EXHIBIT 10.20
THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE
(OVERLINE FACILITY)
THIS THIRD AMENDMENT TO RENEWAL PROMISSORY NOTE (the "Overline
Facility") is made and entered into by and among AMSOUTH BANK (the, "Bank") and
DIVERSICARE MANAGEMENT SERVICES, CO., a Tennessee corporation (the "Borrower").
W I T N E S S E T H :
WHEREAS, Borrower executed to Bank that certain Renewal Promissory Note
(Overline Facility) dated October 1, 2000, in the original principal amount of
THREE MILLION FIVE HUNDRED THOUSAND AND NO/100 ($3,500,000.00) DOLLARS as
amended by the First Amendment to Renewal Promissory Note (Overline Facility)
executed by Borrower in December, 2000, as further amended by the Second
Amendment to Renewal Promissory Note (Overline Facility) executed by Borrower
and Bank to be 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 MANAGEMENT SERVICES CO.,
a Tennessee corporation
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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