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$835,000
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Columbus, Ohio
April 27, 2006
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FOR VALUE
RECEIVED, the undersigned Assured Health Care, Inc. and AdCare
Health Systems, Inc. (herein, collectively, “Maker”)
hereby jointly and severally promise to pay to Homer R. McKnight
(“Holder”) the principal amount of $835,000, together
with interest on the unpaid principal at a rate equal to the prime
rate then in effect. For purposes of this Note at the “prime
rate” will be the prime rate as announced by Huntington
National Bank in Columbus, Ohio from time to time, or its
successor, if applicable. The interest rate will be adjusted
monthly on the first day of each month beginning June 1, 2006.
The terms, conditions and provisions of this Note are further set
forth below.
Section 1.
Payments . Interest payments will be made on the unpaid
principal balance monthly on the first day of each month beginning
June 1, 2006. The entire principal balance, together with any
accrued and unpaid interest, will be due in full on or prior to
May 1, 2007. There will be no prepayment penalty associated
with this Note.
Section 2.
Default . In the event that Maker fails to pay principal or
interest when due, Maker is thereupon in default under this
Note.
Section 3.
Waiver; Extension . Maker hereby waives presentment for
payment, demand, protest, notice of protest and notice of dishonor
on this Note. Holder may extend the tim
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