----

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

**FORM      10-K**
**/A**

**Amendment      No. 1**

| **(Mark                One)** |                                                                                                                               |
|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------|
| x                             | **ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT                1934** |

**For      the fiscal year ended December 31, 2006.**

**OR**

| o | **TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934** |
|---|-------------------------------------------------------------------------------------------------------------------------------------------|

**Commission      file number 1-14012**

**EMERITUS      CORPORATION**

**(Exact      name of registrant as specified in its charter)**

**FOR      THE FISCAL YEAR ENDED **
**DECEMBER      31, 2006**

| **Washington**                                       | **91-1605464**                         |
|------------------------------------------------------|----------------------------------------|
| **(State                or other jurisdiction**      | **(I.R.S.                Employer**    |
| **of                incorporation or organization)** | **Identification                No.)** |

**3131      Elliott Avenue, Suite 500, Seattle, WA 98121**

**(Address      of principal executive offices)**

**(206)      298-2909**

**(Registrant’s      telephone number, including area code)**

**Securities      registered pursuant to Section 12(b) of the Act:**

| **Title                of each class**        | **Name                of each exchange on which registered** |
|-----------------------------------------------|--------------------------------------------------------------|
| Common                Stock, $.0001 par value | American                Stock Exchange, Inc.                 |

**Securities      registered pursuant to Section 12(g) of the Act: None**

| Large                Accelerated Filer o | Accelerated                Filer x | Non-Accelerated                Filer o |
|------------------------------------------|------------------------------------|----------------------------------------|

----

** **

**DOCUMENTS      INCORPORATED BY REFERENCE:**

----

**EMERITUS      CORPORATION**

**TABLE      OF CONTENTS**

|                        | **PART                    III**                                            |   |
|-----------------------------|----------------------------------------------------------------------------|--------|
|                        |                                                                       |   |
| ITEM                    10. | DIRECTORS,                    EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE | 2      |
|                        |                                                                       |   |
| ITEM                    11. | EXECUTIVE                    COMPENSATION                                  | 5      |
|                        |                                                                       |   |
| ITEM                    12. | SECURITY                    OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND     |   |
|                        | MANAGEMENT                    AND RELATED STOCKHOLDER MATTERS              | 17     |
|                        |                                                                       |   |
| ITEM                    13. | CERTAIN                    RELATIONSHIPS AND RELATED TRANSACTIONS          |   |
|                        | AND                    DIRECTOR INDEPENDENCE                               | 21     |
|                        |                                                                       |   |
| ITEM                    14. | PRINCIPAL                    ACCOUNTING FEES AND SERVICES                  | 25     |
|                        |                                                                       |   |
|                        | **PART                    IV**                                             |   |
|                        |                                                                       |   |
| ITEM                    15. | EXHIBITS,                    FINANCIAL STATEMENT SCHEDULES                 | 27     |
|                        |                                                                       |   |
|                        | SIGNATURE                                                                  | 39     |

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**Explanatory      Note**

----

**PART      III**

**ITEM      10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE      GOVERNANCE**

**Directors**

| Name                                  |   | Age    |   | Position                                                         |
|---------------------------------------|--------|--------|--------|------------------------------------------------------------------|
|                                  |   |   |   |                                                             |
| Daniel                R. Baty         |   | 63     |   | Chairman                of the Board and Chief Executive Officer |
| Raymond                R. Brandstrom  |   | 54     |   | Vice                President of Finance, Secretary,             |
|                                  |   |   |   | Chief                Financial Officer, and Director             |
| Stanley                L. Baty        |   | 35     |   | Director                                                         |
| Bruce                L. Busby         |   | 63     |   | Director                                                         |
| Charles                P. Durkin, Jr. |   | 68     |   | Director                                                         |
| Robert                E. Marks        |   | 55     |   | Director                                                         |
| David                W. Niemiec       |   | 57     |   | Director                                                         |
| T.                Michael Young       |   | 62     |   | Director                                                         |

*Daniel      R. Baty (age 63),*

*Raymond      R. Brandstrom (age 54),*

*Stanley      L. Baty (age 35)*

*Bruce      L. Busby (age 63)*

**1**

----

*Charles      P. Durkin, Jr. (age 68)*

*Robert      E. Marks (age 55)*

*David      W. Niemiec (age 5*
*7)*

*T.      Michael Young (age *
*62)*

**Information      on Committees of the Board of Directors and Meetings**

***The      Audit Committee.***

**2**

----

***Compensation      Committee***
***.***

***Nominating      and Corporate Governance Committee***
***.***

*** ***

***Board      and Committee Meetings***
***.***

**3**

----

**Executive      Officers**

| Name                                  |   | Age    |   | Position                                                                    |
|---------------------------------------|--------|--------|--------|-----------------------------------------------------------------------------|
|                                  |   |   |   |                                                                        |
| Daniel                R. Baty         |   | 63     |   | Chairman                of the Board and Chief Executive Officer            |
| Raymond                R. Brandstrom  |   | 54     |   | Vice                President of Finance, Secretary,                        |
|                                  |   |   |   | and                Chief Financial Officer                                  |
| Gary                S. Becker         |   | 59     |   | Senior                Vice President of Operations                          |
| Martin                D. Roffe        |   | 59     |   | Vice                President, Financial Planning                           |
| Suzette                McCanless      |   | 58     |   | Vice                President, Operations - Eastern Division                |
| P.                Kacy Kang           |   | 39     |   | Vice                President, Operations - Western Division                |
| Christopher                M. Belford |   | 45     |   | Vice                President, Operations - Central                Division |

*Gary      S. Becker*

*Martin      D. Roffe*

*Suzette      McCanless*

*P.      Kacy Kang*

*Christopher      M. Belford*

**4**

----

**Section      16(a) Beneficial Ownership Reporting C**
**ompliance**

**Code      of Conduct, Code of Ethics and Reporting of Concerns**

**ITEM      11. EXECUTIVE COMPENSATION**

**COMPENSATION      DISCUSSION AND ANALYSIS**

**Overview**

**5**

----

**Executive      Compensation Program Objectives **

| ·   | Implementation                of competitive pay practices that take into account the compensation                practices of companies in our industry; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | A                pay-for-performance component designed to reward the named executive                officers and other executives for achievement of annual corporate                financial goals; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Equity-based                incentives designed to motivate the named executive officers and                other                executives on long-term strategic goals and to allow them to participate                in the benefits they achieve for our                shareholders. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Role      of Executive Officers in Compensation decisions **

**Executive      Compensation Components **

*Base      Salaries*

*Annual      Cash Incentives*

**6**

----

*Equity      Compensation*

*Separation      and Change in Control Arrangements*

*Retirement      Benefits. *

*Perquisites.      *

**7**

----

**2006      Executive Compensation Discussion**

*Chief      Executive Officer, Daniel R. Baty *

*Chief      Financial Officer, Raymond R. Brandstrom*

*Senior      Vice President - Operations, Gary S. Becker*

**8**

----

*Vice      President Operations - Central Division, Christopher Belford*

*Vice      President Administration, Frank Ruffo, Jr.*

**Tax      and Accounting Implications **

*Share-Based      Payment*

**2007      Compensation**

**9**

----

**EXECUTIVE      COMPENSATION**

**2006      Summary Compensation Table**

|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |
|--------------------------------------------|--------|--------|--------|--------|--------|---------|--------|--------|--------|--------------------------|--------|---------|--------|--------|---------|
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |
|                                       |   |   |   |   |   |    |   | Option |   | All                Other |   |    |   |   |    |
| Name                and Principal Position |   | Year   |   | Salary |   | Bonus   |   | Awards |   | Compensation             |   |    |   | Total  |    |
|                                       |   |   |   | ($)    |   | ($)     |   | ($)(1) |   | ($)(2)                   |   |    |   | ($)    |    |
| Daniel                R. Baty              |   |   | 2006   |   | $      | 337,500 |   | $      | 50,000 |                     | $      | 114,413 |   | $      | -       |   |   |   |   |   | 501,913 |   |
| Chairman                and Chief          |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Executive                Officer           |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Raymond                R. Brandstrom       |   |   | 2006   |   | $      | 225,000 |   | $      | 34,000 |                     | $      | 95,344  |   | $      | 24,550  |   |   | (3 | ) |   | 378,894 |   |
| Vice                President of Finance,  |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Chief                Financial Officer     |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Gary                S. Becker (4)          |   |   | 2006   |   | $      | 225,000 |   | $      | 34,000 |                     | $      | 95,344  |   | $      | 7,730   |   |   | (5 | ) |   | 362,074 |   |
| Senior                Vice President,      |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Operations                                 |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Christopher                M. Belford      |   |   | 2006   |   | $      | 197,500 |   | $      | 50,000 |                     | $      | 76,275  |   | $      | 111,903 |   |   | (6 | ) |   | 435,678 |   |
| Vice                President, Operations  |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| -                Central Division          |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Frank                Ruffo, Jr. (7)        |   |   | 2006   |   | $      | 167,500 |   | $      | 20,000 |                     | $      | 114,413 |   | $      | 714,688 |   |   | (8 | ) |   | 1,016,601 |   |
| Former                Vice President,      |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
| Administration                             |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |
|                                       |   |   |   |   |   |    |   |   |   |                     |   |    |   |   |    |   |   |   |   |   |   |   |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | Reflects                the compensation cost for financial reporting purposes for 2006 under                SFAS                123R. See Note 1, under the heading “Stock-Based Compensation,” in the                Notes to the Consolidated Financial Statements set forth in the Company’s                annual report on Form 10-K filed on March 16, 2007, for assumptions                made                in determining these amounts. These amounts reflect the Company’s                accounting expense for the awards, and do not correspond to the actual                value that may be recognized by the executives. |
| (2)    | Consists                of amounts paid for parking fees, health club memberships, life insurance,                and Company matching contributions allocated to each officer under                the                Company's non-qualified retirement plans.                                                                                                                                                                                                                                                                                                                                                                                                      |
| (3)    | Consists                of Company matching contributions of $18,000 for the nonqualified                deferred                compensation plan, $6,000 in car allowance, and $500 in life insurance                premiums.                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (4)    | Mr.                Becker retired from the Company to be effective as of May 1,                2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (5)    | Consists                of $6,000 in car allowance and $1,100 in life insurance                premiums.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (6)    | Consists                of $58,065 paid for Chris Belford's relocation expenses, $38,808                for the                tax gross-up amount on the relocation expenses, Company matching                contributions of $8,100 for the nonqualified deferred compensation                plan,                and $6,250 in car allowance.                                                                                                                                                                                                                                                                                                                    |
| (7)    | Mr.                Ruffo ceased to be an executive officer as of December 31, 2006,                and will                retire from the Company effective June 30, 2007.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| (8)    | Consists                of an accrual for Frank Ruffo, Jr. of $698,513 for post-retirement                benefit                due to his termination agreement on December 31, 2006, Company matching                contributions of $7,200 for the nonqualified deferred compensation                plan,                and $6,000 for car allowance.                                                                                                                                                                                                                                                                                                          |

**10**

----

**2006      Grants of Plan-Based Awards**

|                                 |    | All                Other |                     | Grant                     |
|--------------------------------------|---------|--------------------------|--------------------------|---------------------------|
|                                 |    | Option                   |                     | Date                      |
|                                 |    | Awards:                  | Exercise                 | Fair                      |
|                                 |    | Number                of | or                Base   | Value                     |
|                                 |    | Securities               | Price                    | of                Stock   |
|                                 |    | Underlying               | of                Option | and                Option |
|                                 | Grant   | Options                  | Awards                   | Awards                    |
| Name                                 | Date    | (#)(1)                   | ($/Sh)(2)                | ($)(3)                    |
| Daniel                R. Baty        | 7/25/06 | 30,000                   | $18.60                   | $305,100                  |
|                                 |    |                     |                     |                      |
| Raymond                R. Brandstrom | 7/25/06 | 25,000                   | $18.60                   | $254,250                  |
|                                 |    |                     |                     |                      |
| Gary                S. Becker        | 7/25/06 | 25,000                   | $18.60                   | $254,250                  |
|                                 |    |                     |                     |                      |
| Christopher                Belford   | 7/25/06 | 20,000                   | $18.60                   | $203,400                  |
|                                 |    |                     |                     |                      |
| Frank                Ruffo, Jr.      | 7/25/06 | 15,000                   | $18.60                   | $152,550                  |

| (1) | Options                granted to the named executive officers during 2006 were incentive                stock                options and nonqualified stock options granted pursuant to the Company’s                2006 Equity Incentive Plan. Each executive received options to purchase                shares with a term of seven years and a vesting schedule of                one-third vesting immediately and two-thirds vesting over the next                two                years.                                                                                                                     |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | The                exercise price of the options granted equals the market closing price                of                Emeritus common stock on the day of the grant.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (3) | The                fair value of options granted is calculated under SFAS 123R. See                Note 1,                under the heading “Stock-Based Compensation,” in the Notes to the                Consolidated Financial Statements set forth in the Company’s annual report                on Form 10-K filed on March 16, 2007, for assumptions made in determining                these amounts. These amounts reflect the Company’s accounting expense for                the awards, and do not correspond to the actual value that may be                recognized by the executives. |

**11**

----

**Outstanding      Equity Awards at 2006 Fiscal Year End**

|                                 | **Option                Awards** |
|--------------------------------------|----------------------------------|
|                                 |                             | **Number                of Securities** |   |   |
|                                 |                             | **Underlying                Unexercised** |   |   |
|                                 |                             | **Options                (#)** |   |   |
|                                 |                             |   |   |   |   |
|                                 |                             |   |   |   |   |
| **Name**                             | **Grant**                        |   |   | **Exercise** | **Expiration** |
|                                 | **Year**                         | **Exercisable** | **Unexercisable** | **Price** | **Date** |
| Daniel                R. Baty        |                             |   |   |   |   |
|                                 | 02/06/02                         | 16,666 |   | $2.95 | 2/6/12 |
|                                 | 03/12/03                         | 33,333 |   | $3.95 | 3/12/13 |
|                                 | 07/25/06                         | 10,000 | 20,000 | $18.60 | 7/25/13 |
|                                 |                             |   |   |   |   |
| **Totals**                           |                             | **59,999** | **20,000** |   |   |
| Raymond                R. Brandstrom |                             |   |   |   |   |
|                                 | 12/10/01                         | 162,000 |   | $2.11 | 12/10/11 |
|                                 | 02/06/02                         | 40,000 |   | $2.95 | 2/6/12 |
|                                 | 03/12/03                         | 40,000 |   | $3.95 | 3/12/13 |
|                                 | 07/25/06                         | 8,334 | 16,666 | $18.60 | 7/25/13 |
|                                 |                             |   |   |   |   |
| **Totals**                           |                             | **250,334** | **16,666** |   |   |
| Gary                S. Becker        |                             |   |   |   |   |
|                                 | 12/10/01                         | 63,500 |   | $2.11 | 12/10/11 |
|                                 | 02/06/02                         | 40,000 |   | $2.95 | 2/6/12 |
|                                 | 03/12/03                         | 40,000 |   | $3.95 | 3/12/13 |
|                                 | 07/25/06                         | 8,334 | 16,666 | $18.60 | 7/25/13 |
|                                 |                             |   |   |   |   |
| **Totals**                           |                             | **151,834** | **16,666** |   |   |
| Christopher                Belford   |                             |   |   |   |   |
|                                 | 03/12/03                         | 4,000 |   | $3.95 | 3/12/13 |
|                                 | 05/05/05                         | 50,000 |   | $13.60 | 5/5/15 |
|                                 | 07/25/06                         | 6,667 | 13,333 | $18.60 | 7/25/13 |
|                                 |                             |   |   |   |   |
| **Totals**                           |                             | **60,667** | **13,333** |   |   |
| Frank                Ruffo, Jr.      |                             |   |   |   |   |
|                                 | 07/25/06                         | 5,000 | 10,000 | $18.60 | 7/25/13 |
|                                 |                             |   |   |   |   |
| **Totals**                           |                             | **5,000** | **10,000** |   |   |

| (1) | Unexercised                options reflect options to the named executive officers during 2006                granted pursuant to the Company’s 2006 Equity Incentive Plan. Each                executive received options to purchase shares with a vesting schedule                of                one-third vesting immediately and two-thirds vesting over the next                two                years. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**12**

----

**2006      Option Exercises **

|                                 | **Option                Awards**   |
|--------------------------------------|------------------------------------|
|                                 |                               |   |
|                                 | **Number                of**       |   |
|                                 | **Shares                Acquired** | **Value                Realized** |
| **Name**                             | **on                Exercise**     | **Upon                Exercise** |
|                                 | (#)                                | ($) |
| Daniel                R. Baty        |                               |   |
|                                 | -                                  | $0 |
| Raymond                R. Brandstrom |                               |   |
|                                 | -                                  | $0 |
| Gary                S. Becker        |                               |   |
|                                 | -                                  | $0 |
| Christopher                Belford   |                               |   |
|                                 | 3,500                              | $69,330 |
| Frank                Ruffo, Jr.      |                               |   |
|                                 | 67,000                             | $1,363,231 |

**2006      Nonqualified Deferred Compensation**
*** ***

**13**

----

|                                  | **Executive**                  | **Company**                    | **Aggregate**                  | **Aggregate**      | **Aggregate**                      |
|---------------------------------------|--------------------------------|--------------------------------|--------------------------------|--------------------|------------------------------------|
|                                  | **Contributions**              | **Contributions**              | **Earnings**                   | **Withdrawals/**   | **Balance**                        |
|                                  | **in                Last**     | **in                Last**     | **in                Last**     | **Distributions**  | **at                Last**         |
| Name                                  | **Fiscal                Year** | **Fiscal                Year** | **Fiscal                Year** |               | **Fiscal                Year End** |
|                                  | **($)**                        | **($)**                        | **($)**                        | **($)**            | **($)**                            |
|                                  |                           |                           |                           |               |                               |
| Daniel                R. Baty         | $                -             | $                -             | $                -             | $                - | $                -                 |
|                                  |                           |                           |                           |               |                               |
| Raymond                R. Brandstrom  | $                24,000        | $                18,000        | $                24,268        | $                - | $                195,512           |
|                                  |                           |                           |                           |               |                               |
| Gary                S. Becker         | $                -             | $                -             | $                66,213        | $                - | $                447,301           |
|                                  |                           |                           |                           |               |                               |
| Christopher                M. Belford | $                10,800        | $                8,100         | $                4,678         | $                - | $                54,700            |
|                                  |                           |                           |                           |               |                               |
| Frank                Ruffo, Jr.       | $                9,600         | $                7,200         | $                6,447         | $                - | $                61,149            |

**Potential      Payments Upon Termination or Change in Control**

*2006      Equity Incentive Plan. *

**14**

----

|                                  | **Acceleration**               |
|---------------------------------------|--------------------------------|
|                                  | **of                Unvested** |
| **Name**                              | **Options**                    |
|                                  | **($)**                        |
|                                  |                           |
| Daniel                R. Baty         | $125,000                       |
|                                  |                           |
| Raymond                R. Brandstrom  | $104,163                       |
|                                  |                           |
| Gary                S. Becker         | $104,163                       |
|                                  |                           |
| Christopher                M. Belford | $83,331                        |
|                                  |                           |
| Frank                Ruffo, Jr.       | $62,500                        |

*Nonqualified      Deferred Compensation Plan.*

**COMPENSATION      COMMITTEE REPORT**

**Compensation      Committee Report on Executive Compensation **

**15**

----

**DIRECTOR      COMPENSATION**

**Director      Compensation**

** **

**2006      Director Compensation Table **

|                                  |                         | **Option** | **Option** | **All                Other** |      |
|---------------------------------------|------------------------------|------------|------------|------------------------------|-----------|
| **Name**                              | **Fees                Paid** | **Shares** | **Awards** | **Compensation**             | **Total** |
|                                  | **($)**                      |       | **($)(1)** | **($)**                      |      |
|                                  |                         |       |       |                         |      |
| Stanley                L. Baty        | $22,500                      | 7,500      | $43,762    | $0                           | $66,262   |
|                                  |                         |       |       |                         |      |
| Bruce                L. Busby         | $39,000                      | 7,500      | $43,762    | $3,584                       | $86,346   |
|                                  |                         |       |       |                         |      |
| Charles                P. Durkin, Jr. | $30,000                      | 7,500      | $43,762    | $0                           | $73,762   |
|                                  |                         |       |       |                         |      |
| Robert                E. Marks        | $37,500                      | 7,500      | $43,762    | $200                         | $81,462   |
|                                  |                         |       |       |                         |      |
| David                W. Niemiec       | $27,000                      | 7,500      | $43,762    | $1,784                       | $72,546   |
|                                  |                         |       |       |                         |      |
| T.                Michael Young       | $34,500                      | 7,500      | $43,762    | $690                         | $78,952   |

|                                  |   | **Option** |
|---------------------------------------|--------|------------|
| **Name**                              |   | **Shares** |
|                                  |   |       |
| Stanley                L. Baty        |   | 17,500     |
| Bruce                L. Busby         |   | 25,000     |
| Charles                P. Durkin, Jr. |   | 33,000     |
| Robert                E. Marks        |   | 10,000     |
| David                W. Niemiec       |   | 33,000     |
| T.                Michael Young       |   | 25,000     |

**16**

----

**Code      of Conduct, Code of Ethics and Reporting of Concerns**

**Compensation      Committee Interlocks and Insider Participation**
** **

**ITEM      12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND**
**RELATED      STOCKHOLDER MATTERS**
** **

**Equity      Compensation Plan Information**
** **

|                                        |   |                                   |    |                                | Number                of shares remaining    |    | Total                of     |
|---------------------------------------------|--------|----------------------------------------|---------|-------------------------------------|----------------------------------------------|---------|-----------------------------|
|                                        |   | Number                of shares to be  |    | Weighted-average                    | available                for future issuance |    | shares                      |
|                                        |   | issued                upon exercise of |    | exercise                price of    | under                equity compensation     |    | reflected                in |
|                                        |   | outstanding                options,    |    | outstanding                options, | plans                (excluding shares       |    | columns                (a)  |
|                                        |   | warrants                and rights     |    | warrants                and rights  | reflected                in column (a)       |    | and                (c)      |
| Plan                Category                |   | (a)                                    |    | (b)                                 | (c)                                          |    | (d)                         |
|                                        |   |                                   |    |                                |                                         |    |                        |
| Equity                compensation plans    |   |                                   |    |                                |                                         |    |                        |
| approved                by shareholders     |   | 1,510,189                              | **(1)** | 9.09                                | 873,257                                      | **(2)** | 2,383,446                   |
|                                        |   |                                   |    |                                |                                         |    |                        |
| Equity                compensation plans    |   |                                   |    |                                |                                         |    |                        |
| not                approved by shareholders |   | -                                      |    | -                                   | -                                            |    | -                           |
| Total                                       |   | 1,510,189                              |    | 9.09                                | 873,257                                      |    | 2,383,446                   |

**17**

----

**Beneficial      Ownership**

| *   | each                person that we know owns more than 5% of the common                stock, |
|---------------|-----------------------------------------------------------------------------------------------|

| *   | each                of our directors, |
|---------------|---------------------------------------|

| *   | each                current officer named in Summary Compensation Table above,                and |
|---------------|---------------------------------------------------------------------------------------------------|

| *   | all                directors and executive officers as a                group. |
|---------------|--------------------------------------------------------------------------------|

**18**

----

|                                                             | Shares                  of Emeritus |                                  |
|------------------------------------------------------------------|-------------------------------------|---------------------------------------|
|                                                             | Common                  Stock       |                                  |
|                                                             | Amount                  and Nature  |                                  |
|                                                             | of                  Beneficial      |                                  |
| Name                  and Address                                | Ownership                           | Percent                  of Class (1) |
|                                                             |                                |                                  |
| Daniel                  R. Baty(2)                               | 5,989,441                           | 31.5%                                 |
| c/o                  Emeritus Corporation                        |                                |                                  |
| 3131                  Elliott Avenue, Suite 500                  |                                |                                  |
| Seattle,                  WA 98121                               |                                |                                  |
|                                                             |                                |                                  |
| Raymond                  R. Brandstrom (3)                       | 592,409                             | 3.1%                                  |
|                                                             |                                |                                  |
| Stan                  Baty (4)                                   | 876,177                             | 4.6%                                  |
|                                                             |                                |                                  |
| Gary                  S. Becker (5)                              | 152,918                             | *                                     |
|                                                             |                                |                                  |
| Christopher                  Belford (6)                         | 61,120                              | *                                     |
|                                                             |                                |                                  |
| Bruce                  L. Busby (7)                              | 17,500                              | *                                     |
|                                                             |                                |                                  |
| Charles                  P. Durkin, Jr. (8)                      | 6,448,114                           | 33.6%                                 |
|                                                             |                                |                                  |
| Robert                  E. Marks (9)                             | 2,500                               | *                                     |
|                                                             |                                |                                  |
| David                  W. Niemiec (10)                           | 62,974                              | *                                     |
|                                                             |                                |                                  |
| Frank                  Ruffo (11)                                | 261,404                             | 1.4%                                  |
|                                                             |                                |                                  |
| T.                  Michael Young (12)                           | 17,500                              | *                                     |
|                                                             |                                |                                  |
| B.F.,                  Limited Partnership (13)                  | 4,117,351                           | 21.7%                                 |
| 3131                  Elliott Avenue, Suite 500                  |                                |                                  |
| Seattle,                  WA 98121                               |                                |                                  |
|                                                             |                                |                                  |
| FMR                  Corp. (14)                                  | 1,487,911                           | 7.8%                                  |
| 82                  Devonshire Street,                           |                                |                                  |
| Boston,                  MA 02109                                |                                |                                  |
|                                                             |                                |                                  |
| Saratoga                  Partners IV, L.P. (15)                 | 6,422,614                           | 33.5%                                 |
| 535                  Madison Avenue                              |                                |                                  |
| New                  York, NY 10022                              |                                |                                  |
|                                                             |                                |                                  |
| All                  directors and executive officers as a group | 13,836,752                          | 69.1%                                 |
| (14 persons)(2)(15)(16)                                     |                                |                                  |

| (1)   | Based                on 18,965,582 outstanding shares as of April 17,                2007. |
|-----------------|--------------------------------------------------------------------------------------------|

**19**

----

| (2)   | Includes                1,812,091 shares held directly and 4,117,351 shares held indirectly.                Indirect shares consist of 3,399,625 shares held by B.F., Limited                Partnership, of which Columbia-Pacific Group, Inc., a company wholly-owned                by Mr. Baty, is the general partner and of which Mr. Baty is a                limited partner, 311,363 shares held by Catalina General, L.P., of                which                B.F. is the general partner and has a 25% interest, and                406,363 shares of common stock held by Columbia Select, L.P., of                which B.F. is the general partner and has a 40% interest. Also includes                options exercisable within 60 days for the purchase of 59,999                shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Includes                options exercisable within 60 days for the purchase of 230,334                shares. |
|-----------------|--------------------------------------------------------------------------------------------------------------------|

| (4)   | Represents                  9,500 shares owned directly, and 856,677 shares held directly or                  indirectly by B.F., Limited Partnership, of which Mr. Baty owns                  a 23.535%                  interest (including as trustee of a trust for the benefit of the                  children                  of a sibling of Mr. Baty). In addition, this figure includes options                  exercisable within 60 days by Mr. Baty for the purchase of 10,000                  shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)   | Includes                options exercisable within 60 days for the purchase of                151,834 shares. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------|

| (6)   | Includes                options exercisable within 60 days for the purchase of 60,667                shares. |
|-----------------|--------------------------------------------------------------------------------------------------------------|

| (7)   | Includes                options exercisable within 60 days for the purchase of                17,500 shares. |
|-----------------|------------------------------------------------------------------------------------------------------------------------|

| (8)   | Includes                (i) 6,195,343 shares of outstanding common stock held by or voted                by                Saratoga Partners and its affiliates, of which Mr. Durkin is a principal,                (ii) 227,271 shares of common stock issuable on conversion of $5.0                million                principal amount of convertible subordinated debentures held by Saratoga                Partners and its affiliates, and (iii) options exercisable by Mr.                Durkin                within 60 days for the purchase of 25,500 shares. Mr. Durkin may                be deemed                to have sole dispositive power over 82,792 shares of outstanding                common                stock and 3,078 shares of the common stock issuable on conversion                of the                convertible subordinated debentures. See footnote (10) regarding                shares                beneficially owned by Mr. Niemiec that are included in these figures. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | Includes                options exercisable within 60 days for the purchase of 2,500                shares. |
|-----------------|-------------------------------------------------------------------------------------------------------------|

| (10)   | Includes                (i) 36,131 shares of outstanding common stock and 1,343 shares of                common                stock issuable on conversion of $29,556 principal amount of convertible                subordinated debentures, all of which are held by Saratoga Management                Company LLC as agent and attorney-in-fact for Mr. Niemiec and (ii)                options                exercisable by Mr. Niemiec within 60 days for the purchase of 25,500                shares. Mr. Niemiec may be deemed to have no dispositive or voting                power                over the common stock or debentures for which Saratoga Management                Company                acts as agent and attorney-in-fact.*See*                footnote (8) hereof. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11)   | Includes                256,404 shares held directly and options exercisable within 60 days                for                the purchase of 5,000 shares. |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (12)   | Includes                options exercisable within 60 days for the purchase of 17,500                shares. |
|------------------|--------------------------------------------------------------------------------------------------------------|

| (13)   | Consists                of 3,339,625 shares held of record by B.F., Limited Partnership,                406,363                shares held of record by Columbia Select, L.P., and 311,363 shares                held of                record by Catalina General, L.P. B.F., Limited Partnership is the                general                partner of both such limited                partnerships. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (14)   | Based                  on a Schedule 13G filed by FMR Corp. on February 14, 2007, indicating                  beneficial ownership as of December 31, 2006, consists of 1,487,911                  shares                  beneficially owned by Fidelity Management & Research Company, a                  wholly-owned subsidiary of FMR                  Corp. |
|------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (15)   | Includes                6,195,343 shares currently held or voted by Saratoga Partners and                its                affiliates and 227,271 shares into which debentures held by Saratoga                Partners and its affiliates are convertible. Mr. Durkin, an Emeritus                director, is a principal of Saratoga Partners and its affiliates.                Until                November 2001, Mr. Niemiec, another Emeritus director, was also a                principal of Saratoga Partners and its                affiliates. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (16)   | Includes                options exercisable within 60 days for the purchase of 843,168                shares. |
|------------------|--------------------------------------------------------------------------------------------------------------------|

**20**

----

**ITEM      13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS**
**      AND DIRECTOR INDEPENDENCE**

***Community      Agreements with Baty-Related Entities***

***Fretus      Lease and Other Transactions***

**21**

----

***Series B      Preferred Stock***

**22**

----

***Convertible      Debentures***

***Painted      Post Partners***

***Noncompetition      Agreements***

**23**

----

***Summerville      Agreements***

***Review      and Approval of Transactions with Related Parties***

**24**

----

***Director      Independence***

**ITEM      14. PRINCIPAL ACCOUNTING FEES AND SERVICES**
** **

**25**

----

|                                      |   | **2006** |      | **2005** |   |
|-------------------------------------------|--------|----------|-----------|----------|--------|
| **Audit                fees (1)**         |   | $        | 1,000,000 |     | $      | 1,189,000 |   |
|                                      |   |     |      |     |   |   |   |
| **Audit-related                fees (2)** |   |     | 41,250    |     |   | 67,745 |   |
|                                      |   |     |      |     |   |   |   |
| **Tax                fees (3)**           |   |     | 35,000    |     |   | 24,750 |   |
|                                      |   |     |      |     |   |   |   |
| **All                other fees**         |   |     | -         |     |   | - |   |
|                                      |   |     |      |     |   |   |   |
| **Total**                                 |   | $        | 1,076,250 |     | $      | 1,281,495 |   |

| (1)   | KPMG's                aggregate fees billed for the audit of the Company's annual consolidated                financial statements, and three quarterly reviews on Form                10-Q,. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | KPMG's                aggregate fees billed for assurance and related services that are                reasonably related to the performance of the audit or review of the                Company's financial statements and are not reported as "Audit Fees",                including fees for assurance services related to accounting consultations                and audits of employee benefit                plans. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | KPMG's                aggregate fees billed for professional services rendered for tax                compliance. |
|-----------------|-------------------------------------------------------------------------------------------------------------------|

**26**

----

**PART      IV **

**ITEM      15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES**
** **

*The      following documents are filed as a part of the report:*

| *(3)  * | *EXHIBITS:*                The following exhibits are filed as a part of, or incorporated by                reference into, this Report on Form                10-K/A: |
|-------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       |   |                                                                                                                                                             |                                                                                                                                                              |       | **Footnote** |
|------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                                  |                                                                                                                                                              | **Number** |
| **3.1**    |   | **Restated                Articles of Incorporation of registrant.**                                                                                             |                                                                                                                                                              | (2)        |
| **3.2**    |   | **Amended                and Restated Bylaws of the registrant.**                                                                                                |                                                                                                                                                              | (1)        |
| **4.1**    |   | **Forms                of 6.25% Convertible Subordinated Debenture due 2008(see Exhibit                4.2)**                                                    | (38)                                                                                                                                                              |
| **4.2**    |   | **Indenture                dated November 23, 2005 between the registrant and U.S. Bank                ("Trustee")**                                             |                                                                                                                                                              | (38)       |
| **10.1**   |   | **Amended                and Restated 1995 Stock Incentive Plan (Exhibit                99.1).**                                                                 |                                                                                                                                                              | (12)       |
| **10.2**   |   | **Stock                Option Plan for Nonemployee Directors (Exhibit 10.2).**                                                                                   |                                                                                                                                                              | (2)        |
| **10.3**   |   | **Form                of Indemnification Agreement for officers and directors of the registrant                (Exhibit 10.3).**                                 |                                                                                                                                                              | (1)        |
| **10.4**   |   | **Noncompetition                Agreements entered into between the registrant and each of the following                individuals:**                           |                                                                                                                                                              |
|       |   | 10.4.1                                                                                                                                                           | Daniel                R. Baty,                                                                                                                                    |       | (2)          |
|       |   | 10.4.2                                                                                                                                                           | Raymond                R. Brandstrom                                                                                                                              |       | (2)          |
| **10.8**   |   | **Nonqualified                Deferred Compensation Plan**                                                                                                       |                                                                                                                                                              | (44)       |
| **10.9**   |   | **Rosewood                Court in Fullerton, California, the Arbor at Olive Grove in Phoenix,                Arizona, Renton Villa in Renton,**                 |
|       |   | **Washington,                Seabrook in Everett, Washington, Laurel Lake Estates in Voorhees,                New                Jersey, Green Meadows--**       |
|       |   | **Allentown                in Allentown, Pennsylvania, Green Meadows--Dover in Dover, Delaware,                Green                Meadows--Latrobe in**        |
|       |   | **Latrobe,                Pennsylvania, Green Meadows--Painted Post in Painted Post, New York,                Heritage Health Center in**                        |
|       |   | **Hendersonville,                North Carolina. The following agreements are representative of those                executed in connection with**               |
|       |   | **these                properties:**                                                                                                                             |                                                                                                                                                              |       |
|       |   | 10.9.1                                                                                                                                                           | Lease                Agreement dated March 29, 1996, between the registrant ("Lessee")                and                Health Care Property Investors,          |
|       |   |                                                                                                                                                             | Inc.                ("Lessor") (Exhibit 10.10.1).                                                                                                                 |       | (3)          |
|       |   | 10.9.2                                                                                                                                                           | First                Amendment Lease Agreement dated April 25, 1996, by and between the                registrant ("Lessee") and Health                           |
|       |   |                                                                                                                                                             | Care                Property Investors, Inc. ("Lessor") (Exhibit 10.10.2).                                                                                        |       | (3)          |
|       |   | 10.9.3                                                                                                                                                           | Amended                and Restated Master Lease Agreement dated September 18, 2002, between                Health Care Property                                  |       |
|       |   |                                                                                                                                                             | Investors,                Inc., HCPI Trust, Texas HCP Holding, L.P. ("Lessor") and Emeritus                Corporation, ESC III, L.P.                             |       |
|       |   |                                                                                                                                                             | ("Lessee").                                                                                                                                                       |       | (20)         |
|       |   | 10.9.4                                                                                                                                                           | Promissory                Note between Emeritus Corporation ("Maker") Health Care Property                Investors, Inc. ("Lender"), dated                       |
|       |   |                                                                                                                                                             | September                18, 2002.                                                                                                                                |       | (20)         |
| **10.13**  |   | **The                Palisades in El Paso, Texas, Amber Oaks in San Antonio, Texas and                Redwood                Springs in San Marcos, Texas. The** |
|       |   | **following                agreements are representative of those executed in connection with                these                properties.**                  |                                                                                                                                                              |       |
|       |   | 10.13.1                                                                                                                                                          | Lease                Agreement dated April 1, 1997, between ESC III, L.P. D/B/A Texas-ESC                III,                L.P. ("Lessee") and Texas            |
|       |   |                                                                                                                                                             | HCP                Holding , L.P. ("Lessor") (Exhibit 10.4.1).                                                                                                    |       | (6)          |
|       |   | 10.13.2                                                                                                                                                          | First                Amendment to Lease Agreement dated April 1, 1997, between Lessee                and Texas                HCP Holding , L.P. Lessor           |
|       |   |                                                                                                                                                             | (Exhibit                10.4.2).                                                                                                                                  |       | (6)          |
|       |   | 10.13.3                                                                                                                                                          | Guaranty                dated April 1, 1997, by the registrant ("Guarantor") in favor of                Texas HCP                Holding , L.P. (Exhibit 10.4.3). | (6)        |
|       |   | 10.13.4                                                                                                                                                          | Assignment                Agreement dated April 1, 1997, between the registrant ("Assignor")                and                Texas HCP Holding , L.P.           |
|       |   |                                                                                                                                                             | ("Assignee")                (Exhibit 10.4.4).                                                                                                                     |       | (6)          |
| **10.16**  |   | **Carolina                Communities**                                                                                                                          |                                                                                                                                                              |       |
|       |   | 10.16.1                                                                                                                                                          | Lease                Agreement dated January 26, 1996, between the registrant and HCPI                Trust                with respect to Countryside            |
|       |   |                                                                                                                                                             | Facility                (Exhibit 10.23.1).                                                                                                                        |       | (2)          |
|       |   | 10.16.3                                                                                                                                                          | Promissory                Note dated as of January 26, 1996, in the amount of $3,991,190 from                Heritage Hills Retirement, Inc.                      |
|       |   |                                                                                                                                                             | ("Borrower")                to Health Care Property Investors, Inc. ("Lender") (Exhibit 10.23.4).                                                                 |       | (2)          |
|       |   | 10.16.4                                                                                                                                                          | Loan                Agreement dated January 26, 1996, between the Borrower and the Lender                (Exhibit 10.23.5).                                       |       | (2)          |
|       |   | 10.16.5                                                                                                                                                          | Guaranty                dated January 26, 1996, by the registrant in favor of the Borrower                (Exhibit 10.23.6).                                      |       | (2)          |
|       |   | 10.16.6                                                                                                                                                          | Deed                of Trust with Assignment of Rents, Security Agreement and Fixture                Filing                dated as of January 26, 1996, by       |
|       |   |                                                                                                                                                             | and                among Heritage Hills Retirement, Inc. ("Grantor"), Chicago Title                Insurance                Company ("Trustee") and Health        |
|       |   |                                                                                                                                                             | Care                Property Investor, Inc. ("Beneficiary") (Exhibit 10.23.7).                                                                                    |       | (2)          |
|       |   | 10.16.7                                                                                                                                                          | Lease                Agreement dated as of January 26, 1996, between the registrant and                Health                Care Property Investor, Inc.         |
|       |   |                                                                                                                                                             | with                respect to Heritage Lodge Facility (Exhibit 10.23.8).                                                                                         |       | (2)          |

**27**

----

|       |   |                                                                                                                                                              |                                                                                                                                                            |       | **Footnote** |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                                   |                                                                                                                                                            | **Number** |
|       |   | 10.16.8                                                                                                                                                           | Lease                Agreement dated as of January 26, 1996, between the registrant and                Health                Care Property Investor, Inc.       |
|       |   |                                                                                                                                                              | with                respect to Pine Park Facility (Exhibit 10.23.9).                                                                                            |       | (2)          |
|       |   | 10.16.9                                                                                                                                                           | Lease                Agreement dated January 26, 1996, between the registrant and HCPI                Trust                with respect to Skylyn Facility      |
|       |   |                                                                                                                                                              | (Exhibit                10.23.10).                                                                                                                              |       | (2)          |
|       |   | 10.16.10                                                                                                                                                          | Lease                Agreement dated January 26, 1996, between the registrant and HCPI                Trust                with respect to Summit Place         |
|       |   |                                                                                                                                                              | Facility                (Exhibit 10.23.11).                                                                                                                     |       | (2)          |
|       |   | 10.16.11                                                                                                                                                          | Amendment                to Deed of Trust dated April 25, 1996, between Heritage Hills Retirement,                Inc. ("Grantor"), and                         |
|       |   |                                                                                                                                                              | Health                Care Property Investors, Inc. ("Beneficiary") (Exhibit 10.21.12).                                                                         |       | (5)          |
| **10.2**   |   | **Rosewood                Court in Fullerton, California, The Arbor at Olive Grove in Phoenix,                Arizona, Renton Villa in Renton,**                  |
|       |   | **Washington,                Seabrook in Everett, Washington and Laurel Lake Estates in Voorhees,                New                Jersey, Green Meadows--**     |
|       |   | **Allentown                in Allentown, Pennsylvania, Green Meadows--Dover in Dover, Delaware,                Green                Meadows--Latrobe in**         |
|       |   | **Latrobe,                Pennsylvania, Green Meadows--Painted Post in Painted Post, New York.                The                following agreements are**       |
|       |   | **representative                of those executed in connection with these                properties:**                                                           |                                                                                                                                                            |       |
|       |   | 10.20.1                                                                                                                                                           | Second                Amended Lease Agreement dated as of December 30, 1996, by and between                the                registrant and Health             |
|       |   |                                                                                                                                                              | Care                Property Investors, Inc. (Exhibit 10.37.1).                                                                                                 |       | (5)          |
| **10.21**  |   | **Cooper                George Partners Limited Partnership**                                                                                                     |                                                                                                                                                            |       |
|       |   | 10.21.2                                                                                                                                                           | Partnership                Interest Purchase Agreement dated June 4, 1998, between Emeritus                Real                Estate L.L.C. IV ("Seller")      |
|       |   |                                                                                                                                                              | and                Columbia Pacific Master Fund 98 General Partnership ("Buyer") (Exhibit                10.3.2).                                               | (13)       |
|       |   | 10.21.4                                                                                                                                                           | Amended                and Restated Agreement of Limited Partnership of Cooper George Partners                Limited Partnership dated                         |
|       |   |                                                                                                                                                              | June                29, 1998, between Columbia Pacific Master Fund '98 General Partnership,                Emeritus Real Estate IV, L.L.C.                      |
|       |   |                                                                                                                                                              | and                Bella Torre De Pisa Limited Partnership (Exhibit 10.3.4).                                                                                    |       | (13)         |
| **10.24**  |   | **Office                Lease Agreement dated April 29, 1996, between Martin Selig ("Lessor")                and                the registrant ("Lessee")**       | (3)                                                                                                                                                             |
| **10.25**  |   | **Colonie                Manor in Latham, New York, Bassett Manor in Williamsville, New York,                West                Side Manor in Liverpool,**       |
|       |   | **New                York, Bellevue Manor in Syracuse, New York, Perinton Park Manor in                Fairport, New York, Bassett Park**                         |
|       |   | **Manor                in Williamsville, New York, Woodland Manor in Vestal, New York, East                Side                Manor in Fayetteville, New**       |
|       |   | **York                and West Side Manor in Rochester, New York. The following agreement                is                representative of those executed in**  |
|       |   | **connection                with these properties:**                                                                                                              |                                                                                                                                                            |       |
|       |   | 10.25.1                                                                                                                                                           | Lease                Agreement dated September 1, 1996, between Philip Wegman ("Landlord")                and                Painted Post Partners              |
|       |   |                                                                                                                                                              | ("Tenant")                (Exhibit 10.4.1).                                                                                                                     |       | (4)          |
|       |   | 10.25.2                                                                                                                                                           | Agreement                to Provide Administrative Services to an Adult Home dated September                2,                1996, between the registrant      |
|       |   |                                                                                                                                                              | and                Painted Post Partners ("Operator") (Exhibit 10.4.2).                                                                                         |       | (4)          |
|       |   | 10.25.3                                                                                                                                                           | First                Amendment to Agreement to Provide Administrative Services to an Adult                Home                dated January 1, 1997,            |
|       |   |                                                                                                                                                              | between                Painted Post Partners and the registrant (Exhibit 10.1).                                                                                 |       | (9)          |
| **10.27**  |   | **Vickery                Towers in Dallas, Texas**                                                                                                                |                                                                                                                                                            |       |
|       |   | 10.27.3                                                                                                                                                           | Agreement                to Provide Management Services To An Independent and Assisted Living                Facility dated June 30,                            |       |
|       |   |                                                                                                                                                              | 1998,                between ESC II, LP ("Owner") and ESC III, LP ("Manager") (Exhibit                10.4.3).                                                  |       | (13)         |
| **10.29**  |   | **Development                Properties in Auburn, Massachusetts, Louisville, Kentucky and Rocky                Hill,                Connecticut. The following** |
|       |   | **agreements                are representative of those executed in connection with these                properties:**                                            |                                                                                                                                                            |       |
|       |   | 10.29.10                                                                                                                                                          | Leasehold                Mortgage, Security Agreement, Assignment of Leases and Rents, Financing                Statement and Fixture                           |
|       |   |                                                                                                                                                              | Filing                between the registrant ("Mortgagor"), in favor of Health Care REIT,                Inc..                ("Mortgagee") with respect to the |
|       |   |                                                                                                                                                              | Auburn,                Massachusetts, Facility dated August 28, 2003.                                                                                           |       | (24)         |
|       |   | 10.29.11                                                                                                                                                          | Leasehold                Mortgage, Security Agreement, Assignment of Leases and Rents, Financing                Statement and Fixture                           |
|       |   |                                                                                                                                                              | Filing                between the registrant ("Mortgagor"), in favor of Health Care REIT,                Inc..                ("Mortgagee") with respect to the |
|       |   |                                                                                                                                                              | Louisville,                Kentucky, Facility dated August 28, 2003.                                                                                            |       | (24)         |
|       |   | 10.29.12                                                                                                                                                          | Leasehold                Mortgage, Security Agreement, Assignment of Leases and Rents, Financing                Statement and Fixture                           |
|       |   |                                                                                                                                                              | Filing                between the registrant ("Mortgagor"), in favor of Health Care REIT,                Inc..                ("Mortgagee") with respect to the |
|       |   |                                                                                                                                                              | Rocky                Hill, Connecticut, Facility dated August 28, 2003.                                                                                         |       | (24)         |
|       |   | 10.29.13                                                                                                                                                          | Second                Amendment to Lease Agreement between HCRI Eddy Pond Properties Trust                ("Landlord") and the                                  |       |
|       |   |                                                                                                                                                              | Registrant                ("Tenant") with respect to the Auburn, Massachusetts, Facility dated                June                30, 2003.                     |       | (24)         |
|       |   | 10.29.14                                                                                                                                                          | Second                Amendment to Lease Agreement between HCRI Stone Creek Properties,                LLC                ("Landlord") and the                  |       |
|       |   |                                                                                                                                                              | Registrant                ("Tenant") with respect to the Louisville, Kentucky, Facility dated                June                30, 2003.                      |       | (24)         |
|       |   | 10.29.15                                                                                                                                                          | Second                Amendment to Lease Agreement between HCRI Cold Spring Properties,                LLC                ("Landlord") and the                  |       |
|       |   |                                                                                                                                                              | Registrant                ("Tenant") with respect to the Rocky Hill, Connecticut, Facility                dated                June 30, 2003.                   |       | (24)         |
|       |   | 10.29.16                                                                                                                                                          | Promissory                Note in the amount of $3,100,000 dated August 28, 2003, between the                registrant ("Borrower") and                        |
|       |   |                                                                                                                                                              | Health                Care REIT, Inc.. ("Lender") secured by the mortgage on the Ridgeland,                Mississippi property.                                |       | (24)         |
| **10.31**  |   | **Senior                Management Employment Agreements and Amendments entered into between                the                registrant and each of the**       |
|       |   | **following                individuals:**                                                                                                                         |                                                                                                                                                            |       |
|       |   | 10.31.1                                                                                                                                                           | Frank                A. Ruffo (Exhibit 10.6.2) and Raymond R. Brandstrom (Exhibit 10.6.5).                                                                      |       | (8)          |

**28**

----

|       |   |                                                                                                                                                              |                                                                                                                                                                         |       | **Footnote** |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                                   |                                                                                                                                                                         | **Number** |
|       |   | 10.31.2                                                                                                                                                           | Raymond                R. Brandstrom (Exhibit 10.11.1) and Frank A. Ruffo (Exhibit 10.11.3)                                                                                  |       | (8)          |
| **10.33**  |   | **Painted                Post Partnership**                                                                                                                       |                                                                                                                                                                         |       |
|       |   | 10.33.1                Painted Post Partners Partnership Agreement dated October 1, 1995                (Exhibit                10.24.7).                         |                                                                                                                                                                         | (1)        |
|       |   | 10.33.2                                                                                                                                                           | First                Amendment to Painted Post Partners Partnership Agreement dated October                22,                1996, between Daniel R.                        |
|       |   |                                                                                                                                                              | Baty                and Raymond R. Brandstrom (Exhibit 10.20.20).                                                                                                            |       | (5)          |
|       |   | 10.33.3                                                                                                                                                           | Indemnity                Agreement dated November 3, 1996, between the registrant and Painted                Post                Partners (Exhibit 10.3).                    | (9)        |
|       |   | 10.33.4                                                                                                                                                           | First                Amendment to Indemnity Agreement dated January 1, 1997, between the                registrant and Painted Post                                          |       |
|       |   |                                                                                                                                                              | Partners                (Exhibit 10.4).                                                                                                                                      |       | (9)          |
|       |   | 10.33.5                                                                                                                                                           | Undertaking                and Indemnity Agreement dated October 23, 1995, between the registrant,                P.                Jules Patt and Pamela J.                 |
|       |   |                                                                                                                                                              | Patt                and Painted Post Partnership (Exhibit 10.5).                                                                                                             |       | (9)          |
|       |   | 10.33.6                                                                                                                                                           | First                Amendment to Undertaking and Indemnity Agreement dated January 1,                1997,                between Painted post Partners                     |
|       |   |                                                                                                                                                              | and                the registrant (Exhibit 10.6).                                                                                                                            |       | (9)          |
|       |   | 10.33.7                                                                                                                                                           | First                Amendment to Non-Competition Agreement between the registrant and                Daniel                R. Baty (Exhibit 10.1.1) and                     |
|       |   |                                                                                                                                                              | Raymond                R. Brandstrom (Exhibit 10.1.2).                                                                                                                       |       | (10)         |
| **10.34**  |   | **Ridgeland                Court in Ridgeland, Mississippi**                                                                                                      |                                                                                                                                                                         |       |
|       |   | 10.34.7                                                                                                                                                           | Lease                Agreement between HCRI Ridgeland Pointe Properties, LLC ("Landlord")                and                Ridgeland Assisted Living,                       |
|       |   |                                                                                                                                                              | LLC                ("Tenant") dated September 29, 2003.                                                                                                                      |       | (24)         |
| **10.36**  |   | **Amendment                to Office Lease Agreement dated September 6, 1996, between Martin                Selig                ("Lessor") and the registrant.** | **(11)**                                                                                                                                                                     |
| **10.45**  |   | **1998                Employee Stock Purchase Plan (Exhibit 99.2).**                                                                                              |                                                                                                                                                                         | **(12)**   |
| **10.53**  |   | **Emeritrust                II communities**                                                                                                                      |                                                                                                                                                                         |       |
|       |   | 10.53.14                                                                                                                                                          | Amended                and Restated Loan Agreement between Health Care REIT, Inc. ("Lender")                and                the registrant                                |       |         |
|       |   |                                                                                                                                                              | ("Borrower")                dated September 30, 2003.                                                                                                                        |       | (23)         |
|       |   | 10.53.15                                                                                                                                                          | Amended                and Restated Note for $25.8 million between Health Care REIT, Inc.                ("Lender") and the registrant                                       |
|       |   |                                                                                                                                                              | ("Borrower")                dated September 30, 2003.                                                                                                                        |       | (23)         |
|       |   | 10.53.16                                                                                                                                                          | Amended                and Restated Leasehold Mortgage/Deed of Trust, Security Agreement,                Assignment of Leases and                                            |       |
|       |   |                                                                                                                                                              | Rents,                Financing Statement and Fixture Filing by the registrant ("Trustor")                and                Commonwealth Land Title                         |       |
|       |   |                                                                                                                                                              | Insurance                Company, Mid South Title Co., Lawyers Title of Arizona, Inc., Transnation                Title & Escrow, Inc.,                                  |
|       |   |                                                                                                                                                              | Carson                Mills, AmeriTitle, William Fairbanks, Lawyers Title Realty Services,                Inc.,                Transnation Title Insurance                   |
|       |   |                                                                                                                                                              | Company                (collectively "Trustee") in favor of Health Care REIT, Inc.                ("Beneficiary") dated September 30, 2003.                                  | (23)       |
|       |   | 10.53.17                                                                                                                                                          | Warrant                for the Purchase of Shares of Common Stock by Emeritus Corporation                ("Issuer"), for Senior Housing Partners                             |
|       |   |                                                                                                                                                              | I,                LP ("Holder") for an aggregate of 400,000 shares, dated September                30,                2003.                                                  |       | (23)         |
|       |   | 10.53.18                                                                                                                                                          | Master                Agreement between Owners and Emeritus Corporation Regarding Sale                of AL II                Assisted Living Portfolio,                     |
|       |   |                                                                                                                                                              | dated                September 30, 2003.                                                                                                                                     |       | (23)         |
|       |   | 10.53.19                                                                                                                                                          | Second                Amended and Restated Loan Agreement between Healthcare Realty Trust                and                Emeritus                                         |       |         |
|       |   |                                                                                                                                                              | Corporation                and dated as of March 3, 2005.                                                                                                                    |       | (33)         |
|       |   | 10.53.20                                                                                                                                                          | Second                Amended and Restated Note* *between                Emeritus Corporation and Healthcare Realty Trust                                               |       |         |
|       |   |                                                                                                                                                              | Incorporated                and dated as of March 3, 2005.                                                                                                                   |       | (33)         |
|       |   | 10.53.21                                                                                                                                                          | Loan                Purchase Agreement among Healthcare Realty Trust Incorporated, Health                Care                REIT, Inc., and                                 |       |         |
|       |   |                                                                                                                                                              | Emeritus                Corporation and dated as of March 3, 2005.                                                                                                           |       | (33)         |
|       |   | 10.53.22                                                                                                                                                          | Intercreditor                Agreement between Health Care REIT, Inc. and Healthcare Realty Trust                Incorporated and                                            |       |         |
|       |   |                                                                                                                                                              | dated                as of March 3, 2005.                                                                                                                                    |       | (33)         |
|       |   | 10.53.23                                                                                                                                                          | First                Amendment to Amended and Restated Master Lease Agreement dated as                of June                22nd, 2005 by and among Health Care Reit,       |       | (36)         |
|       |   |                                                                                                                                                              | Inc.,                HCRI Mississippi Properties, Inc, HCRI Massachusetts Properties Trust                II,                and HCRI Texas Properties, LTD, as Landlord and |       |         |
|       |   |                                                                                                                                                              | Emeritus                Corporation as Tenant                                                                                                                                |       |         |
| **10.54**  |   | **Meadow                Lodge at Drum Lodge Hill in Chelmsford,                Massachusetts**                                                                    |                                                                                                                                                                         |       |
|       |   | 10.54.1                                                                                                                                                           | Purchase                and Sales Agreement dated April 23, 1999, between LM Chelmsford Assisted                Living, L.L.C. ("Seller")                                    |
|       |   |                                                                                                                                                              | and                the registrant ("purchaser") (Exhibit 10.1.1).                                                                                                            |       | (14)         |
| **10.55**  |   | **Meadow                Lodge at Drum Hill in Chelmsford, Massachusetts, Cobblestones at                Fairmont                in Manassas, Virginia,**          |
|       |   | **Kirkland                Lodge in Kirkland, Washington and Ridgeland Pointe in Ridgeland,                Mississippi. The following agreements**                 |
|       |   | **are                representative of those executed in conjunction with these                properties.**                                                      |                                                                                                                                                                         |       |
|       |   | 10.55.1                                                                                                                                                           | Fixed                Rate Noted dated September 29, 1999, between Amresco Capital, L.P.                ("Payee") and the registrant                                          |       |
|       |   |                                                                                                                                                              | ("Maker")                (Exhibit 10.2.1).                                                                                                                                   |       | (14)         |
|       |   | 10.55.2                                                                                                                                                           | Mortgage                and Security Agreement dated September 29, 1999, between Amresco                Capital,                L.P. (Mortgagee") and                        |
|       |   |                                                                                                                                                              | the                registrant ("mortgagor") (Exhibit 10.2.2).                                                                                                                |       | (14)         |

|   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|

**29**

----

|       |   |                                                                                                                                                                   |                                                                                                                                                                    |       | **Footnote** |
|------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                                        |                                                                                                                                                                    | **Number** |
|       |   | 10.55.3                                                                                                                                                                | Unsecured                Promissory Note in the amount of $4,400,000 dated August 28, 2003,                between                the registrant                        |       |
|       |   |                                                                                                                                                                   | ("Borrower")                and Health Care REIT, Inc.. ("Lender")                                                                                                      |       | (24)         |
|       |   | 10.55.4                                                                                                                                                                | Lease                Agreement between HCRI Drum Hill Properties, LLC ("Landlord") and                Emeritus                Properties IX, LLC                        |       |
|       |   |                                                                                                                                                                   | ("Tenant")                dated September 29, 2003.                                                                                                                     |       | (24)         |
|       |   | 10.55.5                                                                                                                                                                | Lease                Agreement between HCRI Fairmont Properties, LLC ("Landlord") and                Emeritus                Properties XII, LLC                        |       |
|       |   |                                                                                                                                                                   | ("Tenant")                dated September 29, 2003.                                                                                                                     |       | (24)         |
|       |   | 10.55.6                                                                                                                                                                | Lease                Agreement between HCRI Kirkland Properties, LLC ("Landlord") and                Emeritus                Properties X, LLC                          |       |
|       |   |                                                                                                                                                                   | ("Tenant")                dated September 29, 2003.                                                                                                                     |       | (24)         |
|       |   | 10.55.7                                                                                                                                                                | Guaranty                ("guaranty") is executed as of September 29, 1999, by Emeritus                Corporation, a Washington corporation                             |
|       |   |                                                                                                                                                                   | (singularly                and collectively referred to as "guarantor"), for the benefit of                Amresco                Capital, L.P., a Delaware             |
|       |   |                                                                                                                                                                   | limited                partnership ("lender").                                                                                                                          |       | (32)         |
|       |   | 10.55.8                                                                                                                                                                | Cash                Management and Security Agreement dated as of September 29, 1999,                among                Emeritus Properties XII, LLC                  |
|       |   |                                                                                                                                                                   | (the                "borrower"), Emeritus Corporation (the "manager"), and Amresco Capital,                L.P. (together with its successors                           |
|       |   |                                                                                                                                                                   | and                assigns, the "lender").                                                                                                                              |       | (32)         |
|       |   | 10.55.9                                                                                                                                                                | Assumption                Agreement (“Agreement”) effective as of September 29, 2003, by and                between Emeritus                           |       |         |
|       |   |                                                                                                                                                                   | Properties IX,                LLC, a Washington limited liability company (“original borrower” or                “operating lessee”), HCRI |
|       |   |                                                                                                                                                                   | Drum                Hill Properties, LLC, a Delaware limited liability company (“new                borrower”), and JP Morgan Chase Bank                    |
|       |   |                                                                                                                                                                   | (“lender”).                                                                                                                                                 |       | (32)         |
|       |   | 10.55.10                                                                                                                                                               | Assumption                of Obligations of Guarantor (“Agreement”) made and entered into as of                September 29, 2003, by and                   |
|       |   |                                                                                                                                                                   | among                Health Care REIT, Inc., a Delaware corporation (the “assuming guarantor”),                Emeritus Corporation, a                      |
|       |   |                                                                                                                                                                   | Washington                corporation (the “original guarantor”), and JP Morgan Chase Bank (the                “lender”).                       |       | (32)         |
|       |   | 10.55.11                                                                                                                                                               | Subordination                and Standstill Agreement ( “Agreement”) dated as of the 29 day of                September, 2003, by                           |       |         |
|       |   |                                                                                                                                                                   | and                among HCRI Drum Hill Properties, LLC, a Delaware limited liability                company                (“new borrower”), Health Care   |
|       |   |                                                                                                                                                                   | REIT,                Inc., a Delaware corporation (“HC REIT”), Emeritus Properties IX, LLC, a                Washington limited liability                   |
|       |   |                                                                                                                                                                   | company                (“operating lessee”), Emeritus Corporation, a Washington corporation                (“lease guarantor”), JP Morgan       |
|       |   |                                                                                                                                                                   | Chase                Bank (“lender”).                                                                                                                       |       | (32)         |
| **10.57**  |   | **Designation                of Rights and Preferences of Series B Convertible Preferred Stock                as filed                with the Secretary of State of** |
|       |   | **Washington                on December 29, 1999 (Exhibit 4.2).**                                                                                                      |                                                                                                                                                                    | (15)       |
| **10.58**  |   | **Shareholders'                Agreement dated as of December 30, 1999, among Emeritus Corporation,                Daniel R. Baty, B.F., Limited**                     |
|       |   | **Partnership                and Saratoga Partners IV, L.P. (Exhibit 4.3).**                                                                                           |                                                                                                                                                                    | (15)       |
| **10.59**  |   | **Registration                Rights Agreement dated as of December 30, 1999, between Emeritus                Corporation and Saratoga Partners**                      |
|       |   | **IV,                L.P. (Exhibit 4.4).**                                                                                                                             |                                                                                                                                                                    | (15)       |
| **10.62**  |   | **Emerald                Hills in Auburn**                                                                                                                             |                                                                                                                                                                    |       |
|       |   | 10.62.2                                                                                                                                                                | Lease                agreement dated September 5, 2001, between Health Care Property Investors,                Inc. ("Lessor"), and Emeritus                            |
|       |   | Corporation                ("Lessee").                                                                                                                                 |                                                                                                                                                                    | (17)       |
| **10.66**  |   | **Loyalton                of Biloxi in Biloxi, Mississippi**                                                                                                           |                                                                                                                                                                    |       |
|       |   | 10.66.2                                                                                                                                                                | Lease                agreement dated September 5, 2001, between Health Care Property Investors,                Inc. ("Lessor"), and Emeritus                            |
|       |   | Corporation                ("Lessee").                                                                                                                                 |                                                                                                                                                                    | (17)       |
| **10.67**  |   | **Amended                1998 Employee Stock Purchase Plan (as amended and restated on May                19,                1999, and August 17, 2001).**             |
|       |   | **(Appendix                B).**                                                                                                                                       |                                                                                                                                                                    | (16)       |
| **10.68**  |   | **Kingsley                Place at Alexandria, Louisiana; Kingsley Place at Lake Charles, Louisiana;                Kingsley Place at Lafayette,**                     |
|       |   | **Louisiana;                Kingsley Place of Shreveport, Louisiana; Kingsley Place of Henderson,                Texas; Kingsley Place at Oakwell**                    |
|       |   | **Farms,                Texas; Kingsley Place at the Medical Center, Texas; Kingsley Place                at                Stonebridge, Texas. The following**        |
|       |   | **agreements                are representative of those executed in connection with these                properties:**                                                 |                                                                                                                                                                    |       |
|       |   | 10.68.1                                                                                                                                                                | Horizon                Bay Lease Facilities Purchase Agreement between Integrated Living                Communities of Alexandria,                                      |       |
|       |   |                                                                                                                                                                   | L.L.C.,                Integrated Living Communities of Lake Charles, L.L.C., Integrated                Living                Communities of Lafayette,                 |
|       |   |                                                                                                                                                                   | L.L.C.,                Integrated Living Communities of Henderson, L.P., Integrated Living                Communities of Oakwell, L.P.,                                 |
|       |   |                                                                                                                                                                   | Integrated                Living Communities of San Antonio, L.P., and Integrated Living Communities                of McKinney, L.P.,                                  |
|       |   |                                                                                                                                                                   | (collectively,                the "Seller") and the registrant ("Purchaser") dated April 4,                2002.                                                        |       | (18)         |
|       |   | 10.68.2                                                                                                                                                                | Horizon                Bay Purchase Agreement between the registrant ("Purchaser") and Senior                Lifestyle Shreveport, L.L.C                                |
|       |   |                                                                                                                                                                   | ("Seller"),                dated April 17, 2002.                                                                                                                        |       | (18)         |
|       |   | 10.68.3                                                                                                                                                                | First                Amendment to the Horizon Bay Lease Facilities Purchase Agreement                between                the registrant ("Purchaser")                |
|       |   |                                                                                                                                                                   | and                Integrated Living Communities of Alexandria, L.L.C., Integrated Living                Communities of Lake Charles,                                   |       |
|       |   |                                                                                                                                                                   | L.L.C.,                Integrated Living Communities of Lafayette, L.L.C., Integrated Living                Communities of Henderson, L.P.,                             |
|       |   |                                                                                                                                                                   | Integrated                Living Communities of Oakwell, L.P., Integrated Living Communities                of San                Antonio, L.P., and                    |       |
|       |   |                                                                                                                                                                   | Integrated                Living Communities of McKinney, L.P., (collectively, the "Seller")                dated                May 1, 2002.                           |       | (18)         |
|       |   | 10.68.4                                                                                                                                                                | First                Amendment to the Horizon Bay Purchase Agreement between the registrant                ("Purchaser") and Senior                                     |       |
|       |   |                                                                                                                                                                   | Lifestyle                Shreveport, L.L.C. ("Seller"), dated May 1, 2002.                                                                                              |       | (18)         |

**30**

----

|       |   |            |                                                                                                                                                              |       | **Footnote** |
|------------|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description** |                                                                                                                                                              | **Number** |
|       |   | 10.68.5         | Amended                and restated funding agreement between the registrant and HB-ESC                I,                L.L.C., HB-ESC II, L.L.C., and           |
|       |   |            | HB-ESC                V, L.P., dated May 1, 2002.                                                                                                                 |       | (18)         |
|       |   | 10.68.6         | Agreement                to provide management services to assisted living facilities (Lafayette)                between HB-ESC II, L.P., and                     |
|       |   |            | the                registrant dated May 1, 2002.                                                                                                                  |       | (18)         |
|       |   | 10.68.7         | Agreement                to provide management services to assisted living facilities (Lake                Charles) between HB-ESC II, L.P.,                      |
|       |   |            | and                the registrant dated May 1, 2002.                                                                                                              |       | (18)         |
|       |   | 10.68.8         | Agreement                to provide management services to assisted living facilities (Alexandria)                between HB-ESC II, L.P.,                        |
|       |   |            | and                the registrant dated May 1, 2002.                                                                                                              |       | (18)         |
|       |   | 10.68.9         | Agreement                to provide management services to assisted living facilities (Shreveport)                between HB-ESC I, L.P., and                     |
|       |   |            | the                registrant dated May 1, 2002.                                                                                                                  |       | (18)         |
|       |   | 10.68.10        | Agreement                to provide management services to assisted living facilities (Henderson)                between HB-ESC V, L.P.,                          |
|       |   |            | and                the registrant dated May 9, 2002.                                                                                                              |       | (18)         |
|       |   | 10.68.11        | Agreement                to provide management services to assisted living facilities (Medical                Center) between HB-ESC V,                           |
|       |   |            | L.P.,                and the registrant dated May 9, 2002.                                                                                                        |       | (18)         |
|       |   | 10.68.12        | Agreement                to provide management services to assisted living facilities (Oakwell                Farms) between HB-ESC V,                            |
|       |   |            | L.P.,                and the registrant dated May 9, 2002.                                                                                                        |       | (18)         |
|       |   | 10.68.13        | Agreement                to provide management services to assisted living facilities (Stonebridge)                between HB-ESC V, L.P.,                        |
|       |   |            | and                the registrant dated May 9, 2002.                                                                                                              |       | (18)         |
|       |   | 10.68.14        | Second                Amendment to the Horizon Bay Purchase Agreement between the registrant                ("Purchaser") and Senior                              |
|       |   |            | Lifestyle                Shreveport, L.L.C. ("Seller"), dated May 31, 2002.                                                                                       |       | (18)         |
|       |   | 10.68.15        | Third                Amendment to the Horizon Bay Purchase Agreement between the registrant                ("Purchaser") and Senior                               |
|       |   |            | Lifestyle                Shreveport, L.L.C. ("Seller"), dated June 14, 2002.                                                                                      |       | (18)         |
|       |   | 10.68.16        | Fourth                Amendment to the Horizon Bay Purchase Agreement between the registrant                ("Purchaser") and Senior                              |
|       |   |            | Lifestyle                Shreveport, L.L.C. ("Seller"), dated June 28, 2002.                                                                                      |       | (18)         |
|       |   | 10.68.17        | Termination                of Amended and Restated Funding Agreement by and between Emeritus                Corporation ("Emeritus")                              |
|       |   |            | and                HB-ESC I, LLC, HB-ESC II, LLC, and HB-ESC V, LP (collectively "HB                Entities") effective June 30, 2003.                           | (23)       |
|       |   | 10.68.18        | Global                Amendment to Management Agreements by and between Emeritus Corporation                ("Emeritus") and HB-ESC                               |
|       |   |            | I,                LLC, HB-ESC II, LLC, HB-ESC IV, LP, and HB-ESC V, LP (collectively                "HB                Licenses") effective June 30,              |
|       |   |            | 2003                                                                                                                                                              |       | (23)         |
|       |   | 10.68.19        | Assignment                and assumption of leases by and among HB-ESCII, LLC ("Assignor"),                Emeritus                Corporation,                   |       |
|       |   |            | ("Assignee"),                and Daniel R. Baty, ("Guarantor"), dated December 31,                2003.                                                           |       | (25)         |
|       |   | 10.68.20        | Assignment                and assumption of lease agreement (KP Stonebridge) by and among HB-ESC                V,                L.P., (“Assignor”), |
|       |   |            | ESC                IV, L.P., doing business in Texas as Texas-ESC IV, L.P. (“Assignee”),                EMERITUS CORPORATION,                         |       |
|       |   |            | (“Emeritus”),                DANIEL R. BATY, (“Existing Guarantor”), and HR ACQUISITION OF SAN ANTONIO,                LTD.,              |
|       |   |            | formerly                known as Capstone Capital of San Antonio, Ltd., d/b/a Cahaba of San                Antonio, Ltd. (“Lessor”), dated            |
|       |   |            | December                31, 2003.                                                                                                                                 |       | (25)         |
|       |   | 10.68.21        | Assignment                and assumption of lease agreement (KP Henderson) by and among HB-ESC                V,                L.P., (“Assignor”),   |
|       |   |            | ESC                IV, L.P., doing business in Texas as Texas-ESC IV, L.P. (“Assignee”),                EMERITUS CORPORATION,                         |       |
|       |   |            | (“Emeritus”),                DANIEL R. BATY, (“Existing Guarantor”), and HR ACQUISITION OF SAN ANTONIO,                LTD.,              |
|       |   |            | formerly                known as Capstone Capital of San Antonio, Ltd., d/b/a Cahaba of San                Antonio, Ltd. (“Lessor”), dated            |
|       |   |            | December                31, 2003.                                                                                                                                 |       | (25)         |
|       |   | 10.68.22        | Assignment                and assumption of lease agreement (KP Medical) by and among HB-ESC                V,                L.P., (“Assignor”), ESC |
|       |   |            | IV,                L.P., doing business in Texas as Texas-ESC IV, L.P. (“Assignee”), EMERITUS                CORPORATION,                             |       |         |
|       |   |            | (“Emeritus”),                DANIEL R. BATY, (“Existing Guarantor”), and HR ACQUISITION OF SAN ANTONIO,                LTD.,              |
|       |   |            | formerly                known as Capstone Capital of San Antonio, Ltd., d/b/a Cahaba of San                Antonio, Ltd. (“Lessor”), dated            |
|       |   |            | December                31, 2003.                                                                                                                                 |       | (25)         |
|       |   | 10.68.23        | Assignment                and assumption of lease agreement (KP Oakwell) by and among HB-ESC                V,                L.P., (“Assignor”), ESC |
|       |   |            | IV,                L.P., doing business in Texas as Texas-ESC IV, L.P. (“Assignee”), EMERITUS                CORPORATION,                             |       |         |
|       |   |            | (“Emeritus”),                DANIEL R. BATY, (“Existing Guarantor”), and HR ACQUISITION OF SAN ANTONIO,                LTD.,              |
|       |   |            | formerly                known as Capstone Capital of San Antonio, Ltd., d/b/a Cahaba of San                Antonio, Ltd. (“Lessor”), dated            |
|       |   |            | December                31, 2003.                                                                                                                                 |       | (25)         |
|       |   | 10.68.24        | Master                Lease Agreement between HB-ESC I, LLC ("Landlord"), and Emeritus                Corporation ("Tenant") dated                                |
|       |   |            | December                31, 2003.                                                                                                                                 |       | (27)         |
|       |   | 10.68.25        | Third                Amendment to Lease Agreement (Henderson, TX) dated as of June 30,                2005 by                and between HR Acquisition of        | (36)       |
|       |   |            | San                Antonio, LTD ("Lessor"), ESC IV, LP ("Lessee") and Emeritus Corporation                and Daniel R Baty (collectively                         |
|       |   |            | "Guarantor")                                                                                                                                                      |       |         |
|       |   |            |                                                                                                                                                              |       |         |
|       |   |            |                                                                                                                                                              |       |         |

**31**

----

|       |   |                                                                                                                                                              |                                                                                                                                                          |       | **Footnote** |
|------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                                   |                                                                                                                                                          | **Number** |
|       |   | 10.68.26                                                                                                                                                          | Third                Amendment to Lease Agreement (Mckinney, TX) dated as of June 30,                2005 by                and between HR Acquisition of     | (36)       |
|       |   |                                                                                                                                                              | San                Antonio, LTD ("Lessor"), ESC IV, LP ("Lessee") and Emeritus Corporation                and Daniel R Baty (collectively                     |
|       |   |                                                                                                                                                              | Guarantor)                                                                                                                                                    |       |         |
|       |   | 10.68.27                                                                                                                                                          | Third                Amendment to Lease Agreement (Oakwell, TX) dated as of June 30, 2005                by                and between HR Acquisition of      | (36)       |
|       |   |                                                                                                                                                              | San                Antonio, LTD ("Lessor"), ESC IV, LP ("Lessee") and Emeritus Corporation                and Daniel R Baty (collectively                     |
|       |   |                                                                                                                                                              | "Guarantor")                                                                                                                                                  |       |         |
|       |   | 10.68.28                                                                                                                                                          | Third                Amendment to Lease Agreement (San Antonio, TX) dated as of June 30,                2005                by and between HR Acquisition     | (36)       |
|       |   |                                                                                                                                                              | of                San Antonio, LTD ("Lessor"), ESC IV, LP ("Lessee") and Emeritus                Corporation and Daniel R Baty (collectively                  |
|       |   |                                                                                                                                                              | "Guarantor")                                                                                                                                                  |       |         |
| **10.72**  |   | **Champion                Oaks, Texas, Collin Oaks, Texas, Galleria Oaks, Alabama, Loyalton                of                Austin, Texas, Loyalton of Lake**    |
|       |   | **Highlands,                Texas, Memorial Oaks, Texas, Meridian Oaks, Indiana, Sugar Land Oaks,                Texas, Tanglewood Oaks,**                        |
|       |   | **Texas,                Woodbridge Estates, Texas, Village Oaks at Chandler, Arizona, Cielo                Vista,                Texas, Conway, Florida,**        |
|       |   | **Farmers                Branch, Texas, Fort Wayne, Indiana, Glendale, Arizona, Greenwood,                Indiana,                Hollywood Park, Texas,**        |
|       |   | **Las                Vegas, Nevada, Melbourne, Florida, Mesa, Arizona, Orange Park, Florida,                Southpoint, Florida, Tuskawilla,**                    |
|       |   | **Florida.                The following agreements are representative of those executed in                connection with the properties:**                       |
|       |   | 10.72.1                                                                                                                                                           | Master                Lease Agreement between various subsidiaries and affiliates of Fretus                Investors L.L.C. ("Landlord") and                  |
|       |   |                                                                                                                                                              | Emeritus                Properties-NGH, L.L.C. and ESC-NGH, L.P. ("Tenant") dated October                1,                2002.                              |       | (19)         |
|       |   | 10.72.2                                                                                                                                                           | PURCHASE                AND SALE AGREEMENT (Membership Interests) between Emeritus Corporation,                CP                '02 Pool,                    |
|       |   |                                                                                                                                                              | LLC                and FSPP Fretus I, LLC and FSPP Fretus II, LLC and Fretus Investors                LLC                                                     |       | (43)         |
|       |   | 10.72.3                                                                                                                                                           | LOAN                AGREEMENT (AMENDED AND RESTATED) by and among the twenty-four (24)                LLC                companies or                         |
|       |   |                                                                                                                                                              | limited                partnerships listed on Schedule A attached hereto together with their                successors and assigns the "Borrowers",           |
|       |   |                                                                                                                                                              | and                individually a "Borrower and CAPMARK BANK                                                                                                  |       | (43)         |
|       |   | 10.72.4                                                                                                                                                           | LOAN                AGREEMENT by and between CP '02 POOL LLC to Emeritus Corporation                                                                          |       | (43)         |
|       |   | 10.72.5                                                                                                                                                           | Promissory                Note Capmark Fixed Rate for Fretus                                                                                                  |       | (43)         |
|       |   | 10.72.6                                                                                                                                                           | Promissory                Note Capmark Variable Rate for Fretus                                                                                               |       | (43)         |
|       |   | 10.72.7                                                                                                                                                           | Promissory                Note CP 02 for Fretus                                                                                                               |       | (43)         |
|       |   | 10.72.8                                                                                                                                                           | Terminaton                of master lease agreement for Fretus                                                                                                |       | (43)         |
| **10.73**  |   | **Concorde,                Nevada, Courtyard at the Willows, Washington, Fulton Villa, California,                Juniper Meadows, Idaho, La**                    |
|       |   | **Casa                Grande, Florida , Lodge at Eddy Pond, Massachusetts, River Oaks,                Florida,                Silver Pines, Iowa ,**              |                                                                                                                                                          |       |
|       |   | **Springmeadows,                Montana, Stanford Centre, Florida, Villa del Rey, California. The                following agreements are**                       |
|       |   | **representative                of those executed in connection with these                properties:**                                                           |                                                                                                                                                          |       |
|       |   | 10.73.1                                                                                                                                                           | Master                Lease by Emeritus Realty II, LLC, Emeritus Realty III, LLC, Emeritus                Realty V, LLC, Emeritus Realty                      |
|       |   |                                                                                                                                                              | VII,                LLC, Emeritus Realty XIV, LLC, Emeritus Realty Puyallup, LLC, Emeritus                Realty Bozeman, LLC, ESC-                           |
|       |   |                                                                                                                                                              | Port                St. Richie, LLC, (collectively “Lessor”) and Emeritus Corporation,                Emeritus Properties II, Inc., Emeritus      |
|       |   |                                                                                                                                                              | Properties                III, Inc., Emeritus Properties V, Inc., Emeritus Properties XIV,                LLC,                ESC-New Port Richey, LLC,       |
|       |   |                                                                                                                                                              | ESC-Bozeman,                LLC, dated December 6, 2002.                                                                                                      |       | (21)         |
|       |   | 10.73.2                                                                                                                                                           | Loan                Agreement by and between General Electric Capital Corporation, a                Delaware                corporation, and Emeritus         |
|       |   |                                                                                                                                                              | Realty                II, LLC, Emeritus Realty III, LLC, Emeritus Realty V, LLC, Emeritus                Realty                VII, LLC, Emeritus Realty      |
|       |   |                                                                                                                                                              | XIV,                LLC, Emeritus Realty Bozeman, LLC, Emeritus Realty Puyallup, LLC,                ESC-Port                St. Richie. LLC, dated           |
|       |   |                                                                                                                                                              | December                6, 2002.                                                                                                                              |       | (21)         |
|       |   | 10.73.3                                                                                                                                                           | Promissory                Note A by Emeritus Realty II, LLC, Emeritus Realty III, LLC, Emeritus                Realty V, LLC, Emeritus                        |
|       |   |                                                                                                                                                              | Realty                VII, LLC, Emeritus Realty XIV, LLC, Emeritus Realty Bozeman, LLC,                Emeritus                Realty Puyallup, LLC,          |
|       |   |                                                                                                                                                              | ESC-Port                St. Richie. LLC, to General Electric Capital Corporation, a Delaware                corporation, dated December 6,                    |
|       |   |                                                                                                                                                              | 2002                                                                                                                                                          |       | (21)         |
|       |   | 10.73.4                                                                                                                                                           | Subordinated                Promissory Note B by ESC-Port St. Richie, LLC, a Washington limited                liability company, to                          |       |
|       |   |                                                                                                                                                              | General                Electric Capital Corporation, dated December 6, 2002.                                                                                  |       | (21)         |
|       |   | 10.73.5                                                                                                                                                           | Loan                Agreement by and between Emeritus Realty Corporation, a Nevada corporation                and Health Care Property                        |
|       |   |                                                                                                                                                              | Investors,                Inc., a Maryland corporation, dated December 6, 2002.                                                                               |       | (21)         |
|       |   | 10.73.6                                                                                                                                                           | Promissory                Note by Emeritus Realty Corporation, a Nevada corporation, to Health                Care                Property investors, Inc., a |
|       |   |                                                                                                                                                              | Maryland                corporation, dated December 6, 2002.                                                                                                  |       |         |
| **10.75**  |   | **Loyalton                of Bloomsburg, Pennsylvania; Loyalton of Creekview, Pennsylvania;                Loyalton                of Harrisburg, Pennsylvania;** |
|       |   | **Loyalton                of Danville, Virginia; Loyalton of Harrisonburg, Virginia; Loyalton                of                Roanoke, Virginia; Loyalton of**   |
|       |   | **Greensboro,                North Carolina; Loyalton of Ravenna, Ohio. The following agreements                are                representative of those**      |
|       |   | **executed                in connection with these properties:**                                                                                                  |                                                                                                                                                          |       |
|       |   | 10.75.1                                                                                                                                                           | Lease                Agreement by HR Acquisition I Corporation ("Tenant"), Capstone Capital                of                Pennsylvania, Inc., and HRT      |
|       |   |                                                                                                                                                              | Holdings,                Inc. (collectively the "Lessor") and Emeritus Corporation ("Lessee")                dated                May 1, 2003.                |       | (22)         |
|       |   | 10.75.2                                                                                                                                                           | Promissory                Note by Emeritus Corporation ("Maker"), for HR ACQUISITION I CORPORATION                ("Payee") for                               |
|       |   |                                                                                                                                                              | principal                amount of $600,000.00 dated May 1, 2003.                                                                                             |       | (22)         |

**32**

----

|       |   |            |                                                                                                                                                                             |       | **Footnote** |
|------------|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description** |                                                                                                                                                                             | **Number** |
|       |   | 10.75.3         | Bill                of Sale, Blanket Conveyance and Assignment by BCC at Bloomsburg,                Inc.                ("Tenant") and BCC Development                           |
|       |   |            | and                Management Co. ("Manager") to and for the benefit of Capstone Capital                of                Pennsylvania, Inc. ("HCRT                              |
|       |   |            | Assignee")                and Emeritus Corporation ("Emeritus Assignee") dated May 1,                2003.                                                                       |       | (22)         |
|       |   | 10.75.4         | Bill                of Sale, Blanket Conveyance and Assignment by ALCO VI, LLC ("Tenant")                and                Balance Care at                                      |       |         |
|       |   |            | Mechanicsburg,                Inc. ("Manager") to and for the benefit of Capstone Capital of                Pennsylvania, Inc. ("HCRT                                            |       |
|       |   |            | Assignee")                and Emeritus Corporation ("Emeritus Assignee") dated May 1,                2003.                                                                       |       | (22)         |
|       |   | 10.75.5         | Bill                of Sale, Blanket Conveyance and Assignment by Extended Care Operators                of                Harrisburg, LLC ("Tenant")                            |
|       |   |            | and                BCC at Harrisburg, Inc. ("Manager") to and for the benefit of Capstone                Capital of Pennsylvania, Inc. ("HCRT                                    |
|       |   |            | Assignee")                and Emeritus Corporation ("Emeritus Assignee") dated May 1,                2003.                                                                       |       | (22)         |
|       |   | 10.75.6         | Bill                of Sale, Blanket Conveyance and Assignment by ALCO XI, LLC ("Tenant")                and                BCC at Danville, Inc.                                |       |
|       |   |            | ("Manager")                to and for the benefit of HRT Holdings, Inc. ("HCRT Assignee") and                Emeritus Corporation                                                |       |
|       |   |            | ("Emeritus                Assignee") dated May 1, 2003.                                                                                                                          |       | (22)         |
|       |   | 10.75.7         | Bill                of Sale, Blanket Conveyance and Assignment by ALCO IX, LLC ("Tenant")                and                BCC at Harrisonburg, Inc.                            |
|       |   |            | ("Manager")                to and for the benefit of HRT Holdings, Inc. ("HCRT Assignee") and                Emeritus Corporation                                                |       |
|       |   |            | ("Emeritus                Assignee") dated May 1, 2003.                                                                                                                          |       | (22)         |
|       |   | 10.75.8         | Bill                of Sale, Blanket Conveyance and Assignment by ALCO X, LLC ("Tenant")                and                BCC at Roanoke, Inc.                                  |       |
|       |   |            | ("Manager")                to and for the benefit of HRT Holdings, Inc. ("HCRT Assignee") and                Emeritus Corporation                                                |       |
|       |   |            | ("Emeritus                Assignee") dated May 1, 2003.                                                                                                                          |       | (22)         |
|       |   | 10.75.9         | Bill                of Sale, Blanket Conveyance and Assignment by Extended Care Operators                of                Greensboro, LLC ("Tenant")                            |
|       |   |            | and                BCC at Greensboro, Inc. ("Manager") to and for the benefit of HR                Acquisition I Corporation ("HCRT                                              |       |
|       |   |            | Assignee")                and Emeritus Corporation ("Emeritus Assignee") dated May 1,                2003.                                                                       |       | (22)         |
|       |   | 10.75.10        | Bill                of Sale, Blanket Conveyance and Assignment by Extended Care Operators                of                Ravenna, LLC ("Tenant") and                           |
|       |   |            | BCC                at Ravenna, Inc. ("Manager") to and for the benefit of HR Acquisition                I                Corporation ("HCRT Assignee")                           |
|       |   |            | and                Emeritus Corporation ("Emeritus Assignee") dated May 1,                2003.                                                                                  |       | (22)         |
|       |   | 10.75.11        | Operations                and Transfer Agreement by and among BCC at Bloomsburg, Inc. (“Tenant”),                BCC Development and                                 |
|       |   |            | Management                Co. (“Manager”) and Balanced Care Corporation (“Parent”) and Emeritus                Corporation (“New                   |
|       |   |            | Operator”)                and Capstone Capital of Pennsylvania, Inc. (“Owner”) dated April 30,                2003.                                            |       | (22)         |
|       |   | 10.75.12        | Operations                and Transfer Agreement by and among ALCO VI, LLC (“Tenant”), Balanced Care                at Mechanicsburg,                                |
|       |   |            | Inc.                (“Manager”) and Balanced Care Corporation (“Parent”) and Emeritus                Corporation (“New Operator”) and        |
|       |   |            | Capstone                Capital of Pennsylvania, Inc. (“Owner”) dated April 30,                2003.                                                                 |       | (22)         |
|       |   | 10.75.13        | Operations                and Transfer Agreement by and among Extended Care Operators of Harrisburg,                LLC (“Tenant”), BCC                              |
|       |   |            | at                Harrisburg, Inc. (“Manager”) and Balanced Care Corporation (“Parent”) and                Emeritus Corporation (“New              |
|       |   |            | Operator”)                and HR Acquisition I Corporation (“Owner”) dated April 30,                2003.                                                      |       | (22)         |
|       |   | 10.75.14        | Operations                and Transfer Agreement by and among ALCO XI, LLC (“Tenant”), BCC at                Danville, Inc.                                          |       |         |
|       |   |            | (“Manager”)                and Balanced Care Corporation (“Parent”) and Emeritus Corporation (“New                Operator”) and HRT         |
|       |   |            | Holdings,                Inc. (“Owner”) dated April 30, 2003.                                                                                                        |       | (22)         |
|       |   | 10.75.15        | Operations                and Transfer Agreement by and among ALCO IX, LLC (“Tenant”), BCC at                Harrisonburg, Inc.                                      |       |
|       |   |            | (“Manager”)                and Balanced Care Corporation (“Parent”) and Emeritus Corporation (“New                Operator”) and HRT         |
|       |   |            | Holdings,                Inc. (“Owner”) dated April 30, 2003.                                                                                                        |       | (22)         |
|       |   | 10.75.16        | Operations                and Transfer Agreement by and among ALCO X, LLC (“Tenant”), BCC at                Roanoke, Inc.                                            |       |         |
|       |   |            | (“Manager”)                and Balanced Care Corporation (“Parent”) and Emeritus Corporation (“New                Operator”) and HRT         |
|       |   |            | Holdings,                Inc. (“Owner”) dated April 30, 2003.                                                                                                        |       | (22)         |
|       |   | 10.75.17        | Operations                and Transfer Agreement by and among Extended Care Operators of Greensboro,                LLC (“Tenant”),                                  |
|       |   |            | BCC                at Greensboro, Inc. (“Manager”) and Balanced Care Corporation (“Parent”)                and Emeritus Corporation                      |
|       |   |            | (“New                Operator”) and HR Acquisition I Corporation (“Owner”) dated April 30,                2003.                                          |       | (22)         |
|       |   | 10.75.18        | Operations                and Transfer Agreement by and among Extended Care Operators of Ravenna,                LLC (“Tenant”), BCC                                 |
|       |   |            | at                Ravenna, Inc. (“Manager”) and Balanced Care Corporation (“Parent”) and                Emeritus Corporation (“New                 |       |
|       |   |            | Operator”)                and HR Acquisition I Corporation (“Owner”) dated April 30,                2003.                                                      |       | (22)         |
|       |   | 10.75.19        | Assignment                and Assumption Agreement by and among BCC at Bloomsburg, Inc. (the                “Tenant”), BCC                                           |       |         |
|       |   |            | Development                and Management Co. (“Manager”) and Emeritus Corporation (the “Assignee”)                dated April 30,                       |
|       |   |            | 2003                                                                                                                                                                             |       | (22)         |
|       |   | 10.75.20        | Assignment                and Assumption Agreement by and among ALCO VI, LLC (the “Tenant”),                Balanced Care at                                         |       |
|       |   |            | Mechanicsburg,                Inc. (“Manager”) and Emeritus Corporation (the “Assignee”) dated April 30,                2003.                            |       | (22)         |
|       |   | 10.75.21        | Assignment                and Assumption Agreement by and among Extended Care Operators of                Harrisburg, LLC (the                                                   |       |
|       |   |            | “Tenant”),                BCC at Harrisburg, Inc. (“Manager”) and Emeritus Corporation (the                “Assignee”) dated April 30, 2003. | (22)       |
|       |   | 10.75.22        | Assignment                and Assumption Agreement by and among ALCO XI, LLC (the “Tenant”), BCC at                Danville, Inc.                                    |
|       |   |            | (“Manager”)                and Emeritus Corporation (the “Assignee”) dated April 30,                2003.                                                |       | (22)         |
|       |   |            |                                                                                                                                                                             |       |         |

**33**

----

|       |   |                                                                                                                                                         |                                                                                                                                                                          |       | **Footnote** |
|------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                              |                                                                                                                                                                          | **Number** |
|       |   | 10.75.23                                                                                                                                                     | Assignment                and Assumption Agreement by and among ALCO IX, LLC (the “Tenant”), BCC at                Harrisonburg,                                  |
|       |   |                                                                                                                                                         | Inc.                (“Manager”) and Emeritus Corporation (the “Assignee”) dated April 30,                2003.                                        |       | (22)         |
|       |   |                                                                                                                                                         | 10.75.24Assignment                and Assumption Agreement by and among ALCO X, LLC (the “Tenant”), BCC at                Roanoke, Inc.                           |
|       |   |                                                                                                                                                         | (“Manager”)                and Emeritus Corporation (the “Assignee”) dated April 30,                2003.                                             |       | (22)         |
|       |   | 10.75.25                                                                                                                                                     | Assignment                and Assumption Agreement by and among Extended Care Operators of                Greensboro, LLC (the                                                |       |
|       |   |                                                                                                                                                         | “Tenant”),                BCC at Greensboro, Inc. (“Manager”) and Emeritus Corporation (the                “Assignee”) dated April 30,    |
|       |   |                                                                                                                                                         | 2003                                                                                                                                                                          |       | (22)         |
|       |   | 10.75.26                                                                                                                                                     | Assignment                and Assumption Agreement by and among Extended Care Operators of                Ravenna,                LLC (the                                    |       |         |
|       |   |                                                                                                                                                         | “Tenant”),                BCC at Ravenna, Inc. (“Manager”) and Emeritus Corporation (the “Assignee”)                dated April 30, 2003. | (22)       |
|       |   | 10.75.27                                                                                                                                                     | Leasehold                Mortgage with Security Agreement and Assignment of Rents for location:                Bloomsburg, Pennsylvania,                                      |
|       |   |                                                                                                                                                         | by                Emeritus Corporation ("Mortgagor"), for the benefit of Capstone Capital                of                Pennsylvania, Inc. ("Mortgagee"),                  |
|       |   |                                                                                                                                                         | dated                May 1, 2003.                                                                                                                                             |       | (22)         |
|       |   | 10.75.28                                                                                                                                                     | Leasehold                Mortgage with Security Agreement and Assignment of Rents for location:                Mechanicsburg,                                                 |       |         |
|       |   |                                                                                                                                                         | Pennsylvania,                by Emeritus Corporation ("Mortgagor"), for the benefit of Capstone                Capital                of Pennsylvania,                        |
|       |   |                                                                                                                                                         | Inc.                ("Mortgagee"), dated May 1, 2003.                                                                                                                         |       | (22)         |
|       |   | 10.75.29                                                                                                                                                     | Leasehold                Mortgage with Security Agreement and Assignment of Rents for location:                Harrisburg, Pennsylvania,                                      |
|       |   |                                                                                                                                                         | by                Emeritus Corporation ("Mortgagor"), for the benefit of Capstone Capital                of                Pennsylvania, Inc. ("Mortgagee"),                  |
|       |   |                                                                                                                                                         | dated                May 1, 2003.                                                                                                                                             |       | (22)         |
|       |   | 10.75.30                                                                                                                                                     | Leasehold                Deed of Trust with Security Agreement and Assignment of Rents for                location: Danville, Virginia, by                                    |
|       |   |                                                                                                                                                         | Emeritus                Corporation ("Grantor"), for the benefit of HRT Holdings, Inc.                ("Beneficiary"), dated May 1, 2003.                                     | (22)       |
|       |   | 10.75.31                                                                                                                                                     | Leasehold                Deed of Trust with Security Agreement and Assignment of Rents for                location: Harrisonburg, Virginia,                                   |
|       |   |                                                                                                                                                         | by                Emeritus Corporation ("Grantor"), for the benefit of HRT Holdings,                Inc.                ("Beneficiary"), dated May 1, 2003.                   | (22)       |
|       |   | 10.75.32                                                                                                                                                     | Leasehold                Deed of Trust with Security Agreement and Assignment of Rents for                location: Roanoke, Virginia, by                                     |
|       |   |                                                                                                                                                         | Emeritus                Corporation ("Grantor"), for the benefit of HRT Holdings, Inc.                ("Beneficiary"), dated May 1, 2003.                                     | (22)       |
|       |   | 10.75.33                                                                                                                                                     | Leasehold                Deed of Trust with Security Agreement and Assignment of Rents for                location: Greensboro, North                                         |
|       |   |                                                                                                                                                         | Carolina,                by Emeritus Corporation ("Grantor"), for the benefit of HR Acquisition                I                Corporation ("Beneficiary"),                  |
|       |   |                                                                                                                                                         | dated                May 1, 2003                                                                                                                                              |       | (22)         |
|       |   | 10.75.34                                                                                                                                                     | Leasehold                Deed of Trust with Security Agreement and Assignment of Rents for                location: Ravenna, Ohio, by                                         |
|       |   |                                                                                                                                                         | Emeritus                Corporation ("Grantor"), for the benefit of HR Acquisition I Corporation                ("Beneficiary"), dated May 1,                                 |
|       |   |                                                                                                                                                         | 2003                                                                                                                                                                          |       | (22)         |
|       |   | 10.75.35                                                                                                                                                     | First                Amendment to Lease Agreement dated as of June 30, 2005 by and between                HR                Acquisition I Corporation,                        | (36)       |
|       |   |                                                                                                                                                         | HR                Acquisition of Pennsylvania, Inc, and HRT Holdings, Inc ("Lessor")                and                Emeritus Corporation ("Lessee")                        |
| **10.76**  |   | **Emeritus                Oaks of Silverdale, Washington. The following agreements are                representative of those executed in**                  |
|       |   | **connection                with this property:**                                                                                                            |                                                                                                                                                                          |       |
|       |   | 10.76.1                                                                                                                                                      | Lease                Agreement by WASHINGTON LESSOR - SILVERDALE, INC., ("Lessor"), and                ESC-Silverdale, LLC,                                                   |
|       |   |                                                                                                                                                         | ("Lessee")                dated August 15, 2003, effective November 1, 2003.                                                                                                  |       | (32)         |
|       |   | 10.76.2                                                                                                                                                      | Guaranty                given by Emeritus Corporation ("Guarantor"), in favor of WASHINGTON                LESSOR                - SILVERDALE,                                |
|       |   |                                                                                                                                                         | INC.,                ("Lessor") dated August 15, 2003.                                                                                                                        |       | (32)         |
| **10.77**  |   | **The                Palms at Loma Linda, California, The Springs at Oceanside, California,                The                Fairways of Augusta, Kansas,** |
|       |   | **Liberal                Springs, Kansas, Loyalton of Broadmoor, Colorado. The following agreements                are representative of those**             |
|       |   | **executed                in connection with this property:**                                                                                                |                                                                                                                                                                          |       |
|       |   | 10.77.1                                                                                                                                                      | Loan                Assumption Agreement by and between LaSalle Bank National Association,                formerly known as LaSalle                                           |
|       |   |                                                                                                                                                         | National                Bank as Trustee for GMAC commercial Mortgage Pass-through certificates,                series 1998-C2. ("Lendor"),                                    |
|       |   |                                                                                                                                                         | ALS                Financing Inc. ("Borrower"), Emeritus Properties XVI, Inc. ("Purchaser"),                Alterra Healthcare Corporation                                    |
|       |   |                                                                                                                                                         | ("Alterra"),                and Emeritus Corporation ("New Indemnitor"), dated December 31, 2003,                effective January 1, 2004.                                   | (26)       |
|       |   | 10.77.2                                                                                                                                                      | Assumption                by Emeritus Properties XVI, Inc., (“New Borrower”), of $25,000,000 Loan                (the “Loan”) originally              |
|       |   |                                                                                                                                                         | made                by GMAC Commercial Mortgage Corporation, (“Original Lender”), to ALS                Financing, Inc., a Kansas                                 |       |
|       |   |                                                                                                                                                         | corporation                (“Existing Borrower”), pursuant to that certain Loan Agreement, dated as                of June 30, 1998, by and                       |
|       |   |                                                                                                                                                         | between                Original Lender and Existing Borrower (the “Loan Agreement”), which Loan                is evidenced by that certain                       |
|       |   |                                                                                                                                                         | Promissory                Note, dated July 30, 1998, and made by Existing Borrower payable                to the                order of Original Lender in                   |
|       |   |                                                                                                                                                         | the                stated principal amount of $25,000,000.00 (the “Note”), is secured by                certain security instruments                              |       |
|       |   |                                                                                                                                                         | (collectively,                the “Security Instruments”; and the Loan Agreement, the Note, and the                Security Instruments,                          |
|       |   |                                                                                                                                                         | together                with any and all other instruments and documents evidencing, securing,                or                otherwise pertaining to the                   |
|       |   |                                                                                                                                                         | Loan                are hereinafter referred to collectively as the “Loan Documents”)                encumbering five assisted living facilities                  |
|       |   |                                                                                                                                                         | located                in Kansas, Colorado, and California (collectively, the “Projects”), and is                now owned and held by LaSalle                    |
|       |   |                                                                                                                                                         | Bank                National Association, formerly known as LaSalle National Bank, as                Trustee                for GMAC Commercial                               |       |
|       |   |                                                                                                                                                         | Mortgage                Securities, Inc., Commercial Mortgage Pass-Through Certificates,                Series                1998-C2 (“Lender”), dated           |
|       |   |                                                                                                                                                         | December                31, 2003.                                                                                                                                             |       | (26)         |

**34**

----

|       |   |                                                                                                                                                       |                                                                                                                                                    |       | **Footnote** |
|------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                            |                                                                                                                                                    | **Number** |
|       |   | 10.77.3                                                                                                                                                    | Assignment,                Amendment and Restatement of Lease Agreement by and between ALS FINANCING,                INC.,                              |       |
|       |   |                                                                                                                                                       | (“ALS”),                EMERITUS PROPERTIES XVI, INC. (“Emeritus XVI”) and ALTERRA HEALTHCARE                                   |       |         |
|       |   |                                                                                                                                                       | CORPORATION                ("Alterra") dated December 31, 2003.                                                                                         |       | (26)         |
|       |   | 10.77.4                                                                                                                                                    | CONVEYANCE                AND OPERATIONS TRANSFER AGREEMENT (the “Agreement”) by and among ALS                                              |       |
|       |   |                                                                                                                                                       | FINANCING,                INC., (the "Seller"), ALTERRA HEALTHCARE CORPORATION, (“Alterra”), and                EMERITUS                    |
|       |   |                                                                                                                                                       | PROPERTIES                XVI, INC., (the "Purchaser") is made and entered into as of the 31st                day                of December, 2003 (the |
|       |   |                                                                                                                                                       | "Execution                Date").                                                                                                                       |       | (26)         |
|       |   | 10.77.5                                                                                                                                                    | UNCONDITIONAL                GUARANTY OF PAYMENT AND PERFORMANCE (this “Guaranty”), by                EMERITUS                              |
|       |   |                                                                                                                                                       | CORPORATION,                a Washington corporation (“Guarantor”), in favor of LASALLE BANK NATIONAL                                       |       |
|       |   |                                                                                                                                                       | ASSOCIATION,                FORMERLY KNOWN AS LASALLE NATIONAL BANK, AS TRUSTEE FOR GMAC                                                                |       |
|       |   |                                                                                                                                                       | COMMERCIAL                MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1998-C2 (“Lender”) is made as                of                        |
|       |   |                                                                                                                                                       | the                31st day of December, 2003, and is effective as of January 1,                2004.                                                   |       | (26)         |
|       |   | 10.77.6                                                                                                                                                    | Membership                Interest Purchase Agreement, dated as of June 29, 2005, by and among                NW                Select LLC, Emeritus    |
|       |   |                                                                                                                                                       | Corporation                ("Emeritus" and together with NW Select, the "Sellers", and each                individually, a "Seller"), FIT-ALT           |
|       |   |                                                                                                                                                       | Investor                LLC, ("Buyer"), and Brookdale Senior Living Inc.,                ("Newco")                                                      |       | (35)         |
|       |   | 10.77.7                                                                                                                                                    | Stockholders                and Voting Agreement made as of June 29, 2005, by and among Brookdale                Senior Living Inc.,                    |       |
|       |   |                                                                                                                                                       | FIT-ALT                Investor LLC, Emeritus Corporation, and NW Select LLC                                                                            |       | (35)         |
|       |   | 10.77.8                                                                                                                                                    | Amended                and Restated Limited Liability Company Agreement of FEBC-ALT Investors                LLC, made as of                            |       |
|       |   |                                                                                                                                                       | June                29, 2005 by and among, FIT-ALT Investors LLC, as a Class A Member,                and NW                Select LLC, and             |       |         |
|       |   |                                                                                                                                                       | Emeritus                Corporation, as the Class B Members, and the Company                                                                            |       | (35)         |
| **10.79**  |   | **Loyalton                of Folsom, California; The Lakes, Florida; Canterbury Woods,                Massachusetts; Beckett Meadows,**                    |
|       |   | **Texas;                Creekside, Texas; Oak Hollow, Texas; Pinehurst, Texas; Stonebridge,                Texas,                Desert Springs, Texas;**  |
|       |   | **Austin                Gardens, California; Kingsley Place Shreveport, Louisiana; Silverleaf                Manor, Mississippi;**                         |                                                                                                                                                    |       |
|       |   | **Pine                Meadow, Mississippi; Pines of Goldsboro, North Carolina; Loyalton                of                Rockford, Illinois;**             |                                                                                                                                                    |       |
|       |   | **Charleston                Gardens, West Virginia; Arbor Gardens at Corona, California; and                Manor at                Essington, Illinois;** |
|       |   | **Quail                Ridge, Lubbock, Texas; Richland Gardens, Richland,                Washington.**                                                     |                                                                                                                                                    |       |
|       |   | **The                following agreements are representative of those executed in connection                with these properties:**                       |                                                                                                                                                    |       |
|       |   | 10.79.1                                                                                                                                                    | Purchase                and Sale Agreement ("Agreement") by and between Lodi Care Group LLC,                Aurora Bay/Columbus,                        |       |
|       |   |                                                                                                                                                       | L.L.C.,                Aurora Bay/Hattiesburg, L.L.C., Spring Creek Group, Ltd., Bedford                Care                Group, Ltd.,                |       |         |
|       |   |                                                                                                                                                       | Tyler                Group, Ltd., White Rock Care Group, Ltd., El Paso Care Group, Ltd.,                and                Lubbock Group, Ltd.,         |       |         |
|       |   |                                                                                                                                                       | (each                of the foregoing individually, a "Seller" and collectively, "Sellers")                and                Emeritus Corporation,     |       |         |
|       |   |                                                                                                                                                       | "Purchaser")                and Aurora Bay Investments, LLC, ("ABI"), and JCI, LLC, ("JCI" and                together with ABI,                        |       |
|       |   |                                                                                                                                                       | the                "Guarantors") dated March, 30, 2004 (the "Execution Date").                                                                          |       | (28)         |
|       |   | 10.79.2                                                                                                                                                    | Purchase                and Sale Agreement ("Agreement") by and among (i) The Lakes Assisted                Living, LLC,                                |       |         |
|       |   |                                                                                                                                                       | Sacramento                County Assisted LLC, Rockford Retirement Residence, LLC, HB-ESC I,                                                            |       |         |
|       |   |                                                                                                                                                       | LLC,                Canterbury Woods Assisted Living, LLC, Autumn Ridge Herculaneum,                L.L.C.,                                             |       |         |
|       |   |                                                                                                                                                       | Meridian                Assisted, L.L.C., Goldsboro Assisted, L.L.C., Cape May Assisted Living,                LLC,                                     |       |         |
|       |   |                                                                                                                                                       | Travis                County Assisted Living LP, Richland Assisted, L.L.C., Silver Lake                Assisted                                         |       |         |
|       |   |                                                                                                                                                       | Living                LLC, Charleston Assisted Living, LLC, and Joliet Assisted L.L.C.,                (each of                the                      |       |         |
|       |   |                                                                                                                                                       | foregoing                individually, a "Seller" and collectively, the "Sellers") and (ii)                Emeritus Corporation,                        |       |         |
|       |   |                                                                                                                                                       | ("Purchaser")                dated March, 31, 2004 (the "Execution Date").                                                                              |       | (28)         |
|       |   | 10.79.3                                                                                                                                                    | Master                Lease agreement between NHP Senior Housing, Inc., ("Landlord"), and                Emeritus                                       |       |         |
|       |   |                                                                                                                                                       | Corporation,                ("Tenant"), dated March 31, 2004 to be effective as of April 1,                2004                                         |       |         |
|       |   |                                                                                                                                                       | (the                "Effective Date").                                                                                                                  |       | (28)         |
|       |   | 10.79.4                                                                                                                                                    | Master                Lease among the Entities Listed on Schedule 1A (collectively, "Landlord"),                and the Entities Listed                 |       |
|       |   |                                                                                                                                                       | on                Schedule 1B (collectively, "Tenant"), for the respective real properties                and improvements thereon                      |       |         |
|       |   |                                                                                                                                                       | (each                a "Facility" and collectively, the "Facilities"), dated March 31,                2004, to                be effective as of        |       |         |
|       |   |                                                                                                                                                       | April                1, 2004 (the "Effective Date").                                                                                                    |       | (28)         |
|       |   | 10.79.5                                                                                                                                                    | Nomination                Agreement ("Agreement") made as of March 31, 2004, by and between                                                             |       |         |
|       |   |                                                                                                                                                       | Nationwide                Health Properties, Inc., ("NHP"), and Emeritus Corporation,                ("Emeritus").                                      |       | (28)         |
|       |   | 10.79.6                                                                                                                                                    | Nomination                Agreement ("Agreement") made as of March 31, 2004, by and between                                                             |       |         |
|       |   |                                                                                                                                                       | Nationwide                Health Properties, Inc., ("NHP"), and Emeritus Corporation,                ("Emeritus").                                      |       | (28)         |
|       |   | 10.79.7                                                                                                                                                    | First                Amendment to Master Lease made as of May 28, 2004, to be effective                as of                June 1, 2004, by            |       |         |
|       |   |                                                                                                                                                       | and                among Nationwide Health Properties, Inc., a Maryland corporation,                NH                                                  |       |         |
|       |   |                                                                                                                                                       | Texas                Properties Limited Partnership, a Texas limited partnership, MLD                Delaware                Trust,                     |       |         |
|       |   |                                                                                                                                                       | a                Delaware business trust, and MLD Properties, LLC, a Delaware limited                liability company (collectively,                   |       |
|       |   |                                                                                                                                                       | as                “Landlord”), and Emeritus Corporation, a Washington corporation, and ESC                IV, LP,                           |       |         |
|       |   |                                                                                                                                                       | a                Washington limited partnership (collectively as “Tenant”)                                                                  |       | (29)         |

**35**

----

|       |   |                                                                                                                                                   |                                                                                                                                                                  |       | **Footnote** |
|------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number** |   | **Description**                                                                                                                                        |                                                                                                                                                                  | **Number** |
|       |   | 10.79.8                                                                                                                                                | Second                Amendment to Master Lease made as of October 1, 2004, to be effective                as                of October 1, 2004, by                   |       |
|       |   |                                                                                                                                                   | and                among Nationwide Health Properties, Inc., a Maryland corporation,                NH                                                                |       |         |
|       |   |                                                                                                                                                   | Texas                Properties Limited Partnership, a Texas limited partnership, MLD                Delaware                Trust,                                   |       |         |
|       |   |                                                                                                                                                   | a                Delaware business trust, and MLD Properties, LLC, a Delaware limited                liability company (collectively,                                 |       |
|       |   |                                                                                                                                                   | as                “Landlord”), and Emeritus Corporation, a Washington corporation, and ESC                IV, LP,                                         |       |         |
|       |   |                                                                                                                                                   | a                Washington limited partnership (collectively as “Tenant”)                                                                                |       | (31)         |
|       |   | 10.79.9                                                                                                                                                | Lease                dated October 1, 2004, NHP Joliet, Inc., an Illinois corporation                (“Landlord”), and Emeritus                           |       |         |
|       |   |                                                                                                                                                   | Corporation,                a Washington corporation (“Tenant”) for an assisted living facility                located in Joliet,                         |       |         |
|       |   |                                                                                                                                                   | Illinois.                                                                                                                                                             |       | (31)         |
|       |   | 10.79.10                                                                                                                                               | Lease                dated March 1, 2005 between QR Lubbock Texas Properties, L.P., a                Texas                Limited Partnership ("Landlord"),           |
|       |   |                                                                                                                                                   | and                ESC IV, LP, a Washington Limited Partnership (doing business in the                State                of Texas as Texas - ESC IV, L.P.           |
|       |   |                                                                                                                                                   | (“Tenant”).                                                                                                                                               |       | (34)         |
|       |   | 10.79.11                                                                                                                                               | Guaranty                of Lease executed as of March 1, 2005, by Emeritus Corporation, a                Washington Corporation ("Guarantor")                         |
|       |   |                                                                                                                                                   | in                favor of QR Lubbock Texas Properties, L.P., a Texas Limited Partnership                ("Landlord")                                                 |       | (34)         |
|       |   | 10.79.12                                                                                                                                               | Lease                dated February 25, 2005 to be effective as of March 25, 2005 (the                "Effective Date") between BIP SUB I,                            |
|       |   |                                                                                                                                                   | Inc.,                a Delaware Corporation ("Landlord"), and Emeritus Corporation, a                Washington Corporation ("Tenant").                               | (34)       |
| **10.81**  |   | **Grand                Terrace, California**                                                                                                           |                                                                                                                                                                  |       |
|       |   | 10.81.1                                                                                                                                                | Master                Lease Agreement as of June 1, 2004 between Grand Terrace Assisted                LP, a                limited                                   |       |         |
|       |   |                                                                                                                                                   | partnership                organized under the laws of the State of Washington (“Landlord”) and                Emeritus Corporation,                      |       |
|       |   |                                                                                                                                                   | a                corporation organized under the laws of the State of Washington                (“Tenant”)                                                |       | (29)         |
| **10.82**  |   | **Health                Care Properties Investors, Inc.**                                                                                              |                                                                                                                                                                  |       |
|       |   | 10.82.1                                                                                                                                                | Contract                Of Acquisition Between Emeritus Corporation and Health Care Property                Investors, Inc., dated                                    |       |         |
|       |   |                                                                                                                                                   | July 30,                2004.                                                                                                                                    |       | (29)         |
|       |   | 10.82.2                                                                                                                                                | Fourth                Amendment to Amended And Restated Master Lease (This “Amendment”) dated                July 30 , 2004 (the                          |       |         |
|       |   |                                                                                                                                                   | “Effective                Date”), among Health Care Property Investors, Inc., a Maryland corporation                (“HCP”), HCPI Trust       |       |         |
|       |   |                                                                                                                                                   | HCPI                Trust, a Maryland real estate trust (“HCP Trust”), Emeritus Realty III,                LLC, a Delaware limited                        |       |         |
|       |   |                                                                                                                                                   | liability                company (“ER-III”), Emeritus Realty V, LLC, a Delaware limited liability                company (“ER-V”),            |       |         |
|       |   |                                                                                                                                                   | ESC-La                Casa Grande, LLC, a Delaware limited liability company (“La Casa Grande”)                and Texas HCP Holding,                     |       |         |
|       |   |                                                                                                                                                   | L.P.,                a Delaware limited partnership (“Texas HCP,” and together with HCP, HCP                Trust, ER-III, ER-V and La                    |       |         |
|       |   |                                                                                                                                                   | Casa                Grande, “Lessor”), on the one hand, and Emeritus Corporation, a Washington                Corporation (“Emeritus”),       |       |         |
|       |   |                                                                                                                                                   | ESC                III, L.P., a Washington limited partnership d/b/a Texas-ESC III,                L.P.                (“Texas ESC”), Emeritus Properties |       |         |
|       |   |                                                                                                                                                   | II,                Inc., a Washington corporation (“Emeritus II”), Emeritus Properties III,                Inc., a Washington corporation                 |       |         |
|       |   |                                                                                                                                                   | (“Emeritus                III”), Emeritus Properties V, Inc., a Washington Corporation (“Emeritus                V”), Emeritus Properties     |       |         |
|       |   |                                                                                                                                                   | XIV,                LLC, a Washington Limited Liability Company (“Emeritus XIV"), ESC-Bozeman,                LLC, a Washington                                 |       |         |
|       |   |                                                                                                                                                   | Limited                Liability Company (“ESC Bozeman”) and ESC-New Port Richey, LLC, A                Washington Limited Liability                      |       |         |
|       |   |                                                                                                                                                   | Company                (“ESC New Port Richey”) (collectively, As “Lessee”).                                                                   |       | (7)          |
|       |   | 10.82.3                                                                                                                                                | Amendment                of Loan Documents - Heritage Hills.                                                                                                          |       | (7)          |
|       |   | 10.82.4                                                                                                                                                | Amended                and Restated Secured Promissory Note - Heritage Hills.                                                                                         |       | (7)          |
| **10.83**  |   | **Barrington                Place, Lecanto, Florida; Bellaire Place, Greenville, South Carolina;                Brookside Estates, Middleberg**        |
|       |   | **Heights,                Ohio; Dowlen Oaks, Beaumont, Texas; Eastman Estates, Longview, Texas;                Elm                Grove, Hutchinson,** |
|       |   | **Kansas;                Emeritus Estates, Ogden, Utah; Gardens at White Chapel, Newark, Delaware;                Harbor Pointe Shores,**              |
|       |   | **Ocean                Shores, Washington; Hunters Glen, Missoula, Montana; Lakeridge Place,                Wichita Falls, Texas;**                    |                                                                                                                                                                  |
|       |   | **Meadowlands                Terrace, Waco, Texas; Myrtlewood Estates, San Angelo, Texas; Pavilion                at                Crossing Pointe,** |                                                                                                                                                                  |
|       |   | **Orlando,                Florida; Seville Estates, Amarillo, Texas; Saddleridge Lodge, Midland,                Texas; Springtree, Sunrise,**          |
|       |   | **Florida;                The Terrace, Grand Terrace, California; Wilburn Gardens, Fredericksburg,                Virginia; Woodmark**                 |
|       |   | **at                Summit Ridge, Reno, Nevada.**                                                                                                      |                                                                                                                                                                  |       |
|       |   | 10.83.1                                                                                                                                                | Master                Lease Agreement between Health Care REIT, Inc.; HCRI Nevada Properties,                Inc.; HCRI Kansas                                        |       |         |
|       |   |                                                                                                                                                   | Properties,                LLC; HCRI Texas Properties, Ltd.; and Emeritus Corporation dated                September                30, 2004                          |       | (30)         |
|       |   | 10.83.2                                                                                                                                                | UNCONDITIONAL                AND CONTINUING LEASE GUARANTY effective as of September 30, 2004 (the                                                               |       |         |
|       |   |                                                                                                                                                   | “Effective                Date”) by Daniel R. Baty (“Guarantor”), in favor of Health Care, Inc., a                corporation                 |       |         |
|       |   |                                                                                                                                                   | organized                under the laws of the State of Delaware, HCRI Nevada Properties,                Inc., a corporation                                     |       |         |
|       |   |                                                                                                                                                   | organized                under the laws of the State of Nevada, HCRI Kansas Properties, LLC, a                limited liability                                  |       |         |
|       |   |                                                                                                                                                   | liability                company organized under the laws of the State of Delaware, and                HCRI Texas Properties, Ltd., a                            |       |         |
|       |   |                                                                                                                                                   | limited                partnership organized under the laws of the State of Texas (collectively                “Landlord”).                               |       | (30)         |
|       |   | 10.83.3                                                                                                                                                | Agreement                between Emeritus Corporation and Daniel R. Baty (Cash Flow), dated                September 30, 2004                                         |       | (30)         |
|       |   | 10.83.4                                                                                                                                                | Agreement                among Grand Terrace Assisted LP, MM Assisted, L.L.C., Reno Assisted                Living,                                                   |       |         |
|       |   |                                                                                                                                                   | L.L.C.,                Fredericksburg Assisted Living L.L.C., Daniel R. Baty and Emeritus                Corporation                                                  |       |         |
|       |   |                                                                                                                                                   | (Purchase,                Sale and Assignment Agreement of 4 Baty Facilities and 16 AL-I                Facilities), dated September 30. 2004                         |       | (30)         |

**36**

----

|        |   |                                                                                                                                                               |                                                                                                                                                        |       | **Footnote** |
|-------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------------|
| **Number**  |   | **Description**                                                                                                                                                    |                                                                                                                                                        | **Number** |
|        |   | 10.83.5                                                                                                                                                            | Master                Agreement between AL-I and Baty (Purchase of 16 AL-I Facilities),                dated                September 30, 2004              |       | (30)         |
|        |   | 10.83.6                                                                                                                                                            | Lease                Agreement between HCRI Wilburn Gardens Properties, LLC and Emeritus                Corporation dated March 31, 2005.              | (34)       |
|        |   | 10.83.7                                                                                                                                                            | Lease                Agreement between HCRI HUNTERS GLEN PROPERTIES, LLC and Emeritus                Corporation dated                                 | (37)       |
|        |   |                                                                                                                                                               | September                1, 2005.                                                                                                                           |       |         |
| **10.84**   |   | **Real                Property Purchase and Sale Agreement made and entered into as of                May 20,                2005, by and between Pioneer Health** |
|        |   | **Management                Corporation ("Buyer"), and Emeritus Corporation ("Seller") Green                Valley                Land Sale**                      |                                                                                                                                                        | (36)       |
| **10.85**   |   | **Agreement                Regarding Series B Convertible Preferred Stock entered into as of                June 30,                2005 between**                 |                                                                                                                                                        |
|        |   | **Emeritus                Corporation, Saratoga Partners IV, LP, Saratoga Management Company                LLC and                Saratoga**                      |                                                                                                                                                        |
|        |   | **Coinvestment                IV LLC. Exhibit 4.6**                                                                                                                |                                                                                                                                                        |       |
|        |   | 10.85.1                                                                                                                                                            | Loan                Agreement made and entered into effective as of June 30, 2005 between                Emeritus Corporation and                           |       |
|        |   |                                                                                                                                                               | Healthcare                Realty Trust Incorporated                                                                                                         |       | (36)         |
|        |   | 10.85.2                                                                                                                                                            | $10,800,000                Promissory Note between Emeritus Corporation ("Borrower") and Healthcare                Realty Trust                             | (36)       |
|        |   |                                                                                                                                                               | Incorporated                ("Lender")                                                                                                                      |       |         |
| **10.86**   |   | **Arkansas                Acquisition on December 1, 2005 of three communities consisting of                three                separate agreements; one with**   |
|        |   | **Camlu                Real Estate Development Limited Partnership and two with Cheridan                Inc.**                                                     |                                                                                                                                                        |       |
|        |   | 10.86.1                                                                                                                                                            | Purchase                Sale Agreement between Emeritus Corporation and CAMLU REAL ESTATE                DEVELOPMENT LIMITED                                |
|        |   |                                                                                                                                                               | PARTNERSHIP,                a Nevada limited partnership for the facility operated as the “Willow                Brook Retirement Community           |
|        |   |                                                                                                                                                               | in                Fort Smith, Arkansas                                                                                                                      |       | (38)         |
|        |   | 10.86.2                                                                                                                                                            | Purchase                Sale Agreement between Emeritus Corporation and CHERIDAN INC., a                Washington corporation for                          |
|        |   |                                                                                                                                                               | the                facility operated as Trillium Park in Conway, Arkansas                                                                                   |       | (38)         |
|        |   | 10.86.3                                                                                                                                                            | Purchase                Sale Agreement between Emeritus Corporation and CHERIDAN INC., a                Washington corporation for                          |
|        |   |                                                                                                                                                               | the                facility operated as Wildflower in Russellville, Arkansas                                                                                |       | (38)         |
|        |   | 10.86.4                                                                                                                                                            | LOAN                AGREEMENT between EMERITUS PROPERTIES-ARKANSAS, LLC, a Delaware limited                liability                                        |       |         |
|        |   |                                                                                                                                                               | company                and GENERAL ELECTRIC CAPITAL CORPORATION and THE OTHER FINANCIAL                                                                     |       |         |
|        |   |                                                                                                                                                               | INSTITUTIONS                WHO ARE OR HEREAFTER BECOME PARTIES TO THIS AGREEMENT                                                                           |       | (38)         |
|        |   | 10.86.5                                                                                                                                                            | PROMISSORY                NOTE for $15,930,000 EMERITUS PROPERTIES-ARKANSAS, LLC, a Delaware                limited                                         |       |
|        |   |                                                                                                                                                               | liability                company ("Borrower") whose address is c/o Emeritus Corporation, promises                to pay the principal to                    |
|        |   |                                                                                                                                                               | GENERAL                ELECTRIC CAPITAL CORPORATION, INC., a Delaware corporation                                                                           |       | (38)         |
| **10.87**   |   | **Arbor                Place Acquisition on July , 2006 of one 100 unit                community**                                                                 |                                                                                                                                                        |       |
|        |   | 10.87.1                                                                                                                                                            | LOAN                AGREEMENT between ESC ARBOR PLACE, LLC, a Washington limited liability                company and                                       |       |
|        |   |                                                                                                                                                               | GENERAL                ELECTRIC CAPITAL CORPORATION and THE OTHER FINANCIAL INSTITUTIONS                WHO                                                 |
|        |   |                                                                                                                                                               | ARE                OR HEREAFTER BECOME PARTIES TO THIS AGREEMENT Dated as of June 30,                2006                                                   |       | (39)         |
|        |   | 10.87.2                                                                                                                                                            | PURCHASE                and SALE AGREEMENT (Arbor Place)                                                                                                    |       | (42)         |
| **10.9**    |   | **2006                Equity Incentive Plan**                                                                                                                      |                                                                                                                                                        | (40)       |
|        |   | 10.90.1                                                                                                                                                            | Stock                Option Grant Notice/Stock Option Agreement under the Emeritus Corporation                2006 Equity Incentive Plan                    | (41)       |
| **10.100.** |   | **Joint                Venture between Emeritus Corporation and the Blackstone                Group**                                                              |                                                                                                                                                        |       |
|        |   | 10.100.1                                                                                                                                                           | Limited                Liability Company Agreement of Brea Emeritus LLC                                                                                     |       | (43)         |
|        |   | 10.100.2                                                                                                                                                           | Purchase                And Sale Agreement between PITA GENERAL CORPORATION, and AHC TENANT,                INC ,                each of                    |
|        |   |                                                                                                                                                               | the                entities listed and Brea Emeritus LLC.                                                                                                   |       | (43)         |
|        |   | 10.100.3                                                                                                                                                           | AMENDED                AND RESTATED CREDIT AGREEMENT, dated as of December 11, 2006 among                BREA                                               |       |         |
|        |   |                                                                                                                                                               | EMERITUS                LLC and each of its subsidiaries as borrowers, THE LENDERS PARTY                HERETO                and GENERAL                   |
|        |   |                                                                                                                                                               | ELECTRIC                CAPITAL CORPORATION, as Administrative Agent and Collateral Agent.                GE                CAPITAL                         |       |
|        |   |                                                                                                                                                               | MARKETS,                INC., as Sole Lead Arranger                                                                                                         |       | (43)         |
|        |   | 10.100.4                                                                                                                                                           | MANAGEMENT                AGREEMENT by and among BREA TUSCON LLC, TUSCON SENIORCARE, LLC,                and                                                |       |
|        |   |                                                                                                                                                               | EMERITUS                CORPORATION. Management agreement represents an example of all agreements                in joint venture                           | (43)       |
|        |   |                                                                                                                                                               |                                                                                                                                                        |       |         |
|        |   |                                                                                                                                                               |                                                                                                                                                        |       |         |
|        |   |                                                                                                                                                               |                                                                                                                                                        |       |         |
|        |   |                                                                                                                                                               |                                                                                                                                                        |       |         |
| 21.1        |   |                                                                                                                                                               | Subsidiaries                of the registrant.                                                                                                              |       | (43)         |
| 23.1        |   |                                                                                                                                                               | Consent                of Independent registered public accounting firm.                                                                                    |       | (43)         |
| 31.1        |   |                                                                                                                                                               | Certification                of Periodic Reports                                                                                                            |       |         |
|        |   | 31.1.1                                                                                                                                                             | Certification                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section                302 of                the Sarbanes-Oxley Act |
|        |   |                                                                                                                                                               | of                2002 for Daniel R. Baty dated April 30, 2007.                                                                                             |       | (44)         |
|        |   | 31.1.2                                                                                                                                                             | Certification                Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section                302 of                the Sarbanes-Oxley Act |
|        |   |                                                                                                                                                               | of                2002 for Raymond R. Brandstrom dated April 30, 2007.                                                                                      |       | (44)         |
|        |   |                                                                                                                                                               |                                                                                                                                                        |       |         |

**37**

----

| (1)    | Incorporated                by reference to the indicated exhibit filed with the Company’s                Registration Statement on Form S-1                                                                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (File                No. 33-97508) declared effective on November 21, 1995.                                                                                                                                               |   |   |
| (2)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Annual                Report on Form 10-K (File No. 1-14012) on March 29,                1996.                           |
| (3)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Second                Quarter Report on Form 10-Q (File No. 1-14012) on August 14,                1996.                  |
| (4)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Third                Quarter Report on Form 10-Q (File No. 1-14012) on November 14,                1996.                 |
| (5)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Annual                Report on Form 10-K (File No. 1-14012) on March 31,                1997.                           |
| (6)    | Incorporated                by reference to the indicated exhibit filed with the Company’s First                Quarter Report on Form 10-Q (File No. 1-14012) on May 15,                1997.                      |
| (7)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Current                Report on Form 8-K (File No. 1-14012) on May 16, 1997.                                            |
| (8)    | Incorporated                by reference to the indicated exhibit filed with the Company’s Second                Quarter Report on Form 10-Q (File No. 1-14012) on August 14,                1997.                  |
| (9)    | Incorporated                by reference to the indicated exhibit filed with the Company’s                Registration Statement on Form S-3 Amendment No. 2 (File No. 333-20805)                on                 |
|   | August                14, 1997.                                                                                                                                                                                           |   |   |
| (10)   | Incorporated                by reference to the indicated exhibit filed with the Company’s                Registration Statement on Form S-3 Amendment No. 3 (File No. 333-20805)                on                 |
|   | October                29, 1997.                                                                                                                                                                                          |   |   |
| (11)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Annual                Report on Form 10-K (File No. 1-14012) on March 30,                1998.                           |
| (12)   | Incorporated                by reference to the indicated exhibit filed with the Company’s                Registration Statement on Form S-8 (File No. 333-70580) on October                1,                2001. |
| (13)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Second                Quarter Report on Form 10-Q (File No. 1-14012) on August 14,                1998                   |
| (14)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Third                Quarter Report on Form 10-Q (File No. 1-14012) on November 15,                1999.                 |
| (15)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Form 8-K                (File No. 1-14012) on January 14, 2000.                                                          |
| (16)   | Incorporated                by reference to the indicated exhibit filed with the Company's Definitive                Proxy Statement on Form DEF 14A on August 17, 2001.                                                  |
| (17)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K (File No. 1-14012) on March 29,                2002.                                 |
| (18)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Second                Quarter Report on Form 10-Q (File No. 1-14012) on August 14,                2002.                  |
| (19)   | Incorporated                by reference to the indicated exhibit filed with the Company's Form                8-K                (File No. 1-14012) on October 15, 2002.                                                 |
| (20)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Third                Quarter Report on Form 10-Q (File No. 1-14012) on November 8,                2002.                  |
| (21)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K (File No. 1-14012) on March 27,                2003.                                 |
| (22)   | Incorporated                by reference to the indicated exhibit filed with the Company’s First                Quarter Report on Form 10-Q (File No. 1-14012) on May 9,                2003.                       |
| (23)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Form 8-K                (File No. 1-14012) on October 14, 2003.                                                          |
| (24)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Third                Quarter Report on Form 10-Q (File No. 1-14012) on November 7,                2003.                  |
| (25)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Form 8-K                (File No. 1-14012) on January 14, 2004.                                                          |
| (26)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Form 8-K                (File No. 1-14012) on January 14, 2004.                                                          |
| (27)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K (File No. 1-14012) on March 30,                2004.                                 |
| (28)   | Filed                as an exhibit to a Form 8-K filed on April 12, 2004, and incorporated                herein by reference.                                                                                            |   |   |
| (29)   | Filed                as an exhibit to a Form 10-Q filed on August 13, 2004, and incorporated                herein by reference.                                                                                          |   |   |
| (30)   | Filed                as an exhibit to a Form 8-K filed on October 5, 2004, and incorporated                herein by reference.                                                                                           |   |   |
| (31)   | Incorporated                by reference to the indicated exhibit filed with the Company’s Third                Quarter Report on Form 10-Q (File No. 1-14012) on January 27,                2005.                  |
| (32)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K/A (File No. 1-14012) on January 27,                2005.                             |
| (33)   | Filed                as an exhibit to a Form 8-K filed on March 9, 2005, and incorporated                herein by reference.                                                                                             |   |   |
| (34)   | Filed                as an exhibit to a Form 10-Q filed on May 12, 2005, and incorporated                herein by reference.                                                                                             |   |   |
| (35)   | Filed                as an exhibit to a Form 8-K filed on July 1, 2005, and incorporated                herein                by reference.                                                                               |   |   |
| (36)   | Filed                as an exhibit to a Form 10-Q filed on August 15, 2005, and incorporated                herein by reference.                                                                                          |   |   |
| (37)   | Filed                as an exhibit to a Form 10-Q filed on November 14, 2005, and incorporated                herein by reference.                                                                                        |   |   |
| (38)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K (File No. 1-14012) on March 16,                2006.                                 |
| (39)   | Filed                as an exhibit to a Form 10-Q filed on August 8, 2006, and incorporated                herein by reference.                                                                                           |   |   |
| (40)   | Incorporated                by reference to the indicated exhibit filed with the Company's Definitive                Proxy Statement on Form DEF 14A on May 1, 2006.                                                      |
| (41)   | Filed                as an exhibit to a Form 8-K filed on November 2, 2006, and incorporated                herein by reference                                                                                           |   |   |
| (42)   | Filed                as an exhibit to a Form 10-Q filed on November 9, 2006, and incorporated                herein by reference.                                                                                         |   |   |
| (43)   | Incorporated                by reference to the indicated exhibit filed with the Company's Annual                Report on Form 10-K (File No. 001-14012) on March 16,                2007.                               |
| (44)   | Filed                herewith.                                                                                                                                                                                            |   |   |
|   |                                                                                                                                                                                                                      |   |   |

**38**

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**SIGNATURE**

**Pursuant      to the requirements of 13 of 15(d) of the Securities Exchange Act of 1934,      the      registrant has duly caused this report to be signed on its behalf by the      undersigned thereunto duly authorized.**

**(Registrant)**

**By:      /s/ **
**Raymond      R. Brandstrom**

**Name:      Raymond R. Brandstrom**

**Title:      Vice President of Finance, Secretary,**

**and      Chief Financial Officer**

**39**

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