Letter Agreement Confirming Payment and Discharge of Working Capital Loan between PBG Medical Mall SNF, Ltd. and CareMatrix of Palm Beach Gardens (SNF), Inc.

Summary

This letter agreement, dated March 30, 1999, is between PBG Medical Mall SNF, Ltd. and CareMatrix of Palm Beach Gardens (SNF), Inc. It confirms that CareMatrix has paid $2,000,000 to PBG, which was used to fully repay a working capital loan from The Chase Manhattan Bank. The agreement also reiterates CareMatrix's responsibility for all expenses related to the operation of the leased property. Both parties acknowledge and agree to these terms by signing the letter.

EX-10.183 34 0034.txt LETTER AGREEMENT PBG MEDICAL MALL SNF, LTD. 197 FIRST AVENUE, NEEDHAM, MASSACHUSETTS 02494 Exhibit 10.183 As of March 30, 1999 CareMatrix of Palm Beach Gardens (SNF), Inc. 197 First Avenue Needham, Massachusetts 02494 Re: Assignment and Assumption Agreement dated as of April 3, 1998, by and among PBG Medical Mall SNF, Ltd ("PBG"), as assignor, and CareMatrix of Palm Beach Gardens (SNF), Inc. ("CareMatrix"), as assignee (the "Assignment") Ladies and Gentlemen: This letter agreement is intended to confirm our understanding with respect to certain aspects of the above-referenced Assignment and the lease assigned thereby (the "Lease"), and to acknowledge the payment by you of certain amounts in connection therewith. Capitalized terms used herein and not defined herein shall have the meanings for such terms set forth in the Lease. CareMatrix and PBG hereby confirm and agree that in connection with the Asignment, CareMatrix agreed to bear all expenses incurred in connection with the operation of the Leased Property, including, without limitation, that certain working capital loan from The Chase Manhattan Bank in the original principal amount of $2,000,000 (the "W/C Loan"). We hereby acknowledge that we have received from you today the sum of $2,000,000, which amount has been used by us to payoff and discharge in full all obligations under the W/C Loan. Please indicate your acknowledgement and agreement to the matters set forth herein by signing the enclosed counterpart of this letter where indicated and returning it to the undersigned. Very truly yours, PBG MEDICAL MALL SNF, LTD., a Florida limited partnership By: PBG Medical Mall SNF, Inc., general partner By:/s/ Abraham D. Gosman ---------------------- Name: Title: hereunto duly authorized Acknowledged and agreed as of this 30th day of March, 1999 CAREMATRIX OF PALM BEACH GARDENS (SNF), INC. By:/s/ David B. Currie -------------------- Name: David B. Currie Title:VP hereunto duly authorized