Document:

EXHIBIT 10.1 

 

OPEN
END MORTGAGE NOTE

 

	$2,000,000	December 16, 2019

 

FOR
VALUE RECEIVED, NANOVIRICIDES, INC. (the ''Borrower"), a Nevada corporation with a mailing address of 1 Controls Drive,
Shelton, CT, 06484 promises to pay to the order of ANIL R. DIWAN, AN INDIVIDUAL having
a principal address at __________________________ (the "Lender"), at such office or at such other place as the
Lender may designate from time to time in writing, the principal sum of TWO MILLION AND 00/100 ($2,000,000.00) DOLLARS ("Loan")
received from the Lender in two tranches of ONE MILLION AND 00/100 ($1,000,000.00) DOLLARS each pursuant to the terms of
this Open End Mortgage Note ( “Note”) and the Open End Mortgage Deed of even date herewith ("Open End Mortgage")
executed by the Borrower.

 

Capitalized
terms used in this Note shall have the meaning and be construed as provided for in the Open End Mortgage unless a different meaning
is set forth in this Note or clearly appears from the context of this Note. This Note, the Open End Mortgage, and any other document
executed and delivered in connection with the Loan, as the same may be from time to time amended, restated, and extended, are
sometimes individually referred to herein as the "Loan Document" and collectively as the "Loan Documents."

 

		1.	Interest Rate.

 

		(a)	Commencing the date of this Note
                                         and continuing through December 15, 2020 the principal sum outstanding from time to time
                                         hereunder shall bear interest at a fixed annual rate of twelve percent (12%) (the "Interest
                                         Rate").

 

		(b)	The annual Interest Rate shall
                                         be calculated using a 360-day calendar.

 

		(c)	The foregoing provisions of this
                                         Note relating to interest shall at all times be subject to the provisions of Paragraph
                                         (11) (the "Default Rate"), below.

 

		(d)	Notwithstanding
                                         anything to the contrary contained herein or in any other Loan Document, the effective
                                         rate of interest hereunder shall not exceed the maximum effective rate of interest permitted
                                         by applicable law or regulation. The Lender hereby agrees not to collect knowingly any
                                         interest from the Borrower in the form of fees or otherwise which would render the loan
                                         usurious. In the event that the Interest Rate would be usurious in the Lender's opinion,
                                         the Lender reserves the right to reduce the interest payable by the Borrower. This provision
                                         shall survive repayment of this Note.

 

		2.	Payments.

 

		(a)	On the date hereof, the Borrower
                                         shall prepay interest on the Principal amount of the Loan payable through the end of
                                         the first year at the rate of 12% per annum.

 

		(b)	Upon demand, the Borrower shall
                                         escrow with the Lender additional amounts sufficient to pay real estate taxes assessed
                                         against the Mortgaged Property (as defined in the Open End Mortgage) (the "Real
                                         Estate Taxes") when due.

 

		(c)	At execution of this Note, Borrower
                                         shall issue 10,000 fully paid and non-assessable NanoViricides Series “A”
                                         Preferred shares to Lender as a mortgage origination fee.

 

    Page 1 of 11

     

    

 

		(d)	Commencing on the first day of
                                         the second calendar month following the date hereof and continuing on the first day of
                                         each calendar month thereafter, the Lender shall withdraw from escrow the installments
                                         of interest only on the unpaid principal balance of this note, which sum has been calculated
                                         based on the principal amount of the Loan with an interest rate of twelve percent (12%)
                                         per annum.

 

		(e)	The unpaid principal balance
                                         then outstanding together with all accrued and unpaid interest and charges, if any, shall
                                         become due and payable on December 15, 2020 (the "Maturity Date").

 

		(f)	Payments shall be applied first
                                         to any unpaid collection costs, late charges and any applicable tax and insurance escrows,
                                         then to accrued and unpaid interest, and any remaining amount to principal.

 

		(g)	The
                                         LENDER has agreed to make the loan herein described to the BORROWER in installments.

 

1)
First Tranche of up to $1,000,000.00 to be disbursed to the Borrower after closing as follows:

 

		i)	$120,000.00
                                         to be deposited into escrow with the Lender for payment of interest payable under the
                                         Open End Mortgage Note. Commencing on the first day of the second calendar month following
                                         the date hereof and continuing on the first day of each calendar month thereafter, the
                                         Lender shall withdraw from escrow the installments of interest only on the unpaid principal
                                         balance of this note, which sum has been calculated based on the principal amount of
                                         the Loan with an interest rate of twelve percent (12%) per annum. Notwithstanding the
                                         actual date of advancement of funds from the Lender, the date of start of interest calculations
                                         shall be the later of December 15, 2019, or the actual date of advancement of the funds.

 

		ii)	The
                                         remaining amount of the first tranche shall be disbursed to the Borrower for normal business
                                         operations, to be used firstly towards the payment of legal fees incurred by TheraCour
                                         Pharma, Inc. in negotiating the VZV/Shingles License Agreement, as required under the
                                         VZV License agreement dated November 1, 2019, and then in such amounts and at such times
                                         as the borrower requests. Interest will be charged only on such portion of the funds
                                         actually drawn from the Lender.

 

2)
Second Tranche of $1,000,000.00 to be disbursed to the borrower on or about January 10, 2020, as follows: 

 

		i)	$110,000
                                         00 to be deposited into escrow with the Lender for payment of 11 months of interest payable
                                         under the Open End Mortgage Note.

 

		ii)	The
                                         remaining balance to be disbursed to the Borrower for normal business operations, to
                                         be used firstly towards the payment of two months of advanced billing “deposit”,
                                         and the payment of previously deferred amounts as required under the second Extension
                                         of Deferral Agreement dated 2019-09-24, and under the VZV License Agreement dated November
                                         1, 2019, both with TheraCour Pharma, Inc., and then in such amounts and at such times
                                         as the borrower requests. Interest will be charged only on such portion of the funds
                                         actually drawn from the Lender.

 

    Page 2 of 11

     

    

 

		3.	Prepayments.

 

The
Borrower may repay the Loan in part or in full prior to the Maturity Date at any time without penalty upon ten (10) days prior
written notice to the Lender. In the event of prepayment, the interest amount actually earned shall be the only interest amount
charged from the escrowed interest funds. Additional amounts charged to Borrower may include any unpaid collection costs, late
charges and any applicable tax and insurance escrows.

 

		4.	Acceleration.
                                         

 

In
the event of

 

		(a)	A
                                         “Change of Control” of the Borrower, as defined, by reference, in the Certificate
                                         of Designation of the Preferred Series A shares of NanoViricides, Inc.; or

 

		(b)	A sale of
                                         business or of substantial assets of the Borrower, notwithstanding any such “Change
                                         of Control”,

 

the
Maturity Date will be accelerated and the Loan shall become due immediately, including all fees, earned interest, late charges,
and other expenses as applicable, and shall be satisfied by the Borrower prior to the execution of such Change of Control or Sale
of Business or of Substantial Assets without presentment, demand, notice of nonpayment, protest, notice of protest or other notice
of dishonor, all of which are hereby expressly waived by the Borrower.

 

		5.	Legal
                                         Fees and Expenses to be Paid by Borrower. 

 

		i)	In
                                         the event that there is a lawsuit involving this loan filed against the Lender by any
                                         third parties, Borrower shall bear the costs and expenses including legal, administrative
                                         and other costs and fees in full as and when incurred, upon demand from the Lender within
                                         ten (10) days.

 

		ii)	In
                                         the event that any such payment which is due to the Lender, but is not received by the
                                         Lender when due, and remains unpaid for ten (10) days after the due date, the Borrower
                                         shall pay the Lender on demand a "late charge" computed at the rate of six
                                         percent (6%) of the amount not paid to cover the extra expense and inconvenience to the
                                         Lender and ensuring payment of such delinquent amount. The Borrower acknowledges that
                                         its failure to pay any amount due here under this Paragraph (5) within ten (I0)
                                         day period will result in the Lender incurring additional expenses in servicing the bills,
                                         the loss of the use of the money due, and the frustration to the Lender in meeting its
                                         commitments, that the damages to the Lender in connection with such late payment are
                                         extremely difficult and impractical to ascertain, and that six percent (6%) of the amount
                                         not paid within such ten (10) day period is a reasonable estimate of the damages incurred
                                         by the Lender in connection with any such late payment.

 

		iii)	The provisions of this Paragraph
                                         (5) shall survive the termination or satisfaction of this Loan

 

Note.

 

    Page 3 of 11

     

    

 

		6.	Security.

 

This
Note, and the due performance by the Borrower of all of its obligations hereunder, is secured as set forth in the Open End Mortgages,
to which reference is hereby made including, but not limited, to the first and paramount mortgage lien in favor of the Lender
on the real properties designated as:

 

1
CONTROLS DRIVE, SHELTON CONNECTICUT and more fully described in EXHIBIT “A” attached hereto and incorporated by reference
(the "Real Property"), which together with such other rights, interests, and appurtenances thereto, as described in
the Loan Documents, shall be deemed to be the "Mortgaged Property".

 

		7.	Late
                                         Charge. 

 

In
the event that any payment of principal, applicable real estate tax or insurance escrow, or interest which is due to the Lender,
but is not received by the Lender when due, and remains unpaid for ten (10) days after the due date including, without limitation,
the Maturity Date or any extension thereof, in addition to and not in limitation of any other rights or remedies which the Lender
may have with respect thereto under any of the Loan Documents or with respect to any Collateral, the Borrower shall pay the Lender
on demand a "late charge" computed at the rate of six percent (6%) of the amount not paid to cover the extra expense
and inconvenience to the Lender and ensuring payment of such delinquent amount. As to the loan with a balloon payment on the Maturity
Date, the six (6%) percent late penalty shall not apply to the balloon portion of the payment; but simply to the portion representing
the regularly scheduled payment. The Borrower acknowledges that its failure to pay any amount due here under within such ten (I0)
day period will result in the Lender incurring additional expenses in servicing the Loan, the loss of the use of the money due,
and the frustration to the Lender in meeting its loan commitments, that the damages to the Lender in connection with such late
payment are extremely difficult and impractical to ascertain, and that six percent (6%) of the amount not paid within such ten
(10) day period is a reasonable estimate of the damages incurred by the Lender in connection with any such late payment. The amount
of any such "late charge" not paid promptly following demand thereof shall be deemed outstanding principal and payable
pursuant to this note and secured by the Collateral.

 

		8.	Events
                                         of Default. 

 

In
addition to any other event referred to herein, the occurrence of which, by the terms hereof, constitutes an Event of Default
hereunder, the occurrence of any one or more of the following events shall, at the Lender's option, constitute an Event of Default
hereunder;

 

		a)	The Borrower shall fail to make
                                         (and the Lender does not receive) any payment due to the Lender under this Note or under
                                         any of the other Loan Documents within ten (10) days after the same is due and payable,
                                         whether at maturity or by acceleration or otherwise;

 

		b)	Except as otherwise provided for
                                         in this Note, the Borrower shall fail to observe or perform any of the covenants or agreements
                                         on part to be observed or performed under this Note or under any of the other Loan Documents
                                         within thirty (30) days after written notice from the Lender of such noncompliance, except
                                         in the event of the lapse of insurance coverage as required by the Loan Documents in
                                         which event the thirty (30) day period is reduced to five (5) days;

 

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		c)	Any representation or warranty
                                         of the Borrower under this Note or under any of the other Loan Documents shall be untrue
                                         in any material respect when made; or

 

		d)	Any Event
                                         of Default shall occur under the provisions of any of the other Loan Documents.

 

		e)	Insolvency
                                         or Bankruptcy filing by the Borrower.

 

		9.	Remedies.

 

Upon
the occurrence of any Event of Default, the entire unpaid Principal Sum hereunder plus all interest accrued thereon plus all other
sums due and payable to the Lender under the Loan Documents shall become due and payable immediately without presentment, demand,
notice of nonpayment, protest, notice of protest or other notice of dishonor, all of which are hereby expressly waived by the
Borrower.

 

In
addition to the foregoing, upon the occurrence of any Event of Default the Lender may forthwith exercise singly, concurrently,
successively, or otherwise any and all rights and remedies available to the Lender under any of the Loan Documents or with respect
to any Collateral, or available to the Lender by law, equity, statute or otherwise including, without limitation, the right to
set off any sums a) deposited by the Borrower with the Lender against the amounts due hereunder or b) posted by the Borrower or
its Affiliates with the Lender as collateral for this or any other loan made by the Lender or its Affiliates to the Borrower or
its Affiliates.

 

As
to the Borrower, the term "Affiliates" shall mean the Borrower and Guarantors and any other entity in which they maintain
an interest. As to the Lender, the term "Affiliates" shall mean the Lender or any of its related entities.

 

Cross
Collateral/Cross Default: Any collateral posted by the Borrower, the Guarantors and/or their Affiliates in favor of the Lender
and/or its Affiliates to secure this or any other loan shall be deemed to be additional collateral securing this Loan and vice
versa and shall be subject to the remedies available to the Lender and/or its Affiliates in the event of any default by the Borrower,
the Guarantors and/or their Affiliates under any loan made to them by the Lender and/or its Affiliates. A default under any loan
made by the Lender and/or its Affiliates to the Borrower, Guarantors and/or their Affiliates shall constitute an Event of Default
as to all loans made by the Lender and/or its Affiliates to the Borrower, Guarantors and/or their Affiliates.

 

JURY
TRIAL WAIVER. THE BORROWER AND THE LENDER HEREBY WAIVE ANY AND ALL RIGHTS THAT THEY MAY HAVE NOW OR HEREAFTER HAVE UNDER THE LAWS
OF THE UNITED STATES OF AMERICA OR ANY STATE TO A TRIAL BY JURY OF ANY AND ALL ISSUES ARISING EITHER DIRECTLY OR INDIRECTLY IN
ANY ACTION OR PROCEEDING BETWEEN THE BORROWER AND THE LENDER OR THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, OUT OF, OR IN ANY WAY
CONNECTED WITH THE NOTE. IT IS INTENDED THAT THE WAIVER OF JURY TRIAL SHALL APPLY TO ANY AND ALL CLAIMS, DEFENSES, RIGHTS, AND/OR
COUNTERCLAIMS IN ANY ACTION OR PROCEEDING.

 

    Page 5 of 11

     

    

 

		10.	Remedies
                                         Cumulative, Etc. 

 

		(a)	No right or remedy conferred
                                         upon or reserved to the Lender under any of the Loan Documents, or with respect to any
                                         Collateral, or now or hereafter existing at law or in equity, by statute, or other legislative
                                         enactment, is intended to be exclusive of any other right or remedy, and each and every
                                         such right or remedy shall be cumulative and concurrent, and shall be in addition to
                                         every other such right or remedy, and may be pursued singly, concurrently, successively
                                         or otherwise, at the sole discretion of the Lender, and shall not be exhausted by any
                                         one exercise thereof but may be exercised as often as occasion therefor shall occur.
                                         No act of the Lender shall be deemed or construed as an election to proceed under any
                                         one such right or remedy to the exclusion of any other such right or remedy; furthermore
                                         each such right or remedy of the Lender shall be separate, distinct, and cumulative and
                                         none shall be given effect to the exclusion of any other. The failure to exercise or
                                         delay in exercising any such right or remedy, or the failure to insist upon strict performance
                                         of any term of any of the Loan Documents, shall not be construed as a waiver or release
                                         of the same, or of any Event of Default thereunder, or of any obligation or liability
                                         of the Borrower thereunder.

 

		(b)	The
                                         recovery of any judgment by the Lender and/or the levy of execution under any judgment
                                         upon any Collateral shall not affect in any manner or to any extent the lien of any security
                                         interest in such Collateral, or any rights, remedies, or powers of the Lender under any
                                         of the Loan Documents or with respect to any Collateral, but such liens and such security
                                         interest, and such rights, remedies and power of the Lender shall continue unimpaired
                                         as before. Further, the exercise by the Lender of its rights and remedies and the entry
                                         of any judgment by the Lender shall not affect in any way the interest rate payable hereunder
                                         or under any of the other Loan Documents on any amounts due to the Lender but interest
                                         shall continue to accrue on such amounts at the Default Rate, provided for in Paragraph
                                         (11), below. 

 

		(c)	Except
                                         as to notices that are specifically provided for herein or in any of the other Loan Documents,
                                         the Borrower hereby waives presentment, demand, notice of nonpayment, protest, notice
                                         of protest or other notice of dishonor, and any and all other notices in connection with
                                         any default in the payment of, or any enforcement of the payment of, all amounts due
                                         under the Loan Documents. To the extent permitted by law, the Borrower waives the right
                                         to any stay of execution and the benefit of all exemption laws now or hereafter in effect.
                                         

 

		(d)	The
                                         Borrower agrees that the Lender may release, compromise, forbear with respect to, waive,
                                         suspend, extend or renew any of the terms of the Loan Documents (and the Borrower hereby
                                         waives any notice of any of the foregoing), and that the Loan Documents may be amended,
                                         supplemented or modified by the Lender and other signatory parties and that the Lender
                                         may resort to any Collateral in such order and manner as it may think fit, or accept
                                         the assignment, substitution, exchange, pledge, or release of all or any portion of any
                                         Collateral, for such consideration, or none, as it may require, without in any way affecting
                                         the validity of any liens over or other security interest in the remainder of any such
                                         Collateral (or the priority thereof or the position of any subordinate holder of any
                                         lien or other security interest with respect thereto); and any action taken by the Lender
                                         pursuant to the foregoing shall in no way be construed as a waiver or release of any
                                         right or remedy of the Lender, or of any Event of Default, or of any liability or obligation
                                         of the Borrower, under any of the Loan Documents.

 

    Page 6 of 11

     

    

 

		(e)	The
                                         Borrower agrees that any action or proceeding against it to enforce this Note may be
                                         commenced only in state court in the State of Connecticut and the Borrower hereby waives
                                         any objections which the Borrower may have now or hereafter have based on venue and/or
                                         forum non-convenes of any such suit, action, or proceeding, and the Borrower hereby irrevocably
                                         submits to the jurisdiction of any such court in any suit, action, or proceeding.

 

		11.	Default
                                         Rate. 

 

Upon
an Event of Default or after the Maturity Date, whether or not the Lender has elected to accelerate the indebtedness evidenced
by this Note, the Loan shall bear interest, payable on demand, at a rate of twenty percent (20%), per annum, {the "Default
Rate"), but in no event more than the highest rate permitted by the applicable usury law in respect of the Borrower, until
the unpaid balance of the Principal Sum, interest and any charges shall have been paid in full. Borrower acknowledges that:

 

		(a)	the Default
                                         Rate is a material inducement to the Lender to make the Loan;

 

		(b)	the Lender
                                         would not have made the Loan in the absence of the agreement of Borrower to pay the Default
                                         Rate;

 

		(c)	the Default
                                         Rate represents compensation for increased risk to the Lender that the Loan will not
                                         be repaid; and

 

		(d)	the Default Rate is not a penalty
                                         and represents a reasonable estimate of (i) the cost to the Lender in allocating its
                                         resources (both personnel and financial) to the ongoing review, monitoring, administration
                                         and collection of the Loan, and (ii) compensation to the Lender for losses that arc difficult
                                         to ascertain.

 

		12.	Costs
                                         and Expenses. 

 

Following
the occurrence of any Event of Default, the Borrower shall pay to the Lender, upon demand, all reasonable costs and expenses (including
all reasonable amounts paid to attorneys, accountants, real estate brokers, and other advisors employed by the Lender), incurred
by the Lender in the exercise of any of its rights, remedies, or powers under any of the Loan Documents as a secured or unsecured
creditor, as the case may be, of the Borrower, any general partner of the Borrower, or any Guarantor, or with respect to the Collateral
with respect to such Event of Default, and any amount thereof not paid promptly following demand thereof shall be added to the
principal sum hereunder and shall bear interest at the Default Rate from the date of such demand until paid in full, and shall
be secured by the Collateral. In connection with and as part of the foregoing, in the event that any of the Loan Documents is
placed in the hands of an attorney for the collection of any sum payable thereunder, the Borrower agrees to pay reasonable attorneys'
fees for the collection of the amount being claimed under the Loan Document, as well as all costs, disbursements and allowances
provided by law, the payment of which sums shall be secured by the Collateral. Nothing in this Paragraph (12) shall limit
the obligation of the Borrower to pay any and all costs and expenses for which the Borrower is otherwise liable wider any of the
Loan Documents.

 

    Page 7 of 11

     

    

 

		13.	Severability.

 

In
the event that for any reason one or more of the provisions of this Note or their application to any person or circumstance shall
be held to be invalid, illegal or unenforceable in any respect or to any extent, such provisions shall nevertheless remain valid,
legal and enforceable in all such other respects and to such extent as may be permissible. In addition, any such invalidity, illegality
or unenforceability shall not affect any other provisions of this Note, but this Note shall be construed as if such invalid, illegal,
or unenforceable provision had never been contained herein.

 

		14.	Successors
                                         and Assigns.

 

This
Note inures to the benefit of the Lender and binds the Borrower, and the parties' respective successors and assigns, and the words
"the Lender" and "the Borrower" whenever occurring herein shall be deemed and construed to include such respective
successors and assigns.

 

		15.	Notices.

 

All
notices required to be given to any of the parties hereunder shall be in writing and shall be deemed to have been sufficiently
given for all purposes when presented personally to such party or sent by certified or registered mail, return receipt requested,
to such party at its address set forth below:

 

	 	The Lender:	ANIL R. DIWAN
	 	 	 
	 	With a copy to:  	MEETA R. VYAS 
	 	 	 
	 	The Borrower:	NANOVIRICIDES, INC. 
	 	 	1 Controls Drive
	 	 	Shelton, CT 06484
	 	 	 
	 	With a copy to:	PETER CAMPITIELLO, ESQ.
	 	 	MCCARTER& ENGLISH, LLP
	 	 	Two Tower Center Boulevard, 24th Floor
	 	 	East Brunswick, NJ 08816

 

    Page 8 of 11

     

    

 

Such
notice shall be deemed to be given when received if delivered personally, or two (2) days after the date mailed if sent by certified
or registered mail, return receipt requested. Any notice of any change in such address shall also be given in the manner set forth
above.

 

Whenever
the giving of notice is required, the giving of such notice may be waived in writing by the party entitled to receive such notice.

 

		16.	Definitions;
                                         Number and Gender. 

 

In
the event the Borrower consists of more than one individual or entity, the obligations and liabilities hereunder of each of them
shall be joint and several and the word "the Borrower" shall mean all or some or any of them. For purposes of this Note,
the singular shall be deemed to include the plural and the neuter shall be deemed to include the masculine and feminine, as the
context may require. The references herein to the Loan Documents or any one of them shall include any supplements to or any amendments
of or restatements of such Loan Documents or any one of them.

 

		17.	Incorporation
                                         by Reference. 

 

All
of the terms and provisions of the Loan Documents, to the extent not inconsistent herewith, are hereby incorporated herein by
reference.

 

		18.	Captions.
                                         

 

The
captions or headings of the paragraphs in the Note are for convenience only and shall not control or affect the meaning or construction
of any of the terms or provisions of this Note.

 

		19.	Use
                                         of Proceeds. 

 

The
proceeds of the Note are to be used for normal business purposes of the Borrower, and no portion thereof will be used for any
personal, family, or household use, or investment purposes.

 

		20.	Governing
                                         Law. 

 

This
Note shall be governed by and construed in accordance with the laws of the State of Connecticut without giving effect to principles
applicable to conflicts of laws.

 

		21.	Interpretation.
                                         

 

Parties
acknowledge that they have had access to counsel in the construction of this Note and the Loan Documents and that no rule of construction
shall apply in interpretation to the disadvantage of a party.

 

(Signature
Page to Follow)

 

    Page 9 of 11

     

    

 

IN WITNESS WHEREOF,
the Borrower, intending to be legally bound hereby, has executed the Note the day and year first above written.

 

	WITNESS:	NANOVIRICIDES,
    INC.
	 	 
	NAME:
    	BY:
    
	 	Duly
    Authorized. 

 

    Page 10 of 11

     

    

 

	STATE OF CONNECTICUT	)
	 	) ss. Shelton

COUNTY OF FAIRFIELD               )

 

On this the ____ day
of December, 2019 before me, ___________________ the undersigned officer, personally appeared ___________________, who acknowledged that
he is the____________, and, he as such member, being duly authorized, executed the foregoing instrument for the purposes therein
contained, by signing the name of the company by himself as such officer, and further acknowledges same to be his and its free
Act and Deed.

 

In witness whereof
I hereunto set my hand.

 

	 	 
		Commissioner of the Superior Court
	 	/Notary Public

 

    Page 11 of 11EXHIBIT 10.2

 

OPEN END MORTGAGE
DEED

 

To all People to Whom these Presents shall
Come, Greeting:

 

Know
Ye, That NANOVIRICIDES, INC, a NEVADA corporation authorized to do business in the State of Connecticut of 1 Controls
Drive, Shelton, CT (Grantor) for the consideration of TWO MILLION and 00/00 ($2,000,000.00) DOLLARS received to its full
satisfaction of ANIL R. DIWAN, of _____________________(Grantee).

 

DOES
GIVE, GRANT, BARGAIN, SELL AND CONFIRM unto the said Grantee its successors and assigns forever, premises located in the
County of Fairfield, City of Shelton, and State of Connecticut, more particularly described in Schedule "A"
attached hereto and commonly known as 1 Controls Drive, Shelton, CT.

 

TOGETHER
with all fixtures other than trade fixtures, and now or hereafter located in or on attached to or affixed to or need or intended
to be used in connection with the real estate described in Schedule "A" attached thereto or any structure or improvements
thereon, whether now existing or hereafter erected and any or all replacements or additions thereto, all of which are declared
to be a part of the real property and covered by the lien hereof. This Mortgage shall be deemed to be a "Security Agreement".

 

TO
HAVE AND TO HOLD the above granted and bargained premises, with the appurtenances thereof, unto the said Grantee its successors
and assigns forever, to its and their own proper use and behoof.

 

AND
ALSO, the said Grantor does for itself, its successors and assigns, covenant with the said Grantee its successors and assigns,
that at and until the ensealing of these presents, it is well seized of the premises, as a good indefeasible estate in fee simple;
and has good right to bargain and sell the same in manner and form as is above written; and that the same is free from all encumbrances
whatsoever, except as may be above stated.

 

AND
FURTHERMORE, that the said Grantor does by these presents bind itself and its successors forever to WARRANT AND DEFEND the
above granted and bargained premises to the said Grantee its successor and assigns, against all claims and demands whatsoever,
except as above stated.

 

THE
CONDITION OF THIS DEED IS SUCH, that whereas the said Grantor is justly indebted to the Grantee in the sum of TWO MILLION
and 00/00 ($2,000,000.00) DOLLARS, as is evidenced by a Promissory Note of this date made by Grantor payable to the order
of the Grantee with interest at Twelve (12%) percent per annum; and.

 

WHEREAS,
the Grantee has agreed to make the loan herein described to be paid over to the Grantor in multiple installments, as set forth
in the OPEN END MORTYGAGE NOTE (the “NOTE) of even date; and

 

WHEREAS,
the maturity date of this Mortgage is DECEMBER 16, 2020 unless extended as set forth in the Note; and

 

WHEREAS,
the Grantee has this day advanced to the Grantor the sum of TWO HUNDRED

 

    Page 1 of 9

     

    

 

AND
FIFTY THOUSAND and 00/00 ($250,000.00) DOLLARS; and

 

WHEREAS,
said Loan is evidenced by a Promissory Note of this date made by Grantor payable to the order of the Grantee with interest
at TWELVE (12%) percent per annum the provisions of which are incorporated hereto by reference; and

 

NOW
THEREFORE, if the said Promissory Note shall be well and duly paid according to its tenor and the provisions of a Rider to
Open End Mortgage Deed of even date, attached hereto and incorporated by reference herein, then this Deed shall be null and void
otherwise to remain in full force and effect.

 

IN WITNESS WHEREOF, the Grantor
has hereunto set its hand and sealed this 16th day of DECEMBER, 2019.

 

Signed,
Sealed and Delivered in presence of:

 

	 	NANOVIRICIDES, INC.
	 	 
	 	 
	 	By:	STANLEY GLICK
	 	DULY AUTHORIZED

 

    Page 2 of 9

     

    

 

	STATE OF CONNECTICUT	)
	 	) ss. Shelton

COUNTY OF FAIRFIELD             )

 

On
this the ____ day of December, 2019 before me, ___________________ the undersigned officer, personally appeared
___________________, who acknowledged that he is the____________, and, he as such member, being duly authorized, executed the
foregoing instrument for the purposes therein contained, by signing the name of the company by himself as such officer, and
further acknowledges same to be his and its free Act and Deed.

 

In witness whereof I hereunto set my hand.

 

	 	Commissioner of the Superior Court
	 	/NotaryPublic

 

    Page 3 of 9

     

    

 

RIDER TO MORTGAGE

 

BY
AND BETWEEN NANOVIRICIDES, INC. As MORTGAGOR and Anil R. Diwan, MORTGAGEE

 

Covering Premises: 1 CONTROLS DRIVE, SHELTON,
CT

 

	Dated:	December 16, 2019

 

The
Open End Mortgage Deed is hereby modified and supplemented. Wherever there is any conflict between this Rider and the printed
part of this Mortgage, the provisions of this Rider are paramount and this Mortgage shall be construed accordingly.

 

1.       This
Mortgage is given to collateralize the Open End Mortgage Note (the “Note”) of the Mortgagor of even date.

 

2.       Mortgagor
agrees to bear all expenses (including reasonable attorney’s fees for legal services of every kind) of or incidental to
the enforcement of any provisions hereof, or enforcement, compromise, or settlement of any of the collateral pledged hereunder,
and for the curing thereof, or defending or asserting the rights and claims of Mortgagee in respect thereof, by litigation or
otherwise, and will pay to Mortgagee any such expenses incurred and such expenses shall be deemed an indebtedness secured by this
Mortgage and shall be collectible in like manner as the principal indebtedness secured by this Mortgage. All rights and remedies
of Mortgagee shall be cumulative and may be exercised singly or concurrently. Notwithstanding anything herein contained to the
contrary, Mortgagor hereby waives trial by jury.

 

3.        In
the event any payment herein provided for shall become overdue for a period in excess of ten (10) days, late charge interest
of six per centum (6%) shall become immediately due to Mortgagee as liquidated damages for failure to make prompt payment,
and the same shall be secured by this Mortgage. Said late charges shall be computed from the due date after applicable grace
periods, if any, to the date of payment and shall be payable with the next installment of principal and/or interest. Payment
and/or acceptance of any late charges shall not constitute a waiver of any default. As to the loan with a balloon payment on
the Maturity Date, the six (6%) percent late penalty shall not apply to the balloon portion of the payment; but simply to the
portion representing the regularly scheduled payment.

 

4.       Mortgagor
hereby appoints Mortgagee as its attorney-in-fact in connection with any of the personal property or fixtures covered by this
Mortgage, to execute and file on its behalf any financing statements, or other statements in connection therewith with the appropriate
public office. This power, being coupled with an interest, shall be irrevocable so long as this Mortgage remains unsatisfied.

 

5.       In
the event of a condemnation, or taking in lieu thereof, by purchase or otherwise, of all or a material part of the premises by
any governmental authority or agency having jurisdiction, then the entire unpaid indebtedness including any additional monies
advanced hereunder shall, at the option of Mortgagee, immediately become due and payable. The condemnation, or a taking in lieu
thereof, by purchase or otherwise, of the whole or any part of the premises, shall not reduce the interest provided to be paid
on the indebtedness secured hereby, notwithstanding any statutory provisions to the contrary.

 

6.       Wherever
in this Mortgage or as a matter of law it is provided that Mortgagee’s consent or approval shall not be unreasonably withheld
or the actions of Mortgagee shall be reasonable, the remedy of Mortgagor, in the event Mortgagor shall claim or establish that
Mortgagee has unreasonably withheld such consent or approval or has acted unreasonably, shall be limited to injunction, declaratory
judgment or arbitration, and in no such event shall Mortgagee be liable for a money judgment.

 

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7.       It
is hereby mutually agreed that the time of the repayment, accelerated or otherwise, of this Mortgage, when due, as hereinbefore
stated, is of unique and specific importance and financial necessity to Mortgagee and is hereby made of the essence. Should all
sums due or payable under the Mortgage, or under any written extension, postponement of the due date or renewal thereof, not be
promptly paid in full on or before the due date stated or accelerated as a result of default, Mortgagor shall pay and hereby agrees
to pay to Mortgagee, interest at the rate which Mortgagor is permitted by law to contract or agree to pay on the unpaid balance
computed from said date of maturity to the date of actual repayment but in no event greater than 20% per annum. Said interest
shall become due and payable at the same time that interest payments are due under this Mortgage and shall be secured by the collateral
hereunder. It is hereby understood that this provision does not constitute a consent or agreement on the part of Mortgagee to
extend or postpone the time of such payment beyond the present date of maturity.

 

8.       Upon
any default of Mortgagor in complying with or performing any warranty or covenant herein, Mortgagee may, at Mortgagee’s
option, comply with or perform the same, and the cost thereof together with interest thereon at the rate which Mortgagor is permitted
by law to contract or agree to pay from date of such default shall be paid by Mortgagor to Mortgagee on demand and shall be secured
by this Mortgage, but in no event greater than 20% per annum.

 

9.       At
no time shall Mortgagor be obligated or required to pay interest on the principal balance of the Note secured by this Mortgage
at a rate which could subject Mortgagee to either civil or criminal liability as a result of being in excess of the maximum rate
which Mortgagor is permitted by law to contract or agree to pay. If by the terms of this Mortgage, or the Note which it secures,
Mortgagor is at any time required or obligated to pay interest at a rate in excess of such maximum rate, the rate of interest
shall be deemed to be immediately reduced to such maximum rate and interest payable shall be computed at such maximum rate and
the portion of all prior interest payments in excess of such maximum rate shall be applied and shall be deemed to have been payments
in reduction of the principal.

 

10.      Notwithstanding
anything to the contrary herein contained, the grace period for the payment of any installment of interest is ten (10) days.

 

11.      The
entire indebtedness together with accrued interest, all fees, late charges and other expenses shall become immediately due and
payable at the option of Mortgagee upon any voluntary or involuntary sale, transfer, assignment or conveyance, or encumbrance
of the property or any interest therein, or upon any sale, transfer, or assignment of any beneficial interest in Mortgagor, or
a “Change of Control” of the Borrower, as defined, by reference, in the Certificate of Designation of the Preferred
Series A shares of NanoViricides, Inc. without the prior written consent of Mortgagee.

 

12.      Mortgagee,
in any action to foreclose this Mortgage or upon the actual waste to any part of the mortgaged premises, or upon the occurrence
of any default shall be entitled to the appointment of a receiver as a matter of right, without regard to the value of the mortgaged
premises as security for the indebtedness secured hereby, or the solvency or insolvency of any person then liable for the payment
of the indebtedness.

 

13.     Any
failure by Mortgagee to insist upon the strict performance by Mortgagor of any of the terms and provisions hereof shall not be
deemed to be a waiver of any of the terms and provisions hereof, and Mortgagee, notwithstanding any such failure, shall have the
right thereafter to insist upon the strict performance by Mortgagor of any and all of the terms and provisions of the Mortgage
to be performed by Mortgagor.

 

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14.       The
validity and enforceability of this Mortgage and all transactions and questions arising hereunder, shall be construed and interpreted
according to the laws of the State of Connecticut and shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Mortgage shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remaining provisions of this Mortgage.

 

15.       Mortgagee,
its agents, or representatives shall have the right at all reasonable times to enter and inspect the mortgaged premises.

 

16.       Mortgagor
covenants, represents and warrants, to the best of its knowledge and belief, that the mortgaged premises and any buildings and
improvements thereon are and shall continue to be (i) free of toxic waste, asbestos and other hazardous materials and (ii) in
compliance with all applicable laws, rules, regulations or orders pertaining to health, the environment or hazardous materials.
Failure or refusal by Mortgagor to cure any such condition, upon notice shall be a default under this Mortgage.

 

17.       Mortgagor
covenants, represents and warrants that, to the best of its knowledge and belief, the use of the property complies with all laws,
ordinances, regulations and requirements of all governmental bodies having jurisdiction over the mortgaged premises.

 

18.      INTENTIONALLY
OMITTED

 

19.       Any
provision in this rider or in this Mortgage to the contrary notwithstanding, in the event Mortgagee shall not escrow for taxes,
Mortgagor shall furnish to the holder of this Mortgage proof of payment of real estate taxes and water and sewer charges assessed
against the premises within five (5) days of request of Mortgagee after the same are due and payable. Proof of payment shall be
by receipted bills from the payee.

 

20.       Any
payment made in accordance with the terms of this Mortgage by any person at any time liable for the payment of the whole or any
part of the sums now or hereafter secured by this Mortgage, or by any subsequent owner of the mortgaged premises, or by any other
person whose interest in the premises might be prejudices in the event of a failure to make such payment, or by any other person
whose interest in the premises might be prejudiced in the event of a failure to make such payment, or by any stockholder, officer
or director of a corporation which at any time may be liable for such payment or may own or have such an interest in the premises,
shall be deemed, as between Mortgagee and all persons who at any time may be liable as aforesaid or may own the premises, to have
been made on behalf of all such persons.

 

21.       Mortgagor
covenants and agrees that in the event any check tendered by Mortgagor, or on behalf of Mortgagor, in payment of any of the obligations
of Mortgagor under this Mortgage or the Note secured hereby is returned unpaid by the Bank upon which such payment is drawn, then
in such event, Mortgagor shall pay to Mortgagee the Bank fees imposed upon such returned check and a fee of twenty five ($25.00)
dollars to reimburse Mortgagee for the administrative expenses incurred by Mortgagee on account of such returned check. Such fee
shall be paid with the next payment due under the terms of this Mortgage or the Note secured hereby. Any default in the payment
of such fee shall be deemed a default in the payment of principal and/or interest hereunder.

 

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22.       The
Mortgage form hereof is hereby supplemented to provide that the whole of said principal sum and the interest therein shall become
due at the option of the mortgagee in the following additional events: (a) non-performance by the Mortgagor of, or failure to
comply with, any agreement, covenant, or condition contained in this Mortgage or any other instrument executed with respect to
the premises, or (b) if any representation contained herein or in any other instrument executed in connection herewith is or shall
become untrue, or (c) if the Mortgagor fails or suspends business, makes an assignment for the benefit of creditors, applies for
an extension from or composition with creditors, or if a trustee, receiver, or liquidator, be appointed for the Mortgagor for
any of this property, or under the provisions of any State insolvency law a petition be filed by or against the mortgagor, except
that if such petition shall be filed against the Mortgagor, the Mortgagor shall have ten ( 10) days in which to cause said
petition to be dismissed; (d) if any action or proceeding is commenced by any governmental authority with respect to curing violations
or maintenance of the premises.

 

23.       The
failure of Mortgagor to pay any installment of principal and/or interest on any prior or subsequent mortgage given by Mortgagor
or any related entity of Mortgagor to Mortgagee or any related entity of Mortgagee on any other property or the failure of Mortgagor
to otherwise comply with any of the other terms, provisions, and conditions of any other mortgage given by Mortgagor or any related
entity of Mortgagor to Mortgagee or any related entity of Mortgagee shall be deemed a default in the payment of any installment
of principal and/or interest under the terms of this Mortgage.

 

24.       Mortgagor
shall promptly furnish to mortgagee copies of all notices which Mortgagor shall give to or receive from tenants of the Premises
or any part thereof based upon the occurrences or alleged occurrence, of any default of defaults in the performance of leases
of space by tenants occupying any portion of the Premises.

 

25.       Any
sums advanced by Mortgagee to preserve or maintain the security of the debt shall be paid by Mortgagor to Mortgagee immediately
upon demand for same, together with interest at the rate provided hereunder from the date of advance until the date of demand,
and if not paid after demand or if such advance is made after default, at the default rate and any and all sums so advanced by
Mortgagee either before or after foreclosure proceedings are commenced, shall be deemed to be secured by this Mortgage.

 

26.      a.
Mortgagor will not execute an assignment of the rents, or any part thereof, from the Premises without Mortgagee’s prior
written consent.

 

b.       Mortgagor
will not execute any lease of all or a substantial portion of the premises except for actual occupancy by the lessee thereunder
and will at all times promptly and faithfully perform or cause to be performed all of the covenants, conditions and agreements
contained in all leases of the premises on the part of the lessor thereunder to be kept and performed and will at all times do
all things necessary to compel performance by the lessee to be performed thereunder. If any such leases provides for the giving
by the lessee of certificates with respect to the status of such leases, Mortgagor shall exercise its right to request such certificates
within ten (10) days of any demand therefore by Mortgagee.

 

c.       Each
future lease of the premises, or any part thereof, shall provide that, in the event of the enforcement by Mortgagee of the remedies
provided for by law or by this Mortgage, the lessee thereunder will, upon request of any person succeeding to the interest of
Mortgagor as a result of such enforcement, automatically become the lessee of said successor in interest, without change in the
terms or other provisions of such lease, provided, however, that such successor in interest shall not be bound by (i) any payment
of rent or additional rent for more than one (1) month in advance, except prepayments in the nature of security for the performance
by such lessee of its obligations under such lease, or (ii) any amendment or modification of the lease made without the consent
of Mortgagee or such successor in interest. Each lease shall also provide that, upon request by such successor in interest such
lessee shall execute and deliver an instrument or instruments confirming such attornment, provided mortgagor shall deliver a standard
non-disturbance agreement.

 

    Page 7 of 9

     

    

 

d.       Mortgagor
shall furnish to Mortgagee, within five (5) days after a request by Mortgagee to do so, a written statement containing
the names of all lessees of the premises, the terms of their respective leases, the space occupied and the rentals payable thereunder.

 

27.       It
shall be considered an event of default and the whole of the principal sum and the interest thereon at the rate in effect during
a period of default as provided in the Note secured by this Mortgage shall become due at the option of Mortgagee:

 

a.       after
default in the payment of any installment of principal, interest and/or tax escrow, payments required under the terms of the Mortgage
Note or this Mortgage within ten (10) days of the date the same is due;

 

b.       after
default in payment of any tax assessment for Ten (10) days after the same is due and payable;

 

c.       after
default upon notice in keeping in force the insurance required herein;

 

d.       after
default upon notice and demand either in delivering the polices of insurance herein described or referred to or in reimbursing
Mortgagee for premiums paid on insurance, as herein provided;

 

e.       after
default for ten (10) days upon notice and demand in the payment of any installment which may then be due or delinquent
of any assessment for local improvement for which an official bill has been issued by the appropriate authorities and which may
now or hereafter affect the premises and may be or become payable in installments;

 

f.       upon
the actual waste, removal or demolition of, or material alteration to, any part of the premises or any of the personal property
inside the premises;

 

g.       upon
the election by Mortgagee to accelerate the maturity date of said principal sum pursuant to the provisions of said Note or of
any other instrument which may be held by Mortgagee as additional security for said Note;

 

h.       the
insolvency or inability of Mortgagor to pay its debts as they mature or the appointment of a receiver, trustee, custodian or other
fiduciary of for any of the property of or an assignment for the benefit of creditors by, or the making of or entering into a
trust mortgage or deed or other instrument of similar import for the benefit of creditors generally by Mortgagor; or the convening
of a meeting of the creditors or the selection of a committee representing the creditors of Mortgagor; or

 

i.       The
filing of a petition, complaint, motion or other pleading seeking any relief under any receivership, insolvency or debtor relief
law, or seeking any readjustments of indebtedness, reorganization, composition, extension or any similar type or relief, or the
filing of a petition, complaint or other motion under any chapter of the United States Bankruptcy Code (hereinafter referred to
as the “Code”) as the same now exists or may hereafter be amended by or against Mortgagor; or

 

    Page 8 of 9

     

    

 

j.       Non-performance
by Mortgagor of any agreement, covenant or condition contained in this mortgage or any other instrument executed with respect
to the premises.

 

k.       Non-performance
by Mortgagor of any agreement, covenant or condition contained in any agreement with the Mortgagee.

 

28       This
is an "Open-End Mortgage" under Section 49,2(c) of the Connecticut General Statutes, as amended, and the holder hereof
shall have all of the rights, powers and protection for which the holder of any Open-End Mortgage is entitled under Connecticut
law. Upon request the Grantee may, in its discretion, make future advances to the Grantor. Any future advance, and the interest
payable thereon, shall be secured by this Mortgage when evidenced by a Promissory Note stating that the. Note is secured hereby.
At no time shall the principal amount of the debt secured by this Mortgage exceed the original principal amount of the Note, nor
shall the maturity of any future advance secured hereby extend beyond the date the final principal payment is due on the Note.
I

 

29.      In
the event Mortgagee obtains a Judgment of Foreclosure, a reasonable legal fee to be set by the Superior Court and the costs and
expenses of the action shall be payable by Mortgagor and shall constitute part of the principal obligation hereunder.

 

	WITNESS:	NANOVIRICIDES, INC.

 

	 	 	By:  	 
	 	 	 	Stanley Glick
	 	 	 	Duly Authorized

 

	STATE OF CONNECTICUT	)
	 	) ss. Shelton

COUNTY OF FAIRFIELD          )

 

On
this the ____ day of December, 2019 before me,                                       the
undersigned officer, personally appeared ___________________, who acknowledged that he is the____________, and, he as such member,
being duly authorized, executed the foregoing instrument for the purposes therein contained, by signing the name of the company
by himself as such officer, and further acknowledges same to be his and its free Act and Deed.

 

In witness whereof I hereunto set my hand.

 

	 	 
	 	Commissioner of the Superior Court
	 	/Notary Public

 

    Page 9 of 9

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