Document:

Exhibit
        10.7

    

     

    

      SUBLEASE

       

      
        	Dated:	March 14, 2005
	 	 
	“Sublandlord”: 	FRIEDMAN, BILLINGS, RAMSEY
                GROUP,
                INC.,
                a Virginia corporation
	 	 
	“Subtenant”:	INNOVIVE PHARMACEUTICALS,
                INC.,
                a Delaware corporation
	 	 
	“Sublease Premises”:	The entire twenty-fifth (25th) floor
                of the
                Building containing five thousand five hundred twenty-six (5,526)
                rentable
                square feet of space as stipulated and agreed to by Sublandlord and
                Subtenant.
	 	 
	“Sublease
                Term”:	The Sublease Term shall mean the period
                commencing on the first business day after the Master Landlord’s consent
                to this Sublease is obtained as required by Section 3.02 below and
                delivered to Sublandlord and Subtenant (the “Sublease Commencement Date”),
                and expiring on August 30, 2012 (the “Sublease Expiration
                Date”).
	 	 
	“Building”:	555 Madison Avenue, New York, New
                York
	 	 
	“Master Landlord”:	Rodney Company, N.V., Inc.
	 	 
	“Master Lease”:	The Agreement of Lease dated April
                26, 2002,
                a copy of which is attached hereto as Exhibit
                A.

      

         

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      RECITALS:

       

      A.   Sublandlord,
        as tenant, leases the Sublease Premises from Master Landlord under the Master
        Lease.

       

      B.   Subtenant
        wants to sublease from Sublandlord, and Sublandlord wants to sublease to
        Subtenant, the Sublease Premises.

       

      NOW,
        THEREFORE,
        in consideration of the recitals above and the promises below, the parties
        hereto agree as follows:

       

      SUBLEASE
        AGREEMENT

       

      ARTICLE
        I

      INCORPORATION
        OF MASTER LEASE

       

      1.01   Incorporation
        of Master Lease.   The
        definitions set forth
        on the first page of this Sublease as well as the Recitals set forth above
        hereby are incorporated into this Sublease by this reference. In addition,
        the
        terms and provisions of the Master Lease hereby are incorporated into this
        Sublease by this reference (such terms and provisions to be construed with
        necessary modifications as the context requires). As between Sublandlord
        and
        Subtenant only, all provisions of the Master Lease are subject to the express
        provisions of this Sublease, and any inconsistency between a provision of
        this
        Sublease and a provision of the Master Lease shall be resolved by reference
        to
        this Sublease unless otherwise stated. Notwithstanding the foregoing,
        Sublandlord and Subtenant expressly agree that the following terms, covenants
        and conditions of the Master Lease are expressly excluded from this Sublease:
        Articles 34, 41, 48, 49, 53, 56, 60, 67, Exhibit C, and Exhibit D. In addition,
        with respect to Subtenant’s obligations under Section 57 of the Master Lease,
        Sublandlord and Subtenant expressly acknowledge and agree that (i) Subtenant
        shall not be required to pay more than Fifty Thousand Dollars ($50,000.00)
        with
        respect to any one alteration or capital improvement for which the “Tenant” is
        required to pay its Proportionate Share (a “Qualified Alteration”), and (ii)
        Subtenant shall not be required to pay more than One Hundred Thousand Dollars
        in
        the aggregate with respect to Qualified Alterations during the Sublease
        Term.

       

      1.02   Binding
        Effect of Master Lease.   Subtenant
        agrees, for the
        benefit of Sublandlord and Master Landlord, to abide by and perform all of
        the
        terms and provisions set forth in the Master Lease pertaining to the Sublease
        Premises, except as otherwise expressly provided by this Sublease. Subtenant
        shall neither commit nor permit to be committed on the Sublease Premises
        any act
        or omission that in any way violates any term or condition of the Master
        Lease.

       

      1.03   Maintenance
        of Master Lease.   Sublandlord
        agrees to
        maintain the Master Lease in full force and effect during the Sublease Term,
        subject however to any earlier termination of all or any part of the Master
        Lease without the fault or voluntary acts or omissions of Sublandlord. If
        the
        Master Lease is terminated for any reason, then this Sublease shall terminate
        as, when, and to the extent the Master Lease is terminated.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      1.04   Obligations
        of Master Landlord.   Subtenant
        agrees that no
        failure or delay on the part of Master Landlord to supply any service, make
        any
        repair or take any action required under the Master Lease shall constitute
        a
        default by Sublandlord under this Sublease, constitute a constructive eviction,
        give rise to a claim against Sublandlord for damages or otherwise constitute
        a
        breach of this Sublease by Sublandlord.

       

      Notwithstanding
        anything in this Sublease to the contrary, Sublandlord agrees to cooperate
        with
        Subtenant, at no cost or expense to Sublandlord other than those costs or
        expenses paid by Subtenant, in (i) obtaining for Subtenant any consent of
        Master
        Landlord sought by Subtenant for any action for which the Master Lease requires
        Master Landlord’s consent and (ii) delivering any notice to Master Landlord as
        required by any provision of the Master Lease including, without limitation,
        promptly forwarding any request made by Subtenant to Master Landlord for
        services, or consent or approval, and upon receipt from Subtenant, providing
        Master Landlord with all information required (or that Master Landlord may
        reasonably request) regarding such request. In the event Subtenant shall
        obtain
        the consent of Master Landlord with respect to a matter requiring the consent
        of
        Master Landlord under the Master Lease, then provided such matter does not
        impose any additional obligation, duty or liability upon Sublandlord, then,
        and
        in such event, Sublandlord shall automatically be deemed to have given its
        consent to such matter under this Sublease. In the event such matter does
        impose
        any additional obligation, duty or liability upon Sublandlord, Sublandlord
        shall
        not unreasonably withhold, delay or condition its consent provided that
        Subtenant agrees as a condition of such consent, at its sole cost and expense,
        to fulfill any such obligation or duty and incur any such
        liability.

       

      If
        Master Landlord defaults in any obligation to Sublandlord regarding the Sublease
        Premises, then Sublandlord shall not, except as and to the extent set forth
        in
        this paragraph, be obligated to bring any action or proceeding or to take
        any
        other steps to enforce Sublandlord’s rights against Landlord. Sublandlord shall
        cooperate, at no cost to Sublandlord, in seeking to obtain Master Landlord’s
        performance under the Master Lease. Upon Subtenant’s written request,
        Sublandlord shall make written demand upon Master Landlord to perform Master
        Landlord’s obligations regarding the Master Lease as it pertains to the Sublease
        Premises. If, after Subtenant makes such demand, Master Landlord’s grace period,
        if any, under the Master Lease expires and Master Landlord fails or refuses
        to
        perform Master Landlord’s obligations under the Master Lease, then Subtenant
        shall have the right to proceed against the Master Landlord in Subtenant’s own
        name. All rights of Sublandlord under the Master Lease necessary for that
        purpose shall be, and hereby are, conferred upon and transferred to Subtenant.
        Subtenant shall be subrogated to such rights to the extent that they apply
        to
        the Sublease Premises. If Subtenant cannot proceed against Master Landlord
        in
        Subtenant’s name because of lack of privity, nonassignability, or any other
        reason, Subtenant shall have the right, at its sole cost and expense, to
        proceed
        against Master Landlord in Sublandlord’s name. Sublandlord shall execute all
        documents and take all actions that Subtenant reasonably requests in connection
        therewith. To the extent that, as a result of Master Landlord’s default under
        the Master Lease affecting the Sublease Premises, Sublandlord recovers any
        sum
        from Master Landlord or is entitled to any abatement, credit, set-off, or
        offset, such recovery, or the benefit thereof, then such sum, abatement,
        credit,
        set-off or offset applicable to the Subleased Premises shall belong exclusively
        to Subtenant.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE
        2

      SUBLEASE
        PREMISES

       

      2.01   Sublease
        Premises.   Sublandlord
        hereby
        subleases to Subtenant, and Subtenant hereby subleases from Sublandlord,
        the
        Sublease Premises, subject to the terms and conditions herein
        contained.

       

      2.02   Condition
        of Sublease Premises.   On
        the Sublease
        Commencement Date, Sublandlord shall deliver the Sublease Premises to Subtenant
        in its “as-is”“where-is” condition as of the date hereof.

       

      2.03   Building
        Common Areas.   Subtenant
        shall have the
        right, in common with others, to reasonable use of the common areas of the
        Building (including, without limitation, elevators, corridors, restrooms
        and
        walkways), as and to the extent permitted, and subject to the rules and
        regulations imposed, by Master Landlord under the Master Lease.

       

      ARTICLE
        3

      TERM

       

      3.01   Term.   This Sublease
        shall
        be in full force and effect as of the date first written above. The Sublease
        Term shall commence on the Sublease Commencement Date and shall expire on
        the
        Sublease Expiration Date, unless this Sublease is sooner terminated as provided
        herein. For purposes of this Sublease, the term “Sublease
        Year”
        shall mean each period of twelve (12) full calendar months beginning on the
        first day of the month in which the Rent Commencement Date (defined below)
        occurs (“Commencement
        Month”)
        and ending on the last day of the twelfth (12th)
        month following the Commencement Month. However, the Expiration Date shall
        not
        change, and the last Sublease Year of the Sublease Term shall end on the
        Expiration Date, regardless of whether the last Sublease Year is thereby
        less
        than twelve (12) full calendar months.

       

      3.02   Master
        Landlord Consent to Sublease.   Sublandlord
        and Subtenant
        each acknowledge and agree that this Sublease is subject to the written consent
        of Master Landlord in the form attached hereto as Exhibit “D”. If such written
        consent shall not be obtained on or before March 15, 2005, at anytime prior
        to
        receipt of such written consent, either Sublandlord or Subtenant shall have
        the
        right to terminate this Sublease in which event Sublandlord shall promptly
        return any deposits and prepaid rents to Subtenant and this Sublease shall
        be
        deemed cancelled and terminated and neither of the parties hereto shall have
        any
        liability to the other. Sublandlord shall be solely responsible for the Sublease
        Premium (as defined in Section 46J. of the Master Lease), if any, due to
        Master
        Landlord in connection with this Sublease.

       

      ARTICLE
        4

      RENT

       

      4.01   Base
        Rent.   Commencing
        on April l,
        2005 (the “Rent Commencement Date”) and continuing for the remainder of the
        Sublease Term, Subtenant covenants and agrees to pay to Sublandlord annual
        “Base
        Rent”
        for the Sublease Premises in accordance with the schedule set forth
        below:

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                Sublease
                  Year

              	
                Base
                  Rent 

                Annual

              	
                Base
                  Rent 

                Monthly

              
	 	 	 
	
                One

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Two

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Three

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Four

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Five

                 

              	
                $209,988.00

                 

              	
                $17,499.00

                 

              
	
                Six

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              
	
                Seven

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              
	
                Eight*

                 

              	
                $221,040.00

                 

              	
                $18,420.00

                 

              

      

      

      *The
        Eighth Sublease Year is a partial Sublease Year expiring on August 30,
        2012.

       

      The
        term “Rent”
        as used in this Sublease, unless otherwise stated, shall mean the Base Rent
        set
        forth in this Section 4.01, plus all additional amounts payable by Subtenant
        hereunder (“Additional
        Rent”),
        and Sublandlord shall have all rights and remedies for nonpayment of Additional
        Rent as it has for non-payment of Base Rent.

       

      4.02   Prorated
        Rent.   In
        the event this
        Sublease commences or ends on some date other than the first or last day
        of a
        calendar month, all rent for that month shall be prorated on the basis of
        a
        thirty (30) day month to reflect the actual number of days during that month
        in
        the Sublease Term.

       

      4.03   Payment
        of Rent.   Base
        Rent hereunder shall
        be payable in equal monthly installments, in advance, on or before the first
        (1st)
        day of each calendar month during the Sublease Term, and shall be payable
        to
        Sublandlord in lawful money of the United States at the address stated in
        this
        Sublease (or at such other place as Sublandlord may designate in writing).
        Concurrent with the execution of this Sublease, Subtenant shall deposit with
        Sublandlord the Base Rent for the initial full calendar month during the
        Sublease Term.

       

      4.04   Additional
        Rent Under the Master Lease.   Commencing
        on January 1,
        2006 and continuing for the remainder of the Sublease Term, Subtenant shall
        pay
        to Sublandlord as Additional Rent (x) the amount by which Tenant’s Operating
        Payment for each Escalation Year (as such terms are defined in Section 40
        of the
        Master Lease) exceeds Tenant’s Operating Payment for the 2005 calendar year and
        (y) the amount by which Tenant’s Tax Payment for each Escalation Year exceeds
        Tenant’s Tax Payment for the 2005 calendar year. Subtenant shall pay such
        amounts to Sublandlord within ten (10) days of billing therefor by Sublandlord,
        which invoice shall be accompanied by a copy of Master Landlord’s annual
        statement under the Master Lease. In the event Master Landlord shall bill
        Sublandlord for increases in Operating Expenses and Real Estate Taxes under
        the
        Master Lease on an estimated basis, Subtenant shall pay its prorata share
        of the
        estimated payment on a monthly basis (adjusted to reflect the calendar year
        2005
        base) concurrent with the payment of the Monthly Base Rent for such month.
        In
        the event that Master Landlord shall refund to Sublandlord any overpayment
        of
        Tenant’s Operating Payment or Tenant’s Tax Payment which relate to payments made
        during the Sublease Term, such refunds shall be taken into consideration
        in
        determining the Tenant’s Operating Payment and the Tenant’s Tax Payment for
        purposes of this Section 4.04 and the parties shall promptly make such
        adjustments as appropriate. Subtenant’s and Sublandlord’s obligations hereunder
        shall expressly survive any expiration or termination of this
        Sublease.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      4.05   Security
        Deposit.   Concurrent
        with its
        execution of this Sublease Agreement, Subtenant shall deliver to Sublandlord,
        as
        security for Subtenant’s faithful payment of rent and performance of all
        Subtenant’s other obligations hereunder, a security deposit in an amount equal
        to One Hundred Four Thousand Nine Hundred Ninety-Four and No/100 Dollars
        ($104,994.00) (the “Security
        Deposit”).
        Sublandlord shall not be required to pay any interest on the Security Deposit.
        Sublandlord shall be entitled to draw upon the Security Deposit, and use,
        apply
        and retain the proceeds thereof, to satisfy any of Subtenant’s unperformed
        monetary and/or non-monetary obligations under the Sublease in cases where
        the
        Subtenant has failed to remedy or cure such obligation within any applicable
        cure periods provided under this Sublease or the Master Lease (as the case
        may
        be). If Sublandlord so draws upon the Security Deposit, or uses, applies
        or
        retains the proceeds thereof, Subtenant shall, within ten (10) days following
        demand, tender to Sublandlord cash in an amount sufficient to restore the
        Security Deposit to the full amount required under this Section 4.05.
        Sublandlord shall return any unapplied proceeds of the Security Deposit to
        Subtenant within thirty (30) days after the expiration or earlier termination
        of
        this Sublease.

       

      Subtenant
        shall have the right to deliver to Sublandlord an unconditional, irrevocable
        letter of credit (the “Letter of Credit”) in substitution for the cash Security
        Deposit, subject to the following terms and conditions. Such letter of credit
        shall be (a) in form and substance substantially in the form attached hereto
        as
Exhibit
        C;
        (b) at all times in the amount of the Security Deposit, and shall permit
        multiple draws without a corresponding reduction in the aggregate amount
        of the
        Letter of Credit; (c) issued by a commercial bank reasonably acceptable to
        Sublandlord from time to time and located in the New York, New York metropolitan
        area; (d) payable at sight upon presentment to a local branch of the issuer
        of a
        simple sight draft or certificate stating that Subtenant is in default under
        this Sublease beyond the applicable cure period (provided, however that in
        the
        event that a notice of default to Subtenant may not be lawfully given by
        Sublandlord, then Sublandlord shall be entitled to draw thereunder upon
        presentment of a certificate stating that a notice of default cannot be lawfully
        given and that Subtenant has failed to timely pay or perform an obligation
        of
        the Subtenant under this Sublease); (e) of a term not less than one year;
        and
        (f) at least thirty (30) days prior to the then-current expiration date of
        such
        letter of credit, either (1) renewed (or automatically and unconditionally
        extended) from time to time through the thirtieth (30th) day after the
        expiration of the Sublease Term, or (2) replaced with cash in the amount
        of the
        Security Deposit. Notwithstanding anything in this Sublease to the contrary,
        any
        cure or grace periods set forth in this Sublease shall not apply to any of
        the
        foregoing, and, specifically, if Subtenant fails to timely comply with the
        requirements of subsection (f) above, then Sublandlord shall have the right
        to
        immediately draw upon the letter of credit without notice to Subtenant and
        apply
        the proceeds to the Security Deposit. Each Letter of Credit shall be issued
        by a
        commercial bank that has a credit rating with respect to certificates of
        deposit, short term deposits or commercial paper of at least P-2 (or equivalent)
        by Moody’s Investor Service, Inc., or at least A-2 (or equivalent) by Standard
& Poor’s Corporation, and shall be otherwise acceptable to Sublandlord in
        its sole and absolute discretion. Each Letter of Credit contemplated hereunder
        shall be issued by a commercial bank that has a credit rating with respect
        to
        certificates of deposit, short term deposits or commercial paper of at least
        P-2
        (or equivalent) by Moody’s Investor Service, Inc., or at least A-2 (or
        equivalent) by Standard & Poor’s Corporation, and shall be otherwise
        acceptable to Sublandlord in its reasonable discretion. If the issuer’s credit
        rating is reduced below P-2 (or equivalent) by Moody’s Investors Service, Inc.
        or below A-2 (or equivalent) by Standard & Poor’s Corporation, or if the
        financial condition of such issuer changes in any other materially adverse
        way,
        then Sublandlord shall have the right to require that Subtenant obtain from
        a
        different issuer a substitute letter of credit that complies in all respects
        with the requirements of this section, and Subtenant’s failure to obtain such
        substitute Letter of Credit within ten (10) days following Sublandlord’s written
        demand therefor (with no other notice or cure or grace period being applicable
        thereto, notwithstanding anything in this Sublease to the contrary) shall
        entitle Sublandlord to immediately draw upon the then-existing Letter of
        Credit
        in whole or in part, without notice to Subtenant. In the event the issuer
        of any
        Letter of Credit held by Sublandlord is placed into receivership or
        conservatorship by the Federal Deposit Insurance Corporation, or any successor
        or similar entity, then, effective as of the date such receivership or
        conservatorship occurs, said Letter of Credit shall be deemed to not meet
        the
        requirements of this section, and, within ten (10) days thereof, Subtenant
        shall
        replace such Letter of Credit with a Letter of Credit issued by an institution
        which satisfies the foregoing requirements (and Subtenant’s failure to do so
        within said ten (10) days shall, notwithstanding anything in this Sublease
        to
        the contrary, constitute a Default under the Sublease without the requirement
        for any further notice hereunder). Any failure or refusal of the issuer to
        honor
        the Letter of Credit shall be at Subtenant’s sole risk and shall not relieve
        Subtenant of its obligations hereunder with respect to the Security
        Deposit.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Notwithstanding
        anything in this Sublease to the contrary (including, without limitation,
        any
        cure or grace periods set forth in this Sublease), any failure by Subtenant
        to
        timely renew or replace said Letter of Credit and any failure by Subtenant
        to
        timely deliver to Sublandlord in writing proof of such renewal or replacement
        shall be deemed a Default hereunder by Subtenant, without the necessity for
        further notice to Subtenant, entitling Sublandlord to immediately draw upon
        such
        Letter of Credit in the full amount thereof. At all times during the Sublease
        Term, Sublandlord shall be entitled to draw upon the entire amount of such
        Letter of Credit to cure any outstanding Default. In the event that Sublandlord
        draws upon the Letter of Credit by reason of Subtenant’s failure to timely renew
        or replace the Letter of Credit, the proceeds thereof (except for any portion
        thereof necessary to cure any other Default by Subtenant, if any) shall
        constitute a cash Security Deposit hereunder, and shall be held in accordance
        with the terms of the foregoing provisions.

       

      In
        the event Sublandlord transfers or assigns the Sublease, Sublandlord shall
        simultaneously transfer the security deposit to the transferee or assignee
        along
        with such transfer or assignment. In the event the security deposit is in
        the
        form of a Letter of Credit, Subtenant shall pay all transfers costs imposed
        by
        the issuer of such Letter of Credit.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      4.06   Late
        Payments.   In
        the event any monthly
        Base Rent payment, Additional Rent payment or any other payment due from
        Subtenant hereunder is not paid within ten (10) days after it is due, Subtenant
        shall also pay to Sublandlord a late fee of five percent (5%) of such delinquent
        payment. Unpaid monthly Base Rent and Additional Rent shall also bear interest
        at the rate of twelve percent (12%) per annum from the date due until paid
        in
        the event any such sums are not paid within five (5) days from the date due
        hereunder. The aforesaid late charges and interest are intended to compensate
        Sublandlord for its costs arising by reason of any such late payment and
        are not
        intended to constitute a waiver by Sublandlord of any other right or remedy
        available to Sublandlord arising by reason of Subtenant’s failure to timely
        perform its monetary obligations hereunder.

       

      ARTICLE
        5

      SERVICES
        AND ELECTRICITY

       

      5.01   Services.   The
        Sublease Premises
        will be supplied with the services described in the Master Lease, to the
        extent
        applicable to the Sublease Premises, at the times and in the manner provided
        by
        Master Landlord, subject to the limitations and restrictions stated in the
        Master Lease. Sublandlord shall not be liable for any interruption or failure
        of
        utility services to the Sublease Premises (including, without limitation,
        heating, ventilation and air conditioning (“HVAC”))
        resulting from any cause beyond the reasonable control of Sublandlord and
        Subtenant shall not be entitled to an abatement of rent under this Sublease
        or
        permitted to offset against the rent under this Sublease, except to the extent
        that Sublandlord is entitled to an abatement of rent under the Master Lease
        or
        is permitted to offset the rent under the Master Lease, as applicable; provided,
        however, if the cause of such interruption or failure is the act or omission
        of
        Master Landlord, Sublandlord agrees to use reasonable efforts to cause Mater
        Landlord to cure such interruption or failure in accordance with the terms
        and
        provisions of Section 1.04 of this Sublease.

       

      5.02   Electricity.   Subtenant
        expressly
        recognizes and agrees that Subtenant shall be required to pay for all
        electricity consumed in the Sublease Premises in accordance with the provisions
        of Section 44 of the Master Lease.

       

      ARTICLE
        6

      MAINTENANCE
        AND REPAIRS

       

      6.01   Maintenance
        and Repairs.   Subtenant
        shall assume
        all of Sublandlord’s obligations under the Master Lease first accruing after the
        Sublease Commencement Date in relation to maintenance and repair of the Sublease
        Premises, payment of taxes relating to Subtenant’s business and compliance with
        all laws, ordinances, rules and regulations. Subtenant shall not be responsible
        for any restoration obligations arising by reason of the installation of
        any
        alterations by Sublandlord within the Sublease Premises, but shall be
        responsible for any restoration obligations arising by reason of any alterations
        installed by Subtenant in the Sublease Premises.

       

      6.02   Surrender
        of Sublease Premises.   At
        the expiration or
        sooner termination of the Sublease Term, Subtenant shall surrender the Sublease
        Premises in the same condition as they were in on the Sublease Commencement
        Date, except that Subtenant shall not be required to remove any alterations
        to
        the Sublease Premises which Master Landlord has agreed expressly in writing
        do
        not require removal at the expiration of the Master Lease. Subtenant shall
        arrange for a joint inspection of the Sublease Premises by Sublandlord,
        Subtenant and Master Landlord prior to Subtenant vacating the Sublease
        Premises.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      ARTICLE
        7

      USE
        OF SUBLEASE PREMISES

       

      7.01   Use.   Subtenant
        shall use the
        Sublease Premises for general office purposes, executive and administrative
        offices and for uses ancillary thereto only, and shall comply with all laws,
        rules and requirements applicable to Subtenant’s conduct of its business and its
        use and occupancy of the Sublease Premises. Subtenant shall not conduct any
        activities in the Sublease Premises that would materially increase Sublandlord’s
        risks, liabilities (in relation to Hazardous Materials (as defined in the
        Master
        Lease) or otherwise) or insurance rates, without first obtaining Sublandlord’s
        consent in writing, and shall neither commit nor permit waste or nuisance
        on or
        about the Sublease Premises.

       

      7.02   Condition
        of Sublease Premises.   Sublandlord
        shall provide
        the Sublease Premises to Subtenant at the Sublease Commencement Date in
“broom-clean” condition, and Subtenant otherwise accepts the Sublease Premises
        in the “as-is, where-is” condition existing as of the date hereof, and
        acknowledges that Sublandlord has made no representations or warranties as
        to
        the suitability of the Sublease Premises for the conduct of Subtenant’s business
        and acknowledges further that Sublandlord is under no obligation to construct
        or
        install any alterations or improvements in or to the Sublease
        Premises.

       

      7.03   Compliance
        with Laws Regarding Use.   Subtenant
        shall, at its
        own expense, promptly comply with all applicable Federal, state and local
        laws,
        statutes, rules and regulations of any kind (collectively, “Laws”) in effect
        during the Sublease Term regulating Subtenant’s use of the Sublease Premises.
        Subtenant shall be solely responsible for obtaining or maintaining any and
        all
        permits, licenses and/or approvals necessary to the conduct of its business
        in
        the Sublease Premises, except that Subtenant shall not be responsible for
        obtaining a certificate of occupancy for the Building. Subtenant shall neither
        use nor permit the use of the Sublease Premises in any manner that will or
        could
        violate any applicable Federal, state and local laws, statutes, rules and
        regulations or the provisions of the Master Lease. Sublandlord represents
        and
        warrants that as of the date hereof it has not received any notices of
        violations (the “Violation Notices”) of any Laws, including, without limitation,
        any Laws governing Hazardous Materials (as defined in the Master Lease) with
        respect to the Sublease Premises.

       

      7.04   Modification
        of Sublease Premises.   Subtenant
        shall not make,
        install, alter, construct, remove or demolish any alterations or any other
        installations, additions, improvements or modifications of any kind in the
        Sublease Premises or the Building (collectively, “Modifications”)
        without the prior written consent of Sublandlord and Master Landlord, it
        being
        expressly recognized and agreed that Sublandlord’s consent shall not be required
        for the initial alterations Subtenant intends to install in the Sublease
        Premises. Any such Modifications made by Subtenant shall be made in accordance
        with the Master Lease.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      7.05   Right
        of Entry.   Subtenant
        shall permit
        Master Landlord and Sublandlord or their respective representatives to enter
        the
        Sublease Premises at all reasonable times, upon reasonable prior notice except
        in case of emergency, when no notice shall be required, to inspect, make
        necessary repairs without unreasonable disruption of Subtenant’s
        business.

       

      7.06   Covenants
        of Subtenant.   Subtenant
        agrees to pay
        the rent herein reserved, to abide by, observe and perform all of the terms,
        covenants and conditions of this Sublease, and to surrender the Sublease
        Premises to Sublandlord on the expiration or sooner termination of this Sublease
        in the condition required hereunder. Subtenant shall abide by the provisions
        of
        the Master Lease as applicable, and by the rules and regulations established
        by
        Master Landlord from time to time.

       

      7.07   Hazardous
        Materials.   Subtenant
        shall not bring
        nor allow to be brought into the Building or the Sublease Premises any hazardous
        or toxic materials (including, without limitation, any Hazardous Materials
        (as
        defined in the Master Lease)). Subtenant shall comply with, observe and be
        bound
        by, and assume all responsibility for, all of the covenants of Sublandlord
        as
        tenant under the Master Lease concerning any hazardous and/or toxic materials
        brought to the Sublease Premises during the Sublease Term by Subtenant or
        any of
        its officers, employees, agents, contractors, subcontractors, consultants,
        representatives or guests (collectively, the “Subtenant Parties”). Subtenant
        shall indemnify, defend and hold Sublandlord harmless from any claims, loss,
        expenses or damages resulting from or arising out of any breach of the
        provisions of this Section 7.07 by any Subtenant Parties. Subtenant’s
        obligations under this Section 7.07 shall survive the expiration or earlier
        termination of this Sublease.

       

      7.08   Mechanic’s
        Liens.   If
        any mechanic’s lien is
        filed against the Sublease Premises, or the real property of which the Sublease
        Premises are a part, for work claimed to have been done for or materials
        claimed
        to have been furnished to Subtenant, within twenty (20) days after Subtenant
        receives written notice thereof, Subtenant shall discharge such lien by the
        payment in full thereof or by posting a bond under applicable law. If Subtenant
        shall fail to discharge such mechanic’s lien on time, Sublandlord may, at its
        option, discharge such lien, in which event Subtenant shall reimburse
        Sublandlord upon demand for the reasonable cost of doing so, and any such
        amount
        shall be Additional Rent and may be collected and enforced in same manner
        as
        rent. Subtenant shall indemnify and hold Sublandlord harmless from and against
        any and all claims, loss, reasonable expenses and damages resulting from
        or
        arising out of any alterations, additions or improvements in the Sublease
        Premises by or on behalf of Subtenant or the related filing of any mechanic’s
        lien against the Sublease Premises or the Building (including, without
        limitation, any claims asserted by Master Landlord against Sublandlord in
        respect thereof).

       

      ARTICLE
        8

      INDEMNITIES,
        INSURANCE AND CASUALTY

       

      8.01   Subtenant’s
        Indemnity.   Subtenant
        shall indemnify
        and hold Sublandlord and Master Landlord harmless from and against liabilities,
        penalties, losses, damages, costs and reasonable expenses (including reasonable
        attorneys’ fees), demands, causes of action, claims or judgments (collectively,
“Claims”)
        arising out of personal injury, death or property damage occurring in, on,
        or
        about the Sublease Premises or any part thereof or occasioned by any act
        or
        omission of Subtenant, its officers, employees, agents, licensees, contractors
        or invitees. The foregoing indemnity of Sublandlord by Subtenant shall also
        extend to Claims made by Master Landlord against Sublandlord as a result
        of any
        breach of this Sublease or the Master Lease by Subtenant.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      8.02   Subtenant’s
        Insurance.

       

      (a)   Subtenant
        shall, at its own expense, obtain and keep in force at all times during Sublease
        Term the insurance required to be maintained by the tenant under Section
        61.13.
        of the Master Lease in relation to the Sublease Premises and Subtenant’s
        activities in or around the Sublease Premises and the Building.

       

      (b)   Sublandlord
        shall be named as additional insured on all policies required to be carried
        by
        Subtenant under this capitalized section.

       

      (c)   Upon
        the approval of this Sublease by Master Landlord (and thereafter upon request
        of
        Sublandlord), Subtenant shall deliver to Sublandlord certificates of insurance
        evidencing the insurance required to be maintained hereunder.

       

      (d)   If
        Subtenant fails to procure and maintain the insurance required under this
        Section 8.02, Sublandlord shall have the option, but not the obligation,
        to
        procure and maintain such insurance at Subtenant’s expense. Subtenant shall
        reimburse Sublandlord within ten (10) days following demand for the costs
        of
        said insurance and any such amount shall be Additional Rent and may be collected
        and enforced in same manner as rent. Subtenant acknowledges that Sublandlord
        will not carry insurance on Subtenant’s furnishings, fixtures or equipment, and
        Subtenant agrees that Sublandlord will not be obligated to repair any damage
        thereto or replace the same whether or not such damage is caused by the acts
        or
        omissions of Sublandlord or otherwise.

       

      ARTICLE
        9

      DEFAULTS

       

      9.01   Subtenant
        Default.
        Subtenant shall be in default under this Sublease (“Default”)
        if:

       

      (a)   Subtenant
        fails to pay any rent or other amount due under this Sublease within ten
        (10)
        days after notice that the same is due;

       

      (b)   Subtenant
        fails to comply with any provisions of the Master Lease or this Sublease
        regarding the permitted use of the Sublease Premises and fails to cure such
        failure within three (3) business days following delivery of notice from
        Sublandlord or Master Landlord;

       

      (c)   Subtenant
        fails to comply with any other provision of this Sublease and does not cure
        such
        failure within twenty (20) days after delivery of notice from Sublandlord,
        provided, however, if the nature of such default is such that it cannot be
        completed cured or remedied within said twenty (20) day period, provided
        Subtenant diligently commences a cure of such default within said twenty
        (20)
        day period and thereafter pursues such cure in good faith and with reasonable
        diligence, such 20 day cure period shall be extended for such reasonable
        period
        of time necessary to cure such default;

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (d)   Subtenant
        violates any of the provisions of Section 10.04; or

       

      (e)   Subtenant
        commits or permits any default as defined in Article 17 of the Master Lease
        which is not cured within any notice and/or cure period provided for in said
        Article 17.

       

      9.02   Remedies
        for Subtenant Default.

       

      (a)   In
        the case of a Default by Subtenant, Sublandlord may:

       

      (i)   Terminate
        this Sublease, recover the Sublease Premises and collect from Subtenant any
        and
        all rent remaining to be paid for the entire Sublease Term less any amounts
        Subtenant proves could reasonably be recouped by re-subletting the Sublease
        Premises, which difference shall be discounted at a rate equal to one (1)
        whole
        percentage point above the discount rate in effect on the date of payment
        at the
        Federal Reserve Bank nearest the Building;

       

      (ii)   Elect
        not to terminate this Sublease and continue to collect all Rent and other
        sums
        under this Sublease as they come due;

       

      (iii)   Collect
        from Subtenant any other actual and reasonable amount of damages (not
        consequential) resulting from such Default by Subtenant, such as brokerage
        fees,
        buildout costs and/or improvement allowances;

       

      (iv)   Cure
        such Default for or on behalf of Subtenant after five (5) business days’ written
        notice to Subtenant, whereupon Subtenant shall reimburse to Sublandlord any
        and
        all costs and expenses of doing so within ten (10) days of demand, and such
        amounts shall be deemed to be rent hereunder for all purposes;
        and/or

       

      (v)   Avail
        itself of any and all other remedies provided by law, at equity or
        otherwise.

       

      (b)   The
        above remedies shall be cumulative and not exclusive.

       

      In
        the event of a Default by Subtenant hereunder, following Subtenant’s delivery of
        sole and exclusive possession of the Sublease Premises to Sublandlord,
        Sublandlord agrees to use commercially reasonable efforts to mitigate its
        damages, provided, however, Sublandlord shall not be required to expend any
        amount of money either (a) to alter, remodel or otherwise make the Sublease
        Premises suitable for use by a proposed Substitute Tenant or (b) for brokerage
        commissions, so long as Sublandlord has requested and Subtenant has refused
        to
        pay any such sum to Sublandlord in advance of Sublandlord’s execution of a
        substitute sublease with a subtenant (which payment shall not be in lieu
        of any
        damages or other sums to which Sublandlord may be entitled as a result of
        Subtenant’s default under this Sublease).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      9.03   Holding
        Over.   If
        Subtenant fails to
        surrender the Sublease Premises upon the expiration or sooner termination
        of the
        Sublease Term, this Sublease shall nevertheless terminate as of the expiration
        or termination date, and Subtenant shall become a tenant at sufferance of
        Master
        Landlord. Subtenant shall indemnify and hold Sublandlord harmless from any
        and
        all holdover rent or other charges, penalties, damages or costs charged to,
        imposed upon, suffered or incurred by Sublandlord (including, without
        limitation, claims made against Sublandlord by Master Landlord or any parties
        claiming under or through Master Landlord) as a result of Subtenant’s failure to
        surrender the Sublease Premises on time.

       

      ARTICLE
        10

      OTHER
        PROVISIONS

       

      10.01   Notices.   Any
        notice required or
        permitted to be given hereunder shall be in writing and shall be sent by
        hand
        delivery, or by nationally recognized overnight express carrier addressed
        to the
        respective parties at the respective addresses noted below. Any such notice
        shall be deemed to be delivered upon actual receipt (or refusal to accept
        delivery) thereof. Either party may, by notice in writing so delivered to
        the
        other, specify a different address for notice purposes.

       

      
        	Sublandlord:	Subtenant:
	 	 
	c/o Friedman, Billings Ramsey & Co.,
                Inc.	Innovive Pharmaceuticals, Inc.
	1001 19th Street North, Suite 700	787 Seventh Avenue, 48th Floor
	Arlington, Virginia 22209	New York, New York 10019
	 	Attention: Mr. John Knox
	 	 
	With a copy of default notices to:	With a copy of default notices
                to:
	 	 
	Richard F. Levin, Esq.	Gary J. Strauss, Esq.
	Grossberg, Yochelson, Fox & Beyda,
                LLP	Gerstein Strauss & Rinaldi
                LLP
	2000 L Street, NW, Suite 675	57 West 38th Street, 9th Floor
	Washington, D.C. 20036	New York, New York
                10018

      

       

      10.02   Signs.   Subtenant
        shall place no
        sign, advertisement or notice visible from outside the Sublease Premises
        without
        prior written consent of Master Landlord. The size, color, style and design
        of
        any such signage shall be acceptable to Master Landlord and Sublandlord (in
        their sole discretion), and such signage shall be at the sole cost and expense
        of Subtenant. Sublandlord shall cooperate with Subtenant in transferring
        the 20
        building directory listings provided Sublandlord in Section 73 of the Master
        Lease, recognizing that Subtenant shall be responsible for all costs and
        expenses charged by Master Landlord in transferring (or changing) such building
        listings.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.03   Transfers.

       

      (a)   Sublandlord
        may assign, transfer or convey this Sublease without any need to obtain the
        consent or approval of Subtenant, provided, however, that Sublandlord shall
        provide written notice to Subtenant of such assignment, transfer or conveyance
        promptly following the same.

       

      (b)   Subtenant
        shall not assign, encumber or in any way transfer this Sublease, nor further
        sublet all or any part of the Sublease Premises, whether voluntarily,
        involuntarily or by operation of law, nor permit the use or occupancy of
        all or
        art of the Sublease Premises by anyone other than Subtenant (collectively,
        “Transfer”),
        without Sublandlord’s prior written consent (not to be unreasonably withheld,
        delayed or conditioned). Subject to Master Landlord’s consent, Subtenant shall
        have the right to permit up to twenty percent (20%) of the rentable area
        of the
        Sublease Premises to be occupied, or used for desk space, mailing privileges,
        or
        otherwise to any person or entity which has a business relationship with
        Subtenant.

       

      (c)   If
        Subtenant shall sublease the Sublease Premises or assign this Sublease to
        anyone
        for rents, additional charges related to the value of the Sublease or other
        consideration which for any period shall exceed the Rent payable under this
        Sublease for the same period, Subtenant shall pay to Sublandlord, as Additional
        Rent hereunder, fifty percent (50%) of any such rents, additional charges,
        fees
        or other consideration (net of any expenses of Subtenant reasonably related
        to
        making the Sublease Premises available for the sublessee or the assignee
        such as
        brokerage fees, reasonable attorneys’ fees, work improvements and improvement
        allowances) which is in excess of the Rent accruing during the Sublease Term
        (the “Transfer Premium”), recognizing that any sums payable by Subtenant to
        Master Landlord under the Master Lease shall also be subtracted from the
        Transfer Premium. The sums payable under this Section 10.04(c) shall be paid
        to
        Sublandlord as Additional Rent as and when payable by the subtenant or assignee
        to Subtenant. It is expressly recognized and agreed that the terms and
        provisions of this Section 10.03(c) shall not be applicable in connection
        with a
        Permitted Transfer (defined below) or to a sale of stock described in the
        last
        sentence of Section 10.03(d) below.

       

      (d)   So
        long as Subtenant is not entering into the Permitted Transfer (defined below)
        for the purpose of avoiding or otherwise circumventing the remaining terms
        of
        this Article, Subtenant may assign its entire interest under this Sublease
        or
        sublease all or a portion of the Sublease Premises, without the consent of
        Sublandlord, to (i) an affiliate, subsidiary, or parent of Subtenant, or
        a
        corporation, partnership or other legal entity controlled by Subtenant
        (collectively, an “Affiliated Party”), (ii) a successor to Subtenant by asset
        acquisition, capital stock purchase, merger, consolidation or reorganization,
        (iii) during the first two (2) Sublease Years, Paramount Biocapital Investments,
        LLC, a Delaware limited liability company (“Paramount”), an Affiliated Party of
        Paramount, a successor to Paramount by asset acquisition, capital stock
        purchase, merger, consolidation or reorganization, or an Affiliated Party
        of any
        such successor, or (iv) Lindsay Rosenwald or any entity in which Lindsay
        Rosenwald has at least a fifty-one percent (51%) ownership interest in, provided
        that all of the following conditions are satisfied (each such transfer a
        “Permitted Transfer”): (1) Subtenant is not in default under this Sublease
        beyond the expiration of any applicable cure period; (2) Subtenant shall
        give
        Sublandlord written notice at least ten (10) days prior to the effective
        date of
        the proposed commencement of the assignment (except in any instance where
        such
        prior notice would violate applicable laws, particularly those promulgated
        by
        the Securities Exchange Commission, in which case notice shall be given as
        soon
        as permissible after such public notice is permissible); (3) with respect
        to a
        proposed Permitted Transfer to an Affiliated Party (defined below), Subtenant
        continues to have a net worth which is at least equal to the greater of
        Subtenant’s net worth at the date of this Sublease or Subtenant’s net worth as
        of the day prior to the Permitted Transfer; and (4) with respect to a purchase,
        merger, consolidation or reorganization or any Permitted Transfer which results
        in Subtenant ceasing to exist as a separate legal entity, (a) Subtenant’s
        successor shall own all or substantially all of the assets of Subtenant,
        and (b)
        Subtenant’s successor shall have a net worth which is at least equal to the
        greater of Subtenant’s net worth at the date of this Sublease or Subtenant’s net
        worth as of the day prior to the proposed purchase, merger, consolidation
        or
        reorganization. Subtenant’s notice to Sublandlord shall include information and
        documentation showing that each of the above conditions has been satisfied.
        If
        requested by Sublandlord, Subtenant’s successor shall sign a commercially
        reasonable form of assumption agreement, which assumption agreement shall
        not
        obligate such successor to assume any additional obligations as the Subtenant
        hereunder beyond those provided for in this Sublease. As used herein, (A)
        “parent” shall mean a company which owns a majority of Subtenant’s voting
        equity; (B) “subsidiary” shall mean an entity wholly owned by Subtenant or at
        least thirty-three percent (33.0%) of whose voting equity is owned by Subtenant;
        and (C) “affiliate” shall mean an entity controlled by, controlling or under
        common control with Subtenant. Notwithstanding the foregoing, if any parent,
        affiliate or subsidiary to which this Sublease has been assigned or transferred
        subsequently sells or transfers its voting equity or its interest under this
        Sublease other than to an entity permitted above for which no consent is
        required, such sale or transfer shall be deemed to be a transfer requiring
        the
        consent of Sublandlord hereunder. Notwithstanding anything in this Sublease
        to
        the contrary, Subtenant shall be permitted to sell its stock in connection
        with
        private placement offerings or on a recognized security exchange (i.e NYSE,
        AMEX
        or NASDAQ) without the consent of Sublandlord.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (e)   In
        no event shall the original named Tenant hereunder or the Guarantors (defined
        below) be relieved of any liability hereunder by reason of any assignment
        of
        this Sublease, provided, however, the foregoing is not intended to modify
        the
        provision under which Paramount (as defined in the Guaranty) may be relieved
        of
        liability under the Guaranty.

       

      (f)   Notwithstanding
        Sublandlord’s consent, any proposed Transfer shall also be subject to the
        consent of Master Landlord under applicable provisions of the Master
        Lease.

       

      10.04   Attorney’s
        Fees.   In
        the event of any
        action or proceeding brought by either party hereto against the other based
        upon
        or arising out of any breach of the terms and conditions hereof, the prevailing
        party shall be entitled to recover all costs, including reasonable attorneys’
        fees, from the other.

       

      10.05   Quiet
        Enjoyment.   Sublandlord
        represents
        that the Master Lease is in full force and effect and that, to the best of
        Sublandlord’s knowledge, there are no defaults on Sublandlord’s part under the
        Master Lease as of the date of this Sublease. Sublandlord agrees that, subject
        to the provisions of this Sublease and the Master Lease, so long as Subtenant
        is
        not in default hereunder or breach hereof, Subtenant shall quietly enjoy
        the
        Sublease Premises for the Sublease Term.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.06   Waiver.   The
        waiver by a party of
        a breach of any term in this Sublease shall not be deemed to be a waiver
        of any
        subsequent breach of the same or any other term of this Sublease. The subsequent
        acceptance of rent by Sublandlord or payment of rent by Subtenant shall not
        be
        deemed to be a waiver of any preceding breach by the other party of any term
        of
        this Sublease, other than the failure of Subtenant to pay the particular
        rental
        so accepted, regardless of Sublandlord’s knowledge of such preceding breach at
        the time Sublandlord accepts such rent.

       

      10.07   Brokers’
        Fees.   Subtenant
        warrants and
        represents that it has not dealt with any real estate broker or agent in
        connection with this Sublease other than CB Richard Ellis (“Sublandlord’s
        Broker”) and Winoker Realty Company, Inc. (“Subtenant’s Broker”). Subtenant
        shall indemnify and hold Sublandlord harmless from any cost, reasonable expense
        or liability (including, without limitation, costs of suit and reasonable
        attorneys’ fees) for any compensation, commission or fees claimed by any real
        estate broker or agent on behalf of Subtenant in connection with this Sublease
        other than Sublandlord’s Broker and Subtenant’s Broker. Sublandlord shall
        indemnify and hold Subtenant harmless from any cost, reasonable expense or
        liability (including, without limitation, costs of suit and reasonable
        attorneys’ fees) for any compensation, commission or fees claimed by any real
        estate broker or agent on behalf of Sublandlord in connection with this Sublease
        other than Sublandlord’s Broker and Subtenant’s Broker. Sublandlord agrees to
        compensate Sublandlord’s Broker and Subtenant’s Broker pursuant to the terms and
        conditions of a separate written agreement.

       

      10.08   Entire
        Agreement.   This
        Sublease, including
        all exhibits hereto, contains the entire agreement between the parties with
        respect to the subject matter herein, and no representations, inducements,
        promises or agreements, oral or otherwise, not expressly stated herein shall
        be
        of any force or effect.

       

      10.09   Submission.   Submission
        of this
        instrument for examination or signature by Subtenant shall not be construed
        as
        an offer and shall not be effective as a Sublease or otherwise until executed
        by
        both Subtenant and Sublandlord, and a fully-executed original delivered to
        Subtenant.

       

      10.10   Authority
        and Counterparts.   Each
        party represents and
        warrants that its respective signatory is duly authorized to execute and
        deliver
        this Sublease, and to bind the person for which such signatory signs. This
        Sublease may be signed in counterparts, each of which shall be equivalent
        to a
        signed original, and which together shall form one and the same
        instrument.

       

      10.11   Successors
        and Assigns.   Each
        provision hereof
        shall be binding on and inure to the benefit of the parties and their respective
        agents, employees, successors and permitted assigns, provided that other
        than in
        connection with a Permitted Transfer this Sublease shall not inure to the
        benefit of any assignee or transferee of Subtenant except with Sublandlord’s and
        Master Landlord’s written consent.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      10.12   Governing
        Law and Jurisdiction.   This
        Sublease shall be
        governed by the laws of the State of New York (without regard to conflicts
        of
        laws principles).

       

      10.13   Guaranty.   Paramount,
        and Steven
        Kelly (collectively, the “Guarantors”) have joined in the execution and delivery
        to Sublandlord of that certain Guaranty in the form attached hereto and made
        a
        part hereof being designated as Exhibit “B” (herein the “Guaranty”), for the
        purpose of guaranteeing certain of the obligations, duties and covenants
        of the
        Subtenant under this Sublease, subject to the limitations set forth in such
        Guaranty. Subtenant represents and warrants to Sublandlord that both of the
        Guarantors are materially benefited by reason of the provision of this Sublease
        to Subtenant. The parties recognize and agree that Sublandlord has materially
        relied upon such Guaranty and the financial statements of Guarantors heretofore
        delivered to Sublandlord in its execution and delivery of this Sublease.
        Subtenant hereby represents and warrants to Sublandlord that such financial
        statement is true and correct in all material respects as of the date designated
        therein and that to its knowledge, no change has occurred to the assets or
        liabilities of the Guarantor since the date of such statement which would
        render
        such statement to be misleading in any material respect.

       

      [signatures
        on next page]

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF
        the parties have executed this Sublease as of the date first above
        written.

       

      SUBLANDLORD:

      

      FRIEDMAN,
        BILLINGS, RAMSEY GROUP, INC.,

      a
        Virginia corporation

      

      By:_____________________________

           
        _____________________________

      (print
        name)

      Its:_____________________________

      (print
        title)

      

      Address:

      Friedman
        Billing Ramsey & Co., Inc.

      1001
        19th Street North, Suite 700

      Arlington,
        Virginia 22209

      

      A
        copy of each notice of default shall also be sent to:

      

      Richard
        F. Levin, Esq.

      Grossberg,
        Yochelson, Fox & Beyda, LLP

      2000
        L Street, NW, Suite 675

      Washington,
        D.C. 20036

      

      SUBTENANT:

      

      INNOVIVE
        PHARMACEUTICALS, INC.,

      a
        Delaware corporation

      

      By:_____________________________

      Steven
        Kelly, President

      

      Address:

           
        _____________________________

           
        _____________________________

           
        _____________________________

       

      LIST
        OF EXHIBITS:

      

      Exhibit
        A: Master
        Lease

      Exhibit
        B: Guaranty

      Exhibit
        C: Letter
        of Credit

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        A

      MASTER
        LEASE

       

      

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

       

      GUARANTY

       

      In
        order to induce FRIEDMAN, BILLINGS, RAMSEY, GROUP, INC., (“Sublandlord”) to
        execute and deliver that certain Sublease (the “Sublease”) between Sublandlord
        and INNOVIVE PHARMACEUTICALS, INC., a Delaware corporation (“Tenant”) for the
        premises (the “Sublease Premises”) more particularly described in the Sublease,
        and in consideration thereof, the undersigned PARAMOUNT BIOCAPITAL INVESTMENTS,
        LLC, a Delaware limited liability company (“Paramount”) and STEVEN KELLY, an
        individual (“Individual Guarantor”)) (Paramount and the Individual Guarantor are
        collectively referred to herein as the “Guarantor”) hereby unconditionally,
        absolutely and irrevocably guaranty to Sublandlord, and its successors and
        assigns, the prompt and full payment by Subtenant of each and every item
        of Base
        Rent, Operating Payments, Tax Payments and Electricity to be paid by Subtenant
        under the Sublease, together with any and all costs and expenses, including
        reasonable attorneys’ fees, which may be incurred by Sublandlord in connection
        with any default beyond any applicable notice or grace period by Subtenant
        under
        the Sublease or enforcing the Sublease and/or this Guaranty (collectively
        the
“Obligations”). Guarantor expressly acknowledges that he, she or it has reviewed
        the Sublease and understands the same. If there is more than one Guarantor,
        the
        terms and conditions of this Guaranty shall apply to all Guarantors jointly
        and
        severally. The liability of Guarantor is coextensive with that of Subtenant
        and
        also joint and several, and legal action may be brought against Guarantor
        and
        carried to final judgment either with or without making Subtenant or any
        assignee or successor thereof as a party thereto.

       

      The
        undersigned further covenants and agrees that Sublandlord may at any time
        or
        from time to time, in its sole and absolute unfettered discretion, without
        notice to the undersigned:

       

      (a)   Extend,
        or provided any change does not accelerate in any material manner the date
        due
        for rental payments, change the time of payment of any rent due under the
        Sublease or any other payment required to be made by Subtenant under said
        Sublease, or the manner, place, or terms of performance or observance of
        any of
        the terms, covenants, conditions, provisions or obligations to be kept, observed
        or performed by Subtenant under the Sublease; and/or

       

      (b)   Modify
        any of the terms, covenants, conditions or provisions of the Sublease, or
        waive
        compliance with any of the terms, covenants, conditions, provisions or
        obligations under the Sublease, provided, however, that in the event there
        are
        any material changes in the financial obligations of Subtenant under the
        Sublease which are not approved in writing by Paramount, Paramount’s liability
        shall be limited to the financial obligations contained in the original Sublease
        and any amendments approved in writing by Paramount.

       

      Payment
        by the undersigned under this Guaranty is to be made without requiring any
        proceedings to be taken against Subtenant for the collection of any amounts
        owed
        by Subtenant under the Sublease. The undersigned hereby completely and fully
        waives (a) notice of acceptance of this Guaranty, (b) presentment for payment,
        (c) notice of dishonor or default of Subtenant under the Sublease, (d) protest
        and notice of protest thereof, (e) any right of setoff, counterclaim or
        deduction against amounts due under this Guaranty, (f) the right to interpose
        all substantive and procedural defenses of the law of guaranty, indemnification
        and suretyship, except the defenses of prior payment or prior performance,
        and
        (g) the benefit of any statute of limitations affecting Guarantor’s liability
        under this Guaranty.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Without
        limiting the generality of the foregoing, the liability of the undersigned
        under
        this Guaranty shall not be deemed to have been waived, released, discharged,
        impaired or affected by (a) reason of any waiver or failure to enforce or
        delay
        in enforcing any of the Obligations, or (b) the granting of any indulgence
        or
        extension of time to Subtenant, or (c) the assignment of the Sublease, or
        the
        subletting of the Sublease Premises by Subtenant, with or without Sublandlord’s
        consent, or (d) the expiration of the Sublease Term, or (e) if Subtenant
        holds
        over beyond the Sublease Term, or (f) any merger or reorganization of the
        release or discharge of Subtenant or any other guarantor in any voluntary
        or
        involuntary receivership, bankruptcy, winding-up or other creditors’
        proceedings, or (g) the rejection, disaffirmance or disclaimer of the Sublease
        by any party in any action or proceeding, or (h) the release of any collateral
        held for the Obligations or release of the Guarantor or any other guarantor,
        or
        (i) any defect or invalidity of the Sublease. The liability of the Guarantor
        shall not be affected by any repossession, re-entry or re-letting of the
        Sublease Premises by Sublandlord.

       

      This
        Guaranty shall be binding upon the undersigned, his or its respective
        successors, assigns, personal or legal representatives and heirs, and shall
        inure to the benefit of Sublandlord and Sublandlord’s successors and
        assigns.

       

      This
        Guaranty shall remain in full force and effect until the payment of all of
        the
        Obligations (whether or not the Sublease shall have been terminated). Until
        the
        payment of all the Obligations, Guarantor: (a) shall have no right of
        subrogation against Subtenant by reason of any payments or acts of performance
        by the Guarantor in compliance with the obligations of the Guarantor under
        this
        Guaranty; (b) waives any right to enforce any remedy which Guarantor now
        or
        hereafter shall have against Subtenant by reason of any one or more payments
        or
        acts of performance in compliance with the obligations of Guarantor under
        this
        Guaranty; and (c) subordinates any liability or indebtedness of Subtenant
        now or
        hereafter held by Guarantor to the obligations of Subtenant to the Sublandlord
        under the Sublease.

       

      The
        terms, covenants, conditions and obligations contained in this Guaranty may
        not
        be waived, changed, modified, discharged, or abandoned, except by agreement
        in
        writing, signed by the party or parties against whom enforcement of any waiver,
        change, modification, discharge or abandonment is sought. Guarantor agrees
        that
        it will, from time to time, within ten (10) days after Sublandlord’s request,
        execute and deliver a statement certifying that this Guaranty is unmodified
        and
        in full force and effect (if such statement is correct).

       

      All
        notices or other communications to be provided pursuant to this Guaranty
        shall
        be in writing and shall be deemed to be properly served if sent by registered
        or
        certified mail or Federal Express or similar courier service with overnight
        delivery or via professional messenger service (with receipt therefor) or
        by
        certified or registered mail, return receipt requested, (i) if to Sublandlord,
        c/o Friedman Billing Ramsey & Co., Inc., 1001 19th Street North, Suite 700,
        Arlington, Virginia 22209, and (ii) if to Guarantor, at the address set forth
        below, together with a copy of default notices to: Gerstein Strauss &
        Rinaldi LLP, 57 West 38th Street, NY, NY 10018, 9th floor, Attn: Gary J.
        Strauss, Esq. All notices or other communications to be provided pursuant
        to
        this Guaranty sent by certified or registered mail, return receipt requested,
        first-class postage prepaid shall be deemed effective when they are mailed,
        otherwise such notices shall be effective upon receipt.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      Waiver
        of Jury Trial.   GUARANTOR
        HEREBY WAIVES
        ANY RIGHT TO A TRIAL BY JURY ON ANY OR ALL ISSUES ARISING IN ANY ACTION OR
        PROCEEDING BETWEEN SUBLANDLORD AND GUARANTOR OR THEIR SUCCESSORS, ASSIGNS,
        PERSONAL OR LEGAL REPRESENTATIVES AND HEIRS UNDER OR IN CONNECTION WITH THIS
        GUARANTY OR ANY OF ITS PROVISIONS. THIS WAIVER IS KNOWINGLY, INTENTIONALLY
        AND
        VOLUNTARILY MADE BY GUARANTOR, AND GUARANTOR ACKNOWLEDGES THAT SUBLANDLORD
        NOR
        ANY PERSON ACTING ON BEHALF OF SUBLANDLORD HAS MADE ANY REPRESENTATIONS OF
        FACT
        TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY
        ITS
        EFFECT. GUARANTOR FURTHER ACKNOWLEDGES THAT HE, SHE OR IT HAS HAD THE
        OPPORTUNITY TO DISCUSS THIS GUARANTY WITH LEGAL COUNSEL.

       

      Notwithstanding
        anything in this Guaranty to the contrary, the Individual Guarantor liability
        hereunder shall be limited to the payment of

       

      (a)   the
        rentals payable by Subtenant under the Sublease for the period elapsing during
        the Sublease Term through the date of Subtenant’s surrender to Sublandlord of,
        or recovery by Sublandlord of, sole and exclusive possession of the Sublease
        Premises, plus

       

      (b)   the
        reasonable attorneys fees and court costs incurred to enforce the Sublandlord’s
        rights against the Individual Guarantor (the “Enforcement
        Obligation”).

       

      In
        the event of a Transfer, provided Subtenant is not then in default under
        the
        Sublease beyond the expiration of any applicable cure period, Sublandlord
        shall
        release the Individual Guarantor of all further liability hereunder in the
        event
        a principal of the transferee, reasonably acceptable to Sublandlord, agrees
        to
        assume the obligations of the Individual Guarantor hereunder and to execute
        such
        documents as are reasonably necessary in Sublandlord’s reasonable judgment to
        confirm such assumption.

       

      Notwithstanding
        anything in this Guaranty to the contrary, provided there is then no Default
        by
        Subtenant under the Sublease, Paramount shall be fully relieved of all liability
        under this Guaranty upon the earlier of (i) the expiration of the second
        Sublease Year (as defined in the Sublease) or (ii) the date Sublandlord is
        provided reasonably satisfactory evidence that following the date of the
        Sublease Subtenant has closed on financing which provides Subtenant net proceeds
        of not less than Five Million Dollars ($5,000,000.00).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF, the undersigned has executed this Guaranty under seal as
        of the
        _____ day of February, 2005.

       

      
        	 	 	 
	 	GUARANTOR(S):
	 	 
	 	PARAMOUNT
                BIOCAPITAL INVESTMENTS,
                LLC
	 
 	 
 	 
 
	______________________________	By:  	______________________________
                (SEAL)
	Witness:_______________________	Name:______________________________
	 	Title:______________________________ 
	 	 
	 	
                Address:

                787
                  Seventh Avenue, 48th Floor

                New
                  York, New York 10019

              

      

      
        
           

          
            	 	 	 
	 	 
	 	 
	 
 	 
 	 
 
	______________________________ 	  	______________________________
                    (SEAL)
	Witness:_______________________	Steven Kelly
	 	Social
                    Security #: ###-##-####
	 	Home Address: 83 Mercer Street, #3
	 	New York, New York 10012

          

          
            

          

        

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

       

      LETTER
        OF CREDIT

       

      FLEET
        NATIONAL BANK

      FLEET
        GLOBAL TRADE OPERATIONS

      STANDBY
        UNIT

      1
        FLEET WAY

      SCRANTON,
        PA 18507-1999

      

      DATE:

      

      IRREVOCABLE
        STANDBY LETTER OF CREDIT NUMBER
        ____________________________________

      

      

      BENEFICIARY:
        FRIEDMAN, BILLINGS, RAMSEY GROUP, INC., a Virginia corporation

      

      

      APPLICANT:
        INNOVIVE PHARMACEUTICALS, INC., a __________ corporation

      

      

      

      

      

      

      AMOUNT:
        $104,994.00

      EXPIRY
        DATE:

      EXPIRE
        PLACE: OUR COUNTERS

      

      GENTLEMEN:

      

      WE
        HEREBY ISSUE THIS IRREVOCABLE LETTER OF CREDIT NO. __________ IN
        YOUR FAVOR, FOR THE ACCOUNT OF __________ FOR UP TO AN AGGREGATE AMOUNT OF
        ONE
        HUNDRED FOUR THOUSAND NINE HUNDRED NINETY-FOUR AND NO/100 U.S. DOLLARS
        ($104,994.00) AVAILABLE BY YOUR DRAFT(S) DRAWN ON US AT SIGHT, ACCOMPANIED
        BY
        THE FOLLOWING:

      

      1.
        THE ORIGINAL OF THIS STANDBY LETTER OF CREDIT AND AMENDMENT(S) IF
        ANY.

       

      2.
        BENEFICIARY’S WRITTEN, DATED STATEMENT ON BENEFICIARY LETTERHEAD PURPORTEDLY
        SIGNED BY AN AUTHORIZED OFFICER/ REPRESENTATIVE READING:

       

      QUOTE

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      (A)
        BENEFICIARY IS PERMITTED TO DRAW ON THIS LETTER OF CREDIT UNDER THE EXPRESS
        TERMS OF THE SUBLEASE DATED __________, BY AND BETWEEN __________ AND
        __________, AND (B) THE AMOUNT OF THE ACCOMPANYING SIGHT DRAFT DOES NOT EXCEED
        THE AMOUNT THAT THE BENEFICIARY IS AUTHORIZED TO DRAW UNDER THIS LETTER OF
        CREDIT AS PER THE EXPRESS TERMS OF THE SAID LEASE DUE TO A DEFAULT BT APPLICANT
        UNDER SAID LEASE BEYOND ANY APPLICABLE GRACE AND NOTICE PERIOD.

       

      UNQUOTE

       

      PARTIAL
        DRAWINGS MAY BE MADE UNDER THIS LETTER OF CREDIT, PROVIDED HOWEVER, THAT
        EACH
        SUCH DEMAND THAT IS PAID BY US SHALL REDUCE THE AMOUNT AVAILBLE UNDER THIS
        LETTER OF CREDIT.

       

      IT
        IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED
        WITHOUT AMENDMENT FOR PERIOD(S) OF ONE YEAR EACH FROM THE CURRENT OR ANY
        FUTURE
        EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO THE THEN CURRENT
        EXPIRATION DATE WE SHALL NOTIFY THE BENEFICIARY IN WRITING, VIA REGISTERED
        MAIL,
        AT THE ABOVE LISTED ADDRESS OF OUR INTENTION NOT TO RENEW THIS LETTER OF
        CREDIT.

       

      IN
        ANY EVENT THIS LETTER OF CREDIT WILL NOT BE AUTOMATICALLY EXTENDED BEYOND
        THE
        FINAL EXPIRATION DATE OF __________

       

      DRAFT(S)
        MUST STATE: “DRAWN UNDER FLEET NATIONAL BANK STANDBY L/C NO. __________ DATED
        _______________.”

       

      THIS
        LETTER OF CREDIT IS TRANSFERABLE IN FULL AND NOT IN PART. ANY TRANSFER MADE
        HEREUNDER MUST CONFORM STRICTLY TO THE TERMS HEREOF AND TO THE CONDITIONS
        OF
        ARTICLE 48 OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993
        REVISION) FIXED BY THE INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO.
        500.

       

      SHOULD
        BENEFICIARY WISH TO EFFECT A TRANSFER UNDER THIS CREDIT, SUCH TRANSFER WILL
        BE
        SUBJECT TO THE RETURN TO US OF THE ORIGINAL CREDIT INSTRUMENT, ACCOMPANIED
        BY
        OUR FORM OF TRANSFER, PROPERLY COMPLETED AND SIGNED BY AN AUTHORIZED SIGNATORY
        OF BENEFICIARY’S FIRM, WITH SUCH AUTHORIZED SIGNATORY’S SIGNATURE NOTARIZEDAND
        SUBJECT TO APPLICANT’S PAYMENT OF OUR CUSTOMARY TRANSFER CHARGES OF 1/4 OF 1%
        MINIMUM $ 250.00.

       

      DRAFTS
        AND DOCUMENTS MUST BE PRESENTED AT OUR OFFICE PERSONALLY OR BY FACSIMILE
        ADDRESSED: FLEET NATIONAL BANK, ONE FLEET WAY, SCRANTON, PA 18507-1999, ATTN:
        TRADE SERVICES DEPT. - STANDBY UNIT, FAX NO: ____________.

       

      WE
        HEREBY AGREE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE
        TERMS
        OF THIS LETTER OF CREDIT SHALL BE DULY HONORED UPON DUE PRESENTATION TO
        US.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      EXHIBIT
        “D”

      MASTER
        LANDLORD CONSENT

       

      

      

      

      

      

      

      

      To
        be attachedExhibit
      10.8

      FUTURE
        ADVANCE PROMISSORY NOTE

      

      
        	
                FOR
                  AMOUNTS ADVANCED

              	 
	
                AS
                  SHOWN ON SCHEDULE
                  A

              	
                New
                  York, New York

              
	
                ATTACHED
                  HERETO

              	
                June
                  21, 2004

              

      

      

      For
        value
        received, the undersigned, INNOVIVE PHARMACEUTICALS,
        INC.,
        a
        Delaware corporation (the “Borrower”),
        having an address of 787 Seventh Avenue, New York, NY 10019, hereby promises
        to
        pay to the order of PARAMOUNT
        BIOCAPITAL INVESTMENTS, LLC,
        or its
        permitted assigns (the “Holder”),
        having an address of 787 Seventh Avenue, New York, NY 10019, at such place
        as
        the Holder may from time to time designate in writing, in lawful currency
        of the
        United States of America, an amount equal to the sum of all loans made by
        the
        Holder to the Borrower pursuant to Section 2 hereof in immediately available
        funds, together with interest at the rate provided below, subject to the
        terms
        and conditions hereof. 

      

      1.    Interest.
        Interest shall accrue on the unpaid principal balance of this Note at a fixed
        rate equal to five percent (5%) per annum, and shall be payable on the Maturity
        Date, or, if earlier, simultaneously with any prepayment pursuant to
Section
        5
        below;
provided,
        however,
        that
        upon an Event of Default (as defined below), the interest rate on this Note
        shall be increased to twelve percent (12%) per annum. Simple interest from
        the
        date of each advance as referenced on Schedule
        A
        attached
        hereto shall be computed on the basis of a 360-day year of twelve 30-day
        months.

      

      2.    Loans.
        From
        and after the date hereof, but prior to the earlier of the Maturity Date,
        or
        such later date as the Holder and the Borrower may agree in writing, Borrower
        may request the Holder to provide loans under this Note. For purposes of
        this
        Note, any amounts which the Holder pays to third parties on behalf of the
        Borrower for obligations arising out of the operations of the business of
        the
        Borrower shall be considered a “loan.” Promptly after such request, if no Event
        of Default shall have occurred and be continuing, the Holder may provide
        such
        loan to the Borrower in the amount requested. The Borrower herby authorized
        the
        Holder to record on the attached Schedule
        A
        the
        principal amount of each loan made by the Holder to the Borrower; provided,
        however, that any failure by the Holder to record any such loan shall not
        affect
        the Borrower’s obligation to repay such loan, together with interest thereon, in
        accordance with this Note.

      

      3.    Maturity
        Date.
        The
        unpaid principal balance of this Note, and all interest accrued thereon,
        shall
        become immediately due and payable on the earliest to occur of the following:
        (i) the second anniversary of the date hereof; (ii) the date of the initial
        public offering of the Borower’s securities pursuant to a registration statement
        filed with the Securities and Exchange Commission in accordance with the
        Securities Act of 1933, as amended; (iii) the first date on which the Borrower’s
        securities (or any securities received in exchange for such securities) trades
        on a national securities exchange, the Nasdaq SmallCap Market or the Nasdaq
        National Market System or in the over-the-counter market; (iv) consummation
        of
        an equity financing (whether in one transaction or a series of related
        transactions) in which the gross proceeds to the Borrower equal or exceed
        two
        hundred fifty percent (250%) of the then outstanding principal amount of
        this
        Note; (v) a Sale of the Borrower; or (vi) an Event of Default (as defined
        below).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      For
        purposes hereof, a “Sale of the Borrower” shall mean (x) the sale of all or
        substantially all of the Borrower’s assets; (y) the sale or transfer of the
        outstanding shares of capital stock of the Borrower; or (z) the merger or
        consolidation of the Borrower with another person or entity, in each case
        in
        clauses (y) and (z) above under circumstances in which the holders of the
        voting
        power of outstanding capital stock of the Borrower, immediately prior to
        such
        transaction. A sale (or multiple related sales) of one or more subsidiaries
        of
        the Borrower (whether by way of merger, consolidation, reorganization or
        sale of
        all or substantially all assets or securities) which constitutes all or
        substantially all of the consolidated assets of the Borrower shall be deemed
        a
        Sale of the Borrower.

      

      4.    Voluntary
        Prepayment.
        All
        unpaid principal and interest on this Note may be prepaid in whole or in
        part at
        any time without premium or penalty. Unless otherwise agreed or required
        by
        applicable law, any voluntary prepayment by the Borrower will be applied
        first
        to any unpaid collection costs and late charges, then to accrued and unpaid
        interest, and then to principal.

      

      5.    Events
        of Default.
        An
“Event
        of Default”
        shall
        occur:

      

      (a)    if
        the
        Borrower shall default in the payment on the Note, when and as the same shall
        become due and payable; or

      

      (b)    if
        the
        Borrower shall default in the due observance or performance of any material
        convenant, condition or agreement on the part of the Borrower contained in
        this
        Note, and any such default shall continue for a period of five (5) days after
        the Company receives notice thereof; or 

      

      (b)    if
        the
        Borrower shall default in the payment of the principal of, or any interest
        on,
        any other debt or liability of the Borrower, when and as the same shall become
        due and payable, if such default(s), in the aggregate, total at least $25,000;
        or

      

      (c)    if
        the
        Borrower commences any proceeding for dissolution, liquidation, or winding
        up or
        cessation of its business; or

      

      (d)    if
        (i)
        the Borrower either (A) becomes insolvent, (B) is adjudicated insolvent or
        bankrupt, (C) admits in writing its inability to pay its debts, (D) comes
        under
        the authority of a custodian, receiver or trustee for it or for substantially
        all of its assets, or (E) makes an assignment for the benefit of creditors;
        or
        (ii) any proceeding under any law related to bankruptcy, insolvency, liquidation
        or the reorganization, readjustment or the release of debtor is commenced
        by or
        against the Borrower, and in the event any such proceeding is commenced against
        it, such proceeding is not dismissed within sixty (60) days of
        commencement.

      

      As
        soon
        as practicable, but in any event, within five (5) days after the Borrower
        becomes aware of the existence of any Event of Default, or any event or
        condition which after notice or lapse of time or both, reasonably could be
        expected to become an Event of Default, the Borrower shall notify the Holder
        as
        to the existence of such Event of Default or the nature of such event or
        condition. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      6.    Attorney's
        Fees.
        If the
        indebtedness represented by this Note or any part thereof is collected in
        bankruptcy, receivership or other judicial proceedings or if this Note is
        placed
        in the hands of attorneys for collection after default, the Borrower agrees
        to
        pay, in addition to the principal and interest payable hereunder, reasonable
        attorneys' fees and costs incurred by Holder in collection.

      

      7.    Notices.
        All
        notices and other communications provided for hereunder shall be in writing
        and
        personally delivered, delivered by nationally-recognized overnight courier,
        mailed, or sent by facsimile, to the applicable party’s address as set forth
        above (or such other address as may be provided by Holder or Borrower in
        a
        notice to the to the other pursuant to this Section). Any notice, demand
        or
        request so delivered shall constitute valid notice under this Note and shall
        be
        deemed to have been received (i) on the day of actual delivery in the case
        of
        personal delivery, if delivered on a business day (otherwise on the next
        business day), (ii) on the next business day after the date when sent in
        the
        case of delivery by nationally-recognized overnight courier, (iii) on the
        fifth
        business day after the date of deposit in the U.S. mail in the case of mailing
        or (iv) upon receipt in the case of a facsimile transmission if received
        on a
        business day (otherwise on the next business day). Any party hereto may from
        time to time by notice in writing served upon the other as aforesaid designate
        a
        different mailing address or a different Person to which all such notices,
        demands or request thereafter are to be addressed. 

      

      8.    No
        Impairment.
        The
        Borrower will not avoid or seek to avoid the observance or performance of
        any of
        the terms of this Note, but will at all times in good faith assist in the
        carrying out of all such terms and in the taking of all such action as may
        be
        necessary or appropriate in order to protect the rights of the holder of
        this
        Note against impairment.

      

      9.    Usury.
        Notwithstanding anything herein to the contrary, this Note is subject to
        the
        express condition that at no time shall the Borrower be obligated or required
        to
        pay interest hereunder at a rate which could subject Holder to either civil
        or
        criminal liability as a result of being in excess of the maximum contract
        rate
        which is permitted by law. If, by the terms of this Note, the Borrower is
        at any
        time required or obligated to pay interest at a rate in excess of the maximum
        contract rate which is permitted by law, the rate of interest under this
        Note
        shall be immediately reduced to the maximum contract rate which is permitted
        by
        law and all interest payable hereunder shall be computed at the maximum contract
        rate permitted by law, and the portion of all prior interest payments in
        excess
        of the maximum contract rate permitted by law shall be applied to and shall
        be
        deemed to have been payments made for the reduction of the outstanding principal
        balance of this Note.

      

      10.   Waiver
        of Notice of Presentment.
        All
        parties to this Note, whether principal, surety, guarantor or endorser, hereby
        (i) waive presentment, demand for performance and notice of protest, notice
        of
        dishonor and notice of acceleration of maturity, (ii) waive any rights which
        they may have to require Holder to proceed against any other person or property,
        (iii) agree that without notice to any party and without affecting any party's
        liability, Holder, at any time or times, may grant extensions of the time
        for
        payment or other modification of this Note, and may add or release any party
        primarily or secondarily liable, and (iv) agree that Holder may apply all
        monies
        made available to it in connection with the payment of this Note either to
        this
        Note or to any other obligation of any of the parties to Holder, as Holder
        may
        elect from time to time.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      11.   No
        Waiver; Assignment.
        The
        failure of Holder to exercise any right or remedy provided hereunder or
        available at law shall not be a waiver or release of such rights or remedies
        or
        the right to exercise any right or remedy at another time. Borrower may not
        negotiate, transfer or assign this Note without the prior written consent
        of the
        Holder. This Note is binding upon, and will inure to the benefit of, each
        holder, the maker, any sureties, endorsers or guarantors, and their successors
        and permitted assigns.

      

      12.   Governing
        Law.
        This
        Note shall be construed in accordance with the laws of the State of New York
        without regard to the conflicts of laws provisions thereof.

      

      *
        * * *
        *

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      IN
        WTINESS WHEREOF,
        this
        Future Advance Promissory Note has been executed by the Borrower as of the
        day
        and year first above written.

      

      

      INNOVIVE
        PHARMACEUTICALS, INC.

      

      

      By:      
        __________________________________

      

      Name: 
        __________________________________

      

      Title:   
        __________________________________

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SCHEDULE
        A

      

      SCHEDULE
        OF ADVANCES

      

      

      
        	
                Date
                  of Advance

              	
                Advance
                  Amount

              	
                Signature
                  of Holder

              	
                Signature
                  of Borrower

              
	 	 	 	 
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

              
	
                 

                _____________

              	
                 

                $______

              	
                 

                _____________________

              	
                 

                ____________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]