Promissory Note Forgiveness Agreement between Dominick A. Telesco and Puradyn Filter Technologies Incorporated
Dominick A. Telesco (the Lender) formally forgives all principal and interest owed by Puradyn Filter Technologies Incorporated (the Borrower) under a $25,000 promissory note dated November 18, 2016. The agreement confirms that the forgiveness was effective as of the note's date, no payment demands were made, and the note was never in default. The lender also affirms that the note was not transferred or assigned to anyone else. This document serves as the official record of the forgiveness.
EXHIBIT 10.18
NOTE FORGIVENESS
For value received, the undersigned DOMINICK A. TELESCO (the "Lender"), hereby forgives all principal and interest due under that certain Recourse Negotiable Promissory Note dated November 18, 2016 in the principal amount of $25,000 from Puradyn Filter Technologies Incorporated (the "Borrower"), a copy of which is attached hereto as Exhibit A and incorporated herein by such reference (the "Note"). The Lender hereby confirms that (a) this document memorializes his prior oral forgiveness of the Note effective November 18, 2016 (the "Effective Date"), (b) the Lender never made any demands to the Borrower for payment of all or any portion of the Note, and the Note was never in default under its terms, and (c) such Note and any and all rights of the Lender thereunder have not been sold, transferred, hypothecated or otherwise assigned to any third parties.
IN WITNESS WHEREOF, the undersigned as executed this Note Forgiveness on the 1st day of December, 2017.
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| Dominick A. Telesco |
