Exhibit 10.83
PROMISSORY NOTE AND SECURITY
AGREEMENT
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U.S.
$390,000.00
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Lakewood, Colorado
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Due Date:
Ninety Days from Execution Date
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Date Executed: July 17,
2008
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1. FOR VALUE RECEIVED, the
undersigned Borrower, VCG Holding Corp., promises to pay Vali
Lowrie-Reed or order, (Note Holder) the principal sum of Three
Hundred Ninety Thousand ($390,000.00) U.S. Dollars, at an annual
interest rate of 10.00%, including an initial fee of 2%, which
equals the sum of Eight Thousand ($8,000.00) U.S. Dollars. This
Note shall be due and payable at the date set forth above. Interest
shall be due and payable monthly at 418 Royal Meadows Court, Santa
Rosa, CA 95404, or at such other address as is provided in writing
by Note Holder.
2. Payments received for application
to this Note shall be applied first to the payment of accrued
interest at the rate specified below, if any, second, to accrued
interest first specified above, and the balance applied in
reduction of the principal amount owed.
3. If any payment required by this
Note is not paid when due, or if any default under this Note
occurs, the entire principal amount outstanding and accrued
interest thereon shall at once become due and payable at the option
of the Note Holder (Acceleration); and the indebtedness shall bear
interest at the rate of fifteen percent (15%) per annum from
the date of default. The Note Holder shall be entitled to collect
all reasonable costs and expense of collection and/or suit,
including, but not limited to reasonable attorneys’
fees.
4. Borrower may prepay the principal
amount outstanding under this No
