EXHIBIT 10.16
NINTH AMENDMENT TO LOAN AGREEMENT
This Ninth Amendment to Loan Agreement is effective as of
April 1, 2006, by and between DIVERSICARE ASSISTED LIVING SERVICES NC II, 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, as amended by that certain Seventh Amendment to Loan Agreement dated as of
January 1, 2005, and as amended by that certain Eighth Amendment to Loan
Agreement dated as of April 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 Ninth 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 "June 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 Ninth
Amendment to be properly executed by their respective duly authorized officers
as of the date first above written.
DIVERSICARE ASSISTED LIVING SERVICES NC II,
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,
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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