EXHIBIT 10.25
THIRD MORTGAGE MODIFICATION AGREEMENT
THIS AGREEMENT is made and entered into this 23rd day of April, 2003,
by and among Caraco Pharmaceutical Laboratories Ltd., a Michigan corporation, of
0000 Xxxxxx XxXxx Xxxxx, Xxxxxxx, Xxxxxxxx 00000 ("Borrower"), and the Economic
Development Corporation of the City of Detroit, a Michigan public body
corporate, of 000 Xxxx Xxxx Xxxxxx, Xxxxx 000, Xxxxxxx, Xxxxxxxx 00000
("Lender").
W I T N E S S E T H:
WHEREAS, on August 10, 1990, Lender made a loan to Borrower in the
original principal sum of Nine Million and no/100 ($9,000,000.00) Dollars (the
"Original Loan"); and
WHEREAS, the Original Loan is evidenced and secured in part by the
following instruments (collectively, the "Original Loan Documents"):
A. Section 108 Note dated August 10, 1990, executed by Borrower
in favor of Lender in the original principal amount of Nine
Million and no/100 ($9,000,000.00) Dollars (the "Note"), as
modified by that certain Note and Mortgage Modification
Agreement dated as of March 1, 1994 (the "First Note and
Mortgage Modification Agreement"), and as further modified by
that certain Second Note and Mortgage Modification Agreement
dated as of August 5, 1997 (the "Second Note and Mortgage
Modification Agreement");
B. Second Mortgage and Security Agreement dated August 10, 1990,
granted by Borrower to Lender and recorded on September 21,
1990 in Liber 24815, at Page 715, Xxxxx County Register of
Deeds, as amended by that certain Amendment to Mortgage and
Security Agreement dated April 2, 1993, as further amended by
the First Note and Mortgage Modification Agreement, as further
amended by that certain Amendment to Second Mortgage and
Security Agreement dated as of February 28, 1995, and as
further amended by the Second Note and Mortgage Modification
Agreement, covering the property described on Exhibit A
attached hereto and made a part hereof (the "Mortgage");
C. Guaranty of Dr. C. Xxxxxx Xxxxx and Xxxx Xxxx Xxxxx
(collectively, "Guarantors," and individually, a "Guarantor"),
husband and wife, dated August 10, 1990, as amended and
restated on April 2, 1993 (the "Guaranty"); and
D. UCC-1 Financing Statement recorded at the Michigan Secretary
of State's Office on October 10, 1990, at File No. C400998,
and a UCC 1-A Financing Statement recorded on September 12,
1990 at Liber 24815, page 703-708, Xxxxx County Register of
Deeds; and
WHEREAS, Borrower has requested that Lender modify the terms of the
Original Loan and Lender has agreed to do so, subject to the terms and
conditions set forth in this Agreement; and
WHEREAS, the parties have agreed that the Mortgage shall be further
amended to reflect the modification of the Original Loan, by that certain Third
Mortgage Modification Agreement executed of even date herewith (the "Third
Mortgage Modification Agreement").
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Lender and Borrower do hereby covenant and agree as follows:
1. RECITALS ARE TRUE AND CORRECT; DEFINED TERMS.
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A. RECITALS TRUE AND CORRECT. The foregoing recitals are true
and correct in all respects.
B. DEFINED TERMS. In addition to terms defined elsewhere
within this Agreement, the following terms shall have the following meanings:
(i) "Additional Loan Documents" shall mean this
Agreement, the Third Note Modification Agreement and all documents and
instruments executed and delivered by Borrower pursuant to or in connection with
this Agreement.
(ii) "Loan" shall mean the Original Loan, as modified
by this Agreement and the Additional Loan Documents.
(iii) "Loan Documents" shall mean any and all
documents and instruments evidencing or securing the Loan, including the
Original Loan Documents and the Additional Loan Documents.
(iv) "Obligations" shall mean the payment of the Loan
and the payment and performance of all other obligations of Borrower to Lender
now existing or hereafter arising under the Loan Documents.
(v) "Property" means the real and personal property
encumbered by the Mortgage or the other Loan Documents.
(vi) "Real Property" means the real property
encumbered by the Mortgage.
C. OTHER TERMS. All other capitalized terms contained in this
Agreement and not otherwise defined herein shall have the same meanings, if any,
as are ascribed to such terms in the Original Loan Documents.
2. EXISTING INDEBTEDNESS. As of the date of this Agreement, the unpaid
principal balance owing by Borrower to Lender under the Original Loan is Seven
Million Six Hundred Two Thousand Five Hundred Forty-Six and 56/100
($7,602,546.56) Dollars (the "Existing Indebtedness").
3. PAYMENT RESTRUCTURING. Lender agrees to restructure repayment of the
Existing Indebtedness in accordance with the terms stated herein. More
specifically, the occurrence of each of the following before the close of
business on April 23, 2003 (the "Closing Date"), shall constitute a condition
precedent to any such restructuring by Lender as described in Section 4 below:
A. Prior to or contemporaneously with the execution of this
Agreement, Borrower shall have paid any and all delinquent real and personal
property taxes assessed against the Property in full;
B. Borrower shall have satisfied any and all conditions
precedent set forth in the Third Note Modification Agreement;
C. Borrower shall have reimbursed the EDC in full for its
costs incurred in connection with the restructuring of the Original Loan as
contemplated by this Agreement, including, but not limited to, filing and
recording costs, title insurance premiums, appraisal fees, syndication costs and
legal fees; and
D. Borrower shall have reimbursed the City of Detroit for its
costs incurred in connection with the issuance of securities by the United
States Department of Housing and Urban Development, including, but not limited
to, legal fees and syndication costs.
Borrower agrees that in the event that any one or more of the
conditions precedent enumerated in subsections 3.A. through 3.D. above shall not
have been satisfied before the close of business on the Closing Date, the same
shall constitute an Event of Default under this Agreement and the other Loan
Documents, entitling Lender to exercise its remedies hereunder and thereunder.
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4. MODIFICATION OF THE ORIGINAL LOAN.
A. MODIFICATION OF THE MORTGAGE. The Mortgage is hereby
modified to secure the obligations of the Borrower pursuant to the Third Note
Modification Agreement and the Loan Documents and to release the Borrower's
accounts receivable and inventory from the lien of the Mortgage. Borrower and
Lender confirm and agree that the Mortgage is and shall be kept a first priority
lien against the Property (excluding accounts receivable and inventory), and is
not now and shall not be hereafter subordinated to the lien of any other
mortgage, security agreement or encumbrance of any kind.
B. OTHER MODIFICATIONS TO THE ORIGINAL LOAN DOCUMENTS.
(i) FUNDING OBLIGATIONS TERMINATED. Lender shall have
no obligation to make any further advances or disbursements to Borrower on
account of the Loan or otherwise.
(ii) REFERENCES. Any reference made in the Mortgage
or the other Original Loan Documents to the "Note" shall mean the Note as
modified by the Third Note Modification Agreement and any reference in any of
the Original Loan Documents to "Loan Documents" shall mean the Loan Documents as
modified by this Agreement and the Third Note Modification Agreement.
C. EQUIPMENT. So long as Borrower is not in default in any of
its obligations hereunder, it may purchase new capital equipment and/or sell the
existing capital equipment described on Exhibit B attached hereto and made a
part hereof, so long as that (a) as a result of those transactions, the book
value of Borrower's assets is not diminished below the book value of all of
Borrower's assets as of December 31, 2002 and (b) the proceeds of any such sales
are retained by Borrower.
5. THIS AGREEMENT IS SUBJECT TO SATISFACTION OF CONDITIONS PRECEDENT.
The covenants and agreements of Lender contained in this Agreement, including,
but not limited to, Lender's obligation to modify the Loan as provided herein,
are contingent upon and subject to each of the following conditions being
satisfied as of the time Borrower executes this Agreement, or at such other time
as Lender may permit in its sole and absolute discretion:
A. RECEIPT OF TITLE INSURANCE. Lender's receipt, at the
expense of Borrower, of a title insurance policy which insures the lien of the
Mortgage: (i) showing that no encumbrances affect the Real Property other than
encumbrances which are acceptable to Lender, in the exercise of its reasonable
discretion, and (ii) insuring, to the satisfaction of Lender, that the Mortgage
remains a valid first lien on the Real Property, subject only to matters
disclosed in the title insurance policy or such other matters as may be
acceptable to Lender in the exercise of its reasonable discretion.
B. DELIVERY OF ADDITIONAL LOAN DOCUMENTS. Borrower having
delivered to Lender, in form and substance satisfactory to Lender:
(i) the Third Note Modification Agreement;
(ii) an owner's affidavit executed by Borrower;
(iii) an opinion of counsel to Borrower, opining as
to such matters in respect of the Loan as Lender may request;
(iv) a good standing certificate for Borrower;
(v) such resolutions, affidavits, certificates and
other documents as Lender may reasonably require to evidence Borrower's
capacity, power and authority to execute, deliver and perform its obligations
under the Additional Loan Documents; and
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(vi) such other documents, instruments, certificates
and further assurances as Lender may reasonably require.
C. UCC SEARCHES. Lender's receipt of UCC searches confirming
that no personal property or fixtures of Borrower are subject to security
interests other than Lender's security interests or other than as previously
disclosed by Borrower to Lender.
6. RATIFICATION OF SECURITY AND OBLIGATIONS; WAIVER OF CLAIMS AND
DEFENSES OF BORROWER.
A. RATIFICATION OF SECURITY AND OBLIGATIONS OF BORROWER .
Borrower hereby covenants, warrants and agrees that, except as modified hereby:
(i) the Mortgage secures and shall continue to secure full repayment of the
Loan, as evidenced by the Note; (ii) the Mortgage is and shall remain a
continuous and valid first priority lien on the Property until the Loan is
repaid in full; (iii) the Loan Documents secure and shall continue to secure the
repayment of the Loan, as evidenced by the Note and all other Obligations; and
(iv) all Obligations and all Loan Documents granted as security for the
repayment of the Loan remain and shall continue to remain valid, binding and
effective, except as amended by this Agreement and the Third Note Modification
Agreement, this Agreement being an affirmation and ratification thereof.
B. WAIVER OF CLAIMS AND DEFENSES. Borrower hereby waives,
releases, acquits, satisfies and forever discharges Lender from any and all
claims, counterclaims, defenses, actions, causes of action, suits,
controversies, agreements, promises and demands whatsoever in law or in equity
which Borrower ever had, now has, or which any successor or assign of Borrower
can, shall or may have against Lender for, upon or by reason of any matter,
cause or thing whatsoever from the beginning of time to the date hereof.
C. NO DEFENSES. There is no defense or right of offset against
any Obligations of Borrower to Lender, including, but not limited to, any
obligation under the Note or Mortgage.
7. DEFAULT.
A. EVENTS OF DEFAULT. The Mortgage, Note and all other Loan
Documents shall all be in default (in any case, an "Event of Default") (i) if
Borrower shall be in default under or fail to perform any agreement, covenant,
condition, obligation or undertaking, or breach any warranty or representation,
contained in this Agreement, the Note, or any of the other Additional Loan
Documents; (ii) if any of the other Loan Documents shall be in default in
accordance with the terms thereof; or (iii) ) if a judgment in excess of
$1,000,000, not fully covered by insurance, is entered against Borrower,
enforcement of which is not stayed or bonded within thirty (30) days after
entry.
B. REMEDIES. Upon the occurrence of any Event of Default, each
of the Loan Documents and all Obligations of Borrower shall be in default and,
at the option of Lender, all Loan indebtedness, and all other Obligations, shall
become immediately due and payable if such Event of Default is not cured within
(i) fifteen (15) days after the date of such Event of Default in the event such
Event of Default involves the payment of money by the Borrower, or (ii) whether
thirty (30) days after the date of written notice from Lender to Borrower of
such Event of Default, in the event such Event of Default involves the
performance by Borrower of a non-monetary obligation, and the Lender shall
thereupon be entitled, authorized and empowered to exercise any and all rights
and remedies available under the Loan Documents, at law or in equity, including,
but not limited to, its right to foreclose the Mortgage lien and its right to
collect the Loan indebtedness under the Note and Guaranty.
8. BANKRUPTCY.
A. EVENT OF BANKRUPTCY DEFINED. When appearing in this
Agreement, the term "Event of Bankruptcy" shall mean: (a) if Borrower or any
Guarantor shall: (i) file a voluntary petition in bankruptcy for adjudication as
bankrupt, (ii) seek reorganization or an arrangement under any bankruptcy or
similar statute of the United States of America or any subdivision thereof or of
any foreign jurisdiction in
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response to an involuntary petition, (iii) consent to the filing of a petition
in bankruptcy or reorganization, (iv) consent to the appointment of a receiver
or a trustee or officer performing similar functions with respect to any
substantial part of their property, (v) make a general assignment for the
benefit of creditors, (vi) execute a consent to any other type of insolvency
proceeding or any informal proceeding for the dissolution or liquidation of or
settlement of claims against or winding up of affairs or the appointment of a
receiver or trustee or officer performing similar functions for any of them, or
for any of their assets, or (b) the filing against Borrower or any Guarantor of
a petition for adjudication as bankrupt or insolvent or for reorganization under
any bankruptcy or similar laws of the United States of America or any state
thereof or any foreign jurisdiction, or the institution against Borrower or any
Guarantor of any other type of insolvency proceeding or any formal or informal
proceeding for the dissolution, liquidation, settlement of claims against or
winding up of any of their respective affairs, which proceeding is not dismissed
within forty-five (45) days of filing.
(B) CERTAIN REPRESENTATIONS AS TO BANKRUPTCY. Borrower
represents that, as of the date hereof, no Event of Bankruptcy has occurred with
respect to Borrower and to the best of Borrower's knowledge, no Event of
Bankruptcy has occurred with respect to Guarantors.
(C) RELIEF FROM STAY AND DISMISSAL. If any Event of Bankruptcy
shall occur with respect to Borrower, Lender shall be entitled to immediate and
complete relief from any automatic stay or moratorium (including, but not
limited to, the immediate lifting of such stay "for cause") arising out of or
related to the occurrence of any Event of Bankruptcy with respect to Borrower,
and Lender shall be permitted to proceed to protect and enforce its rights or
remedies either by suit in equity or by action at law, or both. Borrower
covenants and agrees that it will not oppose, and, upon request by Lender, will
consent in writing to the filing of the appropriate petitions or requests for
relief required to obtain the relief referred to herein.
9. INTENTIONALLY OMITTED.
10. ORIGINAL LOAN DOCUMENTS REMAIN EFFECTIVE EXCEPT AS MODIFIED HEREBY.
This Agreement and the other Additional Loan Documents amend and modify the
Original Loan Documents to the extent that any of the Original Loan Documents
are directly inconsistent with the Additional Loan Documents. To the extent not
directly inconsistent with the Additional Loan Documents, all of the covenants,
agreements and other provisions of the Original Loan Documents shall remain
unaltered and in full force and effect, and all representations and warranties
contained in the Original Loan Documents are hereby ratified and reaffirmed as
true, accurate and complete as if made on the date hereof. Nothing herein
contained shall in any manner whatsoever impair the Mortgage, as modified
hereby, or the first lien created thereby or any other documents executed by
Borrower in connection therewith, or alter, waive, vary or affect any promise,
agreement, covenant or condition recited in any of the Loan Documents. Except as
herein otherwise provided, all terms and provisions of the Mortgage and other
instruments and documents executed in connection with the Loan shall remain in
full force and effect and shall be binding upon the parties hereto, their
successors and assigns.
11. ADDITIONAL COVENANTS OF BORROWER. Borrower covenants and agrees
with Lender as follows:
A. To maintain adequate insurance with responsible
companies in such amounts and against such risks and
hazards as are normally insured against by similar
businesses; to pay before penalties attach all taxes,
assessments, fees and similar charges lawfully
assessed upon Borrower and/or the Property, except to
the extent being contested in good faith; to preserve
its corporate existence in good standing and continue
to conduct and operate its business substantially as
presently conducted in accordance with all applicable
laws and regulations; to pay its indebtedness and
obligations when due under normal terms; to maintain
proper books of record and account; and to furnish to
Lender and allow Lender to review such information
and books and records as Lender may reasonably
request.
B. To furnish to Lender within ninety (90) days after
the close of each fiscal year, audited financial
statements as of the close of such year, containing a
balance sheet and statements of income, retained
earnings and cash flows for such year, prepared in
accordance with
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generally accepted accounting principles and
certified by independent certified public
accountants.
C. To furnish to Lender, within forty-five (45) days
after the close of each quarter of each fiscal year,
detailed financial statements as of the close of such
fiscal period, containing a balance sheet and
statements of income, retained earnings and cash
flows for such period and for the portion of its year
ending with such period, prepared in accordance with
generally accepted accounting principles and
containing the written statement of the chief
financial officer of Borrower that to the best of his
knowledge and belief, the financial statements are
accurate and complete and have been prepared in
accordance with generally accepted accounting
principles and the requirements of the Securities and
Exchange Commission.
D. To furnish to Lender, within forty-five (45) days
after the close of each quarter of each fiscal year,
all quarterly financial statements submitted to the
Securities and Exchange Commission.
E. That Borrower shall use its best efforts to hire and
retain residents of the City of Detroit whose
qualifications meet applicable job requirements,
consistent with current hiring practices.
F. To keep Lender periodically apprised of the progress
of Xx. Xxxxx'x suit against Borrower, and of the
progress of the two pending Miraphen product
liability suits against Borrower, including, but not
limited to, outcomes at all levels of the litigation,
any other material actions are instituted against
Borrower, a "material action" being one in which a
judgment in excess of $1,000,000 could be entered
against Borrower.
12. REPRESENTATIONS. Borrower represents and warrants that all
statements contained herein and in all documentation provided by Borrower to
Lender and all other representations or statements made by or on behalf of
Borrower to Lender in connection with the concessions described in this
Agreement are true and complete and do not state or omit to state any material
fact. Borrower further represents that it is not insolvent and will not be
rendered insolvent by entering into this Agreement. Borrower acknowledges that
Lender has relied on the foregoing representations and warranties in entering
into this Agreement. In the event that Borrower shall have made any
misrepresentation in connection with the circumstances giving rise to this
Agreement, such misrepresentation shall be deemed to be an Event of Default
under the Mortgage, the Note and the other Loan Documents, thereby entitling
Lender, subject to paragraph 7.B., to exercise its rights to accelerate the
maturity of the indebtedness secured by the Mortgage and any and all other
rights available to Lender under the Loan Documents or at law or in equity.
13. RELEASE. As additional consideration for the modification of the
terms of the Original Loan, as provided herein, Borrower does hereby release and
forever discharge Lender and the City of Detroit, their agents, servants,
employees, directors, officers, attorneys, affiliates, successors and assigns
from all liabilities, obligations, actions and causes of action whatsoever
related to the Loan which Borrower may now have or claim to have against Lender
or the City of Detroit as of the date hereof, whether presently known or
unknown, of every nature and extent whatsoever on account of or in any way
touching, concerning, arising out of or founded upon the Mortgage, as modified
hereby, including, but not limited to, all such loss or damage of any kind
heretofore sustained, or that may arise as a consequence of the dealings between
the parties up to the date of this Agreement. Borrower acknowledges that, as of
the date of this Agreement, there are no statements, agreements, waivers,
estoppels or representations made by Lender which would constitute a claim,
defense, counterclaim or right of offset in any foreclosure action that may
hereafter be instituted by Lender under the Mortgage, or in any independent
claim or action that may hereafter be brought by Borrower against Lender. This
agreement and covenant on the part of Borrower is contractual, and not a mere
recital, and the parties acknowledge and agree that no liability whatsoever is
admitted on the part of any party, except Borrower's indebtedness to Lender
under the Mortgage, as modified hereby, and that all agreements and
understandings between Borrower and Lender are expressed and embodied in the
Mortgage, as modified hereby and in the Note, as modified by the Third Note
Modification Agreement. In the event that Lender is involved in litigation
concerning the subject matter of this Agreement, Lender shall be
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entitled to receive from Borrower all of Lender's reasonable and necessary costs
for such litigation, including Lender's reasonable attorneys' fees and costs
incurred through all trial, appellate and other proceedings.
14. KNOWLEDGE. Borrower acknowledges that (A) it has thoroughly read
and reviewed the terms and provisions of this Agreement and is familiar with
same, that the terms and provisions contained herein are clearly understood by
Borrower and have been fully and unconditionally consented to by Borrower, (B)
it has had full benefit and advice of counsel of its own selection, or the
opportunity to obtain the benefit and advice of counsel of its own selection, in
regard to understanding the terms, meaning and effect of this Agreement, (C) it
has freely, voluntarily, with full knowledge, and without duress, executed this
Agreement, (D) in executing this Agreement, it is not relying on any other
representations, either written or oral, express or implied, made to it by
Lender, and (E) that the consideration received by it hereunder has been actual
and adequate.
15. WAIVER OF JURY TRIAL. THE UNDERSIGNED HEREBY KNOWINGLY, VOLUNTARILY
AND INTENTIONALLY WAIVE THE RIGHT WHICH THE UNDERSIGNED MAY HAVE TO A TRIAL BY
JURY WITH RESPECT TO ANY LITIGATION BETWEEN THE PARTIES HERETO, INCLUDING, BUT
NOT LIMITED TO, WITH RESPECT TO ANY AND ALL CAUSE OR CAUSES OF ACTION, DEFENSES,
COUNTERCLAIMS, CROSSCLAIMS, THIRD PARTY CLAIMS AND INTERVENORS' CLAIMS,
REGARDLESS OF THE CAUSE OR CAUSES OF ACTION, DEFENSES OR COUNTERCLAIMS ALLEGED
OR THE RELIEF SOUGHT BY SUCH PARTY, AND REGARDLESS OF WHETHER SUCH LITIGATION IS
BASED ON, ARISES OUT OF, UNDER OR IN CONNECTION WITH THE LOAN OR THIS AGREEMENT,
THE NOTE, GUARANTY OR ANY OF THE OTHER LOAN DOCUMENTS, OR OUT OF ANY ALLEGED
CONDUCT OR COURSE OF CONDUCT, DEALING OR COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF THE PARTIES HERETO, OR OTHERWISE.
16. CONSTRUCTION. This Agreement shall not be construed more strictly
against Lender merely by virtue of the fact that the same has been prepared by
Lender or its counsel, it being recognized that Borrower has also, through its
counsel, contributed substantially and materially to the preparation of this
Agreement.
17. ENTIRE AGREEMENT. Borrower acknowledges that there are no other
agreements or representations, either oral or written, express or implied, not
embodied in this Agreement and the Loan Documents, which, together, represent a
complete integration of all prior and contemporaneous agreements and
understandings of the parties.
18. TIME IS OF THE ESSENCE. Time is of the essence as to all
Obligations of Borrower under the Loan Documents.
19. COUNTERPARTS. This Agreement may be executed and delivered in any
number of counterparts, each of which, when so executed and delivered, shall be
and constitute an original and one and the same document.
20. MODIFICATION MUST BE IN WRITING. This Agreement may not be changed
or terminated, except in a writing signed by Lender and Borrower.
21. CAPTIONS. All captions or headings contained in this Agreement are
provided for convenience and ease of reference only, and are in no way intended
to, nor shall they, form a part of or limit, restrict or define the scope or
content of this Agreement.
22. GOVERNING LAW. This Agreement shall be governed by and construed
according to the laws of the State of Michigan.
23. SUCCESSORS AND ASSIGNS. This Agreement shall bind and inure to the
benefit of the parties hereto and their respective successors and assigns.
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(REMAINDER OF PAGE BLANK)
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IN WITNESS WHEREOF, Lender and Borrower have executed this Agreement as
of the date first written above.
LENDER:
THE ECONOMIC DEVELOPMENT
CORPORATION OF THE CITY OF DETROIT,
a Michigan public body corporate
By: /s/ Xxxxx X. Xxxxxxxx
--------------------------
Its: Authorized Agent
By: /s/ Xxxxxxxxxx Xxxxxxxxx
-------------------------
Its: Authorized Agent
BORROWER:
CARACO PHARMACEUTICAL LABORATORIES
LTD., a Michigan corporation
By: /s/ Xxxxxxxx X. Xxxxxx
-------------------------------
Its: Chief Executive Officer
By:
-------------------------------
Its:
-------------------------------
STATE OF MICHIGAN)
) SS.
COUNTY OF XXXXX )
On this ______ day of April, 2003, before me personally appeared
________________________, and _______________________ the Authorized Agents of
the Economic Development Corporation of the City of Detroit, a Michigan public
body corporate, who, being duly sworn, stated that they have read the foregoing
Third Mortgage Modification Agreement and have signed same on behalf of said
corporation.
___________________________________
Notary Public
Xxxxx County, Michigan
My Commission Expires: ____________
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STATE OF MICHIGAN)
) SS.
COUNTY OF XXXXX )
On this ______ day of April, 2003, before me personally appeared
________________________ and ________________________, the President and
_______________________, respectively, of Caraco Pharmaceutical Laboratories
Ltd., a Michigan corporation, who, being duly sworn, stated that they have read
the foregoing Third Mortgage Modification Agreement and have signed same on
behalf of said corporation.
___________________________________
Notary Public
Xxxxx County, Michigan
My Commission Expires: ____________
DRAFTED BY AND WHEN RECORDED
RETURN TO:
Xxxxx & Xxxxxx, P.C.
000 Xxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
