Exhibit Ref. 10.5
Form SB-2, Amendment No. 2
Mountain Oil, Inc.
SEC File No. 333-37842
PROMISSORY NOTE
$150,000.00 November 1, 200
Roosevelt, Utah
For Value received, the undersigned, Mountain Oil, Inc., the
"borrower", promises to pay to the order of Joseph F. Ollivier,
the "Lender", at 3191 North Canyon Rd., Provo, Utah, or at such
other places as the holder hereof may designate in writing, the
sum of ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000.00) payable,
together both before and after judgment, with interest on the
unpaid balance from the date of this note, until paid in full, at
the rate of twelve (12%) per annum.
The principal and interest shall be paid as follows:
Borrower shall pay all accrued interest, penalties and costs
on or before the 1st day of February 2001. Borrower shall pay
this note in full, including all outstanding principal, accrued
interest, penalties and costs.
Prepayment of this note with interest and any attorney's
fees and costs to date of payment may be made at any time without
penalty.
If the undersigned shall become insolvent or if the holder
deems themselves insecure or if default be made in payment of the
whole or any part of any installment at the time when or the
place where the same becomes due and payable as foresaid, then
the entire unpaid balance, with interest, shall, at the election
of the holder hereof and with our notice of said election at once
become due and payable. In the event of default and
acceleration, the undersigned, agrees to pay to the holder hereof
reasonable attorney's fees, legal expenses, and lawful collection
costs in addition to all other sums due hereunder.
Presentment, demand, protests, notice of dishonor and
extension of time without notice are hereby waived and the
undersigned consents to the release of any security, or any part
thereof, with or without substitution.
DATED this 1st day of November 2000.
MOUNTAIN OIL, INC.
/s/ Craig Phillips, President
E-2
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