EXHIBIT 10.5
FIFTH AMENDMENT TO RENEWAL PROMISSORY NOTE
(OVERLINE FACILITY)
THIS FIFTH 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, as further amended by that
Third Amendment to Renewal Promissory Note (Overline Facility) executed by
Borrower and Bank to be effective on July 11, 2003, as further amended by that
Fourth Amendment to Renewal Promissory Note (Overline Facility) executed by
Borrower and Bank to be effective on January 4, 2004 (the "Note"); and
WHEREAS, Bank has agreed to further modify the Note in accordance with
the terms and conditions set forth herein.
NOW, THEREFORE, for good and valuable consideration, and payment of an
extension fee in the amount of $5,000.00 by Borrower to Bank upon execution of
this Amendment, 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 April 16, 2004 to July 16, 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 to be effective
on the 16th day of April, 2004.
BORROWER:
DIVERSICARE MANAGEMENT SERVICES CO.,
a Tennessee corporation
By: /s/ Xxxxxxx X. Council
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Xxxxxxx X. Council, President
BANK:
AMSOUTH BANK
By: /s/ Xxx XxXxxxxx
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Xxx XxXxxxxx, Vice President
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