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COGNOVIT PROMISSORY NOTE
OF
JOHN D. OIL AND GAS
COMPANY
For value
received, the undersigned, promises to pay to the order of Great
Plains Exploration, LLC (“Maker”) the principal sum of
six hundred thousand dollars ($600,000.00)
with interest payable at the rate of 8.0% per
year. Principal is payable in the amount of one hundred
thousand dollars ($100,000.00 ) per month plus accrued but
unpaid interest on the twenty-fifth date of each month beginning on
May 25, 2009. This Note replaces a $600,000 cognovit
promissory note issued by Maker to John D. Oil and Gas Company on
February 13, 2009, which note is hereby cancelled.
The
indebtedness evidenced hereby may be prepaid in whole or in part at
any time without penalty or notice.
Notwithstanding
anything to the contrary which may be provided for, or implied by,
the other terms of this Note, the entire principal balance,
together with all accrued and unpaid interest and any other
charges, advances and fees, if any, outstanding hereunder, shall be
due and payable in full on demand if the maker is more than thirty
(30) days in arrears under this Note.
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