Exhibit 10.3
FOURTH AMENDMENT TO LOAN AGREEMENT
This Fourth Amendment to Loan Agreement is made as of June 18, 2003, 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 __, 2002, and as further amended by that certain Third
Amendment to Loan Agreement dated as of January 1, 2003 (the "Agreement").
Unless otherwise defined in this Fourth 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 Fourth 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:
Paragraph 1.1, "Maturity Date" is hereby amended by changing the date to
"July 1, 2003".
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 Fourth
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/ Xxxxxxx X. Council, III
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Name: Xxxxxxx X. Council, III
Title: Chief Executive Officer
GMAC COMMERCIAL MORTGAGE
CORPORATION
BY: /s/ Xxxxx X. XxXxxxxx
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Its: Senior Vice President
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