Document:

12.31.2014 - Ex 10.393 Amendment to Promissory Note- Riverchase

Exhibit 10.393

AMENDMENT TO PROMISSORY NOTE

THIS AMENDMENT TO PROMISSORY NOTE (this “Amendment”) is made and entered into as of the 25th day of March, 2015 by and between RIVERCHASE VILLAGE ADK, LLC, a Georgia limited liability company (“Riverchase”) and ADCARE HEALTH SYSTEMS, INC., a Georgia corporation (“AdCare”). Any capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Note (as defined below).

W I T N E S S E T H:

WHEREAS, on October 10, 2014, Riverchase executed and delivered to AdCare that certain Promissory Note in the amount of $177,323.00 (the “Note”).

WHEREAS, Riverchase and AdCare desire to modify and amend the Note and desire to set forth their agreement in writing.

NOW, THEREFORE, for and in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Riverchase and AdCare agree that the Note shall be modified and amended in the following respects.

1.The Note is hereby amended by deleting the second paragraph in its entirety and by substituting the following in lieu thereof:

Riverchase acknowledges and agrees that the principal amount of this Note (the “Principal”) shall be increased from time to time by the amount of any real property tax payments made by AdCare with respect to the Riverchase Facility.  The Principal shall not bear interest.

		
	2.
	In all other respects, the Note is hereby ratified and confirmed in its entirety.

IN WITNESS WHEREOF, Riverchase and AdCare have caused this Amendment to be executed as of the date first written hereinabove.

[Intentionally Blank; Signatures on Following Page]

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RIVERCHASE:

RIVERCHASE VILLAGE ADK, LLC,
a Georgia limited liability company

                            	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	Name:
	Christopher F. Brogdon

	Title:
	Manager

ADCARE:

ADCARE HEALTH SYSTEMS, INC.,
a Georgia corporation

                            	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	CEO

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HNZW/502662_1.docx/3583-112.31.2014 - Ex 10.394 Amendment to Second Amended Note Brogdon

AMENDMENT TO SECOND AMENDED AND RESTATED NOTE

THIS AMENDMENT TO  SECOND AMENDED AND RESTATED NOTE (this
“Amendment”) is made and entered into as of the 25th day of March, 2015 by and between CHRISTOPHER F. BROGDON (“Brogdon”) and ADCARE HEALTH SYSTEMS, INC., a
Georgia corporation (“AdCare”).  Any capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Note (as defined below).

W I T N E S S E T H:

WHEREAS, on October 10, 2014, Brogdon executed and delivered to AdCare that certain Second Amended and Restated Note in the amount of $268,663.00 (the “Note”).

WHEREAS, Brogdon and AdCare desire to modify and amend the Note and desire to set forth their agreement in writing.

NOW, THEREFORE, for and in consideration of the foregoing premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Brogdon and AdCare agree that the Note shall be modified and amended in the following respects.

1.The Note is hereby amended by deleting the third and fourth paragraphs in their entirety and by inserting the following in lieu thereof:

The Principal balance plus accrued interest (if any) shall be due and payable on the earlier of: (i) December 31, 2015 or (ii) the closing of the sale of the Riverchase Facility (as defined in that certain Agreement dated as of February 28, 2014, as amended, between Brogdon and his affiliated entities, on the one hand, and AdCare and its affiliated entities on the other hand).

		
	2.
	In all other respects, the Note is hereby ratified and confirmed in its entirety.

IN WITNESS WHEREOF, Brogdon and AdCare have caused this Amendment to be executed as of the date first written hereinabove.

[Intentionally Blank; Signatures on Following Page]

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BROGDON:

                            	
	
	 

	/s/ Christopher F. Brogdon

	Christopher F. Brogdon

	 

                            

ADCARE:

ADCARE HEALTH SYSTEMS, INC.,
a Georgia corporation

                            	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	CEO

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HNZW/502665_1.docx/3583-112.31.2014 - Ex 10.395 Third Amendment Brogdon Entities

Exhibit 10.395

THIRD AMENDMENT

THIS THIRD AMENDMENT (this “Amendment”) is made and entered into as of the 25th day of March, 2015 (the “Effective Date”) by and among the entities listed on the signature page hereto as the “Brogdon Entities”, CHRISTOPHER F. BROGDON, in his individual capacity (“Brogdon”), ADCARE OKLAHOMA MANAGEMENT, LLC, a Georgia limited liability company (“ADK Oklahoma”), ADCARE ADMINISTRATIVE SERVICES, LLC, a Georgia limited liability company (“ADK Admin”), ADCARE HEALTH SYSTEMS, INC., a Georgia corporation (“ADK”), and HEARTH & HOME OF OHIO, INC., an Ohio corporation (“Hearth & Home”) (hereinafter ADK Oklahoma, ADK Admin, ADK and Hearth & Home are sometimes collectively referred to as the “ADK Entities”).

W I T N E S S E T H:

WHEREAS, the Brogdon Entities and Brogdon on one hand and the ADK Entities on the other hand entered into that certain Agreement dated as of February 28, 2014 as amended by that certain Amendment dated as of May 15, 2014 and that certain Second Amendment dated as of October 10, 2014 (the “Second Amendment”) (as amended, the “Agreement”); and

WHEREAS, the Parties desire to further amend the Agreement on the terms and conditions set forth herein.

NOW, THEREFORE, for and in consideration of the mutual promises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Agreement and the Note as follows:

		
	I.
	Amendments to the Agreement.

1.The  Ninth  (9th)  WHEREAS  paragraph  in  the  Second  Amendment  is hereby deleted in its entirety and the following paragraphs are inserted in lieu thereof:

WHEREAS,    Riverchase  has  executed  in  favor  of  ADK  that  certain
$177,323.00 promissory note dated October 10, 2014 (the “Riverchase Note”), the initial principal amount of which equals the sum of the $92,323.00 Tax Obligation and the $85,000.00 Principal Obligation paid by ADK on behalf of Riverchase; and

WHEREAS, the Riverchase Note was amended by an amendment dated as of March      , 2015 (the “Riverchase Note Amendment”) pursuant to which Riverchase and ADK agreed to increase the principal due under the Riverchase Note by any additional real property tax payments that may be made by ADK with respect to the Riverchase Facility; and

WHEREAS, for purposes of this Agreement, hereinafter, the defined term “Riverchase Note” shall include all increases in principal as a result of any real property tax payments made by ADK as described in the Riverchase Note Amendment;

HNZW/502697_1.docx/3583-1    

2.Section  7  of  the  Agreement  is  hereby deleted  in  its  entirety  and  the following is inserted in lieu thereof:

7.Sale of  Riverchase  Facility.    Riverchase is the owner of that certain assisted living facility located at 1851 Data Drive, Hoover, Alabama 35244 (the “Riverchase Facility”). Riverchase and Brogdon agree that upon the closing of the sale of the Riverchase Facility to an arms-length third party purchaser at any time and regardless of whether Hearth & Home has exercised the Option, the Net Sales Proceeds (as hereinafter defined) shall be distributed in the following order:

(a)Net Sales Proceeds shall be paid to ADK in an amount sufficient to satisfy all principal and interest due under the Riverchase Note;

		
	(b)
	One-half of the Net Sales Proceeds shall be paid to ADK;

(c)The remaining Net Sales Proceeds shall be paid to ADK to satisfy the Outstanding Obligations and interest (if any) then due under the Note with such payment to be applied in the order of scheduled amortization under the Note; and

		
	(d)
	The balance of Net Sales Proceeds shall be paid to ADK.

For purposes hereof, “Net Sales Proceeds” shall mean the gross purchase price for the sale of the Riverchase Facility to an arms-length third party purchaser minus (i) all secured indebtedness of Riverchase and (ii) usual and customary closing costs required to deliver good and marketable title to the purchaser of the Facility but specifically excluding any operating or working capital.

		
	II.
	Miscellaneous.

1.All capitalized but undefined terms used herein shall have the meanings ascribed to them in the Agreement as amended.

2.Except as modified hereby, all terms and conditions of the Agreement are and shall remain in full force and effect.

{Signatures on Following Page}

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IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the Effective Date.
BROGDON ENTITIES:

BAN NH, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

SENIOR NH, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

OAK LAKE, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

KENMETAL, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

LIVING CENTER, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

MEEKER NURSING, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

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MCL NURSING, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

HARRAH WHITES MEADOWS NURSING, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

MEEKER PROPERTY HOLDINGS, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

McLOUD PROPERTY HOLDINGS, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

HARRAH PROPERTY HOLDINGS, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

GL NURSING, LLC

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, Manager

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BROGDON:

                        	
		
	 
	 

	By:
	/s/ Christopher F. Brogdon

	 
	Christopher F. Brogdon, individually

ADK ENTITIES:

ADCARE OKLAHOMA MANAGEMENT, LLC,

                        	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	 

ADCARE ADMINISTRATIVE SERVICES, LLC,

                        	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	 

HEARTH & HOME OF OHIO, INC.

                        	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	 

ADCARE HEALTH SYSTEMS, INC.

                        	
		
	 
	 

	By:
	/s/ William McBride

	Name:
	William McBride

	Title:
	 

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