Document:

<PAGE>

                                                                     EXHIBIT 4.2

                         [LETTERHEAD OF VENTAS, INC.]

May 8, 2000

Lawrence B. Stoller
Senior Vice President and General Counsel
Cohen & Steers Capital Management, Inc.
757 Third Avenue
New York, NY 10017

     RE:  Request by Cohen & Steers Capital Management, Inc. for a Waiver of the
          Provisions of Article XII of the Certificate of Incorporation of
          Ventas, Inc. (the "Company")

Dear Mr. Stoller:

          This letter is in response to the request by Cohen & Steers Capital
Management, Inc. ("C&S") for a waiver of the provisions of Article XII of the
Certificate of Incorporation of the Company with respect to C&S as described in
the letter from C&S to the Company dated May 5, 2000, which is attached hereto
(the "Request Letter").  Capitalized terms used but not defined herein shall
have the meaning set forth in the Request Letter.

          The Board hereby Waives, on the terms and subject to the conditions
set forth in this letter and the Request Letter, the application of Article XII
to C&S with respect to the provisions thereof limiting Beneficial Ownership of
Common Stock of the Company for the Waiver Period.  The breach of any
representation, warranty, covenant or agreement contained in the Request Letter,
or the failure to comply with the covenants and agreements in the Request
Letter, shall cause the Waiver granted in this letter to become retroactively
null and void, and shall retroactively cause any Common Shares owned by C&S in
excess of the otherwise applicable 9.0% Ownership Limit to become designated
Excess Shares under Article XII, in addition to any other remedy available to
the Company.

          Notwithstanding the foregoing, the ownership of the Company's Common
Shares by C&S shall remain subject to the otherwise applicable 9.0% Ownership
Limit in the event that such ownership should result in (i) any "individual"
(within the meaning of Section 542(a)(2) of the Internal Revenue Code of 1986,
as amended (the "Code"), as modified by Section 856(h) of the Code) owning
(after taking into account the constructive ownership rules of Section 544 of
the Code, as modified by Section 856(h) of the Code) in excess of 9.0% of the
Common Shares or (ii) any 10.0% Company Shareholder, alone or in combination
with other 10.0% Company Shareholders, owning (either directly or by operation
of the attribution rules of Section 318 of the Code, as modified by Section
856(d)(5) of the Code), a 10.0% or greater interest in the stock of Vencor, Inc.
or in the stock, assets, or net profits of any other present or future tenant of
the Company.  For purposes of the preceding sentence, the term "10.0% Company
Shareholder" means a person who, but for the 9.0% Ownership Limit, would
beneficially own 10.0% or more of the total combined voting power, total number,
or total value of all of shares of stock of the
<PAGE>

Company, either directly or by operation of the attribution rules of Section 318
of the Code, as modified by Section 856(d)(5) of the Code.

          If this letter accurately sets forth our understanding, please sign
the letter where indicated below and return a signed copy to me.  This letter
shall be of no force and effect, and may be revoked at any point in time prior
to the Company's receipt of a signed copy from C&S.

                                   Very truly yours,

                                   VENTAS, INC.

                                   By:  /s/ T. Richard Riney
                                        --------------------------------------
                                        Name:   T. Richard Riney
                                        Title:  Executive Vice President and
                                                General Counsel

ACCEPTED AND AGREED
This 11th day of
May, 2000

COHEN & STEERS CAPITAL MANAGEMENT, INC.

By:  /s/ Lawrence B. Stoller
     -----------------------
     Name:   Lawrence B. Stoller
     Title:  Senior Vice President
             and General Counsel

attachment
<PAGE>

            [LETTERHEAD OF COHEN & STEERS CAPITAL MANAGEMENT, INC.]

May 5, 2000

Board of Directors
Ventas, Inc.
4360 Brownsboro Rd
Suite 115
Louisville, KY  40207

     RE:  Request by Cohen & Steers Capital Management, Inc. for a Waiver of
          Provisions of Article XII of the Certificate of Incorporation of
          Ventas, Inc.

To the Board of Directors of Ventas, Inc.:

          Cohen & Steers Capital Management, Inc. ("C&S") is an investment
adviser registered under the Investment Advisers Act of 1940. Its clients
(collectively, "Advisory Clients") currently own, in the aggregate, 7,013,700
shares (the "Shares") of the outstanding common stock (the "Common Stock") of
Ventas, Inc. (the "Company") under the management of C&S. Pursuant to contracts
with its Advisory Clients, C&S exercises investment discretion (and in some
cases, voting discretion) over the Shares. C&S acknowledges that the portion of
the Shares which exceed the Ownership Limitation (capitalized terms in this
letter are used as defined in Article XII of the Certificate of Incorporation of
the Company ("Article XII")) is subject to being designated Excess Stock under
Article XII. In order to provide C&S with sufficient time to dispose of the
Shares that exceed the Ownership Limitation (the "Additional Shares"), C&S
requests that the Company waive (the "Waiver") the application of Article XII
during the period (the "Waiver Period") from the date hereof, until the
expiration of a period of three months following the date the plan of
reorganization for Vencor, Inc. becomes effective (the "Waiver Expiration Date")
on the terms and subject to the conditions set forth herein.

          In support of its request for the Waiver, C&S makes the following
representations, warranties, covenants and agreements:

          1.   Sale of Shares; No Increase In Beneficial Ownership.  C&S shall
               ---------------------------------------------------
use its reasonable best efforts to dispose of the Additional Shares in a prompt
and orderly fashion, and in any event on or prior to the Waiver Expiration Date.
During such time as the Waiver is in effect, at no point in time shall C&S
increase its Beneficial Ownership (as defined in Article XII) of Common Stock.

          2.   Expiration of Waiver.  The Waiver shall expire, and the Waiver
               --------------------
Period shall terminate, on the first to occur of: (a) the Waiver Expiration
Date, (b) such date as C&S Beneficially Owns less than the Ownership Limitation,
or (c) a breach by C&S of any of the representations, warranties, covenants or
agreements contained in this Request Letter. Upon expiration of the Waiver and
the Waiver Period, the Additional Shares shall automatically be
<PAGE>

designated as "Excess Shares" under Article XII. Such designation will be
effective as of the close of business on the business day prior to the date of
the relevant event. C&S understands and acknowledges that the "Excess Share"
designation shall be in addition to any other remedy that the Company may have
upon a breach by C&S of any representation, warranty, covenant or agreement
contained herein.

          3.   Representations and Warranties.  C&S represents and warrants to
               ------------------------------
the Company as follows:

               a)   As of the date of this Request Letter, and with respect to
any Common Stock under C&S management, the Advisory Clients Beneficially Owned
in the aggregate 10.32% of the outstanding Common Stock of the Company; however,
neither C&S nor any single Advisory Client Beneficially Owned more than 9% of
the Common Stock of the Company, with respect to Common Stock under C&S
management. C&S is not in a partnership ( as determined for federal income tax
purposes) composed of C&S and one or more Advisory Clients, and C&S' Advisory
Clients do not own more than 9.9% of C&S or any corporation controlled or
managed by C&S.

               b)   No other person who would constitute, along with C&S, a
"group" as that term is used for purposes of Section 13(d)(3) ("Section 13(d)")
of the Securities Exchange Act of 1934, as amended, (the "Exchange Act") owns
any shares of Common Stock.

          4.   Covenants Regarding Ownership Attributes of the Additional
               ----------------------------------------------------------
Shares. During the Waiver Period, C&S agrees that it shall not take any of the
------
following actions:

               a)   Solicit proxies from stockholders of the Company, the power
to vote, become a "participant" in any "election contest" (as such terms are
used in Rule 14a-11 of the Exchange Act), with respect to the Company, or make
any communication (other than as required by law) referred to in Rule
14a1(1)(2)(iv) of the Exchange Act in connection with any election contest or
other vote by stockholders of the Company or otherwise that is contrary to or
conflicts with actions taken or omitted or to be omitted by the Board;

               b)   Seek or vote for the removal of any member of the Board,
except removal "for cause" as such term is used under the Delaware General
Corporation Law;

               c)   Vote for any individual nominated for election to the Board
thereof other than those individuals nominated by the Board or a Committee
thereof;

               d)   Call or seek to have called any meeting of the stockholders
of the Company;

               e)   Otherwise act, alone or in concert with others to (i)
solicit, propose, seek to effect or negotiate with any other person with respect
to (A) any business combination with the Company or (B) any restructuring,
recapitalization or similar transaction of the Company, (ii) solicit, propose,
seek to effect or negotiate with any other person with respect to, or announce
an intent to make, any tender offer or exchange offer for any voting securities
of the Company, or (iii) assist, participate in, facilitate or solicit any
effort or attempt by any persons to do or seek to do any of the foregoing; or
<PAGE>

               f)   Form, join or participate in a "group" (within the meaning
of Section 13(d) of the Exchange Act) with respect to any of the matters
described above.

          5.   Additional Covenants Regarding Ownership of Common Stock: During
               ---------------------------------------------------------
the Waiver Period:

               a)   C&S shall limit the aggregate Beneficial Ownership by it,
any Advisory Client and any Person who would constitute, along with C&S or C&S
with any such Person or Advisory Client, a "group", as that term is used for
purposes of Section 13(d) of the Exchange Act, of the Company's Common Stock to
no more than 10.32% of the shares of Common Stock outstanding.

               b)   Neither C&S nor any of its Advisory Clients, taken
separately or taken together in any combination with C&S, have been during 1999
or 2000, are, and shall not in the future be, partners in any partnership
between or among C&S and any one or more of them as determined for federal
income tax purposes which partnership Beneficially Owns any of the Company's
Common Stock. No single Advisory Client or combination of Advisory Clients with
a mutual 10.0% or greater owner, Beneficially Owns or will Beneficially Own more
than 9.0% of the Company's Common Stock outstanding under Management by C&S.
Neither C&S nor any Advisory Client currently Beneficially Owns, and will not
Beneficially Own, more than 9.0% of the Company's Common Stock outstanding, with
respect to Common Stock under management by C&S (excluding for this purpose
Beneficial Ownership of Common Stock in excess of such amounts to the extent
such Beneficial Ownership results solely from it being treated, along with the
Advisory Clients, as a "group" under Section 13(d) of the Exchange Act).

               c)   C&S, its Advisory Clients and any Person who would
constitute, along with C&S or any Advisory Client, a "group" under Section 13(d)
of the Exchange Act, shall comply with the terms of Article XII, except as
expressly waived by the Board.

               d)   C&S, its Advisory Clients, or any other person who would,
along with C&S, either constitute a "group" under Section 13(d)(3) or a
partnership for federal income tax purposes, or a 10% or greater Beneficial
Owner of any of the foregoing have not Beneficially Owned at any time during
1999 or 2000, do not currently Beneficially Own and during the Waiver Period
shall not, singly or taken together in any combination, Beneficially Own any
stock, warrants, options, convertible debt or any other rights to acquire the
stock of Vencor, Inc. or any other tenant of the Company.

               e)   Notwithstanding any other provision of this letter or the
related waiver, if any 10.0% or greater Beneficial Owners of C&S, C&S, its
Advisory Clients, or any other person who would, along with C&S or any of them,
either constitute a "group" under Section 13(d)(3) or a partnership for federal
income tax purposes, Beneficially Owns (excluding for this purpose Beneficial
Ownership of Common Stock that results solely from being treated as part of a
"group" under Section 13(d)) more than 9.0% of the stock of the Company while
Beneficially Owning, singly or taken together in any combination, more than 9.0%
of the stock, warrants, options, convertible debt or any other rights to acquire
the stock of Vencor, Inc. or any other tenant of the Company, the Additional
Shares owned will be automatically designated as "Excess Shares" under Article
XII. Such designation will be effective as of the close of business on the
business day prior to the date of the relevant event.
<PAGE>

               6.   Amendment of Rights Agreement. The Waiver shall be
                    -----------------------------
conditioned on and shall not be effective (and the Waiver Period shall not
commence) until such time as the Company shall have entered into an amendment to
the Company's Rights Agreement required or necessary as a result of the Waiver
to prevent the triggering of the Rights Agreement.

               7.   Breach of Representations and Warranties.  C&S understands
                    ----------------------------------------
that the breach of any representation, warranty or covenant contained herein or
the failure to comply with its covenants and undertakings in this letter, in
addition to any other remedy available to the Company, subjects the Additional
Shares to being designated as "Excess Shares" under Article XII. In such event,
any waiver granted by the Board shall terminate and the Company may proceed in
any manner permitted under Article XII.

               8.   Fees and Expenses.  C&S agrees to pay all of the reasonable
                    -----------------
fees and expenses incurred by the Company in connection with the Wavier
requested hereunder and the corresponding amendment to the Company's Rights
Agreement, including without limitation the legal fees of Willkie Farr &
Gallagher to issue an opinion that the structure contemplated hereunder will not
jeopardize the qualification of the Company to be taxed as a real estate
investment trust.

                                   Very truly yours,

                                   COHEN & STEERS CAPITAL MANAGEMENT, INC.

                                   By:  /s/ Lawrence B. Stoller
                                        --------------------------------------
                                        Name:   Lawrence B. Stoller
                                        Title:  Senior Vice President and
                                                General Counsel<PAGE>

                                                                     EXHIBIT 4.3

                         [LETTERHEAD OF VENTAS, INC.]

September 27, 2000

VIA FACSIMILE AND FEDERAL EXPRESS

Mr. Bradley Takahashi
Franklin Mutual Advisors, LLC
51 John F. Kennedy Parkway
Short Hills,  NJ 07078

Re:  Article XII of the Certificate of Incorporation of Ventas, Inc. (the
     "Company")

Dear Mr. Takahashi:

Reference is made to (i) the letter dated October 27, 1999 from Franklin Mutual
Advisors, LLC, ("FMA") on behalf of itself and on behalf of the Advisory
Clients, to the Board of Directors of the Company a copy of which letter is
attached hereto as Exhibit A (the "Request Letter") and (ii) the letter dated
October 27, 1999 from the Company to FMA a copy of which letter is attached
hereto as Exhibit B (the "Waiver Letter") regarding the waiver of the
application of the provisions of Article XII of the Certificate of Incorporation
of the Company relating to limitations on the Beneficial Ownership of Common
Stock of the Company with respect to FMA and its Advisory Clients.  Capitalized
terms used but not defined herein shall have the meaning set forth in the
Request Letter.

This letter confirms the agreement of FMA and the Company that:

     (i)   each of the Request Letter and the Waiver Letter are hereby
     terminated and cancelled as of the date hereof and such Letters shall have
     no further force or effect on and after the date hereof;

     (ii)  no party thereto shall have any rights or obligations thereunder with
     respect to either the Request Letter or the Waiver Letter or the
     termination thereof other than rights and obligations under the Request
     Letter and the Waiver Letter relating to or arising out of breaches of the
     Waiver Letter on or prior to the date hereof; and

     (iii) commencing on the date hereof and at all times hereafter FMA and the
     Advisory Clients shall be subject to and must comply with all the
     provisions of Article XII of the Certificate of Incorporation of the
     Company, including, without limitation, the beneficial Ownership
     Limitations contained in Article XII of the Certificate of Incorporation of
     the Company, and, without limiting the foregoing, any portion of the Shares
     that exceeds the ownership limitation shall be subject to designation as
     Excess Stock under Article XII of the Certificate of Incorporation of the
     Company.
<PAGE>

This letter constitutes the entire understanding between FMA and the Company
with respect to the subject matter hereof and supercedes all prior and
contemporaneous oral and written communications and agreements with respect
thereto.

Please indicate your agreement with the foregoing by signing this letter where
indicated below and returning the signed copy to me.  This letter may be
executed in one or more counterparts, each of which shall be deemed an original,
but all of which shall constitute the same instrument.

Very truly yours,

VENTAS, INC.

By:  /s/ T. Richard Riney
     --------------------
     Name:   T. Richard Riney
     Title:  Executive Vice President
             and General Counsel

ACCEPTED AND AGREED
This 27th day of
September, 2000

FRANKLIN MUTUAL ADVISORS, LLC,
on behalf of itself and on behalf of the Advisory Clients

By:  /s/ Jeffrey A. Altman
     ---------------------
     Name:   Jeffrey A. Altman
     Title:  Senior Vice President

                                      -2-
<PAGE>

                                                                       Exhibit A

                 [LETTERHEAD OF FRANKLIN MUTUAL ADVISORS, LLC]

October 27, 1999

Board of Directors
Ventas, Inc.
3300 Aegon Center
400 West Market Street
Louisville, KY  40202

     RE:  Request by Franklin Mutual Advisers, LLC for a Waiver of Provisions of
          Article XII of the Certificate of Incorporation of Ventas, Inc. (the
          "Company")

To the Directors of Ventas, Inc.:

     Franklin Mutual Advisers, LLC ("FMA") is an investment adviser registered
under the Investment Advisers Act of 1940.  Its clients (collectively, "Advisory
Clients") own 3,709,600 shares of the outstanding common stock of the Company
(the "Shares").  Pursuant to advisory contracts with the Advisory Clients, FMA
exercises sole voting and investment discretion over such shares.  No other
person who would constitute, along with FMA or with any one or more of the
Advisory Clients, a "group" as that term is used for purposes of Section
13(d)(3) ("Section 13(d)") of the Securities Exchange Act of 1934, as amended,
(the "Exchange Act") owns any shares of the Company.  Because that portion of
the Shares which exceed the Ownership Limitation (capitalized terms in this
letter are used as defined in Article XII of the Certificate of Incorporation of
the Company) is subject to being designated Excess Stock under Article XII, FMA
requests that the Board of Directors of the Company (the Board of Directors of
Ventas, Inc. as same exists on the date hereof shall be referred to herein as
the "Board") grant a waiver to FMA and the Advisory Clients from the provisions
of Article XII.

     In consideration and as a condition to such waiver, each of FMA and the
Advisory Clients agree that it shall not take any of the actions described below
with respect to any Additional Shares for so long as such shares shall
constitute Additional Shares.  "Additional Shares" shall mean the number of
shares of common stock of the Company owned by all of FMA, the Advisory Clients
and any other person who would constitute, along with FMA or any Advisory
Client, a "group" under section 13(d), that exceeds 9.73% of the common stock of
the Company outstanding, which is the percentage of the shares of outstanding
common stock owned by FMA and/or the Advisory Clients as of April 30, 1998.  The
undersigned has the legal authority to bind each Advisory Client to the terms of
this letter and the related Waiver.  With respect to Additional Shares, FMA
shall not, and it shall not permit any Advisory Clients to:

     (a)  Solicit proxies from stockholders of the Company, the power to vote,
          become a "participant" in any "election contest" (as such terms are
          used in Rule 14a-11 of the Exchange Act), with respect to the Company,
          or make any communication (other than as required by law) referred to
          in Rule 14a1(1)(2)(iv) of the Exchange
<PAGE>

          Act in connection with any election contest or other vote by
          stockholders of the Company or otherwise that is contrary to or
          conflicts with actions taken or omitted or to be omitted by the Board;

     (b)  Seek or vote for the removal of any member of the Board, except
          removal "for cause" as such term is used under the Delaware General
          Corporation Law;

     (c)  Vote for any individual nominated for election to the Board thereof
          other than those individuals nominated by the Board or a Committee
          thereof;

     (d)  Call or seek to have called any meeting of the stockholders of the
          Company;

     (e)  Otherwise act, alone or in concert with others to (i) solicit,
          propose, seek to effect or negotiate with any other person with
          respect to (A) any business combination with the Company or (B) any
          restructuring, recapitalization or similar transaction of the Company,
          (ii) solicit, propose, seek to effect or negotiate with any other
          person with respect to, or announce an intent to make, any tender
          offer or exchange offer for any voting securities of the Company, or
          (iii) assist, participate in, facilitate or solicit any effort or
          attempt by any persons to do or seek to do any of the foregoing; or

     (f)  Form, join or participate in a "group" (within the meaning of Section
          13(d) of the Exchange Act) with respect to any of the matters
          described above.

     In support of its request, FMA makes the following representations,
warranties and covenants:

     1.   FMA will limit the aggregate Beneficial Ownership (as defined in
Article XII) by it and any Person who would constitute, along with FMA or any
Advisory Client, a "group", as that term is used for purposes of Section 13(d)
of the Exchange Act, of the Company's Common Stock to no more than 14.9% of the
shares of Common Stock outstanding.

     2.   The name and tax identification number of each Advisory Client which
beneficially owns the Company's Common Stock and the date and the number of
shares beneficially owned by each Advisory Client is as set forth in Exhibit A.

     3.   No Person (as defined in Article XII) Beneficially Owns or, is
believed by FMA to be likely to Beneficially Own in the future, more than 5% of
the outstanding shares of any of the Advisory Clients.

     4.   Neither FMA nor any of its Advisory Clients, taken separately or taken
together in any combination, are, and will not in the future be, partners in any
partnership between or among any two or more of them as determined for federal
income tax purposes which partnership Beneficially Owns any of the Company's
Common Stock.  No single Advisory Client or combination of Advisory Clients with
a mutual 10.0% or greater owner, Beneficially Owns or will Beneficially Own more
than 9.0% of the Company's Common Stock outstanding.  FMA does not currently
Beneficially Own, and will not Beneficially Own, more than 9.0% of the Company's
Common Stock outstanding (excluding for this purpose its Beneficial Ownership of
<PAGE>

Common Stock in excess of such amounts to the extent such Beneficial Ownership
results solely from it being treated, along with the Advisory Clients, as a
"group" under Section 13(d) of the Exchange Act).

     5.   FMA, its Advisory Clients and the Person who would constitute, along
with FMA or any Advisory Client, a "group" under Section 13(d) of the Exchange
Act, will comply with the terms of Article XII, except as expressly waived by
the Board.

     6.   FMA and its Advisory Clients agree to enter into a reasonable
agreement to memorialize further the representations and commitments set forth
herein.

     7.   As of April 30, 1998 the Advisory Clients Beneficially Owned 9.73% of
the outstanding common stock of the Company. As of October 26, 1999, the
Advisory Clients Beneficially Owned approximately 5.46% of the outstanding
common stock of the Company.

     8.   Intentionally Omitted.

     9.   Intentionally Omitted.

     10.  Notwithstanding any other provision of this letter or the related
waiver, if any 10.0% or greater Beneficial Owner of FMA, FMA, its Advisory
Clients, or any other person who would, along with FMA or any of them, either
constitute a "group" under Section 13(d)(3) or a partnership for federal income
tax purposes, Beneficially Owns (excluding for this purpose Beneficial Ownership
of Common Stock that results solely from being treated as part of a "group"
under Section 13(d)) more than 9.0% of the stock of the Company while
Beneficially Owning, singly or taken together in any combination, more than 9.0%
of the stock, warrants, options, convertible debt or any other rights to acquire
the stock of Vencor, Inc. or any other tenant of the Company, the Additional
Shares owned will be automatically designated as "Excess Shares" under Article
XII.  Such designation will be effective as of the close of business on the
business day prior to the date of the relevant event.

     FMA understands that the breach of any representation, warranty or covenant
contained herein or the failure to comply with its covenants and undertakings in
this letter and, in addition to any other remedy available to the Company,
subjects the Additional Shares to being designated as "Excess Shares" under
Article XII.  In such event, any waiver granted by the Board shall terminate and
the Company may proceed in any manner permitted under Article XII.

                 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
<PAGE>

     Upon acceptance of this letter by you, this letter shall supersede our
letter dated July 27, 1998, which was accepted by you on July 28, 1998, which
shall be of no further force and effect.

                                        Very truly yours,

                                        FRANKLIN MUTUAL ADVISERS, LLC
                                        on behalf of itself and on behalf
                                        of the Advisory Clients

                                        By: /s/ Bradley Takahashi
                                            ---------------------
                                            Name:  Bradley Takahashi
                                            Title: Assistant Vice President
<PAGE>

                                   EXHIBIT A

-------------------------------------------------------------------------
Name of Client:                         Tax ID of      Ventas Sh' owned:
                                        Client:

-------------------------------------------------------------------------
Mutual Shares Fund                      13-6097589     1,285,800
-------------------------------------------------------------------------
Mutual Qualified Fund                   13-3019906     904,500
-------------------------------------------------------------------------
Mutual Beacon Fund                      04-6055276     730,800
-------------------------------------------------------------------------
Mutual Discovery Fund                   22-6586780     653,500
-------------------------------------------------------------------------
Mutual Shares Securities Fund           65-0750252     72,700
-------------------------------------------------------------------------
Mutual Discovery Securities Fund        65-0750249     42,700
-------------------------------------------------------------------------
Mutual Beacon Fund (Canada)             (Non-U.S.)     19,600
-------------------------------------------------------------------------
<PAGE>

                                   EXHIBIT B

                         [LETTERHEAD OF VENTAS, INC.]

October 27, 1999
Mr. Bradley Takahashi
Franklin Mutual Advisers, LLC
51 John F. Kennedy Parkway
Short Hills, NH  07078

     RE:  Request by Franklin Mutual Advisers, LLC ("FMA") for a Waiver of the
          Provisions of Article XII of the Certificate of Incorporation of
          Ventas, Inc. (the "Company")

Dear Mr. Takahashi:

     This letter is in response to the request by FMA for an amendment of the
previously granted waiver of the provisions of Article XII of the Certificate of
Incorporation of the Company with respect to FMA and its Advisory Clients as
described in the letter from FMA to the Company dated October 26, 1999, which is
attached hereto (the "Request Letter").  Capitalized terms used but not defined
herein shall have the meaning set forth in the Request Letter.  This letter
revokes and replaces, with your consent, our prior letter dated July 28, 1998.

     The Board hereby waives, on the terms and subject to the conditions set
forth in this letter and the Request Letter, the application of Article XII to
FMA and its Advisory Clients with respect to the provisions thereof limiting
Beneficial Ownership of Common Stock of the Company.  The breach of any
representation, warranty or covenant contained in the Request Letter, or the
failure to comply with the covenants and undertakings in the Request Letter,
shall cause the waiver granted in this letter to become null and void, and shall
cause any Common Shares owned by FMA or its Advisory Clients in excess of the
otherwise applicable 9.0% Ownership Limit to become designated Excess Shares
under Article XII, in addition to any other remedy available to the Company.

     If this letter accurately sets forth our understanding, please sign the
letter where indicated below and return a signed copy to me.  This letter shall
be of no force and effect, and may be revoked at any point in time prior to the
Company's receipt of a signed copy from FMA.

                                   Very truly yours,

                                   VENTAS, INC.

                                   By:  /s/ T. Richard Riney
                                        --------------------
                                        Name:   T. Richard Riney
                                        Title:  Executive Vice President
                                                and General Counsel
<PAGE>

ACCEPTED AND AGREED
This 29th day of
October, 1999

FRANKLIN MUTUAL ADVISERS, LLC
on behalf of itself and on behalf of the
Advisory Clients

By:  /s/ Bradley Takahashi
     ---------------------
     Name:   Bradley Takahashi
     Title:  Assistant Vice President

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