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Demand Unsecured Note Leo Ehrlich 5-7-2009

This is an actual contract by Cellceutix.

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Sectors: Services
Governing Law: Massachusetts, View Massachusetts State Laws
Effective Date: May 07, 2010
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Exhibit 10-26


May 7, 2010

FOR VALUE RECEIVED, the undersigned, CELLCEUTIX CORPORATION (the " Maker" ), promises to pay to the order of Leo Ehrlich (" Lender" ), at 100 Cummings Center, Suite 151-B, Beverly, MA 01915, or at such other location as Lender shall designate, the principal sum of Seven Hundred Five Thousand Three Hundred Ten and 00/100 Dollars ($705,310.00) . The aggregate unpaid principal and interest of such loan shall be paid by the Maker on demand.

1. Interestnone . This Note shall bear interest from the date hereof on the aggregate unpaid principal amount hereof at the rate of six per cent (6.00%) per annum until September 30, 2009 and at the rate of nine per cent (9%) per annum thereafter. All payments under this Note shall be treated first as payments of interest accrued as of the date of payment and then as payments of principal.

2. Repaymentnone . The Maker, from time to time, may repay this Note in whole or in part without premium or penalty, but with accrued interest to the date of repayment on the amount repaid. Each partial repayment of this Note shall be applied first to accrued interest, then to principal.

3. Cost of Collectionnone . The Maker agrees to pay th
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