Exhibit 10.57
SEVENTH AMENDMENT TO THE
LOAN EXTENSION AND RELEASE
AND WAIVER AGREEMENT
This Seventh 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,
L.LC., a Michigan limited liability company (the
“Holder”), dated as of October 13 ,
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 S649,000, 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 First Amendment to
the Loan Extension and Release and 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 affective 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, and the Sixth Amendment to the Loan
Extension and Release and Waiver Agreement effective as of
August 23, 2004, 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:
l.
Subsection (b) of
Paragraph i 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, November 30, 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. T erms of
Repayment. On or before November 30, 2004, Polar Molecular
Corporation will deliver to Affiliated Investments, L.L.C. all
principal and interest due
