LOAN  NO.  07-0004024
                                PROMISSORY NOTE A
$43,698,000.00     December  6,  2002

1.     PROMISE  TO  PAY.
       ----------------
     FOR  VALUE  RECEIVED,  EMERITUS  REALTY  II, LLC; EMERITUS REALTY III, LLC;
EMERITUS  REALTY  V,  LLC;  EMERITUS  REALTY VII, LLC; EMERITUS REALTY XIV, LLC;
EMERITUS  REALTY BOZEMAN, LLC and EMERITUS REALTY PUYALLUP, LLC, each a Delaware
limited  liability  company,  and ESC-PORT ST. RICHIE, LLC, a Washington limited
liability company (collectively, "MAKER"), whose address is 3131 Elliott Avenue,
Suite  500,  Seattle,  Washington 98121, promises to pay to the order of GENERAL
ELECTRIC  CAPITAL  CORPORATION,  a  Delaware corporation, and its successors and
assigns  ("HOLDER")  the  sum  of  Forty-Three  Million Six Hundred Ninety-Eight
Thousand  and  No/100  Dollars  ($43,698,000.00),  or  so much thereof as may be
advanced  and  outstanding  from  time  to time, together with all other amounts
added  thereto  pursuant  to  this Note or otherwise payable to Holder under the
Loan  Documents  (as  hereinafter  defined),  including, but not limited to, the
"EXIT  FEE"  as  defined  and  set  forth  in the Loan Agreement (as hereinafter
defined)  (or so much thereof as may from time to time be outstanding), together
with  interest  thereon as hereinafter set forth, all payable in lawful money of
the  United States of America (the "LOAN").  Payments shall be made to Holder at
GEMSA,  File 59229, Los Angeles, California 90074-9229 (or such other address as
Holder  may  hereafter  designate  in  writing  to  Maker).
Simultaneously  with the execution of this Note (this Note is sometimes referred
to  herein  as  "NOTE  A"),  ESC-Port  St.  Richie,  LLC  is executing a Renewal
Subordinated Promissory Note B of even date herewith payable to Holder (together
with  any  amendments,  modifications,  renewals and as it may be assumed by any
Affiliate  of  Maker or Guarantor, "NOTE B") in the amount of Twenty-One Million
Three  Hundred  Two  Thousand  and  No/100  Dollars  ($21,302,000.00).
The repayment of the Loan evidenced by this Note and Note B is secured by, among
other  things,  the Mortgages and the Assignments of Leases.  This Note, Note B,
the Mortgages, the Loan Agreement of even date herewith between Maker and Holder
(the  "LOAN  AGREEMENT") and any other documents evidencing or securing the Loan
or  executed in connection therewith (other than the "Other Loan Instruments" as
defined  in  the  Mortgage) and any modification, renewal or extension of any of
the foregoing are collectively called the "LOAN DOCUMENTS."  Except as otherwise
provided  herein,  capitalized  terms  used  in  this  Note  shall have the same
meanings  as  are  assigned  to  such  terms  in  the  Loan  Agreement.
2.     INTEREST.
       --------
     So  long  as no Event of Default  (as hereinafter defined) exists, interest
shall  accrue  on the principal balance hereof from time to time outstanding and
Maker  shall pay interest thereon at a floating rate per annum equal to four and
fifteen  hundredths percent (4.15%) plus the Base Rate; provided, however, in no
event shall the interest rate be less than six and one-half percent (6.50%) (the
greater  rate  referred  to as the "INTEREST RATE").  "BASE RATE" shall mean the
rate  published  each business day in the Wall Street Journal for notes maturing
                                          -------------------
three (3) months after issuance under the caption "Money Rates, London Interbank
Offered  Rates  (LIBOR)."  The  Interest  Rate  for each calendar month shall be
fixed  based  upon  the  Base Rate published prior to and in effect on the first
(1st)  business day of such month; provided, however, the Interest Rate from and
including  the  Closing Date through December 31, 2002 shall be fixed based upon
the  Base  Rate  in effect on the business day immediately preceding the Closing
Date.  Interest  shall be calculated based on a 360 day year and charged for the
actual  number  of  days  elapsed.
3.     PAYMENT.
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3.1.     PAYMENTS  AT INTEREST RATE.  Maker shall make interest payments monthly
         --------------------------
in  arrears  on  the  first  (1st) day of each month commencing January 1, 2003,
computed  on the outstanding principal balance of the Loan at the Interest Rate.
3.2.     PRINCIPAL  PAYMENTS.  Commencing  on  January  1,  2003  and continuing
         -------------------
through the Repayment Date, on the first (1st) day of each calendar month, Maker
shall make a principal amortization payment in accordance with the provisions of
Section  1.4.2  of  the  Loan  Agreement.
--------------
     This  Note  shall  be due and payable on or before December 5, 2006, or any
earlier date on which this Note shall be required to be paid in full, whether by
acceleration  or  otherwise  ("MATURITY  DATE").
4.     PREPAYMENT.
       ----------
     Other  than  the principal payments required under Sections 1.1.3(g), 1.4.2
                                                        -----------------  -----
and 2.2 of the Loan Agreement, Maker may not prepay this Note in full or in part
    ---
prior  to December 6, 2004.  Thereafter, Maker may prepay this Note in full (but
not  in  part) without premium upon not less than thirty (30) days prior written
notice  to  Holder and payment in full of Note B and the Exit Fee (as defined in
the  Loan  Agreement),  if  any,  then  due  to  Holder.
5.     EXIT  FEE.
       ---------
     As additional consideration for entering into the Loan Agreement and making
the  Loan  pursuant thereto, Maker shall pay Holder the Exit Fee, if any, due in
accordance  with  the  Loan  Agreement.
6.     DEFAULT.
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6.1.     EVENTS  OF  DEFAULT.
         -------------------
     Any  of  the  following  shall  constitute an "EVENT OF DEFAULT" under this
Note:  (a)  failure  to  pay  any  amounts  owed pursuant to this Note or Note B
within  ten  (10) calendar days after such payment is due; or (b) the occurrence
of  any  default  under  any  of  the  other  Loan Documents, including, without
limitation,  Note B, after giving effect to any applicable grace or cure period.
6.2.     REMEDIES.
         --------
     So  long  as  an  Event of Default remains outstanding:  (a) interest shall
accrue  at  a  rate  equal to the Interest Rate plus four percent (4%) per annum
(the  "DEFAULT RATE); (b) Holder may, at its option without further notice (such
notice  being expressly waived) or an opportunity to cure, declare this Note and
Note  B  immediately  due  and payable; and (c) Holder may pursue all rights and
remedies  available  under  the  Deed  of Trust, the Assignment of Leases or any
other Loan Documents.  Holder's rights, remedies and powers, as provided in this
Note,  Note  B  and the other Loan Documents, are cumulative and concurrent, and
may  be pursued singly, successively or together against Maker, any guarantor of
the  Loan,  the security described in the Loan Documents, and any other security
given  at  any  time to secure the payment hereof, all at the sole discretion of
Holder.  Additionally,  Holder  may  resort  to  every  other  right  or  remedy
available  at  law or in equity without first exhausting the rights and remedies
contained  herein,  all in Holder's sole discretion.  Failure of Holder, for any
period  of  time  or  on  more  than  one  occasion,  to  exercise its option to
accelerate  the  Maturity  Date  shall  not  constitute a waiver of the right to
exercise  the  same  at  any time during the continued existence of any Event of
Default  or  any  subsequent  Event  of  Default.
If  any  attorney is engaged:  (i) to collect the Loan or any sums due under the
Loan  Documents,  whether  or not legal proceedings are thereafter instituted by
Holder; (ii) to represent Holder in any bankruptcy, reorganization, receivership
or  other  proceedings  affecting  creditors' rights and involving a claim under
this  Note  or  Note  B;  (iii)  to  protect the liens of the Deed of Trust, the
Assignment  of  Leases or any of the Loan Documents; (iv) to represent Holder in
any  other  proceedings  whatsoever  in  connection  with the Deed of Trust, the
Assignment  of  Leases  or  any  of  the  Loan Documents including post judgment
proceedings  to  enforce  any  judgment related to the Loan Documents; or (v) in
connection  with  seeking  an  out-of-court  workout or settlement of any of the
foregoing,  then  Maker  shall  pay  to  Holder  all  costs, attorneys' fees and
expenses  in  connection  therewith,  in  addition  to  all  other  amounts  due
hereunder.
7.     LATE  CHARGE.
       ------------
     If  payments  of  principal,  interest  due  under  this Note, or any other
amounts  due  under  the  other  Loan  Documents  are not timely made and remain
overdue  for  a  period  of  ten  (10)  days, Maker, without notice or demand by
Holder,  promptly shall pay an amount ("LATE CHARGE") equal to four percent (4%)
of  each  delinquent  payment.
8.     APPLICABLE  LAW;  SEVERABILITY.
       ------------------------------
     THIS  NOTE  SHALL  BE  GOVERNED  BY  AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE  WITH  THE  INTERNAL LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO
CONFLICTS  OF LAW PRINCIPLES.  THE INVALIDITY, ILLEGALITY OR UNENFORCEABILITY OF
ANY  PROVISION OF THIS NOTE SHALL NOT AFFECT OR IMPAIR THE VALIDITY, LEGALITY OR
ENFORCEABILITY OF THE REMAINDER OF THIS NOTE, AND TO THIS END, THE PROVISIONS OF
THIS  NOTE  ARE  DECLARED  TO  BE  SEVERABLE.
9.     WAIVER.
       ------
     Maker,  for itself and all endorsers, guarantors and sureties of this Note,
and  their  respective  successors  and  assigns,  hereby waives presentment for
payment,  demand,  notice  of  nonpayment,  notice  of  dishonor, protest of any
dishonor,  notice  of protest and protest of this Note, and all other notices in
connection with the delivery, acceptance, performance, default or enforcement of
the  payment  of  this Note, and agrees that their respective liability shall be
unconditional  and  without regard to the liability of any other party and shall
not  be  in  any  manner affected by any indulgence, extension of time, renewal,
waiver or modification granted or consented to by Holder.  Maker, for itself and
all  endorsers, guarantors and sureties of this Note and their respective heirs,
legal  representatives,  successors  and  assigns,  hereby  consents  to  every
extension of time, renewal, waiver or modification that may be granted by Holder
with respect to the payment or other provisions of this Note, and to the release
of  any  makers,  endorsers,  guarantors  or  sureties, and their successors and
assigns,  and  of any collateral given to secure the payment hereof, or any part
hereof,  with  or  without  substitution,  and  agrees  that  additional makers,
endorsers,  guarantors  or  sureties  and  their  heirs,  legal representatives,
successors  and assigns, may become parties hereto without notice to Maker or to
any  endorser, guarantor or surety and without affecting the liability of any of
them.
10.     SECURITY,  APPLICATION  OF  PAYMENTS.
        ------------------------------------
     This  Note  is  secured  by the liens, encumbrances and obligations created
hereby and by the other Loan Documents and the terms and provisions of the other
Loan  Documents  are  hereby  incorporated herein.  Payments will be applied, at
Holder's  option,  first to any fees, expenses or other costs Maker is obligated
to  pay  under  this Note, Note B or the other Loan Documents, second to current
interest  due  on  this Note, third to any past due interest under this Note, if
any,  fourth  to  current interest due on Note B, fifth to any past due interest
payable  under  Note B, sixth to the outstanding principal balance of this Note,
seventh  to  the  outstanding principal balance of Note B and eighth to the Exit
Fee.
11.     MISCELLANEOUS.
        -------------
11.1.     AMENDMENTS.
          ----------
     This  Note  may  not be amended orally, but only by an amendment in writing
signed  by  Holder.
11.2.     LAWFUL  RATE  OF  INTEREST.
          --------------------------
     In  no  event  whatsoever shall the amount of interest paid or agreed to be
paid  to  Holder  pursuant  to this Note or any of the Loan Documents exceed the
highest  lawful rate of interest permissible under applicable law.  If, from any
circumstances  whatsoever,  fulfillment  of  any  provision of this Note and the
other Loan Documents shall involve exceeding the lawful rate of interest which a
court  of competent jurisdiction may deem applicable hereto ("EXCESS INTEREST"),
then  ipso facto, the obligation to be fulfilled shall be reduced to the highest
      ----------
lawful  rate  of  interest  permissible  under  such  law and if, for any reason
whatsoever,  Holder  shall receive, as interest, an amount which would be deemed
unlawful  under  such applicable law, such interest shall be applied to the Loan
(whether  or  not  due  and  payable),  and  not  to the payment of interest, or
refunded  to  Maker  if such Loan have been paid in full.  Neither Maker nor any
guarantor,  endorser  or  surety  nor their successors or assigns shall have any
action  against  Holder for any damages whatsoever arising out of the payment or
collection  of  any  such  Excess  Interest.
11.3.     CAPTIONS.
          --------
     The  captions  of  the  Paragraphs  of  this  Note  are  for convenience of
reference  only  and shall not be deemed to modify, explain, enlarge or restrict
any  of  the  provisions  hereof.
11.4.     NOTICES.
          -------
     Notices  shall  be  given  under this Note in conformity with the terms and
conditions  of  the  Loan  Agreement.
11.5.     JOINT  AND  SEVERAL.
          -------------------
     The  obligations  of  Maker  under  this  Note  shall  be joint and several
obligations  of  Maker  and of each Maker, if more than one, and of each Maker's
successors  and  assigns.
11.6.     TIME  OF  ESSENCE.
          -----------------
     Time  is  of  the  essence  of this Note and the performance of each of the
covenants  and  agreements  contained  herein.
12.     SALE  OF  LOAN.
        --------------
     Holder,  at  any  time  and  without  the  consent  of  Maker,  may  grant
participations in or sell, transfer, assign and convey all or any portion of its
right,  title  and  interest  in and to the Loan, this Note, Note B, the Deed of
Trust  and the other Loan Documents, any guaranties given in connection with the
Loan  and  any  collateral  given  to  secure  the  Loan.
13.     CONSENT  TO  JURISDICTION.
        -------------------------
     MAKER  HEREBY  CONSENTS  TO  THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED  WITHIN  THE  COUNTY  OF  COOK, STATE OF ILLINOIS AND IRREVOCABLY AGREES
THAT, SUBJECT TO HOLDER'S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING  TO  THIS  NOTE  OR THE OTHER LOAN DOCUMENTS SHALL BE LITIGATED IN SUCH
COURTS.  MAKER  EXPRESSLY  SUBMITS  AND  CONSENTS  TO  THE  JURISDICTION  OF THE
AFORESAID  COURTS  AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS.  MAKER HEREBY
WAIVES  PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE
OF  PROCESS  MAY  BE  MADE  UPON  MAKER  BY CERTIFIED OR REGISTERED MAIL, RETURN
RECEIPT REQUESTED, ADDRESSED TO MAKER, AT THE ADDRESS SET FORTH IN THIS NOTE AND
SERVICE  SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.
14.     JURY  TRIAL  WAIVER.
        -------------------
     TO THE EXTENT PERMITTED BY LAW, MAKER, AND HOLDER BY ITS ACCEPTANCE OF THIS
NOTE,  HEREBY  WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING  BASED  UPON,  OR RELATED TO, THE SUBJECT MATTER OF THIS NOTE AND THE
BUSINESS  RELATIONSHIP  THAT  IS  BEING  ESTABLISHED.  THIS WAIVER IS KNOWINGLY,
INTENTIONALLY  AND  VOLUNTARILY  MADE  BY  MAKER  AND  BY  HOLDER,  AND  MAKER
ACKNOWLEDGES  THAT  NEITHER HOLDER NOR ANY PERSON ACTING ON BEHALF OF HOLDER HAS
MADE  ANY  REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR HAS
TAKEN  ANY  ACTIONS  WHICH  IN  ANY WAY MODIFY OR NULLIFY ITS EFFECT.  MAKER AND
HOLDER  ACKNOWLEDGE  THAT  THIS  WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A
BUSINESS  RELATIONSHIP, THAT MAKER AND HOLDER HAVE ALREADY RELIED ON THIS WAIVER
IN  ENTERING  INTO THIS NOTE AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS
WAIVER  IN  THEIR RELATED FUTURE DEALINGS.  MAKER AND HOLDER FURTHER ACKNOWLEDGE
THAT  THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE REPRESENTED)
IN  THE  SIGNING  OF  THIS  NOTE AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL  COUNSEL.

<PAGE>


     IN  WITNESS WHEREOF, Maker has executed this Note or has caused the same to
be  executed  by  its duly authorized representative, under seal, as of the date
first  set  forth  above.
MAKER:

EMERITUS  REALTY  II,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


EMERITUS  REALTY  III,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


EMERITUS  REALTY  V,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


EMERITUS  REALTY  VII,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


<PAGE>

EMERITUS  REALTY  XIV,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


EMERITUS  REALTY  BOZEMAN,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


ESC-  PORT  ST.  RICHIE,  LLC,  a  Washington  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------


EMERITUS  REALTY  PUYALLUP,  LLC,  a  Delaware  limited  liability  company
By:     Emeritus  Realty  Corporation,  a  Nevada  corporation,  its sole member
     By:  /s/  Raymond  R.  Brandstrom
        ------------------------------
     Its:  Raymond  R.  Brandstrom
         -------------------------
     Title:  Vice  President  of  Finance
           ------------------------------