Exhibit 10.58
EIGHTH AMENDMENT TO THE
LOAN EXTENSION AND RELEASE
AND WAIVER AGREEMENT
This Eighth Amendment to the Loan
Extension and Release and Waiver Agreement
(“Amendment’), entered into by and between Polar
Molecular Corporation, a Delaware corporation (the
“Company’) and Affiliated Investments LLC, a Michigan
limited liability company (the “Holder”), dated as of
December 22, 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, 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 Loan Extension and
Release and Waiver Agreement, as amended by the First Amendment to
the Loan Extension and Release and Waiver Agreement effective as of
May 31, 2012, 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, the Sixth Amendment to the Loan Extension
and Release and Waiver Agreement effective as of August 23,
2004, and the Seventh Amendment to the Loan Extension and Release
and Waiver Agreement dated as of October 13, 2004, pursuant to
which certain terms of the Note have been amended.
C.
The Company has caused to be paid to the Holder the sum of $100,000
to be applied against the balance due on the Note and the Company
has requested a further extension of time to pay the balance due on
the Note.
D.
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:
1.
Subsection (b) of
Paragraph 1 of the Original Loan Extension is hereby amended in its
entirety to read as follows:
“ (b) Extension of
Due Date. The final maturity date of December 26, 2001
(the “Original Due Date”) set forth in the Note is
hereby extended and affirmed to be January 7, 2005, at which
time all principal and interest under the Note is due.
2.
Polar Molecular hereby agrees that,
in consideration of the additional extension the due date of the
Note provided for herein, it shall pay, in addition to all other
sums due to Affiliated Investments, LLC under the Note, a Late Fee
of $50,000, payable on the due date of the Note as provided in this
Eight Amendment.
