EXHIBIT 10.63
XXXXXX XXXXXX
000 Xxxxxxxxxxxx Xxxx
Xxxxxxx, Xxx Xxxxxx 00000
March 7, 2003
UltraStrip Systems, Inc., as maker of Note
0000 X.X. Xxxxxx Xxxxxxx
Xxxxxx, Xxxxxxx 00000
ATTN: Xxxxxx X. Xxxxxxx, M.D., President and CEO
RE: EXTENSION OF MATURITY OF PROMISSORY NOTE AND MODIFICATION OF
SUBSCRIPTION AND WARRANT PURCHASE AGREEMENT
Dear Xx. Xxxxxxx:
UltraStrip Systems, Inc., a Florida corporation ("UltraStrip"),
executed that certain Promissory Note in the principal amount of $125,000.00 as
of December 9, 2002 (the "Note"), together with that certain Subscription and
Warrant Purchase Agreement of even date therewith (the "Warrant Agreement").
The entire outstanding Principal Balance, together with all accrued but
unpaid interest, was due and payable, in full, on February 7, 2003. The Creditor
previously agreed to extend the due date for the entire outstanding principal
balance, together with all accrued but unpaid interest thereon, until March 7,
2003. The Creditor has agreed to extend the due date again, to May 7, 2003. In
exchange for such agreement, UltraStrip agrees to modify the Warrant Agreement
by increasing the number of Warrants from the existing number of 10,000 to a
total of 20,000, an increase of 10,000 Warrants. The additional 10,000 Warrants
will have a strike price of $0.07 and will expire on May 7, 2023.
UltraStrip hereby agrees, represents, warrants and covenants that (a)
there is no current or threatened breach, and UltraStrip is in compliance with
all terms and conditions, under the Note and/or Warrant Agreement other than the
failure to pay the entire outstanding principal balance, together with accrued
but unpaid interest thereon, as of March 7, 2003, which date has been extended
as provided herein, (b) the Note and Warrant Agreement remain in full force and
effect except as otherwise amended as provided herein, and (c) it has no claims,
actions or causes of actions against the Creditor as of the date hereof.
Any ambiguities between the terms of this letter and the Note and the
Warrant Agreement shall be resolved in favor of the terms of this letter. This
letter may be executed in one or more counterparts and each such executed
counterpart shall be taken together with all other executed counterparts and
constitutue a single intsrument binding upon each such party hereto and their
personal and other legal representatives, heirs, successors and permitted
assigns. The terms of this letter shall be construed, governed and enforced in
accordance with Florida law. The terms of this letter shall only be effective as
of March 7, 2003 if and when it is executed by, and delivered to, the Creditor
and UltraStrip.
Sincerely, Accepted by:
------------------------------ -------------------------------
Xxxxxx Xxxxxx Xxxxxx X. Xxxxxxx
Creditor President and CEO
UltraStrip Systems, Inc.
