Exhibit 6.1
AMENDED AND RESTATED
STRAIGHT NOTE
Newport Beach, California
$391,780.00 Restated: July 1, 2001
This Amends, Restates and Extends all prior Notes from Borrower to Holder as
follows:
FOR VALUE RECEIVED, Newport Federal, a California corporation of 0000 Xxxxxxxx,
Xxxxx 000, Xxxxxxx Xxxxx, Xxxxxxxxxx, 00000 ("Borrower") promises to pay to the
order of American West Nursing Centers, Inc., a Delaware corporation,
("Holder"), or order at 0000 Xxxxxxxx Xxxx, Xxxxxxx Xxxxx, Xxxxxxxxxx 00000, the
sum of Three Hundred Ninety-One Thousand Seven Hundred Eighty and 00/100 Dollars
($391,780.00) with interest from June 30, 2000 until paid at the rate of ten
percent (10%) per annum payable (see below)
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This Note is all due and payable without demand or notice in one
(1) lump sum of accrued and unpaid principal and interest on
SEPTEMBER 1, 2002 ("Maturity"). This Note may be paid or drawn
upon at any time until Maturity. Monthly payments calculated at
interest only shall be made by Borrower by the 1st day of each
month in arrears.
Should interest not be so paid, it shall thereafter bear like interest as the
principal, but such unpaid interest so compounded shall not exceed an amount
equal to simple interest on the unpaid principal at the maximum rate permitted
by law. Should default be made in the payment of any installment of interest
when due, then the whole sum of principal and interest shall become immediately
die and payable at the option of the Holder of this Note. Should suit be
commenced to collect this Note or any potion thereof, such sum as the Court may
deem reasonable shall be added hereto as attorney's fees. Principal and
interest payable in lawful money of the United States of America. This note is
secured by a certain DEED OF TRUST to the FIRST AMERICAN TITLE COMPANY OF ORANGE
COUNTY, a California corporation, as Trustee.
"BORROWER"
Newport Federal, a California corporation
By: /s/ Xxxx Xxxxxxx
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Xxxx Xxxxxxx, Vice President
