Document:

Exhibit 10.260

 

STATE OF GEORGIA

COUNTY OF FULTON

 

G U A R A N T Y

 

WHEREAS, Adcare Health Systems, Inc., hereinafter called “Guarantor,” has an interest in the financial affairs of SUMTER VALLEY PROPERTY HOLDINGS, LLC AND GEORGETOWN HC&R PROPERTY HOLDINGS, LLC, hereinafter collectively called “Borrower”;

 

WHEREAS, METRO CITY BANK, hereinafter called “Lender,” proposes to make certain financial accommodations to the Borrower; and

 

WHEREAS, such financial accommodations will benefit Guarantor and Guarantor desires to induce Lender to make its financial accommodations to the Borrower.

 

NOW, THEREFORE, to induce Lender to make certain financial accommodations to the Borrower, including, without limitation, the lending of funds to the Borrower pursuant to that certain Promissory Note dated of even date herewith, made by the Borrower payable to the order of Lender, in the original principal amount of SIX MILLION NINE HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($6,950,000.00), hereinafter called the “Note”, and in consideration of such financial accommodations and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Guarantor, Guarantor unconditionally guarantees the full, prompt and complete payment when due, whether by declaration or otherwise, and at all times hereafter, of all obligations and indebtedness now or hereafter owing by the Borrower to Lender as evidenced by the Note and by any document executed or delivered in connection with the transaction resulting in the indebtedness evidenced by the Note, together with any and all renewal or renewals, extension or extensions, modification or modifications thereof, and substitution or substitutions therefor, either in whole or in part (all such obligations and indebtedness being hereinafter collectively called the “Liabilities”).  Guarantor agrees that, if the Liabilities are not paid by the Borrower when due, Guarantor will immediately do so.  Guarantor further agrees to pay all expenses (including attorneys’ fees) paid or incurred in endeavoring to enforce this Guaranty and the payment of the Liabilities.

 

Guarantor waives presentment, demand, dishonor, notice of dishonor, protest, and all other notices whatsoever, including, without limitation, notices of acceptance hereof, of all contracts and commitments, of the existence or creation of any of the Liabilities, or the amounts and terms thereof, and all defaults, disputes or controversies with the Borrower, and of the settlement, compromise or adjustment thereof.  Guarantor agrees that Lender shall have full authority, without obtaining the consent of, giving notice to, or affecting the liability of Guarantor, to make changes of terms, to withdraw or extend credit or time to pay, to release the whole or any part of any indebtedness, to settle or compound differences for less than the full amount owing, to accept or release security, to accept, compromise or release the primary or secondary liability of any person or persons with respect to any of the Liabilities, to accept Note, trade acceptances or any other form of obligation for the Liabilities, to make arrangements or settlements in or out of court in the case of receivership, liquidation, readjustment, bankruptcy, reorganization, arrangement or an assignment for the benefit of creditors and to do anything, whether or not herein specified, which may be done or waived by or between Lender and the Borrower.  The making of such arrangements, settlements, 

 

 

compromises, adjustments, releases, and extensions of time shall not diminish, discharge, modify, reduce, extinguish or otherwise affect the liability of Guarantor hereunder for the full amount of the Liabilities.  Guarantor further agrees that no act or omission on the part of Lender shall in any way affect, impede or impair this Guaranty.

 

This Guaranty shall be enforceable without Lender having to proceed first against the Borrower (the right to require Lender to take action against the Borrower as required by O.C.G.A. §10-7-24 being hereby expressly waived) or against any security for the payment of the Liabilities, and shall be effective regardless of the solvency or insolvency of the Borrower, any reorganization, merger or consolidation of the Borrower, or any change in the composition, nature, personnel or location of the Borrower.

 

This Guaranty shall be binding upon and enforceable against the Guarantor and upon the legal representatives, successors and assigns of the Guarantor.  The liability of the Guarantor and the legal representatives, successors and assigns of the Guarantor hereunder is joint and several, primary and unconditional, and shall not be subject to any claim of offset, counterclaim or defense of the Borrower.

 

This Guaranty shall be irrevocable, absolute and unconditional and shall remain in full force and effect as to Guarantor until such time as all of the Liabilities shall have been paid and satisfied in full.  No delay or failure on the part of the Lender in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by Lender of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy.

 

This Guaranty shall remain in full force and effect, and Guarantor shall continue to be liable for the payment of the Liabilities in accordance with the original terms of the documents and instruments evidencing and securing the same, notwithstanding the commencement of any bankruptcy, reorganization or other debtor relief proceeding by or against the Borrower, and notwithstanding any modification or amendment of any document or instrument evidencing or securing any of the Liabilities, any stay of the exercise by Lender of any of its rights and remedies against the Borrower with respect to any of the Liabilities, or any cure of any default by the Borrower under any document or instrument evidencing or securing any of the Liabilities, which may be effected in connection with any such proceeding, whether permanent or temporary, and notwithstanding any assent thereto by Lender.

 

Lender may, without notice of any kind, sell, assign or transfer all or any of the Liabilities, and in such event each and every immediate and successive assignee, transferee or holder of all or any of the Liabilities shall have the right to enforce this Guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as if such person were herein by name specifically given such rights, powers and benefits, but Lender shall have an unimpaired right to enforce this Guaranty for its benefit as to so much of the Liabilities as Lender has not sold, assigned, or transferred.

 

The records of Lender showing the account between Lender and the Borrower shall be admissible in evidence in any action or proceeding hereon as prima facie proof of the items therein set forth.

 

This Guaranty shall be governed by, construed under and interpreted and enforced in accordance with the laws of the State of Georgia.

 

 

Guarantor hereby submits to personal jurisdiction in the State of Georgia for the enforcement of this Guaranty and waives any and all personal rights under the laws of any other state or the United States to object to jurisdiction within the State of Georgia for the purposes of litigation to enforce this Guaranty.  In the event that such litigation is commenced, Guarantor agrees that service of process may be made, and personal jurisdiction over Guarantor obtained, by the serving of a copy of the summons and complaint upon Guarantor at the following address:

 

1145 Hembree Road

Roswell, Georgia 30076

 

Nothing contained herein shall prevent Lender from bringing any action or exercising any rights against any security given to Lender by the Borrower or Guarantor, or against Guarantor personally, or against any property of Guarantor, within any other state.  Commencement of any such action or proceeding in any other state shall not constitute a waiver of the agreement that the laws of the State of Georgia shall govern the rights and obligations of Guarantor and Lender hereunder or of the submission made by Guarantor to personal jurisdiction within the State of Georgia.  The aforesaid means of obtaining personal jurisdiction and perfecting service of process are not intended to be exclusive but are cumulative and in addition to all other means of obtaining personal jurisdiction and perfecting service of process now or hereafter provided by the laws of the State of Georgia.

 

Guarantor warrants and represents to Lender that any financial statements heretofore delivered by Guarantor to Lender were true and correct in all respects as of the date delivered to Lender, and that there has been no material adverse change in the financial condition of Guarantor since the date of such statement.

 

Guarantor hereby represents and covenants that (a) this Guaranty constitutes a valid and legally binding obligation of Guarantor and does not violate, conflict with, or constitute any default under any law, government regulation, decree, judgment or any other agreement or instrument binding upon such Guarantor, and (b) Guarantor has full power and authority to incur the obligations provided for herein.

 

Guarantor agrees that Guarantor shall have no right to recover against the Borrower by way of subrogation to the rights of Lender on account of any payment by Guarantor to Lender hereunder until all of the Liabilities have been paid and satisfied in full, and Guarantor hereby waives, releases and relinquishes any such rights of subrogation to such extent.

 

In the event that any provision hereof is deemed to be invalid by reason of the operation of any law or by reason of the interpretation placed thereon by any court, this Guaranty shall be construed as not containing such provision, and the invalidity of such provision shall not affect other provisions hereof which are otherwise lawful and valid and shall remain in full force and effect.

 

This Guaranty has been negotiated, and is being executed and delivered in the State of Georgia, or if executed elsewhere, shall become effective upon Lender’s receipt and acceptance of the executed original of this Guaranty in the State of Georgia; provided, however, that Lender shall have no obligation to 

 

 

give, nor shall Guarantor be entitled to receive, any notice of such acceptance for this Guaranty to become a binding obligation of Guarantor.

 

 

(Signature page for Adcare guaranty)

 

IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed under seal and Guarantor has delivered this Guaranty to Lender, all as of the 31st day of December, 2012.

 

	
 
    	
GUARANTOR:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
ADCARE HEALTH SYSTEMS, INC.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/   [Illegible]
    	
 
    	
By:
    	
/s/   Boyd P. Gentry
    	
 
    
	
WITNESS
    	
 
    	
Boyd   P. Gentry, Chief
    	
 
    
	
 
    	
 
    	
Executive   Officer
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
(Corporate Seal)Exhibit 10.261

 

SECURITY AGREEMENT

 

WHEREAS, Georgetown HC&R Property Holdings, LLC and Georgetown HC&R Nursing, LLC (hereinafter collectively referred to as “Debtor”), have requested METRO CITY BANK (hereinafter referred to as “Secured Party” or “Lender”), to loan to Sumter Valley Property Holdings, LLC and Georgetown HC&R Property Holdings, LLC the sum of $6,950,000.00 (the “Loan”), evidenced by a Promissory Note (the “Note”) and guaranty agreements of even date herewith and in said principal amount; and

 

WHEREAS, to induce Lender to make the Loan, Debtor has agreed to execute this Security Agreement as security for its obligations under the Note.

 

NOW, THEREFORE, in consideration of Lender making the Loan, and as an inducement to do so, intending to be legally bound, Debtor hereby covenants and agrees with Lender as follows:

 

1.                                      Definitions.  All terms used herein which are defined in the Georgia Uniform Commercial Code (the “Code”) shall have the same meanings herein as in the Code unless the context in which such terms are used herein indicates otherwise.

 

2.                                      Security Interest.  Debtor hereby grants to Lender a security interest in the personal property and interests therein, of whatsoever kind or nature, tangible and intangible, now owned or hereafter acquired by Debtor, in the following:

 

(a)                                 all goods, including without limitation, equipment, machinery, appliances, furniture, furnishings and fixtures, now owned or hereafter acquired by Debtor, wherever located, including without limitation those items listed on Exhibit “A” attached hereto;

 

(b)                                 all substitutions for, renewals of, improvements, replacements and additions to, and the products and proceeds (cash and non-cash) of all of the foregoing including the cash collateral of $654,940.00 deposited with Lender at closing; and

 

(c)                                  all insurance policies, books and records of Debtor pertaining to the property described in subsection (a) above including without limitation credit files, computer programs, printouts and other computer materials and records.

 

All such property subject to Lender’s security interest described in this Section 2 is referred to herein collectively as the “Collateral.”

 

All security interests in Collateral shall be deemed to arise and be perfected under and governed by the Code, except to the extent that such law does not apply to certain types of transactions or Collateral, in which case applicable law shall govern.

 

3.                                      Obligations Secured.  The Collateral shall secure the following obligations (the “Secured Obligations”):

 

(a)                                 all Obligations due under the Note (as such Note may be extended or modified);

 

(b)                                 all costs and expenses incurred by Lender in the collection or enforcement of the Note or the protection of the Collateral;

 

(c)                                  all future advances made by Lender for taxes, levies, insurance, and repairs to or maintenance of the Collateral or for any other reason; and

 

(d)                                 all other indebtedness or obligations owed by Debtor to Lender.

 

4.                                      Representations.  Debtor hereby makes the following representations and warranties which shall be true and correct on the date of this Agreement and shall continue to be true and correct at

 

 

the time of the creation of any Secured Obligations and until the Secured Obligations shall have been paid in full:

 

(a)                                 Debtor has (or will have upon its acquisition of after-acquired Collateral) good and marketable title to the Collateral, subject to no other lien, charge, security interest or other encumbrance (“Lien”); and

 

(b)                                 All of the Collateral and all books and records of Debtor are located at 2715 South Island Road, Georgetown, South Carolina 29440 (the “Premises”).

 

(c)                                  Georgetown HC&R Property Holdings, LLC is a limited liability company organized under the laws of the State of Georgia, and its mailing address is 1145 Hembree Road, Roswell, Georgia 30076 and its organizational identification number is 12070358.

 

(d)                                 Georgetown HC&R Nursing, LLC is a limited liability company organized under the laws of the State of Georgia, and its mailing address is 1145 Hembree Road, Roswell, Georgia 30076 and its organizational identification number is 12070361.

 

(e)                                  “Georgetown HC&R Property Holdings, LLC” and “Georgetown HC&R Nursing, LLC” are the correct legal names of the Debtor indicated on the public record of the Debtor’s jurisdiction of organization which shows the Debtor to be organized.

 

(f)                                   Debtor has used the following names and tradenames within the last five (5) years:  Georgetown Healthcare & Rehabilitation Center.

 

5.                                      Covenants.  Debtor covenants and agrees that until the Secured Obligations have been paid in full, Debtor shall:

 

(a)                                 not permit use of the Collateral for any illegal purposes;

 

(b)                                 not permit removal of any of the Collateral from the Premises unless Lender has given written consent in advance;

 

(c)                                  maintain at all times good and marketable title to all Collateral, free and clear of all Liens, and defend such title against the claims and demands of all persons;

 

(d)                                 not (i) affix the Collateral or permit the Collateral to be affixed to real estate or to any other goods, (ii) lease, mortgage, pledge or encumber the Collateral, (iii) permit the Collateral’s identity to be lost, (iv) permit the Collateral to be levied upon or attached under any legal process, or (v) except inventory customarily sold by Debtor in the ordinary course of business and so sold in such manner for full value, sell, consign, part with possession of, or otherwise dispose of the Collateral or any rights therein, except as Lender may grant its prior specific written consent with respect to acts or events specified in subsections (i), (ii) or (v) hereof;

 

(e)                                  maintain the Collateral in good condition and repair, excepting only reasonable wear and tear; pay and discharge all taxes and other levies on the Collateral, as well as the costs of repair and maintenance thereof; and furnish to Lender upon request documentary proof of payment of such taxes, levies and costs;

 

(f)                                   provide financial or other information, documentation or certifications to Lender, including tax returns, balance sheets and income statements, all in form and content satisfactory to Lender within one hundred twenty (120) days after the fiscal year end;

 

(g)                                  execute, upon demand by Lender, any financing statements or other documents which Lender may deem necessary to perfect or maintain perfection of the security interests created in this Agreement and pay all costs and fees pertaining to the filing of any financing, continuation or termination statements with regard to such security interests;

 

 

(h)                                 pay, upon demand, all amounts incurred by Lender in connection with any action or proceeding taken or commenced by Lender to enforce this Agreement or protect, insure or realize upon the Collateral, including attorney’s without limitation fees and all costs of legal proceedings;

 

(i)                                     not change its name unless it has given the Lender thirty days prior written notice thereof and executed, at the request of Lender, such additional financing statements to be filed in such jurisdictions as the Lender may deem necessary or desirable in its sole discretion, or

 

(j)                                    not merge or consolidate into, or transfer, sell or assign any of the Collateral to any other person or entity without the prior written consent of Lender.

 

6.                                      Insurance.  Debtor, at its sole expense, shall maintain insurance for hazard, fire, theft, vandalization and extended coverage in an amount equal to at least ninety percent (90%) of replacement value on all equipment and tangible assets in such form, with companies having at least an A rating, and otherwise comply with such requirements as Lender in its sole discretion may from time to time impose.  With respect to such policies:

 

(a)                                 Lender shall be named as a loss payee.

 

(b)                                 Debtor empowers Lender to adjust or compromise any losses under such policies, collect and receive all proceeds thereof and execute and endorse in Debtor’s name all proofs of loss, drafts, checks and any other documents or instruments necessary to accomplish such collection.

 

(c)                                  Debtor authorizes and directs each insurance company to pay all such proceeds directly and solely to Lender;

 

(d)                                 All policies shall only be cancelable after thirty (30) days prior notice to Lender;

 

(e)                                  Debtor shall provide evidence of replacement or renewal policies at least thirty (30) days prior to the expiration of any policy.

 

(f)                                   The net proceeds collected by Lender relating to casualty losses of Collateral, after deducting all costs and expenses (including without limitation attorney’s fees) of collection shall be applied as follows:

 

i.                                          If no Event of Default (as hereinafter defined) exists, the net proceeds shall be applied, at Debtor’s option, either toward replacing or restoring the Collateral, in the manner and on terms reasonably satisfactory to Debtor, or to the payment of the Secured Obligations.

 

ii.                                       Except as provided in clause (i), the net proceeds shall, at Lender’s option, be applied to the payment of the Secured Obligations.

 

Any proceeds applied to the payment of the Secured Obligations shall be applied in such manner as Lender may elect.  In no event shall such application relieve Debtor from payment in full of all Secured Obligations which thereafter become due in the order of maturity thereof.

 

(g)                                  Debtor shall maintain collision/liability insurance on all vehicles used in the operation of Debtor’s business.

 

7.                                      Protection of Collateral.  In the event of the failure of the Debtor to (a) maintain in force and pay for any insurance required hereunder, (b) keep the Collateral in good repair and operating condition, (c) keep the Collateral free from any Liens, (d) pay when due all taxes, levies and assessments on or in respect of the Collateral, and (e) perform any other obligations of Debtor hereunder, Lender, at its option, may (but shall not be required to) procure and pay for such insurance, place the Collateral in good repair and operating condition, or otherwise correct any other aforesaid failure of the Debtor, and all sums advanced by Lender shall be part of the Secured Obligations and payable on demand.

 

 

8.                                      Events of Default.  The occurrence of one or more of the following events shall, at the option of the Lender, constitute an Event of Default hereunder:

 

(a)                                 failure of Debtor to pay any installment of principal or interest as required under the Note as the same shall become due and payable;

 

(b)                                 failure by Debtor to comply with any covenant or agreement contained herein;

 

(c)                                  dissolution or termination of existence of the Debtor;

 

(d)                                 the making of an assignment for the benefit or creditors of Debtor;

 

(e)                                  the filing of any amendment to or termination of a financing statement naming the Debtor as Debtor and the Lender as Secured Party, or any correction statement with respect thereto, in any jurisdiction by any party other than Lender or its counsel without the prior written consent of the Lender;

 

(f)                                   the consenting to the appointment of a receiver for all or a substantial part of the Debtor’s assets; or

 

(g)                                  the voluntary or involuntary filing of a petition in bankruptcy, by or against Debtor, or for reorganization under the Bankruptcy Code as now or hereafter in effect; provided, however, that an involuntary filing shall not constitute an Event of Default if the same is dismissed within sixty (60) days from the date of filing thereof.

 

9.                                      Remedies.  Upon the occurrence of any Event of Default, Lender may immediately and without demand or notice exercise any of its rights and remedies granted herein or under applicable law, or which it may otherwise have, against the Debtor, the Collateral, or otherwise, and may do any or all of the following:

 

(a)                                 Declare all of the indebtedness represented by the Note and any other indebtedness due Secured Party by Debtor to be immediately due and payable and this Agreement in default and subject to any rights, option, and remedies of the Secured Party as set forth herein or provided under applicable law;

 

(b)                                 Inspect the Collateral at any reasonable time which shall be deemed to be during normal business hours (so long as Debtor is not in default, Lender shall only inspect the Collateral twice a year, at its option);

 

(c)                                  At any reasonable time, through its authorized agents and employees, inspect, audit, and verify the accounts and the inventory, review Debtor’s books and records, and copy or make excerpts from any document; and

 

(d)                                 Take immediate possession of the Collateral, sell or otherwise dispose of any or all of the Collateral, either at public or private sale, upon commercially reasonable terms, and either Debtor or Secured Party may become the purchaser thereof. Ten (10) days’ written notice of any proposed sale shall be given to Debtor and shall be deemed reasonable notice.  From the proceeds of any sale of the Collateral, Secured Party shall be entitled to retain: (i) all of Secured Party’s reasonable expenses of preparing for sale and selling the Collateral, including, but not limited to, reasonable attorneys’ fees incurred by Secured Party in connection therewith and (ii) all sums secured hereby allocated first to the payment of accrued interest and then to the payment of the principal amount of the Note.

 

In addition to all rights given to Lender by this Agreement, Lender shall have all the rights and remedies of a secured party under any applicable law, including without limitation, the Code.

 

 

10.                               Authorization to File Financing Statements.

 

The Debtor hereby authorizes the Lender, its counsel or its representative, at any time and from time to time, without the requirement of any further consent from or notice to Debtor, to file financing statements and amendments that describe the collateral covered by such financing statements as “all assets of the Debtor”, “all personal property of the Debtor” or words of similar effect, in such jurisdictions as the Lender may deem necessary or desirable in order to perfect the security interests granted by the Debtor under this Security Agreement, and any such financing statement filed prior to this date hereof by Lender evidencing a security interest in all Debtor’s personal property is hereby ratified.

 

11.                               Miscellaneous Provisions.

 

A.                                    If any provision hereby shall for any reason be held invalid or unenforceable, no other provision shall be affected thereby, and this Agreement shall be construed as if the invalid or unenforceable provision had never been a part of it.

 

B.                                    The descriptive headings of this Agreement are for convenience only and shall not in any way affect the meaning or construction of any provision hereof.

 

C.                                    The rights and privileges of Lender contained in this Agreement shall inure to the benefit of its successors and assigns, and the duties of Debtor shall bind all heirs, personal representatives, successors and assigns.

 

D.                                    This Agreement shall in all respects be governed by the laws of Georgia (except to the extent that federal law governs).

 

E.                                     Debtor hereby irrevocably appoints Lender and each holder hereof as Debtor’s attorney-in-fact to:  (1) endorse Debtor’s name to any draft or check which may be payable to Debtor in order to collect the proceeds of any insurance or any returned or unearned premiums in respect of any policies of insurance required to be maintained hereunder; (2) take any action Lender deems necessary to perfect or maintain perfection of any security interest granted to Lender herein, including executing any document on Debtor’s behalf; and (3) take such other action as Lender may deem appropriate for any such purpose including endorsement of checks made payable to Debtor for accounts receivable.  This appointment shall be deemed to be a power coupled with an interest.

 

F.                                      Copies or reproductions of this document or of any financing statement may be filed as a financing statement.

 

G.                                    Unless otherwise provided by law, notices required or permitted to be given hereunder shall be satisfied if such notice is hand-delivered, mailed, postage prepaid, by registered or certified mail, return receipt requested, or sent by overnight courier service, to the addresses of the parties hereto as shown below, or to such other address as either party may, from time to time, designate in writing.

 

	
If   to Lender:
    	
If to Debtor:
    
	
 
    	
 
    
	
METRO CITY BANK
   5441 Buford Highway, Suite 109
   Doraville, GA 30340
    	
SUMTER   VALLEY PROPERTY HOLDINGS, LLC and SUMTER N&R, LLC
    2715 South Island Road
   Georgetown, South Carolina 29440
    

 

Notice shall be deemed made when delivered.

 

 

H.                                   No failure or delay by Lender in exercising any right, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege.

 

(Remainder of page left intentionally blank)

 

 

(Signature page for Security Agreement — Georgetown)

 

IN WITNESS WHEREOF, Debtor has caused this document to be executed by its duly authorized representatives this 31st day of December, 2012.

 

	
 
    	
 
    	
“DEBTOR”
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Sworn   to before me:
    	
 
    	
GEORGETOWN   HC&R PROPERTY HOLDINGS, LLC  
    
	
 
    	
 
    	
 
    	
 
    
	
/s/   Ellen W. Smith
    	
 
    	
 
    	
 
    
	
Notary   Public
    	
 
    	
By:
    	
/s/   Boyd P. Gentry
    	
(SEAL)
    
	
 
    	
 
    	
 
    	
Boyd   P. Gentry, Manager 
    	
 
    
	
My   Commission Expires: 
    	
Jan. 30,   2016
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
(Notarial   Seal)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
GEORGETOWN HC&R NURSING, LLC
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Boyd P. Gentry
    	
(SEAL)
    
	
 
    	
 
    	
 
    	
Boyd P. Gentry, Manager
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
“SECURED   PARTY” OR “LENDER”
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
METRO CITY BANK
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   [Illegible]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Bank Seal)

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