v2.3.0.11
Subsequent Events
6 Months Ended
Jun. 30, 2011
Subsequent Events  
Subsequent Events

NOTE 14 – SUBSEQUENT EVENTS

DVHB has a loan from Fifth Third Bank (the "Lender"), with an outstanding principal balance of approximately $ 1,582,788, and secured by a first mortgage on DVHB's properties in Guin, Alabama and Sulligent, Alabama (the "Real Estate Loan"). On July 8, 2011, DVHB and the Lender entered into that certain Amendment to Loan Agreement effective June 1, 2011, pursuant to which, among matters, (a) DVHB made a cash payment to reduce the outstanding principal balance of the Real Estate Loan to $1,256,000, (b) the term of the Real Estate Loan was extended to June 1, 2016, and (c) the variable interest rate was set at 400 basis points (4.00%) above the One-Month LIBOR-Index Rate. The Real Estate Loan is guaranteed by DVC and DVFC.