Document:

xedar8kex102_3408.htm

     

     

    
      

      

    

     

    EXHIBIT 10.2

     

    
      
        
          

          Exhibit A to
Aircraft Security Agreement 

           

           PROMISSORY NOTE

          $1,352,612.00                                             March
3, 2008

           

           

              For value received,
the undersigned promises to pay to the order of Bank of the West (“Lender”),
having its principal place of business in Walnut Creek, California (together
with any other holder of this Note, hereinafter referred to as the “Holder”),
the principal sum of $1,352,612.00 together with interest thereon as provided
herein. This Promissory Note the “Note” and the obligations of the undersigned
hereunder are “Obligations” secured by the “Collateral” as defined and described
in Aircraft Security Agreement between the undersigned and Holder dated as of
March 3, 2008 (the “Agreement”), and the Holder shall be entitled to all of the
rights and privileges provided therein, including rights of acceleration of this
Note.

           

              This Note shall be
payable by the undersigned to Holder in 60 consecutive monthly installments of
principal and interest (the “Payments”) commencing on March 1, 2008 and
continuing on the same day of each month thereafter through and including March
1, 2013 (the “Maturity Date”). The foregoing Payments shall be fifty-nine
payments of $15,435.00 followed by one (1) payment of $794,715.00.
Notwithstanding the foregoing, the final Payment due and payable on the Maturity
Date shall in any event be equal to the entire outstanding and unpaid principal
amount of this Note, together with all accrued and unpaid, charges and other
amounts owing hereunder and under the Agreement. Interest shall accrue on the
outstanding principal balance of this Note at a fixed rate of 6.19% per annum
(the “Interest Rate”). All interest hereunder shall be calculated on the basis
of a year of three hundred sixty (360) days comprised of twelve (12) months of
thirty (30) days each.

           

              Time is of the
essence in the payment and performance of all Obligations evidenced by this
Note. In addition, the undersigned shall pay overdue interest on any delinquent
Payment or other Obligation due (by reason of acceleration or otherwise) from
thirty (30) days after the due date thereof through the date of payment thereof
at a rate of interest equal to the lesser of (a) five percent (5%) per month, or
(b) the maximum rate of interest allowable under then applicable
law.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

           

              Each payment
hereunder shall be made in lawful money of the United States and shall be
payable to such account or address as the Holder hereof shall from time to time
direct the undersigned. Whenever any payment to be made under this Note shall be
stated to be due on a Saturday, Sunday or a public holiday, or the equivalent
for banks generally under the laws of the State of California, such payment
shall be made on the next succeeding Business Day (as defined in the Agreement),
and such extension of time shall be included in the computation of the payment
of interest. All amounts received hereunder or in respect of this Note shall be
applied first, to accrued
late charges and any other costs or expenses due and owning hereunder or under
the terms of the Agreement; second, to accrued
interest; and third , to unpaid
principal. It is the intention of Holder to comply with all applicable usury
laws. Accordingly, it is agreed that notwithstanding anything to the contrary
contained herein, in no event shall any provision contained herein
require or permit interest in excess of the maximum amount permitted by
applicable law to be paid by the undersigned. If necessary to give effect to
these provisions, Holder will, at its option, in accordance with applicable law,
either refund any amount to the undersigned to the extent that it was in excess
of that allowed by applicable law or credit such excess amount against the then
unpaid principal balance hereunder.

           

              Failure to pay this
Note or any installment hereunder promptly when due, upon the occurrence of an
Event of Default (as defined in the Agreement) or default or failure in the
performance or due observance of any of the terms, conditions or obligations
hereunder or under the Agreement or in any other agreement or instrument between
the undersigned (or any endorser, guarantor, surety or other party liable for
the undersigned’s obligations hereunder, or any other entity controlling the
undersigned) and the Holder (or any other entity controlling, controlled by or
under common control with the Holder), shall entitle the Holder to accelerate
the maturity of this Note and to declare the entire unpaid principal balance and
all accrued interest and other charges hereunder (including prepayment fees
calculated as of the date of default) and under the Agreement to be immediately
due and payable, and to proceed at once to exercise each and every one of the
remedies provided in the Agreement or otherwise available at law or in
equity.

           

              The undersigned and
all other parties who may be liable (whether as endorsers, guarantors, sureties
or otherwise) for payment of any sum or sums due or to become due under the
terms of this Note waive diligence, presentment, demand, protest, notice of
dishonor and agree to pay all costs incurred by the Holder in enforcing its
rights under this Note or the Agreement, including reasonable attorney’s fees,
and they do hereby consent to any number of renewals or extensions at any time
in the payment of this Note. No extension of time for payment of this Note made
by any agreement with any person now or hereafter liable for payment of this
Note shall operate to release, discharge, modify, change or affect the original
liability of the undersigned under this Note, either in whole or in part. No
delay or failure by the Holder hereof in exercising any right, power, privilege
or remedy shall be deemed to be a waiver of the same of any part thereof; nor
shall any single or partial exercise thereof or any failure to exercise the same
in any instance preclude any future exercise thereof, or exercise of any other
right, power, privilege or remedy, and the rights and remedies provided for
hereunder are cumulative and not exclusive of any other right or remedy
available at law or in equity. The Holder of this Note may proceed against all
or any of the Collateral securing this Note or against any guarantor hereof, or
may proceed contemporaneously or in the first instance against the undersigned,
in such order and at such times following default hereunder (which has not been
cured within any applicable cure period) as the Holder may determine in its sole
discretion. All of the undersigned’s obligations under this Note are absolute
and unconditional, and shall not be subject to any offset or deduction
whatsoever. The undersigned waives any right to assert, by way of counterclaim
or affirmative defense in any action to enforce the undersigned’s obligations
thereunder, any claim whatsoever against the Holder of this Note.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

          

           

              THIS NOTE SHALL IN
ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF CALIFORNIA. THE UNDERSIGNED HEREBY CONSENTS AND SUBMITS TO THE
JURISDICTION OF THE COURTS OF THE STATE OF CALIFORNIA AND THE FEDERAL DISTRICT
COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA FOR THE PURPOSES OF ANY SUIT,
ACTION
OR OTHER PROCEEDING ARISING OUT OF ITS OBLIGATIONS HEREUNDER, AND EXPRESSLY
WAIVE ANY OBJECTIONS THAT IT MAY HAVE TO THE VENUE OF SUCH COURTS. THE
UNDERSIGNED HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY ACTION
BROUGHT ON OR WITH RESPECT TO THIS NOTE.

           

              IN WITNESS WHEREOF,
the undersigned has caused this Note to be executed by its duly authorized
representative as of the date first above written.

          

                              Maker:

          

                              Hugh H.
Williamson

          

                              By:  /s/ Hugh H.
Williamson

          

                              Landpixx,
LLC

          

                              By: /s/ Charles Killpack

                                     Charles
Killpack, Manager

          

                              By: /s/ Nora Hannah

                                     Nora
Hannah, ManagerUnassociated Document

    
      
         

        
          

          

        

         

        Exhibit
10.3

        
          

           

          PROMISSORY
NOTE

        

      

    

     

    
      	
              
                Principal

              

              
                185,000.00

              

            	
              
                Loan
      Date

              

              
                02-25-2008

              

            	
              
                Maturity
      

                02-25-2013

              

            	
              
                Loan
      No 

                0000000018

              

            	
              
                Call/
      Coll

              

            	
              
                Account

                1050424213

              

            	
              
                Officer

              

            	
              
                Initials

              

            
	
              
                References in
      the boxes above 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.

              

            

    

    
       

      
        
          
             

            
              	
                      Borrower:

                    	 
      	
                      Lender:

                    	
                      BANK
      OF THE WEST

                    	 
      	 
      
	 
      	 
      	 
      	
                      North/West
      Denver CBO #21190

                    	 
      	 
      
	 
      	
                      LANDPIXX,
      LLC

                    	 
      	
                      3779
      Evergreen Parkway

                    	 
      	 
      
	 
      	
                      HUGH
      H. WILLIAMSON III

                    	 
      	
                      PO
      Box 2650

                    	 
      	 
      
	 
      	
                      15000
      W64TH AVE

                    	 
      	
                      Evergreen,
      CO  80439-2650

                    	 
      	 
      
	 
      	
                      ARVADA.CO  80007

                    	 
      	
                      (888)
      457-2692

                    	 
      	 
      

            

            
               

              

                
                  

                

              

            

          

          Principal
Amount:   $185,000.00        Interest
Rate:   5.385%        Date
of Note:  February 25, 2008

        

        PROMISE
TO PAY. LANDPIXX, LLC; and HUGH H. WILLIAMSON III ("Borrower") jointly and
severally promise to pay to BANK Of THE WEST ("Lender"), or
order, in lawful money of the United States of America, the principal amount of
One Hundred Eighty-five Thousand & 00/100 Dollars ($185,000.00), together
with interest at the rate of 5.385% per annum on the unpaid principal balance
from February 25, 2008, until paid in full. The interest rate may change under
the terms and conditions of the "INTEREST AFTER DEFAULT" section.

        
          

          PAYMENT.
Borrower will pay this loan in 59 regular payments of $2,654.93 each and one
irregular last payment estimated at $62,900.18. Borrower's first payment is due
March 25, 2008, and all subsequent payments are due on the same day of each
month after that. Borrower's final payment will be due on February 25, 2013, 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 any accrued unpaid interest;
then to principal; then to any unpaid collection costs; and then to any 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: BANK OF THE
WEST, North/West Denver CBO #21190, 3779 Evergreen Parkway, PO Box 2650,
Evergreen, CO 80439-2650.

        

        
           

          LATE CHARGE. If a payment is
15 days or more late, Borrower will be charged 5.000% of the unpaid portion of the
regularly scheduled payment.

        

        
           

          INTEREST AFTER DEFAULT. Upon
default, including failure to pay upon final maturity, the total sum due under
this Note will continue to accrue interest at the interest rate under this
Note.

        

        
           

          
            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.

        

        
          

          Default in Favor of Third Parties.
Borrower or any Grantor defaults under any loan, extension of credit,
security agreement, purchase or sales agreement, or any other agreement, in
favor of any other creditor or person that may materially affect any of
Borrower's property or Borrower's ability to repay this Note or perform
Borrower's obligations under this Note or any of the related
documents.

        

        
           

          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.

        

        
           

          Death or Insolvency. The
dissolution of Borrower (regardless of whether election to continue is made),
any member withdraws from Borrower, or any other termination of Borrower's
existence as a going business or the death of any member, 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.

        

        
           

          Evanto Affooting Guarantor. Any uf Hie
uieueunig events occurs With respect to any Guarantor of any of the indebtedness
or any Guarantor dies or becomes incompetent, or revokes or disputes the
validity of, or liability under, any guaranty of the indebtedness evidenced by
this Note.

           

          
            
              
              

            

            
              
              

              
                

              

            

            
              
              

            

             

            
              PROMISSORY
NOTE

               

              
                
                  Loan
No: 0000000018                (Continued)                    Page
2 

                  
                    
                      

                    

                    
                       

                      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.

                    

                    
                       

                      Insecurity.  Lender
in good faith believes itself insecure.

                    

                    
                       

                      LENDER'S RIGHTS. Upon default,
Lender may declare the entire unpaid principal balance under 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 reasonable costs of such collection.
This includes, subject to any limits under applicable law. Lender's attorneys'
fees and Lender's legal expenses, whether or not there is a lawsuit, including
without limitation 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 federal law applicable to Lender and, to the extent not preempted
by federal law, the laws of the State of Colorado without regard to its
conflicts of law provisions. This Note has been accepted by Lender in the State
of Colorado.

                    

                    
                       

                      CHOICE OF VENUE. If there is a
lawsuit, Borrower agrees upon Lender's request to submit to the jurisdiction of
the courts of Jefferson County, State of Colorado.

                    

                    
                      

                      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 the following collateral described in the
security instrument listed herein: deposit accounts described in an Assignment
of Deposit Account dated February 25, 2008.

                    

                    
                       

                      LOAN FEE. Borrower will pay to
Lender a one-time loan fee in the amount of $250.00, which fee shall be payable
on the date of this Note and represent an unconditional and non-refundable
payment to Lender in consideration of Lender's agreement to enter into this
Note.

                    

                    
                       

                      ADDITIONAL TERM. This
Promissory Note is further governed by the Business Loan Agreement dated
February 25, 2008.

                    

                    
                       

                      CROSS DEFAULT. This Note is
cross-defaulted with any and all other promissory notes or evidence of debt
between Borrower and Lender. An Event of Default under one or more of the
Cross-Defaulted Notes shall be an Event of Default under this Note and an Event
of Default under this Note shall constitute an Event of Default under all of the
Cross-Defaulted Notes, such that a default by Borrower on any one note or
evidence of debt is a default on all notes or evidence of
debt.

                    

                    
                       

                      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.

                    

                    
                       

                      GENERAL PROVISIONS. If any
part of this Note cannot be enforced, this fact will not affect the rest of the
Note. Lender may delay or forgo enforcing any of its rights or remedies under
this Note without losing them. Each Borrower understands and agrees that, with
or without notice to Borrower, Lender may with respect to any other Borrower (a)
make one or more additional secured or unsecured loans or otherwise extend
additional credit; (b) alter, compromise, renew, extend, accelerate, or
otherwise change one or more times the time for payment or other terms of any
indebtedness, including increases and decreases of the rate of interest on the
indebtedness; (c! exchange, enforce, waive, subordinate, fail or decide not to
perfect, and release any security, with or without the substitution of new
collateral; (d) apply such security and direct the order or manner of sale
thereof, including without limitation, any non-judicial sale permitted by the
terms of the controlling security agreements, as Lender in its discretion may
determine; (e) release, substitute, agree not to sue, or deal with any one or
more of Borrower's sureties, endorsers, or other guarantors on any terms or in
any manner Lender may choose; and (f) determine how, when and what application
of payments and credits shall be made on any other indebtedness owing by such
other Borrower. 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.

                       

                       

                      
                        
                          
                          

                        

                        
                          
                          

                          
                            

                          

                        

                        
                          
                          

                        

                         

                        
                          PROMISSORY
NOTE

                           

                          
                            
                              Loan
No: 0000000018                (Continued)                    Page
3 

                              
                                

                              

                              
                                

                                
                                  

                                   

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

                                

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

                                   

                                  BORROWER:

                                   

                                  

                                

                                
                                  LANDPIXX,
LLC 

                                  By:
/s/ CHARLES KILLPACK                                    By:  /s/ NORA
HANNAH

                                  CHARLES
KILLPACK, MANAGER of LANDPIXX, LLC                        NORA
HANNAH, MANAGER of LANDPIXX. LLC

                                

                                
                                  

                                   

                                  
                                    
                                       

                                      PIXXURES,
INC., MEMBER of LANDPIXX, LLC

                                    

                                    
                                      

                                       

                                      By: /s/
CHARLES KILLPACK

                                      CHARLES KILLPACK,
PRESIDENT/CEO of PIXXURES, INC.

                                    

                                    
                                      

                                       

                                      LANDISCOR.
INC.. MEMBER of LANDPIXX. LLC

                                    

                                    
                                      

                                       

                                      By:  /s/ NORA HANNAH

                                      NORA
HANNAH, PRESIDENT/CEO of LANDISCOR, INC.

                                    

                                    
                                      

                                       

                                      /s/
HUGH H. WILLIAMSON III

                                      HUGH
H. WILLIAMSON III, Individually

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