FOR VALUE RECEIVED, and at the times hereinafter specified, the undersigned (“Maker”) hereby
promises to pay to the order of SAFE HARBOR BUSINESS DEVELOPMENT COMPANY (hereinafter
referred to, together with each subsequent holder hereof, as “Holder”), at 1440 Blake Street, Suite 310, Denver,
Colorado 80202, or at such other address as may be designated from time to time hereafter by any Holder, the
principal sum of TWO HUNDRED AND FIFTY THOUSAND AND NO/100THS DOLLARS
($250,000.00), or so much thereof as shall have been advanced to or for the benefit of Maker, together with
interest on the principal balance outstanding from time to time, as hereinafter provided, in lawful money of the
United States of America.
The term of this note shall commence as of the date hereof and, if not sooner paid, the entire unpaid principal
indebtedness, all accrued and unpaid interest, and all other sums payable in connection with this note shall be due
and payable on January 23, 2008 (the “Maturity Date”). Notwithstanding the foregoing sentence, the maturity
date of this note may be extended at the option of Maker for a period of one year following the Maturity Date
provided Holder receives a renewal fee equal to 1.5% of the then outstanding principal balance due. In no event
shall the maturity date of this note be later than January 23, 2009.
During the period commencing on the date hereof and continuing until this note is paid in full, (a) interest on the
principal balance of this note shall accrue at the rate of 15% per annum and (b) interest payments shall be made
every 90 days, beginning 90 days for the date hereof. Interest shall be computed on the basis of a 360-day year,
calculated for the actual number of days elapsed.
Whenever any payment to be made hereunder is due on a day other than a Business Day, such payment may
be made on the next succeeding Business Day, and such extension of time shall in such case be included in the
computation of paym