Exhibit 10.2
Sunrise of Fall Creek
DISCOUNT MBS MULTIFAMILY NOTE

US $10,558,000.00   As of May 7, 2008

     FOR VALUE RECEIVED, the undersigned (“Borrower”) jointly and severally (if
more than one) promises to pay to the order of CAPMARK BANK, a Utah industrial
bank, the principal sum of Ten Million Five Hundred Fifty-Eight Thousand and
00/100 Dollars (US $10,558,000.00) with interest on the unpaid principal balance
at the rates applicable from time to time set forth in this Discount MBS
Multifamily Note (“Note”).
     Defined Terms. As used in this Note, (i) the term “Lender” means the holder
of this Note, and (ii) the term “Indebtedness” means the principal of, interest
on, or any other amounts due at any time under, this Note, the Security
Instrument, (as defined in Paragraph 7), or any other Loan Document, including
prepayment premiums, late charges, default interest, and advances to protect the
security of the Security Instrument under Section 12 of the Security Instrument.
Event of Default, Key Principal and other capitalized terms used but not defined
in this Note shall have the meanings given to such terms in the Security
Instrument.
     Address for Payment. All payments due under this Note shall be payable at
116 Welsh Road, Horsham, Pennsylvania 19044, Attention: Servicing – Account
Manager, or such other place as may be designated by written notice to Borrower
from or on behalf of Lender.
     Discount Mortgage Backed Security. This Note shall be funded by the
issuance of a discount mortgage backed security (the “DMBS”) as follows:
     The original stated principal amount of this Note shall be equal to the sum
of (i) the price (the “Price”) of the initial DMBS and (ii) the discount (the
“Discount”) of the initial DMBS. The Price is equal to the proceeds of the sale
of the DMBS, and the Discount is an amount equal to the difference between
(i) the face amount of the DMBS and (ii) the Price of the DMBS. The proceeds
made available by Lender to Borrower shall equal the Price of the DMBS. Each
DMBS shall be issued for a term of three months. The issuance date for each DMBS
shall be the first day of the month in which the DMBS is issued, and the
maturity date for each DMBS shall be the first day of the month following such
three-month term. For example, the maturity date for a DMBS with an issue date
of December 1 is March 1.
     The entire unpaid principal of the Note will be due and payable by the
Borrower to the Lender on the maturity date of any outstanding DMBS unless, not
less than five (5) Business Days prior to the maturity date of the outstanding
DMBS, the Borrower has requested in writing either (i) that the Indebtedness
under this Note be refinanced with a new DMBS, using the Rate Setting Form
attached hereto as Schedule D, or (ii) that this Note be converted to a fixed
rate note pursuant to the Conversion Agreement (hereinafter defined) effective
on the maturity date of the outstanding DMBS.
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     Payment of Principal and Interest. Principal and interest on this Note
shall be paid as follows:
     If loan proceeds are disbursed (the “Disbursement Date”), by Lender to
Borrower on a day preceding the settlement date of the initial DMBS, Borrower
shall pay interest on the original stated principal balance of this Note for the
period beginning on the Disbursement Date and ending on the day immediately
preceding the settlement date of the initial DMBS, at an interest rate equal to
5.17%.
     Borrower shall pay, in immediately available funds, consecutive monthly
payments on the first day of each month beginning June 1, 2008, until the entire
unpaid principal balance evidenced by this Note is fully paid. Each monthly
payment shall equal the sum of (i) one third (1/3) of the Discount calculated on
the then outstanding DMBS, (ii) principal in accordance with the Principal
Amortization Schedule, attached as Schedule C hereto and incorporated herein,
(iii) an amount equal to 227 basis points (2.27%) times the face amount of the
then outstanding DMBS divided by twelve (12), and (iv) the Monthly Deposit (as
defined in that certain Pledge, Interest Rate Cap Reserve, and Security
Agreement dated of even date herewith between Borrower and Lender), if any. The
face amount of the DMBS to be issued for the subsequent three-month period will
be reduced, rounded down to the nearest thousand, by the amount of principal
payments scheduled to be paid in the immediately preceding three-month period.
     If, pursuant to paragraph 3(b), the Borrower has requested in connection
with the maturity of an outstanding DMBS that the Indebtedness under this Note
be refinanced with a new DMBS, then not less than four (4) Business Days prior
to the maturity date of the outstanding DMBS, Lender shall notify Borrower (in
the manner specified in the Security Instrument (defined below) for giving
notices) of the Discount on the new DMBS to be issued on such maturity date by
sending Borrower the Rate Confirmation Form attached as Schedule E hereto and
incorporated herein. Borrower shall execute and return Schedule E to the Lender
not later than three (3) Business Days prior to the issuance date of the new
DMBS.
     If the amount of the Discount for the new DMBS to be issued is greater than
the Discount for the outstanding DMBS, then not less than two (2) Business Days
prior to the maturity date of the outstanding DMBS the Borrower shall pay to the
Lender the difference between the Discount for the new DMBS and the Discount for
the outstanding DMBS. If the amount of the Discount for the new DMBS is less
than the Discount for the outstanding DMBS, the aggregate amount of such
difference shall be credited against the regular monthly payment due on the
issuance date of the new DMBS.
     If Borrower timely exercises its option to convert the interest rate on
this Note to a fixed rate pursuant to the Conversion Agreement dated the same
day as this Note between the Borrower and Lender (the “Conversion Agreement”),
Borrower will execute the DMBS Multifamily Note Modification Agreement (the form
of which is attached to the Conversion Agreement as Exhibit A) to reflect the
fixed rate established in accordance with the terms of the Conversion Agreement.
     Any remaining principal and all other amounts due under this Note or any of
the Loan Documents, if not sooner paid, shall be due and payable on the Maturity
Date. Failure to pay
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such amounts on the Maturity Date shall result in the immediate imposition of
the Default Rate (as defined in Paragraph 10) on such unpaid amounts.
     Maturity Date: June 1, 2013, or any earlier date on which the unpaid
principal balance of this Note becomes due and payable by acceleration or
otherwise.
     Application of Payments. If at any time Lender receives, from Borrower or
otherwise, any amount applicable to the Indebtedness which is less than all
amounts due and payable at such time, Lender may apply that payment to amounts
then due and payable in any manner and in any order determined by Lender, in
Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a
payment from Borrower in an amount that is less than all amounts then due and
payable nor Lender’s application of such payment shall constitute or be deemed
to constitute either a waiver of the unpaid amounts or an accord and
satisfaction.
     Security. The Indebtedness is secured, among other things, by a multifamily
mortgage dated as of the date of this Note (the “Security Instrument”), and
reference is made to the Security Instrument for other rights of Lender
concerning the collateral for the Indebtedness.
     Acceleration. If an Event of Default has occurred and is continuing, the
entire unpaid principal balance, the prepayment premium payable under
Paragraph 12, if any, and all other amounts payable under this Note and any
other Loan Document shall at once become due and payable, at the option of
Lender, without any prior notice to Borrower. Lender may exercise this option to
accelerate regardless of any prior forbearance.
     Late Charge. If any monthly amount due under this Note is not received by
Lender on or before the tenth (10th) day of each month or if any other amount
payable under this Note or under the Security Instrument or any other Loan
Document is not received by Lender within ten (10) days after the date such
amount is due, counting from and including the date such amount is due, Borrower
shall pay to Lender, immediately and without demand by Lender, a late charge
equal to five percent (5%) of such monthly amount or other amount due. Borrower
acknowledges that its failure to make timely payments will cause Lender to incur
additional expenses in servicing and processing the loan evidenced by this Note
(the “Loan”), and that it is extremely difficult and impractical to determine
those additional expenses. Borrower agrees that the late charge payable pursuant
to this Paragraph represents a fair and reasonable estimate, taking into account
all circumstances existing on the date of this Note, of the additional expenses
Lender will incur by reason of such late payment. The late charge is payable in
addition to, and not in lieu of, any interest payable at the Default Rate
pursuant to Paragraph 10.
     Default Rate. So long as any monthly payment or any other payment due under
this Note remains past due for thirty (30) days or more, or if any payment due
on the Maturity Date is not paid on the Maturity Date, interest under this Note
shall accrue on the unpaid principal balance from the earlier of the due date of
the first unpaid monthly installment or other payment due, as applicable, at a
per annum rate (the “Default Rate”) equal to the lesser of (i) the sum of the
rate at which deposits in United States Dollars in amounts approximately equal
to the outstanding principal amount and with three-month maturities are offered
in immediately available funds in the London Interbank Market by leading banks
in the Eurodollar market as of 11:00 a.m. (London Time), as published daily by
Telerate (the “LIBOR Rate”), plus four
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hundred (400) (iii) basis points (4.00%) as determined by Lender, plus the basis
points stated in paragraph 4(b) above, and (ii) the maximum interest rate which
may be collected from Borrower under applicable law. If Telerate is no longer
available, or is no longer posted through electronic transmission, Lender will
choose a new service that provides comparable information and provide notice
thereof to Borrower. If the unpaid principal balance and all other payments
required under this Note are not paid in full on the Maturity Date, the unpaid
principal balance and all such other required payments shall bear interest from
the Maturity Date at the Default Rate. Borrower also acknowledges that its
failure to make timely payments will cause Lender to incur additional expenses
in servicing and processing the Loan, that, during the time that any payment
under this Note is delinquent, Lender will incur additional costs and expenses
arising from its loss of the use of the money due and from the adverse impact on
Lender’s ability to meet its other obligations and to take advantage of other
investment opportunities, and that it is extremely difficult and impractical to
determine those additional costs and expenses. Borrower also acknowledges that,
during the time that any payment due under this Note is delinquent, Lender’s
risk of nonpayment of this Note will be materially increased and Lender is
entitled to be compensated for such increased risk. Borrower agrees that the
increase in the rate of interest payable under this Note to the Default Rate
represents a fair and reasonable estimate, taking into account all circumstances
existing on the date of this Note, of the additional costs and expenses Lender
will incur by reason of the Borrower’s delinquent payment and the additional
compensation Lender is entitled to receive for the increased risks of nonpayment
associated with a delinquent loan.
     Limits on Personal Liability.
     Except as otherwise provided in this Paragraph 11, Borrower shall have no
personal liability under this Note, the Security Instrument or any other Loan
Document for the repayment of the Indebtedness or for the performance of any
other obligations of Borrower under the Loan Documents, and Lender’s only
recourse for the satisfaction of the Indebtedness and the performance of such
obligations shall be Lender’s exercise of its rights and remedies with respect
to the Mortgaged Property (as hereinafter defined) and any other collateral held
by Lender as security for the Indebtedness. This limitation on Borrower’s
liability shall not limit or impair Lender’s enforcement of its rights against
any guarantor of the Indebtedness or any guarantor of any obligations of
Borrower.
     Borrower shall be personally liable to Lender for the repayment of a
portion of the Indebtedness equal to any loss or damage suffered by Lender as a
result of (1) failure of Borrower to pay to Lender upon demand after an Event of
Default, all Rents to which Lender is entitled under Section 3(a) of the
Security Instrument and the amount of all security deposits collected by
Borrower from tenants then in residence; (2) failure of Borrower to apply all
insurance proceeds and condemnation proceeds as required by the Security
Instrument; (3) failure of Borrower to comply with the Security Instrument with
respect to obligations for the delivery of books and records, statements,
schedules and reports; (4) fraud or written material misrepresentation by
Borrower, Key Principal or any officer, director, partner, member or employee of
Borrower in connection with the application for or creation of the Indebtedness
or any request for any action or consent by Lender; or (5) failure to apply
Rents, first, to the payment of reasonable operating expenses (other than
Property management fees that are not currently payable pursuant to the terms of
an Assignment of Management Agreement or any
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other agreement with Lender executed in connection with the Loan) and then to
amounts (“Debt Service Amounts”) payable under this Note, the Security
Instrument or any other Loan Document (except that Borrower will not be
personally liable (i) to the extent that Borrower lacks the legal right to
direct the disbursement of such sums because of a bankruptcy, receivership or
similar judicial proceeding, (ii) or because applicable state law directs that
such sums be disbursed otherwise, or (iii) with respect to Rents that are
distributed in any calendar year if Borrower has paid all operating expenses and
Debt Service Amounts for that calendar year).
     Borrower shall become personally liable to Lender for the repayment of all
of the Indebtedness upon the occurrence of any of the following Events of
Default: (1) Borrower’s acquisition of any property or operation of any business
not permitted by the terms and conditions of the Security Instrument; or (2) a
Transfer that is an Event of Default under the terms and conditions of the
Security Instrument.
     To the extent that Borrower has personal liability under this Paragraph 11,
Lender may exercise its rights against Borrower personally without regard to
whether Lender has exercised any rights against the Mortgaged Property or any
other security, or pursued any rights against any guarantor, or pursued any
other rights available to Lender under this Note, the Security Instrument, any
other Loan Document or applicable law. For purposes of this Paragraph 11, the
term “Mortgaged Property” shall not include any funds that (1) have been applied
by Borrower as required or permitted by the Security Instrument prior to the
occurrence of an Event of Default, or (2) Borrower was unable to apply as
required or permitted by the Security Instrument because of a bankruptcy,
receivership, or similar judicial proceeding.
     Voluntary and Involuntary Prepayments.
     Borrower may not voluntarily prepay all or any portion of the indebtedness
evidenced hereby on or before the first anniversary of this Note (the
“Prepayment Lockout Period”).
     At any time after the Prepayment Lockout Period, Borrower may voluntarily
prepay the Indebtedness evidenced hereby subject to the conditions contained in
subparagraph (b) hereof.
     A prepayment premium shall be payable in connection with any prepayment
made under this Note as provided below:
     (1) Borrower may voluntarily prepay all (but not less than all) of the
unpaid principal balance of this Note on the maturity date of the then
outstanding DMBS and only if Borrower has complied with all of the following:
Borrower must give Lender at least thirty (30) days, but not more than sixty
(60) days, prior written notice of its intention to make such prepayment (the
“Prepayment Notice”).
The Prepayment Notice shall be addressed to Lender and shall include, at a
minimum, the date upon which Borrower intends to make the prepayment (the
“Intended Prepayment Date”). Borrower acknowledges that the Lender is not
required to accept any voluntary
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prepayment of this Note on any day other than the maturity date of the then
outstanding DMBS. For all purposes any prepayment received by Lender on any day
other than the maturity date of the then outstanding DMBS shall be deemed to
have been received on the maturity date of the then outstanding DMBS. For
purposes of this Note, a “Business Day” means any day other than a Saturday,
Sunday or any other day on which Lender is not open for business.
Any prepayment shall be made by paying (A) the amount of principal being
prepaid, (B) all other sums due Lender at the time of such prepayment, and
(C) the prepayment premium calculated pursuant to Schedule A.
If, for any reason, Borrower fails to prepay this Note on the Intended
Prepayment Date, then Borrower may not prepay the Note until the maturity date
of the new outstanding DMBS and upon satisfaction of all terms of this section,
including timely delivery of an new Prepayment Notice, and Lender shall
recalculate the prepayment premium based upon the date that Borrower actually
prepays this Note and to make such calculation as described in Schedule A
attached hereto. For purposes of such recalculation, such new prepayment date
shall be deemed the “Intended Prepayment Date.”
     (2) Upon Lender’s exercise of any right of acceleration under this Note,
Borrower shall pay to Lender, in addition to the entire unpaid principal balance
of this Note outstanding at the time of the acceleration, (A) all other sums due
Lender under this Note and the other Loan Documents, and (B) the prepayment
premium calculated pursuant to Schedule A.
     (3) Any application by Lender of any collateral or other security to the
repayment of any portion of the unpaid principal balance of this Note prior to
the Maturity Date and in the absence of acceleration shall be deemed to be a
partial prepayment by Borrower, requiring the payment to Lender by Borrower of a
prepayment premium calculated pursuant to Schedule A.
     Notwithstanding the provisions of Paragraph 12(b), no prepayment premium
shall be payable with respect to (A) any prepayment made no more than three
months before the Maturity Date, or (B) any prepayment occurring as a result of
the application of any insurance proceeds or condemnation award under the
Security Instrument.
     Schedule A is hereby incorporated by reference into this Note.
     Any required prepayment of less than the entire unpaid principal balance of
this Note shall not extend or postpone the due date of any subsequent payment or
change the amount of such payments, unless Lender agrees otherwise in writing.
     Borrower recognizes that any prepayment of all or part of the unpaid
principal balance of this Note, whether voluntary or involuntary or resulting
from a default by Borrower, will result
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in Lender’s incurring loss, including reinvestment loss, additional expense and
frustration or impairment of Lender’s ability to meet its commitments to third
parties. Borrower agrees to pay to Lender upon demand damages for the detriment
caused by any prepayment, and agrees that it is extremely difficult and
impractical to ascertain the extent of such damages. Borrower therefore
acknowledges and agrees that the formula for calculating prepayment premiums set
forth on Schedule A represents a reasonable estimate of the damages Lender will
incur because of a prepayment.
     Borrower further acknowledges that the prepayment premium provisions of
this Note are a material part of the consideration for the loan evidenced by
this Note, and acknowledges that the terms of this Note are in other respects
more favorable to Borrower as a result of the Borrower’s voluntary agreement to
the prepayment premium provisions.
     Interest Rate Hedge. To protect against fluctuations in interest rates
during the term of this Note, Borrower shall make arrangements for a LIBOR-based
hedge instrument to be in place and maintained at all times with respect to this
Note in accordance with the terms and conditions of that certain Pledge,
Interest Rate Cap Reserve, and Security Agreement dated of even date herewith
between Borrower and Lender.
     Costs and Expenses. Borrower shall pay on demand all expenses and costs,
including (i) all fees and expenses incurred by Lender in connection with the
issuance of any DMBS and (ii) fees and out-of-pocket expenses of attorneys and
expert witnesses and costs of investigation, incurred by Lender as a result of
any default under this Note or in connection with efforts to collect any amount
due under this Note, or to enforce the provisions of any of the other Loan
Documents, including those incurred in post-judgment collection efforts and in
any bankruptcy proceeding (including any action for relief from the automatic
stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure
proceeding.
     Forbearance. Any forbearance by Lender in exercising any right or remedy
under this Note, the Security Instrument, or any other Loan Document or
otherwise afforded by applicable law, shall not be a waiver of or preclude the
exercise of that or any other right or remedy. The acceptance by Lender of any
payment after the due date of such payment, or in an amount which is less than
the required payment, shall not be a waiver of Lender’s right to require prompt
payment when due of all other payments or to exercise any right or remedy with
respect to any failure to make prompt payment. Enforcement by Lender of any
security for Borrower’s obligations under this Note shall not constitute an
election by Lender of remedies so as to preclude the exercise of any other right
or remedy available to Lender.
     Waivers. Presentment, demand, notice of dishonor, protest, notice of
acceleration, notice of intent to demand or accelerate payment or maturity,
presentment for payment, notice of nonpayment, grace, and diligence in
collecting the Indebtedness are waived by Borrower, Key Principal, and all
endorsers and guarantors of this Note and all other third party obligors.
     Loan Charges. Borrower agrees to pay an effective rate of interest equal to
the sum of the imputed interest rate provided for in this Note from time to
time, and any additional rate of interest resulting from any other charges of
interest or in the nature of interest paid or to be paid in connection with the
loan evidenced by this Note and any other fees or amounts to be paid by
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Borrower pursuant to any of the other Loan Documents. Neither this Note nor any
of the other Loan Documents shall be construed to create a contract for the use,
forbearance or detention of money requiring payment of interest at a rate
greater than the maximum interest rate permitted to be charged under applicable
law. If any applicable law limiting the amount of interest or other charges
permitted to be collected from Borrower in connection with the Loan is
interpreted so that any interest or other charge provided for in any Loan
Document, whether considered separately or together with other charges provided
for in any other Loan Document, violates that law, and Borrower is entitled to
the benefit of that law, that interest or charge is hereby reduced to the extent
necessary to eliminate that violation. The amounts, if any, previously paid to
Lender in excess of the permitted amounts shall be applied by Lender to reduce
the unpaid principal balance of this Note. For the purpose of determining
whether any applicable law limiting the amount of interest or other charges
permitted to be collected from Borrower has been violated, all Indebtedness that
constitutes interest, as well as all other charges made in connection with the
Indebtedness that constitute interest, shall be deemed to be allocated and
spread ratably over the stated term of the Note. Unless otherwise required by
applicable law, such allocation and spreading shall be effected in such a manner
that the rate of interest so computed is uniform throughout the stated term of
the Note.
     Commercial Purpose. Borrower represents that the Indebtedness is being
incurred by Borrower solely for the purpose of carrying on a business or
commercial enterprise, and not for personal, family or household purposes.
     Counting of Days. Except where otherwise specifically provided, any
reference in this Note to a period of “days” means calendar days, not Business
Days.
     Governing Law. This Note shall be governed by the law of the jurisdiction
in which the Land described in the Security Instrument is located.
     Captions. The captions of the paragraphs of this Note are for convenience
only and shall be disregarded in construing this Note.
     Notices. All notices, demands and other communications required or
permitted to be given by Lender to Borrower pursuant to this Note shall be given
in accordance with Section 31 of the Security Instrument.
     Consent to Jurisdiction and Venue. Borrower and Key Principal each agrees
that any controversy arising under or in relation to this Note shall be
litigated exclusively in the jurisdiction in which the Land is located (the
“Property Jurisdiction”). The state and federal courts and authorities with
jurisdiction in the Property Jurisdiction shall have exclusive jurisdiction over
all controversies which shall arise under or in relation to this Note. Borrower
and Key Principal each irrevocably consents to service, jurisdiction, and venue
of such courts for any such litigation and waives any other venue to which it
might be entitled by virtue of domicile, habitual residence or otherwise.
     WAIVER OF TRIAL BY JURY. BORROWER, KEY PRINCIPAL AND LENDER EACH (A) AGREES
NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE
OR THE RELATIONSHIP BETWEEN THE
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PARTIES AS LENDER, KEY PRINCIPAL AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY
AND (B) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE
EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO
TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH
THE BENEFIT OF COMPETENT LEGAL COUNSEL.
     ATTACHED SCHEDULES. The following Schedules are attached to this Note:
     ý Schedule A            Prepayment Premium (required)
     ý Schedule B            Modifications to Multifamily Note
     ý Schedule C            Principal Amortization Schedule
     ý Schedule D            DMBS Rate Setting Form
     ý Schedule E            DMBS Rate Confirmation Form
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     IN WITNESS WHEREOF, Borrower has signed and delivered this Note or has
caused this Note to be signed and delivered by its duly authorized
representative.

                  BORROWER:
 
                SUNRISE FALL CREEK ASSISTED LIVING, L.L.C., an
     Indiana limited liability company
 
                By:   Sunrise Senior Living Investments, Inc., a        
Virginia corporation, its sole member
 
           
 
      By   /s/ James S. Pope
 
           
 
          James S. Pope
 
          Vice President
 
                54-2058396     Borrower’s Social Security/Employer ID Number

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            PAY TO THE ORDER OF CAPMARK FINANCE
INC., WITHOUT RECOURSE.

CAPMARK BANK, a Utah industrial bank
      By:   /s/ Max W. Foore         Max W. Foore        Limited Signer     

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            PAY TO THE ORDER OF FANNIE MAE
WITHOUT RECOURSE.

CAPMARK FINANCE INC., a California
corporation
      By:   /s/ Max W. Foore         Max W. Foore        Vice President     

Fannie Mae Commitment Number: 957329
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ACKNOWLEDGMENT AND AGREEMENT OF KEY PRINCIPAL TO
PERSONAL LIABILITY FOR EXCEPTIONS TO NON-RECOURSE LIABILITY
     Key Principal, who has an economic interest in Borrower or who will
otherwise obtain a material financial benefit from the Loan, hereby absolutely,
unconditionally and irrevocably agrees to pay to Lender, or its assigns, on
demand, all amounts for which Borrower is personally liable under Paragraph 11
of the Discount MBS Multifamily Note to which this Acknowledgment is attached
(the “Note”). The obligations of Key Principal shall survive any foreclosure
proceeding, any foreclosure sale, any delivery of any deed in lieu of
foreclosure, and any release of record of the Security Instrument. Lender may
pursue its remedies against Key Principal without first exhausting its remedies
against the Borrower or the Mortgaged Property. All capitalized terms used but
not defined in this Acknowledgment shall have the meanings given to such terms
in the Security Instrument. As used in this Acknowledgment, the term “Key
Principal” (each if more than one) shall mean only those individuals or entities
that execute this Acknowledgment.
     The obligations of Key Principal shall be performed without demand by
Lender and shall be unconditional irrespective of the genuineness, validity, or
enforceability of the Note, or any other Loan Document, and without regard to
any other circumstance that might otherwise constitute a legal or equitable
discharge of a surety or a guarantor. Key Principal hereby waives the benefit of
all principles or provisions of law, which are or might be in conflict with the
terms of this Acknowledgment, and agrees that Key Principal’s obligations shall
not be affected by any circumstances that might otherwise constitute a legal or
equitable discharge of a surety or a guarantor. Key Principal hereby waives the
benefits of any right of discharge and all other rights under any and all
statutes or other laws relating to guarantors or sureties, to the fullest extent
permitted by law, diligence in collecting the Indebtedness, presentment, demand
for payment, protest, all notices with respect to the Note including this
Acknowledgment, which may be required by statute, rule of law or otherwise to
preserve Lender’s rights against Key Principal under this Acknowledgment,
including notice of acceptance, notice of any amendment of the Loan Documents,
notice of the occurrence of any default or Event of Default, notice of intent to
accelerate, notice of acceleration, notice of dishonor, notice of foreclosure,
notice of protest, notice of the incurring by Borrower of any obligation or
indebtedness and all rights to require Lender to (a) proceed against Borrower,
(b) proceed against any general partner of Borrower, (c) proceed against or
exhaust any collateral held by Lender to secure the repayment of the
Indebtedness, or (d) if Borrower is a partnership, pursue any other remedy it
may have against Borrower, or any general partner of Borrower.
     At any time without notice to Key Principal, and without affecting the
liability of Key Principal hereunder, (a) the time for payment of the principal
of or interest on the Indebtedness may be extended or the Indebtedness may be
renewed in whole or in part; (b) the time for Borrower’s performance of or
compliance with any covenant or agreement contained in the Note, or any other
Loan Document, whether presently existing or hereinafter entered into, may be
extended or such performance or compliance may be waived; (c) the maturity of
the Indebtedness may be accelerated as provided in the Note or any other Loan
Document; (d) the Note or any other Loan Document may be modified or amended by
Lender and Borrower in any respect, including an increase in the principal
amount; and (e) any security for the Indebtedness
FANNIE MAE MULTIFAMILY DMBS NOTE
©2003 Fannie Mae

Page 13

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may be modified, exchanged, surrendered or otherwise dealt with or additional
security may be pledged or mortgaged for the Indebtedness.
     Key Principal acknowledges that Key Principal has received a copy of the
Note and all other Loan Documents. Neither this Acknowledgment nor any of its
provisions may be waived, modified, amended, discharged, or terminated except by
an agreement in writing signed by the party against which the enforcement of the
waiver, modification, amendment, discharge, or termination is sought, and then
only to the extent set forth in that agreement. Key Principal agrees to notify
Lender (in the manner for giving notices provided in Section 31 of the Security
Instrument) of any change of Key Principal’s address within 10 Business Days
after such change of address occurs. Any notices to Key Principal shall be given
in the manner provided in Section 31 of the Security Instrument. Key Principal
agrees to be bound by Paragraphs 22 and 23 of the Note.
     THIS ACKNOWLEDGMENT IS AN INSTRUMENT SEPARATE FROM, AND NOT A PART OF, THE
NOTE. BY SIGNING THIS ACKNOWLEDGMENT, KEY PRINCIPAL DOES NOT INTEND TO BECOME AN
ACCOMMODATION PARTY TO, OR AN ENDORSER OF, THE NOTE.
FANNIE MAE MULTIFAMILY DMBS NOTE
©2003 Fannie Mae

Page 14

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     IN WITNESS WHEREOF, Key Principal has signed and delivered this
Acknowledgment or has caused this Acknowledgment to be signed and delivered by
its duly authorized representative.

              KEY PRINCIPAL:
 
            SUNRISE SENIOR LIVING, INC., a Delaware corporation
 
       
 
  By:   /s/ Lisa Mayr
 
                Lisa Mayr         Treasurer
 
       
 
  Address:   7902 Westpark Drive
 
      McLean, Virginia 22102
 
            Employer ID No.: 54-1746596

FANNIE MAE MULTIFAMILY DMBS NOTE
©2003 Fannie Mae

Page 15

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SCHEDULE A
PREPAYMENT PREMIUM
     Any prepayment premium payable under Section 12 of this Note shall be
computed as follows:
Borrower shall have no right to make a voluntary prepayment of this Note, in
whole or in part, during the Prepayment Lockout Period. At any time after the
Prepayment Lockout Period, if the Prepayment Date occurs at any time before the
last calendar day of the fourth (4th) month prior to the month in which the
Maturity Date occurs, the prepayment premium shall be 1% of the amount of
principal being prepaid.
Notwithstanding the provisions of paragraph 12(b) of this Note, no prepayment
premium shall be payable if the Prepayment Date occurs on or after the last
calendar day of the fourth (4th) month prior to the month in which the Maturity
Date occurs.
For purposes of Schedule A, the “Prepayment Date” shall be (x) in the case of a
voluntary prepayment, the date on which the prepayment is made, and (y) in any
other case, the date on which Lender accelerates the unpaid principal balance of
this Note.
FANNIE MAE MULTIFAMILY DMBS NOTE
©2003 Fannie Mae

Page A-1

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SCHEDULE B
MODIFICATIONS TO MULTIFAMILY NOTE
          (Seniors Housing)
          The following modifications are made to the text of the Note that
precedes this Schedule:

  1.   Section 11(b)(3) of the Note is hereby amended to read as follows:      
  “Failure of Borrower to comply with Sections 14(d), 14(e), or 14(g) of the
Instrument relating to the delivery of books and records, statements, schedules,
and reports.”     2.   Section 11(b) of the Note is hereby amended to delete the
word “or” immediately preceding paragraph (5) thereof and to insert a semi-colon
in lieu of the period and the word “or”, and add the following paragraph (6) at
the end thereof:         “or (6) Borrower’s failure to cause the renewal,
continuation, extension or maintenance of all Licenses required to legally
operate the Mortgaged Property as a Seniors Housing Facility, as defined in the
Instrument.”     3.   All capitalized terms used in this Schedule not
specifically defined herein shall have the meanings set forth in the text of the
Note that precedes this Schedule.

          Seniors Housing Modifications to Note   Form 4186
10-04   © 2000-2004 Fannie Mae

Page B-1

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SCHEDULE B
MODIFICATIONS TO MULTIFAMILY NOTE
(Aggregate Loan Amount)
The following modifications are made to the text of the Note that precedes this
Schedule:

1.   The Note is modified by adding the following new Paragraph 25:

     25. Aggregate Loan Amount.
     (a) The entity that owns a Controlling Interest (as defined in the Security
Instrument) in Borrower owns a Controlling Interest in the following borrower
parties (each a “Related Borrower Party” and collectively, the “Related Borrower
Parties”):
Karrington of Albuquerque Ltd.
Karrington of Colorado Springs Ltd.
Karrington of Englewood Ltd.
Karrington of Kenwood Ltd.
Karrington of Oakwood Ltd. Liability Co.
Sunrise Ann Arbor Assisted Living, L.L.C.
Sunrise Augusta Assisted Living Limited Partnership
Sunrise Fairfax Assisted Living, L.L.C.
Sunrise Fall Creek Assisted Living, L.L.C.
Sunrise Fort Wayne Assisted Living, L.L.C.
Sunrise Monroeville Assisted Living, L.L.C.
Sunrise South Charlotte NC Senior Living, LLC
Sunrise Virginia Beach Estates, LLC.
Sunrise West Hartford Assisted Living, L.L.C.
Sunrise Willow Lake Assisted Living, L.L.C.
Sunrise Wooster Assisted Living, L.L.C.
     (b) Simultaneously with Lender making the loan evidenced by this Note (the
“Loan”), Lender is making individual variable rate loans to each of the Related
Borrower Parties (collectively, the “Related Variable Loans”), each evidenced by
a Discount MBS Multifamily Note of even date herewith (collectively, the
“Related Variable Notes”).
     (c) At such time the outstanding aggregate principal amount of the Loan and
the Related Variable Loans (the “Aggregate Principal Amount”) is more than $0
but less than $25,000,000, Borrower shall, within three (3) months of the date
on which the Aggregate Principal Amount falls below $25,000,000.00, at its
option, (i) repay in full the Loan, together with any prepayment premiums and
other amounts due under this Note and the Loan Documents on the next maturity
date of the then outstanding DMBS or (ii) request that this Note be converted to
a fixed rate note pursuant to Paragraph 4(e) of this Note, in which event the
interest on this Note shall convert to fixed rate in accordance with Paragraph
4(e) provided that the Note meets the conditions for conversion. If this Note
has converted from a variable rate loan to a
Modifications to Note

Page B-2

--------------------------------------------------------------------------------

 

fixed rate loan in accordance with Paragraph 4(e) of this Note, the outstanding
principal amount of this Note shall not be included when calculating the
Aggregate Principal Amount.
2. All capitalized terms used in this Schedule not specifically defined herein
shall have the meanings set forth in the text of the Note that precedes this
Schedule.
Modifications to Note

Page B-3

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SCHEDULE B
MODIFICATIONS TO MULTIFAMILY NOTE
(Modification to Acknowledgement and Agreement of Key Principal to Personal
Liability for
Exceptions to Non-Recourse Liability)
          The following modifications are made to the text of the Note that
precedes this Schedule:
          1. The Acknowledgement and Agreement of Key Principal to Personal
Liability for Exceptions to Non-Recourse Liability is amended by adding the
following covenant immediately before the last paragraph:
          “Key Principal agrees and covenants with Lender that Key Principal
shall at all times maintain (i) cash and Cash Equivalents (as defined in the
Security Instrument) of not less than $25,000,000.00 and (ii) its Net Worth (as
defined in the Security Instrument) so that it is not less than
$100,000,000.00.”
Modifications to Note

Page B-4

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SCHEDULE C
PRINCIPAL AMORTIZATION SCHEDULE
CAPMARK FINANCE INC.
AMORTIZATION SCHEDULE (Actual/360)

     
BORROWER:
   
PROPERTY:
   Sunrise of Fall Creek
PAYMENT:
   $62,758.53 
INTEREST RATE:
   5.920% 
BEGINNING BAL:
   $10,558,000
AMORTIZATION:
   360 
MATURITY:
   6/1/2038 

                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   6/1/2008    
 
    30       7/1/2008     $ 62,758.53     $ 52,086.13     $ 10,672.40     $
10,547,327.60     7/1/2008    
 
    31       8/1/2008     $ 62,758.53     $ 53,767.93     $ 8,990.60     $
10,538,337.00     8/1/2008    
 
    30       9/1/2008     $ 62,758.53     $ 51,989.13     $ 10,769.40     $
10,527,567.59     9/1/2008    
 
    31       10/1/2008     $ 62,758.53     $ 53,667.20     $ 9,091.33     $
10,518,476.26     10/1/2008    
 
    31       11/1/2008     $ 62,758.53     $ 53,620.85     $ 9,137.68     $
10,509,338.58     11/1/2008    
 
    30       12/1/2008     $ 62,758.53     $ 51,846.07     $ 10,912.46     $
10,498,426.12     12/1/2008    
 
    31       1/1/2009     $ 62,758.53     $ 53,518.64     $ 9,239.89     $
10,489,186.23     1/1/2009    
 
    30       2/1/2009     $ 62,758.53     $ 51,746.65     $ 11,011.88     $
10,478,174.35     2/1/2009    
 
    31       3/1/2009     $ 62,758.53     $ 53,415.40     $ 9,343.13     $
10,468,831.22     3/1/2009    
 
    31       4/1/2009     $ 62,758.53     $ 53,367.78     $ 9,390.76     $
10,459,440.46     4/1/2009    
 
    28       5/1/2009     $ 62,758.53     $ 48,159.91     $ 14,598.62     $
10,444,841.84     5/1/2009    
 
    31       6/1/2009     $ 62,758.53     $ 53,245.48     $ 9,513.05     $
10,435,328.78     6/1/2009    
 
    30       7/1/2009     $ 62,758.53     $ 51,480.96     $ 11,277.58     $
10,424,051.21     7/1/2009    
 
    31       8/1/2009     $ 62,758.53     $ 53,139.50     $ 9,619.04     $
10,414,432.17     8/1/2009    
 
    30       9/1/2009     $ 62,758.53     $ 51,377.87     $ 11,380.67     $
10,403,051.50     9/1/2009    
 
    31       10/1/2009     $ 62,758.53     $ 53,032.44     $ 9,726.09     $
10,393,325.41     10/1/2009    
 
    31       11/1/2009     $ 62,758.53     $ 52,982.86     $ 9,775.67     $
10,383,549.74     11/1/2009    
 
    30       12/1/2009     $ 62,758.53     $ 51,225.51     $ 11,533.02     $
10,372,016.72     12/1/2009    
 
    31       1/1/2010     $ 62,758.53     $ 52,874.24     $ 9,884.30     $
10,362,132.42     1/1/2010    
 
    30       2/1/2010     $ 62,758.53     $ 51,119.85     $ 11,638.68     $
10,350,493.74     2/1/2010    
 
    31       3/1/2010     $ 62,758.53     $ 52,764.52     $ 9,994.02     $
10,340,499.72     3/1/2010    
 
    31       4/1/2010     $ 62,758.53     $ 52,713.57     $ 10,044.96     $
10,330,454.76     4/1/2010    
 
    28       5/1/2010     $ 62,758.53     $ 47,566.01     $ 15,192.53     $
10,315,262.23     5/1/2010    
 
    31       6/1/2010     $ 62,758.53     $ 52,584.91     $ 10,173.62     $
10,305,088.61     6/1/2010    
 
    30       7/1/2010     $ 62,758.53     $ 50,838.44     $ 11,920.10     $
10,293,168.52     7/1/2010    
 
    31       8/1/2010     $ 62,758.53     $ 52,472.29     $ 10,286.25     $
10,282,882.27     8/1/2010    
 
    30       9/1/2010     $ 62,758.53     $ 50,728.89     $ 12,029.65     $
10,270,852.62     9/1/2010    
 
    31       10/1/2010     $ 62,758.53     $ 52,358.52     $ 10,400.01     $
10,260,452.61  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-1          

--------------------------------------------------------------------------------

 

                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   10/1/2010    
 
    31       11/1/2010     $ 62,758.53     $ 52,305.51     $ 10,453.03     $
10,249,999.58     11/1/2010    
 
    30       12/1/2010     $ 62,758.53     $ 50,566.66     $ 12,191.87     $
10,237,807.72     12/1/2010    
 
    31       1/1/2011     $ 62,758.53     $ 52,190.07     $ 10,568.47     $
10,227,239.25     1/1/2011    
 
    30       2/1/2011     $ 62,758.53     $ 50,454.38     $ 12,304.15     $
10,214,935.10     2/1/2011    
 
    31       3/1/2011     $ 62,758.53     $ 52,073.47     $ 10,685.06     $
10,204,250.03     3/1/2011    
 
    31       4/1/2011     $ 62,758.53     $ 52,019.00     $ 10,739.53     $
10,193,510.50     4/1/2011    
 
    28       5/1/2011     $ 62,758.53     $ 46,935.45     $ 15,823.08     $
10,177,687.42     5/1/2011    
 
    31       6/1/2011     $ 62,758.53     $ 51,883.59     $ 10,874.95     $
10,166,812.47     6/1/2011    
 
    30       7/1/2011     $ 62,758.53     $ 50,156.27     $ 12,602.26     $
10,154,210.21     7/1/2011    
 
    31       8/1/2011     $ 62,758.53     $ 51,763.91     $ 10,994.63     $
10,143,215.59     8/1/2011    
 
    30       9/1/2011     $ 62,758.53     $ 50,039.86     $ 12,718.67     $
10,130,496.92     9/1/2011    
 
    31       10/1/2011     $ 62,758.53     $ 51,643.02     $ 11,115.51     $
10,119,381.40     10/1/2011    
 
    31       11/1/2011     $ 62,758.53     $ 51,586.36     $ 11,172.18     $
10,108,209.23     11/1/2011    
 
    30       12/1/2011     $ 62,758.53     $ 49,867.17     $ 12,891.37     $
10,095,317.86     12/1/2011    
 
    31       1/1/2012     $ 62,758.53     $ 51,463.69     $ 11,294.85     $
10,084,023.01     1/1/2012    
 
    30       2/1/2012     $ 62,758.53     $ 49,747.85     $ 13,010.69     $
10,071,012.33     2/1/2012    
 
    31       3/1/2012     $ 62,758.53     $ 51,339.78     $ 11,418.75     $
10,059,593.57     3/1/2012    
 
    31       4/1/2012     $ 62,758.53     $ 51,281.57     $ 11,476.96     $
10,048,116.61     4/1/2012    
 
    29       5/1/2012     $ 62,758.53     $ 47,918.35     $ 14,840.18     $
10,033,276.43     5/1/2012    
 
    31       6/1/2012     $ 62,758.53     $ 51,147.41     $ 11,611.12     $
10,021,665.31     6/1/2012    
 
    30       7/1/2012     $ 62,758.53     $ 49,440.22     $ 13,318.32     $
10,008,346.99     7/1/2012    
 
    31       8/1/2012     $ 62,758.53     $ 51,020.33     $ 11,738.20     $
9,996,608.79     8/1/2012    
 
    30       9/1/2012     $ 62,758.53     $ 49,316.60     $ 13,441.93     $
9,983,166.86     9/1/2012    
 
    31       10/1/2012     $ 62,758.53     $ 50,891.97     $ 11,866.57     $
9,971,300.29     10/1/2012    
 
    31       11/1/2012     $ 62,758.53     $ 50,831.47     $ 11,927.06     $
9,959,373.23     11/1/2012    
 
    30       12/1/2012     $ 62,758.53     $ 49,132.91     $ 13,625.63     $
9,945,747.60     12/1/2012    
 
    31       1/1/2013     $ 62,758.53     $ 50,701.21     $ 12,057.32     $
9,933,690.28     1/1/2013    
 
    30       2/1/2013     $ 62,758.53     $ 49,006.21     $ 13,752.33     $
9,919,937.95     2/1/2013    
 
    31       3/1/2013     $ 62,758.53     $ 50,569.64     $ 12,188.89     $
9,907,749.06     3/1/2013    
 
    31       4/1/2013     $ 62,758.53     $ 50,507.50     $ 12,251.03     $
9,895,498.03     4/1/2013    
 
    28       5/1/2013     $ 62,758.53     $ 45,563.27     $ 17,195.26     $
9,878,302.76     5/1/2013    
 
    31       6/1/2013     $ 62,758.53     $ 50,357.39     $ 12,401.14     $
9,865,901.62     6/1/2013    
 
    30       7/1/2013     $ 62,758.53     $ 48,671.78     $ 14,086.75     $
9,851,814.87     7/1/2013    
 
    31       8/1/2013     $ 62,758.53     $ 50,222.36     $ 12,536.17     $
9,839,278.70     8/1/2013    
 
    30       9/1/2013     $ 62,758.53     $ 48,540.44     $ 14,218.09     $
9,825,060.61     9/1/2013    
 
    31       10/1/2013     $ 62,758.53     $ 50,085.98     $ 12,672.56     $
9,812,388.05     10/1/2013    
 
    31       11/1/2013     $ 62,758.53     $ 50,021.37     $ 12,737.16     $
9,799,650.89     11/1/2013    
 
    30       12/1/2013     $ 62,758.53     $ 48,344.94     $ 14,413.59     $
9,785,237.30     12/1/2013    
 
    31       1/1/2014     $ 62,758.53     $ 49,882.97     $ 12,875.57     $
9,772,361.73     1/1/2014    
 
    30       2/1/2014     $ 62,758.53     $ 48,210.32     $ 14,548.22     $
9,757,813.52     2/1/2014    
 
    31       3/1/2014     $ 62,758.53     $ 49,743.16     $ 13,015.37     $
9,744,798.15     3/1/2014    
 
    31       4/1/2014     $ 62,758.53     $ 49,676.82     $ 13,081.72     $
9,731,716.43     4/1/2014    
 
    28       5/1/2014     $ 62,758.53     $ 44,809.15     $ 17,949.39     $
9,713,767.04     5/1/2014    
 
    31       6/1/2014     $ 62,758.53     $ 49,518.63     $ 13,239.91     $
9,700,527.13     6/1/2014    
 
    30       7/1/2014     $ 62,758.53     $ 47,855.93     $ 14,902.60     $
9,685,624.53     7/1/2014    
 
    31       8/1/2014     $ 62,758.53     $ 49,375.16     $ 13,383.37     $
9,672,241.16     8/1/2014    
 
    30       9/1/2014     $ 62,758.53     $ 47,716.39     $ 15,042.14     $
9,657,199.02  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-2          

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                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   9/1/2014    
 
    31       10/1/2014     $ 62,758.53     $ 49,230.25     $ 13,528.28     $
9,643,670.74     10/1/2014    
 
    31       11/1/2014     $ 62,758.53     $ 49,161.29     $ 13,597.24     $
9,630,073.50     11/1/2014    
 
    30       12/1/2014     $ 62,758.53     $ 47,508.36     $ 15,250.17     $
9,614,823.32     12/1/2014    
 
    31       1/1/2015     $ 62,758.53     $ 49,014.23     $ 13,744.30     $
9,601,079.02     1/1/2015    
 
    30       2/1/2015     $ 62,758.53     $ 47,365.32     $ 15,393.21     $
9,585,685.81     2/1/2015    
 
    31       3/1/2015     $ 62,758.53     $ 48,865.70     $ 13,892.84     $
9,571,792.98     3/1/2015    
 
    31       4/1/2015     $ 62,758.53     $ 48,794.87     $ 13,963.66     $
9,557,829.31     4/1/2015    
 
    28       5/1/2015     $ 62,758.53     $ 44,008.49     $ 18,750.04     $
9,539,079.28     5/1/2015    
 
    31       6/1/2015     $ 62,758.53     $ 48,628.11     $ 14,130.43     $
9,524,948.85     6/1/2015    
 
    30       7/1/2015     $ 62,758.53     $ 46,989.75     $ 15,768.79     $
9,509,180.06     7/1/2015    
 
    31       8/1/2015     $ 62,758.53     $ 48,475.69     $ 14,282.85     $
9,494,897.21     8/1/2015    
 
    30       9/1/2015     $ 62,758.53     $ 46,841.49     $ 15,917.04     $
9,478,980.17     9/1/2015    
 
    31       10/1/2015     $ 62,758.53     $ 48,321.73     $ 14,436.80     $
9,464,543.37     10/1/2015    
 
    31       11/1/2015     $ 62,758.53     $ 48,248.14     $ 14,510.39     $
9,450,032.98     11/1/2015    
 
    30       12/1/2015     $ 62,758.53     $ 46,620.16     $ 16,138.37     $
9,433,894.61     12/1/2015    
 
    31       1/1/2016     $ 62,758.53     $ 48,091.90     $ 14,666.64     $
9,419,227.97     1/1/2016    
 
    30       2/1/2016     $ 62,758.53     $ 46,468.19     $ 16,290.34     $
9,402,937.63     2/1/2016    
 
    31       3/1/2016     $ 62,758.53     $ 47,934.09     $ 14,824.45     $
9,388,113.18     3/1/2016    
 
    31       4/1/2016     $ 62,758.53     $ 47,858.51     $ 14,900.02     $
9,373,213.16     4/1/2016    
 
    29       5/1/2016     $ 62,758.53     $ 44,699.81     $ 18,058.72     $
9,355,154.44     5/1/2016    
 
    31       6/1/2016     $ 62,758.53     $ 47,690.50     $ 15,068.04     $
9,340,086.41     6/1/2016    
 
    30       7/1/2016     $ 62,758.53     $ 46,077.76     $ 16,680.77     $
9,323,405.63     7/1/2016    
 
    31       8/1/2016     $ 62,758.53     $ 47,528.65     $ 15,229.88     $
9,308,175.75     8/1/2016    
 
    30       9/1/2016     $ 62,758.53     $ 45,920.33     $ 16,838.20     $
9,291,337.55     9/1/2016    
 
    31       10/1/2016     $ 62,758.53     $ 47,365.17     $ 15,393.36     $
9,275,944.19     10/1/2016    
 
    31       11/1/2016     $ 62,758.53     $ 47,286.70     $ 15,471.83     $
9,260,472.36     11/1/2016    
 
    30       12/1/2016     $ 62,758.53     $ 45,685.00     $ 17,073.54     $
9,243,398.82     12/1/2016    
 
    31       1/1/2017     $ 62,758.53     $ 47,120.79     $ 15,637.74     $
9,227,761.08     1/1/2017    
 
    30       2/1/2017     $ 62,758.53     $ 45,523.62     $ 17,234.91     $
9,210,526.17     2/1/2017    
 
    31       3/1/2017     $ 62,758.53     $ 46,953.22     $ 15,805.32     $
9,194,720.85     3/1/2017    
 
    31       4/1/2017     $ 62,758.53     $ 46,872.64     $ 15,885.89     $
9,178,834.96     4/1/2017    
 
    28       5/1/2017     $ 62,758.53     $ 42,263.44     $ 20,495.10     $
9,158,339.86     5/1/2017    
 
    31       6/1/2017     $ 62,758.53     $ 46,687.18     $ 16,071.35     $
9,142,268.51     6/1/2017    
 
    30       7/1/2017     $ 62,758.53     $ 45,101.86     $ 17,656.68     $
9,124,611.83     7/1/2017    
 
    31       8/1/2017     $ 62,758.53     $ 46,515.24     $ 16,243.29     $
9,108,368.54     8/1/2017    
 
    30       9/1/2017     $ 62,758.53     $ 44,934.62     $ 17,823.92     $
9,090,544.63     9/1/2017    
 
    31       10/1/2017     $ 62,758.53     $ 46,341.58     $ 16,416.96     $
9,074,127.67     10/1/2017    
 
    31       11/1/2017     $ 62,758.53     $ 46,257.89     $ 16,500.65     $
9,057,627.02     11/1/2017    
 
    30       12/1/2017     $ 62,758.53     $ 44,684.29     $ 18,074.24     $
9,039,552.78     12/1/2017    
 
    31       1/1/2018     $ 62,758.53     $ 46,081.63     $ 16,676.90     $
9,022,875.88     1/1/2018    
 
    30       2/1/2018     $ 62,758.53     $ 44,512.85     $ 18,245.68     $
9,004,630.20     2/1/2018    
 
    31       3/1/2018     $ 62,758.53     $ 45,903.60     $ 16,854.93     $
8,987,775.27     3/1/2018    
 
    31       4/1/2018     $ 62,758.53     $ 45,817.68     $ 16,940.85     $
8,970,834.42     4/1/2018    
 
    28       5/1/2018     $ 62,758.53     $ 41,305.71     $ 21,452.83     $
8,949,381.59     5/1/2018    
 
    31       6/1/2018     $ 62,758.53     $ 45,621.96     $ 17,136.58     $
8,932,245.02     6/1/2018    
 
    30       7/1/2018     $ 62,758.53     $ 44,065.74     $ 18,692.79     $
8,913,552.23     7/1/2018    
 
    31       8/1/2018     $ 62,758.53     $ 45,439.31     $ 17,319.23     $
8,896,233.00  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-3          

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                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   8/1/2018    
 
    30       9/1/2018     $ 62,758.53     $ 43,888.08     $ 18,870.45     $
8,877,362.55     9/1/2018    
 
    31       10/1/2018     $ 62,758.53     $ 45,254.82     $ 17,503.71     $
8,859,858.84     10/1/2018    
 
    31       11/1/2018     $ 62,758.53     $ 45,165.59     $ 17,592.94     $
8,842,265.90     11/1/2018    
 
    30       12/1/2018     $ 62,758.53     $ 43,621.85     $ 19,136.69     $
8,823,129.21     12/1/2018    
 
    31       1/1/2019     $ 62,758.53     $ 44,978.35     $ 17,780.18     $
8,805,349.03     1/1/2019    
 
    30       2/1/2019     $ 62,758.53     $ 43,439.72     $ 19,318.81     $
8,786,030.21     2/1/2019    
 
    31       3/1/2019     $ 62,758.53     $ 44,789.23     $ 17,969.30     $
8,768,060.91     3/1/2019    
 
    31       4/1/2019     $ 62,758.53     $ 44,697.63     $ 18,060.91     $
8,750,000.00     4/1/2019    
 
    28       5/1/2019     $ 62,758.53     $ 40,288.89     $ 22,469.64     $
8,727,530.36     5/1/2019    
 
    31       6/1/2019     $ 62,758.53     $ 44,491.01     $ 18,267.52     $
8,709,262.83     6/1/2019    
 
    30       7/1/2019     $ 62,758.53     $ 42,965.70     $ 19,792.84     $
8,689,470.00     7/1/2019    
 
    31       8/1/2019     $ 62,758.53     $ 44,296.99     $ 18,461.55     $
8,671,008.45     8/1/2019    
 
    30       9/1/2019     $ 62,758.53     $ 42,776.98     $ 19,981.56     $
8,651,026.89     9/1/2019    
 
    31       10/1/2019     $ 62,758.53     $ 44,101.01     $ 18,657.52     $
8,632,369.37     10/1/2019    
 
    31       11/1/2019     $ 62,758.53     $ 44,005.90     $ 18,752.63     $
8,613,616.74     11/1/2019    
 
    30       12/1/2019     $ 62,758.53     $ 42,493.84     $ 20,264.69     $
8,593,352.04     12/1/2019    
 
    31       1/1/2020     $ 62,758.53     $ 43,807.00     $ 18,951.53     $
8,574,400.51     1/1/2020    
 
    30       2/1/2020     $ 62,758.53     $ 42,300.38     $ 20,458.16     $
8,553,942.35     2/1/2020    
 
    31       3/1/2020     $ 62,758.53     $ 43,606.10     $ 19,152.44     $
8,534,789.92     3/1/2020    
 
    31       4/1/2020     $ 62,758.53     $ 43,508.46     $ 19,250.07     $
8,515,539.84     4/1/2020    
 
    29       5/1/2020     $ 62,758.53     $ 40,609.66     $ 22,148.87     $
8,493,390.97     5/1/2020    
 
    31       6/1/2020     $ 62,758.53     $ 43,297.42     $ 19,461.11     $
8,473,929.86     6/1/2020    
 
    30       7/1/2020     $ 62,758.53     $ 41,804.72     $ 20,953.81     $
8,452,976.05     7/1/2020    
 
    31       8/1/2020     $ 62,758.53     $ 43,091.39     $ 19,667.14     $
8,433,308.91     8/1/2020    
 
    30       9/1/2020     $ 62,758.53     $ 41,604.32     $ 21,154.21     $
8,412,154.70     9/1/2020    
 
    31       10/1/2020     $ 62,758.53     $ 42,883.30     $ 19,875.24     $
8,392,279.46     10/1/2020    
 
    31       11/1/2020     $ 62,758.53     $ 42,781.98     $ 19,976.56     $
8,372,302.90     11/1/2020    
 
    30       12/1/2020     $ 62,758.53     $ 41,303.36     $ 21,455.17     $
8,350,847.73     12/1/2020    
 
    31       1/1/2021     $ 62,758.53     $ 42,570.77     $ 20,187.77     $
8,330,659.96     1/1/2021    
 
    30       2/1/2021     $ 62,758.53     $ 41,097.92     $ 21,660.61     $
8,308,999.35     2/1/2021    
 
    31       3/1/2021     $ 62,758.53     $ 42,357.43     $ 20,401.10     $
8,288,598.25     3/1/2021    
 
    31       4/1/2021     $ 62,758.53     $ 42,253.43     $ 20,505.10     $
8,268,093.15     4/1/2021    
 
    28       5/1/2021     $ 62,758.53     $ 38,069.98     $ 24,688.56     $
8,243,404.59     5/1/2021    
 
    31       6/1/2021     $ 62,758.53     $ 42,023.04     $ 20,735.49     $
8,222,669.10     6/1/2021    
 
    30       7/1/2021     $ 62,758.53     $ 40,565.17     $ 22,193.37     $
8,200,475.73     7/1/2021    
 
    31       8/1/2021     $ 62,758.53     $ 41,804.20     $ 20,954.33     $
8,179,521.40     8/1/2021    
 
    30       9/1/2021     $ 62,758.53     $ 40,352.31     $ 22,406.23     $
8,157,115.17     9/1/2021    
 
    31       10/1/2021     $ 62,758.53     $ 41,583.16     $ 21,175.37     $
8,135,939.80     10/1/2021    
 
    31       11/1/2021     $ 62,758.53     $ 41,475.21     $ 21,283.32     $
8,114,656.48     11/1/2021    
 
    30       12/1/2021     $ 62,758.53     $ 40,032.31     $ 22,726.23     $
8,091,930.25     12/1/2021    
 
    31       1/1/2022     $ 62,758.53     $ 41,250.86     $ 21,507.67     $
8,070,422.58     1/1/2022    
 
    30       2/1/2022     $ 62,758.53     $ 39,814.08     $ 22,944.45     $
8,047,478.13     2/1/2022    
 
    31       3/1/2022     $ 62,758.53     $ 41,024.26     $ 21,734.28     $
8,025,743.85     3/1/2022    
 
    31       4/1/2022     $ 62,758.53     $ 40,913.46     $ 21,845.08     $
8,003,898.78     4/1/2022    
 
    28       5/1/2022     $ 62,758.53     $ 36,853.51     $ 25,905.03     $
7,977,993.75     5/1/2022    
 
    31       6/1/2022     $ 62,758.53     $ 40,670.04     $ 22,088.49     $
7,955,905.25     6/1/2022    
 
    30       7/1/2022     $ 62,758.53     $ 39,249.13     $ 23,509.40     $
7,932,395.85  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-4          

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                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   7/1/2022    
 
    31       8/1/2022     $ 62,758.53     $ 40,437.59     $ 22,320.94     $
7,910,074.91     8/1/2022    
 
    30       9/1/2022     $ 62,758.53     $ 39,023.04     $ 23,735.50     $
7,886,339.41     9/1/2022    
 
    31       10/1/2022     $ 62,758.53     $ 40,202.81     $ 22,555.73     $
7,863,783.69     10/1/2022    
 
    31       11/1/2022     $ 62,758.53     $ 40,087.82     $ 22,670.71     $
7,841,112.97     11/1/2022    
 
    30       12/1/2022     $ 62,758.53     $ 38,682.82     $ 24,075.71     $
7,817,037.26     12/1/2022    
 
    31       1/1/2023     $ 62,758.53     $ 39,849.52     $ 22,909.01     $
7,794,128.25     1/1/2023    
 
    30       2/1/2023     $ 62,758.53     $ 38,451.03     $ 24,307.50     $
7,769,820.75     2/1/2023    
 
    31       3/1/2023     $ 62,758.53     $ 39,608.82     $ 23,149.71     $
7,746,671.03     3/1/2023    
 
    31       4/1/2023     $ 62,758.53     $ 39,490.81     $ 23,267.73     $
7,723,403.31     4/1/2023    
 
    28       5/1/2023     $ 62,758.53     $ 35,561.98     $ 27,196.55     $
7,696,206.76     5/1/2023    
 
    31       6/1/2023     $ 62,758.53     $ 39,233.55     $ 23,524.98     $
7,672,681.77     6/1/2023    
 
    30       7/1/2023     $ 62,758.53     $ 37,851.90     $ 24,906.64     $
7,647,775.14     7/1/2023    
 
    31       8/1/2023     $ 62,758.53     $ 38,986.66     $ 23,771.88     $
7,624,003.26     8/1/2023    
 
    30       9/1/2023     $ 62,758.53     $ 37,611.75     $ 25,146.78     $
7,598,856.48     9/1/2023    
 
    31       10/1/2023     $ 62,758.53     $ 38,737.28     $ 24,021.25     $
7,574,835.22     10/1/2023    
 
    31       11/1/2023     $ 62,758.53     $ 38,614.83     $ 24,143.71     $
7,550,691.52     11/1/2023    
 
    30       12/1/2023     $ 62,758.53     $ 37,250.08     $ 25,508.46     $
7,525,183.06     12/1/2023    
 
    31       1/1/2024     $ 62,758.53     $ 38,361.71     $ 24,396.82     $
7,500,786.24     1/1/2024    
 
    30       2/1/2024     $ 62,758.53     $ 37,003.88     $ 25,754.65     $
7,475,031.58     2/1/2024    
 
    31       3/1/2024     $ 62,758.53     $ 38,106.05     $ 24,652.48     $
7,450,379.10     3/1/2024    
 
    31       4/1/2024     $ 62,758.53     $ 37,980.38     $ 24,778.16     $
7,425,600.94     4/1/2024    
 
    29       5/1/2024     $ 62,758.53     $ 35,411.87     $ 27,346.67     $
7,398,254.27     5/1/2024    
 
    31       6/1/2024     $ 62,758.53     $ 37,714.66     $ 25,043.88     $
7,373,210.40     6/1/2024    
 
    30       7/1/2024     $ 62,758.53     $ 36,374.50     $ 26,384.03     $
7,346,826.37     7/1/2024    
 
    31       8/1/2024     $ 62,758.53     $ 37,452.49     $ 25,306.05     $
7,321,520.32     8/1/2024    
 
    30       9/1/2024     $ 62,758.53     $ 36,119.50     $ 26,639.03     $
7,294,881.29     9/1/2024    
 
    31       10/1/2024     $ 62,758.53     $ 37,187.68     $ 25,570.85     $
7,269,310.44     10/1/2024    
 
    31       11/1/2024     $ 62,758.53     $ 37,057.33     $ 25,701.20     $
7,243,609.23     11/1/2024    
 
    30       12/1/2024     $ 62,758.53     $ 35,735.14     $ 27,023.39     $
7,216,585.84     12/1/2024    
 
    31       1/1/2025     $ 62,758.53     $ 36,788.55     $ 25,969.98     $
7,190,615.86     1/1/2025    
 
    30       2/1/2025     $ 62,758.53     $ 35,473.70     $ 27,284.83     $
7,163,331.03     2/1/2025    
 
    31       3/1/2025     $ 62,758.53     $ 36,517.07     $ 26,241.46     $
7,137,089.56     3/1/2025    
 
    31       4/1/2025     $ 62,758.53     $ 36,383.30     $ 26,375.24     $
7,110,714.33     4/1/2025    
 
    28       5/1/2025     $ 62,758.53     $ 32,740.89     $ 30,017.64     $
7,080,696.68     5/1/2025    
 
    31       6/1/2025     $ 62,758.53     $ 36,095.82     $ 26,662.72     $
7,054,033.97     6/1/2025    
 
    30       7/1/2025     $ 62,758.53     $ 34,799.90     $ 27,958.63     $
7,026,075.33     7/1/2025    
 
    31       8/1/2025     $ 62,758.53     $ 35,817.37     $ 26,941.16     $
6,999,134.17     8/1/2025    
 
    30       9/1/2025     $ 62,758.53     $ 34,529.06     $ 28,229.47     $
6,970,904.70     9/1/2025    
 
    31       10/1/2025     $ 62,758.53     $ 35,536.12     $ 27,222.41     $
6,943,682.29     10/1/2025    
 
    31       11/1/2025     $ 62,758.53     $ 35,397.35     $ 27,361.18     $
6,916,321.10     11/1/2025    
 
    30       12/1/2025     $ 62,758.53     $ 34,120.52     $ 28,638.02     $
6,887,683.09     12/1/2025    
 
    31       1/1/2026     $ 62,758.53     $ 35,111.88     $ 27,646.66     $
6,860,036.43     1/1/2026    
 
    30       2/1/2026     $ 62,758.53     $ 33,842.85     $ 28,915.69     $
6,831,120.74     2/1/2026    
 
    31       3/1/2026     $ 62,758.53     $ 34,823.54     $ 27,935.00     $
6,803,185.75     3/1/2026    
 
    31       4/1/2026     $ 62,758.53     $ 34,681.13     $ 28,077.40     $
6,775,108.34     4/1/2026    
 
    28       5/1/2026     $ 62,758.53     $ 31,195.61     $ 31,562.92     $
6,743,545.42     5/1/2026    
 
    31       6/1/2026     $ 62,758.53     $ 34,377.10     $ 28,381.44     $
6,715,163.98  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-5          

--------------------------------------------------------------------------------

 

                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   6/1/2026    
 
    30       7/1/2026     $ 62,758.53     $ 33,128.14     $ 29,630.39     $
6,685,533.59     7/1/2026    
 
    31       8/1/2026     $ 62,758.53     $ 34,081.36     $ 28,677.17     $
6,656,856.42     8/1/2026    
 
    30       9/1/2026     $ 62,758.53     $ 32,840.49     $ 29,918.04     $
6,626,938.38     9/1/2026    
 
    31       10/1/2026     $ 62,758.53     $ 33,782.66     $ 28,975.87     $
6,597,962.50     10/1/2026    
 
    31       11/1/2026     $ 62,758.53     $ 33,634.95     $ 29,123.59     $
6,568,838.91     11/1/2026    
 
    30       12/1/2026     $ 62,758.53     $ 32,406.27     $ 30,352.26     $
6,538,486.65     12/1/2026    
 
    31       1/1/2027     $ 62,758.53     $ 33,331.75     $ 29,426.78     $
6,509,059.87     1/1/2027    
 
    30       2/1/2027     $ 62,758.53     $ 32,111.36     $ 30,647.17     $
6,478,412.70     2/1/2027    
 
    31       3/1/2027     $ 62,758.53     $ 33,025.51     $ 29,733.03     $
6,448,679.67     3/1/2027    
 
    31       4/1/2027     $ 62,758.53     $ 32,873.94     $ 29,884.60     $
6,418,795.08     4/1/2027    
 
    28       5/1/2027     $ 62,758.53     $ 29,554.99     $ 33,203.55     $
6,385,591.53     5/1/2027    
 
    31       6/1/2027     $ 62,758.53     $ 32,552.33     $ 30,206.21     $
6,355,385.32     6/1/2027    
 
    30       7/1/2027     $ 62,758.53     $ 31,353.23     $ 31,405.30     $
6,323,980.02     7/1/2027    
 
    31       8/1/2027     $ 62,758.53     $ 32,238.24     $ 30,520.29     $
6,293,459.73     8/1/2027    
 
    30       9/1/2027     $ 62,758.53     $ 31,047.73     $ 31,710.80     $
6,261,748.93     9/1/2027    
 
    31       10/1/2027     $ 62,758.53     $ 31,921.00     $ 30,837.53     $
6,230,911.40     10/1/2027    
 
    31       11/1/2027     $ 62,758.53     $ 31,763.80     $ 30,994.73     $
6,199,916.67     11/1/2027    
 
    30       12/1/2027     $ 62,758.53     $ 30,586.26     $ 32,172.28     $
6,167,744.39     12/1/2027    
 
    31       1/1/2028     $ 62,758.53     $ 31,441.79     $ 31,316.74     $
6,136,427.65     1/1/2028    
 
    30       2/1/2028     $ 62,758.53     $ 30,273.04     $ 32,485.49     $
6,103,942.16     2/1/2028    
 
    31       3/1/2028     $ 62,758.53     $ 31,116.54     $ 31,641.99     $
6,072,300.17     3/1/2028    
 
    31       4/1/2028     $ 62,758.53     $ 30,955.24     $ 31,803.30     $
6,040,496.87     4/1/2028    
 
    29       5/1/2028     $ 62,758.53     $ 28,806.46     $ 33,952.08     $
6,006,544.79     5/1/2028    
 
    31       6/1/2028     $ 62,758.53     $ 30,620.03     $ 32,138.50     $
5,974,406.29     6/1/2028    
 
    30       7/1/2028     $ 62,758.53     $ 29,473.74     $ 33,284.80     $
5,941,121.49     7/1/2028    
 
    31       8/1/2028     $ 62,758.53     $ 30,286.52     $ 32,472.02     $
5,908,649.48     8/1/2028    
 
    30       9/1/2028     $ 62,758.53     $ 29,149.34     $ 33,609.20     $
5,875,040.28     9/1/2028    
 
    31       10/1/2028     $ 62,758.53     $ 29,949.65     $ 32,808.88     $
5,842,231.40     10/1/2028    
 
    31       11/1/2028     $ 62,758.53     $ 29,782.40     $ 32,976.14     $
5,809,255.26     11/1/2028    
 
    30       12/1/2028     $ 62,758.53     $ 28,658.99     $ 34,099.54     $
5,775,155.72     12/1/2028    
 
    31       1/1/2029     $ 62,758.53     $ 29,440.46     $ 33,318.07     $
5,741,837.65     1/1/2029    
 
    30       2/1/2029     $ 62,758.53     $ 28,326.40     $ 34,432.13     $
5,707,405.51     2/1/2029    
 
    31       3/1/2029     $ 62,758.53     $ 29,095.08     $ 33,663.45     $
5,673,742.06     3/1/2029    
 
    31       4/1/2029     $ 62,758.53     $ 28,923.48     $ 33,835.06     $
5,639,907.01     4/1/2029    
 
    28       5/1/2029     $ 62,758.53     $ 25,968.64     $ 36,789.90     $
5,603,117.11     5/1/2029    
 
    31       6/1/2029     $ 62,758.53     $ 28,563.45     $ 34,195.09     $
5,568,922.02     6/1/2029    
 
    30       7/1/2029     $ 62,758.53     $ 27,473.35     $ 35,285.19     $
5,533,636.84     7/1/2029    
 
    31       8/1/2029     $ 62,758.53     $ 28,209.25     $ 34,549.28     $
5,499,087.55     8/1/2029    
 
    30       9/1/2029     $ 62,758.53     $ 27,128.83     $ 35,629.70     $
5,463,457.85     9/1/2029    
 
    31       10/1/2029     $ 62,758.53     $ 27,851.49     $ 34,907.04     $
5,428,550.81     10/1/2029    
 
    31       11/1/2029     $ 62,758.53     $ 27,673.55     $ 35,084.99     $
5,393,465.83     11/1/2029    
 
    30       12/1/2029     $ 62,758.53     $ 26,607.76     $ 36,150.77     $
5,357,315.06     12/1/2029    
 
    31       1/1/2030     $ 62,758.53     $ 27,310.40     $ 35,448.13     $
5,321,866.92     1/1/2030    
 
    30       2/1/2030     $ 62,758.53     $ 26,254.54     $ 36,503.99     $
5,285,362.93     2/1/2030    
 
    31       3/1/2030     $ 62,758.53     $ 26,943.61     $ 35,814.93     $
5,249,548.01     3/1/2030    
 
    31       4/1/2030     $ 62,758.53     $ 26,761.03     $ 35,997.50     $
5,213,550.50     4/1/2030    
 
    28       5/1/2030     $ 62,758.53     $ 24,005.50     $ 38,753.03     $
5,174,797.47  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-6          

--------------------------------------------------------------------------------

 

                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   5/1/2030    
 
    31       6/1/2030     $ 62,758.53     $ 26,379.97     $ 36,378.57     $
5,138,418.90     6/1/2030    
 
    30       7/1/2030     $ 62,758.53     $ 25,349.53     $ 37,409.00     $
5,101,009.90     7/1/2030    
 
    31       8/1/2030     $ 62,758.53     $ 26,003.81     $ 36,754.72     $
5,064,255.19     8/1/2030    
 
    30       9/1/2030     $ 62,758.53     $ 24,983.66     $ 37,774.87     $
5,026,480.31     9/1/2030    
 
    31       10/1/2030     $ 62,758.53     $ 25,623.88     $ 37,134.65     $
4,989,345.66     10/1/2030    
 
    31       11/1/2030     $ 62,758.53     $ 25,434.58     $ 37,323.96     $
4,952,021.70     11/1/2030    
 
    30       12/1/2030     $ 62,758.53     $ 24,429.97     $ 38,328.56     $
4,913,693.14     12/1/2030    
 
    31       1/1/2031     $ 62,758.53     $ 25,048.92     $ 37,709.62     $
4,875,983.52     1/1/2031    
 
    30       2/1/2031     $ 62,758.53     $ 24,054.85     $ 38,703.68     $
4,837,279.84     2/1/2031    
 
    31       3/1/2031     $ 62,758.53     $ 24,659.38     $ 38,099.16     $
4,799,180.68     3/1/2031    
 
    31       4/1/2031     $ 62,758.53     $ 24,465.16     $ 38,293.38     $
4,760,887.31     4/1/2031    
 
    28       5/1/2031     $ 62,758.53     $ 21,921.24     $ 40,837.29     $
4,720,050.01     5/1/2031    
 
    31       6/1/2031     $ 62,758.53     $ 24,061.77     $ 38,696.77     $
4,681,353.24     6/1/2031    
 
    30       7/1/2031     $ 62,758.53     $ 23,094.68     $ 39,663.86     $
4,641,689.39     7/1/2031    
 
    31       8/1/2031     $ 62,758.53     $ 23,662.30     $ 39,096.23     $
4,602,593.15     8/1/2031    
 
    30       9/1/2031     $ 62,758.53     $ 22,706.13     $ 40,052.41     $
4,562,540.75     9/1/2031    
 
    31       10/1/2031     $ 62,758.53     $ 23,258.82     $ 39,499.71     $
4,523,041.03     10/1/2031    
 
    31       11/1/2031     $ 62,758.53     $ 23,057.46     $ 39,701.08     $
4,483,339.96     11/1/2031    
 
    30       12/1/2031     $ 62,758.53     $ 22,117.81     $ 40,640.72     $
4,442,699.23     12/1/2031    
 
    31       1/1/2032     $ 62,758.53     $ 22,647.89     $ 40,110.64     $
4,402,588.59     1/1/2032    
 
    30       2/1/2032     $ 62,758.53     $ 21,719.44     $ 41,039.10     $
4,361,549.50     2/1/2032    
 
    31       3/1/2032     $ 62,758.53     $ 22,234.21     $ 40,524.32     $
4,321,025.17     3/1/2032    
 
    31       4/1/2032     $ 62,758.53     $ 22,027.63     $ 40,730.91     $
4,280,294.26     4/1/2032    
 
    29       5/1/2032     $ 62,758.53     $ 20,412.25     $ 42,346.29     $
4,237,947.98     5/1/2032    
 
    31       6/1/2032     $ 62,758.53     $ 21,604.12     $ 41,154.42     $
4,196,793.56     6/1/2032    
 
    30       7/1/2032     $ 62,758.53     $ 20,704.18     $ 42,054.35     $
4,154,739.21     7/1/2032    
 
    31       8/1/2032     $ 62,758.53     $ 21,179.94     $ 41,578.60     $
4,113,160.61     8/1/2032    
 
    30       9/1/2032     $ 62,758.53     $ 20,291.59     $ 42,466.94     $
4,070,693.67     9/1/2032    
 
    31       10/1/2032     $ 62,758.53     $ 20,751.49     $ 42,007.04     $
4,028,686.63     10/1/2032    
 
    31       11/1/2032     $ 62,758.53     $ 20,537.35     $ 42,221.18     $
3,986,465.44     11/1/2032    
 
    30       12/1/2032     $ 62,758.53     $ 19,666.56     $ 43,091.97     $
3,943,373.47     12/1/2032    
 
    31       1/1/2033     $ 62,758.53     $ 20,102.44     $ 42,656.09     $
3,900,717.38     1/1/2033    
 
    30       2/1/2033     $ 62,758.53     $ 19,243.54     $ 43,514.99     $
3,857,202.39     2/1/2033    
 
    31       3/1/2033     $ 62,758.53     $ 19,663.16     $ 43,095.37     $
3,814,107.01     3/1/2033    
 
    31       4/1/2033     $ 62,758.53     $ 19,443.47     $ 43,315.06     $
3,770,791.95     4/1/2033    
 
    28       5/1/2033     $ 62,758.53     $ 17,362.40     $ 45,396.13     $
3,725,395.82     5/1/2033    
 
    31       6/1/2033     $ 62,758.53     $ 18,991.24     $ 43,767.29     $
3,681,628.52     6/1/2033    
 
    30       7/1/2033     $ 62,758.53     $ 18,162.70     $ 44,595.83     $
3,637,032.69     7/1/2033    
 
    31       8/1/2033     $ 62,758.53     $ 18,540.78     $ 44,217.75     $
3,592,814.94     8/1/2033    
 
    30       9/1/2033     $ 62,758.53     $ 17,724.55     $ 45,033.98     $
3,547,780.96     9/1/2033    
 
    31       10/1/2033     $ 62,758.53     $ 18,085.80     $ 44,672.73     $
3,503,108.23     10/1/2033    
 
    31       11/1/2033     $ 62,758.53     $ 17,858.07     $ 44,900.47     $
3,458,207.76     11/1/2033    
 
    30       12/1/2033     $ 62,758.53     $ 17,060.49     $ 45,698.04     $
3,412,509.72     12/1/2033    
 
    31       1/1/2034     $ 62,758.53     $ 17,396.22     $ 45,362.32     $
3,367,147.40     1/1/2034    
 
    30       2/1/2034     $ 62,758.53     $ 16,611.26     $ 46,147.27     $
3,321,000.13     2/1/2034    
 
    31       3/1/2034     $ 62,758.53     $ 16,929.72     $ 45,828.81     $
3,275,171.32     3/1/2034    
 
    31       4/1/2034     $ 62,758.53     $ 16,696.10     $ 46,062.44     $
3,229,108.88  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-7          

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                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   4/1/2034    
 
    28       5/1/2034     $ 62,758.53     $ 14,868.25     $ 47,890.28     $
3,181,218.60     5/1/2034    
 
    31       6/1/2034     $ 62,758.53     $ 16,217.15     $ 46,541.39     $
3,134,677.21     6/1/2034    
 
    30       7/1/2034     $ 62,758.53     $ 15,464.41     $ 47,294.13     $
3,087,383.08     7/1/2034    
 
    31       8/1/2034     $ 62,758.53     $ 15,738.79     $ 47,019.74     $
3,040,363.34     8/1/2034    
 
    30       9/1/2034     $ 62,758.53     $ 14,999.13     $ 47,759.41     $
2,992,603.93     9/1/2034    
 
    31       10/1/2034     $ 62,758.53     $ 15,255.63     $ 47,502.90     $
2,945,101.03     10/1/2034    
 
    31       11/1/2034     $ 62,758.53     $ 15,013.47     $ 47,745.06     $
2,897,355.97     11/1/2034    
 
    30       12/1/2034     $ 62,758.53     $ 14,293.62     $ 48,464.91     $
2,848,891.05     12/1/2034    
 
    31       1/1/2035     $ 62,758.53     $ 14,523.01     $ 48,235.52     $
2,800,655.53     1/1/2035    
 
    30       2/1/2035     $ 62,758.53     $ 13,816.57     $ 48,941.97     $
2,751,713.57     2/1/2035    
 
    31       3/1/2035     $ 62,758.53     $ 14,027.62     $ 48,730.91     $
2,702,982.66     3/1/2035    
 
    31       4/1/2035     $ 62,758.53     $ 13,779.20     $ 48,979.33     $
2,654,003.33     4/1/2035    
 
    28       5/1/2035     $ 62,758.53     $ 12,220.21     $ 50,538.32     $
2,603,465.01     5/1/2035    
 
    31       6/1/2035     $ 62,758.53     $ 13,271.89     $ 49,486.65     $
2,553,978.36     6/1/2035    
 
    30       7/1/2035     $ 62,758.53     $ 12,599.63     $ 50,158.91     $
2,503,819.45     7/1/2035    
 
    31       8/1/2035     $ 62,758.53     $ 12,763.92     $ 49,994.62     $
2,453,824.83     8/1/2035    
 
    30       9/1/2035     $ 62,758.53     $ 12,105.54     $ 50,653.00     $
2,403,171.83     9/1/2035    
 
    31       10/1/2035     $ 62,758.53     $ 12,250.84     $ 50,507.70     $
2,352,664.14     10/1/2035    
 
    31       11/1/2035     $ 62,758.53     $ 11,993.36     $ 50,765.17     $
2,301,898.96     11/1/2035    
 
    30       12/1/2035     $ 62,758.53     $ 11,356.03     $ 51,402.50     $
2,250,496.46     12/1/2035    
 
    31       1/1/2036     $ 62,758.53     $ 11,472.53     $ 51,286.00     $
2,199,210.46     1/1/2036    
 
    30       2/1/2036     $ 62,758.53     $ 10,849.44     $ 51,909.10     $
2,147,301.36     2/1/2036    
 
    31       3/1/2036     $ 62,758.53     $ 10,946.47     $ 51,812.07     $
2,095,489.30     3/1/2036    
 
    31       4/1/2036     $ 62,758.53     $ 10,682.34     $ 52,076.19     $
2,043,413.10     4/1/2036    
 
    29       5/1/2036     $ 62,758.53     $ 9,744.81     $ 53,013.72     $
1,990,399.38     5/1/2036    
 
    31       6/1/2036     $ 62,758.53     $ 10,146.61     $ 52,611.92     $
1,937,787.46     6/1/2036    
 
    30       7/1/2036     $ 62,758.53     $ 9,559.75     $ 53,198.78     $
1,884,588.68     7/1/2036    
 
    31       8/1/2036     $ 62,758.53     $ 9,607.21     $ 53,151.32     $
1,831,437.36     8/1/2036    
 
    30       9/1/2036     $ 62,758.53     $ 9,035.09     $ 53,723.44     $
1,777,713.91     9/1/2036    
 
    31       10/1/2036     $ 62,758.53     $ 9,062.39     $ 53,696.14     $
1,724,017.77     10/1/2036    
 
    31       11/1/2036     $ 62,758.53     $ 8,788.66     $ 53,969.87     $
1,670,047.90     11/1/2036    
 
    30       12/1/2036     $ 62,758.53     $ 8,238.90     $ 54,519.63     $
1,615,528.26     12/1/2036    
 
    31       1/1/2037     $ 62,758.53     $ 8,235.60     $ 54,522.93     $
1,561,005.33     1/1/2037    
 
    30       2/1/2037     $ 62,758.53     $ 7,700.96     $ 55,057.57     $
1,505,947.76     2/1/2037    
 
    31       3/1/2037     $ 62,758.53     $ 7,676.99     $ 55,081.55     $
1,450,866.21     3/1/2037    
 
    31       4/1/2037     $ 62,758.53     $ 7,396.19     $ 55,362.34     $
1,395,503.87     4/1/2037    
 
    28       5/1/2037     $ 62,758.53     $ 6,425.52     $ 56,333.01     $
1,339,170.86     5/1/2037    
 
    31       6/1/2037     $ 62,758.53     $ 6,826.80     $ 55,931.74     $
1,283,239.12     6/1/2037    
 
    30       7/1/2037     $ 62,758.53     $ 6,330.65     $ 56,427.89     $
1,226,811.23     7/1/2037    
 
    31       8/1/2037     $ 62,758.53     $ 6,254.01     $ 56,504.52     $
1,170,306.71     8/1/2037    
 
    30       9/1/2037     $ 62,758.53     $ 5,773.51     $ 56,985.02     $
1,113,321.69     9/1/2037    
 
    31       10/1/2037     $ 62,758.53     $ 5,675.47     $ 57,083.07     $
1,056,238.62     10/1/2037    
 
    31       11/1/2037     $ 62,758.53     $ 5,384.47     $ 57,374.06     $
998,864.56     11/1/2037    
 
    30       12/1/2037     $ 62,758.53     $ 4,927.73     $ 57,830.80     $
941,033.76     12/1/2037    
 
    31       1/1/2038     $ 62,758.53     $ 4,797.18     $ 57,961.35     $
883,072.40     1/1/2038    
 
    30       2/1/2038     $ 62,758.53     $ 4,356.49     $ 58,402.04     $
824,670.36     2/1/2038    
 
    31       3/1/2038     $ 62,758.53     $ 4,203.99     $ 58,554.55     $
766,115.81  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-8          

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                                                          Anticipated   Payment
Due                 Closing Date   Date       Interest   Principal   Principal
Balance   3/1/2038    
 
    31       4/1/2038     $ 62,758.53     $ 3,905.49     $ 58,853.05     $
707,262.77     4/1/2038    
 
    28       5/1/2038     $ 62,758.53     $ 3,256.55     $ 59,501.98     $
647,760.79     5/1/2038    
 
    31       6/1/2038     $ 62,758.53     $ 3,302.14     $ 59,456.39     $
588,304.39  

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page C-9          

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SCHEDULE D
RATE SETTING FORM
     Pursuant to Section 3 of that certain Discount MBS Multifamily Note dated
as of May 7, 2008 (the “Note”) from the undersigned (the “Borrower”) to CAPMARK
BANK, a Utah industrial bank, (the “Lender”), the Borrower hereby requests that
the Lender issue to it an advance to be funded by a discount mortgaged backed
security (“DMBS”) with the following terms:

     
Advance Amount
  $                                     &nbs p;                        
Term
  Three months  
DMBS Issue Date
                                         ;   1,                       
Discount
                       %  
Price
                                         ;                        
Closing Date no later than
                                         ;  ,                     

     Defined terms used herein shall have the same meaning as set forth in the
Note.
[Signatures on the following page]

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page D-1          

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Dated:                                      ;   

                      BORROWER    
 
                    SUNRISE FALL CREEK ASSISTED LIVING,
   L.L.C., an Indiana limited liability company    
 
                    By:   Sunrise Senior Living Investments, Inc.,
a Virginia corporation, its sole member    
 
               
 
      By:        
 
               
 
      Name:        
 
               
 
      Title:        
 
               
 
                    54-2058396         Borrower’s Social Security/Employer ID
Number    

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page D-2          

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SCHEDULE E
RATE CONFIRMATION FORM
     Pursuant to Section 4(c) of that certain Discount MBS Multifamily Note
dated as of May 7, 2008 (the “Note”) from the undersigned (the “Borrower”) to
CAPMARK BANK, a Utah industrial bank (the “Lender”), the Borrower hereby
requests that the Lender issue to it an advance for the purpose of refinancing
the Indebtedness under the Note to be funded by a discount mortgaged backed
security (“DMBS”) pursuant to the Rate Setting Form dated
                                         , from the Borrower to the Lender. The
Lender hereby confirms that it has obtained a commitment for the purchase of a
Fannie Mae DMBS with the following terms:

     
Advance Amount
  $                                     &nbs p;                        
Term
  Three months  
DMBS Issue Date
                                         ;   1,                       
DMBS Imputed Interest Rate
                       %  
Discount
                       %  
Price
                                         ;                        
Closing Date no later than
                                         ;  ,                     

      FANNIE MAE MULTIFAMILY DMBS NOTE     ©2003 Fannie Mae   Page E-1          

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Dated:                                         ,                     

            LENDER:

CAPMARK BANK, a Utah industrial bank
      By:           Max W. Foore        Limited Signer     

Rate Setting Date:                                           ,  
                    ,                     :                      AM/PM Eastern
Time
BORROWER AGREES TO AND ACCEPTS THE ABOVE-STATED TERMS FOR THE REFINANCING OF THE
INDEBTEDNESS:
Dated:

                      BORROWER    
 
                    SUNRISE FALL CREEK ASSISTED LIVING,
   L.L.C., an Indiana limited liability company    
 
                    By:   Sunrise Senior Living Investments, Inc.,
a Virginia corporation, its sole member    
 
               
 
      By:        
 
               
 
      Name:        
 
               
 
      Title:        
 
               
 
                    54-2058396         Borrower’s Social Security/Employer ID
Number    

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SCHEDULE TO EXHIBIT 10.2
     In accordance with the instructions to Item 601 of Regulation S-K, the
mortgages of the other 15 borrowers have been omitted. The terms of the omitted
mortgages are substantially the same as Exhibit 10.1.