Document:

Exhibit 10.248

 

THIRD AMENDMENT TO CREDIT AGREEMENT

 

THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is made and entered into this 21st day of December, 2012, by and between ADK BONTERRA/PARKVIEW, LLC, a Georgia limited liability company (hereinafter referred to as “Borrower”), with its chief executive office at Two Buckhead Plaza, 3050 Peachtree Road NW, Suite 355, Atlanta, Georgia 30305, and GEMINO HEALTHCARE FINANCE, LLC, a Delaware limited liability company (hereinafter referred to as “Lender”) with an office at One International Plaza, Suite 220, Philadelphia, Pennsylvania 19113.

 

Recitals:

 

Lender and Borrower are parties to a certain Credit Agreement dated April 27, 2011 (as at any time amended, restated, modified or supplemented, the “Credit Agreement”) pursuant to which Lender has made certain revolving credit loans to Borrower.

 

The parties desire to amend the Credit Agreement as hereinafter set forth.

 

NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 

1.                                      Definitions.  All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms in the Credit Agreement.

 

2.                                      Amendments to Credit Agreement.  The Credit Agreement is hereby amended as follows:

 

(a)                                 By deleting Section 2.01(d) of the Credit Agreement and by substituting in lieu thereof the following:

 

(a)                                 The initial term of the Credit Facility (“Initial Term”) shall expire on January 31, 2014.  All Loans shall be repaid on or before the earlier of the last day of the Initial Term, termination of the Credit Facility or termination of this Agreement (“Maturity Date”).  After the Maturity Date no further Revolving Loans shall be available from Lender.

 

(b)                                 By deleting Section 6.06(b) of the Credit Agreement and by substituting in lieu thereof the following:

 

(b)                                 Maximum Loan Turn Days.  Borrowers and Non-Bonterra/Parkview Borrowers Borrowers shall maintain at all times a Maximum Loan Turn Days, measured quarterly at the end of the fiscal quarter ending December 31, 2012 and each fiscal quarter thereafter, of not greater than 40 days.

 

(c)                                  By adding the following Section 9.27 to the Credit Agreement immediately following Section 9.26 thereof:

 

9.27                        Liability for Obligations Under Affiliated Credit Agreement.  Notwithstanding anything to the contrary in this Agreement or the other Loan Documents, without the prior written consent of Bonterra/Parkview Lessor, no Borrower shall be obligated, directly or indirectly, for any indebtedness, liabilities and obligations of the Non-Bonterra/Parkview Borrowers to Lender, including the Obligations (as defined in the Affiliated Credit Agreement).

 

 

(d)                                 By deleting the definition of “Maximum Loan Turn Days” set forth in Annex I to the Credit Agreement and by substituting in lieu thereof the following:

 

“Maximum Loan Turn Days” means, as of any date of determination, (i) the result of (a) (1) the average daily outstanding balance of the Revolving Loans during the immediately preceding three (3) months, plus (2) the average daily outstanding balance of the Revolving Loans (as defined in the Affiliated Credit Agreement) during the immediately preceding three (3) months, divided by (b)(1) the average monthly Collections in the Commercial Lockbox and Government Lockbox for the immediately preceding three (3) months, plus (2) the average monthly Collections in the Commercial Lockbox and Government Lockbox (in each case with respect to the terms “Collections”, “Commercial Lockbox” and “Government Lockbox” used in this clause (2), as such term is defined in the Affiliated Credit Agreement) for the immediately preceding three (3) months multiplied by (ii) 30.

 

(e)                                  By adding the following definitions of “Affiliated Credit Agreement” and “Non-Bonterra/Parkview Borrowers” to Annex I to the Credit Agreement in appropriate alphabetical order:

 

“Affiliated Credit Agreement” means the Credit Agreement dated December 21, 2012, among Living Center, LLC, a Georgia limited liability company, Kenmetal, LLC, a Georgia limited liability company, Senior NH, LLC, a Georgia limited liability company, BAN NH, LLC, a Georgia limited liability company, and Oak Lake, LLC, a Georgia limited liability company, such other Persons from time to time party thereto as borrowers, and Lender.

 

“Non-Bonterra/Parkview Borrowers” means the “Borrowers” under (and as defined in) the Affiliated Credit Agreement.

 

3.                                      Ratification and Reaffirmation.  Borrower hereby ratifies and reaffirms the Obligations, each of the Loan Documents and all of Borrower’s covenants, duties, indebtedness and liabilities under the Loan Documents.

 

4.                                      Acknowledgments and Stipulations.  Borrower acknowledges and stipulates that the Credit Agreement and the other Loan Documents executed by Borrower are legal, valid and binding obligations of Borrower that are enforceable against Borrower in accordance with the terms thereof; all of the Obligations are owing and payable without defense, offset or counterclaim (and to the extent there exists any such defense, offset or counterclaim on the date hereof, the same is hereby waived by Borrower); the security interests and liens granted by Borrower in favor of Lender are duly perfected, first priority security interests and liens; and the unpaid principal amount of the Loans on and as of December 20, 2012, totaled $1,376,517.26.

 

5.                                      Representations and Warranties.  Borrower represents and warrants to Lender, to induce Lender to enter into this Amendment, that no Event of Default or Unmatured Event of Default exists on the date hereof; the execution, delivery and performance of this Amendment have been duly authorized by all requisite company action on the part of Borrower and this Amendment has been duly executed and delivered by Borrower; and all of the representations and warranties made by Borrower in the Credit Agreement are true and correct on and as of the date hereof.

 

6.                                      Reference to Credit Agreement.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement,” “hereunder,” or words of like import shall mean and be a reference to the Credit Agreement, as amended by this Amendment.

 

7.                                      Breach of Amendment.  This Amendment shall be part of the Credit Agreement and a breach of any representation, warranty or covenant herein shall constitute an Event of Default.

 

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8.                                      Conditions Precedent.  The effectiveness of the amendments contained in Section 2 hereof are subject to the satisfaction of each of the following conditions precedent, in form and substance satisfactory to Lender, unless satisfaction thereof is specifically waived in writing by Lender:

 

(a)                                 Lender shall have received a counterpart of this Amendment duly executed by Borrower;

 

(b)                                 Lender shall have received a Consent and Reaffirmation to this Amendment duly executed by ADK; and

 

(c)                                  The Affiliated Credit Agreement and the Loan Documents (as defined in the Affiliated Credit Agreement) shall be in full force and effect, and Lender shall have received fully executed counterparts of each.

 

9.                                      Expenses of Lender.  Borrower agrees to pay, on demand, all costs and expenses incurred by Lender in connection with the preparation, negotiation and execution of this Amendment and any other Loan Documents executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the costs and fees of Lender’s legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby.

 

10.                               Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania.

 

11.                               Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

12.                               No Novation, etc.  Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Credit Agreement or any of the other Loan Documents, each of which shall remain in full force and effect.  This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction, and the Credit Agreement as herein modified shall continue in full force and effect.

 

13.                               Counterparts; Electronic Signatures.  This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement.  Any manually executed signature page to this Amendment delivered by a party by facsimile or other electronic transmission shall be deemed to be an original signature hereto.

 

14.                               Further Assurances.  Borrower agrees to take such further actions as Lender shall reasonably request from time to time in connection herewith to evidence or give effect to the amendments set forth herein or any of the transactions contemplated hereby.

 

15.                               Section Titles.  Section titles and references used in this Amendment shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreements among the parties hereto.

 

16.                               Release of Claims.  To induce Lender to enter into this Amendment, Borrower hereby releases, acquits and forever discharges Lender, and all officers, directors, agents, employees, successors and assigns of Lender, from any and all liabilities, claims, demands, actions or causes of action of any kind or nature (if there be any), whether absolute or contingent, disputed or undisputed, at law or in equity, or known or unknown, that Borrower now has or ever had against Lender arising under or in

 

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connection with any of the Loan Documents or otherwise.  Borrower represents and warrants to Lender that Borrower has not transferred or assigned to any Person any claim that Borrower ever had or claimed to have against Lender.

 

17.                               Waiver of Jury Trial.  To the fullest extent permitted by applicable law, the parties hereto each hereby waives the right to trial by jury in any action, suit, counterclaim or proceeding arising out of or related to this Amendment.

 

[Remainder of page intentionally left blank; signatures begin on following page.]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective duly authorized officers on the date first written above.

 

	
BORROWER:
    	
ADK   BONTERRA/PARKVIEW, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Martin Brew
    
	
 
    	
 
    	
Martin   Brew, Chief Financial Officer
    

 

[Signatures continued on following page.]

 

Third Amendment to Credit Agreement (ADK Bonterra)

 

 

	
LENDER:
    	
GEMINO   HEALTHCARE FINANCE, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey M. Joslin
    
	
 
    	
 
    	
Jeffrey   M. Joslin, Senior Portfolio
    
	
 
    	
 
    	
Manager
    

 

Third Amendment to Credit Agreement (ADK Bonterra)

 

 

CONSENT AND REAFFIRMATION

 

The undersigned guarantor of the Obligations of Borrower at any time owing to Lender hereby (i) acknowledges receipt of a copy of the foregoing Third Amendment to Credit Agreement; (ii) consents to Borrower’s execution and delivery thereof and of the other documents, instruments or agreements Borrower agrees to execute and deliver pursuant thereto; (iii) agrees to be bound thereby; and (iv) affirms that nothing contained therein shall modify in any respect whatsoever its guaranty of the Obligations and reaffirms that such guaranty is and shall remain in full force and effect.

 

IN WITNESS WHEREOF, the undersigned has executed this Consent and Reaffirmation as of the date of such Third Amendment to Credit Agreement.

 

	
 
    	
ADCARE HEALTH SYSTEMS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/   s/ Martin Brew
    
	
 
    	
 
    	
Martin   Brew, Chief Financial Officer
    

 

Third Amendment to Credit Agreement (ADK Bonterra)Exhibit 10.249

 

MANAGEMENT AGREEMENT

 

THIS MANAGEMENT AGREEMENT (the “Agreement”) is made and entered into effective as of December 28, 2012, by and between NEW LINCOLN LTD., an Ohio limited partnership (“Operator”), and CHANCELLOR SENIOR MANAGEMENT, LTD., an Ohio limited liability company (hereinafter called “Manager”).

 

Operator and Manager agree that Manager shall manage that certain assisted living  facility commonly known as “Lincoln Lodge Retirement Residence” and located at 4950 West Broad Street, Columbus Ohio, 43228 (the “Facility”), on the following terms and conditions:

 

SECTION ONE:  MANAGEMENT DUTIES AND OBLIGATIONS

 

1.01                        Management of Facility. During the term of this Agreement, Manager shall supervise the management of the Facility including, but not limited to, staffing, billing, collections, setting of rates and charges and general administration.  In connection therewith, Manager (either directly or through supervision of employees of the Facility) shall:

 

(a)                                 Hire on behalf of Operator and maintain (to the extent such personnel are reasonably available in the community in which the Facility is located) an adequate staff of nurses, technicians, office and other employees, including an administrator, at wage and salary rates for various job classifications approved from time to time by Operator; and release employees at Manager’s discretion.  Operator and Manager agree that the Facility Administrator will be an employee of Manager (or Manager’s affiliate), and will be paid by Manager and not by Operator.

 

(b)                                 Recommend and institute, subject to approval of Operator, appropriate employee benefits.  Employee benefits may include pension and profit sharing plans, insurance benefits, incentive plans for key employees, and vacation policies.

 

(c)                                  Order, supervise and conduct a program of regular maintenance and repair of the Facility, except that physical improvements costing more than $5,000.00 shall be subject to prior approval of Operator, which shall not be unreasonably withheld.

 

(d)                                 Purchase supplies, drugs, solutions, equipment, furniture and furnishings on behalf of Operator, except that purchases of items of equipment which cost more than $5,000.00 shall be subject to prior approval of Operator, which shall not be unreasonably withheld.

 

(e)                                  Administer and schedule all services of the Facility.

 

(f)                                   Supervise and provide the operation of food service facilities.

 

(g)                                  Institute standards and procedures for admitting patients, for charging patients for services, and for collection of the charges from the patients or third parties.

 

(h)                                 Negotiate on behalf of Operator (and in conjunction with Operator’s counsel) with any labor union lawfully entitled to represent employees of the Operator who work

 

 

at the Facility, but any collective bargaining agreement or labor contract must be submitted to Operator for approval and execution.

 

(i)                                     Make periodic evaluation of the performance of all departments of the facility, paying particular attention to those departments where there is an inconsistency between expenditures and budget.

 

(j)                                    Advise and assist Operator in designing an adequate and appropriate public and personnel relations program.

 

(k)                                 Provide a monthly narrative report addressing the operations of the community, including progress towards goals, challenges and updated plans.

 

(l)                                     Develop a customized and aggressive marketing program to be implemented by the Facility that includes detailed lead tracking, sales person training, ongoing referral management and regular oversight by our team.

 

(m)                             Prepare a detailed annual budget based on current operations and proposed changes and improvements.

 

1.02                        Bank Accounts and Working Capital.  Manager shall deposit all funds received from the operation of the Facility in an Operating Account in a bank or banks presently being used by the Facility or such other banks as are designated from time to time by Manager.  Operator shall provide sufficient working capital for the operation of the Facility and shall make deposits in the Operating Account of such working capital from time to time.

 

1.03                        Access to Records and Facility. The books and records kept by Manager for the Facility shall be maintained at the Facility, although Manager shall have the right to maintain copies of such records at its home office for the purpose of providing services under this Agreement.  Manager shall make available to Operator, its agents, accountants and attorneys, during normal business hours, all books and records pertaining to the Facility and Manager shall promptly respond to any questions of Operator with respect to such books and records and shall confer with Operator at all reasonable times, upon request, concerning operation of the Facility.  In addition, Operator shall have access to the Facility at all reasonable hours for the purpose of examining or inspecting the Facility.

 

1.04                        Licenses.

 

(a)                                 Manager shall use its best efforts to manage the Facility in a manner necessary to maintain all necessary licenses, permits, consents, and approvals from all governmental agencies, which have jurisdiction over the operation of the Facility. Manager shall not assume the liability for any employee action, failure to act or negligence prohibiting the intent of this provision to be met.

 

(b)                                 Neither Operator nor Manager shall knowingly take any action which may (1) cause any governmental authority having jurisdiction over the operation of the Facility to institute any proceeding for the rescission or revocation of any necessary license, permit, consent or approval, or (2) adversely affect Operator’s right to accept and obtain payments under

 

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Medicare, Medicaid, or any other public or private medical payment program; however, this Agreement in no way guarantees or warrants that any or all of the above will not or could not occur.

 

(c)                                  Manager shall, with the written approval of Operator, have the right to contest by appropriate legal proceedings, diligently conducted in good faith, in the name of the Operator, the validity or application of any law, ordinance, rule, ruling, regulation, order or requirement of any governmental agency having jurisdiction over the operation of similar facilities. Operator shall cooperate with Manager with regard to the contest, and Operator shall pay the reasonable attorney’s fees incurred with regard to the contest. Counsel for any such contest shall be mutually selected by Manager and Operator. Manager shall have the right, without the written consent of the Operator, to process all third-party payment claims for the services of the Facility, including the full right to contest adjustments and denials by governmental agencies (or their fiscal intermediaries) as third-party payor.

 

1.05                        Taxes.  Any taxes or other governmental obligations properly imposed on the Facility are the obligations of the Operator, not of Manager, and shall be paid out of the operating Accounts of the Facility.  With the Operator’s written consent, Manager may contest the validity or amount of any such tax or imposition on the Facility in the same manner as described in Section 1.04(c).

 

SECTION TWO:  TERM AND TERMINATION

 

2.01                        Term.  The term of this Agreement shall commence on December 29, 2012 and shall terminate on the earlier of the closing of the acquisition of the Facility pursuant to that certain Purchase Agreement by and between AdCare Health Systems, Inc. and CHP Acquisition Company LLC, dated October 11, 2012, as amended, or notice by Operator of its intent to terminate the said Purchase Agreement.

 

SECTION THREE:  MANAGEMENT FEE; RENT

 

3.01                        Monthly Management Fee.  During each month of this Agreement, Operator shall pay Manager a fee in an amount equal to five percent (5%) of the gross revenue of the Facility computed in accordance with GAAP (the “Management Fee”).  The Management Fee for each month shall be payable within five (5) days following the delivery to Manager of the monthly financial report required pursuant to Section 1.01 for such month.  Any Management Fee or portion thereof not paid within ten (10) days following the date it was due shall be considered late and accrue interest at the simple rate of eight percent (8%) per annum.

 

3.02                        During each month of this Agreement Operator (i) shall provide “back office” accounting services for the Facility, (ii) shall pay all expenses related to Facility, including without limitation any outstanding debts on the Facility and (iii) shall receive from Manager a fee of $1,500.00 per month for such services.

 

SECTION FOUR:  COVENANTS OF OPERATOR

 

4.01                        Insurance.  Operator shall provide and maintain throughout the Term the following insurance with responsible companies, naming Operator and Manager (as its interest

 

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may appear) as insured thereunder in amounts approved by Manager and Operator.

 

(a)                                 public liability insurance and insurance against theft of or damage to patients’ property in the Facility or its Premises;

 

(b)                                 worker’s compensation, employers’ liability or similar insurance as may be required by law;

 

(c)                                  insurance against loss or damage to the Facility from fire and such other risks and casualties now or hereafter embraced by “Extended Coverage,” as well as such other risks and casualties with respect to which insurance is customarily carried for similar facilities;

 

(d)                                 business interruption insurance against loss of income due to the risks insured against under this Section 4.01;

 

(e)                                  such other insurance or additional insurance as Manager and Operator together shall reasonably deem necessary for protection against claims, liabilities and losses arising from the operation or Operatorship of the Facility.

 

If Operator fails to affect or maintain any such insurance, Operator will indemnify Manager against damage, loss or liability resulting from all risks for which such insurance should have been maintained, and Manager may affect such insurance as agent of Operator, but shall not be liable for its failure to do so, by taking out policies in such insurance companies as may be selected by Manager, running for a period not to exceed one year.

 

4.02                        Convalescent Services.  Operator covenants and agrees that Facility is and will continue to be a fully licensed skilled nursing facility containing 84 licensed beds.  Manager and Operator agree that the services rendered by the Facility will not, during the term hereof, be changed in any material respect, unless there shall first have been mutual agreement between Manager and Operator to such change.

 

SECTION FIVE:  MISCELLANEOUS

 

5.01                        Assignment by Manager.  Manager shall not assign its rights or obligations under this Agreement without the consent of Operator.

 

5.02                        Assignment by Operator.  Operator shall not assign its rights or obligations under this Agreement without notice to Manager.

 

5.03                        Binding on Successors and Assigns.  The terms, covenants, conditions, provisions and agreements herein contained shall be binding upon and inure to the benefit of the parties hereto, their heirs, administrators, executors, successors and assigns, subject to provisions of Section 5.01 and 5.02 above.

 

5.04                        Negation of Partnership, Joint Venture and Agency.  Nothing in this Agreement contained shall constitute or be construed to be or to create a partnership, joint venture or lease between Operator and Manager with respect to the Facility.  The parties intend for the relationship of Manager to Operator under this Agreement to be that of an independent

 

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contractor, not that of an agent.  Operator shall not have the power to control the time, method or manner of Manager’s performance hereunder.  Operator shall look solely to the results to be achieved by Manager, and nothing contained herein shall be construed to create a relationship of agency between Manager and Operator.

 

5.05                        Notices.  All notices hereunder by either party to the other shall be in writing.  All notices, demands and requests shall be deemed given when mailed, postage prepaid, registered, or certified mail, return receipt requested:

 

(a)                                 to Operator:                              New Lincoln Ltd.

1145 Hembree Road

Roswell, Georgia 30076

 

(b)                                 to Manager:                             Chancellor Senior Management, Ltd.

4100 Regent Street, Suite F

Columbus, Ohio  43219

 

or to such other address or to such other person as may be designated by notice given from time to time during the term by one party to the other.

 

5.06                        Entire Agreement.  This Agreement contains the entire agreement between the parties hereto, and no representations or agreements, oral or otherwise, between the parties not embodied herein or attached hereto shall be of any force and effect.  Any additions or amendments to this Agreement subsequent hereto shall be of no force and effect unless in writing and signed by the party to be bound.

 

5.07                        Governing Law.  This Agreement has been executed and delivered in the State of Ohio, and all the terms and provisions hereof and the rights and obligations of the parties hereto shall be construed and enforced in accordance with the laws thereof.

 

5.08                        Captions and Headings.  The captions and headings throughout this Agreement are for convenience and reference only, and the words contained therein shall in no way be held or deemed to define, limit, describe, explain, modify, amplify or add to the interpretation, construction or meaning of any provision of or the scope or intent of this Agreement nor in any way affect this Agreement.

 

5.09                        Disclaimer of Employment of Facility Employees.  No person employed by Operator in operation of the Facility will be an employee of Manager with the exception of the Facility Administrator, and Manager will have no liability for payment of wages, payroll taxes and other expenses of employment except (i) with respect to the Facility Administrator, and (ii) Manager’s obligation to exercise reasonable care in its management of the Facility and to properly apply available Facility funds to the payment of such wages and payroll taxes.

 

5.10                        Impossibility of Performance.  Neither party to this Agreement shall be deemed to be in violation of this Agreement if it is prevented from performing any of its obligations hereunder for any reason beyond its control, including without limitation, acts of God or of the public enemy, flood or storm, strikes or statutory regulation or rule of any federal, state, or local

 

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government, or any agency thereof.

 

5.11                        Non-assumption of Liabilities.  Manager shall not, by entering into and performing this Agreement, become liable for any of the existing or future obligations, liabilities or debts of Operator, and Manager shall not, by managing the Facility, assume or become liable for any of the obligations, debts and liabilities of Operator; and Manager will, in its role as manager of the Facility, have only the obligation to exercise reasonable care in its management and handling of the funds generated from the operation of the Facility.

 

5.12                        Responsibility for Misconduct of Employees and Other Personnel.  Manager will have no liability whatever for damages suffered on account of the dishonesty, willful misconduct or negligence of any employee of the Operator regarding the Facility in connection with damage or loss directly sustained by it by reason of the dishonesty, willful misconduct and gross negligence of Operator’s employees in the operation of the Facility during the term of this Agreement.

 

5.13                        Rights Cumulative, No Waiver.  No right or remedy herein conferred upon or reserved to either of the parties hereto is intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative and in addition to any other right or remedy given hereunder, or now or hereafter legally existing upon the occurrence of any event of default hereunder.  The failure of either party hereto to insist at any time upon the strict observance or performance of any of the provisions of this Agreement or to exercise any right or remedy as provided in this Agreement shall not impair any such right or remedy to be construed as a waiver or relinquishment thereof.  Every right and remedy given by this Agreement to the parties hereto may be exercised from time to time and as often as may be deemed expedient by the parties hereto, as the case may be.

 

5.14                        Invalid or Unenforceable Provisions.  If any terms, covenants or conditions of this Agreement or the application thereof to any person or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby and each term, covenant or condition of this Agreement shall be valid and shall be enforced to the fullest extent permitted by law.

 

5.15                        Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed an original and all such counterparts together shall constitute one and the same instrument.

 

5.16                        Authorization of Agreement.  Manager and Operator represent and warrant, each to the other, that this Agreement has been duly authorized by its respective Board of Directors and, if required by law, shareholders; and that this Agreement constitutes a valid and enforceable obligation of Manager and Operator in accordance with its terms.

 

[Signatures on following page]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement, as of the day and year first above written.

 

	
OPERATOR:
    	
MANAGER:
    
	
 
    	
 
    
	
NEW   LINCOLN LTD.,
    	
CHANCELLOR SENIOR   MANAGEMENT, LTD.,
    
	
an   Ohio limited partnership
    	
an Ohio limited liability company
    
	
 
    	
 
    
	
By:
    	
/s/   Boyd P. Gentry
    	
 
    	
By: CHANCELLOR HEALTH PARTNERS, INC.,
    
	
Name:
    	
Boyd   P. Gentry
    	
 
    	
an Ohio corporation, its Manager
    
	
Title:
    	
Authorized   Representative
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Roger C. Vincent
    
	
 
    	
 
    	
Roger C. Vincent
    
	
 
    	
 
    	
President
    

 

SIGNATURE PAGE

Management Agreement — Lincoln Lodge

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