Document:

Prepared by MERRILL CORPORATION

EXHIBIT 10.79

 

 

 

STRAIGHT NOTE

 

 

	

  $400,000

  	

   

  	

  South El Monte, California

  	

   

  	

  August 13, 2001

  

 

 

                For value received, Lee Pharmaceuticals

promises to pay Mark DiSalvo or order, at South El Monte, California the sum of

FOUR HUNDRED THOUSAND DOLLARS, with interest from August 13, 2001, on unpaid

principal at the rate of twenty (20) per cent per annum; principal is payable

monthly, commencing on September 15, 2001, with monthly principal payments of

$6,000.  Interest shall be calculated on

the basis of the unpaid principal balance daily, based on a 365-day year,

actual day month and payable monthly. 

Principal and interest shall be payable in lawful money of the United

States.  If action were instituted on

this note, I promise to pay such sum as the Court may fix as attorney's

fees.  This note is secured by the

trademark on the product brand DeWitt's Pills®.

 

 

 

 

 

	

  JULY 27,

  2001

  	

   

  	

  RONALD G.

  LEE

  
	

  Date

  	

   

  	

  Lee

  Pharmaceuticals - Ronald G. Lee

  

 

 

 

 

 

	

  JULY 27,

  2001

  	

   

  	

  MICHAEL L.

  AGRESTI

  
	

  Date

  	

   

  	

  Lee

  Pharmaceuticals - Michael L. AgrestiPrepared by MERRILL CORPORATION

EXHIBIT 10.80

 

 

 

 

MODIFICATION TO PROMISSORY NOTE

 

 

                WHEREAS,

on July 3, 1995, Lee Pharmaceuticals ("maker") and Sass DiSalvo

("Holder") entered into an agreement ("Note") whereby Lee

Pharmaceuticals was to pay to Sass DiSalvo the sum of Fifty Thousand Dollars;

and

 

                WHEREAS,

on July 6, 1996, the parties thereto modified said Note to extend the maturity

date from July 6, 1996, until December 8, 1997, ( a copy of said Modification

to Promissory Note is attached for reference as Exhibit A); and

 

                WHEREAS,

on December 8, 1997, the parties thereto modified said Note to extend the

maturity date from December 8, 1997, until December 1, 1998, (a copy of said

Modification to Promissory Note is attached for reference as Exhibit B); and

 

                WHEREAS,

on December 1, 1998, the parties thereto modified said Note to extend the

maturity date from December 1, 1998, until June 30, 1999, (a copy of said

Modification to Promissory Note is attached for reference as Exhibit C); and

 

                WHEREAS,

on June 30, 1999, the parties thereto modified said Note to extend the maturity

date from June 30, 1999, until June 30, 2000, (a copy of said Modification to

Promissory Note is attached for reference as Exhibit D); and

 

                WHEREAS,

on June 30, 2000, the parties thereto modified said Note to extend the maturity

date from June 30, 2000, until December 1, 2001, (a copy of said Modification

to Promissory Note is attached for reference as Exhibit E); and

 

                WHEREAS,

the parties thereto now desire to further modify said Note and Modification;

 

                NOW,

THEREFORE, the parties modify said Note and Modification as follows:

 

                1.             The maturity date of the Note is

extended from December 1, 2001, until December 1, 2002.

 

                2.             All other terms and conditions of

the Note remain the same.

 

 

 

                Dated

this 14TH day of NOVEMBER, 

2001

 

 

 

 

	

   

  	

  RONALD G. LEE

  
	

   

  	

  Lee Pharmaceuticals

  
	

   

  	

  By:  Ronald G. Lee, President

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  SASS DI SALVO

  
	

   

  	

  Sass DiSalvoPrepared by MERRILL CORPORATION

EXHIBIT

10.81

 

 

 

SECURED PROMISSORY NOTE

 

 

 

$100,000.00                                                                                                                                        Pasadena,

California

                                                                                                                                                                     March

16, 2001

 

 

 

 

FOR VALUE RECEIVED,

the undersigned hereby jointly and severally (if applicable) promises to pay to

PREFERRED BUSINESS CREDIT, INC., a California Corporation, at P.O. Box 60307,

Pasadena, California 91116, or at such other address as the holder may specify

in writing, the principal sum of One Hundred Thousand and 00/100 Dollars

($100,000.00) plus interest as provided below.

 

This

note shall bear interest at the rate of 16.5% per annum, computed on the basis

of a 360 day year for actual days elapsed. 

This rate is based upon the prime rate of interest of 8.5%, the rate in

effect as of this date.  The prime rate

of interest is the prime rate announced as being charged by Union Bank of

California, N.A., San Francisco, California, from time to time.  In the event the prime rate is from time to

time hereafter changed, the rate of interest provided in this note shall be

correspondingly changed.  For each month

the rate of interest charged under this note shall be based upon the average

prime rate in effect during such month. 

In no event shall the rate of interest chargeable hereunder be less than

1% per month.

 

Principal

shall be payable in twenty four equal monthly installments of Four Thousand One

Hundred Sixty Six & 00/100 Dollars ($4,166.00) commencing May 1, 2001, and

continue thereafter on the 1st day of each month, plus interest shall be

payable monthly commencing April 1, 2001, and continue thereafter on the 1st day

of each month, and one final installment on May 20, 2003 equal to all principal

outstanding together with all accrued and unpaid interest.

 

This

note is secured by that certain Loan and Security Agreement (“Agreement”) dated

February 20, 2001 and is subject to all of the terms and conditions

thereof.  In the event of default under

the Agreement, including but not limited to, the failure to pay any installment

of principal or interest hereunder when due, the holder of this note may, at

its election and without notice to the undersigned, declare the entire balance

hereof immediately due and payable.

 

If

any installment of principal or interest hereunder is not paid when due, the

holder shall have the following rights in addition to the rights set forth in the

preceding paragraph: (a) the right to add unpaid interest to principal and to

have such amount thereafter bear interest as provided in this note, and (b) if

any installment is more than ten days past due, the right to collect a charge

equal to the greater of $15.00 or five percent of the delinquent payment.  This charge is the result of a reasonable

endeavor by the undersigned and the holder to estimate the holder’s added costs

and damages resulting from the undersigned’s failure to timely make payments

under this note; hence the undersigned agrees that the charge shall be presumed

to be the amount of damage sustained by the holder since it is extremely

difficult to determine the actual amount necessary to reimburse the holder of

such damages.  If this note is not paid

when due, the undersigned further promises to pay all costs of collection,

foreclosure fees and reasonable attorneys' fees incurred by the holder whether

or not suit is filed hereon.

 

Provided

the undersigned is not then in default hereunder or under any other agreement

with the holder of this note, this note may be prepaid at any time after one

year from the date hereof by paying the balance of principal owing plus all

accrued and unpaid interest and charges, together with a prepayment charge of

N/A on the amount prepaid.

 

Presentment

for payment, notice of dishonor, protest, and notice of protest are expressly

waived.  This note cannot be changed,

modified, amended or terminated orally.

 

Waiver of Trial by Jury.  THE UNDERSIGNED, TO THE EXTENT IT MAY

LEGALLY DO SO, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM,

DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO

THIS NOTE, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE

DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS NOTE OR THE TRANSACTIONS

RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND

IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE.  THE UNDERSIGNED, TO THE EXTENT IT MAY LEGALLY

DO SO, HEREBY AGREES THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR

PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND THAT THE HOLDER

OF THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH

ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE UNDERSIGNED TO THE WAIVER

OF ITS RIGHT TO TRIAL BY JURY.

 

IN WITNESS WHEREOF,

this Note has been executed and delivered on the date first set forth above.

 

 

 

 

	

   

  	

   

  	

  LEE PHARMACEUTICALS

  
	

   

  	

   

  	

  a California

  Corporation

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  RONALD G. LEE

  
	

   

  	

   

  	

  Ronald G. Lee,

  PresidentPrepared by MERRILL CORPORATION

EXHIBIT 10.82

 

 

 

MODIFICATION OF SECURED

PROMISSORY NOTE

 

 

            WHEREAS, this agreement is in reference to a loan which

is evidenced by an instrument entitled Secured Promissory Note (NOTE), dated

March 16, 2001 executed by LEE PHARMACEUTICALS for the original

principal sum of One Hundred Thousand and 00/100 Dollars ($100,000.00)

and payable to the order of PREFERRED BUSINESS CREDIT, INC.

 

            Principal balance outstanding on this Note as of this

date is Sixty Five Thousand One Hundred Seventy Two & 00/100 Dollars ($65,172.00).

 

            NOW, THEREFORE, it is agreed by the undersigned parties

that the Note shall be amended in the following respect:

 

 

 

The Note shall have an

additional advance of Thirty Four Thousand and 00/100 Dollars $34,000.00)

 

Principal shall be

payable in monthly installments of Five Thousand One Hundred Sixty Six &

00/100 Dollars ($5,166.00) commencing on September 1, 2001.

 

 

 

            Except as noted above, all the terms, conditions and

provisions of said Note shall remain unchanged and in full force and effect.

 

 

 

	

  Date:

  	

   

  	

  August 1, 2001

  	

   

  	

  Loan Number:  

  	

   

  	

  LEE07

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  PREFERRED BUSINESS

  CREDIT, INC.

  	

   

  	

  LEE PHARMACEUTICALS

  
	

  a California

  corporation

  	

   

  	

  a California

  corporation

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  	

   

  
	

  By:

  	

   

  	

  FARHAD MOTIA

  	

   

  	

  By:

  	

   

  	

  RONALD G. LEE

  
	

   

  	

   

  	

  Farhad Motia,

  President

  	

   

  	

   

  	

   

  	

  Ronald G. Lee,

  President

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