Document:

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                                                                  EXHIBIT 10(LL)

                         MODIFIED, AMENDED AND RESTATED
                               LINE OF CREDIT NOTE

$10,000,000                                                 Huntsville, Alabama
                                                          As of January 1, 2000

         FOR VALUE RECEIVED, Martin Industries, Inc., a Delaware corporation
(the "Borrower"), hereby promises to pay, on the Line of Credit Termination Date
(such term and other capitalized terms used in this Note that are not otherwise
defined herein having the meanings defined for them in the hereinafter-described
Loan Agreement), to the order to AmSouth Bank, an Alabama banking corporation
(the "Lender"), at its Main Office in Birmingham, Alabama, in lawful money of
the United States of America, the principal amount of Ten Million and No/100
Dollars ($10,000,000), or so much thereof as may heretofore have been advanced
by the Lender under the Line of Credit Master Note in the face amount of
$15,000,000 (the "Initial Note"), the Modified, Amended and Restated Line of
Credit Note in the face amount of $20,000,000 (the "First Modification"), and
the Modified Amended and Restated Line of Credit Note in the face amount of
$30,000,000 (the "Second Modification") which are being extended, renewed and
modified hereby or as may hereafter be advanced under this Note, and to pay
interest from the date of this note on sums advanced under the Initial Note, the
First Modification and the Second Modification, and from the date advanced on
additional sums advanced under this Note, until payment in full, on the unpaid
principal balance of the amount advanced hereunder, at the rate per annum
(computed on the basis of the actual number of days elapsed over an assumed year
of 360 days, as more particularly set forth below) equal to the applicable rate
set forth below:

                  1. LIBOR-BASED RATE. This Note shall bear interest at the
         LIBOR-Based Rate. On the first Business Day of each month the Lender
         shall determine the LIBOR-Based Rate for the then-current month, and
         all outstanding Advances under this note as well as all Advances made
         during such calendar month shall accrue interest at the LIBOR-Based
         Rate. If in the Lender's opinion it is impossible or impractical to
         obtain the LIBOR-Based Rate for a certain calendar month, all
         outstanding Advances as well as all Advances made during such calendar
         month shall bear interest as the Prime Rate. Such interest shall be
         payable monthly in arrears on the 15th day of each month for the period
         ending the last day of the immediately preceding calendar month. As
         used herein (a) "LIBOR-Based Rate" shall mean a fixed rate 125 basis
         points in excess of the average offered rate in the London interbank
         market for deposits in U.S. dollars for thirty (30) days (the "LIBOR
         Rate") as published in the Wall Street Journal or such other comparable
         financial information reporting service used by the Bank at the time
         such rate is determined, adjustable for any applicable LIBOR Reserve
         Requirement; and (b) "LIBOR Reserve Requirement" shall mean the
         percentage prescribed by the Board of Governors of the Federal Reserve
         System (or any successor Government Authority), on the date on which
         the LIBOR-Based Rate is determined, for determining the reserve
         requirements of the Lender (including any marginal, emergency,
         supplemental, special or other reserves) with respect to liabilities
         relating to time deposits purchased in the London interbank market
         having a one month

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         maturity, without benefit or credit for any proration, exemptions or
         offsets under any now or hereafter applicable regulations.

                  2. RECONVERSION TO PRIME RATE. If this Note bears interest at
         the LIBOR-Based Rate, then the Borrower shall have a one time option
         after the IPO Date to convert the interest rate applicable to this Note
         from the LIBOR-Based Rate back to the Prime Rate. The Borrower may
         exercise this option by giving written notice at lease 15 days prior to
         the first Business Day of any calendar month. Such notice shall be
         irrevocable once given and the change shall become effective upon the
         first Business Day of a calendar month that occurs at least 15 days
         after such notice is given. Commencing on the effective date of the
         Prime Rate option, all outstanding Advances as well as all future
         Advances under this Note shall bear interest at a per annum rate equal
         to the Prime Rate in the same manner as set forth in paragraph 1 of
         this Note.

         The first monthly interest payment under this Note shall be due and
payable on February 15, 2000. Upon payment in full of this Note, all accrued
interest shall be due and payable in full.

         The Lender will send the Borrower a monthly billing statement in
advance of each interest payment date (i.e. the 15th day of each month) showing
the interest that accrued on the Line of Credit through the end of the
immediately preceding month and which shall be due and payable on such interest
payment date. On the Line of Credit Termination Date, the Borrower will pay all
of the principal of and interest on the Loan then remaining unpaid.

         This Note is a master note, and it is expected that the proceeds of the
loan evidenced hereby will be advanced by the Lender to the Borrower in
installments, as needed for the purposes set forth in the Loan Agreement, upon
compliance with the terms and conditions set forth therein. This Note shall be
valid and enforceable as to, and all collateral granted to the Lender as
security for the loan evidenced hereby shall be and remain valid and binding as
security for, the aggregate amount advanced at any time hereunder, whether or
not the full face amount hereof is advanced. Each principal advance and payment
on this Note may be reflected by notations made by the Lender on its internal
records (which may be kept on computer or otherwise), and the Lender is hereby
authorized to record on such records all such principal Advances and payments.
The aggregate unpaid amount reflected by the Lender's notations on its internal
records (whether on computer or otherwise) shall be deemed rebuttably
presumptive evidence of the principal amount remaining outstanding and unpaid on
this Note. No failure of the Lender so to record any Advance or payment shall
limit or otherwise affect the obligation of the Borrower hereunder with respect
to any Advance, and no payment of principal by the Borrower shall be affected by
the failure of the Lender to so record the same.

         This Note is being executed and delivered to modify, amend and restate
in its entirety, effective as of the Effective Date of the Fourth Amendment, the
Line of Credit Note dated January 7, 1993 in the face amount of $15,000,000, the
First Modification dated March 15, 1995 in the face amount of $20,000,000, and
the Second Modification dated August 28, 1997 in the face

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amount of $30,000,000. Notwithstanding the execution of this Note the
outstanding indebtedness evidenced by the Initial Note, the First Modification,
and the Second Modification shall remain in full force and effect and shall
hereafter be evidenced by this Note, and nothing contained herein shall be
construed as effecting any novation, payment or accord and satisfaction of such
indebtedness.

         This Note is the Modified, Amended and Restated Line of Credit Note
referred to in the Fourth Amendment to Loan Agreement and Other Loan Documents,
and is subject to all of the provisions of the Loan Agreement including those
providing for optional repayment, acceleration of maturity and adjustment of the
interest rate hereunder, all set forth in the Loan Agreement. This Note is
secured by the Security Documents, as that term is defined in the Loan
Agreement. This Note is executed in renewal, extension and modification of the
Initial Note, the First Modification and the Second Modification. The terms of
this Note shall be applicable commencing on the Effective Date. The terms of the
Initial Note, the First Modification and the Second Modification shall continue
to be applicable prior to the Effective Date. The Lender may retain the Initial
Note, the First Modification and the Second Modification in its file along with
this Note until the indebtedness evidenced hereby has been paid in full and the
Line of Credit has been terminated as set forth in the Loan Agreement.

         This Note, as modified, amended and restated, shall continue to be
secured by all of the Security Documents described in the Loan Agreement, as
amended. Nothing continued herein shall be construed to release, satisfy,
discharge, terminate, subordinate or otherwise adversely affect or impair (a)
the validity or enforceability of the indebtedness evidenced by the Initial
Note, the First Modification and the Second Modification, as modified, amended
and restated hereby, (b) the validity, perfection or priority of the Liens of
the Security Documents as security for such indebtedness, or of any of the other
Loan Documents, or (c) the liability of any obligor for the repayment of such
indebtedness.

                                           MARTIN INDUSTRIES, INC.

                                           By:    /S/ RODERICK V. SCHLOSSER
                                               ----------------------------
                                               Its:      Vice President and CFO

                                           P. O. Box 128
                                           301 East Tennessee Street
                                           Florence, Alabama 35630

                                           Taxpayer I.D.: 63-0133054

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                                                                   EXHIBIT 10.30

ASSET PURCHASE AGREEMENT
         THIS ASSET PURCHASE AGREEMENT is made and entered into as of the __ day
of January, 1999, by and among JAMESON OUTDOOR ADVERTISING COMPANY, a Georgia
corporation ("Buyer"), JAMESON INNS, INC., a Georgia corporation and the sole
stockholder of Buyer ("Jameson"), and JAMESON HOSPITALITY, LLC, a Georgia
limited liability company ("Seller").

                                   WITNESSETH:

         WHEREAS, Seller is the owner of, among other things, certain outdoor
advertising assets in the form of billboards and other related assets as
described on Exhibit A hereto (the "Assets") which it desires to sell; and

         WHEREAS, Buyer desires to acquire the Assets and to assume certain
related liabilities as described on Exhibit B hereto (the "Liabilities");

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants, representations and warranties hereinafter set forth, the parties
agree as follows:

         1.       SALE AND PURCHASE OF ASSETS; ASSUMPTION OF LIABILITIES.
Subject to all of the terms and conditions of this Agreement, as of the closing
date set forth in Section 7 below(the "Closing Date"), Seller shall sell, assign
and transfer to Buyer the Assets and Buyer shall accept such sale, assignment
and transfer and shall assume the Liabilities.

         2.       PURCHASE PRICE. Subject to adjustment pursuant to Section 7.4
below, the Purchase Price for the Assets shall be as follows:

         a.       72,727 newly issued shares of Jameson's 9.25% Series A
         Cumulative Preferred Stock, par value $1.00 per share (the "Shares");
         and

         b.       Cash in the amount of Four Hundred Thousand Dollars ($400,000)
         in immediately available funds; and

         c.       Assumption by Buyer of the Liabilities.

         3.       REPRESENTATIONS AND WARRANTIES OF SELLER. Seller hereby
represents and warrants to Buyer, which representations and warranties shall
survive the Closing (as defined in Section 7 below), as follows:

                  3.1      Seller is a limited liability company duly organized,
         validly existing and in good standing under the laws of the State of
         Georgia and has all authority as a limited liability company to own and
         use its properties and to carry on its business as now being conducted.

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                  3.2      Seller owns each of the Assets free and clear of all
         liabilities, obligations, liens, security interests and encumbrances
         except as described on Exhibit B hereto.

                  3.3      Seller has the power and authority as a limited
         liability company to enter into and perform this Agreement and has
         taken all necessary actions to carry out the terms hereof and thereof.

                  3.4      This Agreement has been duly authorized, executed and
         delivered by Seller and is a valid obligation of Seller, enforceable in
         accordance with its respective terms. Neither the Articles of Formation
         or Operating Agreement of Seller nor any other agreement or instrument
         to which Seller is a party or by which it or any of the Assets is bound
         prohibits, limits or otherwise affects the right, power or authority of
         Seller to enter into and perform this Agreement or to consummate the
         transactions contemplated herein.

                  3.5      Neither the execution and delivery of this Agreement
         by Seller nor the consummation of the transactions contemplated
         hereunder will result in the violation of any term or provision of or
         constitute a breach or default under any indenture, mortgage, deed of
         trust, license, permit, easement, right of way, lease or other
         agreement or instrument to which Seller is a party or by which it or
         any of the Assets is bound, including without limitation the ground
         leases and other contracts and agreements which are included among the
         Assets (the "Contractual Assets").

                  3.6      Seller is not subject to any order, judgment or
         decree, or any other restriction of any kind or character, which would
         prevent consummation of the transactions contemplated by this
         Agreement.

                  3.7      Seller has all necessary governmental leases,
         licenses, permits and other rights necessary to own and operate the
         Assets and such leases, licenses, permits and rights are in full force
         and effect. No violations exist or have been recorded in respect of any
         governmental license, permit or other right and no proceeding is
         pending or threatened with respect to the revocation or limitation of
         any such governmental lease, license, permit or other right which would
         have an adverse effect on the Assets, and there is no basis or grounds
         for any such revocation or license.

                  3.8      None of the Assets is in violation of any applicable
         law, code, rule, regulation, ordinance, license or permit, including
         but not limited to those relating to building, zoning or environmental
         matters. No notice from any governmental body or other person or entity
         has been served upon Seller or upon any of the Assets claiming any
         violation of any such law, code, rule, regulation, ordinance, license
         or permit, or

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         requiring or calling attention to the need for, any work, repair,
         construction, alteration, removal or installation of, on or in
         connection with the Assets which has not been fully complied with. No
         authorization, approval or consent of any governmental department,
         bureau or agency or other public board or authority is required for the
         consummation by Seller of the transactions contemplated by this
         Agreement.

                  3.9      There is, directly or indirectly, affecting the
         Assets, (i) no suit, action or pending claim, (ii) no investigation or
         inquiry or any administrative agency or governmental body and (iii) no
         legal, administrative or arbitration proceeding pending or threatened
         against Seller or the Assets which would have an adverse effect on the
         Assets. There is no outstanding order, writ, injunction or decree of
         any court, administrative agency or governmental body or arbitration
         tribunal adversely affecting the Assets.

                  3.10     Each of the Contractual Assets is in full force and
         effect and Seller has not received notice of and is not aware of any
         default or other occurrence with respect to any Contractual Asset which
         would give any party thereto the right, with or without the passage of
         time, to terminate such Contractual Asset. No consent of any party
         other than Seller is required for the sale and assignment thereof to
         Buyer.

                  3.11     None of the Contractual Assets is the subject of any
         breach or payment or other dispute by or among the parties thereto and,
         to Seller's knowledge, no condition exists or event has occurred which
         could give rise, with or without the passage of time, to such a breach
         or dispute.

                  3.12     All of the representations made and financial and
         other data provided by Seller and Seller's representatives to
         Interstate/Johnson Lane Corporation ("IJLC") in connection with the
         issuance of IJLC's letters to Jameson dated November 3, 1998, and to
         Jameson and Buyer dated the date hereof relating to the fairness of the
         consideration to be paid by Buyer for the Assets were at the date
         provided to IJLC and shall be at the Closing Date true, correct and
         complete.

                  3.13     All of the rental payments payable by Buyer to Seller
         under the terms of the Contractual Assets consisting of ground leases
         and billboard agreements will constitute "rents from real property" as
         defined in section 856(d)(1)(A) of the Internal Revenue Code of 1986,
         as amended.

         4.       REPRESENTATIONS AND WARRANTIES OF BUYER. Buyer hereby
represents and warrants to Seller, which representations shall survive the
Closing, as follows:

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                  4.1      Buyer is a corporation duly organized validly
         existing and in good standing under the laws of the State of Georgia
         and has all corporate authority to enter into and perform this
         Agreement. Buyer has taken all necessary actions to carry out the terms
         hereof.

                  4.2      This Agreement has been duly authorized, executed and
         delivered by Buyer and is a valid obligation of Buyer, enforceable in
         accordance with its terms. Neither Buyer's Articles of Incorporation or
         Bylaws nor any other agreement or instrument to which Buyer is a party
         or by which it is bound prohibits, limits or otherwise affects the
         right, power or authority of Buyer to enter into and consummate this
         Agreement.

                  4.3      Neither the execution of this Agreement nor the
         consummation of the transactions contemplated hereunder will result in
         the violation of any term or provision of, or constitute a default
         under, any indenture, mortgage, deed of trust or other agreement or
         instrument to which Buyer is a party or by which it is bound.

                  4.4      Buyer is not subject to any order, judgment or
         decree, or any other restriction of any kind or character, which would
         prevent consummation of the transactions contemplated by this
         Agreement.

         5.       REPRESENTATIONS AND WARRANTIES OF JAMESON. Jameson hereby
represents and warrants to Seller, which representations shall survive the
Closing, as follows:

                  5.1      Jameson is a corporation duly organized validly
         existing and in good standing under the laws of the State of Georgia
         and has all corporate authority to enter into and perform this
         Agreement and to issue the Shares. Jameson has taken all necessary
         actions to issue the Shares as provided herein.

                  5.2      This Agreement has been duly authorized, executed and
         delivered by Jameson and is a valid obligation of Jameson, enforceable
         in accordance with its terms. Neither Jameson's Amended and Restated
         Articles of Incorporation, as amended, or Bylaws, as amended, nor any
         other agreement or instrument to which Jameson is a party or by which
         it is bound prohibits, limits or otherwise affects the right, power or
         authority of Jameson to enter into and consummate this Agreement or to
         issue the Shares.

                  5.3      Neither the execution of this Agreement nor issuance
         of the Shares will result in the violation of any term or provision of,
         or constitute a default under, any indenture, mortgage, deed of trust
         or other agreement or instrument to which Jameson is a party or by
         which it is bound.

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                  5.4      Jameson is not subject to any order, judgment or
         decree, or any other restriction of any kind or character, which would
         prevent consummation of the transactions contemplated by this Agreement
         or issuance of the Shares.

                  5.5      When issued to Seller in accordance with this
         Agreement, the Shares will be duly issued, validly outstanding and
         nonassessable capital stock of Jameson subject to the restrictions set
         forth in Section 5 below and to those contained in the Designation of
         Rights, Preferences and Restrictions of Preferred Stock, Part II.A of
         the Articles of Amendment filed by the Jameson on March 13, 1998, with
         the Secretary of State of the State of Georgia (the "Designation").

         6.       INVESTMENT INTENT; RESTRICTIONS ON SHARES.

                  6.1      Seller represents that it is acquiring the Shares for
         purposes of investment only and not with a view to resale or
         distribution.

                  6.2      Seller acknowledges that:

                  a.       The offer and sale of the Shares to Seller have not
                  been registered under the Securities Act of 1933, as amended
                  (the "Act"), or any state securities law;

                  b.       The Shares cannot be sold, assigned or transferred by
                  Seller in any manner without registration under the Act and
                  applicable state securities laws or in compliance with
                  exemptions therefrom; and

                  c.       No sale, assignment or transfer of the Shares by
                  Seller will be valid except pursuant to effective registration
                  statements under the Act and applicable state securities or an
                  opinion of counsel satisfactory to Jameson that such
                  registration is not required.

                  6.3      Seller further acknowledges that certificates
         representing the Shares will bear legends evidencing the
         above-described restrictions on the sale, assignment and transfer of
         the Shares as well as certain restrictions on sale and ownership of the
         Shares prescribed under the Designation.

         7.       THE CLOSING. The consummation of the transactions described
herein (the "Closing") shall occur at 10:00 a.m. on April 2, 1999, at the
offices of Seller or at such other time and place agreed to in writing by the
parties (the "Closing Date"). Title to and risk of loss, destruction, or damage
to the Assets shall pass to Buyer at the conclusion of the Closing. At the
Closing, the following shall occur:

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                  7.1      Buyer shall deliver to Seller:

                           a.       Cash in the amount of $400,000 by check or
                  other means satisfactory to Seller;

                           b.       A fully executed Assignment and Assumption
                  in the form of Exhibit C hereto; and

                           c.       A certificate executed by an authorized
                  officer of Buyer stating that all of the representations and
                  warranties of Buyer set forth in this Agreement are true and
                  correct at the time of Closing.

                  7.2      Seller shall deliver to Buyer:

                           a.       A fully executed Assignment and Assumption
                  in the form of Exhibit C hereto; and

                           b.       A certificate executed by an authorized
                  officer of Seller stating that all of the representations and
                  warranties of Seller set forth in this Agreement are true and
                  correct at the time of Closing.

                  7.3      Jameson shall deliver to Seller:

                           a.       Certificates representing the Shares in such
                  denominations as Seller may designate, such certificates to
                  bear the legends described in Section 6.3 above; and

                           b.       A certificate executed by an authorized
                  officer of Seller stating that all of the representations and
                  warranties of Jameson set forth in this Agreement are true and
                  correct at the time of Closing.

                  7.4      The parties shall adjust, apportion, and prorate all
         ad valorem taxes on personal property, all real estate taxes, general
         and special assessments, municipal improvements liens, liens on
         property purchased, and all prepaid expenses, utility charges, rents or
         other like charges levied, assessed, or imposed upon any of the Assets
         being sold hereunder. Should any such tax, assessment, or charge be
         undetermined on the Closing Date, the last determined tax, assessment,
         or charge shall be used for the

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         purpose of adjustment. If not finalized at the Closing, all adjustments
         shall take place as soon thereafter as is practicable.

         8.       UNDERSTANDING OF THE PARTIES REGARDING ASSIGNMENT OF RIGHTS
UNDER BILLBOARD AGREEMENTS. The Contractual Assets consist in part of certain
contractual rights of Seller held in its own name or as successor by merger to
certain other entities (Seller and each of such predecessor entities being
referred to as "Jameson"in the Billboard Agreements, as defined herein) under
certain agreements (styled therein and referred to hereinafter as the "Billboard
Agreements") between Seller and/or one of such predecessor entities and a party
denominated as "Advertiser" thereunder. Acknowledging the legal identity in
certain Billboard Agreements of the entity denominated therein as "Jameson" and
the entity denominated as "Advertiser," the parties agree that in the event the
assignment by Seller to Buyer pursuant to this Agreement of Seller's rights as
"Jameson" under the Billboard Agreements is ever challenged or declared void or
invalid as a result of such identity of the parties thereto, Buyer and Seller
shall, effective at the Closing Date, be deemed to have entered de novo into
legally binding agreements having terms and conditions identical to the terms
and conditions of the Billboard Agreements, Buyer having all of the rights,
duties and obligations of "Jameson" thereunder and Seller having all of the
rights, duties and obligations of the "Advertiser."

         9.       POST-CLOSING ASSISTANCE. After Closing, each of Buyer and
Seller at the request of the other and without further consideration agrees to
execute and deliver at its expense such other instruments of transfer or
assumption and take such other action as reasonably may be requested to
effectively carry out the provisions and intent of this Agreement and to put
Buyer in possession of the Assets.

         10.      INDEMNIFICATION.

                  10.1     Buyer shall indemnify, defend, and hold Seller
         harmless from and against any and all claims or actions, liabilities,
         losses, damages, costs, charges, including reasonable attorneys' fees,
         and other expenses of any kind which Seller may incur with respect to
         the Assets and which are predicated upon events or occurrences taking
         place subsequent to the Closing or due to the breach by Buyer of this
         Agreement or any representation or warranty of Buyer herein.

                  10.2     Seller shall indemnify, defend, and hold Buyer
         harmless from and against any and all claims or actions, liabilities,
         losses, damages, costs, charges, including reasonable attorneys' fees,
         and other expenses of any kind which Buyer may incur with respect to
         the Assets and which are predicated upon events or occurrences

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         taking place subsequent to the Closing or due to the breach by Buyer of
         this Agreement or any representation or warranty of Buyer herein.

                  10.2     Seller shall indemnify, defend, and hold Buyer
         harmless from and against any and all claims or actions, liabilities,
         losses, damages, costs, charges, including reasonable attorneys' fees,
         and other expenses of any kind which Buyer may incur with respect to
         the Assets and which are predicated upon events or occurrences taking
         place prior to the Closing or due to the breach by Seller of this
         Agreement or any representation or warranty of Seller herein.

                  10.3     Jameson shall indemnify, defend, and hold Seller
         harmless from and against any and all claims or actions, liabilities,
         losses, damages, costs, charges, including reasonable attorneys' fees,
         and other expenses of any kind which Seller may incur due to the breach
         by Jameson of this Agreement or any representation or warranty of
         Jameson herein.

         11.      BULK SALES ACT. Seller hereby guarantees that the sale
contemplated by this Agreement shall conform to the Bulk Sales Provisions of the
Uniform Commercial Code or other laws or regulations having similar purpose and
therefore agrees to indemnify and hold Buyer harmless from any liability, loss,
damage, cost, charge, or expense of any kind as a result of Seller's breach of
this Section 11. Seller further agrees that the Purchase Price received at the
Closing shall be applied to the satisfaction of any indebtedness to creditors
which is identified in any list of creditors prepared and furnished to Buyer in
compliance with such Bulk Sales laws.

         12.      SALES TAXES. Any sales, use or transfer taxes which may be
payable in connection with the transfer of the Assets to the Buyer shall be
borne solely by Seller, which shall indemnify and hold Buyer harmless therefrom.

         13.      PRESERVATION OF ASSETS. Prior to the Closing, Seller shall
preserve the Assets in good condition and in so doing shall exercise its best
efforts to (i) continue Seller's use of the Assets only in the ordinary and
usual course in accordance with its past practice, (ii) maintain and keep in
good repair all of the Assets, (iii) comply with all applicable laws, rules, and
regulations of each federal, state and municipal authority having jurisdiction
over Seller with respect to the Assets, and (iv) maintain Seller's insurance
coverage of the Assets in conformity with past practice.

         14.      CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER. The obligation
of Buyer to purchase the Assets and assume the Liabilities pursuant to this
Agreement shall be subject, at Buyer's option, to the following conditions:

                  14.1     NO MATERIAL ADVERSE CHANGE. There shall not have
         occurred any material adverse change in the condition of the Assets
         from the date of this Agreement until the conclusion of the Closing.

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                  14.2     REPRESENTATIONS AND WARRANTIES OF SELLER TRUE. All
         representations, warranties and other statements of Seller contained
         herein were true and correct when made and at and as of the Closing
         Date shall be true and correct as if made at the time of the Closing.

                  14.3     CONSENTS AND AMENDMENTS. Seller shall have obtained
         all necessary written consents to the transactions contemplated by this
         Agreement and any amendments which may be required to any of the
         Contractual Assets.

                  14.4     LITIGATION. On the Closing Date, there shall not be
         any pending litigation in any court or any proceedings by or before any
         judicial, administrative or governmental commission, board, agency or
         other instrumentality adversely affecting the Assets or the
         consummation of the transactions contemplated by this Agreement.

                  14.5     FAIRNESS OPINION. Buyer and Jameson shall have
         obtained an opinion of Interstate/Johnson Lane Corporation dated the
         Closing Date stating that the consideration payable to Seller in
         connection with the transactions contemplated herein is fair, from a
         financial point of view, to shareholders of Jameson.

                  14.6     PERFORMANCE. Seller shall have performed and complied
         with all agreements and conditions required by this Agreement to be
         performed or complied with by Seller prior to or at the Closing.

         15.      CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER. The
obligation of Seller to sell the Assets to Buyer pursuant to this Agreement
shall be subject, at Seller's option, to the following conditions:

                  15.1     NO MATERIAL ADVERSE CHANGE. There shall not have
         occurred any material adverse change in the financial condition or
         operations of Buyer or Jameson from the date of this Agreement until
         the conclusion of the Closing.

                  15.2     REPRESENTATIONS AND WARRANTIES OF BUYER AND JAMESON
         TRUE. All representations, warranties, and other statements of Buyer
         and Jameson contained herein were true and correct when made and at and
         as of the Closing Date shall be true and correct as if made at and as
         of the Closing Date.

                  15.3     AMENDMENT TO JAMESON'S AMENDED AND RESTATED ARTICLES
         OF INCORPORATION. Jameson shall have filed with the Secretary of State
         of the State of Georgia an amendment to Jameson's Amended and Restated
         Articles of Incorporation increasing to an aggregate of one million two
         hundred seventy-two thousand seven

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         hundred twenty-seven (1,272,727) the number of authorized shares of
         Jameson's 9.25% Series A Cumulative Preferred Stock, par value $1.00
         per share.

                  15.4     LITIGATION. On the Closing Date, there shall not be
         any pending litigation in any court or any proceedings by or before any
         judicial, administrative or governmental commission, board, agency or
         other instrumentality materially adversely affecting Buyer's or
         Jameson's financial condition or operations or the consummation of the
         transactions contemplated by this Agreement.

                  15.5     PERFORMANCE. Buyer and Jameson shall have performed
         and complied with all agreements and conditions required by this
         Agreement to be performed or complied with by Buyer and Jameson,
         respectively, prior to or at the Closing.

         16.      NOTICES. Any notice or other communication required or
permitted hereunder shall be in writing and shall be deemed sufficiently given
if delivered personally or sent by certified mail, return receipt requested,
postage prepaid, addressed as listed below or to such other address as the party
concerned may substitute by notice to the other in accordance with the
provisions of this paragraph.

         If to Buyer:

                  Jameson Outdoor Advertising Company
                  8 Perimeter Center East
                  Suite 8050
                  Atlanta, GA 38346

         If to Seller:

                  Jameson Hospitality, LLC.
                  8 Perimeter Center East
                  Suite 8050
                  Atlanta, GA 38346

         If to Jameson:

                  Jameson Inns, Inc.
                  8 Perimeter Center East
                  Suite 8050
                  Atlanta, GA 38346

                                       10
<PAGE>   11

         17.      ENTIRE AGREEMENT. This Agreement sets forth the entire
agreement and understanding of the parties with respect to the transactions
contemplated hereby. No representation, promise, inducement, or statement of
intention has been made by Buyer, Seller or Jameson which is not embodied in
this Agreement. None of Buyer, Seller or Jameson shall be bound by or liable for
any alleged misrepresentation, promise, inducement or statement of intention not
so set forth.

         18.      ASSIGNMENTS. Neither this Agreement nor any of the rights or
duties of the parties hereto may be assigned by any party without the consent of
the other parties.

         19.      AMENDMENT. This Agreement may be changed, modified or amended
only by an instrument in writing duly executed by the parties.

         20.      WAIVER. No consent or waiver, express or implied, by a party
to or of any breach by another in the performance by such other of its
obligations hereunder shall be deemed or construed to be a consent or waiver to
or of any other breach in the performance by such other party of the same or any
other obligations of such party hereunder. Failure on the part of a party to
complain of any act or failure to act of another, irrespective of how long such
failure continues, shall not constitute a waiver by such party of its rights
hereunder.

         21.      GOVERNING LAW. This Agreement shall be construed and enforced
in accordance with the laws of the State of Georgia without regard to the
conflict of laws provisions thereof.

         22.      COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original and all of which shall
constitute but one and the same instrument.

         23.      SEVERABILITY. If any term or provision of this Agreement is
held by a court of competent jurisdiction to be invalid, void or unenforceable,
the balance of this Agreement shall remain in full force and effect and shall
not be affected, impaired or invalidated thereby.

         24.      LITIGATION COSTS. If a party commences litigation to enforce
any of the provisions of this Agreement, the nonprevailing party in such
litigation shall reimburse the prevailing party for all reasonable costs and
expenses incurred in the pursuit of such litigation, including reasonable
attorneys' fees.

         25. EXPENSES. The parties shall each be responsible for their own
respective costs, expenses and fees (including without limitation attorneys'
fees) incurred in connection with this Agreement and the transactions
contemplated hereby, and agree to indemnify and hold each other harmless from
and against any and all liabilities or claims with respect to such expenses,
costs, or fees.

                                       11
<PAGE>   12

         26. NO THIRD-PARTY BENEFICIARIES. Except for proper heirs, successors
and permitted assigns, the parties intend that no third party shall have any
rights or claims by reason of this Agreement.

                                       12
<PAGE>   13

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective representatives, thereunto duly authorized, as of
the day and year first above written.

                                    SELLER:

ATTEST:                             JAMESON HOSPITALITY, LLC

                                    By:
------------------------------         --------------------------------
         Secretary                      Thomas W. Kitchin,  President

                                     BUYER:

ATTEST:                             JAMESON OUTDOOR ADVERTISING COMPANY

                                    By:
------------------------------         --------------------------------
         Secretary                       Craig R. Kitchin,  President

                                    JAMESON:

ATTEST:                                     JAMESON INNS, INC.

                                    By:
------------------------------         --------------------------------
         Secretary                         Craig R. Kitchin, President

                                       13

<PAGE>   14
                                    EXHIBIT A
                                       TO
                            ASSET PURCHASE AGREEMENT

                                       14

<PAGE>   15
                                    EXHIBIT B
                                       TO
                            ASSET PURCHASE AGREEMENT

                                       15

<PAGE>   16
EXHIBIT C

                                       TO
                            ASSET PURCHASE AGREEMENT

                                       16

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