EXHIBIT 10.2
EIGHTH AMENDMENT TO LOAN AGREEMENT
This Eighth Amendment to Loan Agreement is effective as of April 1,
2005, by and between DIVERSICARE ASSISTED LIVING SERVICES NC I, LLC, a Delaware
limited liability company (together with its successors and assigns, the
"Borrower"), and GMAC COMMERCIAL MORTGAGE CORPORATION, a California corporation
(together with its successors and assigns, the "Lender").
RECITALS:
A. Borrower and the Lender entered that certain Loan Agreement dated
June 4, 1999, as amended by that certain First Amendment to Loan Agreement dated
as of July 1, 2002, as amended by that certain Second Amendment to Loan
Agreement dated as of October 1, 2002, as amended by that certain Third
Amendment to Loan Agreement dated as of January 1, 2003, as amended by that
certain Fourth Amendment to Loan Agreement dated as of June 18, 2003, as amended
by that certain Fifth Amendment to Loan Agreement dated as of July 1, 2003, as
amended by that certain Sixth Amendment to Loan Agreement dated as of June 30,
2004, and as further amended by that certain Seventh Amendment to Loan Agreement
dated as of January 1, 2005 (the "Agreement"). Unless otherwise defined in this
Eighth Amendment, capitalized terms shall have the meaning given to them in the
Agreement.
B. The Borrower and the Lender desire to amend the Agreement and
have agreed to execute this Eighth Amendment to evidence such modification.
AGREEMENT
NOW, THEREFORE, in consideration of the above Recitals, the Borrower
and the Lender hereby amend the Agreement as follows:
1. Paragraph 1.1, "Maturity Date" is hereby amended by changing the
date to "April 1, 2006".
Except as expressly amended hereby, the Agreement shall remain in
full force and effect in accordance with its terms.
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IN WITNESS WHEREOF, the Borrower and the Lender have caused this
Eighth Amendment to be properly executed by their respective duly authorized
officers as of the date first above written.
DIVERSICARE ASSISTED LIVING
SERVICES NC I, LLC, a Delaware limited
liability company
By: Diversicare Assisted Living Services
NC, LLC
Its: Sole Member
By: /s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx, Vice President
and Chief Financial Officer
GMAC COMMERCIAL MORTGAGE
CORPORATION, a California corporation
By: /s/ Xxxxx X. XxXxxxxx
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Its: Senior Vice President
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