EXHIBIT 10.19
THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE
THIS THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE is made and entered
into by and among AMSOUTH BANK (the, "Bank") and DIVERSICARE ASSISTED LIVING
SERVICES, NC, LLC, a Tennessee limited liability company (the "Borrower").
W I T N E S S E T H :
WHEREAS, Borrower executed to Bank that certain Renewal Promissory Note
dated October 1, 2000, in the original principal amount of NINE MILLION FOUR
HUNDRED TWELVE THOUSAND THREE HUNDRED EIGHTY THREE AND 87/100 ($9,412,383.87)
DOLLARS, as amended by the First Amendment to Renewal Promissory Note executed
by Borrower in December, 2000, as amended by that Second Amendment to Renewal
Promissory Note executed by Borrower and Bank effective as of December 15, 2002
(the "Note"); and
WHEREAS, Bank has agreed to further modify the Note in accordance with
the terms and conditions of the Third Amendment to Master Amendment dated as of
July 11, 2003, executed by Bank and Debtors (as defined therein).
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:
1. The Note is amended to provide that the Maturity Date, as defined
in the Note, shall be changed from July 11, 2003 to January 9, 2004.
2. The Note is amended as stated herein, but no further or otherwise,
and the terms and provisions of the Note, as hereby amended, shall be and
continue to be in full force and effect. Nothing herein is intended to operate
to release or diminish any right of Bank under the Note or with respect to any
collateral securing the Note or with respect to any guaranty or suretyship
agreement for the Note, all of which shall remain in full force and effect. This
instrument constitutes the entire agreement of the parties with respect to the
subject matter hereof.
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IN WITNESS WHEREOF, this instrument has been executed on the ___ day of
______________, 2003 to be effective on the 11th day of July, 2003.
BORROWER:
DIVERSICARE ASSISTED LIVING SERVICES, NC, LLC,
a Tennessee limited liability company
By: /s/ Xxxxxxx X. Council, III
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Name: Xxxxxxx X. Council, III
Title: President
BANK:
AMSOUTH BANK
By: /s/ Xxx XxXxxxxx
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Xxx XxXxxxxx, Vice President
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