affecting the operations or
the business of the Company stayed, or if the stay of any such
order or proceeding shall thereafter be set aside, or if, within
sixty (60) days after the appointment without the consent or
acquiescence of the Company of any trustee, receiver or
liquidator of the Company or of all or any substantial part of
the properties of the Company, such appointment shall not have
been vacated.

 

6.       Prepayment. 
This Note may not be prepaid except with the express written
consent of the Holder.

 

7.       Conversion.

 

7.1.   
Voluntary Conversion.  The Holder of this Note has
the right, at the Holder's option, at any time after October 15,
2009, to convert this Note in accordance with the provisions of
Section 7.3 hereof, in whole or in part, into fully paid
and nonassessable Common Shares, $0.0001 par value, of the
Company (the "Common Shares").  The number of Common Shares
into which this Note may be converted ("Conversion Shares") shall
be determined by dividing the aggregate principal amount by the
Conversion Price (as defined below) in effect at the time of such
conversion.  The initial Conversion Price shall be equal to
$0.50 per share.

 

7.2.   
Automatic Conversion.  The entire principal amount of
this Note shall be automatically converted into Common Shares at
the Conversion Price in effect immediately prior to (i) any
consolidation or merger of the Company with or into any other
corporation or other entity or person, or any other corporate
reorganization in which the Company shall not be the continuing
or surviving entity of such consolidation, merger or
reorganization or any transaction or series of related
transactions by the Company in which in excess of fifty percent
(50%) of the Company's voting power is transferred, or a sale of
all substantially all of the assets of the Company, (ii) the
closing of a firmly underwritten public offering pursuant to a
registration statement filed by the Company under the Securities
Act, with aggregate gross proceeds in excess of $7,500,000 and at
a price of not less than $10.00 per share of Common Shares (as
presently constituted, subject to proportionate adjustment in the
event of any Share split, Share dividend, reverse Share split,
combination, consolidation, reclassification or similar event),
or (iii) October 15, 2016.

 

7.3.  
Conversion Procedure.

 

7.3.1.Notice of
Conversion Pursuant to Section 7.1.  Before the Holder
shall be entitled to convert this Note into Common Shares, it
shall surrender this Note at the office of the Company and shall
give written notice by mail, postage prepaid, to the Company at
its principal corporate office, of the election to convert the
same pursuant to Section 7.1, and shall state therein the
name or names in which the certificate or certificates for Common
Shares are to be issued.  The Company shall, as soon as
practicable thereafter, issue and deliver at such office to the
Holder of this Note a certificate or certificates for the number
of Common Shares to which the Holder of this Note shall be
entitled as aforesaid.  Such conversion shall be deemed to
have been made immediately prior to the close of business on the
date of such surrender of this Note, and the person or persons
entitled to receive the Common Shares issuable upon such
conversion shall be treated for all purposes as the record holder
or holders of such Common Shares as of such date.  In
connection with such conversion, the Company shall pay to the
Holder all accrued but unpaid interest to the date of conversion
on the Conversion Shares.

 

7.3.2.Notice of
Conversion Pursuant to Section 7.2.  If this Note is
automatically converted, written notice shall be delivered to the
Holder of this Note at the address last shown on the records of
the Company for the Holder or given by the Holder to the Company
for the purpose of notice or, if no such address appears or is
given, at the place where the principal executive office of the
Company is located, notifying the Holder of the conversion to be
effected, specifying the Conversion Price, the principal amount
of this Note to be converted, the amount of accrued interest to
be converted, and the date on which such conversion will occur,
and calling upon such Holder to surrender to the Company, in the
manner and at the place designated, this Note.

 

7.4.   
Delivery of Share Certificates.  As promptly as
practicable after the conversion of this Note, the Company at its
expense will issue and deliver to the Holder of this Note a
certificate or certificates for the number of full Common Shares
issuable upon such conversion.

 

7.5.   
Mechanics and Effect of Conversion.  No fractional
Common Shares shall be issued upon conversion of this Note. 
In lieu of the Company issuing any fractional shares to the
Holder upon the conversion of this Note, the Company shall pay to
the Holder the amount of outstanding principal that is not so
converted, such payment to be in the form as provided
below.  Upon the conversion of this Note pursuant to
Section 7.1 above, the Holder shall surrender this Note,
duly endorsed, at the principal office of the Company.  At
its expense, the Company shall, as soon as practicable
thereafter, issue and deliver to such Holder at such principal
office a certificate or certificates for the number of shares of
such Common Shares to which the Holder shall be entitled upon
such conversion (bearing such legends as are required by
applicable state and federal securities laws in the opinion of
counsel to the Company), together with any other securities and
property to which the Holder is entitled upon such conversion
under the terms of this Note, including a check payable to the
Holder for any cash amounts payable as described above.  In
the event of any conversion of this Note pursuant to Section
7.1 above, such conversion shall be deemed to have been made
immediately prior to the closing of the issuance and sale of such
Common StockShares and on and after such date the Holder of this
Note entitled to receive the shares of such Common Shares
issuable upon such conversion shall be treated for all purposes
as the record Holder of such shares.  Upon conversion of
this Note, the Company shall be forever released from all its
obligations and liabilities under this Note, except that the
Company shall be obligated to pay the Holder, within ten (10)
days after the date of such conversion, any interest accrued and
unpaid or unconverted to and including the date of such
conversion, and no more.

 

8.      Conversion Price
Adjustments.

 

8.1.   
Adjustments for Share Splits and Subdivisions.  In
the event the Company should at any time or from time to time
after the date of issuance hereof fix a record date for effecting
a split or subdivision of the outstanding Common Shares or the
determination of holders of Common Shares entitled to receive a
dividend or other distribution payable in additional Common
Shares or other securities or rights convertible into, or
entitling the holder thereof to receive directly or indirectly,
additional Common Shares (hereinafter referred to as "Common
Share Equivalents") without payment of any consideration by such
holder for the additional Common Shares or the Common Share
Equivalents (including the additional Common Shares issuable upon
conversion or exercise thereof), then, as of such record date (or
the date of such dividend distribution, split or subdivision if
no record date is fixed), the Conversion Price of this Note shall
be appropriately decreased so that the number of Common Shares
issuable upon conversion of this Note shall be increased in
proportion to such increase of outstanding Common Shares.

 

8.2.   
Adjustments for Reverse Share Splits.  If the number
of Common Shares outstanding at any time after the date hereof is
decreased by a combination of the outstanding Common Shares,
then, following the record date of such combination, the
Conversion Price for this Note shall be appropriately increased
so that the number of Common Shares issuable on conversion hereof
shall be decreased in proportion to such decrease in outstanding
Common Shares.

 

8.3.   
Notices of Record Date, etc.  In the event of: 
(i) any taking by the Company of a record of the holders of
any class of securities of the Company for the purpose of
determining the holders thereof who are entitled to receive any
dividend (other than a cash dividend payable out of earned
surplus at the same rate as that of the last such cash dividend
theretofore paid) or other distribution, or any right to
subscribe for, purchase or otherwise acquire any shares of any
class or any other securities or property, or to receive any
other right; or (ii) any capital reorganiza­tion of the
Company, any reclassification or recapitalization of the capital
shares of the Company or any transfer of all or substantially all
of the assets of the Company to any other person or any
consolidation or merger involving the Company; or (iii) any
voluntary or involuntary dissolution, liquidation or winding up
of the Company, the Company will mail to the holder of this Note
at least ten (10) days prior to the earliest date specified
therein, a notice specifying:  (i) the date on which
any such record is to be taken for the purpose of such dividend,
distribution or right, and the amount and character of such
dividend, distribution or right; and (ii) date on which any
such reorganization, reclassification, transfer, consolidation,
merger, dissolution, liquidation or winding up is expected to
become effective and the record date for determining shareholders
entitled to vote thereon.

 

8.4.   
Reservation of Shares Issuable Upon Conversion.  The
Company shall at all times reserve and keep available out of its
authorized but unissued Common Shares solely for the purpose of
effecting the conversion of this Note such number of its Common
Shares as shall from time to time be sufficient to effect the
conversion of this Note; and if at any time the number of
authorized but unissued Common Shares shall not be sufficient to
effect the conversion of the entire outstanding principal amount
of this Note, in addition to such other remedies as shall be
available to the holder of this Note, the Company will use its
best efforts to take such corporate action as may, in the opinion
of its counsel, be necessary to increase its authorized but
unissued Common Shares to such number of shares as shall be
sufficient for such purposes.

 

9.      Representations and
Warranties of the Company.

 

9.1.  
Organization; Good Standing; Qualification.  The
Company is a corpora­tion duly organized, validly existing,
and in good standing under the laws of the State of North Dakota,
has all requisite corporate power and authority to own and
operate its properties and assets and to carry on its business as
now conducted, to execute and deliver this Note and to issue
Common Shares issuable upon conversion thereof.  The Company
is duly qualified and is authorized to transact business and is
in good standing as a foreign corporation in each jurisdiction in
which the failure to so qualify would have a material adverse
effect on its business, properties, prospects, or financial
condition.

 

9.2.   
Authorization.  All corporate action on the part of
the Company, its officers, directors and shareholders necessary
for the authorization, execution and delivery of this Note, the
performance of all obligations of the Company hereunder and the
authorization, issuance (or reservation for issuance), and
delivery of the Common Shares issuable upon conversion thereof
has been taken or will be taken prior to the closing, and this
Note, when executed and delivered, will constitute the valid and
legally binding obligation of the Company, enforceable in
accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium,
and other laws of general application affecting enforcement of
creditors' rights generally and (ii) as limited by laws
relating to the availability of specific performance, injunctive
relief, or other equitable remedies.

 

9.3.   
Valid Issuance of Common Shares.  The Common Shares
issuable upon conversion of this Note has been duly and validly
reserved for issuance and, upon issuance, will be duly and
validly issued, fully paid, and nonassessable and will be free of
restrictions on transfer other than restrictions on transfer
under applicable state and federal securities laws.

 

9.4.   
Governmental Consents.  No consent, approval,
qualification, order of authorization of, or filing with, any
local, state, or federal governmental authority is required on
the part of the Company in connection with the Company's valid
execution, delivery, or performance of this Note, or the issuance
of Common Shares upon conversion of this Note.

 

10.  
Assignment.  Subject to the restrictions on transfer
described in Section 12, the rights and obligations
of the Company and the Holder of this Note shall be binding upon
and benefit the successors, assigns, heirs, administrators and
transferees of the parties.

 

11.   Waiver
and Amendment.  Any provision of this Note may be
amended, waived or modified upon the written consent of the
Company and the Holder.

 

12.  
Transfer of This Note or Securities Issuable on Conversion
Hereof.  With respect to any offer, sale or other
disposition of this Note or securities into which this Note may
be converted, the Holder will give written notice to the Company
prior thereto, describing briefly the manner thereof, together
with a written opinion of such Holder's counsel, to the effect
that such offer, sale or other distribution may be effected
without registration or qualification (under any federal or state
law then in effect).  Promptly upon receiving such written
notice and reasonably satisfactory opinion, if so requested, the
Company, as promptly as practicable, shall notify such Holder
that such Holder may sell or otherwise dispose of this Note or
such securities, all in accordance with the terms of the notice
delivered to the Company.  If a determination has been made
pursuant to this Section 12 that the opinion of
counsel for the Holder is not reasonably satisfactory to the
Company, the Company shall so notify the Holder promptly after
such determination has been made.  This Note thus
transferred and each certificate representing the securities thus
transferred shall bear a legend as to the applicable restrictions
on transferability in order to ensure compliance with the
Securities Act, unless in the opinion of counsel for the Company
such legend is not required.  The Company may issue stop
transfer instructions to its transfer agent in connection with
such restrictions.

 

13.  
Treatment of Note.  To the extent permitted by
generally accepted accounting principles, the Company will treat,
account and report this Note as debt and not equity for
accounting purposes and with respect to any returns filed with
federal, state or local tax authorities.

 

14.  
Notices.  All notices required or permitted hereunder
shall be in writing and shall be deemed effectively given
(a) upon personal delivery to the party to be notified,
(b) when sent by confirmed telex or facsimile if sent during
normal business hours of the recipient; if not, then on the next
business day, (c) five days (5) after having been sent by
registered or certified mail, return receipt requested, postage
prepaid, or (d) one (1) day after deposit with a nationally
recognized overnight courier, specifying next-day delivery, with
written verification of receipt.  All communications shall
be sent to the party at the address as set forth herein or at
such other address as such party may designate by ten (10) days
advance written notice to the other parties hereto.

 

15.   No
Shareholder Rights.  Nothing contained in this Note
shall be construed as conferring upon the Holder or any other
person the right to vote or to consent or to receive notice as a
shareholder in respect of meetings of shareholders for the
election of directors of the Company or any other matters or any
rights whatsoever as a shareholder of the Company; and no
dividends shall be payable or accrued in respect of this Note or
the interest represented hereby or the Conversion Shares
obtainable hereunder until, and only to the extent that, this
Note shall have been converted.

 

16.  
Governing Law.  This Agreement shall be governed by
and construed in accordance with the laws of the State of North
Dakota, excluding that body of law relating to conflict of
laws.

 

17.  
Heading; References.  All headings used herein are
used for convenience only and shall not be used to construe or
interpret this Note.  Except where otherwise indicated, all
references herein to Sections refer to Sections hereof.

 

IN WITNESS WHEREOF, the Company has caused
this Note to be issued this 11th day of October, 2006.

                                                                                   
INTEGRITY MUTUAL FUNDS, INC.

 

 

                                                                                   
By:                                                                 

			
                                                                                   
      Robert E. Walstad,

                                                                                   
      Chief Executive Officer

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