MED Healthcare Partners LLC agreed to acquire four skilled nursing facilities in Alabama, Georgia and Oklahoma from Regional Health Properties, Inc. (AMEX:RHE) for $28.5 million on April 15, 2019. The consideration is prorated and adjusted in accordance with the agreement. Pursuant to the agreement, MED deposited a first deposit of $0.15 million into an escrow account. A second deposit of $0.15 million is due after the expiration of the due diligence period. MED may terminate the agreement by written notice to Regional for any reason or no reason and receive the return of its first deposit. If MED does not terminate the agreement for any or no reason prior to the expiration of the due diligence period and fails to timely make the second deposit of $0.15 million, then such failure shall be a default and Regional may then elect to terminate the agreement and receive the first deposit of $0.15 million as liquidated damages. The due diligence period will expire on May 15, 2019. The transaction is subject to specified closing conditions, including a thirty day due diligence period by MED. The transaction is expected to close thirty days after the expiration of the due diligence period. As of June 11, 2019, MED and Regional entered into an amendment to the agreement, pursuant to which, MED and Regional agreed to the following, that the due diligence period has thus expired as of June 3, 2019, and that the scheduled closing date, subject to satisfaction or waiver of customary terms and conditions, will occur on August 1, 2019, but may be extended by up to 15 days if MED notifies Regional in writing by July 29, 2019. In accordance with the agreement MED deposited the first deposit of $0.15 million and the second deposit of $0.15 million into an escrow account. As on August 2, 2019, MED completed the acquisition of three of the four skilled nursing properties located in Oklahoma, Alabama and Georgia for the purchase price of $26.1 million in cash. Regional and MED agreed to extend the closing date on the fourth property located in Oklahoma to August 28, 2019, such closing date may be further extended to September 30, 2019 if MED provides notice to Regional Health Properties in writing by August 28, 2019 and pays a non-refundable fee of $0.075 million and reduce the purchase price for the Northwest Facility by approximately $0.1 million for building improvements. Regional used the cash proceeds from the sale to pay a net of approximately $1 million in outstanding interest, fees, and other costs and to repay $24.7 million in debt which was secured by the four skilled nursing facilities subject to the purchase and sale agreement. As a result of such repayment, the Company has extinguished all debt owing to Pinecone Realty Partners II, LLC and Congressional Bank. Brooks Blackmon, Trent Gherardini and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of four skilled nursing facilities in Alabama, Georgia and Oklahoma. Stacy Flanigan of Gutnicki LLP acted as legal advisor to MED Healthcare and William S. Sugden of Alston & Bird LLP acted as legal advisor to Regional Health.