Document:

ex10_2.htm

Exhibit 10.2

RENEWAL PROMISSORY NOTE (PARKSON PROPERTY)

	
$ 821,184.39

	
     Executed at Broward County, Florida

	  	
December 27, 2012

FOR VALUE RECEIVED, Parkson Property LLC, a wholly owned subsidiary of Le@P Technology, Inc., with a principal place of business at 5601 N. Dixie Highway, Suite 411, Fort Lauderdale, Florida  33334 ("Maker"), promises to pay to the order of Bay Colony Associates, Ltd. (the "Payee"), the principal sum of EIGHT HUNDRED TWENTY ONE THOUSAND ONE HUNDRED EIGHTY FOUR DOLLARS AND THIRTY NINE CENTS ($821,184.39), together with interest at the rate of Three and Three-Quarters Percent (3.75%) per annum due and payable in one lump sum of principal and interest on the maturity date of March 31, 2015.  Payment of principal and accrued interest shall be paid to the Payee at 5601 N. Dixie Highway, Suite 411, Ft. Lauderdale, FL 33334, or at such other place or address as the Payee may designate.

This Renewal Promissory Note (this "Note") is issued under and subject to the following additional terms and conditions:

1.           Renewal of Promissory Note dated September 28, 2001, Promissory Note dated March 17, 2006, Renewal Promissory Note dated October 24, 2007, Renewal Promissory Note dated January 15, 2010, Renewal Promissory Note dated January 31, 2011, and Renewal Promissory Note dated February 7, 2012.  This Note is a renewal promissory note, and renews, amends and restates the terms and obligations under that certain Promissory Note made by the Maker to the Payee dated September 28, 2001 (the “Original Note”), as amended, replaced and modified by: (i) that certain Promissory Note dated March 17, 2006, (ii) that certain Renewal Promissory Note dated October 24, 2007, (iii) that certain Renewal Promissory Note dated January 15, 2010, (iv) that certain Renewal Promissory Note dated January 31, 2011 in the original principal amount of $562,500, and (v) that certain Renewal Promissory Note dated February 7, 2012 in the original principal amount of $794,650.68 (the foregoing promissory notes listed in clauses (i) through (v) above, together with the Original Note, are collectively referred to herein as the “Prior Note”).  By and through this Note, the maturity date for the payment of principal and accrued interest under the Prior Note (in the aggregate amount of $821,184.39, consisting of a principal amount of $794,650.68 and corresponding accrued interest through the date hereof aggregating $26,533.71) has been extended from June 30, 2013 to March 31, 2015.  It is the intention and agreement of the Maker and the Payee that this Note, given in replacement of the Prior Note and its (their) principal amount(s), accrued interest and other obligations, shall amend, restate and replace in its (their) entirety the Prior Note without constituting a novation, satisfaction, cancellation or extinguishment of the Prior Note, but that henceforth the indebtedness (including principal and accrued interest) represented and evidenced by such Prior Note and the obligations thereunder shall be due, payable and paid solely in accordance with the terms and conditions of this Note, and not in accordance with the terms and conditions of the Prior Note.

 

  

  

  

2.           Type of Payment.  Payment of both principal and interest shall be made in currency of the United States of America which at the time of payment shall be legal tender for the payment of public and private debts.

3.           Manner of Payment.  Payment shall be made to Payee at the Payee's address set forth above or such other place as Payee may designate in writing.

4.           Interest on Overdue Payments.  From and after the date which is fifteen (15) days after the date upon which any payment of principal hereunder becomes due and payable, if the same is not timely paid, interest shall be payable on all sums outstanding hereunder at the rate of fifteen percent (15%) per annum.

5.           Waiver.  Payee hereby waives any and all defaults that exist or may have existed from time to time under the Prior Note (or under any of the promissory notes included or incorporated in the Prior Note), and waives the right to receive any special interest on overdue payments that may have become due or payable under the Prior Note (or under any of the promissory notes included or incorporated in the Prior Note), and accepts the terms and conditions of this Note.

6.           Miscellaneous.

 (A)        This Note shall be binding upon the Maker and its successors and assigns.

 (B)         If any provision hereof shall be held invalid or unenforceable by any court of competent jurisdiction or as a result of future legislative action, such holding or action shall be strictly construed and shall not affect the validity or effect of any other provision hereof.

 (C)         The validity, interpretation and effect of this Note shall be exclusively governed by, and construed in accordance with, the laws of the State of Florida, excluding the "conflict of laws" rules thereof.

 (D)        This Note may not be amended or modified, nor shall any waiver of any provision hereof be effective, except by an instrument in writing executed by the Maker and accepted by Payee.

 (E)         In case suit shall be brought for the collection hereof, or if it is necessary to place the same in the hands of an attorney for collection, the Maker agrees to pay reasonable attorneys’ fees and costs for making such collections.

 

  

  

  

IN WITNESS WHEREOF, the Maker and the Payee has each caused this Note to be executed as of the day and year first above written.

	
PARKSON PROPERTY LLC

	
(Maker)

	  	  
	
By: 

	
/s/ Timothy C. Lincoln

	
Name:

	
Timothy C. Lincoln

	
Title:

	
Acting Principal Executive Officer and President

	
ACCEPTED AND AGREED:

	  
	
BAY COLONY ASSOCIATES, LTD.

	
(Payee)

	  	  
	
By: 

	
/s/ Phyllis Johns

	  	Name: 	
Phyllis Johns

	  	Title:	
SecretaryAMENDMENT TO

LOAN AND SECURITY AGREEMENT

 

This Amendment ("Amendment")
to Loan and Security Agreement is dated December 21, 2012, and entered into by and between Entrepreneur Growth Capital LLC ("Lender"),
and Bioanalytical Systems, Inc. ("Borrower").

 

WHEREAS, Lender
and Borrower have entered into a Loan and Security Agreement, as may have been amended from time to time (the "Loan
Agreement") dated on or about January 11, 2010; and

 

WHEREAS, Borrower
has failed to meet the tangible net worth covenant and has requested that Lender waive compliance and to also permanently re-set
the tangible net worth covenant for future periods; and

 

WHEREAS, Lender
has agreed to waive Borrower’s compliance to meet the tangible net worth covenant and to also permanently re-set the tangible
net worth covenant for future periods.

 

NOW, THEREFORE,
in consideration of the mutual conditions and agreements set forth in the Loan Agreement and this Amendment, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound,
hereby agree as follows:

 

 

I.          DEFINITIONS

 

A.          Definitions.
Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall have the same meanings as in the Loan
Agreement, as amended hereby.

 

II.          AMENDMENTS
and agreements

 

A.          Amendment
to Section 4.15, Net Worth Covenant. Section 4.15 shall be, and the same is hereby amended by re-stating the tangible net worth
covenant to be not less than $8,000,000.00. The foregoing amendment to Section 4.15 shall be effective as of January 1, 2013.

 

B.          Waiver.
Lender hereby waives Borrower’s compliance with the tangible net worth covenant for all periods up to and including the period
ending December 31, 2012.

 

    	Page 1 of 3

    	 

    

 

III.        MISCELLANEOUS

 

A.          Conditions.
The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent (unless specifically waived
in writing by Lender):

 

		(i)	there shall have occurred no material adverse change in the business, operations, financial conditions,
profits or prospects, or in the Collateral of the Borrower;

 

		(ii)	Borrower shall have executed and delivered such other documents and instruments as Lender may require;

 

		(iii)	Borrower shall have paid Lender a fee in the amount of $15,000.00 as consideration for the consent
and execution of the Amendment.

 

		(iv)	all corporate proceedings taken in connection with the transactions contemplated by this Amendment
and all documents, instruments and other legal matters incident thereto shall be satisfactory to Lender and its legal counsel.

 

B.          Ratification.
The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms and provisions set forth
in the Loan Agreement and, except as expressly modified and superseded by this Amendment, the terms and provisions of the Loan
Agreement, are ratified and confirmed and shall continue in full force and effect.

 

C.          Corporate
Action. The execution, delivery and performance of this Amendment have been authorized by all requisite corporate action on
the part of Borrower and will not violate the Articles of Incorporation or Bylaws of Borrower.

 

D.          Severability.
Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate
the remainder of this Amendment and the effect thereof shall be confined to the provision so held to be invalid or unenforceable.

 

E.          Successors
and Assigns. This Amendment is binding upon and shall inure to the benefit of Lender and Borrower and their respective successors
and assigns.

 

F.          Counterparts.
This Amendment may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original, but
all of which when taken together shall constitute one and the same instrument. An executed facsimile of this Amendment shall be
deemed to be a valid and binding agreement between the parties hereto.

 

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IN WITNESS WHEREOF,
the parties have executed this Amendment on the date first above written.

 

	 	Entrepreneur Growth Capital LLC,
	 	as Lender
	 	 	 
	 	By:	 
	 	Name:	Charles L. Bert
	 	Title:	Vice President
	 	 	 
	 	BIOANALYTICAL SYSTEMS, INC.,
	 	as Borrower
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	Jacqueline M. Lemke
	 	Title:	Interim President

 

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