SEC Contract Filing

Filing Date: 2015-03-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.384
<SEQUENCE>27
<FILENAME>a12312014-ex10384keybankri.htm
<DESCRIPTION>EXHIBIT 10.384
<TEXT>
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 <title>12.31.2014 - Ex 10.384 KeyBank River Valley Note Exit Fees</title>
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<a name="s002e758c077f4168bca8c3a3e4b1cd2c"></a><div><div style="line-height:120%;text-indent:528px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Exhibit 10.384</font></div></div><br><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">PROMISSORY NOTE</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(River Valley)</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$170,000.00</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;">&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;&#32;February 25, 2015</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">FOR VALUE RECEIVED, </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ADCARE HEALTH SYSTEMS, INC.</font><font style="font-family:inherit;font-size:11pt;">, a Georgia corporation (</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#8220;Borrower&#8221;</font><font style="font-family:inherit;font-size:11pt;">), hereby promises to pay to the order of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">KEYBANK NATIONAL ASSOCIATION</font><font style="font-family:inherit;font-size:11pt;">, a national banking association (together with any and all of its successors and assigns and/or any other holder of this Note, </font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#8220;Lender&#8221;</font><font style="font-family:inherit;font-size:11pt;">), without offset, in immediately available funds in lawful money of the United States of America, at 1200 Abernathy Road, NE, Suite 1550, Atlanta, Georgia 30328 (or such other address as Lender may designate in written notice to Borrower from time to time), the principal sum of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">ONE HUNDRED SEVENTY THOUSAND AND NO/100 DOLLARS ($170,000.00)</font><font style="font-family:inherit;font-size:11pt;">&#32;(the </font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">&#8220;Indebtedness&#8221;</font><font style="font-family:inherit;font-size:11pt;">), as hereinafter provided.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Section 1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Indebtedness</font><font style="font-family:inherit;font-size:11pt;">. The Indebtedness represents the portion of certain deferred &#8220;exit fees&#8221; allocated by Borrower and Lender to the skilled nursing facility identified as the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Facility</font><font style="font-family:inherit;font-size:11pt;">&#8221; on </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Schedule&#160;1</font><font style="font-family:inherit;font-size:11pt;">&#32;attached hereto and incorporated herein by this reference, which fees are owing by Borrower to Lender in connection with a mortgage loan in the original principal amount of $16,500,000 (the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Mortgage Loan</font><font style="font-family:inherit;font-size:11pt;">&#8221;), made by Lender to the subsidiaries of Borrower identified on </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Schedule&#160;1</font><font style="font-family:inherit;font-size:11pt;">&#32;hereto as the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Mortgage Loan Borrowers,</font><font style="font-family:inherit;font-size:11pt;">&#8221; pursuant to that certain Secured Loan Agreement dated as of December&#160;28, 2012, as amended prior to the date hereof (the &#8