Document:

Exhibit 10.60

AMENDED AND RESTATED

SUBORDINATION AGREEMENT

This AMENDED AND RESTATED SUBORDINATION AGREEMENT (hereinafter "Agreement") is entered into
and is effective this 1st day of August 2011 by and between BlueCrest Venture Finance Master Fund Limited, a Cayman Islands limited
company, PO Box 309, Ugland House, South Church Street, George Town, Cayman Islands (“BlueCrest”), and Greystone Capital Partners
(“Lender”).

RECITALS

A.  Lender is providing an unsecured term loan in the amount of
approximately $139,728.82 (the “Term Loan”) to Bioheart Inc. ("Debtor"). 

B.  BlueCrest has provided credit facilities or arrangements to Debtor,
including, without limitation, those facilities provided under that certain Amended and Restated Loan and Security Agreement, dated as October 25, 2010
 (as amended from time to time, the “Loan Agreement”) between BCF and Debtor (collectively, “BlueCrest Senior Debt”), and in connection
therewith has obtained a first position security interest in certain tangible and intangible assets of the Debtor and all cash and non-cash proceeds and
products thereof which are described on the attached Schedule A ("BlueCrest Collateral").  (Capitalized
terms used herein and not otherwise defined shall have the meanings ascribed to them in the Loan Agreement.)

C.  Lender and BlueCrest agree that Lender will subordinate its right to
repayment of the indebtedness and other obligations of Debtor to Lender under the Term Loan (“Subordinated Debt”) to the payment rights and further
that Lender and BlueCrest may extend or may continue to extend financing to Debtor in reliance on the priority of such payment rights and security interests as
set forth in this Agreement. 

NOW, THEREFORE, in consideration of the promises and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, the parties hereto agree as follows:

1.  

Consent; Disclaimer of Interest; Subordination by Lender.  

(a)

BlueCrest consents to the Term Loan and the issuance by the Debtor of the note constituting the
Subordinated Debt, each on the terms and conditions approved by BlueCrest in its sole discretion.

(b)

Lender hereby disclaims any security interest, lien or claim which they may now or hereafter
have in the collateral of Debtor, including, without limitation, the BlueCrest Collateral.  

(c)

Except as set forth in Section 1(d) below, Lender hereby subordinates payment
by Debtor of the Subordinated Debt to the payment to BlueCrest, in full in cash, of all BlueCrest Senior Debt. Lender agrees not to ask for, demand, take or
receive payment in respect of all or any part of the Subordinated Debt, including any interest payable thereon or in respect thereof, or take any enforcement
action in respect thereof, unless and until all of the BlueCrest Senior Debt has been paid in full in cash and all obligations of BlueCrest to extend credit to
Debtor have been irrevocably terminated.  

(d)

The parties hereby acknowledge and agree that, notwithstanding Section 1(c)
above, Lender may accept from Debtor payments of principal and/or interest in respect of all or any portion of the Subordinated Debt provided that such payments
are made solely in shares of Debtor’s common stock and/or any other equity securities of Debtor which are exercisable for or convertible into shares of
Debtor’s common stock.  Further, nothing herein shall preclude the conversion of the Term Loan into common stock and/or other equity securities of the
Debtor pursuant to the terms and conditions of the Term Loan notes.

(e)

Lender represents and warrants that set forth on Schedule B attached hereto is
its complete legal name and address, and the outstanding principal amount of Subordinated Debt owing by Debtor to Lender as of the date hereof and that, except
for this Agreement, Lender has not executed any intercreditor agreements or subordination agreements with respect to the Subordinated Debt or the Debtor.
 Lender agrees that upon any

distribution of the assets or readjustment of the indebtedness of Debtor by reason of
liquidation, composition, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other similar action or proceeding (individually
and collectively, a “Proceeding”), BlueCrest shall be entitled to receive payment in full in cash of all of the BlueCrest Senior Debt prior to the
payment of all or any part of the Subordinated Debt.

(f)

All terms used and not otherwise defined herein which are defined in Article 9 of the Illinois Uniform
Commercial Code shall have the meanings assigned to them in Article 9 of the Illinois Uniform Commercial Code as in effect on the date of this Agreement.  

2.  

Extent of Subordination, The subordinations and priorities specified herein are applicable
irrespective of the time, manner or order of attachment or perfection of any security interests, liens or claims, or the time or order of filing of any
financing statements, or the giving or failure to give notice of the acquisition or expected acquisition of any purchase money security interests or other
security interests; provided, however, if, for any reason, a security interest, lien or claim of a party to which a security interest, lien or claim of the
other party is hereby subordinated is not perfected or is avoidable, then the subordination of such security interest, lien or claim of such other party shall
not be effective as to the particular collateral which is the subject of the unperfected or avoidable security interest, lien or claim.

3. 

Continuing Agreement. This Agreement shall constitute a continuing agreement of subordination.
 Subject to Section 6(b), the subordinations and priorities specified herein shall remain in full force and effect until all BlueCrest Senior Debt is paid
in full and all contractual commitments by BlueCrest to extend credit to Debtor have terminated.  Notwithstanding the foregoing, nothing herein shall
preclude any party, without notice to the other parties, from lending money, extending credit or providing other financial services to or on behalf of Debtor;
provided that any such loans, extensions of credit or other financial services by Lender shall be subordinated to the rights of BlueCrest as provided herein.
 This Agreement shall constitute the entire agreement between the parties with respect to the subject matter
hereof and shall not be amended except with the written consent of both Lender and BlueCrest. 

4. 

Payments Held in Trust.  In the event that Lender receives any
payment of any Subordinated Debt which at the time paid or received is in violation of or is prohibited under this Agreement, Lender shall:  (a) not
credit such payments against the Subordinated Debt, (b) promptly notify BlueCrest in writing thereof, and (c) receive the same in trust for BlueCrest
and promptly pay and deliver the same to BlueCrest in precisely the form received, except for any requisite endorsement or assignment, which Lender will make
and hereby authorizes BlueCrest or any of its officers or authorized employees to make in the event that Lender does not make the same; provided, however, that
BlueCrest consents to the payment by the Debtor of fees and expenses to Lender and its counsel in conjunction with the Term Loan, not to exceed $10,000 in the
aggregate.  BlueCrest will apply any such moneys so received by it to the BlueCrest Senior Debt and will hold any property other than money so received by
it as Collateral therefor.  

5.  

Waivers.  No delay on the part of Lender or BlueCrest in exercising any right, power or
privilege granted hereunder shall operate as a waiver thereof, and no purported waiver of any default, breach or violation of any term or provision contained
herein shall be deemed to be a waiver of such term or provision unless the waiver is in writing and signed by the waiving party. No such waiver shall in any
event be deemed a waiver of any subsequent or other default, breach or violation. The rights or remedies herein expressly specified are cumulative and not
exclusive of any other rights or remedies which the parties would otherwise have.  Lender agrees that BlueCrest may at any time, and from time to time (a)
extend the time of payment of or renew the BlueCrest Senior Debt, (b) receive and hold security for the payment of the BlueCrest Senior Debt and enforce, waive,
release, fail to perfect, sell or otherwise dispose of any such security, or (c) make any agreement with Debtor or with any other party or person liable on the
BlueCrest Senior Debt, for the extension, renewal, payment, compromise, discharge or release thereof (in whole or in part), or for any modification of the terms
thereof or of any agreement between BlueCrest and Debtor or any such other party or person, without in any way impairing or affecting this Agreement.

6.  

Termination; Reinstatement. 

(a)

This Agreement may be terminated upon at least thirty (30) days prior written notice by one party to the
other. Notwithstanding the foregoing, no termination pursuant to Section 6(a) shall impair the rights or priorities created or acquired hereunder by either of
the parties prior to the effective date of the termination. The notice of termination and other notices given in connection with this Agreement shall be deemed
to have been given when received if personally delivered or sent by overnight courier or five (5) business days after deposit in the United States

mail, postage prepaid, addressed to each of Lender and to BlueCrest, with a copy to Debtor, at their respective offices set
forth above, or to such other address designated by such party by notice to the other. 

(b)

If BlueCrest is required in any Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of Debtor, because such amount was avoided or
ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether
received as proceeds of security, enforcement of any right of set-off or otherwise, then the BlueCrest
Senior Debt shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and repayment in full of the
BlueCrest Senior Debt shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be
reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the
parties hereto.

(c)

If Lender is required in any Proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of Debtor, because such amount was avoided or ordered
to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential
transfer, any Recovery, whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the Subordinated Debt shall be
reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and repayment in full of the Lender Subordinated Debt
shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and
effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto.

7.  

Independent Investigation.  Neither BlueCrest nor Lender shall be responsible to the other for
Debtor's solvency or condition (financial or otherwise), statements, representations or warranties (whether oral or written), the
validity, sufficiency or enforceability of the documents executed by Debtor or the validity, sufficiency, enforceability or priority of any security interests
granted by Debtor in connection therewith. Lender and BlueCrest have entered into their respective financing arrangements with Debtor based on their own
investigation, and neither has made any representation or warranty to the other with respect to the matters described in this paragraph, nor relied upon any
such representation or warranty by the other.

8.  

Successors and Assigns: Assignment. This Agreement shall be binding upon and inure to the benefit
of each of the parties hereto and their respective successors and assigns. References herein to each party shall be deemed to refer to such party and its
successors and assigns. No other person shall have or obtain any right, benefit, priority or interest under this Agreement. Any assignment by either party of
any security interest, lien or claim in any of the BlueCrest Collateral or any financing statement covering the same shall be subject to
this Agreement.

9.  

Attorneys' Fees and Costs.  In the event of any dispute between the parties arising in
relation to this Agreement, the prevailing party shall be entitled to recover all of its reasonable attorneys' fees and costs, in addition to all other sums to
which it may be entitled.

10.  

Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Illinois (without giving effect to its laws of conflicts) and to the extent applicable, federal law.

11.

CONSENT TO JURISDICTION. LENDER AND BLUECREST EACH IRREVOCABLY AGREE THAT ALL ACTIONS OR
PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL BE LITIGATED IN COURTS HAVING SITUS IN CHICAGO, ILLINOIS.  LENDER AND BLUECREST
EACH HEREBY CONSENT AND SUBMIT TO THE JURISDICTION OF ANY COURT LOCATED WITHIN CHICAGO, ILLINOIS, WAIVES PERSONAL SERVICE OF PROCESS UPON IT, AND AGREE THAT ALL
SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO LENDER OR BLUECREST, RESPECTIVELY, AT THE ADDRESS STATED ON THE SIGNATURE PAGE HEREOF AND
SERVICE SO MADE WILL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT. 

12.

WAIVER OF JURY TRIAL.  BLUECREST AND
LENDER EACH WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (A) UNDER THIS AGREEMENT OR ANY RELATED AGREEMENT OR
UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE

DELIVERED IN CONNECTION WITH THIS AGREEMENT OR (B) ARISING
FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT
BEFORE A JURY.  BLUECREST AGREES THAT IT WILL NOT ASSERT ANY CLAIM AGAINST LENDER OR ANY OTHER PERSON INDEMNIFIED UNDER THIS AGREEMENT ON ANY THEORY OF
LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES.

13.  

Construction.  This Agreement shall not be construed more strictly against either party by
virtue of the preparation of this Agreement.  This Agreement may be executed in counterparts, each of which shall be an original and all of which shall
constitute one and the same Agreement.  This Agreement may be executed by fax or email.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto.

BlueCrest:

BlueCrest Venture Finance Master Fund Limited 

acting by its duly appointed agent, BlueCrest Capital
Management Guernsey LP (acting through its Geneva branch) acting by its general partner, BlueCrest Capital Management Guernsey Limited

By: __/s/Jeremy Sambrook_______________________

Name: Jeremy Sambrook

Title: Director

PO Box 309, Ugland House

South Church Street

George Town, Cayman Islands

Attn:  General Counsel

With a copy:

c/o 225 West Washington Street, Suite 200

Chicago, IL   60606

Attn:  Mark King

Date: August 1, 2011

Lender:

Greystone Capital Partners

By: _/s/Bryan Collins________________________

Name: Bryan Collins

Title: President 

Address:

	
	

Greystone Capital Partners 

P.O. Box 276158

	Boca Raton, FL 33427-6158

Date: August 1, 2011

[Signature page to Subordination Agreement]

JOINDER

The undersigned acknowledge the foregoing terms and conditions set forth in this
Agreement and consent to the terms hereof.

Debtor:

Bioheart, Inc.

By: _/s/Mike Tomas___________________

Name: Mike Tomas

Title: Chief Executive Officer

Date: August 1, 2011

SCHEDULE A

BLUECREST COLLATERAL

(i)

All Receivables;

(ii)

All Equipment;

(iii)

All Fixtures;

(iv)

All General Intangibles;

(v)

All Intellectual Property;

(vi)

All Inventory; 

(vii)

All Investment Property;

(viii)

All Deposit Accounts and Securities Accounts (other than the Aggregation
Account and the Payroll Account);

(ix)

All Cash;

(x)

All Documents;

(xi)

All other Goods and tangible and intangible personal property of Borrower,
whether now or hereafter owned or existing, leased, consigned by or to, or acquired by, Borrower and wherever located, and 

(xii)

to the extent not otherwise included, all Proceeds of each of the foregoing
and all accessions to, substitutions and replacements for, and rents, profits and products of each of the foregoing and all attachments, accessories,
accessions, replacements, substitutions, additions or improvements to any of the foregoing, wherever located and all products and proceeds of the foregoing
including without limitation proceeds of insurance policies insuring the foregoing and all books and records with respect thereto; 

(all of the foregoing personal property is hereinafter sometimes individually and sometimes collectively referred to as
“BlueCrest Collateral”). The foregoing BlueCrest Collateral relates solely to the assets of the Debtor.

SCHEDULE B

SCHEDULE OF LENDERS

Name/Address

Principal Amount of Notes Held

		
	

Greystone Capital Partners 

P.O. Box 276158

	$139,728.82

	Boca Raton, FL 33427-6158Exhibit C

Exhibit 10.61

Exhibit C.

THIS NOTE, AND THE
OBLIGATIONS OF THE COMPANY HEREUNDER, HAVE BEEN SUBORDINATED TO THE OBLIGATIONS OF THE COMPANY TO BLUECREST VENTURE FINANCE MASTER
FUND LIMITED (“BLUECREST”) AND ITS SUCCESSORS AND ASSIGNS PURSUANT TO THAT CERTAIN AMENDED AND RESTATED SUBORDINATION
AGREEMENT AMONG THE PARTIES DATED AS OF THE DATE HEREOF (THE “SUBORDINATION AGREEMENT”). HOLDER AND ANY SUBSEQUENT HOLDER
HEREOF SHALL BE SUBJECT TO THE TERMS AND CONDITIONS OF SUCH AMENDED AND RESTATED SUBORDINATION AGREEMENT UNTIL PAYMENT IN FULL OF
ALL OBLIGATIONS OF THE COMPANY TO BLUECREST AND SUCH SUCCESSORS AND ASSIGNS.

BIOHEART, INC.

		
	$139,728.82

	September 1, 2011

EIGHT PERCENT (8%) UNSECURED CONVERTIBLE NOTE

THIS UNSECURED CONVERTIBLE NOTE (the “Note”) is a duly authorized Unsecured
Convertible Note of BIOHEART, INC., a FLORIDA corporation (the “Company” or the “Issuer”)).

FOR VALUE RECEIVED, subject to the terms and conditions of the Subordination Agreement, the
Company promises to pay Greystone Capital Partners (the “Holder”), the original principal sum of $139,728.82 (the
“Principal Amount”) or such lesser principal amount following the conversion or conversions of this Note in accordance
with Paragraph 2 (the “Outstanding Principal Amount”) on the first anniversary of the date hereof (the “Maturity
Date”), and to pay interest on the Outstanding Principal Amount (“Interest”) at the rate of eight percent (8%) per
Annum (the “Rate”) from the date of issuance, until the same becomes due and payable, whether at maturity or upon
acceleration, conversion or otherwise. Capitalized terms used herein and not otherwise herein defined are defined in Paragraph 11
hereof.

Accrual of Interest shall commence on the date of this Note and continue until the Company
repays in full the Outstanding Principal Amount and all accrued but unpaid Interest. Accrued and unpaid Interest shall bear Interest
at the Rate until paid, compounded monthly.
Except to the extent converted into Common Stock (as defined below) prior to the Maturity Date, subject to the terms and conditions
of the Subordination Agreement,
the Outstanding Principal Amount of this Note and accrued interest thereon are payable on the Maturity Date in such coin or currency
of the United States as at the time of payment is legal tender for payment of public and private debts, at the address provided to
the Company by the Holder from time to time. Subject to the terms and conditions of the Subordination Agreement, the Company may
prepay principal and interest on this Note at any time before the Maturity Date.

The Company will pay the Outstanding Principal Amount of this Note on the Maturity Date, free of
any withholding or deduction of any kind (subject to the provision of paragraph 2 below), to the Holder as of the Maturity Date and
addressed to the Holder at the address provided in writing to the Company by the Holder from time to time.

This Note is subject to the following additional provisions:

1.

All payments on account of the Outstanding Principal Amount of this Note and
all other amounts payable under this Note (whether made by the Company or any other person) to or for the account of the Holder
hereunder shall be made free and clear of and without reduction by reason of any present and future income, stamp, registration and
other taxes, levies, duties, cost, and charges whatsoever imposed, assessed, levied or collected by the United States or any
political subdivision or taxing authority thereof or therein, together with interest thereon and penalties with respect thereto, if
any, on or in respect of this Note (such taxes, levies, duties, costs and charges being herein collectively called
“Taxes”).

2.

Notwithstanding anything to the contrary contained herein or in the
Subordination Agreement, the Holder of this Note is entitled, at its option, at any time after the issuance of this Note, to convert
all or any lesser portion of

the Outstanding Principal Amount and accrued but unpaid Interest into Common Stock at a
conversion price (the “Conversion Price”) for each share of Common Stock equal to a price which is the lower of either (x)
$0.13, or (y) 65% (the “Discount Rate”) of the average of the lowest three (3) Closing Prices for the Common Stock for the
ten (10) Trading Day period ending one (1) Trading Day prior to the date the Conversion Notice is delivered by the Holder to the
Company; provided, however, that in no event shall the Conversion Price be an amount that is lower than $0.01 and further provided
that, if the Company closes a convertible note financing with another lender while this Note is outstanding, that provides for a
discount to the Closing Prices that is greater than the Discount Rate, then the Discount Rate shall be increased to such greater
rate. (The Common stock into which the Note is converted shall be referred to in this agreement as
“Conversion Shares.”) The Issuer will not be obligated to issue fractional Conversion Shares. The Holder may convert
the entire Outstanding Principal Amount of this Note into Common Stock by surrendering the Note to the Company, with the form of
notice of conversion attached to the Note as Exhibit I (the “Conversion Notice”), executed by the Holder of the Note
evidencing such Holder’s intention to convert the Note; provided, however, that for the conversion of less than the Outstanding
Principal Amount of this Note, surrender of the Note is not required.

The Company will not issue fractional shares or scrip representing fractions
of shares of Common Stock on conversion, but the Company will round the number of shares of Common Stock issuable up to the nearest
whole share. The date on which a Conversion Notice in the form attached as Exhibit I is given shall be deemed to be the date on
which the Holder notifies the Company of its intention to so convert by delivery, by facsimile transmission or otherwise, of a copy
of the Conversion Notice. The Conversion Notice may be sent by email to the Company, attn: Mr. Mike Tomas, CEO. In the event of a
conversion of the entire Outstanding Principal Amount of this Note, the Holder will deliver this Note, together with original
executed copy of the Conversion Notice, to the Company within three (3) business days following the Conversion Date. At the Maturity
Date, the Company will pay any unconverted Outstanding Principal Amount and accrued Interest thereon, at the
option of the Company, in either (a) cash or (b) Common Stock valued at a price equal to the Conversion Price determined as if the
Note was converted in accordance with its terms into Common Stock on the Maturity Date.

3.

Except to the extent this Note has been properly converted into Common Stock in accordance with Section 2,
no provision of this Note shall alter or impair the obligation of the Company, which is absolute and unconditional, to the payment
of the Outstanding Principal Amount of this Note at the Maturity Date, and in the coin or currency herein prescribed. This Note and
all other Notes now or hereafter issued on similar terms are direct obligations of the Company. In the event of any liquidation,
reorganization, winding up or dissolution, repayment of this Note shall not be subordinate in any respect to any other indebtedness
of the Company outstanding, except that of the Company to BlueCrest, as of the date of this Note or hereafter incurred by the
Company. This Note is an unsecured obligation of the Company.

Such non-subordination shall extend without limiting the generality of the foregoing, to all
indebtedness of the Company to banks, financial institutions, other secured lenders, equipment lessors and equipment finance
companies, but shall exclude trade debts and debt to BlueCrest. Any warrants, options or other securities convertible into stock of
the Company issued before the date hereof shall rank pari passu with this Note in all respects

 

4.

If at any time or from time to time after the date of this Note, the Common
Stock issuable upon the conversion of this Note is changed into the same or different numbers of shares of any class or classes of
stock, whether by recapitalization or otherwise, then in each such event the Holder shall have the right thereafter to convert the
Note into the kind of security receivable in such recapitalization, reclassification or other change by holders of Common Stock, all
subject to further adjustment as provided herein. In such event, the formulae set forth herein for conversion and redemption shall
be equitably adjusted to reflect such change in number of shares or, if shares of a new class of stock are issued, to reflect the
market price of the class or classes of stock issued in connection with the above described transaction.

5.

If one or more of the “Events of Default” shall occur, the Company
agrees to pay all costs and expenses, including reasonable attorneys’ fees, which the Holder may incur in collecting any amount
due under, or enforcing any terms of, this Note. For purposes hereof, the term “Events of Default” shall mean:

			
	 
	a.

	Withdrawal from registration of the Issuer under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), either voluntary or involuntary.

	 
	 
	 

	 
	b.

	Issuer filing for bankruptcy protection under the federal bankruptcy laws,
the calling of a meeting of creditors, or any act of insolvency under any state law regarding insolvency, without written
notification to the Investor within five business days of such filing, meeting or action.

	 
	 
	 

	 
	c.

	Failure by the Issuer to honor a notice of conversion under the Note and
immediately issue to holder unrestricted shares of common stock of the Issuer.

	 
	 
	 

	 
	d.

	Failure to pay the principal and unpaid but accrued interest on the Note
when due.

		
	 
	If the Issuer fails to cure a default as
defined in this paragraph, within two business days after receipt by the Issuer of a written notice of default, the Holder may
exercise the following remedies:

			
	 
	(i)

	the Rate shall be the lesser of (1) 24.99% per annum, compounded, or (2) the
highest rate of interest permitted by law for the indebtedness evidenced by this Note, effective upon the date of the default and
until cured; and/or

	 
	 
	 

	 
	(ii)

	The Holder may refuse to exercise its right to convert the debt as
contemplated by this Note; and/or

	 
	 
	 

	 
	(iii)

	The Holder may refuse to perform it obligations under the Partial Assignment
and Modification Agreement entered into between Holder and the Company contemporaneously herewith.

6.

Prepayment. At any time that the Note remains outstanding, upon three business
days’ written notice (the “Prepayment Notice”) to the Holder, the Company may, subject to the terms and conditions of
the Subordination Agreement, pay the entire Outstanding Principal Amount of the Note plus any accrued but unpaid Interest. If the
Company gives written notice of prepayment, the Holder continues to have the right to convert principal and interest on the Note
into Conversion Shares until three business days elapses from the Prepayment Notice.

7.

The Company covenants that until all amounts due under this Note are paid in
full, by conversion or otherwise, unless waived by the Holder or subsequent Holder in writing, the Company shall:

			
	 
	a.

	give prompt written notice to the Holder of any Event of Default or of any
other matter which has resulted in, or could reasonably be expected to result in a materially adverse change in its financial
condition or operations;

	 
	 
	 

	 
	b.

	give prompt notice to the Holder of any claim, action or proceeding which,
in the event of any unfavorable outcome, would or could reasonably be expected to have a Material Adverse Effect (as defined in the
Note Purchase Agreement) on the financial condition of the Company;

	 
	 
	 

	 
	c.

	at all times reserve and keep available out of its authorized but unissued
Common Stock, for the purpose of effecting the conversion of this Note into Common Stock, such number of its duly authorized shares
of Common Stock as shall from time to time be sufficient to effect the conversion of the Outstanding Principal Amount of this Note
into Common Stock.

8.

Upon receipt by the Company of evidence from the Holder reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note,

		
	 
	(i) in the case of loss, theft or
destruction, upon provision of indemnity reasonably satisfactory to it and/or its transfer agent, or

	 
	 

	 
	(ii) in the case of mutilation, upon
surrender and cancellation of this Note, then the Company at its expense will execute and deliver to the Holder a new Note, dated
the date of the lost, stolen, destroyed or mutilated Note, and evidencing the outstanding and unpaid principal amount of the lost,
stolen, destroyed or mutilated Note.

9.

If any term in this Note is found by a court of competent jurisdiction to be
unenforceable, then, subject to the terms and conditions of the Subordination Agreement, the entire Note shall be rescinded, the
consideration proffered by the Holder for the remaining Debt acquired by the Holder not converted by the Holder in accordance with
this Note shall be returned in its entirety and any Conversion Shares in the possession or control of the Investor shall be returned
to the Issuer.

10.

The Note and the Agreement between the Company and the Holder (including all
Exhibits thereto) constitute the full and entire understanding and agreement between the Company and the Holder with respect to the
subject hereof. Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written
instrument signed by the Company and the Holder; provided, however, the provisions hereof regarding subordination may not be amended
without the prior written consent of BlueCrest. BlueCrest shall be a third party beneficiary of the forgoing proviso. .

11.

Definitions.

			
	 
	a.
	“Closing Price” means, for any security as of any date, the last
trade price of such security on the principal securities exchange or trading market where such security is listed or traded as
reported by Bloomberg, L.P. (“Bloomberg”), or if the foregoing do not apply, the last trade price of such security
in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade
price is reported for such security by Bloomberg, the average of the ask prices of any market makers for such security as reported
in the “pink sheets” by OTC Markets Group, Inc. (formerly Pink Sheets LLC). If the Closing Sale Price cannot be calculated
for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the
fair market value as mutually determined by the Company and the Holder. All such determinations shall be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during such period.

	 
	 
	 

	 
	b.
	“Common Stock” means (i) the Company’s shares of common
stock, $0.001 par value per share, and (ii) any capital stock into which such common stock shall have been changed or any share
capital resulting from a reclassification of such common stock.

	 
	 
	 

	 
	c.
	“Trading Day” means, as applicable,
(x) with respect to all price determinations relating to the Common Stock, any day on which the Common Stock is quoted on the OTCBB
or, if no longer quoted on the OTCBB, then on the principal securities exchange or securities market on which the Common Stock is
then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such
exchange or market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of
trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such
exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading
Day in writing by the Holder or (y) with respect to all determinations other than price determinations
relating to the Common Stock, any day on which The New York Stock Exchange (or any successor thereto) is open for trading of
securities.

12.

This Note shall be governed by and construed in accordance with the internal
laws of the State of New York.

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by an officer
thereunto duly authorized, as of the date first written above.

BIOHEART, INC.

By:_/s/Mike Tomas__________________________________

     Mike Tomas, CEO & PRESIDENT 

EXHIBIT I

BIOHEART, INC.

CONVERSION NOTICE

Reference is made to the Unsecured Convertible Note (the “Note
”) issued to the undersigned by Bioheart, Inc. (the “Company”). In accordance with and pursuant to the
Note, the undersigned hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into
shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company, as of the date specified
below.

												
	Date of Conversion:   

	 

	Aggregate Conversion Amount to be
converted:

	 

	Conversion Price:

	 

	Number of shares of Common Stock to be
issued:

	 

	 

	Please issue the Common Stock into which the Note is being
converted in the following name and to the following address:

	Issue to:

	 

	 
	 

	 
	 

	Facsimile Number:

	 

	Holder:

	 

	              By:

	 

	                    Title:

	 

	Dated:

	 

	Account Number:

	 

	 (if electronic book entry transfer)

	 

	Transaction Code Number:

	 

	 (if electronic book entry transfer)

	 

	 
	 

The Company hereby acknowledges this Conversion Notice and hereby directs Continental Stock Transfer &
Trust Company to issue the above indicated number of shares of Common Stock in accordance with the Transfer Agent Instructions dated
________, 2011 from the Company and acknowledged and agreed to by __________________.

	 	
	 	BIOHEART,
INC.

	 	

By:_________________________________________

	 	Name:

	 	Title:

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