Document:

Moody National REIT I, Inc. 8-K

 

Exhibit 10.1

 

PROMISSORY NOTE

	$30,647,570.07	September 6, 2017

 

FOR VALUE RECEIVED,
Moody National 1 Polito Lyndhurst Holding, LLC, a Delaware limited liability company (“Borrower”), hereby promises
to pay to the order of Moody National Operating Partnership II, LP, a Delaware limited partnership (together with any and all of
its successors and assigns and/or any other holder of this Note, “Lender”), without offset, in immediately available
funds in lawful money of the United States of America, the principal sum of Thirty Million, Six Hundred Forty-Seven Thousand, Five
Hundred Seventy Dollars and Seven Cents ($30,647,570.07) (or the unpaid balance of all principal advanced against this Note, if
that amount is less), together with interest on the unpaid principal balance of this Note from day to day outstanding as hereinafter
provided.

Section 1.

Payment Schedule
and Maturity Dates. Principal and interest on this Note shall be payable as follows:

The entire principal
balance of this Note then unpaid, together with all accrued and unpaid interest and all other amounts payable hereunder and under
the other Loan Documents (as hereinafter defined), shall be due and payable in full upon the closing of the merger between Moody
National REIT I, Inc. and Moody National REIT II, Inc. but in no event later than September 30, 2017 (the “Maturity Date”).

Section 2.

Security; Loan
Documents. The security for this Note includes those certain Mortgage, Security Agreement and Fixture Filing (as the same
may from time to time be amended, restated, modified or supplemented, collectively the “Mortgage”) of even
date herewith from each Borrower to Lender, conveying and encumbering certain real and personal property owned by such Borrower
and more particularly described therein (the “Property”). This Note, the Mortgage, and all other documents
now or hereafter securing, guaranteeing or executed in connection with the loan evidenced by this Note (the “Loan”),
as the same may from time to time be amended, restated, modified or supplemented, are herein sometimes called individually a “Loan
Document” and together the “Loan Documents.”

Section 3.

Interest Rate.
Interest on the outstanding principal balance of, and all other sums owing under this Note, which are not past due, shall accrue
and be payable at a per annum rate which is equal to the lesser of (i) the Maximum Lawful Rate (as defined below), or (ii) the
Note Rate (as defined below). Interest shall be computed for the actual number of days which have elapsed, on the basis of a 360-day
year. The term “Note Rate” shall mean six and one-half percent (6.50%) per annum. The term “Maximum
Lawful Rate” shall mean the maximum lawful rate of interest which may be contracted for, charged, taken, received or
reserved by Lender in accordance with the applicable laws of the State of Texas (or applicable United States federal law to the
extent that such law permits Lender to contract for, charge, take, receive or reserve a greater amount of interest than under Texas
law). If any amount payable by Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods),
such amount shall thereafter bear interest at the Past Due Rate (as defined below) to the fullest extent permitted by applicable
law. Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable on demand,
at a rate per annum (the “Past Due Rate”) equal to the lesser of (y) eighteen percent (18%), or (z) the Maximum
Lawful Rate.

Section 4.

Prepayment.
Upon one (1) days advanced written notice to Lender, Borrower may prepay all or any portion of the principal amount of this Note.
Any prepayments shall be applied to amounts owed under this Note in the order set forth in Section 6 below.

Section 5.

Late Charges. If
Borrower shall fail to make any payment under the terms of this Note (other than the payment due at maturity) within five (5) days
after the date such payment is due, Borrower shall pay to Lender on demand a late charge equal to five percent (5%) of the amount
of such payment. Such five (5) day period shall not be construed as in any way extending the due date of any payment or the Maturity
Date. The late charge is imposed for the purpose of defraying the expenses of Lender incident to handling such delinquent payment.
This charge shall be in addition to, and not in lieu of, any other amount that Lender may be entitled to receive or action that
Lender may be authorized to take as a result of such late payment.

 

    		 	 

    	 

    

  

Section 6.

Certain Provisions
Regarding Payments. All payments on this Note shall, at the sole option of Lender, be applied at any time and from time to
time and in any order, to the following: (a) the payment or reimbursement of any expenses, late charges, costs or obligations (other
than the principal hereof and interest hereon) for which Borrower shall be obligated or Lender entitled pursuant to the provisions
hereof or of the other Loan Documents, (b) the payment of accrued but unpaid interest hereon, and (c) the payment of all or any
portion of the principal balance then outstanding hereunder. Remittances shall be made without offset, demand, counterclaim, deduction,
or recoupment (each of which is hereby waived) and shall be accepted subject to the condition that any check or draft may be handled
for collection in accordance with the practice of the collecting bank or banks. Acceptance by Lender of any payment in an amount
less than the amount then due on any indebtedness shall be deemed an acceptance on account only, notwithstanding any notation on
or accompanying such partial payment to the contrary, and shall not in any way (a) waive or excuse the existence of an Event of
Default (as hereinafter defined), (b) waive, impair or extinguish any right or remedy available to Lender hereunder or under the
other Loan Documents, or (c) waive the requirement of punctual payment and performance or constitute a novation in any respect.
Payments received after 2:00 p.m. shall be deemed to be received on, and shall be posted as of, the following Business Day. Whenever
any payment under this Note or any other Loan Document falls due on a day which is not a Business Day, such payment may be made
on the next succeeding Business Day.

Section 7.

Events of Default.
The occurrence of any one or more of the following shall constitute an “Event of Default” under this Note:

(a)       

Borrower fails
to pay when and as due and payable any amounts payable by Borrower to Lender under the terms of this Note.

(b)       

Borrower fails
to timely perform, observe or keep any covenant, agreement or condition in this Note and (other than a monetary payment under (a)
above) and such failure continues uncured for a period of thirty (30) days after notice from Lender to Borrower.

(c)       

An Event of Default
(as therein defined) occurs under any of the Loan Documents other than this Note.

Section 8.

Remedies.
Upon the occurrence of an Event of Default, Lender may at any time thereafter exercise any one or more of the following rights,
powers and remedies:

(a)       

Lender may accelerate
the Maturity Date and declare the unpaid principal balance and accrued but unpaid interest on this Note, and all other amounts
payable hereunder and under the other Loan Documents, at once due and payable, and upon such declaration the same shall at once
be due and payable.

(b)       

Lender may set
off the amount due against any and all accounts, credits, money, securities or other property now or hereafter on deposit with,
held by or in the possession of Lender to the credit or for the account of Borrower, without notice to or the consent of Borrower.

(c)       

Lender may exercise
any of its other rights, powers and remedies under the Loan Documents or at law or in equity.

Section 9.

Remedies Cumulative.
All of the rights and remedies of Lender under this Note and the other Loan Documents are cumulative of each other and of any and
all other rights at law or in equity, and the exercise by Lender of any one or more of such rights and remedies shall not preclude
the simultaneous or later exercise by Lender of any or all such other rights and remedies. No single or partial exercise of any
right or remedy shall exhaust it or preclude any other or further exercise thereof, and every right and remedy may be exercised
at any time and from time to time. No failure by Lender to exercise, nor delay in exercising, any right or remedy shall operate
as a waiver of such right or remedy or as a waiver of any Event of Default.

 

    	PROMISSORY
                                         NOTE - Page 2	 	 

    	 

    

  

Section 10.

Costs and Expenses
of Enforcement. Borrower agrees to pay to Lender on demand all reasonable costs and expenses incurred by Lender in seeking
to collect this Note or to enforce any of Lender’s rights and remedies under the Loan Documents, including court costs and
reasonable attorneys’ fees and expenses, whether or not suit is filed hereon, or whether in connection with bankruptcy, insolvency
or appeal. Nothing in this Note shall affect the right of Lender to serve process in any manner otherwise permitted by law and
nothing in this Note will limit the right of Lender otherwise to bring proceedings against Borrower in the courts of any jurisdiction
or jurisdictions.

Section 11.

Heirs, Successors
and Assigns. The terms of this Note and of the other Loan Documents shall bind and inure to the benefit of the heirs, devisees,
representatives, successors and assigns of the parties. The foregoing sentence shall not be construed to permit Borrower to assign
the Loan except as otherwise permitted under the Loan Documents.

Section 12.

General Provisions.
Time is of the essence with respect to Borrower’s obligations under this Note. If more than one person or entity executes
this Note as Borrower, all of said parties shall be jointly and severally liable for payment of the indebtedness evidenced hereby.
Borrower and each party executing this Note as Borrower hereby severally (a) waive demand, presentment for payment, notice of dishonor
and of nonpayment, protest, notice of protest, notice of intent to accelerate, notice of acceleration and all other notices (except
any notices which are specifically required by this Note or any other Loan Document), filing of suit and diligence in collecting
this Note or enforcing any of the security herefor; (b) agree to any substitution, subordination, exchange or release of any
such security or the release of any party primarily or secondarily liable hereon; (c) agree that Lender shall not be required first
to institute suit or exhaust its remedies hereon against Borrower or others liable or to become liable hereon or to perfect or
enforce its rights against them or any security herefor; (d) consent to any extensions or postponements of time of payment of this
Note for any period or periods of time and to any partial payments, before or after maturity, and to any other indulgences with
respect hereto, without notice thereof to any of them; and (e) submit (and waive all rights to object) to non-exclusive personal
jurisdiction of any state or federal court sitting in the state and county in which payment of this Note is to be made for the
enforcement of any and all obligations under this Note and the other Loan Documents; (f) waive the benefit of all homestead and
similar exemptions as to this Note; (g) agree that their liability under this Note shall not be affected or impaired by any determination
that any title, security interest or lien taken by Lender to secure this Note is invalid or unperfected; and (h) hereby subordinate
to the Loan and the Loan Documents any and all rights against Borrower and any security for the payment of this Note, whether by
subrogation, agreement or otherwise, until this Note is paid in full. A determination that any provision of this Note is unenforceable
or invalid shall not affect the enforceability or validity of any other provision and the determination that the application of
any provision of this Note to any person or circumstance is illegal or unenforceable shall not affect the enforceability or validity
of such provision as it may apply to other persons or circumstances. This Note may not be amended except in a writing specifically
intended for such purpose and executed by the party against whom enforcement of the amendment is sought. Captions and headings
in this Note are for convenience only and shall be disregarded in construing it. This Note and its validity, enforcement and interpretation
shall be governed by the laws of the State of Texas (without regard to any principles of conflicts of laws) and applicable United
States federal law. Whenever a time of day is referred to herein, unless otherwise specified such time shall be the local time
of the place where payment of this Note is to be made. The term “Business Day” shall mean any day other than
a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of Texas. Capitalized terms used
herein without definition shall have the meanings ascribed to such terms in the Loan Agreement. The words “include”
and “including” shall be interpreted as if followed by the words “without limitation.”

Section 13.

Notices. Any notice,
request, or demand to or upon Borrower or Lender shall be deemed to have been properly given or made when delivered in accordance
with the terms of the Loan Agreement regarding notices.

 

    	PROMISSORY
                                         NOTE - Page 3	 	 

    	 

    

  

Section 14.

No Usury.
Interest on the debt evidenced by this Note will not exceed the maximum rate or amount of nonusurious interest that may be contracted
for, taken, reserved, charged, or received under law. Any interest in excess of that maximum amount will be credited on the unpaid
principal of this Note, if the principal has been paid, refunded. On any acceleration or required or permitted prepayment, any
excess interest will be cancelled automatically as of the acceleration or prepayment or, if the excess interest has already been
paid, credited on the principal or, if the principal has been paid, refunded. This provision overrides any conflicting provisions
in this Note, the Loan Agreement, Loan Documents and all other instruments concerning the obligations under the Loan. Borrower
hereby agrees that as a condition precedent to any claim seeking usury remedies or penalties against Lender, Borrower will provide
written notice to Lender, advising Lender in reasonable detail of the nature and amount of the violation and Lender shall have
sixty days after receipt of such notice in which to correct such usury violation, if any, by either refunding such excess interest
to Borrower or crediting such excess interest against the Loan or the Note then owing by Borrower to Lender. To the extent that
Lender is relying on Chapter 303 of the Texas Finance Code to determine the Maximum Lawful Rate payable on the Note or any other
portion of the Indebtedness, Lender will utilize the weekly ceiling from time to time in effect as provided in such Chapter 303,
as amended. To the extent United States federal law permits Lender to contract for, charge, take, receive or reserve a greater
amount of interest than under Texas law, Lender will rely on United States federal law instead of such Chapter 303 for the purpose
of determining the Maximum Lawful Rate. Additionally, to the extent permitted by applicable law now or hereafter in effect, Lender
may, at its option and from time to time, utilize any other method of establishing the Maximum Lawful Rate under such Chapter 303
or under other applicable law by giving notice, if required, to Borrower as provided by applicable law now or hereafter in effect.
In no event shall the provisions of Chapter 346 of the Texas Finance Code (which regulates certain revolving credit loan accounts
and revolving triparty accounts) apply to the Loan or any other Obligation.

15.       

Further Assurances
and Corrections. From time to time, at the request of Lender, Borrower will (i) promptly correct any defect, error or omission
which may be discovered in the contents of this Note or in any other Loan Document or in the execution or acknowledgement thereof;
(ii) execute, acknowledge, deliver, record and/or file (or cause to be executed, acknowledged, delivered, recorded and/or filed)
such further documents and instruments (including, without limitation, further deeds of trust, security agreements, financing statements,
continuation statements and assignments of rents) and perform such further acts and provide such further assurances as may be necessary,
desirable, or proper, in Lender's opinion, (A) to carry out more effectively the purposes of this Note and the Loan Documents and
the transactions contemplated hereunder and thereunder, (B) to confirm the rights created under this Note and the other Loan Documents,
(C) to protect and further the validity, priority and enforceability of this Note and the other Loan Documents and the liens and
security interests created thereby, and (D) to subject to the Loan Documents any property of Borrower intended by the terms of
any one or more of the Loan Documents to be encumbered by the Loan Documents; and (iii) pay all costs in connection with any of
the foregoing.

16.       

Rate Change for
Failure to Provide Financial Information. Borrower shall provide Lender from time to time with current financial information
for Borrower, as such financial information is reasonably requested by Lender and/or as provided in any Loan Documents executed
by Borrower in connection herewith. In the event Borrower shall fail to provide such financial information to Lender whether pursuant
to a request from Lender or as provided in any Loan Documents executed in connection herewith and after the expiration of any notice
and right to cure periods (if any), Borrower and Lender acknowledge and agree that the Note Rate shall increase by one percent
(1.00%).

17.       

Debtor and Creditor
Relationship. Notwithstanding any prior business or personal relationship between Borrower and Lender, or any officer, director
or employee of Lender that may exist or have existed, the relationship between Borrower and Lender is solely that of debtor and
creditor, Lender has no fiduciary or other special relationship with Borrower, Borrower and Lender are not partners or joint venturers,
and no term or condition of any of the Loan Documents shall be construed so as to deem the relationship between Borrower and Lender
to be other than that of debtor and creditor.

18.       

APPLICABLE LAW.
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF TEXAS AND ANY APPLICABLE LAWS OF THE
UNITED STATES OF AMERICA.

 

    	PROMISSORY
                                         NOTE - Page 4	 	 

    	 

    

  

19.       

WAIVER OF JURY
TRIAL. BORROWER AND LENDER (BY ACCEPTANCE OF THIS NOTE) WAIVE TRIAL BY JURY IN RESPECT TO ANY DISPUTE AND ANY ACTION ON SUCH
DISPUTE. THIS WAIVER IS KNOWINGLY, WILLINGLY AND VOLUNTARILY MADE BY BORROWER AND LENDER, AND BORROWER AND LENDER HEREBY REPRESENT
THAT NO REPRESENTATIONS OF FACT OR OPINION HAVE BEEN MADE BY ANY PERSON OR ENTITY TO INDUCE THIS WAIVER OF TRIAL BY JURY OR TO
IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THE LOAN DOCUMENTS.
BORROWER AND LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS
WAIVER OF JURY TRIAL. BORROWER FURTHER REPRESENTS AND WARRANTS THAT IT HAS BEEN REPRESENTED IN THE SIGNING OF THIS NOTE AND IN
THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL, OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED BY INDEPENDENT LEGAL COUNSEL
SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THIS WAIVER WITH COUNSEL. 

20.       

BALLOON PAYMENT.
THIS NOTE IS PAYABLE IN FULL ON THE CLOSING OF THE MERGER BETWEEN MOODY NATIONAL REIT I, INC. AND MOODY NATIONAL REIT II, INC.
BUT IN NO EVENT LATER THAN SEPTEBMER 30, 2017. YOU MUST REPAY THE ENTIRE PRINCIPAL BALANCE OF THE NOTE AND UNPAID ACCRUED INTEREST
THEN DUE. THE LENDER IS UNDER NO OBLIGATION TO REFINANCE THE NOTE AT THAT TIME. YOU WILL, THEREFORE, BE REQUIRED TO MAKE PAYMENT
OUT OF OTHER ASSETS YOU MAY OWN, OR YOU WILL HAVE TO FIND A LENDER WILLING TO LEND YOU THE MONEY AT PREVAILING MARKET RATES, WHICH
MAY BE CONSIDERABLY HIGHER OR LOWER THAN THE INTEREST RATE ON THIS NOTE. IF YOU REFINANCE THIS NOTE AT MATURITY, YOU MAY HAVE TO
PAY SOME OR ALL CLOSING COSTS NORMALLY ASSOCIATED WITH A NEW LOAN EVEN IF YOU OBTAIN REFINANCING FROM THE SAME LENDER.

21.       

TEXAS PROPERTY
CODE WAIVERS. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BORROWER WAIVES ALL RIGHTS, REMEDIES, CLAIMS AND DEFENSES
BASED UPON OR RELATED TO SECTIONS 51.003 AND 51.004 OF THE TEXAS PROPERTY CODE TO THE EXTENT THEY PERTAIN OR MAY PERTAIN TO ANY
ENFORCEMENT OR COLLECTION OF THIS NOTE.

22.       

ENTIRE AGREEMENT.
THIS NOTE AND THE OTHER LOAN DOCUMENTS CONTAIN THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES.

 

 

(remainder of page intentionally left blank;
signature page follows)

 

    	PROMISSORY
                                         NOTE - Page 5	 	 

    	 

    

 

IN WITNESS WHEREOF,
Borrower has duly executed this Note under seal as of the date first above written.

	 	BORROWER:
	 	 
	 	 
	 	Moody National 1 Polito Lyndhurst Holding, LLC, a Delaware limited liability company
	 	 
	 	By:	/s/ Brett C. Moody
	 	 	Brett C. Moody, President

 

    	PROMISSORY
                                         NOTE - Page 6Exhibit 10.1

 

September
7, 2017

 

To:
 All Holders of the NanoVibronix, Inc. 

Convertible
Promissory Notes

 

Re: 
NanoVibronix, Inc. 2017 Convertible Promissory Notes

 

Reference
is made to those certain Convertible Promissory Notes in the aggregate principal amount of $1,230,000 (the “Notes”),
by and between NanoVibronix, Inc. (the “Company”) and the lenders named therein (collectively, the “Lenders”,
and each, a “Lender”). All capitalized terms in this letter (the “Letter Agreement”)
shall have the meanings assigned to them under the Notes, unless otherwise defined herein.

 

By
signature and countersignature below, the Company and the Lenders agree to the following:

 

		1)	Election
                                         to Receive Equity Securities. Notwithstanding anything in the Notes to the contrary,
                                         the Lenders hereby agree that, in the event the Company consummates a Qualified Financing
                                         prior to December 31, 2017 pursuant to a firm commitment underwritten offering that results
                                         in the Common Stock being contemporaneously listed on the NYSE American, the Nasdaq Capital
                                         Market, the Nasdaq Global Market or the Nasdaq Global Select Market, (i) on the closing
                                         date of such Qualified Financing, the entire outstanding principal amount of the Notes,
                                         together with all accrued and unpaid interest thereon, shall automatically convert, without
                                         any action on the part of the Lenders, into shares of the same class and series of Equity
                                         Securities sold on the closing date[, or at the Lender’s option, into the Company’s
                                         Series C Preferred Stock,] in such Qualified Financing at a price per share equal to
                                         the lesser of: (a) 80% (i.e., a 20% discount) of the price per share at which such securities
                                         are sold in such Qualified Financing and (b) $5.90 per share.

 

		2)	“Market
                                         Stand-off” Agreement. Subject to the limitations herein, the Lenders hereby
                                         agree that they will not, without the prior written consent of the managing underwriter,
                                         during the period commencing on the date of the final prospectus relating to the registration
                                         by the Company of shares of its Common Stock or any other equity securities under the
                                         Securities Act on a registration statement on Form S-1, and ending on the date specified
                                         by the Company and the managing underwriter (such period not to exceed one hundred eighty
                                         (180) days, or such other period as may be requested by the Company or an underwriter
                                         to accommodate regulatory restrictions on (1) the publication or other distribution of
                                         research reports, and (2) analyst recommendations and opinions, including, but not limited
                                         to, the restrictions contained in Financial Industry Regulatory Authority Rule 2711(f)(4)
                                         or New York Stock Exchange Rule 472(f)(4), or any successor provisions or amendments
                                         thereto), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract
                                         to purchase; purchase any option or contract to sell; grant any option, right, or warrant
                                         to purchase; or otherwise transfer or dispose of, directly or indirectly, any shares
                                         of Common Stock or any securities convertible into or exercisable or exchangeable (directly
                                         or indirectly) for Common Stock (whether such shares or any such securities are then
                                         owned by the Lender or are thereafter acquired) or (ii) enter into any swap or other
                                         arrangement that transfers to another, in whole or in part, any of the economic consequences
                                         of ownership of such securities, whether any such transaction described in clause (i)
                                         or (ii) above is to be settled by delivery of Common Stock or other securities, in cash,
                                         or otherwise. The foregoing provisions of this Section 2 shall not apply to the
                                         sale of any shares to an underwriter pursuant to an underwriting agreement, or the transfer
                                         of any shares to any trust for the direct or indirect benefit of a Lender or the immediate
                                         family of such Lender, provided that the trustee of the trust agrees to be bound
                                         in writing by the restrictions set forth herein, and provided further that any
                                         such transfer shall not involve a disposition for value. Furthermore, the restrictions
                                         in this Section 2 shall be applicable to the Lenders only if all officers and
                                         directors are subject to the same restrictions and the Company uses commercially reasonable
                                         efforts to obtain a similar agreement from all stockholders individually owning more
                                         than five percent (5%) of the Company’s outstanding Common Stock. The underwriters
                                         in connection with such registration are intended third-party beneficiaries of this Section
                                         2 and shall have the right, power and authority to enforce the provisions hereof
                                         as though they were a party hereto. The Lenders further agree to execute such agreements
                                         as may be reasonably requested by the underwriters in connection with such registration
                                         that are consistent with this Section 2 or that are necessary to give further
                                         effect thereto.

 

     

     

    

 

		3)	Integration.
                                         Except as otherwise modified pursuant to the paragraphs above, no other changes or modifications
                                         to the Notes are intended or implied and in all other respects the Notes are specifically
                                         deemed ratified, restated and confirmed by the parties hereto, effective as of the date
                                         hereof. To the extent that there exists any conflict between the terms of this Letter
                                         Agreement and the Notes, the terms of this Letter Agreement shall control. This Letter
                                         Agreement together with the Notes shall be read and construed as one agreement.

 

		4)	Prior
                                         Agreements. This Letter Agreement supersedes all prior written or contemporaneous
                                         oral agreements, understandings and negotiations with respect to the subject matter hereof.

 

		5)	Counterparts.
                                         This Letter Agreement may be signed in counterparts (which may include counterparts delivered
                                         by any standard form of telecommunication), each of which shall be an original and all
                                         of which together shall constitute one and the same instrument.

 

Please
return an executed, counter-signed copy of this Letter Agreement to the Company.

 

[Signature
Page Follows]

 

     

     

    

 

[Company
Signature Page to Side Letter]

 

	 	Very truly yours,
	 	 	 
	 	COMPANY
	 	 	 
	 	NanoVibronix, Inc.
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title: 

 

     

     

    

 

[Lender
Signature Page to Side Letter]

 

Acknowledged
and Agreed:

	 
	LENDER
    (if an individual)
	 	 

 

	LENDER
    (if an entity)
	 	 
	(please
    print entity name above)

 

	By:	 	 	 
	Name:	 
	Title:

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