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Cupertino,
California
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October 22, 2008
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For value
received, the undersigned, CleanTech Biofuels, Inc.
(“Borrower”), hereby promises to pay to the order of
World Waste Technologies, Inc. or its assigns
(“Lender”), $450,000.00 together, with interest from
the date hereof until this Note is fully paid, on the principal
amount hereunder remaining unpaid from time to time, at such rates
as set forth below. All unpaid principal hereof and any unpaid
interest accruing thereon shall be due and payable on the 22
nd day of July, 2009.
The principal
amount outstanding under this Note shall accrue interest daily
(calculated on the basis of the actual number of days elapsed over
a year of 365 days) at the rate of six percent (6.00%) per
annum. Upon the occurrence of an Event of Default (as defined in
the Security Agreement between Borrower and Lender of even date
herewith), and the expiration of any applicable grace period, the
entire unpaid principal balance of this Note will bear interest at
the rate of nine percent (9.00%) per annum, until such time, if
any, as the Event of Default is cured. The interest payable under
this Note shall in no event exceed the maximum rate permissible
under applicable law. All payments on this Note (including, without
limitation, any and all prepayments on this Note, and any and all
proceeds applied to this Note from any foreclosure against the
property that has been pledged as security for this Note) shall be
applied in the following order: (i) first to the accrued and
unpaid costs and expenses under the Note, (ii) then to accrued
but unpaid interest, and (iii) lastly to the outstanding
principal hereunder.
This Note is
secured with the pledge of certain assets of Borrower pursuant to a
Security Agr
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