Document:

exh10-25.htm

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT 10.25

 

 

 

 

 

  

  

  

PROMISSORY NOTE

 

	Aspen, Colorado	December 16, 2005	$258,956.40

 

 

FOR VALUE RECEIVED, in installments as hereinafter provided, without grace, waiving notice, protest, suit and demand, the undersigned (the "Borrower"), promises to pay to the order of MFPI Partners, LLC, a Delaware limited liability company (the "Payee”), at its address of 320 West Main Street, Aspen, Colorado 81611, the sum of TWO HUNDRED FIFTY EIGHT THOUSAND NINE HUNDRED FIFTY-SIX AND 40/100 DOLLARS ($258,956.40), in legal tender money of the United States, with interest thereon from the date hereof until default or maturity at a per annum rate equal to 12 percent. Interest shall be computed on the basis of a year of 360 days, consisting of 12 months of 30 days each, but to the extent such computation of interest might cause the rate of interest borne by this Note to exceed the Maximum Rate (as hereinafter defined), such interest shall be computed on the basis of a 365 day or 366 day year, as the case maybe.

 

All past due principal and interest on this Note shall bear interest after maturity (whether by acceleration or otherwise) until paid at an interest rate per annum which, from day to day, shall be equal to the lesser of (i) the Maximum Rate or (ii) the rate of 18 percent per annum.

 

The principal amount of this Note and all accrued and unpaid interest hereon shall be payable in full on February 21, 2006. The Borrower may prepay all or any part of this Note at anytime without penalty.

 

It is understood and agreed that failure to pay any amount on this Note when due shall at the election of the Payee mature without notice, demand or presentment, the entire principal balance of this Note then unpaid. If the Payee requires the services of an attorney to enforce the payment of this Note, or if this Note is collected through any law suit, probate, bankruptcy or other judicial proceeding, the Borrower agrees to pay the Payee all court costs, reasonable attorney’s fees and expenses, and other collection costs incurred by the Payee.

 

The extension of time of payment of any amount due hereon, or this entire Note, at any time or times shall not operate to release the security for this obligation or any person liable hereon in any manner. All makers, signers, guarantors, sureties and endorsee severally waive (to the extent permitted by law) diligence, demand, notice, presentment, notice of intention to accelerate notice of acceleration, protest and notice of dishonor. Failure of the Payee to exercise any right given to it hereunder shall not be deemed laches or a waiver thereof, but any such right shall be exercised by the Payee at any time after default by any person hereon and against any security or person liable hereon.

 

The Borrower and the Payee intend to conform strictly to the applicable federal or state usury laws now or hereafter in force with respect to this Note.  To such end (i) the aggregate of all interest and other charges constituting interest under such applicable usury laws and contracted for,

 

  

  

  

chargeable or receivable under all documents and instruments now or hereafter executed in connection with this Note shall never exceed the maximum amount of interest, nor produce a rate in excess of the maximum contract rate of interest that the Payee is authorized to charge the Borrower under such applicable usury laws (the "Maximum Rate"); (ii) if any excess interest is provided for, it shall be deemed a mistake, and the excess shall, at the option of the Payee, either be refunded to the Borrower or credited on the unpaid principal balance of this Note, and this Note shall be automatically reformed to permit for only the collection of interest computed at the Maximum Rate; (iii) in determining the maximum amount of interest that the Payee may charge to the Borrower, all interest shall be amortized, prorated, allocated and spread over the entire term of this Note to the full extent permitted by applicable federal or state law; and (iv) in the event that this Note is prepaid or the maturity is accelerated, unearned interest shall be cancelled and, if theretofore paid, shall at the option of the Payee, either be refunded to the Borrower or credited on the unpaid balance of this Note.

 

This is the Note referred to in, and is entitled to the rights and benefits of, a Deed of Trust dated as of the date hereof from the Borrower to the Payee, and is entitled to the benefits and terms thereof, each of which are incorporated herein by this reference. Without limiting the foregoing, any breach by the Borrower of any of the terms of the Deed of Trust shall entitle the Payee to mature without notice, demand or presentment, the entire principal balance of this Note then unpaid.

 

This Note shall be construed in accordance with the applicable laws of the State of Colorado and the laws of the United States of America applicable to transactions the State of Colorado.

 

EXECUTED the day and year first above written.

 

CALAIS RESOURCES, INC.

By:     /s/ Thomas S. Hendricks                                                   

Thomas S. Hendricks, President

 

 

 

 

 

2exh10-26.htm

 

 

 

 

 

 

 

 

 

EXHIBIT 10.26

 

 

 

 

 

 

  

  

  

 

VACANT LAND CONTRACT

TO BUY AND SELL REAL ESTATE

 

 

9/21              , 2005

 

1.        PARTIES AND PROPERTY       Calais Resource, Inc              [Buyer] agrees to buy, and the undersigned seller [Seller], agrees to sell, on the terms and conditions set forth in this contract, the following described real estate in the County of Boulder              , State of Colorado, to wit:

 

Congo Chief Lode Mining Claim, Survey No. 20305, embracing a portion of Sections 4 and 5, 

In Township 1 South, Range 73 West of  the 6th P.M., in the Grand Island Mining District, 

County of Boulder, State of Colorado

Known as   Caribou Road, Nederland, CO 

 

together with all casements and other appurtenances thereto, all improvements thereon and all attached fixtures thereon, if any (collectively the Property).

 

2.         PURCHASE PRICE AND TERMS. The purchase price shall be $  280.000   , payable U S. dollars by Buyer as follows:

 

(a)          Earnest Money. $          1,000.00                in the form of check  as earnest money deposits and part payment of the purchase price, payable to and held byFirst Colorado Title, Company, LLC, in its trust account on behalf of both Seller and Buyer.

 

The balance of $    279,000  ( purchase price, less earnest money), plus closing costs, to be paid by  Buyer at closing in funds which comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified check, savings and loan teller's check, and cashier's check (Good Funds).

 

3.  NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller’s prior written consent.

 

4.  EVIDENCE OF TITLE. Seller shall furnish to Buyer, at Seller’s expense, a current commitment for owner's title insurance policy in an amount equal to the purchase price on or beforeSeptember 21, 2005.  Buyer may require of Seller that copies of instruments (or abstracts of Instruments) listed in the schedule of exceptions in the title insurance commitment be furnished to Buyer at Seller's expense. This requirement shall pertain only to instruments shown of record in the office of the clerk and recorder of the designated county or counties. The title insurance commitment, together with any copies or abstracts of instruments furnished pursuant to this Section 4, constitute the title documents (Title Documents). Buyer shall request Seller in writing to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than 7 calendar days after receipt by Buyer of the Title Commitment. Seller will pay the premium at closing and have the title Insurance policy delivered to Buyer as soon as practicable after closing.

 

5.  TTTLE

 

(a)  Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of unmerchantability of title shown by the Title Documents shall be signed given to Seller on or before 14 calendar days after receipt by Buyer of the Title Documents. If Seller does not receive Buyer’s notice of unmerchantability of title by the date specified above, Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory.

 

(b)  Right to Cure. If Seller receives notice of unmerchantability of title as provided in subsection (a) above, Seller shall use reasonable effort to correct said unsatisfactory title condition(s) prior to the date of closing.  If Seller fails to correct said unsatisfactory title condition(s) on or before the date of closing, this contract shall then terminate unless Buyer waives or withdraws objection to said unsatisfactory title condition(s) in writing on or before closing.

 

6.         DATE OF CLOSING. The date of closing shall be  October 31, 2005 or by mutual agreement at an earlier date.  The hour and place of closing shall be as designated by Seller .

 

  

  

  

 7.         TRANSFER OF TITLE. Subject to tender or payment on closing as required herein and compliance by Buyer with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient Personal Representative’s deed to Buyer on closing, conveying the Property free and clear of all taxes except the general taxes for the year of closing.

8.          CLOSING COSTS, DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their respective closing costs and all other items required to be paid at closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or required documents at or before closing.  Fees for real estate closing services shall be paid at closing 1⁄2 by Buyer and 1⁄2 by Seller .  The local transfer tax of 1/10 of 1% of the purchase price shall be paid at closing 1⁄2 by Buyer and 1⁄2 by Seller.

 

9.          PRORATIONS. General taxes for the year of closing, based on the taxes for the calendar year immediately preceding closing shall be prorated to date of closing.

 

10.          POSSESSION.  Possession of the Property shall be delivered to Buyer upon completion of the sale at closing.

11.          CONDITION OF PROPERTY.  The Property shall be delivered to the Buyer in the condition existing as of the date of this contract.  If the Property is not in the condition existing as of the date of this contract, either party may terminate this contract.

 

12.          TIME OF ESSENCE/REMEDIES.  Time is of the essence hereof.  If any note or check received as earnest money hereunder or any other payment thus hereunder is not paid, honored or rendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies:

 

(a)    IF BUYER IS IN DEFAULT:

Liquidated Damages.

All payments received hereunder shall be forfeited by Buyer and retained on behalf of the Seller and both parties shall thereafter be released from all obligations hereunder.  It is agreed that such payments are LIQUIDATED DAMAGES and are SELLER’S SOLE AND ONLY REMEDY for Buyer’s failure to perform the obligations of this contract.  Seller expressly waives the remedies of specific performance and additional damages.

 

(b)    IF SELLER IS IN DEFAULT:

Buyer may elect to treat this contract as cancelled, in which case all payments received hereunder shall be returned, or Buyer may elect to treat this contract as being in full force and effect and Buyer shall have the right to specific performance but not damages.

 

(c)    COSTS AND EXPENSES

Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation arising out of this contract, the arbitrator or court shall award to the prevailing party all reasonable cost and expenses including attorney fees.

 

13.          EARNEST MONEY DISPUTE.  Notwithstanding any termination of this contract, Buyer and Seller agree that, in the event of any controversy regarding the earnest money held by closing agent, unless mutual written instructions are received by the holder of earnest money, closing agent shall not be required to take any action but may await any proceeding, at closing agent’s option and sole discretion, may interplead all parties and deposit any moneys into a court of competent jurisdiction and shall recover court costs and reasonable attorney fees.

 

14.          TERMINATION.  In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the parties shall be relieved of all obligations hereunder.

 

  

  

  

 

15.          NOTICE TO BUYER.  Any notice to Buyer shall be effective when received by Buyer.

 

16.          NOTICE TO SELLER.  Any notice to Seller shall be effective when received by Seller.

 

17.          MODIFICATION OF THIS CONTRACT.  No subsequent modification of any of the terms of this contract shall be valid, binding upon the parties, or enforceable unless made in writing and signed by the parties.

 

18.          ENTIRE AGREEMENT.  This contract constitutes the entire contract between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this contract.

 

19.          ELECTRONIC COPIES.  As an alternative to physical delivery, any signed document and written notice may be delivered in electronic form by facsimile or email.  Documents with original signatures shall be provided upon request of any party.

 

20.          NOTICE OF ACCEPTANCE: COUNTER PARTS.  This proposal shall expire unless accepted, in writing, by Buyer and Seller, as evidence by their signatures below, on or before     September 21, 2005    .  If accepted this document shall become a contract between Seller and Buyer.  A copy of this document may be executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties.

 

	BUYER	 	 	SELLER	 
	 	 	 	 	 
	CALAIS RESOURCES, INC.	 	 	THE ESTATE OF JOHN W. SNYDER	 
	 	 	 	 	 
	
/s/

	 	 	
/s/ Steve Snyder

	 
	
 

	 	 	
Steve Snyder, Personal Representative

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