January 29, 2018 Amendment to Convertible Promissory Note dated February 23, 2017
EXHIBIT 10.22
FIRST AMENDMENT TO CONVERTIBLE PROMISSORY NOTE
This FIRST AMENDMENT DATED JANUARY 29, 2018 (this “Amendment”) to the Convertible Promissory Note dated February 23, 2017 (the “Promissory Note”).
WHEREAS, the Borrower and the Payee are parties to a Loan Agreement dated February 23, 2017 (the “Loan Agreement”);
WHEREAS, pursuant to the Loan Agreement the Borrower delivered the Promissory Note which is due and payable on February 28, 2018 (the “Maturity Date”); and
WHEREAS, the Loan Agreement was amended by Agreement dated January 29, 2018 (the “First Loan Agreement Amendment”) so as to extend the maturity date to December 31, 2019 and pursuant to which the Borrower agreed to deliver this Amendment.
TERMS AND CONDITIONS OF THIS AMENDMENT
1. AMENDMENT. The Promissory Note is hereby amended as follows:
The third paragraph of the Promissory Note is deleted in its entirety and the following substituted in lieu thereof:
“The entire balance, interest and principal, will be payable on December 31, 2019 (the “Maturity Date”).”
2. CONSTRUCTION. Unless otherwise defined herein, capitalized terms shall have the meanings set forth in the Loan Agreement and the Promissory Note, as the case may be. The terms of this Amendment amend and modify the Promissory Note. If there is any conflict between the terms, conditions and obligations of this Amendment and the Promissory Notes, this Amendment’s terms, conditions and obligations shall control. All other provisions of the Promissory Note not specifically modified by this Amendment are preserved and remain full force and effect.
RenovaCare, Inc. | ||
By: | /s/ Thomas Bold | |
Name: | Thomas Bold | |
Title: | President and Chief Executive Officer |
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