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Exhibit 10.50
NOTE EXTENSION
AGREEMENT
This Note
Extension Agreement (“Agreement”) is entered into this
19th day of August, 2008, by Dr. Tattoff, Inc. (the
“Company”), a Florida corporation, and Alex Tringas
(the “Noteholder”).
BACKGROUND
WHEREAS, DRTATTOFF, LLC (“Dr.
Tattoff”) had previously issued to the Noteholder a
convertible promissory note in the principal amount of $150,000, a
copy of which is attached hereto as Annex A (the
“Note”);
WHEREAS, the
Note matured on January 16, 2008 in accordance with the terms of
the Note;
WHEREAS, the
Company assumed the obligations of Dr. Tattoff under the Note in
connection with the merger, whereby Dr. Tattoff merged with and
into the Company on February 11, 2008;
WHEREAS, on July 28, 2008, the Company made a
payment of $25,000 to Noteholder towards the outstanding balance
owed on the Note; and
WHEREAS, the
Company has requested, and the Noteholder has agreed, to extend the
maturity date of the Note and to waive any and all past
defaults.
NOW, THEREFORE,
in consideration of the foregoing, of the mutual agreements
hereinafter set forth, and of other good and valuable
consideration, the receipt and sufficie
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