Assignment of Purchase and Sale Agreement between AdCare Property Holdings, LLC and GL Nursing, LLC
AdCare Property Holdings, LLC is transferring all its rights and obligations under a Purchase and Sale Agreement for the Golden Years Manor nursing facility in Lonoke, Arkansas, to GL Nursing, LLC. GL Nursing, LLC agrees to assume all responsibilities under the original agreement and to reimburse AdCare for a $250,000 deposit, an extension fee, and any out-of-pocket costs related to the facility. The agreement is effective as of May 9, 2012, and the reimbursement must occur on or before the closing date specified in the original agreement.
Exhibit 10.30
ASSIGNMENT OF PURCHASE AND SALE AGREEMENT
FOR VALUE RECEIVED, ADCARE PROPERTY HOLDINGS, LLC, an Ohio limited liability company (“Assignor”) hereby transfers and assigns unto GL NURSING, LLC, a Georgia limited liability company (“Assignee”), all of Assignor’s right, title and interest in and to that certain Purchase and Sale Agreement effective as of January 17, 2012 (the “Agreement”), relating to that certain skilled nursing facility commonly known as Golden Years Manor and located at 1010 Barnes Street, Lonoke, Arkansas 72086 (the “Facility”). Assignee hereby assumes all obligations of Assignor under the Agreement.
On or before the Closing (as defined in the Agreement), Assignee agrees to reimburse Assignor for the Deposit and the extension fee in the amount of $250,000.00 and for all out-of-pocket costs relating to the Facility advanced by Assignor.
IN WITNESS WHEREOF, Assignor and Assignee have caused this Assignment of Purchase and Sale Agreement to be duly executed and delivered as of the 9th day of May, 2012.
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| ASSIGNEE: | ||
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| ADCARE PROPERTY HOLDINGS, LLC |
| GL NURSING, LLC | ||
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| By: | /s/ Boyd P. Gentry |
| By: | /s/ Christopher F. Brogdon |
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| Boyd P. Gentry, Manager |
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| Christopher F. Brogdon, Manager |
