Supp. Indenture dated June 21, 2005 regarding 7 1/8% Senior Notes due 2015



 Exhibit 4.16 
  
 SUPPLEMENTAL INDENTURE 
  
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of June 21, 2005, by and among PSLT GP, LLC, a Delaware limited
liability company, PSLT OP, L.P., a Delaware limited partnership, PSLT-BLC Properties Holdings, LLC, a Delaware limited liability company, Brookdale Living Communities of Arizona-EM, LLC, a Delaware limited liability company, Brookdale Living
Communities of California, LLC, a Delaware limited liability company, Brookdale Living Communities of California-RC, LLC, a Delaware limited liability company, Brookdale Living Communities of California-San Marcos, LLC, a Delaware limited liability
company, Brookdale Living Communities of Illinois-2960, LLC, a Delaware limited liability company, Brookdale Living Communities of Illinois-II, LLC, a Delaware limited liability company, BLC of California-San Marcos, L.P., a Delaware limited
partnership, Brookdale Holdings, LLC, a Delaware limited liability company, Brookdale Living Communities of Indiana-OL, LLC, a Delaware limited liability company, Brookdale Living Communities of Massachusetts-RB, LLC, a Delaware limited liability
company, Brookdale Living Communities of Minnesota, LLC, a Delaware limited liability company, Brookdale Living Communities of New York-GB, LLC, a Delaware limited liability company, Brookdale Living Communities of Washington-PP, LLC, a Delaware
limited liability company, The Ponds of Pembroke Limited Partnership, an Illinois limited partnership, River Oaks Partners, an Illinois general partnership, PSLT-ALS Properties Holdings, LLC, a Delaware limited liability company, and PSLT-ALS
Properties I, LLC, a Delaware limited liability company (each, a “Guaranteeing Subsidiary” and collectively, the “Guaranteeing Subsidiaries”), Ventas Realty, Limited Partnership, a Delaware limited partnership, and
Ventas Capital Corporation, a Delaware corporation (collectively, the “Issuers”), the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the Indenture referred to
herein (the “Trustee”). 
  
 W I T N E S S E T H

  
 WHEREAS, the Issuers have heretofore executed and delivered to
the Trustee an Indenture dated as of June 7, 2005 (the “Indenture”), providing for the issuance of 7 1/8% Senior Notes due 2015 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall
unconditionally guarantee all of the Issuers’ Obligations (as defined in the Indenture) under the Notes and the Indenture on the terms and conditions set forth herein (a “Note Guarantee”); and 
  
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized
to execute and deliver this Supplemental Indenture. 
  
 NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of
the Holders of the Notes as follows: 







 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned
to them in the Indenture. 
  
 2. AGREEMENT TO GUARANTEE. Each
Guaranteeing Subsidiary hereby agrees as follows: 
  
 (a) Subject to Article 10 of the Indenture, such Guaranteeing Subsidiary hereby, jointly and severally with all other Guarantors, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to
the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Issuers thereunder, that: 
  
 (i) the principal of, and premium and Additional Interest, if any, and interest on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly
and severally obligated to pay the same immediately. 
  
 (b) The obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes
with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor,
other than payment in full of all obligations under the Notes. 
  
 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the
Issuers, protest, notice and all demands whatsoever. 
  
 (d) This Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and such Guaranteeing Subsidiary hereby accepts all obligations of a Guarantor under the Indenture.

  
 (e) If any Holder or the Trustee is required
by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official 

  

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acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. 
  
 (f) Such Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby.

  
 (g) As between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such
obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 
  
 (h) The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Note Guarantees. 
  
 (i) In accordance with Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law or
fraudulent conveyance law, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of
the Indenture, this Note Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Note Guarantee will not constitute a fraudulent transfer or conveyance. 
  
 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that this Note
Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 4. GUARANTEEING SUBSIDIARIES MAY CONSOLIDATE, ETC. ON CERTAIN TERMS. 
  
 (a) No Guaranteeing Subsidiary may sell or otherwise dispose of all or substantially all of its assets to,
or consolidate with or merge with or into (whether or not such Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuers or another Guarantor unless: 
  
 (i) immediately after giving effect to that transaction, no Default or Event of Default exists; and

  
 (ii) subject to Section 10.05 of the
Indenture, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all of the obligations of that Guaranteeing 

  

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Subsidiary under the Indenture, this Note Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture in form and substance
reasonably satisfactory to the Trustee. 
  
 (b)
In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Note Guarantee endorsed
upon the Notes and the due and punctual performance of all of the covenants and conditions of the Indenture to be performed by the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary
with the same effect as if it had been named herein as a Guaranteeing Subsidiary. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable under the Indenture which
theretofore shall not have been signed by the Issuers and delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Note Guarantees theretofore and thereafter
issued in accordance with the terms of the Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  
 (c) Except as set forth in Articles 4 and 5 and Section 10.04 of the Indenture, and notwithstanding clauses (a) and
(b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of a Guaranteeing Subsidiary with or into the Issuers or another Guarantor, or shall prevent any sale or conveyance of the property of a
Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuers or another Guarantor. 
  
 5. RELEASES. 
  
 (a) The Note Guarantee of a Guaranteeing Subsidiary shall be released, and any Person acquiring assets (including by way of merger or
consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in the Indenture shall not be required to assume the obligations of such Guaranteeing Subsidiary, in each case in accordance with the provisions of
Section 10.05 of the Indenture. The Note Guarantee of a Guaranteeing Subsidiary shall also be released in accordance with the provisions of Section 10.06 of the Indenture. Upon delivery by the Issuers to the Trustee of an
Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 or 10.06, as applicable, of the Indenture have been complied with, the Trustee shall execute any documents reasonably required in order
to evidence the release of any Guaranteeing Subsidiary from its obligations under this Note Guarantee. 
  
 (b) Any Guaranteeing Subsidiary not released from its obligations under this Note Guarantee shall remain liable for the full amount of
principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 
  
 6. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guaranteeing Subsidiary,
as such, 

  

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shall have any liability for any obligations of the Issuers or any Guaranteeing Subsidiary under the Notes, this Note Guarantee, the Indenture or this
Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 
  
 7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND NOTE GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

  
 8. COUNTERPARTS. The parties may sign any number of copies of
this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 9. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 10. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Issuers. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  

							
	 GUARANTEEING SUBSIDIARIES:

	
	 PSLT GP, LLC

			
	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 PSLT OP, L.P.

			
	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 PSLT-BLC Properties Holdings, LLC

			
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary


  

 6 









							
	 Brookdale Living Communities of Arizona-EM, LLC

			
	 	 	 By:
	 	 PSLT-BLC Properties Holdings, LLC, its Sole Member

	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 Brookdale Living Communities of California, LLC

			
	 	 	 By:
	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of California-RC, LLC
			
	 	 	 By:
	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 Name:
	 	 	 	 T. Richard Riney

	 	 	 Title:
	 	 	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	Brookdale Living Communities of California-San Marcos, LLC
			
	 	 	 By:
	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Illinois-2960, LLC
			
	 	 	 By:
	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 Brookdale Living Communities of Illinois-II, LLC

			
	 	 	 By:
	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	 By:
	 	 PSLT OP, L.P., its Sole Member

	 	 	 By:
	 	 PSLT GP, LLC, its General Partner

	 	 	 By:
	 	 Ventas Provident, LLC, its Sole Member

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	BLC of California-San Marcos, L.P.
		
	By:	 	Brookdale Living Communities of California-San Marcos, LLC, its General Partner
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Holdings, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Indiana-OL, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	Brookdale Living Communities of Massachusetts-RB, LLC
			
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Minnesota, LLC
			
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of New York-GB, LLC
			
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	Brookdale Living Communities of Washington-PP, LLC
			
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	The Ponds of Pembroke Limited Partnership
			
	 	 	By:	 	Brookdale Holdings, LLC, its General Partner
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	River Oaks Partners
			
	 	 	By:	 	Brookdale Holdings, LLC, its General Partner
	 	 	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	PSLT-ALS Properties Holdings, LLC
			
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	

	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	PSLT-ALS Properties I, LLC
			
	 	 	By:	 	PSLT-ALS Properties Holdings, LLC, its Sole Member
	 	 	By:	 	PSLT OP, L.P., its Sole Member
	 	 	By:	 	PSLT GP, LLC, its General Partner
	 	 	By:	 	Ventas Provident, LLC, its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

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	ISSUERS:
	
	Ventas Realty, Limited Partnership
			
	 	 	By:	 	Ventas, Inc., its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	 Executive Vice President,
 General Counsel
and
 Corporate Secretary




							
	
	Ventas Capital Corporation



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel
and
 Corporate Secretary




							
	
	EXISTING GUARANTORS:
	
	Ventas, Inc.



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel
and
 Corporate Secretary




							
	
	Ventas LP Realty, L.L.C.
			
	 	 	By:	 	Ventas, Inc., its Sole Member
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	 Executive Vice President,
 General Counsel
and
 Corporate Secretary



  

 13 









					
	Ventas Healthcare Properties, Inc.
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel and
Corporate Secretary

	
	Ventas TRS, LLC
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President
	
	Ventas Framingham, LLC
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel and
Secretary

	
	Ventas Management, LLC
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	 Executive Vice President,
 General Counsel and
Secretary

	
	ElderTrust
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary


  

 14 









							
	 ElderTrust Operating Limited Partnership

			
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Capital Corp.




					
		
	 By:
	 	 /s/ T. Richard Riney


	 	 	 Name:
	 	 T. Richard Riney

	 	 	 Title:
	 	Secretary



							
	
	 ET Sub-Berkshire Limited Partnership

			
	 	 	 By:
	 	 ET Berkshire, LLC, its General Partner

	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Berkshire, LLC

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary


  

 15 









							
	 Cabot ALF, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 Cleveland ALF, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Heritage Woods, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Highgate, L.P.

			
	 	 	 By:
	 	 ET GENPAR, L.L.C., its General Partner

	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary


  

 16 









							
	 ET GENPAR, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Lacey I, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Lehigh Limited Partnership

			
	 	 	 By:
	 	 ET Lehigh, LLC, its General Partner

	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Lehigh, LLC

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary


  

 17 









							
	 ET Sub-Lopatcong, L.L.C.

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	ET Sub-Pennsburg Manor Limited Partnership, L.L.P.
			
	 	 	 By:
	 	ET Pennsburg Finance, L.L.C., its
General Partner
			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Pennsburg Finance, L.L.C.

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Phillipsburg I, L.L.C.

			
	 	 	 By:
	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	 By:
	 	 ElderTrust, its General Partner

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary
	
	 ET Sub-Pleasant View, L.L.C.

			
	 	 	 By:
	 	 /s/ T. Richard Riney


	 	 	 	 	 Name:
	 	 T. Richard Riney

	 	 	 	 	 Title:
	 	Secretary


  

 18 









							
	ET Sub-Rittenhouse Limited Partnership, L.L.P.
			
	 	 	By:	 	GENPAR, L.L.C., its General Partner
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary
	
	ET Sub-Riverview Ridge Limited Partnership, L.L.P.
			
	 	 	By:	 	ET GENPAR, L.L.C., its General Partner
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary
	
	ET Sub-Sanatoga Limited Partnership
			
	 	 	By:	 	ET Sanatoga, LLC, its General Partner
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary


  

 19 









							
	ET Sanatoga, LLC
			
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary
	
	ET Sub-SMOB, L.L.C.



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary



							
	
	Vernon ALF, L.L.C.
			
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary
	
	ET Sub-Willowbrook Limited Partnership, L.L.P.
			
	 	 	By:	 	GENPAR, L.L.C., its General Partner
	 	 	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 	 	By:	 	ElderTrust, its General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary


  

 20 









							
	ET Sub-Wayne I Limited Partnership, L.L.P.
			
	 	 	By:	 	ET Wayne Finance, L.L.C., its
General Partner
			
	 	 	By:	 	 /s/ T. Richard Riney


	 	 	 	 	Name:	 	T. Richard Riney
	 	 	 	 	Title:	 	Secretary
	
	ET Wayne Finance, L.L.C.



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Secretary



							
	
	ET Wayne Finance, Inc.



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Chairman, Executive Vice President and Secretary



							
	
	Ventas Sun LLC



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary



							
	
	Ventas Cal Sun LLC



					
		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

 21 









					
	 Ventas Provident, LLC

		
	By:	 	 /s/ T. Richard Riney


	 	 	Name:	 	T. Richard Riney
	 	 	Title:	 	Executive Vice President, General Counsel and Corporate Secretary


  

 22 









					
	 TRUSTEE:

	
	 U.S. Bank National Association

		
	By:	 	 /s/ Robert T. Jones


	 	 	Name:	 	Robert T. Jones
	 	 	Title:	 	Vice President & Trust Officer


  

 23