NATURE VISION, INC.
DEMAND PROMISSORY NOTE
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<TYPE>EX-10.1
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<FILENAME>nrvn074341_ex10-1.htm
<DESCRIPTION>DEMAND PROMISSORY NOTE
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<TITLE>Exhibit 10.1 to Nature Vision, Inc. Form 8-K dated October 19, 2007 </TITLE>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><b><font size=3>Exhibit 10.1</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><B><font SIZE=3>DEMAND PROMISSORY NOTE</font></B></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="100%" style='border-collapse:collapse'>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>$1,000,000</font></p> </td>
        <td width="50%" valign=top>
            <p style='margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt'><font size=2>October&nbsp;19, 2007</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>FOR VALUE RECEIVED, Nature Vision, Inc., a Minnesota corporation (the &#147;</font><b><font size=2>Company</font></b><font size=2>&#148;) promises to pay to Richard Kiphart or his successors or assigns (&#147;</font><b><font size=2>Holder</font></b><font size=2>&#148;), ON DEMAND AT ANY TIME AFTER JANUARY 19, 2008, at such place as the Holder of this Note may designate in writing to the Company, the principal sum of One Million Dollars ($1,000,000), together with simple interest on the unpaid principal balance from the date of this Note until fully paid at the rate of fifteen percent (15%) per annum, based on actual days elapsed in a year of 365 days. Principal and interest are due and payable in lawful money of the United States of America.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>Accrued but unpaid interest is due and payable in monthly installments, with each installment equal to the amount of interest that accrued under this Note during the immediately preceding month, commencing on December 1, 2007, and continuing on the nineteenth day of each month thereafter until all amounts owing under this Note have been paid in full. The first payment due on December 1, 2007 will include all interest accrued from October 19, 2007.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>After November&nbsp;19, 2007, this Note may be fully or partially prepaid at any time during the term of this Note without penalty or premium. Any prepayment made on or before November 19, 2007 must include interest on the amount of the prepaid principal as if that principal remained outstanding until November 19, 2007. Any prepayment shall be applied first to accrued but unpaid interest and the remainder to principal.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>The Company waives presentment, dishonor, protest, demand, diligence, notice of protest, notice of demand, notice of dishonor, notice of nonpayment, and any other notice of any kind otherwise required by law in connection with the delivery, acceptance, performance, default, enforcement or collection of this Note and expressly agrees that this Note, or any payment hereunder, may be extended or subordinated (by forbearance or otherwise) at any time, without in any way affecting the liability of the Company.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>The Company agrees to pay on demand all reasonable costs of collecting or enforcing payment under this Note, including attorney fees and legal expenses, whether through courts of original jurisdiction, courts of appellate jurisdiction, or bankruptcy courts, or through other legal proceedings.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:7%;text-align:left;'><font size=2>This Note may not be amended or modified, nor shall any waiver of any provision hereof be effective, except only by an instrument in writing signed by the party against whom enforcement of any amendment, modification, or waiver is sought. This Note shall be governed by and construed according to the laws of the State of Minnesota without regard to conflicts of laws principles.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font SIZE=2>NATURE VISION, INC.</font></p> </td> </tr>
<TR><TD>&nbsp;</TD></TR>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'>  </p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom:0pt'><font size=2>By:&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt'><font size=2>/s/&nbsp;&nbsp;&nbsp;Jeffrey Zernov </font></p></td></tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="2%" valign=top >
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2.0pt;margin-bottom:0pt'><font size=2>Its:&nbsp;&nbsp;&nbsp;</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-bottom:0pt;margin-top:2pt;'><font size=2>President</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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