PROMISSORY NOTE
$200,000.00 August 9, 2000
FOR VALUE RECEIVED, the undersigned, Medicore, Inc., a Florida corporation
(the "Borrower"), hereby promises to pay to the order of Dialysis Corporation
of America, a Florida corporation and a 60%-owned subsidiary of the Borrower,
or its successors and assigns (hereinafter, with any subsequent holder, the
"Holder"), at its principal offices located at 27 Miller Street, Lemoyne, PA
17043, or at such other place or to such other party as the holder of this
Promissory Note (the "Note") may from time to time designate in writing, the
principal sum of Two Hundred Thousand Dollars ($200,000.00) together with
interest on the principal balance outstanding from time to time at the fixed
rate of ten percent (10%) per annum, computed daily. All payments hereunder
shall be made in lawful currency of the United States and in immediately
available funds. Interest shall be calculated on the basis of the actual
number of days elapsed over a 360-day year. Unless sooner paid in full, the
entire unpaid principal of this Note, together with all accrued, but unpaid,
interest and all other fees, costs, and charges, if any, shall be due and
payable in full on September 8, 2000 (the "Maturity Date"). No payments of
principal or interest are required hereunder until the Maturity Date except
as otherwise provided herein. If any amounts due under this Note are due on
a day which is not a business day, then such amounts shall be due on the next
following day which is a regular business day.
Except as otherwise defined herein, all capitalized terms shall have the
meanings ascribed to them in the Promissory Note between the Borrower and the
Holder dated January 27, 2000 (the "Original Note"). This Note is subject to
all the terms and conditions of the Original Note other than Section 1,
"Terms of the Note and Payment," the Maturity Date of this Note being in lieu
of any maturity date of the Original Note. Otherwise all the terms and
provisions of the Original Note shall continue in full force and effect.
IN WITNESS WHEREOF, the undersigned, intending to be legally bound
hereby, has duly executed this Note as of the day and year first above
written.
MEDICORE, INC.
/s/ Thomas K. Langbein
By:-----------------------------------
THOMAS K. LANGBEIN, Chairman of
the Board, CEO and President
<PAGE>
ACKNOWLEDGEMENT
STATE OF NEW JERSEY )
: ss.:
COUNTY OF BERGEN )
Before me personally appeared THOMAS K. LANGBEIN, as Chairman of the Board,
CEO and President of MEDICORE, INC., a Florida corporation, to me well known
and known to me to be the person described in and who executed the foregoing
instrument, and acknowledged to and before me that he executed said
instrument of the purposes therein expressed, on behalf of the corporation.
WITNESS my had and official seal, this 9th day of August, 2000.
/s/ Nancy A. Cox
-------------------------------------
Notary Public, State of New Jersey
My commission expires: march 6, 2005
[NOTARIAL SEAL]
