Document:

Notice & Acknowledgement of Assignment

 
EXHIBIT 10.49

 
Notice and Acknowledgement of Assignment

 
May 5, 2003 
 
Mobile Pet Systems, Inc. 
2510 West Washington Street 
San Diego, CA

 
Ladies and Gentlemen: 
 
This will advise you that we have assigned all our interest in three (3)
separate equipment leases identified as Equipment Lease No. 4125, Lease Schedules No. 4125.01, 4125.02 and 4125.03A, all dated as of April 8, 1999 (collectively, the “Lease”) between FINOVA Capital Corporation (“Lessor” or
“Assignor”) and Molecular Imaging Corporation (formerly Mobile Pet Systems, Inc.) (“Lessee”), and proceeds thereof, to Ascendiant PET Partners–I, LLC (“Purchaser”), and Purchaser has agreed to assume such Leases.

 
In addition, this letter shall constitute Lessee’s
representation, acknowledgment and agreement as to the following: 
 
1. The Lease is in full force and effect, and has not been modified, altered or amended and a true and correct copy of the Lease is attached hereto. The Lease is enforceable against the Lessee in all of its terms. 
 
2. There are no offsets or credits against installment payments, or other
concessions, nor have payments been prepaid. 
 
3. After payment of
the May 1, 2003 rental, there are fourteen (14) rental payments in the amount of $113,242.47 remaining. No rents have been prepaid. 
 
4. Lessee has no notice of a prior assignment, hypothecation or pledge of payments on the Lease. 
 
5. Lessee’s obligations to make payments under the Lease are absolute and
unconditional and not subject to any deductions, abatement, set-off, defense or counterclaim for any reason whatsoever. 
 
6. Without the written consent of Purchaser, Lessee shall not (a) modify, extend or in any manner alter the terms of the Lease; (b) pay any other sums
becoming due under the terms of the Lease more than one month in advance; (c) accept Assignor’s waiver of, or release from the performance of any obligations under the Lease. 

 
In addition, upon the
consummation of the Purchase and Assignment Agreement dated May 5, 2003 between Assignor and Purchaser (the “Purchase Agreement”), including the receipt by Assignor of the Purchase Price (as defined therein) Assignor, Purchaser and Lessee
agree as follows: 
 
1. Upon receipt of the
Purchase Price from Purchaser, Assignor shall have assigned to Purchaser, and Purchaser has assumed from Assignor, all of Assignor’s right, title and interest in and to the Lease and any and all addendums, amendments and documents and
agreements ancillary thereto, including, without limitation, the security agreement, collateral assignment of agreements and the Continuing Personal Guaranty dated as of April 8, 1999 executed by Paul J. Crowe (“Guarantor”) in favor of
Assignor (the “Crowe Guaranty”), and any and all other guarantees related to the Lease (collectively, the “Lease Documents”). Assignor hereby acknowledges and agrees it shall relinquish to Purchaser any and all rights it may have
under the Lease Documents upon receipt of the Purchase Price. 
 
2. Assignor agrees that upon consummation of the Purchase Agreement, Assignor shall no further lien, claim or security interest in or to the Collateral (as defined in the Lease Documents) pledged by Lessee in connection with the
Lease Documents and as of the date hereof shall file promptly after the date hereof in all appropriate jurisdictions a uniform commercial code financing termination statement indicating Assignor’s relinquishment and assignment of such lien,
claim or security interest. 
 
3. Assignor agrees
and acknowledges that it has no offsets, credits or claims as to the equipment or goods that are the subject of the Lease; and further, that it has no claims or offsets as to Lessee other than the remaining obligations under the Lease. Each of
Assignor and Lessee hereby releases the other party and its successors, assigns, officers, directors, employees, stockholders, agents and affiliates, or anyone claiming rights by or through them from and against any and all liabilities, claims,
demands, causes of action, obligations, costs, expenses, damages, attorneys fees and losses (“Losses”) of any type or nature, whether known or unknown, suspected or unsuspected, asserted or not asserted incurred by reason of any matter,
cause or thing up to and including the date of this Agreement, including but not limited to, any and all Losses arising out of or related to the Lease Documents, except that Lessee acknowledges that such release does not apply to its Obligations
under the Lease Documents which now run in favor of Purchaser. Each of Assignor and Lessee expressly accept and assume the risk that facts with respect to the matters covered by this release may be found to be other than or different from the facts
now believed by Assignor to be true and agree that the provisions of this release shall be and remain effective notwithstanding any such difference in fact. In furtherance of such understanding, Assignor and Lessee expressly waive any benefit or
right under Section 1542 of the California Civil Code and any and all other similar laws of the United States or any state. Section 1542 of the California Civil Code provides: “A general release does not extend to claims which the creditor does
not know or suspect to exist in his favor at the time of executing the release which, if known by him, must have materially affected his settlement with the debtor.” 

 
4. Purchaser
acknowledges and agrees that the Crowe Guarantee, and any and all other guarantees relating Leases, is terminated and of no further force and effect as of closing of the Purchase Agreement and that Guarantor, and any such other guarantors, shall
have no liabilities, obligations or duties to Purchaser with respect to the Crowe Guarantee. 
 
5. Upon consummation of the Purchase Agreement, Assignor shall release to Lessee the entire amount of any and all security deposits held by Assignor in connection with the Lease (if any). 
 
6. Assignor hereby releases to Lessee the entire amount of any
restricted cash in connection with the Leases and shall timely sign all documents reasonably required to effectuate such release. 
 
7. Assignor acknowledges and agrees that any and all options or warrants granted by Lessee prior to the date hereof are terminated.

 
The undersigned representative of each of
Assignor, Purchaser and Lessee represent and warrant to the other parties that he or she has all necessary authority to enter into this agreement on behalf of such party and this agreement constitutes a valid and binding obligation of such party and
is enforceable against them in accordance with its terms. This Agreement shall be binding and inure to the benefit of the parties and their respective successors, assigns and representatives. 

 
Should you have any questions
concerning your Lease or this assignment, please contact us. 
 
Very truly yours, 
 

	 FINOVA Capital Corporation

	
	 JOHN B. BURTCHAELL,
JR.        

	 Senior Vice President

 
ACKNOWLEDGED AND
AGREED 
this          day of May, 2003: 
 
MOBILE PET SYSTEMS, INC., Lessee 

	
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 
Guarantor 

	
	 By:
	 	  

	 Name:
	 	 Paul J. Crowe

	
	 PURCHASER

 
ASCENDIANT PET PARTNERS-I, LLC 

	
	 By:
	 	  

	 Name:
	 	  

	 Title:Equipment Lease Modification Agreement

 
EXHIBIT 10.50

 
EQUIPMENT LEASE 
MODIFICATION AGREEMENT 
 
Ascendiant PET Partners-I, LLC (“Lessor”) successor in interest to Finova Capital Corporation (“Finova”), 18881 Von Karman, Suite
1630, Irvine, CA and Molecular Imaging Corporation (formerly Mobile PET Systems, Inc.) (“Lessee”), 2150 West Washington Street, Suite 110, San Diego, CA 92110, parties to three (3) separate Equipment Lease Agreements (each an
“Underlying Contract” and collectively, the “Underlying Contracts”) dated April 8, 1999 and identified as Equipment Lease number 4125, Lease Schedules No. 4125.01, 4125.02 and 4125.03A (with addendums, amendments and schedules
thereto) and attached to this Agreement, agree that it is in their mutual interest to modify the Underlying Contracts as stated in this Agreement. 
 
Lessor and Lessee agree that neither party exercised any duress or made any unreasonable demands in the negotiations preceding this modification. Each
party agrees that the other observed reasonable commercial standards of fair dealing during the negotiations leading to this modification. This modification has become necessary because it will financially benefit the Lessee. 
 
Therefore, Lessor and Lessee agree that each Underlying Contract shall be
amended as follows: 
 

	 	(1)	 	Term. The Term of the Underlying Contract shall be thirty-seven months (37) starting May 2, 2003 for all of the equipment shown on the addendums and lease
schedules. There shall be no extensions of the Term unless mutually agreed to in writing by the parties hereto. 

 

	 	(2)	 	Rent. The Rent shall be $95,000 per month without offset, plus all applicable sales and property taxes, starting June 1, 2003 and continuing for an additional
twenty-nine (29) months thereafter. Lessee shall pay months thirty-two (32) through thirty-seven (37), totaling $570,000, in advance as a pre-payment of rent, at commencement of this Agreement. Taxes associated with $570,000 rent pre-payment shall
be payable as payments become charged against monthly lease obligations, i.e., months thirty-two (32) through thirty-seven (37). All other rent and tax payments shall be due monthly in advance, no later than the first of each month.

 

	 	(3)	 	End of Lease Option. Provided that Lessee is not in material default of the Underlying Contracts and this Agreement at the expiration of the Term, Lessee
shall have the option to: (i) Purchase all, but not less than all, of the equipment setforth on the lease schedules of the Underlying Contracts for the then fair market value as determined by Lessee, not to exceed 12% of the original equipment cost
as set forth in said lease schedules, or (ii) Return the equipment to Lessor as provided for in the Underlying Contract. Lessee shall give Lessor ninety (90) days prior written notice of the Option to Purchase or return of the Leased Equipment.

 

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	 	(4)	 	Security Deposit. The Security Deposit held by Lessor’s successor in interest shall be released to Lessee. No Security Deposit shall be required from
Lessee pursuant to this Agreement. 

 

	 	(5)	 	Due at Closing. Immediately due upon the commencement of this Agreement, Lessee shall pay to Lessor the sum of $570,000, which represents the last six (6)
monthly payments of the Term of the Underlying Contract and this Agreement. 

 

	 	(6)	 	At such time as Lessee may enter into a financing agreement with a third party lender for an accounts receivable financing facility, (i) Lessee shall agree that all
payments of rent and taxes payable by Lessee shall be made directly by such Account Receivable financing lender and (ii) Lessee shall grant to Lessor an irrevocable payment authorization for such Accounts Receivable financing lender to make all
payments of rent and taxes, inclusive of payments provided for in sections (2) and (5) herein, automatically and directly to Lessor at and upon all dates due. Lessee agrees to timely sign all documents reasonably required to effectuate such
irrevocable payment authorization. 

 

	 	(7)	 	Estoppel. Lessee agrees and acknowledges that it has no offsets, credits or claims as to the equipment or goods which are the subject of this Agreement and
the Underlying Contract; and further, that it has no claims or offsets as to Lessor or Lessor’s predecessor in interest, Finova Capital Corporation. 

 

	 	(8)	 	Jurisdiction. This Agreement and the Underlying Contract shall be governed by the laws of the State of California; and the Courts for the State of California
for Orange County or any other Federal District Court having the jurisdiction in that County shall have non-exclusive jurisdiction for determining all disputes arising under this Agreement and the Underlying Contract. However, Lessor or Lessee may
bring any action or claim to enforce the provisions of this Agreement or the Underlying Contract in any other appropriate state or forum. Lessee and Lessor specifically waives trial by jury in any action by the parties hereto.

 

	 	(9)	 	Addendum 1. Addendum 1 to the Underlying Contract is hereby amended as follows: 

 

	 	a.	 	Section 1 (b) (c) (d) (e) (f) (g) and (h) (i) and (ii) are deleted from each Addendum 1 to the Underlying Contract in their entirety; 

 

	 	b.	 	Sections 2, 3 and 5 of each Addendum 1 to the Underlying Contract is deleted in its entirety. 

 

	 	(10)	 	 Collateral Assignment of Agreements. The Collateral Assignment of Agreement dated April 8, 1999 executed by Lessee in connection with the Underlying
Contract shall be terminated and of no further force and effect as of the date hereof. Lessee agrees it shall not assign to any non- 

 

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affiliated entity any of the mobile PET service agreements it has with third parties for the routes covered by the equipment under the
Underlying Contract. 

 

	 	(11)	 	Subordination; Release of Collateral. At any time and from time to time during the term of the Lease Agreement, Lessor shall (i) subordinate its security
interest in the Accounts Receivable (and any proceeds thereof) portion of the Collateral and (ii) grant a subordinated security interest in the remaining Collateral to any other third party lender or financing company with whom Lessee enters into a
financing agreement (the “Financing”). Lessor shall execute a subordination agreement on or prior to the closing of such Financing to evidence such subordinated interest and shall timely sign all documents reasonably required to effectuate
such subordination. On the date which is one (1) year after the date hereof, Lessor shall release its security interest in all of the Collateral except the equipment of Lessee described in the Lease Agreement and Lessee’s right to the payment
of money for trade receivables for Lessee’s provision of services to its clients/customers (“Accounts Receivable”). Lessor shall execute an amended security agreement on or prior to such one (1) year date to evidence such release of
security interest and shall timely sign all documents reasonably required to effectuate such release. Upon payment in full under this Agreement, (i) Lessor shall provide to Lessee acknowledgment of such payment and extinguishment of all of its
security interest in the Collateral and (ii) Lessor shall file in all appropriate jurisdictions any and all uniform commercial code termination statements evidencing Lessor’s release of its security interest in the Collateral within two (2)
business days of Lessee’s payment in full under this Agreement. 

 

	 	(12)	 	Bridge Loan. Lessor shall loan to Lessee the amount of $220,000 to be repaid upon the first to occur of (i) the date that is sixty (60) days from the date
hereof or (ii) from the proceeds of the Financing on the closing date of a Financing. The loan shall accrue interest at the rate of eight (8) percent per annum. 

 

	 	(13)	 	No Payment Default. Lessee represents to Lessor that Lessee is not in payment default under the Underlying Contracts as of the date hereof.

 
This modification applies to all the leased
equipment and goods covered by the Underlying Contract. All terms of the Underlying Contract between Lessor and Lessee that are not specifically changed by this modification will remain binding. In the event of any conflict or inconsistency between
the provision of this Agreement and the Underlying Contract, the provisions of this Agreement shall control in all respects. The parties agree that this Agreement and the agreements executed simultaneously herewith constitute the entire agreement
between the parties with respect to this transaction and this Agreement shall superceded any previous agreements between the parties. This Agreement is to be governed by the Commercial Code as enacted and in force in California on the date of this
Agreement. 
 

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The parties hereto warrant and
represent that they are authorized to enter into this modification agreement and that the terms and conditions of this modification agreement, together with the Underlying Contract shall be binding upon the parties hereto. 
 
The parties hereto have executed to this Agreement as of the 2nd day of May,
2003. 
 
LESSOR: 
 
Ascendiant PET Partners-I, LLC 
 

	
	

	 By:    Mark Bergendahl

	 Its:    Managing Member

 
LESSEE: 
 
Molecular Imaging Corporation (formerly, Mobile PET Systems, Inc.) 
 

	
	 [GRAPHIC APPEARS HERE]      

	 By:    Paul J. Crowe

	 Its:    Chief Executive Officer

 

	
	

	 By:    Thomas H. Insley

	 Its:    Secretary

 

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