PBG MEDICAL MALL SNF, LTD.
000 XXXXX XXXXXX, XXXXXXX, XXXXXXXXXXXXX 00000
Exhibit 10.183
As of March 30, 1999
CareMatrix of Palm Beach Gardens (SNF), Inc.
000 Xxxxx Xxxxxx
Xxxxxxx, Xxxxxxxxxxxxx 00000
Re: Assignment and Assumption Agreement dated as of April 3, 1998, by
and among PBG Medical Mall SNF, Ltd ("PBG"), as assignor, and
CareMatrix of Palm Beach Gardens (SNF), Inc. ("CareMatrix"), as
assignee (the "Assignment")
Ladies and Gentlemen:
This letter agreement is intended to confirm our understanding with
respect to certain aspects of the above-referenced Assignment and the lease
assigned thereby (the "Lease"), and to acknowledge the payment by you of certain
amounts in connection therewith. Capitalized terms used herein and not defined
herein shall have the meanings for such terms set forth in the Lease.
CareMatrix and PBG hereby confirm and agree that in connection with the
Asignment, CareMatrix agreed to bear all expenses incurred in connection with
the operation of the Leased Property, including, without limitation, that
certain working capital loan from The Chase Manhattan Bank in the original
principal amount of $2,000,000 (the "W/C Loan").
We hereby acknowledge that we have received from you today the sum of
$2,000,000, which amount has been used by us to payoff and discharge in full all
obligations under the W/C Loan.
Please indicate your acknowledgement and agreement to the matters set
forth herein by signing the enclosed counterpart of this letter where indicated
and returning it to the undersigned.
Very truly yours,
PBG MEDICAL MALL SNF, LTD., a Florida
limited partnership
By: PBG Medical Mall SNF, Inc., general
partner
By:/s/ Xxxxxxx X. Xxxxxx
----------------------
Name:
Title:
hereunto duly authorized
Acknowledged and agreed as of this 30th day of March, 1999
CAREMATRIX OF PALM BEACH GARDENS (SNF), INC.
By:/s/ Xxxxx X. Xxxxxx
--------------------
Name: Xxxxx X. Xxxxxx
Title:VP
hereunto duly authorized
