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1. The printed portions of this form,except differentiated additions,have been approved by the Colorado Real Estate
<br /> 2. Commission.
<br /> 3.
<br /> 4. IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION,CONSULT LEGAL COUNSEL.
<br /> 5. THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD,LEGAL,TAX OR OTHER COUNSEL SHOULD
<br /> 6. BE CONSULTED BEFORE SIGNING.
<br /> 7.
<br /> 8. PROAUSSORY NOTE
<br /> 9.
<br /> 10. U.S. $_75,000.00
<br /> 11. Colorado
<br /> 12.
<br /> 13.
<br /> 14. Date:June 13,2012
<br /> 15.
<br /> 16. 1. FOR VALUE RECEIVED,the undersigned(Borrower)promise(s)to pay Michael R.ThLgL4g ll (Note Holder)or order,
<br /> 17. the principal sum o€Sevyuar-Fivq 1iousand Dollars,with interest on the unpaid principal balance from June 13,2012,
<br /> is. until paid,at the rate of Nine percent(9%)per annum. Interest on the principal amount of$75,000,00 for 24 months in the
<br /> 19. amount of$13,500.00 shall be paid by Borrower from loan proceeds. The unpaid principal balance is due and payable 24 months
<br /> 20. after date. If not paid when due,the unpaid principal balance together with interest at the rate of Nine percent(9%)per annum,
<br /> 21. shall be paid in thirty(30)annual payments of$7,241.64 per annum,the first payment of principal and interest being due
<br /> 22. June 13,2014. Such payments shall continue until the entire indebtedness,evidenced by this Note,is fully paid;provided,
<br /> 23. however, Knot sooner paid,the entire principal balance outstanding and accrued interest thereon,shall be due and payable on
<br /> 24. June 13,2044.
<br /> 25.
<br /> 26. 2. Borrower shall pay to Note Holder a late charge of 5%of any payment not received by Note Holder within 30 days after
<br /> 27. the payment is due,
<br /> 28.
<br /> 29. 3, Payments received for application to this Note shall be applied first to the payment of late charges,if any,second to the
<br /> 30. payment of accrued interest at the default rate specified below,if any,third to accrued interest specified above,and the balance
<br /> 31. applied in reduction of the principal amount hereof.
<br /> 32.
<br /> 33. 4. If any payment required by this Note is not paid when due,or if any default under any deed of Trust securing this Note
<br /> 34. Occurs,the entire principal amount outstanding and accrued interest thereon shall at once become due and payable at the option
<br /> 35. Of the Note Holder(Acceleration);and the indebtedness shall bear interest at the rate of 12%per annum from the date
<br /> 36. Of default, Note Holder shall be entitled to collect all reasonable costs and expenses of collection and/or suit,including,but not
<br /> 37. Limited to reasonable attorneys'fees.
<br /> 38.
<br /> 39. 5. Borrower may prepay the principal amount outstanding under this Note,in whole or in part,at any time without penalty
<br /> 40, Except-NO EXCEPTIONS
<br /> 41.
<br /> 42.
<br /> 43.
<br /> 44.
<br /> 45.
<br /> 46. Any partial prepayments shall be applied against the principal amount outstanding and shall not postpone the due date of any
<br /> 47. Subsequent payments or change the amount of such payments.
<br /> 48,
<br /> 49. 6. Borrower and all other makers,sureties,guarantors,and endorsers hereby waive presentment,notice of dishonor and
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