Document:

EXHIBIT
10.18

 

IMMUCELL
CORPORATION

 

Amendment
to Construction Loan Agreement between the Company and TD Bank N.A. dated

March
1, 2017.

 

AMENDMENT
TO CONSTRUCTION LOAN AGREEMENT

 

This
Amendment to Construction Loan Agreement is entered into this 1st day of March, 2017, by and between ImmuCell Corporation,
a Delaware corporation having an address of 56 Evergreen Drive, Portland, Maine 04103 (hereinafter referred to as "Borrower")
and TD Bank, N.A., a national banking association having a place of business at One Portland Square, P.O. Box 9540, Portland,
County of Cumberland, and State of Maine (hereinafter referred to as the "Lender"), for itself and as agent for
any Affiliate Counterparty, and amends that certain Construction Loan Agreement dated as of March 28, 2016 by and between such
parties.

 

W
I T N E S S E T H

 

WHEREAS,
on or about March 28, 2016, Borrower executed and delivered to Lender a certain $2,000,000.00 Construction Loan Note evidencing
a construction loan from Lender to Borrower in that amount; and

 

WHEREAS,
the proceeds of the $2,000,000.00 construction loan are to be utilized by Borrower in connection with the construction of improvements
at or about 33 Caddie Lane, Unit 11, Second Tee Business Park Condominium, Riverside Street, Portland, Maine (the “Property”);

 

WHEREAS,
the parties entered into a Construction Loan Agreement (the “Construction Loan Agreement”) and related
Assignment of Contracts with respect to the construction loan dated on or about March 28, 2016 regarding the administration of
the said construction loan; and

 

WHEREAS,
Borrower has now commenced construction on the Property, but pursuant to the terms and conditions of the construction loan,
the proceeds of such loan have not yet been advanced; and

 

WHEREAS,
Borrower and Lender are entering into a modification of the construction loan of or about even date pursuant to which the maximum
amount of the construction loan was increased to $2,560,000 and Borrower is executing and delivering an Amended and Restated Construction
Loan Note in that amount (the “Construction Loan Note”) to Lender; and

 

WHEREAS,
the parties wish to amend the Construction Loan Agreement as set forth herein.

 

    	 	1	 

     

    

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree that the Construction
Loan Agreement is, and shall be, hereby amended as follows:

 

1.       The
term “Borrower’s Equity” shall be defined as that portion of the Project Cost Statement for Hard Costs and Soft
Costs to be funded by Borrower in advance of the Initial Advance, which shall be equal to the total project cost for the project
to be constructed on the Premises in accordance with the Plans and the General Contract, as the same may be modified or amended
from time to time, minus the Loan Amount. The amount of Borrower’s Equity shall not be less than $8,970,204.00 unless
Borrower provides Lender with evidence satisfactory to Lender, in its sole discretion, that the total project cost for the completed
project to be constructed on the Premises in accordance with the Plans and the General Contract has been reduced, in which case
the amount of Borrower’s Equity shall be reduced in an amount equal to such reduction in project cost.

 

2.       The
term “Commitment Letter” shall be defined as that certain letter dated March 11, 2016, as amended and replaced by
a certain term sheet dated December 5, 2016, from Lender to Borrower pursuant to which Lender agreed to make the Construction
Loan to Borrower.

 

3.       The
term “Completion Date” shall mean December 31, 2017.

 

4.       The
term “General Contractor” shall mean Consigli Construction or such other construction firm retained by Borrower to
act as its general contractor in connection with the project to be constructed on the Premises.

 

5.       The
term “Loan Amount” shall be defined as $2,560,000.00.

 

6.       The
term “Maturity Date” shall be defined as March 1, 2027.

 

7.       The
term “Mortgage” shall mean that certain Mortgage and Security Agreement, dated on or about March 28, 2016, made by
Borrower in favor of Lender, for itself and as agent for any Affiliate Counterparty, to secure the payment and performance of
Borrower’s obligations hereunder, under the Note, any Hedging Contracts and otherwise in respect of the Construction Loan
or Hedging Obligations, including any sums in addition to the Loan Amount advanced by Lender for completion of the Improvements,
as the same may have been, or may be, modified or amended from time to time including, without limitation, by Modification dated
of or about even date herewith

 

8.       The
term “Note” shall be defined as the Amended and Restated Construction Loan Note dated on or about even date herewith,
for a principal sum equal to the Loan Amount made by Borrower to Lender to evidence the Construction Loan.

 

9.       Section
2.08 of the Construction Loan Agreement is hereby amended by inserting the following additional (third) paragraph at the end of
such Section:

 

Notwithstanding
anything to the contrary contained herein, Borrower may request Advances hereunder by submitting Requisitions in accordance with
the terms hereof through, to and including February 28, 2018. Lender shall be under no obligation to fund any Advances for Requisitions
or reimbursement requests submitted by Borrower to Lender after that date.

 

    	 	2	 

     

    

 

10.       Section
3.01(d)(iv) of the Construction Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(iv)       Appraisal.
An independent M.A.I. appraisal of the Premises and Improvements complying in all respects with the standards for real estate
appraisals established pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended from time
to time showing a loan to value ratio with respect to the Premises of the Improvements (as built) of no greater than 80%;

 

11.       Section
3.01(d)(viii) of the Construction Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(viii)       Commercial
Mortgage Loan Inspection Plan. Commercial Mortgage Loan Inspection Plan of Units 10&11, “Fifth Amended Condominium
Plat of Second Tee Business Park Condominium” for ImmuCell Corporation prepared by Sebago Technics, showing the location
of the foundation of the Improvements within the perimeter of the boundaries of the Premises, provided the same is deemed acceptable
to the Title Insurer for purposes of deletion or modification of the survey exception to the title policy in a manner acceptable
to Lender.

 

12.       Section
3.03(c) of the Construction Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

(c)       Intentionally
Omitted.

 

13.       Section
5.16 of the Construction Loan Agreement is hereby deleted in its entirety and replaced with the following:

 

Section
5.16 Loan Amount. At all times during
the term hereof, Borrower shall maintain a loan to value ratio of 80% which means that the outstanding principal balance due,
together with all unpaid interest which shall have accrued thereon, shall not exceed 80%, of the fair market value of the Premises
and Improvements. Fair market value shall be determined by Lender from time to time by reference to acceptable guides and indexes
and/or appraisals or such other means as Lender, in its discretion, deems appropriate. For purposes hereof, in calculating the
loan to value ratio at anytime prior to the completion of the Improvements by Borrower as contemplated hereunder, Lender shall
use the estimated fair market value that the Premises and Improvements would have if the Improvements contemplated hereunder had
already been substantially completed. In the event that Lender shall at any time determine that the loan to value ratio is greater
than 80%, Borrower shall within ten (10) days of notice and demand by Lender, either reduce the loan amount or pledge such additional
collateral as may be acceptable to Lender in order to maintain the required loan to value ratio. Borrower's failure to either
reduce the loan balance as necessary or satisfy Lender's demand for additional collateral acceptable to it within ten (10) days
of notice having been given by Lender as required by Section 6.11, shall be considered a default hereunder.

 

14.       New
Section 5.20 is added, as follows:

 

Section
5.20 As-Built Survey. Within ninety (90) days of the earlier of (a) Borrower’s completion of the construction
of the Improvements, or (b) submission of the requisition for the Last Direct Costs Advance described in Section 3.03, Borrower
shall provide Lender with a final “as built” survey of the Premises certified to Lender and the Title Insurer, showing
the completed Improvements, including (a) the location of the perimeter of the Premises by courses and distances, (b) all easements,
rights-of-way, and utility lines referred to in the title policy required by this Agreement or which actually service or cross
the Premises, (c) the lines of the streets abutting the Premises and the width thereof, and any established building and setback
lines, (d) encroachments and the extent thereof upon the Premises, (e) if the Premises are described on a filed map or plan, a
legend relating the survey to said map or plan, and (f) any common elements or limited common elements of the condominium.

 

15.       Exhibit
A to the Construction Loan Agreement is amended and replaced with Exhibit A attached hereto.

 

16.       Exhibit
B to the Construction Loan Agreement is amended and replaced with Exhibit B attached hereto.

 

17.       Exhibit
H to the Construction Loan Agreement is amended and replaced with Exhibit H attached hereto.

 

18.       Except
to the limited extent amended hereby, the Construction Loan Agreement remains unmodified in any respect, which Construction Loan
Agreement the Borrower hereby ratifies and affirms.

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this instrument to be executed this 1st day of March, 2017.

 

	Signed, Sealed and Delivered In the Presence
    of:	ImmuCell Corporation

	 	 	 
	/s/ David S. Champoux	By:	/s/
                                         Michael F. Brigham

	Witness	 	Michael Brigham
	 	 	Its President and CEO

 

	 	TD
                                         Bank, N.A.

	 	 	 
	/s/
                                         Joshua R. Dow

	By:	/s/
                                         Nicholas Weightman

	Witness	 	Nicholas
    Weightman
	 	 	Its
                                         Vice President, Commercial Lending

  

 

4EXHIBIT
10.24

 

IMMUCELL
CORPORATION

 

Mortgage
Loan Note for $340,000 given by the Company in favor of TD Bank N.A. dated March 16, 2017.

 

LOAN
#___________

MORTGAGE
LOAN NOTE

(Floating
Rate)

 

	Date
    of Note: 	March
    16, 2017
	Principal
    Amount:	$340,000.00

 

	Definitions
	 	 
	Business
    Day:	Any
                                         day (other than Saturday, Sunday, federal holiday, or a day on which commercial banks
                                         in the State are required or permitted to close) on which Lender is open and conducting
                                         its customary banking transactions, or, for purposes of determining LIBOR (as
                                         defined below), any day on which commercial banks are open for general business (including
                                         dealings in foreign exchange and foreign currency deposits) in London, England.

                                                                                

	 	 
	Default
    Rate	A
                                         rate of interest equal to the Interest Rate provided herein plus four (4%) percent per
                                         annum, but in no event to exceed the maximum rate allowed by law.

                                                                                

	 	 
	Interest
    Rate (LIBOR)	An
                                         interest rate equal at all times to Two and One Quarter (2.25%) percent per annum (the
                                         “Margin") in excess of the rate of interest per annum of the one (1)
                                         month LIBOR (as defined below) for any LIBOR Interest Period (as hereinafter defined).
                                         The Lender shall not be required to notify Borrower of adjustments in said interest rate.

         

        Notwithstanding
        the foregoing, or any other provision of this Note, if Lender shall reasonably determine (which determination shall be
        conclusive and binding absent manifest error) that, (i) by reason of circumstances affecting the relevant market, reasonable
        and adequate means do not exist for ascertaining LIBOR, or (ii) LIBOR does not adequately and fairly reflect the cost
        to Lender of funding the loan evidenced hereby, or (iii) it is unlawful for Lender to extend or maintain any loan evidenced
        hereby as a loan subject to LIBOR, Lender shall give prompt written notice thereof to Borrower and after the giving of
        such notice, until any such notice has been withdrawn by Lender, any loan evidenced hereby shall bear interest at another
        rate of interest then designated by Lender, in its sole reasonable discretion, for general commercial loan reference purposes.

 

    	 	1	 

     

    

 

	LIBOR	The
                                         London Interbank Offered Rate rate of interest in U.S. Dollars (rounded upwards, at the
                                         Lender's option, to the next 1/8th of one percent) equal to the rate established by
                                         the Intercontinental Exchange Benchmark Administration, Ltd. (“ICE”
                                         or the successor thereto if ICE is no longer making a London Interbank Offered Rate available)
                                         as published by Bloomberg (or such other commercially available source providing quotations
                                         of LIBOR), as determined by the Lender (as hereafter defined) and in effect two (2) Business
                                         Days before the date of this Note and before the commencement of each LIBOR Interest
                                         Period (as defined below), provided however, if more than one LIBOR is specified, the
                                         applicable rate shall be the arithmetic mean of all such rates. London Business Days
                                         means any day on which commercial banks are open for general business (including dealings
                                         in foreign exchange and foreign currency deposits) in London, England. If, for any reason,
                                         such rate is not available, the term LIBOR shall mean, with respect to any LIBOR Interest
                                         Period, the rate of interest per annum determined by Bank to be the average rate per
                                         annum at which deposits in dollars are offered for such Interest Period by major banks
                                         in London, England at approximately 11:00 A.M. (London time) two (2) Business Days prior
                                         to the commencement of each LIBOR Interest Period.

	 	 

        Interest
        shall be computed on an actual/360 day basis (i.e., interest for each day during which the Principal Amount, or any part
        thereof, is outstanding shall be computed at Interest Rate divided by 360).

         

        Notwithstanding
        the foregoing, LIBOR rate loans shall be deemed to constitute "eurocurrency liabilities" and as such
        shall be deemed subject to reserve requirements without benefits of credits for proration, exceptions or offsets that
        may be available from time to time to Lender. The LIBOR rate shall be adjusted automatically on and as of the effective
        date of any change in the LIBOR Reserve Percentage or the LIBOR Interest Period for each LIBOR rate loan comprising part
        of the same borrowing (including conversions, extensions and renewals), to a per annum interest rate determined pursuant
        to the following formula:

         

        Adjusted
        LIBOR Rate =                LIBOR Rate                      

        1
        - LIBOR Reserve Percentage

         

        For
        purposes of this calculation LIBOR Reserve Percentage is defined as, for any day, that percentage (expressed as
        a decimal) which is in effect from time to time under Regulation D, as such regulation may be amended from time to time
        or any successor regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental,
        emergency, special, or marginal reserves) applicable with respect to eurocurrency liabilities as that term is defined
        in Regulation D (or against any other category of liabilities that includes deposits by reference to which the interest
        rate of LIBOR rate loans is determined), whether or not Lender has any eurocurrency liabilities subject to such reserve
        requirement at that time. 

 

    	 	2	 

     

    

 

	LIBOR
    Interest Period	Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    April 15, 2017. Thereafter, each LIBOR Interest Period shall commence on the sixteenth (16th) day of the calendar month immediately
    following the previous LIBOR Interest Period (the “Reset Date”) and shall end on the same day of the next
    consecutive month; provided however, (i) no LIBOR Interest Period shall extend beyond the Maturity Date of the Loan, and (ii)
    any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
    corresponding day in the calendar  month at the end of such LIBOR Interest Period) shall end on the last Business
    Day of the relevant calendar month at the end of such LIBOR Interest Period.
	 	 
	Maturity
    Date	March
    16, 2027
	 	 
	State:	The
    State of Maine

 

FOR
VALUE RECEIVED, ImmuCell Corporation, a Delaware corporation (the “Borrower”), having an address
as indicated below, HEREBY PROMISES TO PAY to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the “Lender”) at P.O. Box 5600, Lewiston, Maine 04243-5600,
or at such other place as the holder hereof may from time to time designate in writing, in immediately available federal funds,
the Principal Amount, which Principal Amount shall be due and payable on the Maturity Date, together with interest on the outstanding
Principal Amount from time to time at Interest Rate as follows until this Note is paid in full:

 

1.          
Beginning on April 16, 2017 and continuing on the 16th day of each successive month through, to and including February 16, 2027,
Borrower shall make monthly payments of principal and interest to Lender in amounts deemed necessary by Lender to amortize the
outstanding Principal Amount over a twenty (20) year term that commenced on the date hereof at the Interest Rate then in effect.
The initial monthly payment amount shall be $1,924.24. Unless sooner accelerated, this Note shall mature on March 16, 2027 at
which time the entire outstanding Principal Amount (including costs and fees), together with all interest thereon, shall be due
and payable without further notice or demand.

 

2.        Because
the Interest Rate on the loan evidenced hereby is a variable rate, the Lender is entitled, but not obligated, to recalculate
the monthly payment amount annually on each anniversary date of this Note to ensure that the monthly payments are sufficient,
in Lender’s sole discretion, to amortize the then outstanding Principal Amount over the remainder of the twenty year
term at the Interest Rate then in effect and as projected by Lender at the time of each such recalculation; provided,
however, if in any month the interest accrued at the Interest Rate in effect for such month exceeds the scheduled monthly
payment, Borrower shall pay as a minimum monthly payment for such month the total amount of accrued interest.

 

    	 	3	 

     

    

 

If,
after the date hereof, any (a) adoption of, or change in, United States federal, state or foreign laws, regulations or treaties,
or any governmental or quasi- governmental rules, regulations, policies, guidelines, requests or directives (whether or not having
the force of law), including the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations,
guidelines or directives issued in connection therewith regardless of the date enacted, adopted or issued, or (b) change in the
interpretation, promulgation, implementation or administration of or under any United States federal, state or foreign laws, regulations
or treaties, or any governmental or quasi-governmental rules, regulations, policies, guidelines, requests or directives (whether
or not having the force of law), including the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
regulations, guidelines or directives issued in connection therewith regardless of the date enacted, adopted or issued, by any
court, governmental, quasi-governmental, central bank or comparable agency or monetary authority that is charged with the interpretation
or administration thereof, shall (1) subject Lender to any tax of any kind whatsoever with respect to any loans made by it, or
change the basis of taxation of payments to Lender in respect thereof (except for changes in the rate of tax on the overall net
income of Lender); (2) impose, modify, or hold applicable, any reserve, special deposit, compulsory loan, or similar requirement
against assets held by, deposits or other liabilities in, or for the account of, advances, loans, or other extension of credit
(including participations therein) by, or any other acquisition of funds by, any office of Lender which is not otherwise included
in the determination of rate under the Note; or (3) impose on such Lender any other condition; and the result of any of the foregoing
is to materially increase the cost to Lender of making or maintaining the loan evidenced by the Note, or to reduce any amount
receivable under the Note, or any other Loan Document, then, in any such case, Borrower shall promptly pay Lender, upon its demand,
any additional amounts necessary to compensate Lender for such additional costs or reduced amount receivable which Lender reasonably
deems to be material as determined by Lender, with respect to the Loan. A certificate as to any additional amounts payable pursuant
to this paragraph submitted by Lender to Borrower shall be presumptive evidence of such amounts owing. Lender agrees to use reasonable
efforts to avoid, or to minimize, any amounts which might otherwise be payable pursuant to this paragraph provided however, that
such efforts shall not cause the imposition on Lender of any additional costs or legal regulatory burdens deemed by Lender in
good faith to be material.

 

Borrower
hereby authorizes Lender to charge checking account number                      
at TD Bank, N.A. (or such other account maintained by Borrower at TD Bank, N.A. as Borrower shall designate by written notice
to Lender) (the “Deposit Account”) to satisfy the monthly payments of principal and/or interest due and payable to
Lender hereunder on the sixteenth (16th) day of each month (each, a “Charge Date”) and Lender is hereby authorized
to charge the Deposit Account on each Charge Date or, if any Charge Date shall fall on a Saturday, Sunday or legal holiday, then
the Lender reserves the right to charge the Deposit Account on either the first (1st) Business Day (as herein defined) immediately
preceding or on the first (1st) Business Day immediately following any such Charge Date until the Note shall be paid in full.

 

    	 	4	 

     

    

 

Borrower
agrees to maintain sufficient funds in the Deposit Account to satisfy the payment due Lender under the Note on the next succeeding
Charge Date during the term of the Loan. If sufficient funds are not available in the Deposit Account on any Charge Date to pay
the amounts then due and payable under this Note, Lender is, in its sole discretion authorized to: (a) charge the Deposit Account
for such lesser amount as shall then be available; and/or (b) charge the Deposit Account on such later date or dates that funds
shall be available in the Deposit Account to satisfy the payment then due (or balance of such payment then due). Notwithstanding
the foregoing, Borrower shall only be entitled to receive credit in respect of any payments of principal and interest due under
the Note for funds actually received by Lender as a result of any such charges to the Deposit Account. Borrower shall be liable
to Lender for any late fees or interest at the Default Rate on any payments not made on a timely basis by Borrower because of
insufficient funds in the Deposit Account on any Charge Date. In the event the Deposit Account continues to contain insufficient
funds to fully satisfy the payments due Lender under the Note, Borrower shall be responsible for making all such payments from
another source and in no event shall the obligations of Borrower under the Note be affected or diminished as a result of any shortages
in the Deposit Account, it being understood and agreed that Borrower shall at all times remain liable for payment in full of all
indebtedness under the Note.

 

Lender
may, at Lender’s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days’
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to
Lender at the address set forth in Lender’s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston,
Maine, 04243-5600.

 

The
Borrower and each endorser and guarantor hereof grant to the Lender a continuing lien on and security interest in any and all
deposits or other sums at any time credited by or due from the Lender or any Lender Affiliate (as hereinafter defined) to the
Borrower and/or each endorser or guarantor hereof and any cash, securities, instruments or other property of the Borrower and
each endorser and guarantor hereof in the possession of the Lender or any Lender Affiliate, whether for safekeeping or otherwise,
or in transit to or from the Lender or any Lender Affiliate (regardless of the reason the Lender or Lender Affiliate had received
the same or whether the Lender or Lender Affiliate has conditionally released the same) as security for the full and punctual
payment and performance of all of the liabilities and obligations of the Borrower and/or any endorser or guarantor hereof to the
Lender or any Lender Affiliate and such deposits and other sums may be applied or set off against such liabilities and obligations
of the Borrower or any endorser or guarantor hereof to the Lender or any Lender Affiliate at any time, whether or not such are
then due, whether or not demand has been made and whether or not other collateral is then available to the Lender or any Lender
Affiliate.

 

    	 	5	 

     

    

 

Notwithstanding
anything to the contrary herein, whenever any payment to be made under this Note shall be stated to be due on a day that is not
a Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be
included in the computations of payment of interest.

 

In
the event any payment provided for herein or in any other Loan Document (as defined in the Mortgage, as defined below) shall become
overdue for a period in excess of fifteen (15) days, a late charge of six cents ($.06) for each dollar ($1.00) so overdue shall
become immediately due and payable to Lender. Each such late charge shall be deemed to be part of the indebtedness and obligations
secured by the Mortgage.

 

This
Note is secured by, and the holder is entitled to the benefits and security of, inter alia, that certain Mortgage and Security
Agreement from Borrower, as mortgagor, to Lender, as mortgagee, encumbering, among other things, certain real property and improvements
and rights relative thereto described in the Mortgage (the “Mortgage”), dated the date hereof, all of the covenants,
conditions and agreements of the Mortgage being made a part of this Note by this reference. This Note is also secured by any other
mortgage or security instrument executed and delivered by Borrower to Lender from time to time that secures all obligations or
indebtedness of Borrower to Lender. Reference is also hereby made to that certain Second Amended and Restated Loan Agreement dated
March 28, 2016 between Borrower and Lender with respect to certain financial covenants and reporting requirements (the “Loan
Agreement”). This Note shall constitute additional “Indebtedness,” as that term is defined in the Loan Agreement,
and the financial covenants and reporting requirements set forth therein shall apply to the loan evidenced by this Note.

 

Upon
the occurrence of any Event of Default (as defined in the Mortgage), Lender may exercise any and all rights and remedies under
the Loan Documents (including without limitation, rights to accelerate the Loan), or available at law or equity, or both. Borrower
shall be obligated to reimburse Lender for all Expenses (as defined and provided for in the Mortgage), incurred by Lender. From
and after the occurrence of any Event of Default, the interest rate of this Note shall be at the Default Rate.

 

In
no event shall the total of all charges payable under this Note, the Mortgage and any other documents executed and delivered in
connection herewith and therewith that are or could be held to be in the nature of interest exceed the maximum rate permitted
to be charged by applicable law. Should Lender receive any payment that is or would be in excess of that permitted to be charged
under any such applicable law, such payment shall have been, and shall be deemed to have been, made in error and shall thereupon
be applied to reduce the principal balance outstanding on this Note.

 

This
Note may be prepaid, in whole or in part without Prepayment Premium, so long as Lender is given not less than five (5) Business
Days’ notice of such prepayment and each prepayment is made in immediately available federal funds. All partial prepayments
shall be applied to the installments of principal due hereunder in the inverse order of their maturity.

 

    	 	6	 

     

    

 

Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.

 

Any
notice, demand or request relating to any matter set forth in this Note shall be given in the manner provided for in the Mortgage.
Time is of the essence as to all dates set forth herein.

 

This
Note may not be waived, changed, modified, terminated or discharged orally, but only by an agreement in writing signed by the
party against whom enforcement of any such waiver, change, modification, termination or discharge is sought.

 

Lender
is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56) (signed into law October 26, 2001)) (the “Act”)
and hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will
allow Lender to identify the Borrower in accordance with the Act.

 

BORROWER
HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW
OR HEREAFTER EXIST IN RESPECT OF ANY LITIGATION BASED ON THIS NOTE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE OR ANY
OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH
ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE CONSTITUTES A MATERIAL INDUCEMENT FOR BORROWER AND LENDER
TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY. LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING
AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

BORROWER
HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF LENDER
ON THIS NOTE, ANY AND EVERY RIGHT BORROWER MAY HAVE (I) TO OBJECT TO THE JURISDICTION OR VENUE OF ANY STATE COURT SITTING IN PORTLAND,
CUMBERLAND COUNTY, OR ANY FEDERAL COURT LOCATED IN THE STATE, (II) TO INJUNCTIVE RELIEF, AND (III) TO HAVE THE SAME CONSOLIDATED
WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. THE FOREGOING WAIVERS ARE GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER.
LENDER IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF ANY OR ALL OF THE FOREGOING
WAIVERS.

 

    	 	7	 

     

    

 

This
Note and the rights and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced
in accordance with, the laws of the State (without giving effect to the State’s principles of conflicts of law).

 

This
Note evidences a loan for business and commercial purposes, and not for personal, family or household purposes. No invalidity
or unenforceability of any portion of this Note shall affect the validity or enforceability of the remaining portions hereof.
This Note shall take effect as a sealed instrument, as of the date first set forth above, regardless of the actual date of execution
and delivery.

 

Borrower
acknowledges that this paragraph shall constitute notice that State law provides that a borrower may not maintain an action upon
any agreement to lend money, extend credit, forbear from collection of a debt, or make any other accommodation for the payment
of a debt for more than $250,000 unless the promise, contract or agreement is in writing and is signed by a personal lawfully
authorized to sign for the party to be charged with the promise, contract or agreement.

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE
PAGE FOLLOWS

 

    	 	8	 

     

    

 

IN
WITNESS WHEREOF, the Borrower has executed and delivered this Note on the Date of Note.

 

	Address:	Borrower:
	 	 	 
	 	ImmuCell
    Corporation
	56
    Evergreen Drive	 	
	Portland,
    Maine 04103	By:	/s/
                                         Michael F. Brigham

	 	Name:	Michael
    Brigham
	 	Title:	President and CEO

 

Note

 

 

9

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