EXHIBIT 10.2
MODIFICATION OF SECURED PROMISSORY NOTE
WHEREAS this agreement is in reference to a loan which is evidenced by an
instrument entitled Secured Promissory Note, (NOTE), dated August 29, 1997
executed by XXX PHARMACEUTICALS for the original principal sum of One Hundred
Thirty Eight Thousand and 00/100 Dollars ($138,000.00) and payable to the
order of PREFERRED BUSINESS CREDIT, INC.
Principal balance outstanding on this Note as of this date is EIGHTY THOUSAND
THREE HUNDRED TWENTY SEVEN AND 13/100 DOLLARS ($80,327.13).
NOW THEREFORE, it is agreed by the undersigned parties that the Note shall be
amended in the following respect:
This Note shall bear interest at the rate of 14.5%, computed on the basis of
a 360 day year for actual days elapsed.
The term of this Note shall be extended to May 21, 2000.
Except as noted above, all the terms, conditions and provisions of said Note
shall remain unchanged and in full force and effect.
Date: May 15, 1998 Loan Number: LEE05
PREFERRED BUSINESS CREDIT, INC. XXX PHARMACEUTICALS
a California corporation a California corporation
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By: /s/ Xxxxxx Xxxxx By: /s/ Xxxxxx X. Xxx
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Xxxxxx Xxxxx, President Xxxxxx X. Xxx, President
