Document:

Exhibit 10.2

 

Associated Bank

 

PROMISSORY NOTE

	
  Borrower:

  	
  SOUTHWEST
  CASINO AND HOTEL CORP.

  	
  Lender:

  	
   

  	
  ASSOCIATED BANK MINNESOTA,

  
	
   

  	
  2001
  KILLEBREW DRIVE #306

  MINNEAPOLIS, MN 55425

  	
   

  	
  NATIONAL ASSOCIATION

  1801 RIVERSIDE AVENUE

  MINNEAPOLIS, MN 55454

  	
   

  

 

	
  Principal Amount:
  $450,000.00

  	
   

  	
  Initial Rate: 6.250%

  	
   

  	
  Date of Note: January 19,
  2005

  

 

PROMISE
TO PAY. SOUTHWEST CASNO AND HOTEL CORP. (“Borrower”) promises to pay to ASSOCIATED
BANK MINNESOTA,+ NATIONAL ASSOCIATION (“Lender), or order, in lawful money of
the United States of America, the principal amount of Four Hundred Fifty
Thousand & 00/100 Dollars ($450,000.00) or so much as may be outstanding. Together
with interest on the unpaid outstanding
principal balance of each advance. Interest shall be calculated from the date
of each advance until repayment of each advance.

 

PAYMENT.
 Borrower will pay this loan in one
payment of all outstanding principal plus all accrued unpaid interest on April
15, 2005. In addition, Borrower will pay regular monthly payments of all accrued
unpaid interest due as of each payment date, beginning February 19, 2005, with
all subsequent interest payments to be due on the same day of each month after
that. Unless otherwise agreed or required by applicable law, payments will be
applied first to any accrued unpaid interest; then to principal; 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.

 

VARIABLE
INTEREST RATE. The interest rate on
this Note is subject to change from time to time based on changes in an index
which is the LENDERS PRIME RATE (the “Index). This is the rate Lender charges,
or would charge on short-term unsecured loans to its most creditworthy commercial
customers. This rate may or may not be the lowest rate available from Lender at
any given time. Lender will tell Borrower the current Index rate upon Borrower’s
request. The interest rate change will not occur more often than each DAY.
Borrower understands that Lender may make loans based on other rates as well.
The index currently is 5.250% per annum. The interest rate to be applied to the
unpaid principal balance of this Note will be at a rate of 1.000 percentage
point over the Index, adjusted if necessary for any minimum and maximum rate
limitations described below, resulting in an initial rate of 6.250% per annum.
Notwithstanding the foregoing, the variable interest rate or rates provided for
in this Note will be subject to the following minimum and maximum rates.
NOTICE: Under no circumstances will the interest
rate on this Note be less than 5.000% per annum or more than the maximum rate
allowed by applicable law.

 

PREPAYMENT. 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 of accrued unpaid
interest.  Rather, early payments will
reduce the principal balance due. 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:
ASSOCIATED BANK, P.O. BOX 19097, GREEN BAY, WI 
54307-9097.

 

LATE CHARGE.  If a payment is 11
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, Lender, at its option, may, if permitted under applicable law,
increase the variable interest rate on this Note to 6.000 percentage points over
the Index. The interest rate will not 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.

 

 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 Borrowers 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.

 

                                                          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.

 

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 s impaired.

 

Insecurity. Lender in good
faith believes itself insecure.

 

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 that amount. This 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, 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 Minnesota. This Note has been accepted by Lender in the
State of Minnesota.

 

DISHONORED
ITEM FEE. Borrower will pay a fee to Lender of $25.00 if Borrower makes a
payment on Borrower’s loan and the check or preauthorized charge with which
Borrower pays is later dishonored.

 

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 setotf rights provided in this paragraph.

 

COLLATERAL.
Borrower acknowledges this Mote is secured by all security agreements,
guarantees, mortgages, and other security instruments previously granted,
contemporaneously granted, and granted in the future.

 

LINE
OF CREDIT. This Note evidences a revolving line of credit. Up to the principal
amount of this Note and subject to the terms and conditions hereof, Borrower
may borrow, repay, and re-borrow.  Advances under this Note, as well as
directions for payment from Borrower’s accounts, may be requested orally or in
writing by Borrower or by an authorized person. Lender may, but need not,
require that all oral requests be confirmed in writing. Borrower agrees to be
liable for all sums either: (A) advanced in accordance with the instructions of
an authorized person or (B) credited to any of Borrower’s accounts with Lender.
The unpaid principal balance owing on this Note at any time may be evidenced by
endorsements on this Note or by Lender’s internal records, including daily
computer print-outs. Lender will have no obligation to advance funds under this
Note if: (A) Borrower or any guarantor is in default under the terms of this
Note or any agreement that Borrower or any guarantor has with Lender, including
any agreement made in connection with the signing of this Note; (B) Borrower or
any guarantor ceases doing business or is insolvent; (C) any guarantor seeks,
claims or otherwise attempts to limit, modify or revoke such guarantor’s
guarantee of this Note or any other loan with Lender; (D) Borrower has applied
funds provided pursuant to this Note for purposes other than those authorized
by Lender; or (E) Lender in good faith believes itself insecure.

 

 

LETTER
OF CREDIT LIMITATION. In the event Lender either contemporaneously or hereafter
issues a Letter of Credit on behalf of Borrower (“Credit”), the amount of such
Credit, or the aggregate amount of all such Credits, shall be applied against
the available credit under this Note. 
Such limitation on available credit shall continue as long as Lender is
obligated under any outstanding Credit.

 

    INITIAL NOTE RATE PROVISiON. The Initial Note Rate is as of
JANUARY 14, 2005.

 

FINANCIAL
STATEMENT. Borrower shall furnish to Lender annual financial statements within
90 days following the close of Borrower’s fiscal or calendar year, as applicable,
and such other financial information respecting Borrower at such times and in
such form as Lender may request from time to time. In addition to being an
Event of Default, Borrower shall pay Lender a $25.00 fee for failure to provide
the financial statements within said 90 days or failure to provide such other
financial information within 30 days of the request therefore. The $25.00 fee
shall continue to be imposed thereafter for each additional 30 day period or
part thereof, that the financial statements or other financial information have
not been provided to Lender. If Borrower does not reimburse Lender for the fees
imposed by this section on demand therefore, Lender may add the fees to the
loan balance outstanding.

 

OTHER
LOAN AGREEMENTS. If Borrower and Lender have either previously or
contemporaneously entered into a Loan Agreement, it is agreed that this Note is
subject to the terms and conditions of such Loan Agreement. For purposes of
this provision, Loan Agreement shall include, but not be limited to, a Business
Loan Agreement, Agricultural Loan Agreement, Construction Loan Agreement, any
other LASER PRO Loan Agreement, and/or any attorney drafted lending agreement.

 

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. 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.

 

                                                          SECTION
DISCLOSURE. This loan is made under Minnesota Statutes, Section 48.1 95.

 

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

 

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

 

BORROWER:

 

 

SOUTHWEST
CASINO AND HOTEL CORP.

 

 

	
  By

  	
   

  
	
   

  	
  THOMAS
  E. FOX, Chief Financial Officer of

  
	
   

  	
  SOUTHWEST
  CASINO AND HOTEL CORP.Exhibit
10.3

 

Associated Bank

PROMISSORY NOTE

	
  Borrower:

  	
  SOUTHWEST
  CASINO AND HOTEL CORP.

  	
  Lender:

  	
  ASSOCIATED
  BANK MINNESOTA,

  
	
   

  	
  2001
  KILLEBREW DRIVE #350

  	
   

  	
  NATIONAL
  ASSOCIATION

  
	
   

  	
  MINNEAPOLIS.
  MN 55425

  	
   

  	
  1801
  RIVERSIDE AVENUE

  MINNEAPOLIS. MN 55454

  

          Principal Amount: $450,000.00       Initial Rate: 6350%       Date of Note: April 15, 2005

 

PROMISE TO PAY. SOUTHWEST CASINO AND HOTEL CORP. (“Borrower”)
promises to pay to ASSOCIATED BANK MINNESOTA, NATIONAL ASSOCIATION (“Lender”),
or order, in lawful money of the United States of America, the principal amount
of Four Hundred Fifty Thousand & 00/100 Dollars ($450,000.00) or so much as
may be outstanding, together with interest on the unpaid outstanding principal
balance of each advance. Interest shall be calculated from the date of each
advance until repayment of each advance.

 

PAYMENT. Borrower will pay this loan in one payment of all
outstanding principal plus all accrued unpaid interest on May 5, 2006. In
addition, Borrower will pay regular monthly payments of all accrued unpaid
interest due as of each payment date, beginning May 15, 2005, with all
subsequent interest payments to be due on the same day of each month after
that. Unless otherwise agreed or required by applicable law, payments will be
applied first to any accrued unpaid interest; then to principal; 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 Lenders address shown above or at such other place as Lender
may designate in writing.

 

VARIABLE INTEREST RATE. The interest rate on this Note is
subject to change from time to time based on changes in an index which is the
Lenders Prime Rate (the “Index”). This is the rate Lender charges, or would
charge, on short-term unsecured loans to its most creditworthy commercial
customers. This rate may or may not be the lowest rate available from Lender at
any given time. Lender will tell Borrower the current Index rate upon Borrowers
request. The interest rate change will not occur more often than each DAY.
Borrower understands that Lender may make loans based on other rates as
well.   The Index currently is 5.750% per annum. The
interest rate to be applied to the unpaid principal balance of this Note will
be at a rate of 1.000 percentage point over the index, adjusted if necessary
for any minimum and maximum rate limitations described below, resulting in an
initial rate of 6.750% per annum. Notwithstanding the foregoing, the variable
interest rate or rates provided for in this Note will be subject to the
following minimum and maximum rates. NOTICE: Under no circumstances will the
interest rate on this Note be less than 5.000% per annum or more than the
maximum rate allowed by applicable law.

 

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 Borrowers obligation to continue to make payments of
accrued unpaid interest. Rather, early payments will reduce the principal
balance due. 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: ASSOCIATED BANK, P.O. BOX 19097 GREEN BAY, WI 54307-9097.

 

LATE CHARGE. If a payment is 11 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, Lender, at its option, may, if permitted under
applicable law, increase the variable interest rate on this Note to 6.000
percentage points over the Index. The interest rate will not 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.

 

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 Borrowers
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.

 

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.

 

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.

 

Insecurity. Lender in good faith believes itself insecure.

 

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 that amount. This 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, 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 Minnesota.
This Note has been accepted by Lender in the State of Minnesota.

 

DISHONORED ITEM FEE. Borrower will pay a fee to Lender of
$25.00 if Borrower makes a payment on Borrower’s loan and the check or
preauthorized charge with which Borrower pays is later dishonored.

 

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
all security agreements, guarantees, mortgages, and other security instruments
previously granted, contemporaneously granted, and granted in the future.

 

LINE OF CREDIT. This Note evidences a revolving line of credit.
Up to the principal amount of this Note and subject to the terms and conditions
hereof, Borrower may borrow, repay, and re-borrow. Advances under this Note, as
well as directions for payment from Borrower’s accounts, may be requested
orally or in writing by Borrower or by an authorized person. Lender may, but
need not, require that all oral requests be confirmed in writing. Borrower
agrees to be liable for all sums either: (A) advanced in accordance with the
instructions of an authorized person or (B) credited to any of Borrower’s
accounts with Lender. The unpaid principal balance owing on this Note at any
time may be evidenced by endorsements on this Note or by Lender’s internal
records, including daily computer print-outs. Lender will have no obligation to
advance funds under this Note if: (A) Borrower or any guarantor is in default
under the terms of this Note or any agreement that Borrower or any guarantor
has with Lender, including any agreement made in connection with the signing of
this Note; (B) Borrower or any guarantor ceases doing business or is insolvent;
(C) any guarantor seeks, claims or otherwise attempts to limit, modify or
revoke such guarantor’s guarantee of this Note or any other loan with Lender;
(D) Borrower has applied funds provided pursuant to this Note for purposes
other than those authorized by Lender; or (E) Lender in good faith believes
itself insecure.

 

LETTER OF CREDIT LIMITATION. In the event Lender either
contemporaneously or hereafter issues a Letter of Credit on behalf of Borrower (“Credit”),
the amount of such Credit, or the aggregate amount of all such Credits, shall
be applied against

 

 

the available credit under this Note.  Such limitation on available credit shall
continue as long as Lender is obligated under any outstanding Credit.

 

INITIAL NOTE RATE PROVISION. The Initial Note Rate is as of
APRIL 15, 2005.

 

FINANCIAL STATEMENT. Borrower shall furnish to Lender
annual financial statements within 90 days following the close of Borrower’s
fiscal or calendar year, as applicable, and such other financial information
respecting Borrower at such times and in such form as Lender may request from
time to time. In addition to being an Event of Default, Borrower shall pay
Lender a $25.00 fee for failure to provide the financial statements within said
90 days or failure to provide such other financial information within 30 days
of the request therefore. The $25.00 fee shall continue to be imposed
thereafter for each additional 30 day period or part thereof, that the financial
statements or other financial information have not been provided to Lender. If
Borrower does not reimburse Lender for the fees imposed by this section on
demand therefore, Lender may add the fees to the loan balance outstanding.

 

OTHER LOAN AGREEMENTS. If Borrower and Lender have either
previously or contemporaneously entered into a Loan Agreement, it is agreed
that this Note is subject to the terms and conditions of such Loan Agreement.
For purposes of this provision, Loan Agreement shall include, but not be
limited to, a Business Loan Agreement, Agricultural Loan Agreement,
Construction Loan Agreement, any other LASER PRO Loan Agreement, and/or any
attorney drafted lending agreement.

 

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. 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.

 

SECTION DISCLOSURE. This loan is made under Minnesota Statutes,
Section 48.195.

 

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

 

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

 

BORROWER:

 

 

SOUTHWEST CASINO AND HOTEL CORP.

 

 

	
  By:

  	
   

  
	
   

  	
  JEFF HALPERN,
  CHAIRMAN & ASST SECRETARY

  
	
   

  	
  SOUTHWEST CASINO AND
  HOTEL CORP.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]