EXHIBIT 10.34
Page 1
MODIFICATION TO PROMISSORY NOTE
WHEREAS, on July 3, 1995, Xxx Pharmaceuticals ("Maker") and Sass XxXxxxx
("Holder") entered into an agreement ("Note") whereby Xxx Pharmaceuticals was
to pay to Sass XxXxxxx the sum of Fifty Thousand Dollars; and
WHEREAS, on July 6, 1996, the parties thereto modified said Note to
extend the maturity date from July 6, 1996, until December 8, 1997, (a copy
of said Modification to Promissory Note is attached for reference as Exhibit
A); and
WHEREAS, the parties thereto now desire to further modify said Note and
Modification;
NOW, THEREFORE, the parties modify said Note and Modification as follows:
1. The maturity date of the Note is extended from December 8, 1997,
until December 1, 1998.
2. The per annum interest rate has been increased from 15% to 20%
effective November 1, 1997.
3. All other terms and conditions of the Note remain the same.
Date this 2 day of December, 1997.
Xxxxxx X. Xxx
------------------------------
Xxx Pharmaceuticals
By: Xxxxxx X. Xxx, President
Sass XxXxxxx
------------------------------
Sass XxXxxxx
EXHIBIT 10.34
Page 2
MODIFICATION TO PROMISSORY NOTE
WHEREAS, on July 3, 1995, Xxx Pharmaceuticals ("Maker") and Xxxx XxXxxxx
("Holder") entered into an agreement ("Note") whereby Xxx Pharmaceuticals was
to pay to Xxxx XxXxxxx the sum of Fifty Thousand Dollars; and
WHEREAS, on July 6, 1996, the parties thereto modified said Note to
extend the maturity date from July 6, 1996, until December 8, 1997, (a copy
of said Modification to Promissory Note is attached for reference as Exhibit
A); and
WHEREAS, the parties thereto now desire to further modify said Note and
Modification;
NOW, THEREFORE, the parties modify said Note and Modification as follows:
1. The maturity date of the Note is extended from December 8, 1997,
until December 1, 1998.
2. The per annum interest rate has been increased from 15% to 20%
effective November 1, 1997.
3. All other terms and conditions of the Note remain the same.
Date this 2 day of December, 1997.
Xxxxxx X. Xxx
------------------------------
Xxx Pharmaceuticals
By: Xxxxxx X. Xxx, President
Xxxx XxXxxxx
------------------------------
Xxxx XxXxxxx
EXHIBIT 10.34
Page 3
MODIFICATION TO PROMISSORY NOTE
WHEREAS, on December 20, 1995, Xxx Pharmaceuticals ("Maker") and Xxxx
XxXxxxx ("Holder") entered into an agreement ("Note") whereby Xxx
Pharmaceuticals was to pay to Xxxx XxXxxxx the sum of One Hundred Thousand
Dollars; and
WHEREAS, on July 22, 1996, the parties thereto modified said Note to
extend the maturity date from July 22, 1996, until December 22, 1997, (a copy
of said Modification to Promissory Note is attached for reference as Exhibit
A); and
WHEREAS, the parties thereto now desire to further modify said Note and
Modification;
NOW, THEREFORE, the parties modify said Note and Modification as follows:
1. The maturity date of the Note is extended from December 22, 1997,
until December 1, 1998.
2. The per annum interest rate has been increased from 15% to 20%
effective November 1, 1997.
3. All other terms and conditions of the Note remain the same.
Date this 2 day of December, 1997.
Xxxxxx X. Xxx
------------------------------
Xxx Pharmaceuticals
By: Xxxxxx X. Xxx, President
Xxxx XxXxxxx
------------------------------
Xxxx XxXxxxx
