THIS AGREEMENT, dated this 13th day of June, 2003 between AspenBio, Inc., a Colorado corporation
"Borrower" whose address is 1585 S. Perry Street, Castle Rock, CO 80104, and Front Range Regional
Economic Development Corporation, a Colorado non-profit corporation, the "Lender," having its principal office
at 730 17th Street, Suite lA, Denver, Colorado 80202.
WHEREAS, the Borrower has applied to the Lender for a loan for the purpose of acquiring physical plant and/or
capital equipment (the "Acquisition Assets"), and
WHEREAS, the Lender is willing to sell a Debenture (the "Debenture"), the proceeds of which Debenture will be
used to make such a loan to the Borrower on the items and conditions hereinafter set forth;
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties
hereto agree as follows:
1.01 The Loan. Note and Rate. Subject to the terms and conditions of this Agreement and the SBA
Authorization and Debenture Guaranty Agreement No. CDC 461,892-40-00-DEN (the "Debenture Guaranty
Agreement"), the Lender hereby agrees to loan to the Borrower, and the Borrower hereby agrees to borrow
from the Lender and repay the Lender, or its assigns, the amount of $1 ,300,000.00 (the "Loan"). The obligation
of the Borrower to repay the Loan shall be evidenced by a promissory note (the "Note") of the Borrower in the
form of Exhibit A attached hereto dated as of the date on which the Loan is made (the "Closing Date") payable to
the order of the Lender as determined at the time when the Debenture of the Lender in the amount of
$1,300,000.00 is sold pursuant to the Debenture Guaranty Agreement.
1.02 The Term and Repayment. The term of the Loan shall be 20 years, and the Note shall be repayable in 240
equal consecutive monthly installments. The first monthly installment shall be due and payable on August 1, 2003.
All payments shall be applied first to (a) the servicing fee set forth in the Servicing Agen