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EXHIBIT 10.7.1
OCTOBER 12, 2005 PROMISSORY NOTE EXTENSION
SECURED BY DEED OF TRUST
$985,000.00
October 12, 2006
Clark County, Nevada
1. FOR VALUE RECEIVED, CONCORDIA LAND, LLC, a Nevada Limited
Liability
Company, ("BORROWER"), promises to pay to the order of ASI
Technology
Corporation., a Nevada Corporation, (the "Lender"), at 980 American
Pacific
Drive, Suite #111, Henderson, NV 89014, or at such other place as
Lender from
time to time may designate, the principal sum of Nine Hundred
Eighty Five
Thousand ($985,000.00) Dollars, which is the outstanding balance of
Promissory
Note dated October 12, 2005 in the amount of $985,000.00.
2. The principal sum outstanding from time to time shall bear
simple
interest at the rate of fifteen percent (15%) per annum. Unless
paid to obtain
partial reconveyance of the lien of the Guaranty, interest shall
not otherwise
be payable until the Maturity Date (as defined below), and will
accrue as simple
interest and not be compounded until that time. Interest shall be
calculated on
the basis of a 365-day year and actual days elapsed.
3. All principal and accrued and unpaid interest shall be due
and
payable no later than six (6) months after the date of this Note
(the "Maturity
Date"). Lender shall receive 0% of the loan amount as the loan
origination fee,
paid upon the Maturity Date.
4. Borrower may prepay some or all of the principal under this
Note,
without penalty or premium.
5. If any of the following "EVENTS OF DEFAULT" occur, any
obligation of
the holder to make advances under this Note shall terminate, and at
the holder's
option, exercisable in its sole discretion, all sums of principal
and interest
under this Note shall become immediately due and payable without
notice of
default, presentment or demand for payment, protest or notice of
nonpayment or
dishonor, or other notices or demands of any kind or character:
(a) Borrower
fails to perform any obligation under this
Note to pay principal or interest when due; or
(b) Borrower
fails to perform any other obligation under
this Note to pay money when due; or
(c) An event
of default occurs, except as provided in
SECTION7 BELOW.
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6. It s
