RECEIVED, Wits Basin Precious Minerals Inc., a corporation organized and
existing under the laws of the State of Minnesota (the “Maker”), hereby
unconditionally promises to pay to [Name], or its successors and assigns (the
“Payee”), at [Address],
or such other place as may be designated by the Payee, on or before September 9,
2009 (the “Maturity
Date”), the principal sum of [Amount] (the “Principal”). Simple
interest shall accrue on the Principal at a rate of three percent
payments of this Note, when paid, shall be applied first to the payment of
Principal and the balance, if any, shall be applied to reduction of the unpaid
interest. Maker may prepay this Note in full or in part at any time
and from time to time without premium or penalty.
payment obligations under this Promissory Note are unsecured. If this
Promissory Note is placed in the hands of an attorney for collection, the holder
shall be entitled to recover reasonable and necessary collection costs,
including reasonable and necessary attorney’s fees.
hereby waives presentment for payment, notice of dishonor, protest, notice of
protest, and diligence in collection, and consents that the time of payment on
any amount due under this Promissory Note may be extended by the holder without
otherwise modifying, altering, releasing, affecting, or limiting the liability
of the Maker. Maker agrees to assert no defenses against payment of
this Promissory Note except for actual payment thereof.
terms, conditions and provisions of this Promissory Note shall be construed and
enforced according to the laws of the State of Minnesota.
WITNESS WHEREOF, the duly authorized officer of Maker has caused this Promissory
Note to be executed on the date first written above.