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EXHIBIT 10.51

LTC PROPERTIES, INC.
RESTRICTED STOCK AGREEMENT

        LTC Properties, Inc., a Maryland corporation (the "Corporation"), and
«Grantee», an employee of the Corporation (the "Grantee"), for good and valuable
consideration the receipt and adequacy of which are hereby acknowledged and
intending to be legally bound hereby, agree as follows:

1.Restricted Stock Award.    The Corporation hereby confirms the award to the
Grantee on «Date» (the "Date of Award") of «Amount» shares of the Corporation's
Common Stock, $.01 par value (the "Restricted Stock"), under and subject to the
terms and conditions of the Corporation's 2004 Restricted Stock Plan (the
"Plan") and this Agreement. The Plan is incorporated by reference and made a
part of this Agreement as though set forth in full herein. Terms which are
capitalized but not defined in this Agreement have the same meaning as in the
Plan unless the context otherwise requires. This Restricted Stock Award is
contingent on and shall be effective only upon receipt by the Corporation of
this Agreement executed by the Grantee (the "Effective Date"). As of the
Effective Date, the Grantee will be a stockholder of the Corporation with
respect to the Restricted Stock and will have all the rights of a stockholder
with respect to the Restricted Stock, including the right to vote the Restricted
Stock and to receive all dividends and other distributions paid with respect to
the Restricted Stock, subject to the restrictions of the Plan and this
Agreement.

2.Acceptance of Restricted Stock Award.    The Grantee accepts the Restricted
Stock Award confirmed by this Agreement, acknowledges having received a copy of
the Plan and agrees to be bound by the terms and provisions of the Plan, as the
Plan may be amended from time to time; provided, however, that no alteration,
amendment, revocation or termination of the Plan shall, without the written
consent of the Grantee, adversely affect the rights of the Grantee with respect
to the Restricted Stock.

3.Restrictions

        A.    If the employment of the Grantee terminates for any reason prior
to one of the dates listed below other than as a result of a "change in control"
or because of the Grantee's death or disability, the number of shares of
Restricted Stock set forth next to such date and any subsequent date listed
below will, upon such termination of employment and without any further action,
be forfeited to the Corporation by the Grantee and cease to be issued and
outstanding shares of the Common Stock of the Corporation:

Date

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  Number of Shares

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One year anniversary of Date of Award   «onethird»    

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Two year anniversary of Date of Award   «onethird»    

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Three year anniversary of Date of Award   «onethird»    

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If the Grantee remains employed with the Corporation on a date set forth above
and the shares of the Restricted Stock have not been previously forfeited to the
Corporation pursuant to the Article 6.5 of the Plan, the employment restriction
imposed by this Section 3(A) on the number of shares of Restricted Stock set
forth next to such date will lapse and a certificate representing such shares
will be transferred by the Corporation to the Grantee.

        B.    No Grantee shall sell, exchange, assign, alienate, pledge,
hypothecate, encumber, charge, give, transfer or otherwise dispose of, either
voluntarily or by operation of law, any shares of the Restricted Stock, or any
rights or interests appertaining to the Restricted Stock, prior to the lapse of
the employment restriction imposed by Section 3(A).

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        C.    As of the Date of Award, certificates representing the shares of
Restricted Stock will be issued in the name of the Grantee and held by the
Corporation in escrow until the earlier of the forfeiture of the shares of the
Restricted Stock to the Corporation or the lapse of the employment restriction
set forth in Section 3(A) above with respect to such shares.

        D.    The Grantee understands the provisions of Article 4.2 of the Plan
to the effect that the obligation of the Corporation to issue shares of Common
Stock under the Plan is subject to (i) the effectiveness of a registration
statement under the Securities Act of 1933, as amended, if deemed necessary or
appropriate by counsel for the Corporation, (ii) the condition that the shares
shall have been listed (or authorized for listing upon official notice of
issuance) upon each stock exchange, if any, on which the Common Stock may then
be listed, and (iii) any other applicable laws, regulations, rules and orders
which may then be in effect.

The certificate or certificates representing the shares to be issued or
delivered hereunder may bear any legends required by any applicable securities
laws and may reflect any transfer or other restrictions imposed by the Plan, and
the Corporation may at some time issue to the stock transfer agent appropriate
stop-transfer instructions with respect to such shares. In addition, also as a
condition precedent to the issuance or delivery of shares, the Grantee may be
required to make certain other representations and warranties and to provide
certain other information to enable the Corporation to comply with the laws,
rules, regulations and orders specified under the first sentence of this
Section 3(D) and to execute a joinder to any shareholders' agreement of the
Corporation, in the form provided by the Corporation, pursuant to which the
transfer of shares received under the Plan may be restricted.

4.Withholding of Taxes.    The Grantee will be advised by the Corporation as to
the amount of any Federal income or employment taxes required to be withheld by
the Corporation on the compensation income resulting from the award of or lapse
of restrictions on the Restricted Stock. The timing of the withholding will
depend on whether the Grantee makes an election under Section 83(b) of the Code.
State, local or foreign income or employment taxes may also be required to be
withheld by the Corporation on any compensation income resulting from the award
of the Restricted Stock. The Grantee will pay any taxes required to be withheld
directly to the Corporation upon request.

If the Grantee does not pay any taxes required to be withheld directly to the
Corporation within ten days after any request as provided above, the Corporation
may withhold such taxes from any other compensation to which the Grantee is
entitled from the Corporation. The Grantee will hold the Corporation harmless in
acting to satisfy the withholding obligation in this manner if it becomes
necessary to do so.

5.Interpretation of Plan and Agreement.    This Agreement is the agreement
referred to in Article 3.1 of the Plan. If there is any conflict between the
Plan and this Agreement, the provisions of the Plan will control. Any dispute or
disagreement which arises under or in any way relates to the interpretation or
construction of the Plan or this Agreement will be resolved by the Administrator
and the decision of the Administrator will be final, binding and conclusive for
all purposes.

6.Effect of Agreement on Rights of Corporation and Grantee.    This Agreement
does not confer any right on the Grantee to continue in the employ of the
Corporation or interfere in any way with the rights of the Corporation to
terminate the employment of the Grantee.

7.Binding Effect.    This Agreement will be binding upon the successors and
assigns of the Corporation and upon the legal representatives, heirs and
legatees of the Grantee.

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8.Entire Agreement.    This Agreement constitutes the entire agreement between
the Corporation and the Grantee and supersedes all prior agreements and
understandings, oral or written, between the Corporation and the Grantee with
respect to the subject matter of this Agreement.

9.Amendment.    This Agreement may be amended only by a written instrument
signed by the Corporation and the Grantee.

10.Section Headings.    The Section headings contained in this Agreement are for
reference purposes only and will not affect in any way the meaning or
interpretation of any of the provisions of this Agreement.

11.Governing Law and Jurisdiction.    This Agreement will be governed by, and
construed and enforced in accordance with, the laws of the State of California.

        IN WITNESS WHEREOF, the Corporation and the Grantee have executed this
Agreement as of the Date of Award.

 
 
LTC PROPERTIES, INC.
 
 
By:
 
    

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    Name:   «CompCommChair»     Title:   Chairman, Compensation Committee
 
 
GRANTEE:
 
 
    

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«Grantee»

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LTC PROPERTIES, INC. RESTRICTED STOCK AGREEMENT