GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Files An 8-K Material Modification to Rights of Security Holders
ITEM 3.03
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MATERIAL MODIFICATION TO RIGHTS OF SECURITY HOLDERS |
On May 3, 2017, Goodwill Hunting, LLC, a wholly-owned subsidiary
of Global Healthcare REIT, Inc. (the Company) entered into an
Allonge and Modification Agreement (Modification Agreement) with
the holders (Holders) of a Majority in Interest in outstanding
principal amount of unsecured notes in the aggregate amount of
$1.28 million. The Holders had previously executed an Agreement
by and among Lenders to which they agreed to act in concert in
accordance with the determination of the Holders owning a
Majority in Interest of the Notes.
Under the terms of the Modification Agreement, the Holders agreed
to extend the maturity date of their original notes to the
earlier of (i) December 31, 2019 or (ii) the sale or refinance of
the property, and waive accrued and unpaid interest through
December 31, 2017. Beginning January 1, 2018, interest will
accrue at the rate of 13% per annum, payable monthly. In return
the Company agreed to pay the Holders a one-time redemption
premium equal to 15% of the principal amount of each Holders note
upon repayment of the notes. A copy of the Allonge and
Modification Agreement is attached hereto as Exhibit 10.1.
| ITEM 9.01 | EXHIBITS |
| 10.1 | Allonge and Modification Agreement |
About GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS)
Global Healthcare REIT, Inc. operates as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company owns approximately nine healthcare properties, which are leased to third-party operators under triple-net operating terms. The Company’s approximately nine assisted-living facilities include Middle GA Nursing Home; Warrenton Nursing Home (Warrenton); Southern Hills Retirement Center; Goodwill Nursing Home; Edwards Redeemer Health & Rehab; Providence of Sparta Nursing Home; Providence of Greene Point Healthcare Center; Meadowview Healthcare Center, and Golden Years Manor Nursing Home. The Company’s Southern Hills Retirement Center consists of an Assisted Living facility (ALF), an Independent Living facility (ILF) and a Skilled Nursing facility (SNF). GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Recent Trading Information
GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) closed its last trading session 00.000 at 0.400 with 300 shares trading hands.