Document:

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                                                                   EXHIBIT 10.60

         THIS CONVERTIBLE SUBORDINATED PROMISSORY NOTE AND THE SHARES OF COMMON
STOCK ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, HAVE NOT BEEN REGISTERED UNDER ANY STATE
SECURITIES LAWS, AND ARE SUBJECT TO A SUBSCRIPTION AND INVESTMENT REPRESENTATION
AGREEMENT. THEY MAY NOT BE SOLD, OFFERED FOR SALE, ASSIGNED, TRANSFERRED,
PLEDGED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF EITHER AN EFFECTIVE
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER THE
APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL ACCEPTABLE TO BIG
BUCK BREWERY & STEAKHOUSE, INC. THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE
STATE SECURITIES LAWS.

                       BIG BUCK BREWERY & STEAKHOUSE, INC.
                    CONVERTIBLE SUBORDINATED PROMISSORY NOTE

$100,000                                                Gaylord, Michigan
                                December 11, 2001

       FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is
hereby acknowledged, the undersigned, Big Buck Brewery & Steakhouse, Inc., a
Michigan corporation (the "Maker"), promises to pay to the order of Pac Rim
Associates, Inc., 4555 Investment Drive, Suite 202, Troy, Michigan 48098 (the
"Payee"), the principal sum of One Hundred Thousand Dollars ($100,000), plus
interest at the rate specified below. The unpaid principal from time to time
outstanding shall bear interest prior to maturity at an annual rate of interest
equal to ten percent (10%) per annum, and all interest accrued on the unpaid
principal balance of this Promissory Note shall be due and payable in arrears as
provided below.

       The Maker agrees to pay the accrued interest due hereunder monthly on the
first day of each month, beginning January 1, 2001, until December 11, 2002, on
which date the entire amount due hereunder, including all unpaid principal and
interest shall be due and payable in full.

       All principal and interest shall be payable in arrears. Interest hereon
shall be calculated on the basis of a 360-day year applied to the actual number
of days elapsed until all accrued and unpaid interest is paid in full. All
interest due and payable hereunder that is not paid when due for any reason
shall be cumulated, added to the principal and accrue interest at the highest
lawful rate per annum on that delinquent amount until paid, to the extent
permitted by law. All payments of interest and principal shall be payable in
lawful currency of the United States of America ("Currency"), unless and to the
extent Payee exercises Payee's option hereunder to convert all or part of the
unpaid principal balance of this Promissory Note into shares of common stock,
par value $0.01 per share (the "Shares"), of the Maker.

       At any time prior to maturity, Payee shall have the option to convert all
or part of the unpaid principal balance of this Promissory Note into that number
of Shares of the Maker (the "Option") equal to (i) all or such part of the
unpaid principal balance of the Promissory Note being converted divided by (ii)
$0.514, any fractional Shares to be paid in Currency. To exercise the Option,
Payee shall surrender this Promissory Note to the Maker, accompanied by written
notice of Payee's intention to exercise the Option, which notice shall set forth
the principal amount of this Promissory Note and such portion of the unpaid
principal balance of the Promissory Note, if not the entire unpaid principal
balance, to be converted into Shares (the "Notice of Conversion"). Within ten
(10) business days of Maker's receipt of the Notice of Conversion and Payee's
surrender of this Promissory Note, Maker shall deliver or cause to be delivered
to the Payee, the Shares in the name of the Payee.

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       When delivered, all Shares shall be duly authorized, validly issued,
fully paid, and nonassessable. Maker shall take any and all action necessary to
maintain the required authority to issue the Shares to Payee in the event Payee
exercises the Option.

       Prepayment of the principal of this Promissory Note is permitted, in
whole or in part, without premium or penalty of any kind; provided Maker
provides Payee with ten (10) business days' prior written notice of its
intention to prepay the principal of this Promissory Note, in whole or in part,
during which time Payee may exercise the Option by delivering to the Maker
Payee's Notice of Conversion within ten (10) business days following Payee's
receipt of such notice from the Maker. All partial prepayments of principal
shall reduce the principal balance hereunder in reverse order of maturity.

       This Promissory Note is given in consideration of a loan by Payee to
Maker in the principal amount of this Promissory Note. This Promissory Note may
not be changed orally, but only by an agreement in writing signed by the parties
against whom enforcement of any waiver, change, modification, or discharge is
sought.

       The holder of this Promissory Note and all successors thereof shall have
all of the rights of a holder in due course under the Uniform Commercial Code as
in effect in the State of Michigan and the other laws of the State of Michigan.
Maker hereby waives demand, presentment, protest, notice of protest and/or
dishonor, and all other notices or requirements that might otherwise be required
by law. The Maker promises to pay on demand all costs of collection, including
reasonable attorneys' fees and court costs, paid or incurred by Payee to enforce
this Promissory Note upon an Event of Default (as defined below) hereunder.

       The occurrence of any of the following shall constitute an "Event of
Default" under this Promissory Note:

       a. The failure of Maker to make any payment of principal in Currency when
due under this Promissory Note (time is of the essence), unless such failure is
the result of payments of principal in Currency required to be made with respect
to any Senior Debt (as defined below) of the Maker; or

       b. The institution of proceedings by or against the Maker under any
state insolvency laws, federal bankruptcy law, or similar debtor relief laws
then in effect.

       Upon an Event of Default that has not been cured within ten (10) business
days from the date of written notice by Payee, Payee may, at Payee's option and
without notice, declare all principal and interest due under this Promissory
Note to be due and payable immediately. Payee may waive any default before or
after it occurs and may restore this Promissory Note in full effect without
impairing the right to declare it due for a subsequent default.

       Payment of the principal of this Promissory Note in Currency is
subordinated in right of payment, to the prior payment of all Senior Debt of the
Maker then currently due and payable. "Senior Debt" means all liabilities,
contingent or otherwise, of the Maker (i) for borrowed money (but only if the
recourse of the lender is secured by any assets of the Maker) and (ii) with
respect to letters of credit, bankers acceptances, or similar instruments issued
or accepted by banks ("Indebtedness") incurred by the Maker prior to or after
the date of this Promissory Note and any replacement, renewal, refinancing, and
extension (whether direct or indirect) thereof; provided, however, that
notwithstanding anything to the contrary in this Promissory Note, Senior Debt
does not include (i) any Indebtedness of the Maker that by its terms or the
terms of the instrument creating or evidencing it expressly provides that such
Indebtedness is subordinate in right of payment to, or pari passu in right of
payment with, this Promissory Note or (ii) any Indebtedness of the Maker to an
executive officer or director of the Maker.

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       THE PAYEE, BY ACCEPTING THIS PROMISSORY NOTE, AGREES TO SUCH
SUBORDINATION.

       IN WITNESS WHEREOF, the Maker has caused this Promissory Note to be
executed in its corporate name by the signature of its duly authorized officer.

                                   BIG BUCK BREWERY & STEAKHOUSE, INC.

                                   By: /s/ William F. Rolinski
                                       -----------------------------------------
                                       William F. Rolinski
                                       President and Chief Executive Officer<Page>

                                                                   EXHIBIT 10.61

                                 PROMISSORY NOTE

<Table>
<Caption>
----------------------------------------------------------------------------------------------------------------------
    PRINCIPAL          LOAN DATE       MATURITY        LOAN NO.      CALL/COLL     ACCOUNT       OFFICER    INITIALS
   <S>                 <C>            <C>              <C>           <C>           <C>             <C>        <C>
   $5,000,000.00       03-15-2002     03-15-2004                                                   55
----------------------------------------------------------------------------------------------------------------------
</Table>

  References in the shaded area are for Lender's use only and do not limit the
 applicability of this document to any particular loan or item. Any item above
       containing "***" has been omitted due to text length limitations.

<Table>
<S>                                                    <C>
BORROWER:    BIG BUCK BREWERY & STEAKHOUSE, INC.       LENDER:  UNITED BANK AND TRUST COMPANY
             P.O. BOX 1430                                      P.O. BOX 14517
             GAYLORD, MI 49734                                  ST. PETERSBURG, FL 33733
===============================================================================================
</Table>

<Table>
<S>                                <C>                      <C>
PRINCIPAL AMOUNT: $5,000,000.00    INTEREST RATE: 5.570%    DATE OF NOTE: MARCH 15, 2002
</Table>

PROMISE TO PAY. BIG BUCK BREWERY & STEAKHOUSE, INC. ("BORROWER") PROMISES TO PAY
TO UNITED BANK AND TRUST COMPANY ("LENDER"), OR ORDER, IN LAWFUL MONEY OF THE
UNITED STATES OF AMERICA, THE PRINCIPAL AMOUNT OF FIVE MILLION & 00/100 DOLLARS
($5,000,000.00), TOGETHER WITH INTEREST AT THE RATE OF 5.570% PER ANNUM ON THE
UNPAID PRINCIPAL BALANCE FROM MARCH 15, 2002, UNTIL PAID IN FULL.

PAYMENT. BORROWER WILL PAY THIS LOAN IN 23 REGULAR PAYMENTS OF $95,870.15 EACH
AND ONE IRREGULAR LAST PAYMENT ESTIMATED AT $3,263,326.48. BORROWER'S FIRST
PAYMENT IS DUE APRIL 15, 2002, AND ALL SUBSEQUENT PAYMENTS ARE DUE ON THE SAME
DAY OF EACH MONTH AFTER THAT. BORROWER'S FINAL PAYMENT WILL BE DUE ON MARCH 15,
2004, AND WILL BE FOR ALL PRINCIPAL AND ALL ACCRUED INTEREST NOT YET PAID.
PAYMENTS INCLUDE PRINCIPAL AND INTEREST. UNLESS OTHERWISE AGREED OR REQUIRED BY
APPLICABLE LAW, PAYMENTS WILL BE APPLIED FIRST TO ACCRUED UNPAID INTEREST, THEN
TO PRINCIPAL, AND ANY REMAINING AMOUNT TO ANY UNPAID COLLECTION COSTS AND LATE
CHARGES. THE ANNUAL INTEREST RATE FOR THIS NOTE IS COMPUTED ON A 365/360 BASIS;
THAT IS, BY APPLYING THE RATIO OF THE ANNUAL INTEREST RATE OVER A YEAR OF 360
DAYS, MULTIPLIED BY THE OUTSTANDING PRINCIPAL BALANCE, MULTIPLIED BY THE ACTUAL
NUMBER OF DAYS THE PRINCIPAL BALANCE IS OUTSTANDING. BORROWER WILL PAY LENDER AT
LENDER'S ADDRESS SHOWN ABOVE OR AT SUCH OTHER PLACE AS LENDER MAY DESIGNATE IN
WRITING.

PREPAYMENT. Borrower agrees that all loan fees and other prepaid finance charges
are earned fully as of the date of the loan and will not be subject to refund
upon early payment (whether voluntary or as a result of default), except as
otherwise required by law. Except for the foregoing, Borrower may pay without
penalty all or a portion of the amount owed earlier than it is due. Early
payments will not, unless agreed to by Lender in writing, relieve Borrower of
Borrower's obligation to continue to make payments under the payment schedule.
Rather, early payments will reduce the principal balance due and may result in
Borrower's making fewer payments. Borrower agrees not to send Lender payments
marked "paid in full", "without recourse", or similar language. If Borrower
sends such a payment, Lender may accept it without losing any of Lender's rights
under this Note, and Borrower will remain obligated to pay any further amount
owed to Lender. All written communications concerning disputed amounts,
including any check or other payment instrument that indicates that the payment
constitutes "payment in full" of the amount owed or that is tendered with other
conditions or limitations or as full satisfaction of a disputed amount must be
mailed or delivered to: United Bank and Trust Company, P.O. Box 14517, St.
Petersburg, FL 33733.

<Page>

LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged
5.000% of the regularly scheduled payment or $10.00, whichever is greater.

INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final
maturity, Lender, at its option, may, if permitted under applicable law,
increase the interest rate on this Note to 25.000% per annum, if and to the
extent that the increase does not cause the interest rate to exceed the maximum
rate permitted by applicable law.

DEFAULT. Each of the following shall constitute an event of default ("Event of
Default") under this Note:

     PAYMENT DEFAULT. Borrower fails to make any payment when due under this
Note.

     OTHER DEFAULTS. Borrower fails to comply with or to perform any other term,
obligation, covenant or condition contained in this Note or in any of the
related documents or to comply with or to perform any term, obligation, covenant
or condition contained in any other agreement between Lender and Borrower.

     FALSE STATEMENTS. Any warranty, representation or statement made or
furnished to Lender by Borrower or on Borrower's behalf under this Note or the
related documents is false or misleading in any material respect, either now or
at the time made or furnished or becomes false or misleading at any time
thereafter.

     INSOLVENCY. The dissolution or termination of Borrower's existence as a
going business, the insolvency of Borrower, the appointment of a receiver for
any part of Borrower's property, any assignment for the benefit of creditors,
any type of creditor workout, or the commencement of any proceeding under any
bankruptcy or insolvency laws by or against Borrower.

     CREDITOR OR FORFEITURE PROCEEDINGS. Commencement of foreclosure or
forfeiture proceedings, whether by judicial proceeding, self--help, repossession
or any other method, by any creditor of Borrower or by any governmental agency
against any collateral securing the loan. This includes a garnishment of any of
Borrower's accounts, including deposit accounts, with Lender. However, this
Event of Default shall not apply if there is a good faith dispute by Borrower as
to the validity or reasonableness of the claim which is the basis of the
creditor or forfeiture proceeding and if Borrower gives Lender written notice of
the creditor or forfeiture proceeding and deposits with Lender monies or a
surety bond for the creditor or forfeiture proceeding, in an amount determined
by Lender, in its sole discretion, as being an adequate reserve or bond for the
dispute.

     EVENTS AFFECTING GUARANTOR. Any of the preceding events occurs with respect
to any guarantor, endorser, surety, or accommodation party of any of the
indebtedness or any guarantor, endorser, surety, or accommodation party dies or
becomes incompetent, or revokes or disputes the validity of, or liability under,
any guaranty of the indebtedness evidenced by this Note. In the event of a
death, Lender, at its option, may, but shall not be required to, permit the
guarantor's estate to assume unconditionally the obligations arising under the
guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of
Default.

     CHANGE IN OWNERSHIP. Any change in ownership of twenty--five percent (25%)
or more of the common stock of Borrower.

     ADVERSE CHANGE. A material adverse change occurs in Borrower's financial
condition, or Lender believes the prospect of payment or performance of this
Note is impaired.

<Page>

     INSECURITY. Lender in good faith believes itself insecure.

     CURE PROVISIONS. If any default, other than a default in payment is curable
and if Borrower has not been given a notice of a breach of the same provision of
this Note within the preceding twelve (12) months, it may be cured (and no event
of default will have occurred) if Borrower, after receiving written notice from
Lender demanding cure of such default: (1) cures the default within five (5)
days; or (2) if the cure requires more than five (5) days, immediately initiates
steps which Lender deems in Lender's sole discretion to be sufficient to cure
the default and thereafter continues and completes all reasonable and necessary
steps sufficient to produce compliance as soon as reasonably practical.

LENDER'S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then
Borrower will pay that amount.

ATTORNEYS' FEES; EXPENSES: Lender may hire or pay someone else to help collect
this Note if Borrower does not pay. Borrower will pay Lender the amount of these
costs and expenses, which includes, subject to any limits under applicable law,
Lender's reasonable attorneys' fees and Lender's legal expenses whether or not
there is a lawsuit, including reasonable attorneys' fees and legal expenses for
bankruptcy proceedings (including efforts to modify or vacate any automatic stay
or injunction), and appeals. If not prohibited by applicable law, Borrower also
will pay any court costs, in addition to all other sums provided by law.

JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any
action, proceeding, or counterclaim brought by either Lender or Borrower against
the other.

GOVERNING LAW. This Note will be governed by, construed and enforced in
accordance with federal law and the laws of the State of Florida. This Note has
been accepted by Lender in the State of Florida.

RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a
right of setoff in all Borrower's accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds
jointly with someone else and all accounts Borrower may open in the future.
However, this does not include any IRA or Keogh accounts, or any trust accounts
for which setoff would be prohibited by law. Borrower authorizes Lender, to the
extent permitted by applicable law, to charge or setoff all sums owing on the
indebtedness against any and all such accounts, and, at Lender's option, to
administratively freeze all such accounts to allow Lender to protect Lender's
charge and setoff rights provided in this paragraph.

COLLATERAL. Borrower acknowledges this Note is secured by United Bank
Certificate of Deposit #11084, in the amount of $5,000,000.00, in the name of
Wayne County Retirement System.

SUCCESSOR INTERESTS. The terms of this Note shall be binding upon Borrower, and
upon Borrower's heirs, personal representatives, successors and assigns, and
shall inure to the benefit of Lender and its successors and assigns.

NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES.
Please notify us if we report any inaccurate information about your account(s)
to a consumer reporting agency. Your written notice describing the specific
inaccuracy(ies) should be sent to us at the following address: United Bank and
Trust Company, P.O. Box 14517, St. Petersburg, FL 33733

GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will
not affect the rest of the Note. Borrower does not agree or intend to pay, and
Lender does not agree or intend to contract for, charge, collect, take, reserve
or receive (collectively referred to herein as "charge or collect"), any amount

in the nature of interest or in the nature of a fee for this loan, which would
in any way or event (including demand, prepayment, or acceleration) cause Lender
to charge or collect more for this loan than the maximum Lender would be
permitted to charge or collect by federal law or the law of the State of Florida
(as applicable). Any such excess interest or unauthorized fee shall, instead of
anything stated to the contrary, be applied first to reduce the principal
balance of this loan, and when the principal has been paid in full, be refunded
to Borrower. Lender may delay or forgo enforcing any of its rights or remedies
under this Note without losing them. Borrower and any other person who signs,
guarantees or endorses this Note, to the extent allowed by law, waive
presentment, demand for payment, and notice of dishonor. Upon any change in the
terms of this Note, and unless otherwise expressly stated in writing, no party
who signs this Note, whether as maker, guarantor, accommodation maker or
endorser, shall be released from liability. All such parties agree that Lender
may renew or extend (repeatedly and for any length of time) this loan or release
any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender's security interest in the collateral; and take any other action deemed
necessary by Lender without the consent of or notice to anyone. All such parties
also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations
under this Note are joint and several.

PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF
THIS NOTE. BORROWER AGREES TO THE TERMS OF THE NOTE.

BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE.

BORROWER:

BIG BUCK BREWERY & STEAKHOUSE, INC.

By: /s/ William F. Rolinski
    -----------------------------------------------
    William F. Rolinski, Chairman/CEO/Pres of Big Buck
    Brewery & Steakhouse, Inc.

ATTEST:

/s/ Diane M. House                          (Corporate Seal)
------------------
Secretary or Assistant Secretary

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