Registration Rights Agreement



 Exhibit 4.2 
 EXECUTION COPY 
 REGISTRATION RIGHTS AGREEMENT 

by and among 

Aviv Healthcare Properties Limited Partnership 
 Aviv Healthcare Capital Corporation 
 Aviv REIT, Inc. 

and the other Guarantors party hereto 
 and 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated

 as the Representative of the several Initial Purchasers 

Dated as of March 28, 2012 







 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 28,
2012, by and among Aviv Healthcare Properties Limited Partnership, a Delaware limited partnership, and Aviv Healthcare Capital Corporation, a Delaware corporation (collectively, the “Issuers”), Aviv REIT, Inc., a Maryland
corporation (“Aviv REIT”), and the other guarantors party hereto (collectively, with Aviv REIT, the “Guarantors”), and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on behalf of itself and as
representative of the Initial Purchasers listed on Schedule A to the Purchase Agreement (as defined below) (collectively, the “Initial Purchasers”), each of whom has agreed to purchase pursuant to the Purchase Agreement the
Issuers’ 7  3/4% Senior Notes due 2019
(the “Initial Notes”) fully and unconditionally guaranteed by the Guarantors (the “Guarantees”). The Initial Notes and the Guarantees attached thereto are herein collectively referred to as the “Initial
Securities.” 
 This Agreement is made pursuant to the Purchase Agreement, dated March 14, 2012 (the
“Purchase Agreement”), among the Issuers, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, on behalf of itself and as representative of the Initial Purchasers, (i) for the benefit of the
Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Issuers have agreed to
provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(h) of the Purchase Agreement. 

The parties hereby agree as follows: 
 SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

Additional Interest: As defined in Section 5 hereof. 

Advice: As defined in Section 6(c) hereof. 
 Affiliate: As defined in Rule 405 under the Securities Act.  

Agreement: As defined in the preamble hereto. 
 Aviv REIT: As defined in the preamble hereto. 
 Broker-Dealer:
Any broker or dealer registered under the Exchange Act. 
 Business Day: Any day other than a Saturday, Sunday or
U.S. federal holiday or a day on which banking institutions or trust companies located in New York, New York are authorized or obligated to be closed. 
 Class Securities: The securities issued pursuant to (i) the Purchase Agreement and (ii) any agreement for the purchase of Additional Notes (as defined in the Indenture) issued
under the Indenture after the Closing Date. 







 Closing Date: The date of this Agreement. 

Commission: The Securities and Exchange Commission. 
 Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act
of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the keeping of the Exchange Offer open for a
period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Issuers to the registrar under the Indenture of Exchange Securities in the same aggregate principal amount as the aggregate
principal amount of Initial Securities that were properly tendered and not withdrawn by Holders thereof pursuant to the Exchange Offer. 
 Consummation Deadline: As defined in Section 3(b) hereof.  

Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The registration by the Issuers under the Securities Act of the Exchange Securities pursuant to a Registration
Statement pursuant to which the Issuers offer the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities that were properly tendered and not withdrawn in such exchange offer by such Holders. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related
Prospectus. 
 Exchange Securities: The 7  3/4% Senior Notes due 2019, of the same class under the Indenture as
the Initial Notes, and the Guarantees attached thereto, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement and the Exchange Offer. 

FINRA: The Financial Industry Regulatory Authority, Inc.  

Guarantees: As defined in the preamble hereto. 
 Guarantors: As defined in the preamble hereto.  
 Holder: As
defined in Section 2(b) hereof.  
 Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Indenture, dated as of February 4, 2011, by and among the Issuers, the Guarantors and The Bank of New York
Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated as of March 22, 2011, the second supplemental indenture, dated as of November 1, 2011, the third
supplemental indenture, dated as of December 29, 2011 and the fourth supplemental indenture, dated as of March 28, 2012, pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in
accordance with the terms thereof. 

  
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 Initial Notes: As defined in the preamble hereto. 

Initial Placement: The issuance and sale by the Issuers of the Initial Securities to the Initial Purchasers pursuant to the
Purchase Agreement. 
 Initial Purchasers: As defined in the preamble hereto.  

Initial Securities: As defined in the preamble hereto.  

Issuers: As defined in the preamble hereto. 
 Person: An individual, partnership, corporation, limited liability company, trust, unincorporated organization or other legal entity, or a government or agency or political subdivision thereof.

 Prospectus: The prospectus included in a Registration Statement (or deemed a part of any Shelf Registration
Statement), as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by reference into such Prospectus and, in respect of any Shelf Registration
Statement, including for the avoidance of doubt any “issuer free writing prospectus” within the meaning of Rule 433 under the Securities Act. 
 Purchase Agreement: As defined in the preamble hereto.  

Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Issuers relating to (a) an offering of Exchange Securities pursuant
to an Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus included
therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
 Securities: The Initial Securities and the Exchange Securities.  

Securities Act: The Securities Act of 1933, as amended.  

Shelf Registration Statement: As defined in Section 4(a) hereof.  

Shelf Suspension Period: As defined in Section 6(c) hereof. 

Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the date on which such Initial
Security is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus 

  
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delivery requirements of the Securities Act, (b) the date on which such Initial Security has been effectively registered under the Securities Act and disposed of in accordance with a Shelf
Registration Statement, (c) the date on which such Initial Security is distributed to the public by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery
of the Prospectus contained therein), (d) the date on which such Initial Security is distributed to the public pursuant to Rule 144 under the Securities Act and (e) the date on which such Initial Security ceases to be outstanding under the
terms of the Indenture. 
 Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Issuers are sold to an
underwriter for reoffering to the public. 
 SECTION 2. Securities Subject to this Agreement.  

(a) Transfer Restricted Securities. The Securities entitled to the benefits of this Agreement are the Transfer Restricted
Securities. 
 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer Restricted
Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 
 SECTION 3.
Registered Exchange Offer.  
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission
policy, each of the Issuers and the Guarantors shall (i) cause to be filed with the Commission as soon as practicable after the Closing Date, but in no event later than 45 days after the Closing Date (or if such 45th day is not a Business Day,
the next succeeding Business Day), a Registration Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii) use its reasonable best efforts to cause such Registration Statement to become effective on or
prior to 105 days after the Closing Date (or if such 105th day is not a Business Day, the next succeeding Business Day) and (iii) upon the effectiveness of such Registration Statement, commence the Exchange Offer. The Exchange Offer
Registration Statement shall be on the appropriate form permitting registration of the Exchange Securities to be offered in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as
contemplated by Section 3(c) hereof. 
 (b) The Issuers and the Guarantors shall cause the Exchange Offer Registration
Statement to be effective continuously and shall keep the Exchange Offer open for a period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however,
that in no event shall such period be less than 30 days after the date notice of the Exchange Offer is mailed to the Holders. The Issuers shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities
other than the Class Securities shall be included in the Exchange Offer Registration Statement. The Issuers shall use their reasonable best efforts to cause the Exchange Offer to be Consummated no event later than 135 days after the Closing Date (or
if such 135th day is not a Business Day, the next succeeding Business Day) (the “Consummation Deadline”). 

  
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 (c) The Issuers shall indicate in a “Plan of Distribution” section contained in
the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were acquired for its own account as a result of market-making activities
or other trading activities (other than Transfer Restricted Securities acquired directly from the Issuers), may exchange such Initial Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an
“underwriter” within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the
Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain
all other information with respect to such resales by Broker-Dealers that the Commission may require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the
amount of Initial Securities held by any such Broker-Dealer except to the extent required by the Commission. 
 Each of the
Issuers and the Guarantors shall use its reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as required by the provisions of Section 6(c) hereof to the extent necessary to
ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is
declared effective and (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with market-making or other trading activities. 
 The Issuers shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time during such 180-day period (or shorter period as provided in the
preceding paragraph) in order to facilitate such resales. 
 SECTION 4. Shelf Registration.  

(a) Shelf Registration. If (i) the Issuers are not required to file an Exchange Offer Registration Statement or to Consummate
the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy, (ii) for any reason the Exchange Offer is not Consummated by the Consummation Deadline or (iii) with respect to any Holder of Transfer
Restricted Securities, such Holder notifies the Issuers that (A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, (B) such Holder may not resell the Exchange Securities acquired by
it in the Exchange Offer to the public without delivering a prospectus and that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, (C) such Holder is a
Broker-Dealer and holds Initial Securities acquired directly from the Issuers or one of their 

  
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Affiliates, or (D) such Holder is an Initial Purchaser and holds Initial Securities that have not been resold and that such Holder acquired directly from the Issuers or one of their
Affiliates, then, upon such Holder’s request, the Issuers and the Guarantors shall: 
 (x) cause, as
promptly as practicable, to be filed a shelf registration statement pursuant to Rule 415 under the Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration
Statement”), and which Shelf Registration Statement shall provide for resales of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and

 (y) use their reasonable best efforts to cause such Shelf Registration Statement to be declared effective by
the Commission (1) in the case of clause 4(a)(i) above, by the 90th day (or if such 90th day is not a Business Day, the next succeeding Business Day) after the date on which the Issuers determine that they are not permitted to file the Exchange
Offer Registration Statement or Consummate the Exchange Offer, but in any event not earlier than the 105th day after the Closing Date (or if such 105th day is not a Business Day, the next succeeding Business Day), (2) in the case of clause
4(a)(ii) above, by the 90th day after the Consummation Deadline (or if such 90th day is not a Business Day, the next succeeding Business Day), and (3) in the case of clause 4(a)(iii) above, by the 90th day after the date on which the Issuers
receive notice from a Holder of Transfer Restricted Securities but in any event, not later than the 105th day after the Closing Date (or if such 90th or 105th day, as applicable, is not a Business Day, the next succeeding Business Day). 

Each of the Issuers and the Guarantors shall use its reasonable best efforts to keep such Shelf Registration Statement continuously
effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities by the Holders of Transfer Restricted Securities entitled
to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from time to time, for a period of at least
two years following the effective date of such Shelf Registration Statement (or such shorter period that will terminate when all the Initial Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf Registration
Statement or are otherwise no longer Transfer Restricted Securities). 
 (b) Provision by Holders of Certain Information in
Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such Holder
furnishes to the Issuers in writing, within 20 Business Days after receipt of a request therefor, such information as the Issuers may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the
Issuers by such Holder not materially misleading. 

  
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 SECTION 5. Additional Interest. The Issuers and the Initial Purchasers agree that the
Holders will suffer damages if the Issuers and the Guarantors fail to fulfill their obligations under Section 3 or Section 4 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the
Issuers agree that, if (i) any of the Registration Statements required by this Agreement is not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not
been declared effective by the Commission on or prior to the date specified for such effectiveness in this Agreement, (iii) the Exchange Offer has not been Consummated by the Consummation Deadline or (iv) the Shelf Registration Statement
is filed and declared effective but thereafter ceases to be effective or fails to be usable for its intended purpose without being succeeded immediately by a post-effective amendment to such Shelf Registration Statement that cures such failure and
that is itself immediately declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Issuers shall pay, as liquidated damages for such Registration Default, additional
interest (“Additional Interest”) that shall accrue on the Transfer Restricted Securities over and above the interest set forth in the title of the Transfer Restricted Securities at the rate of 0.25% per annum during the
90-day period immediately following the occurrence of any Registration Default. The amount of Additional Interest shall increase by 0.25% per annum at the end of each subsequent 90-day period until all Registration Defaults are cured, but in no
event shall the aggregate amount of such Additional Interest exceed 1.00% per annum. Notwithstanding the foregoing, in no event will Additional Interest accrue under more than one of the foregoing clauses (i) through (iv) at any one
time. Any such Additional Interest on the relevant Transfer Restricted Securities shall be the exclusive monetary remedy available to the Holders of such Transfer Restricted Securities for any Registration Default, and a Registration Default shall
not constitute a default under the Indenture. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate borne by the relevant Transfer Restricted Securities will be reduced to the
original interest rate borne by such Transfer Restricted Securities; provided, however, that if after any such reduction in interest rate, a different Registration Default occurs, the interest rate borne by the relevant Transfer Restricted
Securities shall again be increased pursuant to the foregoing provisions. 
 All obligations of the Issuers and the Guarantors
set forth in the preceding paragraph that are outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to
such security shall have been satisfied in full. 
 SECTION 6. Registration Procedures.  

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Issuers and the Guarantors shall comply with
all of the provisions of Section 6(c) hereof and shall use their reasonable best efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution
thereof. 
 (i) As a condition to its participation in the Exchange Offer pursuant to the terms of this
Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the request of the Issuers, prior to the Consummation thereof, a written representation to 

  
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the Issuers (which may be contained in the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an Affiliate of the Issuers,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer and (C) it is acquiring the
Exchange Securities in its ordinary course of business. In addition, all such Holders of Transfer Restricted Securities shall otherwise cooperate in the Issuers’ preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees
that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a distribution of the Exchange Securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this
Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s
letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters, and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales
are of Exchange Securities obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Issuers. 
 (b) Shelf Registration Statement. In connection with the Shelf Registration Statement, each of the Issuers and the Guarantors shall comply with all the provisions of Section 6(c) hereof and
shall use its reasonable best efforts to effect such registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof, and pursuant thereto each of the Issuers
and the Guarantors will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for the sale of the Transfer Restricted Securities in
accordance with the intended method or methods of distribution thereof. 
 (c) General Provisions. In connection with any
Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including, without limitation, any Registration Statement and the related Prospectus required to permit resales of
Initial Securities by Broker-Dealers), each of the Issuers and the Guarantors shall: 
 (i) use its reasonable
best efforts to keep such Registration Statement continuously effective and provide all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors) for the period
specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of a material fact or omit to state
a material fact required to be stated therein or necessary in order to make the statements therein (with respect to the Prospectus, in the light of the circumstances under 

  
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which they were made) not misleading, or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Issuers shall file
promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either clause (A) or (B), use its reasonable best efforts to cause such amendment to
be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by
such Registration Statement have been sold or otherwise cease to be Transfer Restricted Securities; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the
Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
such Registration Statement during the applicable period in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) advise the underwriter(s), if any, and selling Holders named in a Shelf Registration Statement promptly and, if
requested by such Persons, to confirm such advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment
thereto, when the same has become effective, (B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the
issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer Restricted Securities for
offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, (D) of the existence of any fact or the happening of any event that causes the Registration Statement, the Prospectus, any amendment or
supplement thereto, or any document incorporated by reference therein to contain an untrue statement of a material fact, or that requires the making of any additions to or changes in the Registration Statement or the Prospectus in order to state a
material fact required to be stated therein or necessary to make the statements therein (with respect to the Prospectus, in the light of the circumstances under which they were made) not misleading; and if at any time the Commission shall issue any
stop order suspending the effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted
Securities under state securities or blue sky laws, each of the Issuers and the Guarantors shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

  
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 (iv) furnish without charge to each of the Initial Purchasers, each selling
Holder named in any Shelf Registration Statement, and each of the underwriter(s), if any, before filing with the Commission, copies of any Shelf Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Shelf Registration Statement or Prospectus (including all documents incorporated by reference after the initial filing of such Shelf Registration Statement), which documents will be subject to the review and comment of not more than one counsel to
such Holders and underwriter(s) in connection with such sale, if any, for a period of time not to exceed five Business Days, and the Issuers will not file any such Shelf Registration Statement or Prospectus or any amendment or supplement to any such
Shelf Registration Statement or Prospectus (including all such documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Shelf Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within five Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period). The objection of an Initial Purchaser or underwriter, if any,
shall be deemed to be reasonable if such Shelf Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state a material fact required to be
stated therein or necessary in order to make the statements therein (with respect to the Prospectus, in the light of the circumstances under which they were made) not misleading; 

(v) in the case of a Shelf Registration Statement, make available at reasonable times for inspection by the Initial
Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Shelf Registration Statement and not more than one law firm or accounting firm retained by such Initial Purchasers or any of the underwriter(s), all
financial and other records, pertinent corporate documents and properties of each of the Issuers and the Guarantors as shall be reasonably requested to enable them to exercise any applicable due diligence responsibilities, and cause the
Issuers’ and the Guarantors’ officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney or accountant in connection with such Shelf Registration Statement or any
post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness and to participate in meetings with investors to the extent requested by the managing underwriter(s), if any; 

(vi) if requested by any selling Holders or the underwriter(s), if any, promptly incorporate in any Shelf Registration
Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein, including, without limitation,
information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s), the purchase price being paid
therefor and any other terms of the offering of the Transfer Restricted Securities to be 

  
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sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after the Issuers are notified of the matters to be
incorporated in such Prospectus supplement or post-effective amendment; 
 (vii) in the case of a Shelf
Registration Statement, upon written request, furnish to each Initial Purchaser, each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Shelf Registration Statement, as first filed with the Commission,
and of each amendment thereto, including financial statements and schedules, all documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference); 

(viii) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the
Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Issuers and the Guarantors hereby consents to the use of the Prospectus and any amendment or supplement
thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement thereto; 

(ix) in the case of a Shelf Registration Statement, enter into such agreements (including an underwriting agreement), and
make such representations and warranties, and take all such other reasonable actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to such Shelf Registration Statement, all
to such extent as may be reasonably requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection with any sale or resale pursuant to such Shelf Registration Statement; and whether or not an
underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, each of the Issuers and the Guarantors shall: 
 (A) furnish to each Initial Purchaser, each selling Holder and each underwriter, if any, in such substance and scope as they may request and as are customarily made by issuers to underwriters in primary
underwritten offerings, upon the effectiveness of the Shelf Registration Statement: 
 (1) a certificate, dated
the date of effectiveness of the Shelf Registration Statement, signed by (y) the Chairman, Chief Executive Officer and President of Aviv REIT and (z) a Chief Financial or Accounting Officer of Aviv REIT, on behalf of each Issuer and
Guarantor, confirming, as of the date thereof, the matters set forth in paragraphs (i), (ii) and (iii) of Section 5(g) of the Purchase Agreement and such other matters as such parties may reasonably request; 

(2) an opinion or opinions, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the
Issuers and the Guarantors, covering matters similar to those set forth in the opinions delivered pursuant to Sections 5(c), 5(d) and 5(e) of the Purchase Agreement; and 

  
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 (3) a customary comfort letter, dated the date of effectiveness of the
Shelf Registration Statement, from the Issuers’ independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in connection with primary underwritten
offerings, and covering or affirming matters similar to those set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement, without exception; 

(B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions
and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
 (C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(ix)(A) hereof and with any customary conditions contained in
the underwriting agreement or other agreement entered into by the Issuers or any of the Guarantors pursuant to this Section 6(c)(ix), if any; 
 (x) prior to any public offering of Transfer Restricted Securities, reasonably cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the
registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably request and do any and all other reasonable acts
or things necessary or advisable to enable the disposition in such jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration Statement; provided, however, that none of the Issuers or the Guarantors shall be
required to register or qualify as a foreign corporation or other entity where it is not then so qualified or to take any action that would subject it to the service of process in suits or to taxation, other than as to matters and transactions
relating to the Registration Statement, in any jurisdiction where it is not then so subject; 
 (xi) issue, upon
the request of any Holder who is an Initial Purchaser holding Initial Securities that have not been resold and that such Holder acquired directly from the Issuers or one of their Affiliates and are covered by the Shelf Registration Statement,
Exchange Securities having an aggregate principal amount equal to the aggregate principal amount of Initial Securities surrendered to the Issuers by such Holder in exchange therefor or being sold by such Holder; such Exchange Securities to be
registered in the name of such Holder or in the name of the purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held by such Holder shall be surrendered to the Issuers for cancellation; 

(xii) cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery
of certificates representing Transfer 

  
 12 









 
Restricted Securities to be sold and not bearing any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or
the underwriter(s), if any, may request at least two Business Days prior to any sale of Transfer Restricted Securities made by such Holders or underwriter(s); 
 (xiii) if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related
Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; 

(xiv) provide a CUSIP number for all Securities not later than the effective date of the Registration Statement covering
such Securities and provide the Trustee under the Indenture with printed certificates for such Securities which are in a form eligible for deposit with The Depository Trust Company and take all other action necessary to ensure that all such
Securities are eligible for deposit with The Depository Trust Company; 
 (xv) cooperate and assist in any
filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA; 
 (xvi) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the
twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an
offering, beginning with the first month of the Issuers’ first fiscal quarter commencing after the effective date of the Registration Statement; 
 (xvii) cause the Indenture to be qualified under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith,
cooperate with the Trustee and the Holders of Securities to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its reasonable
best efforts to cause the Trustee to execute, all documents that may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and

 (xviii) if not otherwise available on the Commission’s EDGAR system, provide promptly to each Holder upon
request each document filed with the Commission pursuant to the requirements of Section 13 or Section 15 of the Exchange Act. 

  
 13 









 Notwithstanding the foregoing, the Issuers will have the ability to suspend the offering and
sale under a Shelf Registration Statement or the time period in which such Shelf Registration Statement is required to be filed (the “Shelf Suspension Period”), if the Board of Directors of Aviv REIT determines, in its
reasonable business judgment, that the continued effectiveness and use of the Shelf Registration Statement or the filing thereof would require the disclosure of confidential information or interfere with any financing, acquisition, reorganization or
other material transaction involving the Issuers or any of the Guarantors. A Shelf Suspension Period shall commence on and include the date that the Issuers give notice that the Shelf Registration Statement is no longer effective, the Prospectus
included therein is no longer usable for offers and sales of Transfer Restricted Securities covered by such Registration Statement, or the time period in which the Shelf Registration Statement is required to be filed has been suspended, and continue
until holders of such Transfer Restricted Securities either (i) receive the copies of the supplemented or amended Prospectus contemplated by Section 6(c) above, (ii) are advised in writing by Aviv REIT that use of the Prospectus may
be resumed, or (iii) are advised in writing by Aviv REIT that the time period in which the Shelf Registration Statement is required to be filed is no longer suspended. The Issuers will not be permitted to exercise their rights under this
paragraph more than twice in any twelve-month period, and any such suspensions may not exceed 60 consecutive days. 
 Each
Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Issuers of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof or of any Shelf Suspension Period, such Holder
will forthwith discontinue disposition of Transfer Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by
Section 6(c)(xiii) hereof, or until it is advised in writing (the “Advice”) by the Issuers that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated
by reference in the Prospectus. If so directed by the Issuers, each Holder will deliver to the Issuers (at the Issuers’ expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such
Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the Issuers shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4
hereof, as applicable, shall be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof or notice of any Shelf Suspension Period to and including the date
when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xiii) hereof or shall have received the Advice; provided, however, that
no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional Interest, it being agreed that the Issuers’ option to suspend use of a
Registration Statement pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5 hereof. 
 SECTION 7. Registration Expenses.  
 (a) All expenses incident to the
Issuers’ and the Guarantors’ performance of or compliance with this Agreement will be borne by the Issuers and the Guarantors, jointly and 

  
 14 









 
severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any
Initial Purchaser or Holder with FINRA (and, if applicable, the reasonable fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and
expenses of compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses),
messenger and delivery services and telephone; (iv) all fees and disbursements of counsel for the Issuers, the Guarantors and, subject to Section 7(b) hereof, one counsel for the Holders of Transfer Restricted Securities; (v) all
application and filing fees in connection with listing the Exchange Securities on a securities exchange or automated quotation system pursuant to the requirements thereof; (vi) all fees and disbursements of independent certified public
accountants of the Issuers and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance); and (vii) all fees and expenses of the exchange agent and the Trustee, including the
fees and disbursements of their counsel. 
 Each of the Issuers and the Guarantors will, in any event, bear its internal
expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by
the Issuers or the Guarantors. 
 (b) In connection with any Registration Statement required by this Agreement (including,
without limitation, the Exchange Offer Registration Statement and the Shelf Registration Statement), the Issuers and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being
tendered in the Exchange Offer and/or resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees
and disbursements of not more than one counsel, who shall be Cravath, Swaine & Moore LLP, or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such
Registration Statement is being prepared. 
 SECTION 8. Indemnification.  

(a) The Issuers and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder, (ii) each
Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred to in this clause (ii) being hereinafter referred to as a
“controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any such controlling person (any Person referred to in clause (i), (ii) or (iii) may
hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and expenses (including, without limitation, and as
incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
including the reasonable fees and expenses of counsel to any Indemnified Holder), joint or several, directly or 

  
 15 









 
indirectly caused by, related to, based upon, arising out of or in connection with (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration
Statement (including any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading or (2) any untrue
statement or alleged untrue statement of a material fact contained in any Prospectus (including any amendment or supplement thereto) or any omission or alleged omission to state a material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages, liabilities, judgments, actions or expenses are caused by an untrue statement or omission or alleged untrue
statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Issuers by any of the Holders expressly for use therein. This indemnity agreement shall be in addition
to any liability which the Issuers or any of the Guarantors may otherwise have. 
 In case any action or proceeding (including
any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity may be sought against the Issuers or the Guarantors, such Indemnified Holder (or the
Indemnified Holder controlled by such controlling person) shall promptly notify the Issuers and the Guarantors in writing; provided, however, that the failure to give such notice shall not relieve any of the Issuers or the Guarantors of its
obligations pursuant to this Agreement except to the extent that it has been materially prejudiced by such failure. Such Indemnified Holder shall have the right to employ its own counsel in any such action and the reasonable fees and expenses of
such counsel shall be paid, as incurred, by the Issuers and the Guarantors, (regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to indemnification hereunder; provided, however, that such fees and
expenses of counsel shall not be payable insofar as it is determined that an Indemnified Holder is not entitled to indemnification because such action or proceeding arose from an untrue statement or omission or alleged untrue statement or omission
that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Issuers by any of the Holders expressly for use therein). The Issuers and the Guarantors shall not, in connection with any
one such action or proceeding or separate but substantially similar or related actions or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys (in addition to any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the Holders. The Issuers and the Guarantors shall be liable for any settlement of any such action or
proceeding effected with the Issuers’ and the Guarantors’ prior written consent, which consent shall not be withheld unreasonably, and each of the Issuers and the Guarantors agrees to indemnify and hold harmless any Indemnified Holder from
and against any loss, claim, damage, liability or expense by reason of any settlement of any action effected with the written consent of the Issuers and the Guarantors. The Issuers and the Guarantors shall not, without the prior written consent of
each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought
hereunder (whether or not any Indemnified Holder is a party thereto), unless such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Holder from all liability arising out of such action, claim,
litigation or proceeding. 

  
 16 









 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Issuers, the Guarantors and their respective directors and officers who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act) the Issuers or any of the Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the Issuers and the Guarantors to
each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any action or proceeding shall be
brought against the Issuers, the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have the rights
and duties given to the Issuers and the Guarantors, and the Issuers, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding paragraph. 

(c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under Section 8(a) or
(b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the relative benefits
received by the Issuers and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Issuers and the Guarantors shall be deemed to be equal to the total gross proceeds to the Issuers
and the Guarantors from the Initial Placement), the amount of Additional Interest which did not become payable pursuant to Section 5 hereof as a result of the filing of the Registration Statement resulting in such losses, claims, damages,
liabilities, judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Issuers and the Guarantors, on the one hand, and the Holders, on the other hand, in
connection with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Issuers and the Guarantors on the one hand and of
the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by the Issuers or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second paragraph of Section 8(a)
hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 

  
 17 









 The Issuers, the Guarantors and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.
Notwithstanding the provisions of this Section 8, none of the Holders (and its related Indemnified Holders) shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such
Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to
this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each of the Holders hereunder and not joint. 
 SECTION 9. Rule 144A. Each of the Issuers and the Guarantors hereby agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding, to make available to any Holder or
beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4) under the
Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 
 SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer
Restricted Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents required under the terms of such underwriting arrangements. 

SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement
who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders
of a majority in aggregate principal amount of the Transfer Restricted Securities included in such offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Issuers.

 SECTION 12. Miscellaneous.  
 (a) Remedies. Each of the Issuers and the Guarantors hereby agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of
this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

  
 18 









 (b) No Inconsistent Agreements. Each of the Issuers and the Guarantors will not on or
after the date of this Agreement enter into any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Issuers’ or any of the Guarantors’ securities under any agreement in effect on the date hereof. 

(c) Adjustments Affecting the Securities. The Issuers will not take any action, or permit any change to occur, with respect to the
Securities that would materially and adversely affect the ability of the Holders to Consummate any Exchange Offer. 
 (d)
Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Issuers have (i) in the case of
Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a
majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer Restricted Securities held by the Issuers or their Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the
provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being
tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that
directly or indirectly affects the rights of any Initial Purchaser hereunder, the Issuers shall obtain the written consent of each such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver, consent or departure
is to be effective. 
 (e) Notices. All notices and other communications provided for or permitted hereunder shall be
made in writing by hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

(i) if to a Holder, at the address set forth on the records of the Registrar under the Indenture, with a copy to the
Registrar under the Indenture; and 
 (ii) if to the Issuers or the Guarantors: 

Aviv Healthcare Properties Limited Partnership 
 Aviv Healthcare Capital Corporation 
 c/o Aviv REIT, Inc. 

303 West Madison Street, Suite 2400 
 Chicago, IL 60606 
 Telecopier No.: (312) 855-1684 

  
 19 









 Attention: Craig M. Bernfield, Chief Executive Officer 

With a copy to: 

Sidley Austin LLP 
 One South Dearborn Street 
 Chicago, IL 60603 

Telecopier No.: (312) 853-7036 
 Attention: Robert L. Verigan 
 All such notices and communications shall be deemed
to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the
next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands
or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties, including, without limitation, and without the need
for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such
successor or assign acquired Transfer Restricted Securities from such Holder. 
 (g) Counterparts. This Agreement may be
executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(h) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (j) Severability. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 (k) Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are


  
 20 









 
no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Issuers with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 
 *        *        * 

  
 21 









 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	AVIV HEALTHCARE PROPERTIES
	LIMITED PARTNERSHIP
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer
	
	AVIV HEALTHCARE CAPITAL
	CORPORATION
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer
	
	AVIV REIT, INC.
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer
	
	AVIV OP LIMITED PARTNER, L.L.C. and
	 AVIV ASSET MANAGEMENT, L.L.C.,
 as Guarantors

		
	By:	 	Aviv Healthcare Properties Limited Partnership, their sole member
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer


 Registration Rights Agreement 







 
			
	AVIV HEALTHCARE PROPERTIES
	OPERATING PARTNERSHIP I, L.P.,
	as Guarantor
		
	By:	 	Aviv Healthcare Properties Limited Partnership, its general partner
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer
	
	AVIV FINANCING I, L.L.C.,
	AVIV FINANCING II, L.L.C.,
	AVIV FINANCING III, L.L.C.,
	AVIV FINANCING IV, L.L.C. and
	 AVIV FINANCING V, L.L.C.,
 as Guarantors

		
	By:	 	Aviv Healthcare Properties Operating Partnership I, L.P., their sole member
		
	By:	 	Aviv Healthcare Properties Limited Partnership, its general partner
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer


 Registration Rights Agreement 







 
			
	The entities listed on Schedule I hereto,
	as Guarantors
		
	By:	 	Aviv Financing I, L.L.C., their sole member
		
	By:	 	Aviv Healthcare Properties Operating Partnership I, L.P., its sole member
		
	By:	 	Aviv Healthcare Properties Limited Partnership, its general partner
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer
	
	 The entities listed on Schedule II hereto,
 as Guarantors

		
	By:	 	Aviv Financing II, L.L.C., their sole member
		
	By:	 	Aviv Healthcare Properties Operating Partnership I, L.P., its sole member
		
	By:	 	Aviv Healthcare Properties Limited Partnership, its general partner
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer


 Registration Rights Agreement 







 
			
	The entities listed on Schedule III hereto,
	as Guarantors
		
	By:	 	Aviv Financing V, L.L.C., their sole member
		
	By:	 	Aviv Healthcare Properties Operating Partnership I, L.P., its sole member
		
	By:	 	Aviv Healthcare Properties Limited Partnership, its general partner
		
	By:	 	Aviv REIT, Inc., its general partner
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	Craig M. Bernfield
	Title:	 	President and Chief Executive Officer


 Registration Rights Agreement 







 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 
 Acting on behalf of itself and as the Representative of the several Initial Purchasers 
  

			
	By:	 	 /s/ Sam Baruch

	Name:	 	Sam Baruch
	Title:	 	Managing Director


  
 - 26 -









 Schedule I 
 Subsidiaries of Aviv Financing I, L.L.C. 
 Alamogordo Aviv, L.L.C. 

Arma Yates, L.L.C. 
 Aviv Liberty, L.L.C.

 Avon Ohio, L.L.C. 
 Benton Harbor,
L.L.C. 
 Bradenton ALF Property, L.L.C. 

California Aviv, L.L.C. 
 California Aviv Two,
L.L.C. 
 Chenal Arkansas, L.L.C. 

Chippewa Valley, L.L.C. 
 Clayton Associates,
L.L.C. 
 Columbia View Associates, L.L.C. 
 Columbus Texas Aviv, L.L.C. 
 Columbus Western Avenue, L.L.C. 

Commerce Nursing Homes, L.L.C. 
 Denison Texas,
L.L.C. 
 Falfurrias Texas, L.L.C. 

Florence Heights Associates, L.L.C. 
 Freewater
Oregon, L.L.C. 
 Fullerton California, L.L.C. 
 Gardnerville Property, L.L.C. 
 Germantown Property, L.L.C. 

Great Bend Property, L.L.C. 
 Heritage Monterey
Associates, L.L.C. 
 Highland Leasehold, L.L.C. 
 Hobbs Associates, L.L.C. 
 Hot Springs Aviv, L.L.C. 

Houston Texas Aviv, L.L.C. 
 Hutchinson Kansas,
L.L.C. 
 Iowa Lincoln County Property, L.L.C. 
 Kansas Five Property, L.L.C. 
 Manor Associates, L.L.C. 

Massachusetts Nursing Homes, L.L.C. 
 McCarthy
Street Property, L.L.C. 
 Missouri Regency Associates, L.L.C. 
 Murray County, L.L.C. 
 N.M. Bloomfield Three Plus One Limited Company 

N.M. Espanola Three Plus One Limited Company 

N.M. Lordsburg Three Plus One Limited Company 

N.M. Silver City Three Plus One Limited Company 

Ohio Pennsylvania Property, L.L.C. 
 Omaha
Associates, L.L.C. 
 Orange ALF Property, L.L.C. 







 Peabody Associates, L.L.C. 
 Raton Property Limited Company 
 Red Rocks, L.L.C. 

Riverside Nursing Home Associates, L.L.C. 

Sandalwood Arkansas Property, L.L.C. 
 Santa
Ana-Bartlett, L.L.C. 
 Savoy/Bonham Venture, L.L.C. 
 Skyview Associates, L.L.C. 
 Southern California Nevada, L.L.C. 

Tujunga, L.L.C. 
 VRB Aviv, L.L.C. 

Washington-Oregon Associates, L.L.C. 
 Wheeler
Healthcare Associates, L.L.C. 
 Willis Texas Aviv, L.L.C. 
 Yuba Aviv, L.L.C. 







 Schedule II 
 Subsidiaries of Aviv Financing II, L.L.C. 
 Arkansas Aviv, L.L.C. 

Aviv Foothills, L.L.C. 
 Belleville Illinois,
L.L.C. 
 Bellingham II Associates, L.L.C. 
 BHG Aviv, L.L.C. 
 Biglerville Road, L.L.C. 

Bonham Texas, L.L.C. 
 Burton NH Property, L.L.C.

 Camas Associates, L.L.C. 
 Chatham
Aviv, L.L.C. 
 Clarkston Care, L.L.C. 

Colonial Madison Associates, L.L.C. 
 Crooked
River Road, L.L.C. 
 CR Aviv, L.L.C. 

Cuyahoga Falls Property, L.L.C. 
 Darien ALF
Property, L.L.C. 
 Effingham Associates, L.L.C. 
 East Rollins Street, L.L.C. 
 Elite Mattoon, L.L.C. 

Elite Yorkville, L.L.C. 
 Fountain Associates,
L.L.C. 
 Four Fountains Aviv, L.L.C. 

Giltex Care, L.L.C. 
 HHM Aviv, L.L.C.

 Hidden Acres Property, L.L.C. 
 Idaho
Associates, L.L.C. 
 Karan Associates, L.L.C. 
 Karan Associates Two, L.L.C. 
 KB Northwest Associates, L.L.C. 

Mansfield Aviv, L.L.C. 
 Minnesota Associates,
L.L.C. 
 Monterey Park Leasehold Mortgage, L.L.C. 
 Mt. Vernon Texas, L.L.C. 
 Newtown ALF Property, L.L.C. 

Northridge Arkansas, L.L.C. 
 Norwalk ALF
Property, L.L.C. 
 Oakland Nursing Homes, L.L.C. 
 October Associates, L.L.C. 
 Ogden Associates, L.L.C. 

Ohio Aviv, L.L.C. 
 Ohio Aviv Three, L.L.C.

 Ohio Aviv Two, L.L.C. 







 Oregon Associates, L.L.C. 
 Prescott Arkansas, L.L.C. 
 Richland Washington, L.L.C. 

Salem Associates, L.L.C. 
 San Juan NH Property,
L.L.C. 
 Santa Fe Missouri Associates, L.L.C. 
 Searcy Aviv, L.L.C. 
 Skagit Aviv, L.L.C. 
 Star City Arkansas, L.L.C. 
 Sun-Mesa Properties, L.L.C. 

Wellington Leasehold, L.L.C. 
 West Pearl Street,
L.L.C. 
 Woodland Arkansas, L.L.C. 

Xion, L.L.C. 







 Schedule III 
 Subsidiaries of Aviv Financing V, L.L.C. 
 Casa/Sierra California Associates, L.L.C.

 Commerce Sterling Hart Drive, L.L.C. 

Conroe Rigby Owen Road, L.L.C. 
 Fredericksburg
South Adams Street, L.L.C. 
 Jasper Springhill Street, L.L.C. 
 Kingsville Texas, L.L.C. 
 Missouri Associates, L.L.C. 

Montana Associates, L.L.C. Orange, L.L.C. 

Peabody Associates Two, L.L.C. 
 Pomona Vista
L.L.C. 
 Rose Baldwin Park Property, L.L.C. 
 Sedgwick Properties, L.L.C. 
 Southeast Missouri Property, L.L.C. 

Texas Fifteen Property, L.L.C. 
 Watauga
Associates, L.L.C.