Document:

EXHIBIT

10.92

 

 

STRAIGHT NOTE

 

 

	

  $600,000

  	

   

  	

  South El Monte,

  California

  	

   

  	

  July 1, 2002

  

 

For value received, Lee Pharmaceuticals promises to

pay The Monticello Companies, Inc. or order, at South El Monte, California the

sum of SIX HUNDRED THOUSAND DOLLARS, with interest adjusted to the date funds

are received, on unpaid principal at the rate of ten (10) per cent per

annum.  Interest only will be payable on

the 20th of each month commencing on August 20, 2002.  Interest shall be calculated on the basis of the unpaid principal

balance daily, based on a 365-day year, actual day month and payable

monthly.  Principal and interest shall

be payable in lawful money of the United States.  If action were instituted on this note, I promise to pay such sum

as the Court may fix as attorney’s fees. 

The due date of this note is October 1, 2004 or later.

 

After two years, from July 1, 2002, either party can

give 90 days written notice to pay off or ask for the funds back.

 

1)      General Corporate Obligation.

 

2)      Any brand(s) purchased with the loan proceeds will provide The

Monticello Companies, Inc. a security interest in the brand(s).

 

3)      Personal Guarantee of Ronald G. Lee.

 

 

	

  JULY 1, 2002

  	

   

  	

  RONALD G. LEE

  
	

  Date

  	

   

  	

  Lee Pharmaceuticals - Ronald G. Lee

  
	

   

  	

   

  
	

   

  	

   

  
	

  JULY 1, 2002

  	

   

  	

  MICHAEL L. AGRESTI

  
	

  Date

  	

   

  	

  Lee Pharmaceuticals - Michael L. AgrestiExhibit 10.93

 

SECURED PROMISSORY NOTE

 

	

  $50,000.00

  	

   

  	

  Pasadena,

  California

  
	

   

  	

   

  	

  April

  23, 2002

  

 

 

FOR VALUE

RECEIVED, the undersigned hereby jointly and severally (if

applicable) promises to pay to PREFERRED BUSINESS CREDIT, INC., a California

Corporation, at 300 N. Lake Avenue, Suite 930 Pasadena, California 91101, or at

such other address as the holder may specify in writing, the principal sum of

Fifty Thousand and 00/100 Dollars ($50,000.00) plus interest as provided below.

 

This note shall bear interest at the rate of

12.75% per annum, computed on the basis of a 360 day year for actual days

elapsed. This rate is based upon the prime rate of interest of 4.75%, the rate

in effect as of this date. The prime rate of interest is the prime rate

announced as being charged by Union Bank of California, N.A., San Francisco

California, from time to time. In the event the prime rate is from time to time

hereafter changed, the rate of interest provided in this note shall be

correspondingly changed. For each month the rate of interest charged under this

note shall be based upon the average prime rate in effect during such month. In

no event shall the rate of interest chargeable hereunder be less than 1% per

month.

 

Principal shall be payable in twenty four

equal monthly installments of Two Thousand Dollars ($2000.00) commencing June

1, 2002 and continue thereafter on the 1st day of each month, plus interest

shall be payable monthly commencing May 1, 2002 and continue thereafter on the

1st day of each month, and one final installment on May 20, 2004 equal to all

principal outstanding together with all accrued and unpaid interest.

 

This note is secured by that certain Loan and

Security Agreement (“Agreement”) dated February 20, 2001 and is subject to all

of the terms and conditions thereof. In the event of default under the

Agreement, including but not limited to, the failure to pay any installment of

principal or interest hereunder when due, the holder of this note may, at its

election and without notice to the undersigned, declare the entire balance

hereof immediately due and payable.

 

If any installment of principal or interest

hereunder is not paid when due, the holder shall have the following rights in

addition to the rights set forth in the preceding paragraph: (a) the right to

add unpaid interest to principal and to have such amount thereafter bear

interest as provided in this note, and (b) if any installment is more than ten

days past due, the right to collect a charge equal to the greater of $15.00 or

five percent of the delinquent payment. This charge is the result of a

reasonable endeavor by the undersigned and the holder to estimate the holder’s

added costs and damages resulting from the undersigned’s failure to timely make

payments under this note; hence the undersigned agrees that the charge shall be

presumed to be the amount of damage sustained by the holder since it is

extremely difficult to determine the actual amount necessary to reimburse the

holder of such damages. If this note is not paid when due, the undersigned

further promises to pay all costs of collection, foreclosure fees and

reasonable attorneys’ fees incurred by the holder whether or not suit is filed

hereon.

 

1

 

Provided the undersigned is not then in default

hereunder or under any other agreement with the holder of this note, this note

may be prepaid at any time after one year from the date hereof by paying the

balance of principal owing plus all accrued and unpaid interest and charges,

together with a prepayment charge of N/A on the amount prepaid.

 

Presentment for payment, notice of dishonor,

protest, and notice of protest are expressly waived. This note cannot be

changed, modified, amended or terminated orally.

 

Waiver of

Trial by Jury.   THE UNDERSIGNED,

TO THE EXTENT IT MAY LEGALLY DO SO, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL

BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING

UNDER OR WITH RESPECT TO THIS NOTE, OR IN ANY WAY CONNECTED WITH, OR RELATED

TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS

NOTE OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR

HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT OR

OTHERWISE. THE UNDERSIGNED, TO THE EXTENT IT MAY LEGALLY DO SO, HEREBY AGREES

THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING SHALL BE

DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT THE HOLDER OF THIS NOTE MAY

FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS

WRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER OF ITS RIGHT

TO TRIAL BY JURY.

 

IN WITNESS

WHEREOF, this Note has been executed and delivered on the

date first set forth above.

 

 

	

   

  	

  LEE PHARMACEUTICALS

  
	

   

  	

  a California corporation

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Ronald G. Lee

  
	

   

  	

  Ronald G. Lee, President

  
	

   

  	

   

  	

   

  

 

 

2Exhibit 10.94

 

SECURED PROMISSORY NOTE

 

	

  $50,000.00

  	

   

  	

  Pasadena,

  California

  
	

   

  	

   

  	

  August

  22, 2002

  

 

 

FOR VALUE

RECEIVED, the undersigned hereby jointly and severally (if

applicable) promises to pay to PREFERRED BUSINESS CREDIT, INC., a California

Corporation, at 300 N. Lake Avenue, Suite 930 Pasadena, California 91101, or at

such other address as the holder may specify in writing, the principal sum of

Fifty Thousand and 00/100 Dollars ($50,000.00) plus interest as provided below.

 

This note shall bear interest at the rate of

12.75% per annum, computed on the basis of a 360 day year for actual days

elapsed. This rate is based upon the prime rate of interest of 4.75%, the rate

in effect as of this date. The prime rate of interest is the prime rate

announced as being charged by Union Bank of California, N.A., San Francisco

California, from time to time. In the event the prime rate is from time to time

hereafter changed, the rate of interest provided in this note shall be

correspondingly changed. For each month the rate of interest charged under this

note shall be based upon the average prime rate in effect during such month. In

no event shall the rate of interest chargeable hereunder be less than 1% per

month.

 

Principal shall be payable in twenty four

equal monthly installments of Two Thousand Dollars ($2000.00) commencing

September 1, 2002 and continue thereafter on the 1st day of each month, plus

interest shall be payable monthly commencing September 1, 2002 and continue

thereafter on the 1st day of each month, and one final installment on May 20,

2004 equal to all principal outstanding together with all accrued and unpaid

interest.

 

This note is secured by that certain Loan and

Security Agreement (“Agreement”) dated February 20, 2001 and is subject to all

of the terms and conditions thereof. In the event of default under the

Agreement, including but not limited to, the failure to pay any installment of

principal or interest hereunder when due, the holder of this note may, at its

election and without notice to the undersigned, declare the entire balance

hereof immediately due and payable.

 

If any installment of principal or interest

hereunder is not paid when due, the holder shall have the following rights in

addition to the rights set forth in the preceding paragraph: (a) the right to

add unpaid interest to principal and to have such amount thereafter bear

interest as provided in this note, and (b) if any installment is more than ten

days past due, the right to collect a charge equal to the greater of $15.00 or

five percent of the delinquent payment. This charge is the result of a

reasonable endeavor by the undersigned and the holder to estimate the holder’s

added costs and damages resulting from the undersigned’s failure to timely make

payments under this note; hence the undersigned agrees that the charge shall be

presumed to be the amount of damage sustained by the holder since it is

extremely difficult to determine the actual amount necessary to reimburse the

holder of such damages. If this note is not paid when due, the undersigned

further promises to pay all costs of collection, foreclosure fees and

reasonable attorneys’ fees incurred by the holder whether or not suit is filed

hereon.

 

1

 

 

Provided the undersigned is not then in

default hereunder or under any other agreement with the holder of this note,

this note may be prepaid at any time after one year from the date hereof by

paying the balance of principal owing plus all accrued and unpaid interest and

charges, together with a prepayment charge of N/A on the amount prepaid.

 

Presentment for payment, notice of dishonor,

protest, and notice of protest are expressly waived. This note cannot be

changed, modified, amended or terminated orally.

 

Waiver of

Trial by Jury.   THE

UNDERSIGNED, TO THE EXTENT IT MAY LEGALLY DO SO, HEREBY EXPRESSLY WAIVES ANY

RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR

PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS NOTE, OR IN ANY WAY CONNECTED

WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH

RESPECT TO THIS NOTE OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER

NOW EXISTING OR HEREAFTER ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN

CONTRACT, TORT OR OTHERWISE. THE UNDERSIGNED, TO THE EXTENT IT MAY LEGALLY DO

SO, HEREBY AGREES THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR

PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT THE HOLDER

OF THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH

ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER

OF ITS RIGHT TO TRIAL BY JURY.

 

IN WITNESS

WHEREOF, this Note has been executed and delivered on the

date first set forth above.

 

 

	

   

  	

  LEE PHARMACEUTICALS

  
	

   

  	

  a California corporation

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ Ronald G. Lee

  
	

   

  	

  Ronald G. Lee, President

  
	

   

  	

   

  	

   

  

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00046-of-00352.parquet"}]]