SEC Contract Filing

Filing Date: 2017-03-22

Document Content:
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<TYPE>EX-10.67
<SEQUENCE>14
<FILENAME>ex10-67.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.67</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT FOR DISTRIBUTION AND MAY BE TRANSFERRED OR OTHERWISE DISPOSED
OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT OF l933, AS AMENDED (THE &ldquo;ACT&rdquo;). </B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BIORESTORATIVE
THERAPIES, INC.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DECEMBER
14, 2016</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROMISSORY
NOTE</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BIORESTORATIVE
THERAPIES, INC.</B>, a Delaware corporation (the &ldquo;Company&rdquo;), in consideration for <B>SIXTY THOUSAND DOLLARS ($60,000)
</B>received, hereby promises to pay to <B>JOHN M. DESMARAIS</B> (the &ldquo;Holder&rdquo;) at the offices of the Company, 40
Marcus Drive, Suite One, Melville, New York 11747, the principal sum of <B>SIXTY-FIVE THOUSAND DOLLARS ($65,000) </B>(the &ldquo;Principal
Amount&rdquo;), without interest, on January 31, 2017 (the &ldquo;Maturity Date&rdquo;) in such coin or currency of the United
States of America as at the time of payment shall be legal tender for the payment of public and private debts.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.
<B><U>Registered Owner</U></B>. The Company may consider and treat the person in whose name this Note shall be registered as the
absolute owner thereof for all purposes whatsoever (whether or not this Note shall be overdue) and the Company shall not be affected
by any notice to the contrary. Subject to the provisions hereof, the registered owner of this Note shall have the right to transfer
it by assignment and the transferee thereof, upon its registration as owner of this Note, shall become vested with all the powers
and rights of the transferor. Registration of any new owner shall take place upon presentation of this Note to the Company at
its offices together with the Note Assignment Form attached hereto duly executed. In case of transfers by operation of law, the
transferee shall notify the Company of such transfer and of its address, and shall submit appropriate evidence regarding the transfer
so that this Note may be registered in the name of the transferee. This Note is transferable only on the books of the Company
by the Holder on the surrender hereof, duly endorsed. Communications sent to any registered owner shall be effective as against
all holders or transferees of this Note not registered at the time of sending the communication.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.
<B><U>Events of Default</U></B>. If (a) the Company shall make a general assignment for the benefit of creditors; (b) the Company
shall be adjudicated a bankrupt or insolvent; (c) the Company shall file a voluntary petition in bankruptcy or a petition or an
answer seeking an arrangement with creditors; (d) the Company shall take advantage of any bankruptcy, insolvency or readjustment
of debt law or statute or file an answer admitting the material allegations of a petition filed against it in any proceeding under
any such law