EXHIBIT 10(c)
-------------
MORTGAGE NOTE
(Substitute Note)
FOR VALUE RECEIVED, UNITED-GUARDIAN INC., a Delaware corporation having
an office at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇ (the "Maker"),
promises to pay to THE STATE BANK OF LONG ISLAND, a banking corporation
organized and existing under the laws of the State of New York, having
its principal office at ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇
▇▇▇▇▇ (the Holder), the principal sum of SEVEN HUNDRED FIFTY EIGHT
THOUSAND THREE HUNDRED THIRTY THREE AND 63/l00 ($758,333.63) DOLLARS ON
DEMAND, together with interest thereon at the rate equal to an amount one
(1%) percent per annum in excess of STATE BANK OF LONG ISLAND's Prime
Rate as in effect from time to time, which rate shall change, when and as
said Prime Rate shall change.
This note is secured by five (5) mortgages held by the
Holder, all of which are more paiticularly described in a certain
Extension Agreement made between the Maker and the Holder on July 30,
1996, and intended to be recorded in the office of the Clerk of the
County of Suffolk.
This note is given in complete substitution for the notes
described below and represents the present unpaid principal balance of
the same aggregate principal obligations described therein.
Date Maker Payee Amount
11/28/69 B.I.P. Realty Corp. The Dime Savings $335,000.00
Bank of Brooklyn
12/20/71 Milnet Realty The Dime Savings $102,103.00
Bank of New York
11/10/81 Guardian Chemical The Dime Savings $375,676.43
Corporation Bank of New York
11/30/87 United-Guardian, Inc. Extebank $500,000.00
01/10/89 United-Guardian, Inc. Extebank $322,003.21
01/10/89 United-Guardian, Inc. Extebank $1,500,000.O0
Dated: July 30, 1996
UNITED-GUARDIAN, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
PRESIDENT
