NOTE EXTENSION AGREEMENT
Exhibit
10.50
This
Note
Extension Agreement (“Agreement”) is entered into this 19th day of August, 2008,
by Dr. Tattoff, Inc. (the “Company”), a Florida corporation, and Xxxx Xxxxxxx
(the “Noteholder”).
BACKGROUND
WHEREAS,
DRTATTOFF, LLC (“Dr. Tattoff”) had previously issued to the Noteholder a
convertible promissory note in the principal amount of $150,000, a copy of
which
is attached hereto as Annex
A
(the
“Note”);
WHEREAS,
the Note matured on January 16, 2008 in accordance with the terms of the
Note;
WHEREAS,
the Company assumed the obligations of Dr. Tattoff under the Note in connection
with the merger, whereby Dr. Tattoff merged with and into the Company on
February 11, 2008;
WHEREAS,
on July 28, 2008, the Company made a payment of $25,000 to Noteholder towards
the outstanding balance owed on the Note; and
WHEREAS,
the Company has requested, and the Noteholder has agreed, to extend the maturity
date of the Note and to waive any and all past defaults.
NOW,
THEREFORE, in consideration of the foregoing, of the mutual agreements
hereinafter set forth, and of other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby
agree follows:
1. The
parties agree that the Recitals set forth above are true and correct and are
incorporated into this Agreement by reference.
2. The
Noteholder hereby waives any and all past defaults, late charges (including
default interest rates) and penalties under the Note, if any, in their
entirety.
3. The
Company hereby agrees to make the following payments toward the outstanding
balance on the Note:
a. $46,000
on or before August 20, 2008;
b. $79,000
on or before August 26, 2008; and
c. Accrued
interest of $16,500 on or before October 31, 2008.
4. The
Noteholder hereby agrees that the maturity date (“Maturity Date”) of the Note is
hereby extended to October 31, 2008. Except as provided herein, all other terms
of the Note are ratified and confirmed.
5. This
Agreement shall bind and inure to the benefit of the parties hereto, their
respective successors and permitted assigns.
6. This
Agreement may be executed in any number of counterparts, each of which shall
constitute an original, and all of which, taken together, shall constitute
the
same instrument.
7.
This
Agreement may be executed by facsimile signature and that such facsimile
signature shall have the same effect as original signatures.
[Signature
Page Follows]
2
IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and
year
first above written.
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By:
/s/ Xxxx Xxxxx
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Name:
Xxxx Xxxxx
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Title:
Chief Executive Officer
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/s/
Xxxx Xxxxxxx
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Xxxx
Xxxxxxx
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3
Annex
A
CONVERTIBLE
PROMISSORY NOTE
1
