ADDENDUM TO PROMISSORY NOTE
EXHIBIT
10.1
ADDENDUM
TO PROMISSORY NOTE
THIS
ADDENDUM TO PROMISSORY NOTE (this " Addendum") is dated November 18, 2005,
between MICROHELIX, INC., an Oregon corporation (the "Borrower"), and XXXXX
X.
XXXXX (the "Lender").
A. Borrower
made a Promissory Note dated April 8, 2005 (the "Note") in favor of the Lender
in the principal amount of $1,250,000.00; and
B. The
parties desire to amend the Note pursuant to the terms of this
Addendum.
For
good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
1. Continuing
Effectiveness.
Except
as modified herein, all of the terms, conditions, covenants, and restrictions
set forth in the Note shall remain in full force and effect among the
parties.
2. Payment.
Section
1 of the Note shall be amended in its entirety to read as follows: "Subject
to
the terms and conditions of this Note, Borrower promises to pay to the order
of
Lender the principal amount of One Million Two Hundred Fifty Thousand Dollars
($1,250,000), together with interest on the unpaid principal mount from the
date
of this Note. The first six payments are due on May 8, 2005, June 8, 2005,
July
8, 2005, August 8, 2005, September 8, 2005, and October 8, 2005, and these
payments shall be interest-only payments in the amount of $10,416.67 each.
A
payment in the amount of $23,482.16 each shall be due on November 8, 2005 and
December 8, 2005 that includes an interest payment of $10,417.67 and a principal
payment of $13,064.49. A payment in the amount of $43,482.16 shall be due on
January 8, 2006 and subsequent payments of $43,482.16 each are due on the eight
day of each following month until April 8, 2008, at which time the unpaid
principal amount, together with accrued interest is due in its entirety."
Section 1 of the Note as amended herein shall remain in full force and effect
among the parties.
| BORROWER: | ||
| MICROHELIX, INC., an Oregon corporation | ||
| |
|
|
| By: | /s/ Tyram X. Xxxxxx | |
|
Tyram X. Xxxxxx |
||
| Title: President & CEO | ||
| LENDER: | ||
| |
|
|
| /s/ Xxxxx X. Xxxxx | ||
|
Xxxxx X. Xxxxx |
||
