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EXHIBIT 10.48
EMPLOYEE LOAN AGREEMENT
Agreement dated this 20th day of September, 1991 by and between XXXXX
XXXXXX ("Employee") and XXXX XXXXXX, his wife, residing at 00000 Xxxxxxxxxx
Xxxx, Xxxxxxxxxx, Xxxxxxx 00000 (collectively, the "Borrower") and Educational
Medical, Inc. ("EMI"), having an office at 0000 Xxxxxxxxx Xxxxxx, Xxxxx X,
Xxxxxxxxxx, XX 00000.
Employee has agreed to continue his position with EMI and relocate his
principal residence to Georgia. In consideration for such agreement, EMI will
loan to Borrower the sum of SEVENTY-FIVE THOUSAND AND NO/100 DOLLARS
($75,000.00) (the "Loan") under the following terms:
1. AMOUNT OF LOAN.
The amount of the Loan is Seventy-Five Thousand and No/100
Dollars ($75,000.00).
2. LOAN REPAYMENT.
The outstanding balance of the Loan will become immediately due
and payable at the earlier to occur of: (a) September 12, 1994; (b) the tenth
(10th) business day following the date Employee's employment with EMI is
terminated, provided such termination is by Employee's action; (c) one hundred
and eighty (180) calendar days following the date Employee's employment with
EMI is terminated, provided such termination is by EMI's action; or (d) upon
the earlier to occur of (i) the sale of the Property (as hereinafter defined),
or (ii) the sale of the California Property (as hereinafter defined).
3. CANCELLATION OF INDEBTEDNESS.
The first Ten Thousand Dollars ($10,000.00) of the Loan will
be cancelled if the Loan is paid at or prior to its stated maturity in
accordance with its terms.
4. USE OF PROCEEDS.
Borrower certifies that the proceeds of the Loan shall be used
only to purchase the property described in Exhibit A of this agreement (the
"Property") and that the Property shall be Employee's new principal residence.
5. SECURITY.
To secure Borrower's repayment to EMI of the Loan, Borrower
has signed a promissory note which evidences the Loan to be secured by a deed
to secure debt (the "Georgia Deed to Secure Debt") on the Property and by a
deed of trust on certain real property (the "California Property") owned by
Borrower and located in Orange County, California (the "California Deed of
Trust"). EMI's security interest in the Property and the property encumbered
by the California Deed of Trust shall end and EMI shall discharge the Georgia
Deed to Secure Debt and the California Deed of Trust when Borrower shall have
repaid the Loan in full.
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6. RIGHT OF EITHER PARTY TO TERMINATE EMPLOYMENT.
Nothing in this Agreement gives Employee the right to continue
work for EMI and nothing in this Agreement obligates Employee to continue to
work for EMI (except in order to receive the benefits of paragraph 3 of this
Agreement).
7. ENTIRE AGREEMENT.
This Agreement and the documents referred to herein contain
the entire agreement of the parties in respect of the subject matter hereof.
AGREED:
/s/ Xxxxx Xxxxxx 09-20-91
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Borrower, XXXXX XXXXXX Date)
/s/ Xxxx X. Xxxxxx 09-20-91
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Educational Medical, Inc.
By: /s/ Xxxxxx X. Xxxxx 09-20-91
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Title: Secretary (Date)
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EXHIBIT "A"
All that tract or parcel of land lying and being in Land Lots 961 and 962 of
the 2nd District, 2nd Section of Xxxxxx County, Georgia, and being more
particularly described as follows:
BEGIN at an iron pin found on the south line of Land Lot 961, said pin being
located North 89 degrees 28 degrees West 306.90 feet along said line from the
southeast corner of said Land Lot; thence North 89 degrees 28 degrees 00 degrees
West 439.96 feet along the south land lot line to an iron pin found; thence
North 00 degrees 15 degrees 43 degrees West 873.40 feet to an iron pin found;
thence North 87 degrees 31 degrees 01 degrees East 990.38 feet to an iron pin
found on the westerly righty-of way of Providence Road (based on a 40 foot
right-of-way); thence southeasterly along said right of way along an arc of
171.78 feet (chord distance of 171.42 feet) to an iron pin found; thence South
87 degrees 30 degrees 59" West 470.90 feet to an iron pin found; thence South
07 degrees 20 degrees 46 degrees East 273.78 feet to an iron pin found; thence
South 38 degrees 33 degrees 57 degrees West 226.98 feet to an iron pin found;
thence South 0 degrees 16 degrees 17 degrees East 286.3 feet to an iron pin
found at the point of beginning, all as shown on plat of survey for XXXXX X.
XXXXXXX and XXXXX X. XXXXXXX by XXXX X. XXXXXXXXX, XX., RLS, dated September
27, 1984.
