Document:

THIRD AMENDMENT TO LEASE

 

THIS THIRD AMENDMENT TO LEASE ("Agreement") dated as of March 1, 2009, is made and entered into by and between MEPT Kirkland Office II LLC, a Delaware limited liability company ("Landlord") , as successor-in-interest to Multi-Employer Property Trust, a trust organized under 12 C.F.R. Section 9.18 ("MEPT"), and Market Leader, Inc., formerly known as HouseValues, Inc., a Washington corporation ("Tenant").

BACKGROUND

Landlord and Tenant entered into that certain Lease Agreement dated November 1, 2004, as amended by a First Amendment to Lease dated May 26, 2005, and as amended by a Second Amendment to Lease dated October 14, 2005 (collectively, the "Lease"), for approximately 65,469 rentable square feet of space (the "Current Premises") located at 11332 NE 122nd Way, Kirkland, WA 98034, commonly known as Building A-2 of Kirkland 405 Corporate Center, and as more fully described in Exhibit A attached hereto.

The current term of the Lease expires on December 31, 2010.

Building A-2 contains approximately 63,953 rentable square feet.

Tenant desires to decrease the size of the Premises and extend the Lease Term on the terms and conditions set forth in this Agreement and to make certain other amendments to the Lease.

Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Lease.

AGREEMENT

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereby mutually agree as follows:

PREMISES.  Effective as of March 1, 2009 (the "Effective Date"), the Current Premises shall be changed and decreased to include the entire second floor consisting of 21,899 rentable square feet and 3,410 rentable square feet located on the first floor of the Building as depicted on Exhibit B attached hereto (the "Revised Space").  The Revised Space has been measured, using 1996 BOMA Multi-Tenant Office Standards, by Landlord's architect, which measurement calculations shall be provided to Tenant.  Landlord's architect has confirmed that the Revised Space has a total of 25,309 rentable square feet.  Hereafter, the term "Premises" as used in this Agreement and, as of the Effective Date, in the Lease shall mean and refer to the Revised Space. 

TERM.  The Termination Date of the Lease is revised to be June 30, 2013.

RENT OVERAGE.  Tenant has already paid rent for the month of March, 2009 based on the size of the Current Premises, resulting in an overpayment of rent and a credit owed to Tenant, which credit shall be applied against the rent owed by Tenant for the months of May and June of 2009.  The rent due for the month of April 2009, and every month thereafter, shall be paid based on the Revised Space pursuant to the schedule described in Section 4 below.  .  Tenant shall have seventy five (75) days from execution of this Agreement in which to transition its occupancy from the Current Premises to the Revised Space.  Except as set forth in this Agreement, Tenant shall surrender all space in the Building within seventy five  (75) days of execution of this Agreement.  During this 75-day period, Tenant shall pay Base Rent and Operating Expenses for the Revised Space only.  If Tenant fails to complete the transition from the Current Premises to the Revised Space within such 75-day period, then commencing with day 76 after the execution of this Agreement, Tenant shall pay Base Rent and Operating Expenses (a) for the Revised Space at the rate described in this Agreement and (b) for any portion of the Current Space (other than the Revised Space) that Tenant continues to occupy until Tenant vacates such space at 150% of the rate of Base Rent in effect on the Effective Date with respect to the Current Space.  For purposes of this Section 3, Tenant shall be deemed to have surrendered and transitioned out of the portions of the Current Premises that are not part of the new Revised Space if Tenant has complied with the provisions of Paragraph 4.6 and subparagraph 2.8.7 of the Lease.  

RENT.  As of the Effective Date, the Base Rent for the Premises shall be as set forth below, payable in equal monthly installments, in advance, on the first business day of each and every month of the Term. 

PREMISES: 25,309 RSF

	
Applicable Portion of Lease Term
	
Rental Rate per RSF/Year/

NNN
	
Annual Base Rent/NNN
	
Monthly Base Rent/NNN

	
Beginning first day of
	
Ending last day of

	
March 1, 2009 
	
June 30, 2010
	
$13.50
	
$341,671.50 (subject to the credit described in Section 3 above)
	
$28,472.63 (subject to the credit described in Section 3 above)

	
July 1, 2010
	
June 30, 2011
	
$17.50
	
$442,907.50
	
$36,908.96

	
July 1, 2011
	
June 30, 2012
	
$18.11
	
$458,345.99
	
$38,195.50

	
July 1, 2012
	
June 30, 2013
	
$18.75
	
$474,543.75
	
$39,545.31

SECURITY DEPOSIT.  Upon execution of this Agreement, Tenant  shall  deposit an amount equal to the last month's Base Rent as the Security Deposit.  

SIGNAGE.  Tenant waives its right under the Lease to identify the Building as Tenant's Building and shall not refer to the Building as the "Market Leader Building."   Tenant may maintain existing monument signage and Landlord may add up to two (2) additional tenant names on the monument sign during the term of Tenant's Lease.  

TERMINATION FEE.  Landlord agrees to waive the lease termination fee in Paragraph 2.4 of the existing Lease.

TENANT'S PRORATA SHARE.  As of the Effective Date, Tenant's Prorata Share shall be revised to be Thirty-Nine and Fifty-Seven Hundredths Percent (39.57%).

PARKING.  As of the Effective Date, Landlord shall provide Tenant with approximately three and one-half (3.5) parking spaces per 1,000 rentable square feet of leased space in the Revised Space, resulting in a total of no less than eighty-nine (89) spaces that are located in parking areas adjacent to Building A-2 and in the covered parking area.  Inclusive of the parking ratio, the Building has a covered parking ratio of 0.6 parking spaces per 1,000 also at no cost through the Lease Term.  Landlord shall also designate a minimum of eight (8) parking spaces immediately adjacent to the south entrance to the Building as visitor parking spaces available to visitors of any tenant of the Building on a first come, first serve basis.

TENANT IMPROVEMENT ALLOWANCE.  Tenant represents to Landlord that Tenant is not aware of any current defects in the Revised Space.  Landlord represents that, as of the Effective Date, the Building and its common areas are in material compliance with all Governmental Requirements and Access Laws applicable to a multi-tenant building.  If Landlord completes any improvements or alterations to the Building or its common areas, during the Lease Term, they will be completed in material compliance with all Governmental Requirements and Access Laws applicable to multi-tenant buildings.  Landlord shall provide a Tenant Improvement Allowance (the "TI Allowance") equal to Twelve and No/100 Dollars ($12.00) per rentable square foot.  The TI Allowance shall be based upon the mutually agreed upon space plan (the "Space Plan"), which is attached hereto as Exhibit B, and shall be eligible to cover the following expenses associated with the project: space planning, architectural and engineering fees, construction costs including electrical and mechanical, project management, construction management fees to Tenant's construction manager, and Washington State Sales Tax ("Eligible Expenses").  Tenant shall not be required to restore any tenant improvements that are made pursuant to the Space Plan.  The TI Allowance shall be disbursed to Tenant within thirty (30) days after Tenant furnishes Landlord with invoices evidencing Tenant having incurred the eligible expenses and copies of applicable conditional lien releases.  In the event the entire TI Allowance is not used for the initial tenant improvements and other Eligible Expenses, the balance shall remain available to Tenant until twenty-four (24) months after the Effective Date to fund future improvements, alterations and additions throughout the Lease Term.  Landlord hereby authorizes Tenant or Tenant's contractor to relocate and re-use the furniture, fixtures, equipment and movable improvements that are described in Exhibit B-1 and that are currently located in portions of the Building that Tenant will be surrendering at the end of the transition period. 

ADDITIONAL SPACE.  Tenant shall have additional space for storage purposes on the east side of the elevator vestibule hallway in the garage (as shown in Exhibit C) at no additional charge or cost.  

RENEWAL OPTION.  

Subject to the terms and conditions set forth below, Tenant shall have the option to extend the Lease Term as to all, but not less than all, of the Revised Space, for one (1) extension period of five (5) years.  In order to exercise the option to extend, Tenant must satisfy all of the following requirements: (i) Tenant shall have provided Landlord with written notice of Tenant's intention to exercise the option to extend, which notice must be received by Landlord no earlier than twelve (12) months and not later than nine (9) months before the expiration of the initial Lease Term; (ii) as of the date that Tenant notifies Landlord of Tenant's intention to exercise the option and as of the expiration of the initial Lease Term, there shall be no Event of Default which has not been cured; and (iii) at no time prior to the expiration of the initial Lease Term shall there have been any assignment or subletting of all or any portion of the Revised Space, except a Permitted Transfer under Section 4.16.7 of the Lease.  

In the event the initial Lease Term is extended as provided in this paragraph, Tenant shall, upon request of Landlord, evidence any such extension through the execution of a lease amendment to be provided by Landlord.  The extension shall be on the same terms, covenants and conditions as set forth in this Lease; provided that, the monthly Base Rent during the extension period shall be the fair market rental rate.  Fair market rental rate ("Fair Market Rental Rate") shall mean the rental rate then in effect for comparable Class "A" office properties in the Kirkland / I-405 Corridor office market, of comparable size, quality and location, at the commencement of the extension period, giving appropriate consideration to annual rental rates per rentable square foot, the type of escalation clause (including, without limitation, operating expenses, real estate taxes), the extent of liability under the escalation clauses (e.g. whether determined on a "net lease basis" or by increase over a particular base year or base dollar amount), abatement provisions reflecting free rent and/or no rent during a certain period, brokerage commissions, if any, length of lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, and any other tenant concessions then being offered in the marketplace.  

If the parties cannot agree on the Fair Market Rental Rate within thirty (30) calendar days of receipt by Landlord of the notice of intent to exercise the option to extend, Landlord shall, no more than fifteen (15) calendar days thereafter, select an independent M.A.I. real estate appraiser or real estate broker (certified in the State of Washington) with at least ten (10) years experience in the Puget Sound, Washington commercial real estate market, who shall prepare a written market report of the Fair Market Rental Rate using the assumptions described in this paragraph.  The market report shall be completed and delivered to Tenant and Landlord within fifteen (15) calendar days from the date Landlord selects the appraiser/broker.  Such appraiser/broker's determination of Fair Market Rental Rate shall be determinative unless Tenant disputes it as provided in the next sentence.  If Tenant disputes such determination, Tenant shall within fifteen (15) calendar days following delivery of the market report, deliver to Landlord written notice (a) that Tenant disputes such determination, and (b) of the identity of the appraiser/broker selected by Tenant meeting the qualifications set forth in this paragraph.  The appraiser/broker selected by Tenant shall submit his market report of the Fair Market Rental Rate using the assumptions described in this paragraph within fifteen (15) calendar days following the delivery of Tenant's notice to Landlord disputing the initial market report.  If the two market reports are within five percent (5%) of each other (based on the higher number), the Fair Market Rental Rate shall be the average of the two appraisers/brokers' determination of fair market rent.  If not, then within ten (10) calendar days after the delivery of the second market report, the two appraisers/brokers shall appoint a third appraiser/broker meeting the qualifications set forth in this paragraph, and the third appraiser/broker shall deliver his decision within ten (10) calendar days following his selection and acceptance of the market report assignment.  The third appraiser/broker shall be limited in authority to selecting, in this opinion, which of the two earlier market report determinations best reflects the Fair Market Rental Rate under the assumptions set forth in this paragraph.  The third appraiser/broker must choose one of the two earlier determinations, and, upon doing so, the third appraiser/broker's determination shall be the controlling determination of the Fair Market Rental Rate.  Each party shall pay the costs and fees of the appraiser/broker it selected; if a third appraiser/broker is selected, the party whose determination is not selected to be the Fair Market Rental Rate by said third appraiser/broker shall pay all of said appraiser/broker's costs and fees.  

LIMITATION ON INCREASES IN CONTROLLABLE OPERATING COSTS.  The First Amendment to Lease provided that, notwithstanding anything in the Lease to the contrary, increases in those Operating Costs or Project Operating Costs that meet the definition of Controllable Operating Costs shall not, in the aggregate, exceed five percent (5%) per Year on a cumulative, compounded basis.  This provision shall continue to apply to the Lease, as amended.  

AUTHORITY.  Tenant represents and warrants that all necessary corporate actions have been duly taken to permit Tenant to enter into this Agreement and that the person signing this Agreement on behalf of Tenant has been duly authorized and instructed to execute this Agreement.  Landlord represents and warrants that all necessary company actions have been duly taken to permit Landlord to enter into this Agreement and that the person signing this Agreement on behalf of Landlord has been duly authorized and instructed to sign this Agreement.

BROKERS.  Each of Landlord and Tenant warrants and represents that it has dealt with no real estate broker in connection with this Agreement other than Washington Partners, as Tenant's representative and Colliers International as Landlord's representative (collectively, "Broker"), and that no other broker is entitled to any commission on account of this Agreement.  The party who breaches this warranty shall defend, hold harmless and indemnify the other from any loss, cost, damage or expense, including reasonable attorneys' fees, arising from the breach; Landlord's indemnity of Tenant shall include claims by the Broker.  Landlord is solely responsible for paying the commission of the Broker in accordance with a separate agreement.

FULL FORCE AND EFFECT.  Except as expressly modified above, all terms and conditions of the Lease remain in full force and effect and are hereby ratified and confirmed. Landlord and Tenant hereby acknowledge and agree that, except as provided in this Agreement, the Lease has not been modified, amended, canceled, terminated, released, superseded or otherwise rendered of no force or effect.

	
Designated Address for Landlord:

MEPT Kirkland Office II LLC

c/o Kennedy Associates Real Estate Counsel, LP

Attn: Executive Vice-President - Asset Management

1215 Fourth Avenue, Suite 2400

Seattle, WA 98161

Facsimile: 206-682-4769

And to:

MEPT Kirkland Office II LLC

c/o New Tower Trust Company

Attn: President/MEPT or Patrick O. Mayberry

3 Bethesda Metro Center, Suite 1600

Bethesda, MD  20814

Facsimile: 240-235-9961

	
LANDLORD:

MEPT Kirkland Office II LLC, a Delaware limited liability company

By:  NewTower Trust Company Multi-Employer Property Trust, its sole member

By:  Kennedy Associates Real Estate Counsel, LP, Authorized Signatory

By:  Kennedy Associates Real Estate Counsel GP, LLC, its General Partner

 

By: /s/MICHAEL R. MCCORMICK

Name: Michael R. McCormick

Its: Senior Vice President

	
Designated Address for Tenant:

Market Leader, Inc.

Attn: Corporate Secretary

11410 NE 122nd Street

Kirkland, WA 98034

Facsimile: (425) 952-5651
	
TENANT:

Market Leader, Inc., a Washington corporation

 

By: /s/ JACQUELINE DAVIDSON

Name: Jacqueline Davidson

Its: Chief Financial Officerex10-32.htm

    Exhibit 10.32

     

    
      PROMISSORY
NOTE

      

      May
15, 2008

      

      
        	
                Matawan,
      New Jersey     

              	
                                                                                                                                       $35,000

              

      

      

      FOR VALUE RECEIVED, the
undersigned, THOMAS
PHARMACEUTICALS, LTD., a New Jersey corporation (the “Company”), promises
to pay MARK MELLER, an
individual (the “Lender”) with offices
at 5 Regent Street, Suite 520, Livingston, NJ 07039 or other address as the
Lender shall specify in writing, the principal sum of Thirty-Five Thousand Dollars ($35,000) and interest
at the annual rate of three percent (3%) on the unpaid balance pursuant to the
following terms:

      

      NOW, THEREFORE, in
consideration of the foregoing the undersigned, the Company agrees to the
following terms pursuant to this promissory note as set forth
below:

      

      1. Principal
and Interest.  For value
received, the Company hereby promises to pay to the order of the Lender in
lawful money of the United States of America and in immediately available funds
the principal sum of Thirty-five Thousand Dollars ($35,000), plus accrued
interest at the rate of three percent (3%) per annum.

      

      2. Maturity
Date.    This Promissory Note and accrued interest
shall be due and payable May 14, 2013.

       

      3. Waiver
and Consent.  To the fullest extent permitted by law and except
as otherwise provided herein, the Company waives demand, presentment, protest,
notice of dishonor, suit against or joinder of any other person, and all other
requirements necessary to charge or hold the Company liable with respect to this
Promissory Note.

      

      4. Costs,
Indemnities and Expenses.  In the event of default as described
herein, the Company agrees to pay all reasonable fees and costs incurred by the
Lender in collecting or securing or attempting to collect or secure this
Promissory Note, including reasonable attorneys’ fees and expenses, whether or
not involving litigation, collecting upon any judgments and/or appellate or
bankruptcy proceedings.  The Company agrees to pay any documentary
stamp taxes, intangible taxes or other taxes which may now or hereafter apply to
this Promissory Note or any payment made in respect of this Promissory Note, and
the Company agrees to indemnify and hold the Lender harmless from and against
any liability, costs, attorneys’ fees, penalties, interest or expenses relating
to any such taxes, as and when the same may be incurred.

      

      5. Event of
Default.  An “Event of Default”
shall be deemed to have occurred upon the occurrence of any of the following:
(i) the Company should fail for any reason or for no reason to make any payment
of the interest or principal pursuant to this Promissory Note within fifteen
(15) days of the date due as prescribed herein; (ii) failure by the Company for
twenty (20) days after notice to it to satisfy any of its other obligations or
requirements or comply with any of its other agreements under this Promissory
Note; (iii) any proceedings under any bankruptcy laws of the United States of
America or under any insolvency, not disclosed to the Lender, reorganization,
receivership, readjustment of debt, dissolution, liquidation or any similar law
or statute of any jurisdiction now or hereinafter in effect (whether in law or
at equity) is filed by or against the Company or for all or any part of its
property; or (iv) a breach by the Company of its obligations, or an event of
default, under the Asset Purchase Agreement, or any other agreements hereunder
between the Company and the Lender of even date herewith which is not cured by
any applicable cure period set forth therein. Upon an Event of Default (as
defined above), the entire principal balance and accrued interest outstanding
under this Promissory Note, and all other obligations of the Company under this
Promissory Note, shall be immediately due and payable without any action on the
part of the Lender, interest shall accrue on the unpaid principal balance at
eighteen percent (18%) or the highest rate permitted by applicable law, if
lower, and the Lender shall be entitled to seek and institute any and all
remedies available to it.

      

      6. Maximum
Interest Rate.  In no event shall any agreed to or actual
interest charged, reserved or taken by the Lender as consideration for this
Promissory Note exceed the limits imposed by New Jersey law.  In the
event that the interest provisions of this Promissory Note shall result at any
time or for any reason in an effective rate of interest that exceeds the maximum
interest rate permitted by applicable law, then without further agreement or
notice the obligation to be fulfilled shall be automatically reduced to such
limit and all sums received by the Lender in excess of those lawfully
collectible as interest shall be applied against the principal of this
Promissory Note immediately upon the Lender’s receipt thereof, with the same
force and effect as though the Company had specifically designated such extra
sums to be so applied to principal and the Lender had agreed to accept such
extra payment(s) as a premium-free prepayment or prepayments.

      

      7. Cancellation
of Promissory Note. Upon the repayment by the Company of all of its
obligations hereunder to the Lender, including, without limitation, the
principal amount of this Promissory Note, plus accrued but unpaid interest, the
indebtedness evidenced hereby shall be deemed canceled and paid in
full.  Except as otherwise required by law or by the provisions of
this Promissory Note, payments received by the Lender hereunder shall be applied
first against expenses and indemnities, next against interest accrued on this
Promissory Note, and next in reduction of the outstanding principal balance of
this Promissory Note.

      

      8. Severability.  If any provision
of this Promissory Note is, for any reason, invalid or unenforceable, the
remaining provisions of this Promissory Note will nevertheless be valid and
enforceable and will remain in full force and effect.  Any provision
of this Promissory Note that is held invalid or unenforceable by a court of
competent jurisdiction will be deemed modified to the extent necessary to make
it valid and enforceable and as so modified will remain in full force and
effect.

      

      9. Amendment
and Waiver.  This Promissory
Note may be amended, or any provision of this Promissory Note may be waived,
provided that any such amendment or waiver will be binding on a party hereto
only if such amendment or waiver is set forth in a writing executed by the
parties hereto.  The waiver by any such party hereto of a breach of
any provision of this Promissory Note shall not operate or be construed as a
waiver of any other breach.

      

      10. Successors.  Except as
otherwise provided herein, this Promissory Note shall bind and inure to the
benefit of and be enforceable by the parties hereto and their permitted
successors and assigns.

      

      11. Assignment.  This Promissory
Note shall not be directly or indirectly assignable or delegable by the
Company.  The Lender may assign this Promissory Note.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      12. No Strict
Construction.  The language used
in this Promissory Note will be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction will
be applied against any party.

      

      13. Further
Assurances.  Each party hereto
will execute all documents and take such other actions as the other party may
reasonably request in order to consummate the transactions provided for herein
and to accomplish the purposes of this Promissory Note.

      

      14. Conversion
of Promissory Note.  This Note shall be convertible, at the
option of the Company, into thirty-five thousand (35,000) shares of the Company
Class B Common Stock, plus shares which may be issued on a dollar for dollar
basis in an amount equal to any interest due and owing..  Company may
choose, at its discretion, to partially convert this obligation into shares of
Class B Common Stock at any time.

       

      15. Notices,
Consents, etc.  Any notices, consents, waivers or other
communications required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been delivered:  (i) upon
receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically
generated and kept on file by the sending party); or (iii) delivery by a
nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same.  The addresses and
facsimile numbers for such communications shall be:

       

      
        
          
            
              
                
                  	
                          If
      to Company:

                        	
                          Thomas
      Pharmaceuticals, Ltd.

                          750
      Highway 34

                          Matawan,
      NJ 07747

                        
	 
      	
                          Attention:  Mark
      Meller

                        
	 
      	
                          Telephone:  (732)
      441-7700

                        
	 
      	
                          Facsimile:  (732)
      441-9895

                        
	 
      	 
      
	
                          With
      a copy to:

                        	
                          Meritz
      & Muenz LLP

                        
	 
      	
                          2021
      O Street NW

                        
	 
      	
                          Washington,
      DC 20036

                        
	 
      	
                          Attention:  Lawrence
      A. Muenz, Esquire

                        
	 
      	
                          Telephone:  (202)
      728-2909

                        
	 
      	
                          Facsimile:  (202)
      728-2910

                        
	 
      	 
      
	
                          If
      to the Lender:

                        	
                          Mark
      Meller

                          c/o
      Trey Resources, Inc.

                          5
      Regent Street, Suite 520

                          Livingston,
      NJ 07039

                        
	 
      	
                          Telephone:  (973)
      758-6108

                        
	 
      	
                          Facsimile:  (973)
      758-9449

                        
	
                          With
      a copy to:

                        	 
      
	 
      	
                          Meritz
      & Muenz LLP

                        
	 
      	
                          2021
      O Street NW

                        
	 
      	
                          Washington,
      DC 20036

                        
	 
      	
                          Attention:  Lawrence
      A. Muenz, Esquire

                        
	 
      	
                          Telephone:  (202)
      728-2909

                        
	 
      	
                          Facsimile:  (202)
      728-2910

                        

                

              

            

          

        

      

      

      or at
such other address and/or facsimile number and/or to the attention of such other
person as the recipient party has specified by written notice given to each
other party three (3) business days prior to the effectiveness of such
change.  Written confirmation of receipt (A) given by the recipient of
such notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (C) provided by a nationally recognized overnight delivery
service, shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      16. Remedies,
Other Obligations, Breaches and Injunctive Relief.  The Lender’s
remedies provided in this Promissory Note shall be cumulative and in addition to
all other remedies available to the Lender under this Promissory Note, at law or
in equity (including a decree of specific performance and/or other injunctive
relief), no remedy of the Lender contained herein shall be deemed a waiver of
compliance with the provisions giving rise to such remedy and nothing herein
shall limit the Lender’s right to pursue actual damages for any failure by the
Company to comply with the terms of this Promissory Note.  No remedy
conferred under this Promissory Note upon the Lender is intended to be exclusive
of any other remedy available to the Lender, pursuant to the terms of this
Promissory Note or otherwise.  No single or partial exercise by the
Lender of any right, power or remedy hereunder shall preclude any other or
further exercise thereof.  The failure of the Lender to exercise any
right or remedy under this Promissory Note or otherwise, or delay in exercising
such right or remedy, shall not operate as a waiver thereof.  Every
right and remedy of the Lender under any document executed in connection with
this transaction may be exercised from time to time and as often as may be
deemed expedient by the Lender.  The Company acknowledges that a
breach by it of its obligations hereunder will cause irreparable harm to the
Lender and that the remedy at law for any such breach may be
inadequate.  The Company therefore agrees that, in the event of any
such breach or threatened breach, the Lender shall be entitled, in addition to
all other available remedies, to an injunction restraining any breach, and
specific performance without the necessity of showing economic loss and without
any bond or other security being required.

      

      17. Governing
Law; Jurisdiction.
All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the internal laws of the
State of New Jersey, without giving effect to any choice of law or conflict of
law provision or rule (whether of the State of New Jersey or any other
jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of New Jersey.  Each party hereby irrevocably
submits to the exclusive jurisdiction of the Superior Court of the State of New
Jersey sitting in Hudson County, New Jersey and the United States Federal
District Court for the District of New Jersey  sitting in Newark, New
Jersey, for the adjudication of any dispute hereunder or in connection herewith
or therewith, or with any transaction contemplated hereby or discussed herein,
and hereby irrevocably waives, and agrees not to assert in any suit, action or
proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is
improper.  Each party hereby irrevocably waives personal service of
process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof to such party at the address for such
notices to it under this Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof.  Nothing
contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law.

      

      18. No
Inconsistent Agreements.  None of the
parties hereto will hereafter enter into any agreement, which is inconsistent
with the rights granted to the parties in this Promissory Note.

      

      19. Third
Parties.  Nothing herein
expressed or implied is intended or shall be construed to confer upon or give to
any person or entity, other than the parties to this Promissory Note and their
respective permitted successor and assigns, any rights or remedies under or by
reason of this Promissory Note.

      

      20. Waiver of Jury
Trial.  AS A MATERIAL INDUCEMENT FOR THE LENDER TO LOAN TO THE
COMPANY THE MONIES HEREUNDER, THE COMPANY HEREBY WAIVES ANY RIGHT TO TRIAL BY
JURY IN ANY LEGAL PROCEEDING RELATED IN ANY WAY TO THIS AGREEMENT AND/OR ANY AND
ALL OF THE OTHER DOCUMENTS ASSOCIATED WITH THIS TRANSACTION.

      

      21. Entire
Agreement.  This Promissory Note (including any recitals
hereto) set forth the entire understanding of the parties with respect to the
subject matter hereof, and shall not be modified or affected by any offer,
proposal, statement or representation, oral or written, made by or for any party
in connection with the negotiation of the terms hereof, and may be modified only
by instruments signed by all of the parties hereto.

      

      

      

      

      [REMAINDER
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      IN WITNESS WHEREOF, this
Promissory Note is executed by the undersigned as of the date
hereof.

      

      

      
        	 
      	
                THOMAS
      PHARMACEUTICALS, LTD.

              
	 
      	 
      
	 
      	
                By:
      ______________________________

              
	 
      	
                Name:

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                MARK
      MELLER

              
	 
      	 
      
	 
      	
                By:
      _____________________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]