Back to top

FORBEARANCE AGREEMENT

Default Notice Forbearance Agreement

FORBEARANCE AGREEMENT You are currently viewing:
This Default Notice Forbearance Agreement involves

MOLECULAR IMAGING CORP | Ascendiant PET Partners-I, LLC | Finova Capital Corporation

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: FORBEARANCE AGREEMENT
Governing Law: California     Date: 7/18/2005
Industry: HTHFAC     Sector: HEALTH

Search Default Notice Forbearance Agreement by:

Document Title:

Entire Document: (optional)

50 of the Top 250 law firms use our Products every day
Forbearance Agreement dated July 5, 2005

Exhibit 10.72

 

FORBEARANCE AGREEMENT

 

This Forbearance Agreement (the “Agreement”), dated as of July 5, 2005 is by and between Ascendiant PET Partners-I, LLC, a California Limited Liability Company, (“Lessor”) and Molecular Imaging Corporation, a Delaware Corporation, referred to as (“Molecular”) collectively referred to as the “Parties”. Reference is made to the Equipment Lease Modification Agreement dated as of May 2, 2003 and Modification Agreement (Security Agreement) dated May 2, 2003 regarding the modification and assignment from Finova Capital Corporation to Lessor of three (3) separate Equipment Lease Agreements 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 collectively, the “Leases”). Terms used herein and otherwise not defined herein shall have the meanings ascribed thereto in the Leases.

 

WHEREAS, Molecular is in Default of its respective obligations under the Leases for failure to make certain payments when due and Molecular acknowledges said Default as evidenced by the Notice of Default sent by Lessor to Lessee on April 14th 2005; and

 

WHEREAS, Molecular has not cured the Default for said Leases; and

 

WHEREAS, Lessor has accelerated all amounts due and owing to Lessor under the Leases and has made demand for the return of the Equipment subject to the Leases; and

 

WHEREAS, Molecular acknowledges all of the foregoing and that the Default remains outstanding; and

 

WHEREAS, Lessor is willing to forebear only as expressly provided herein in the exercise and enforcement of such rights, powers and remedies only upon compliance and fulfillment by Molecular of the terms and conditions set forth herein; and

 

WHEREAS, Molecular hereby acknowledges that, except as provided herein, Lessor is not waiving any rights, powers, and remedies Lessor has under said Leases, and Molecular shall still be responsible for all payments, during the term of said Leases.

 

NOW, THEREFORE, in consideration of the terms and conditions contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

1. CURRENT ARREARAGE UNDER THE LEASES

 

1.1 Molecular hereby acknowledges, confirms and agrees that, through and including the date of this Agreement, the following amounts are currently past due and owing to Lessor pursuant to the Leases:

 

$1,330,000 plus tax (as provided in the Leases) as of the Date of this Agreement, the amount of $570,000 of which has been pre-paid by Molecular pursuant to the terms of the Leases.

 

FORBEARANCE AGREEMENT

BETWEEN ASCENDIANT PET PARTNERS - I, LLC AND MOLECULAR IMAGING CORPORATION

 

1


1.2 Molecular hereby acknowledges, confirms and agrees that as of the date hereof, the Leases are in full force and effect and represent the valid, legal and binding obligations of Molecular to Lessor.

 

1.3 Molecular hereby acknowledges that, except as provided herein, Lessor is not waiving any rights, powers, and remedies Lessor has under said Leases, and Molecular shall still be responsible for all payments, during the term of said Leases.

 

2. FORBEARANCE

 

2.1 Lessor hereby agrees to forbear from exercising and enforcing its rights, powers and remedies under the Leases or now existing at law or in equity or by statute with respect to the Event of Default set forth above, provided that Molecular shall comply with and fulfill each of the following terms and conditions:

 

 

A.

Molecular shall pay to Lessor three (3) consecutive monthly payments of thirty three thousand nine hundred thirty six dollars and thirty three cents ($33,936.33) each starting on or before June 30, 2005, in the form of a certified check and/or prearranged wire transfer. Such payments herein provided shall be paid as one-third partial payment of Molecular’s lease obligations to Lessor. Unless otherwise mutually agreed upon in writing, the balance of Molecular’s lease obligations to Lessor shall be still owing and added to the total balance payable under the terms of the Lease.

 

 

B.

Molecular shall grant to Lessor free and unfettered access to the Equipment covered by the Leases upon reasonable notice by Lessor.

 

 

C.

Molecular will pay to Lessor, immediately via wire transfer upon execution of this Agreement, the first payment provided for under Section 2.1(A) herein in the amount of $33,936.33 representing payment for said Leases.

 

 

D.

The Parties agree that if Molecular fails to make a timely payment for said Leases as provided in Section 2.1(A) herein, except as provided herein, Lessor will not be obligated to adhere to any Notice requirements as required by law and/or Agreements, and Lessor will have full authority to proceed with all of its default rights as a result of

This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more