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~iW <br />PROFII SSORY NOTE <br />For value received, the undersigned corporation, Randall <br />a Blake, Okla., Inc.,~promises to pay to the order of Randall <br />a Blake, Inc., a Colorado corporation, the principal sum of <br />Eight Hundred Fifty Thousand Dollars ($85D,000.00) with <br />interest thereon from the date of this note at the rate of 0~ <br />per annum. The principal shall be payable in lawful money of <br />the United States at 4901 S. Windermere, Littleton, Colorado <br />80120 (or at such other address or addresses as the holder <br />hereof may designate from time to time in writing). Such sum <br />shall be payable as follows: Four Hundred Thousand Dollars <br />(5400,000.00) on or before the 31st day of D~:cember, 1982. <br />The balance shall be payable in equal monthly consecutive , <br />installments of Thirty-Seven Thousand Five Nundted Dollars <br />(537,500.00) commencing with the ~~day o.f ~pr°,,,~~, <br />198, with a like amount to be paid each month therafter on <br />or before the same day of the month for twelve consecutive <br />months. <br />This note shall be secured by a security agreement of <br />even date herewith executed by the undersigned on certain <br />properties situate in the State of Oklahoma. <br />It is agreed that the occurance of any of the following <br />events shall constitute an event of default and upon the <br />occurance of any event of default, the entire balance due on <br />said note shall be accelerated and immediately due: <br />1. The mortgaging, encumbrancing, assigning or transfer- <br />ing of any coal leases currently held by Randall i Hlake, Okla., <br />Inc., except for the Doby Lease, Eysler Lease and Adams Lease.' <br />2. The failure of the makers to make any payment herein- <br />above provided for at the time it is due. <br />3. The failure of the makers hereof to adequately maintain <br />~~ the equipment, which is listed in the security agreement made on <br />this date. <br />(((YYY 4. The filing by the makers of any voluntary or involuntary <br />proceeding under the bankruptcy laws of the United States and/or <br />$v the appointment of a receiver or the maker by any court of <br />;~~ competent jurisdiction. <br />M <br />~~ <br />