Document:

PROMISSORY
NOTE

    

    
      	
              $262,500.00

            	
              October
      22, 2007

            

    

    

    FOR VALUE
RECEIVED, American Scientific Resources, Inc. (the "Maker"), with its
primary offices located at New Paltz, New York, promises to pay to the order of
Gols Associates, Inc. (the "Payee"), upon the
terms set forth below, the principal sum of Two Hundred Sixty Two Thousand and
Five Hundred ($262,500.00) Dollars on the unpaid principal sum outstanding (the
“Note”).

    

    1.           Principal            Maker
shall be required to pay the Payee an amount in cash, wire transfer or check
equal to the principal amount, on or before February 22, 2008.

    

    (a.)
“Payment of
Interest”, Interest on the unpaid principal balance of t his Note shall
accrue at a rate of Twelve percent (12%) per annum commencing on the Issuance
Date.  Interest shall be computed on the basis of a 365-day year and
actual days elapsed.  Interest shall be paid monthly on or before the
22nd
day of the month, for the preceding month forward. If interest in such period is
not paid within five (5) days of such due date, the provisions of Section 2(b)
herein shall take effect.

    

    2.           Events of
Default.

    

    (a)
"Event of
Default", wherever used herein, means any one of the following events
(whatever the reason and whether it shall be voluntary or involuntary or
effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental
body):

    

    (i) Any
default in the payment of the principal of this Note, as and when the same shall
become due and payable;

    

    (ii)
Maker shall fail to observe or perform any obligation or shall breach any term
or provision of this Note;

    

     (iii)
Maker shall commence, or there shall be commenced against Maker, a case under
any applicable bankruptcy or insolvency laws as now or hereafter in effect or
any successor thereto, or Maker commences any other proceeding under any
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to Maker, or there is commenced against Maker, any
such bankruptcy, insolvency or other proceeding which remains undismissed for a
period of 60 days; or Maker is adjudicated insolvent or bankrupt; or any order
of relief or other order approving any such case or proceeding is entered; or
Maker suffers any appointment of any custodian or the like for it or any
substantial part of its property which continues undischarged or unstayed for a
period of 60 days; or Maker, makes a general assignment for the benefit of
creditors; or Maker, shall fail to pay, or shall state that it is unable to pay,
or shall be unable to pay, its debts generally as they become due; or Maker
shall call a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts; or Maker shall by any act or failure
to act expressly indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by Maker for the
purpose of effecting any of the foregoing; or

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (b) If
any Event of Default occurs, the full principal amount of this Note, shall
become, at the Payee's election, immediately due and payable by check, with
penalty interest accruing at six percent (6%) per month on any unpaid
obligation, payable on the following schedule:  three percent (3%)
paid per month by check, and three percent (3%) paid per month in Restricted
Common Shares at market price (The 3 day average of the Bid and Ask price of the
3 days preceding the last day of the month).  The Payee need not
provide and Maker hereby waives any presentment, demand, protest or other notice
of any kind, and the Payee may immediately and without expiration of any grace
period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such declaration may be rescinded
and annulled by Payee at any time prior to payment hereunder. No such rescission
or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon. At Payees option, any failure of Maker to make interest
payment due under Section 1(a) herein within the time periods set forth therein
shall also obligate maker to pay penalty interest as set forth in the first
sentence of this Section 2(b).

    

    3.           No Waiver of Payee's
Rights. All payments of principal shall be made without setoff, deduction
or counterclaim. No delay or failure on the part of the Payee in exercising any
of its options, powers or rights, nor any partial or single exercise of its
options, powers or rights shall constitute a waiver thereof or of any other
option, power or right, and no waiver on the part of the Payee of any of its
options, powers or rights shall constitute a waiver of any other option, power
or right. Maker hereby waives presentment of payment, protest, and all notices
or demands in connection with the delivery, acceptance, performance, default or
endorsement of this Note. Acceptance by the Payee of less than the full amount
due and payable hereunder shall in no way limit the right of the Payee to
require full payment of all sums due and payable hereunder in accordance with
the terms hereof.

    

    4.           Modifications. No
term or provision contained herein may be modified, amended or waived except by
written agreement or consent signed by the party to be bound
thereby.

    

    5.           Additional
Consideration   The Maker will guarantee the delivery of
securities set forth in Schedule A.

    

    6.           Cumulative Rights and
Remedies; Usury. The rights and remedies of Payee expressed herein are
cumulative and not exclusive of any rights and remedies otherwise available
under this Note or applicable law (including at equity). The election of Payee
to avail itself of any one or more remedies shall not be a bar to any other
available remedies, which Maker agrees Payee may take from time to time. If it
shall be found that any interest due hereunder arising from an Event of Default
shall violate applicable laws governing usury, the applicable rate of interest
due hereunder shall be reduced to the maximum permitted rate of interest under
such law.

    

    7.           Collection
Expenses.           If
Payee shall commence an action or proceeding to enforce this Note, then Maker
shall reimburse Payee for its costs of collection and reasonable attorneys fees
incurred with the investigation, preparation and prosecution of such action or
proceeding.

    

    8.           Severability.  If
any term or provision of this Agreement is held by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remainder of the terms
and provisions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use
their best efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term or
provision.

    

    9.           Successors and
Assigns. This Note shall be binding upon Maker and its successors and
shall inure to the benefit of the Payee and its successors and assigns. The term
"Payee" as used herein, shall also include any endorsee, assignee or other
holder of this Note.

    

    10.           Lost or Stolen Promissory
Note. If this Note is lost, stolen, mutilated or otherwise destroyed,
Maker shall execute and deliver to the Payee a new promissory note containing
the same terms, and in the same form, as this Note. In such event, Maker may
require the Payee to deliver to Maker an affidavit of lost instrument and
customary indemnity in respect thereof as a condition to the delivery of any
such new promissory note. Any costs incurred pursuant to this paragraph shall be
the responsibility of the Payee.

    

    11.           Due Authorization.
This Note has been duly authorized, executed and delivered by Maker and is the
legal obligation of Maker, enforceable against Maker. Maker has taken all
necessary corporate action, by resolution, and the borrowing by maker hereunder
does not conflict with the Maker’s bylaws or Certificate of
Incorporation.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    12.           Governing Law. All
questions concerning the construction, validity, enforcement and interpretation
of this Note shall be governed by and construed and enforced in accordance with
the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each of Maker and Payee agree that all legal
proceedings concerning the interpretations, enforcement and defense of this Note
shall be commenced in the Courts of the State of New York, located in New York,
New York, the courts of the United States of America for the District of New
York, and appellate courts from any thereof (the "New York Courts").
Each of Maker and Payee hereby irrevocably submit to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder (including
with respect to the enforcement of this Note), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper. Each of Maker and Payee hereby irrevocably
waive personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to the other at
the address in effect for notices to it under this Note and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each of Maker and Payee hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Note or the transactions contemplated hereby.

    

    13.           Stock
Pledge.  This Note is secured by that certain Stock Pledge
Agreement by and between the parties hereto.

    

    14.           Pre-Payment.   Maker
may prepay this Note in whole or in part at any time, and from time to time,
without being required to pay any penalty or premium for such privilege. The
undersigned signs this Note as a maker and not as a surety or guarantor or in
any other capacity.

    

    
      
        	
                American
      Scientific Resources, Inc.

              
	 
      	 
      
	
                By:

              	
                  

              
	 
      	
                Name:

              	
                Christopher
      F. Tirotta. MD, MBA

              
	 
      	
                Title:

              	
                CEO/Chairman
      of the Board

              
	 
      	
                Date:

              	
                October
      22, 2007

              

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Schedule
A

    

    Additional
Consideration

    

    In consideration of the 12% promissory
Note:

    

    The Payer shall receive:

    

    
      	
               
      

            	
              ·

            	
              125,000
      restricted Common Shares

            

    

    
      	
               
      

            	
              ·

            	
              250,000
      Warrants, exercisable for three (3) years at $0.25 per shares. Including a
      cashless exercise provision.

            

    

    
      
         

      

      
        4PROMISSORY
NOTE

    

    
      	
              $350,000.00

            	
              October
      30, 2007

            

    

    

    FOR VALUE
RECEIVED, American Scientific Resources, Inc., with its primary offices located
at 83 South Putts Corner Road, New Paltz, NY 12561-0819 (the "Maker"), promises to
pay to the order of Tecnimed srl n company with an address of 12, P.le Cocchi,
21040 Vedano Olona, Italy, (the "Payee"), upon the
terms set forth below, the principal sum of Three Hundred Fifty Thousand
($350,000.00) Dollars on the unpaid principal sum outstanding (the “Note”).

    

    1.           Principal              Maker
shall be required to pay the Payee an amount in cash, wire transfer or check
equal to the principal amount, on or before April 30, 2008.

    

    “Payment of Interest”,
Interest on the unpaid principal balance of t his Note shall accrue at a rate of
Twelve percent (12%) per annum commencing on the Issuance
Date.  Interest shall be computed on the basis of a 365-day year and
actual days elapsed.  Interest shall be paid monthly on or before the
30th
day of the month, for the preceding month forward. If interest in such period is
not paid within ten (10) days of such due date, the provisions of Section 2(b)
herein shall take effect.

    

    2.           Events of
Default.

    

    (a)
"Event of
Default", wherever used herein, means any one of the following events
(whatever the reason and whether it shall be voluntary or involuntary or
effected by operation of law or pursuant to any judgment, decree or order of any
court, or any order, rule or regulation of any administrative or governmental
body):

    

    (i) Any
default in the payment of the principal of this Note, as and when the same shall
become due and payable;

    

    (ii)
Maker shall fail to observe or perform any obligation or shall breach any term
or provision of this Note;

    

     (iii)
Maker shall commence, or there shall be commenced against Maker, a case under
any applicable bankruptcy or insolvency laws as now or hereafter in effect or
any successor thereto, or Maker commences any other proceeding under any
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to Maker, or there is commenced against Maker, any
such bankruptcy, insolvency or other proceeding which remains undismissed for a
period of 60 days; or Maker is adjudicated insolvent or bankrupt; or any order
of relief or other order approving any such case or proceeding is entered; or
Maker suffers any appointment of any custodian or the like for it or any
substantial part of its property which continues undischarged or unstayed for a
period of 60 days; or Maker, makes a general assignment for the benefit of
creditors; or Maker, shall fail to pay, or shall state that it is unable to pay,
or shall be unable to pay, its debts generally as they become due; or Maker
shall call a meeting of its creditors with a view to arranging a composition,
adjustment or restructuring of its debts; or Maker shall by any act or failure
to act expressly indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by Maker for the
purpose of effecting any of the foregoing; or

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (b) If
any Event of Default occurs, the full principal amount of this Note, shall
become, at the Payee's election, immediately due and payable by check, with
penalty interest accruing at six percent (6%) per month on any unpaid
obligation, payable on the following schedule:  three percent (3%)
paid per month by check, and three percent (3%) paid per month in Restricted
Common Shares at market price (The 3 day average of the Bid and Ask price of the
3 days preceding the last day of the month).  The Payee need not
provide and Maker hereby waives any presentment, demand, protest or other notice
of any kind, and the Payee may immediately and without expiration of any grace
period enforce any and all of its rights and remedies hereunder and all other
remedies available to it under applicable law. Such declaration may be rescinded
and annulled by Payee at any time prior to payment hereunder. No such rescission
or annulment shall affect any subsequent Event of Default or impair any right
consequent thereon. At Payees option, any failure of Maker to make interest
payment due under Section 1(a) herein within the time periods set forth therein
shall also obligate maker to pay penalty interest as set forth in the first
sentence of this Section 2(b).

    

    3.           No Waiver of Payee's
Rights. All payments of principal shall be made without setoff, deduction
or counterclaim. No delay or failure on the part of the Payee in exercising any
of its options, powers or rights, nor any partial or single exercise of its
options, powers or rights shall constitute a waiver thereof or of any other
option, power or right, and no waiver on the part of the Payee of any of its
options, powers or rights shall constitute a waiver of any other option, power
or right. Maker hereby waives presentment of payment, protest, and all notices
or demands in connection with the delivery, acceptance, performance, default or
endorsement of this Note. Acceptance by the Payee of less than the full amount
due and payable hereunder shall in no way limit the right of the Payee to
require full payment of all sums due and payable hereunder in accordance with
the terms hereof.

    

    4.           Modifications. No
term or provision contained herein may be modified, amended or waived except by
written agreement or consent signed by the party to be bound
thereby.

    

    5.           Additional
Consideration   The Maker will guarantee the delivery of
securities set forth in Schedule A.

    

    6.           Cumulative Rights and
Remedies; Usury. The rights and remedies of Payee expressed herein are
cumulative and not exclusive of any rights and remedies otherwise available
under this Note or applicable law (including at equity). The election of Payee
to avail itself of any one or more remedies shall not be a bar to any other
available remedies, which Maker agrees Payee may take from time to time. If it
shall be found that any interest due hereunder arising from an Event of Default
shall violate applicable laws governing usury, the applicable rate of interest
due hereunder shall be reduced to the maximum permitted rate of interest under
such law.

    

    7.           Collection
Expenses.               If
Payee shall commence an action or proceeding to enforce this Note, then Maker
shall reimburse Payee for its costs of collection and reasonable attorneys fees
incurred with the investigation, preparation and prosecution of such action or
proceeding.

    

    8.           Severability.  If
any term or provision of this Agreement is held by a court of competent
jurisdiction to be invalid, void, or unenforceable, the remainder of the terms
and provisions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall use
their best efforts to find and employ an alternative means to achieve the same
or substantially the same result as that contemplated by such term or
provision.

    

    9.           Successors and
Assigns. This Note shall be binding upon Maker and its successors and
shall inure to the benefit of the Payee and its successors and assigns. The term
"Payee" as used herein, shall also include any endorsee, assignee or other
holder of this Note.

    

    10.           Lost or Stolen Promissory
Note. If this Note is lost, stolen, mutilated or otherwise destroyed,
Maker shall execute and deliver to the Payee a new promissory note containing
the same terms, and in the same form, as this Note. In such event, Maker may
require the Payee to deliver to Maker an affidavit of lost instrument and
customary indemnity in respect thereof as a condition to the delivery of any
such new promissory note. Any costs incurred pursuant to this paragraph shall be
the responsibility of the Payee.

    

    11.           Due Authorization.
This Note has been duly authorized, executed and delivered by Maker and is the
legal obligation of Maker, enforceable against Maker. Maker has taken all
necessary corporate action, by resolution, and the borrowing by maker hereunder
does not conflict with the Maker’s bylaws or Certificate of
Incorporation.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    12.           Governing Law. All
questions concerning the construction, validity, enforcement and interpretation
of this Note shall be governed by and construed and enforced in accordance with
the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each of Maker and Payee agree that all legal
proceedings concerning the interpretations, enforcement and defense of this Note
shall be commenced in the Courts of the State of New York, located in New York,
New York, the courts of the United States of America for the District of New
York, and appellate courts from any thereof (the "New York Courts").
Each of Maker and Payee hereby irrevocably submit to the exclusive jurisdiction
of the New York Courts for the adjudication of any dispute hereunder (including
with respect to the enforcement of this Note), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is
not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper. Each of Maker and Payee hereby irrevocably
waive personal service of process and consents to process being served in any
such suit, action or proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to the other at
the address in effect for notices to it under this Note and agrees that such
service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each of Maker and Payee hereby
irrevocably waive, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal proceeding arising out of or relating to
this Note or the transactions contemplated hereby.

    

    13.           Stock
Pledge.  This Note is secured by that certain Stock Pledge
Agreement by and between the parties hereto.

    

    14.           Pre-Payment.   Maker
may prepay this Note in whole or in part at any time, and from time to time,
without being required to pay any penalty or premium for such privilege. The
undersigned signs this Note as a maker and not as a surety or guarantor or in
any other capacity.

    

    
      
        
          
            	
                    American
      Scientific Resources, Inc.

                  
	 
      
	 
      	 
      
	
                    By:

                  	
                    

                  
	 
      	
                    Name:

                  	
                    Christopher
      F. Tirotta. MD, MBA

                  
	 
      	
                    Title:

                  	
                    CEO/Chairman
      of the Board

                  
	 
      	
                    Date:

                  	
                    October
      30, 2007

                  

          

        

      

    

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    Schedule
A

    

    Additional
Consideration

    

    In consideration of the 12% promissory
Note:

    

    The Payer shall receive:

    

    
      	
               
      

            	
              ·

            	
              375,000
      restricted Common Shares of
ASFX

            

    

    
      
         

      

      
        4

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