Exhibit 10.56
SIXTH AMENDMENT TO THE
LOAN EXTENSION AND RELEASE
AND WAIVER AGREEMENT
This Sixth Amendment to the Loan
Extension an Release and Waiver Agreement
(“Amendment”), entered into by and between Polar
Molecular Corporation, a Delaware corporation (the
“Company”) and Affiliated Investments, L.L.C., a
Michigan limited liability company (the “Holder”),
dated as of August 23,2004.
RECITALS
A.
The Company issued to the Holder a promissory note (the
“Note’) in the principal amount of $600,000, dated as
of October 25, 2001. The principal balance was subsequently
amended to $649,000, exclusive of interest, in the Fifth Amendment
to the Loan Extension and Release and Waiver Agreement, dated as of
December 19, 2003.
B.
The Company and the Holder have entered into a Loan Extension and
Release and Waiver Agreement, as amended by the Fist Amendment to
the Loan Extension and Release aril Waiver Agreement effective as
of May 31, 2002, the Second Amendment to the Loan Extension
and Release and Waiver Agreement effective as of October 1,
2002, the Third Amendment to the Loan Extension and Release and
Waiver Agreement effective as of January 31, 2003, the Fourth
Amendment to the Loan Extension and Release and Waiver Agreement
effective as of August 1, 2003, the Fifth Amendment to the
Loan Extension and Release and Waiver Agreement effective as of
December 19, 2003, pursuant to which certain terms of the Note
have been amended.
C.
The Company and the Holder desire to
extend the maturity date of the Note as provided herein.
AGREEMENT
In consideration of the mutual promises
contained herein, the Holder and the Company hereby agree as
follows:
I.
Subsection (b) of
Paragraph 1 of the Original Loan Extension is hereby amended in its
entirety to road as follows:
“(b) Extension
of Due Date. The final maturity data of
December 26, 2001 (the “Original Due Date”) set
fort in the Note is hereby extended and affirmed to be,
October 15, 2004, at which time all principal and interest
under the Note is due.”
2.
Paragraph 2 of the Original Loan
Extension is hereby amended in its entirety to read as
follows:
“2. Terms of Repayment.
On or before October 15, 2004, Polar Molecular Corporation
will deliver to Affiliated Investments, L.L.C. all principal and
interest due under the Note, in certified funds or by wire
transfer. Polar Molecular Corporation agrees that if all principal
and interest under the Note is not received by Affiliated
investments, L.L.C. on or before October 15, 2004, Affiliated
Investments, I.L.C. may immediately pursue all remedies it has
under the Note
