Document:

EX-10.1

 Exhibit 10.1 
 FIRST AMENDMENT TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT
AGREEMENT dated as of April 16, 2013 (this “Amendment”) is by and among AVIV FINANCING IV, L.L.C., a Delaware limited liability company (the “Parent Borrower”), each of the entities identified on the
signature pages hereto as a Subsidiary Borrower (each individually a “Subsidiary Borrower” and collectively with the Parent Borrower, the “Borrowers”), AVIV REIT, INC., a Maryland corporation (the
“REIT Guarantor”), AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, a Delaware limited partnership (the “LP Guarantor”), AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P., a Delaware limited
partnership (the “OP Guarantor”), the other Guarantors identified herein, and BANK OF AMERICA, N.A., as Administrative Agent for the Lenders party to the Credit Agreement referred to below. 

R E C I T A L S 
 A. The Borrowers, the REIT Guarantor, the LP Guarantor, the OP Guarantor and the other Guarantors identified on the signature pages hereto, the Administrative Agent and certain financial institutions, as
lenders (the “Lenders”) are parties to that certain Credit Agreement dated as of March 26, 2013 (the “Original Credit Agreement”). 
 B. Pursuant to Section 2.19 of the Credit Agreement, on April 1, 2013 the Parent Borrower submitted a notice of its intention to (a) convert 100% of the outstanding Term Loan
Commitments and funded Term Loans to Revolving Commitments and (in the case of the funded portion of the Term Loans being converted) Revolving Loans and (b) permanently terminate the Term Loan Commitments and outstanding Term Loans and cancel
the Term Notes. 
 C. In order to effectuate the foregoing, the Credit Parties and the Administrative Agent have agreed to
execute this Amendment in accordance with Section 2.19(e) of the Credit Agreement to clarify the amount of the Commitments and the outstanding Loans after giving effect to the conversion on April 16, 2013 (the “Term Loan
Conversion Date”). 
 D. From and after the date hereof, the Original Credit Agreement as amended by this Amendment,
and as may be hereafter further supplemented, amended, modified or restated from time to time, shall be referred to collectively as the “Credit Agreement”. 
 NOW, THEREFORE, in consideration of the premises herein contained, and for other good and valuable consideration (the receipt, sufficiency and adequacy of which are hereby acknowledged), the
parties hereto (intending to be legally bound) hereby agree as follows: 
 1. Definitions. Capitalized term used but not
otherwise defined herein shall have the meanings provided in the Original Credit Agreement. 

 2. Amendments. Effective upon the Term Loan Conversion Date and satisfaction of the
conditions in Section 4 of this Amendment: 
 (a) Section 1.01 of the Original Credit Agreement
is hereby amended as follows: 
 (i) The definition of “Term Loan Commitment” is hereby deleted in its
entirety and replaced with the following: 
 “Term Loan Commitment” means, with respect to each
Term Loan Lender, $0. 
 (ii) The definition of “Term Loan Percentage” is hereby deleted in its
entirety and replaced with the following: 
 “Term Loan Percentage” means, at any time, for
each Term Loan Lender, 0%. 
 (b) Section 2.01(a) of the Original Credit Agreement is hereby amended
to reflect the new higher Aggregate Revolving Committed Amount and to remove references to Section 2.19 and to the Term Loans by deleting it in its entirety and replacing it with the following: 

(a) Revolving Loans. During the Revolving Commitment Period, each Revolving Lender severally agrees to make
revolving credit loans (the “Revolving Loans”) to the Parent Borrower on any Business Day; provided that after giving effect to any such Revolving Loan, (i) with regard to the Revolving Lenders collectively, the
aggregate Outstanding Amount of Revolving Obligations shall not exceed the lesser of (x) FOUR HUNDRED MILLION DOLLARS ($400,000,000) (as such amount may be increased or decreased in accordance with the provisions hereof (including,
without limitation, Section 2.01(e)), the “Aggregate Revolving Committed Amount”) and (y) the Borrowing Base Amount for such date, (ii) with regard to each Revolving Lender individually, such Revolving
Lender’s Revolving Commitment Percentage of Revolving Obligations shall not exceed its respective Revolving Committed Amount and (iii) the Total Outstandings shall not exceed the lesser of (x) the Aggregate Commitments and
(y) the Borrowing Base Amount. Revolving Loans may consist of Base Rate Loans, Eurodollar Loans, or a combination thereof, as provided herein, and may be repaid and reborrowed in accordance with the provisions hereof. 

(c) Section 2.01(d) of the Original Credit Agreement is hereby amended to reflect the fact that the Borrowers
may no longer request Term Loans by deleting it in its entirety and replacing it with the following: 
 (d)
Term Loans. The aggregate Outstanding Amount of term loans made by each Term Loan Lender to the Borrower (each, a “Term Loan”) shall equal ZERO DOLLARS ($0). 

 (d) The first paragraph of Section 2.01(e) of the Original
Credit Agreement is hereby amended to remove references to the incremental term loan facilities by deleting it in its entirety and replacing it with the following: 

(e) Increases of the Aggregate Revolving Commitments. Subject to the terms and conditions set forth herein, the
Parent Borrower may, at any time prior to the then Applicable Maturity Date, upon written notice to the Administrative Agent, cause an increase in the Aggregate Revolving Commitments (each such increase, an “Incremental Revolving
Increase”, and collectively, “Incremental Facilities”) in an aggregate amount of up to ONE HUNDRED MILLION DOLLARS ($100,000,000) (to an aggregate amount not more than FIVE HUNDRED MILLION DOLLARS
($500,000,000)), provided that such increase shall be conditioned and effective upon the satisfaction of the following conditions: 
 (e) Schedule 2.01 to the Original Credit Agreement is hereby deleted in its entirety and replaced with Schedule 2.01 attached hereto as Exhibit A. 

3. Outstanding Amounts. For the avoidance of doubt, on the Term Loan Conversion Date upon giving effect to this Amendment:

 (a) The outstanding principal amount of the Term Loans will be $0. 

(b) The outstanding principal amount of the Revolving Loans will be $75,000,000. 

(c) The Aggregate Revolving Committed Amount will be $400,000,000. 

4. Conditions to Effectiveness. This Amendment shall be and become effective as of the Term Loan Conversion Date when the
following condition has been satisfied: 
 (a) The Administrative Agent shall have received counterparts (or
other evidence of execution satisfactory to the Administrative Agent) of this Amendment, which collectively shall have been duly executed on behalf of each of the Credit Parties and the Administrative Agent. 

5. Reference to and Effect on the Original Credit Agreement. 

(a) Except as expressly provided herein, the Original Credit Agreement and all of the Credit Documents (other than the
Term Notes which have been cancelled) shall remain unmodified and continue in full force and effect and are hereby ratified and confirmed. 
 (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of: (i) any right, power or remedy of the Administrative Agent or any Lender under the Original Credit
Agreement or any of the Credit Documents, or (ii) any Default or Event of Default under the Original Credit Agreement. 

 6. Costs, Expenses and Taxes. Without limiting the obligation of the Credit Parties
to reimburse the Administrative Agent and each Lender for costs, fees, disbursements and expenses incurred by the Administrative Agent and each Lender as specified in the Credit Agreement, the Credit Parties agree to pay on demand all reasonable
costs, fees, disbursements and expenses of the Administrative Agent in connection with the preparation, execution and delivery of this Amendment and the other agreements, instruments and documents contemplated hereby, including, without limitation,
reasonable attorneys’ fees and out-of-pocket expenses. 
 7. Representations and Warranties of the Credit Parties.
Each Credit Party hereby represents and warrants to the Administrative Agent and each Lender that on and as of the Term Loan Conversion Date and after giving effect to this Amendment: 

(a) Each Credit Party has the requisite power and authority to execute, deliver and perform its obligations under this
Amendment. This Amendment has been duly authorized by all necessary action of each Credit Party. This Amendment constitutes the legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its
terms, subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar law affecting creditors’ rights generally and general principles of equity; 

(b) Each Credit Party’s representations set forth in the Credit Agreement and in the Credit Documents are true,
correct and complete on and as of the date hereof, except for any representation made as of an earlier date, which representation shall remain true and correct as of such earlier date; and 

(c) No Default or Event of Default has occurred and is continuing. 

8. Reference to Credit Agreement. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this
Credit Agreement,” “this Agreement”, “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Credit Agreement as amended hereby. The term “Credit Documents”
as defined in Section 1.01 of the Credit Agreement shall include (in addition to the Credit Documents described in the Credit Agreement) this Amendment and any other agreements, instruments or other documents executed in connection
herewith. 
 9. Counterparts; Facsimile. This Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Amendment. Receipt of an executed signature page to this
Amendment by facsimile or other electronic transmission shall constitute for all purposes effective delivery thereof. Electronic records of this executed Amendment maintained by the Lenders shall be deemed to be originals. 

 10. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed
and delivered as of the date first above written. 
  

									
	PARENT BORROWER
	
	AVIV FINANCING IV, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 	a Delaware limited partnership,
		 		 	its general partner
				
		 		 	By:	 	AVIV REIT, INC.,
		 		 		 	a Maryland corporation,
		 		 		 	its general partner
					
		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 	Its:	 	 Chairman & Chief Executive Officer

 SUBSIDIARY BORROWERS 
 AVIV FOOTHILLS, L.L.C., 
 a Delaware limited liability company, 

AVIV LIBERTY, L.L.C., 
 a Delaware limited
liability company, 
 CALIFORNIA AVIV TWO, L.L.C. 
 a Delaware limited liability company, 
 EFFINGHAM ASSOCIATES, L.L.C., 

an Illinois limited liability company, 
 ELITE
MATTOON, L.L.C., 
 a Delaware limited liability company, 
 GARDNERVILLE PROPERTY, L.L.C., 
 a Delaware limited liability company, 

KANSAS FIVE PROPERTY, L.L.C., 
 a Delaware
limited liability company, 
 KARAN ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 MANOR ASSOCIATES, L.L.C., 

a Delaware limited liability company, 

NEWTOWN ALF PROPERTY, L.L.C., 
 a Delaware
limited liability company, 
 OHIO PENNSYLVANIA PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 ORANGE ALF PROPERTY, L.L.C., 

a Delaware limited liability company, 
 POMONA
VISTA L.L.C., 
 an Illinois limited liability company, 
 RATON PROPERTY LIMITED COMPANY, 
 a New Mexico limited liability company, 

RED ROCKS, L.L.C., 
 an Illinois limited
liability company, 
 ROSE BALDWIN PARK PROPERTY L.L.C., 
 an Illinois limited liability company, 
 SALEM ASSOCIATES, L.L.C., 

a Delaware limited liability company, 
 SAN
JUAN NH PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 SANDALWOOD ARKANSAS PROPERTY, L.L.C., 
 a Delaware limited liability company, 

SEDGWICK PROPERTIES, L.L.C., 
 a Delaware
limited liability company, 
 SUN-MESA PROPERTIES, L.L.C., 
 an Illinois limited liability company, 
 VRB AVIV, L.L.C. 

a Delaware limited liability company, 

WATAUGA ASSOCIATES, L.L.C., 
 an Illinois
limited liability company, 
 WILLIS TEXAS AVIV, L.L.C., 
 A Delaware limited liability company 

											
	By:	 	AVIV FINANCING IV, L.L.C.,
		 	a Delaware limited liability company,
		 	their sole member
			
		 	 By:
	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 		 	a Delaware limited partnership,
		 		 	its sole member
				
		 		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 		 	a Delaware limited partnership,
		 		 		 	its general partner
					
		 		 		 	By:	 	AVIV REIT, INC.,
		 		 		 		 	a Maryland corporation,
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

							
	REIT GUARANTOR
	
	AVIV REIT, INC.,
	a Maryland corporation
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	 Craig M. Bernfield

	Its:	 	
Chairman & Chief Executive 
Officer

  

							
	LP GUARANTOR
	
	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
	a Delaware limited partnership
		
	By:	 	AVIV REIT, INC.,
		 	a Maryland corporation,
		 	its general partner
			
		 	By:	 	 /s/ Craig M. Bernfield

		 	Name:	 	 Craig M. Bernfield

		 	Its:	 	
Chairman & Chief Executive 
Officer

  

							
	OP GUARANTOR
	
	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
	a Delaware limited partnership
		
	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 	a Delaware limited partnership,
		 	its general partner
			
		 	By:	 	AVIV REIT, INC.,
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 	Name:	 	 Craig M. Bernfield

		 		 	Its:	 	 Chairman & Chief Executive Officer

									
	SUBSIDIARY GUARANTORS
	
	AVIV HEALTHCARE CAPITAL CORPORATION,
	a Delaware corporation
		
	By:	 	 /s/ Craig M. Bernfield

	Name:	 	 Craig M. Bernfield

	Its:	 	 Chairman & Chief Executive Officer

	
	AVIV OP LIMITED PARTNER, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV REIT, INC.,
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 	Name:	 	 Craig M. Bernfield

		 		 	Its:	 	 Chairman & Chief Executive Officer

	
	AVIV ASSET MANAGEMENT, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV REIT, INC.,
		 		 	a Maryland corporation,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 	Name:	 	 Craig M. Bernfield

		 		 	Its:	 	 Chairman & Chief Executive Officer

											
	AVIV FINANCING I, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 	a Delaware limited partnership,
		 		 	its general partner
				
		 		 	By:	 	AVIV REIT, INC.,
		 		 		 	a Maryland corporation,
		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

	
	AVIV FINANCING II, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 	a Delaware limited partnership,
		 		 	its general partner
					
		 		 	By:	 		 	AVIV REIT, INC.,
		 		 		 		 	a Maryland corporation,
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

									
	AVIV FINANCING III, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 	a Delaware limited partnership,
		 		 	its general partner
				
		 		 	By:	 	AVIV REIT, INC.,
		 		 		 	a Maryland corporation,
		 		 		 	its general partner
					
		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 	Its:	 	 Chairman & Chief Executive Officer

	
	AVIV FINANCING V, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 	a Delaware limited partnership,
		 	its sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 	a Delaware limited partnership,
		 		 	its general partner
				
		 		 	By:	 	AVIV REIT, INC.,
		 		 		 	a Maryland corporation,
		 		 		 	its general partner
					
		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 	Its:	 	 Chairman & Chief Executive Officer

 ALAMOGORDO AVIV, L.L.C., 
 a New Mexico limited liability company, 
 ARMA YATES, L.L.C., 

a Delaware limited liability company, 
 BENTON
HARBOR, L.L.C., 
 an Illinois limited liability company, 
 BRADENTON ALF PROPERTY, L.L.C., 
 a Delaware limited liability company, 

CALIFORNIA AVIV, L.L.C., 
 a Delaware
limited liability company, 
 CHENAL ARKANSAS, L.L.C., 
 a Delaware limited liability company, 
 CHIPPEWA VALLEY, L.L.C., 

an Illinois limited liability company, 

CLAYTON ASSOCIATES, L.L.C., 
 a New Mexico
limited liability company, 
 COLUMBUS WESTERN AVENUE, L.L.C., 
 a Delaware limited liability company, 
 COMMERCE NURSING HOMES, L.L.C., 

an Illinois limited liability company, 

COMMERCE STERLING HART DRIVE, L.L.C., 
 a
Delaware limited liability company, 
 CONROE RIGBY OWEN ROAD, L.L.C., 
 a Delaware limited liability company, 
 DENISON TEXAS, L.L.C., 

a Delaware limited liability company, 

FALFURRIAS TEXAS, L.L.C., 
 a Delaware
limited liability company, 
 FLORENCE HEIGHTS ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 FREDERICKSBURG SOUTH ADAMS STREET, L.L.C.,

 a Delaware limited liability company, 
 FREEWATER OREGON, L.L.C., 
 a Delaware limited liability company, 

FULLERTON CALIFORNIA, L.L.C., 
 a Delaware
limited liability company, 
 GERMANTOWN PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 HERITAGE MONTEREY ASSOCIATES, L.L.C., 

an Illinois limited liability company, 

HIGHLAND LEASEHOLD, L.L.C., 
 a Delaware
limited liability company, 
 HOBBS ASSOCIATES, L.L.C., 
 an Illinois limited liability company, 
 HOT SPRINGS AVIV, L.L.C., 

a Delaware limited liability company, 

 HOUSTON TEXAS AVIV, L.L.C., 
 a Delaware limited liability company, 
 HUTCHINSON KANSAS, L.L.C., 

a Delaware limited liability company, 
 JASPER
SPRINGHILL STREET, L.L.C., 
 a Delaware limited liability company, 
 MCCARTHY STREET PROPERTY, L.L.C., 
 a Delaware limited liability company, 

MISSOURI ASSOCIATES, L.L.C., 
 a Delaware
limited liability company, 
 MISSOURI REGENCY ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 MOUNT WASHINGTON PROPERTY, L.L.C., 

a Delaware limited liability company, 
 N.M.
BLOOMFIELD THREE PLUS ONE LIMITED COMPANY 
 a New Mexico limited liability company, 
 N.M. ESPANOLA THREE PLUS ONE LIMITED COMPANY 
 a New Mexico limited liability company,

 N.M. LORDSBURG THREE PLUS ONE LIMITED COMPANY 
 a New Mexico limited liability company, 
 N.M. SILVER CITY THREE PLUS ONE LIMITED COMPANY

 a New Mexico limited liability company, 
 OMAHA ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 

RIVERSIDE NURSING HOME ASSOCIATES, L.L.C., 

a Delaware limited liability company, 
 SANTA
ANA-BARTLETT, L.L.C., 
 an Illinois limited liability company, 
 SAVOY/BONHAM VENTURE, L.L.C., 
 a Delaware limited liability company, 

SOUTHERN CALIFORNIA NEVADA, L.L.C., 
 a
Delaware limited liability company, 
 TUJUNGA, L.L.C., 
 a Delaware limited liability company, 
 WASHINGTON-OREGON ASSOCIATES, L.L.C., 

an Illinois limited liability company, 

											
	WHEELER HEALTHCARE ASSOCIATES, L.L.C.,
	a Texas limited liability company,
		
	By:	 	AVIV FINANCING I, L.L.C.,
		 	a Delaware limited liability company,
		 	their sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 		 	a Delaware limited partnership,
		 		 	its sole member
				
		 		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 		 	a Delaware limited partnership,
		 		 		 	its general partner
					
		 		 		 	By:	 	AVIV REIT, INC.,
		 		 		 		 	a Maryland corporation,
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

 ARKANSAS AVIV, L.L.C., 
 a Delaware limited liability company, 
 AVON OHIO, L.L.C., 

a Delaware limited liability company, 

BELLEVILLE ILLINOIS, L.L.C., 
 a Delaware
limited liability company, 
 BELLINGHAM II ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 BHG AVIV, L.L.C., 

a Delaware limited liability company, 

BIGLERVILLE ROAD, L.L.C., 
 a Delaware
limited liability company, 
 BONHAM TEXAS, L.L.C., 
 a Delaware limited liability company, 
 BURTON NH PROPERTY, L.L.C., 

a Delaware limited liability company, 
 CAMAS
ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 CHATHAM AVIV, L.L.C., 
 a Delaware limited liability company, 

CLARKSTON CARE, L.L.C., 
 a Delaware
limited liability company, 
 COLONIAL MADISON ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 

 COLUMBIA VIEW ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 COLUMBUS TEXAS AVIV, L.L.C., 

a Delaware limited liability company, 

CROOKED RIVER ROAD, L.L.C., 
 a Delaware
limited liability company, 
 CR AVIV, L.L.C., 
 a Delaware limited liability company, 
 CUYAHOGA FALLS PROPERTY, L.L.C., 

a Delaware limited liability company, 
 DARIEN
ALF PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 EAST ROLLINS STREET, L.L.C., 
 a Delaware limited liability company, 

ELITE YORKVILLE, L.L.C., 
 a Delaware
limited liability company, 
 FOUNTAIN ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 FOUR FOUNTAINS AVIV, L.L.C., 

a Delaware limited liability company, 
 GILTEX
CARE, L.L.C., 
 a Delaware limited liability company, 
 GREAT BEND PROPERTY, L.L.C., 
 a Delaware limited liability company, 

HHM AVIV, L.L.C., 
 a Delaware limited
liability company, 
 HIDDEN ACRES PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 IDAHO ASSOCIATES, L.L.C., 

an Illinois limited liability company, 
 IOWA
LINCOLN COUNTY PROPERTY, L.L.C., 
 a Delaware limited liability company, 
 KARAN ASSOCIATES TWO, L.L.C., 
 a Delaware limited liability company, 

KB NORTHWEST ASSOCIATES, L.L.C., 
 a
Delaware limited liability company, 
 MANSFIELD AVIV, L.L.C., 
 a Delaware limited liability company, 
 MASSACHUSETTS NURSING HOMES, L.L.C., 

a Delaware limited liability company, 

MINNESOTA ASSOCIATES, L.L.C., 
 a Delaware
limited liability company, 
 MONTEREY PARK LEASEHOLD MORTGAGE, L.L.C., 
 a Delaware limited liability company, 
 MT. VERNON TEXAS, L.L.C., 

a Delaware limited liability company, 

 MURRAY COUNTY, L.L.C., 
 a Delaware limited liability company, 
 NORWALK ALF PROPERTY, L.L.C., 

a Delaware limited liability company, 

OAKLAND NURSING HOMES, L.L.C., 
 a
Delaware limited liability company, 
 OCTOBER ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 OGDEN ASSOCIATES, L.L.C., 

a Delaware limited liability company, 
 OHIO
AVIV, L.L.C., 
 a Delaware limited liability company, 
 OHIO AVIV THREE, L.L.C., 
 a Delaware limited liability company, 

OHIO AVIV TWO, L.L.C., 
 a Delaware
limited liability company, 
 OREGON ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 PEABODY ASSOCIATES, L.L.C., 

a Delaware limited liability company, 

PRESCOTT ARKANSAS, L.L.C., 
 a Delaware
limited liability company, 
 RICHLAND WASHINGTON, L.L.C., 
 a Delaware limited liability company, 
 SANTA FE MISSOURI ASSOCIATES, L.L.C., 

an Illinois limited liability company, 

SEARCY AVIV, L.L.C., 
 a Delaware limited
liability company, 
 SKYVIEW ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 STAR CITY ARKANSAS, L.L.C., 

a Delaware limited liability company, 

WELLINGTON LEASEHOLD, L.L.C., 
 a Delaware
limited liability company, 
 WEST PEARL STREET, L.L.C., 
 a Delaware limited liability company, 
 XION, L.L.C., 

an Illinois limited liability company, 

											
	YUBA AVIV, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV FINANCING II, L.L.C.,
		 	a Delaware limited liability company,
		 	their sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 		 	a Delaware limited partnership,
		 		 	its sole member
				
		 		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 		 	a Delaware limited partnership,
		 		 		 	its general partner
					
		 		 		 	By:	 	AVIV REIT, INC.,
		 		 		 		 	a Maryland corporation,
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

 CASA/SIERRA CALIFORNIA ASSOCIATES, L.L.C., 
 a Delaware limited liability company, 
 FLORIDA FOUR PROPERTIES, L.L.C., 

a Delaware limited liability company, 

GLENDALE NH PROPERTY, L.L.C., 
 a Delaware
limited liability company, 
 KINGSVILLE TEXAS, L.L.C., 
 a Delaware limited liability company, 
 MONTANA ASSOCIATES, L.L.C., 

an Illinois limited liability company, 

ORANGE, L.L.C., 
 an Illinois limited
liability company, 
 PEABODY ASSOCIATES TWO, L.L.C., 
 a Delaware limited liability company, 
 SEGUIN TEXAS PROPERTY, L.L.C., 

a Delaware limited liability company, 

SOUTHEAST MISSOURI PROPERTY, L.L.C., 
 a
Delaware limited liability company, 
 STEVENS AVENUE PROPERTY, L.L.C., 
 a Delaware limited liability company, 

											
	TEXAS FIFTEEN PROPERTY, L.L.C.,
	a Delaware limited liability company
		
	By:	 	AVIV FINANCING V, L.L.C.,
		 	a Delaware limited liability company,
		 	their sole member
			
		 	By:	 	AVIV HEALTHCARE PROPERTIES OPERATING PARTNERSHIP I, L.P.,
		 		 	a Delaware limited partnership,
		 		 	its sole member
				
		 		 	By:	 	AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP,
		 		 		 	a Delaware limited partnership,
		 		 		 	its general partner
					
		 		 		 	By:	 	AVIV REIT, INC.,
		 		 		 		 	a Maryland corporation,
		 		 		 		 	its general partner
						
		 		 		 		 	By:	 	 /s/ Craig M. Bernfield

		 		 		 		 	Name:	 	 Craig M. Bernfield

		 		 		 		 	Its:	 	 Chairman & Chief Executive Officer

							
	ADMINISTRATIVE AGENT:	 	 	 	BANK OF AMERICA, N.A., as Administrative Agent
				
		 		 	By:	 	 /s/ Jeremy Schmitt

		 		 	Name:	 	 Jeremy Schmitt

		 		 	Title:	 	 Vice President

 Exhibit A 
 Schedule 2.01 
 LENDERS AND COMMITMENTS 

 

									
	 Lender
	  	Revolving
Commitment
Percentage	 	 	Revolving
Committed Amount	 
			
	 Bank of America, N.A.
	  	 	11.500000000	% 	 	$	46,000,000	  
	 SunTrust Bank
	  	 	11.500000000	% 	 	$	46,000,000	  
	 Morgan Stanley Bank, N.A.
	  	 	11.500000000	% 	 	$	46,000,000	  
	 Goldman Sachs Bank USA
	  	 	9.000000000	% 	 	$	36,000,000	  
	 RBS Citizens, N.A.
	  	 	9.000000000	% 	 	$	36,000,000	  
	 Royal Bank of Canada
	  	 	8.750000000	% 	 	$	35,000,000	  
	 Citibank N.A.
	  	 	7.500000000	% 	 	$	30,000,000	  
	 Banco Popular North America
	  	 	7.500000000	% 	 	$	30,000,000	  
	 FirstMerit Bank, N.A.
	  	 	7.500000000	% 	 	$	30,000,000	  
	 The PrivateBank and Trust Company
	  	 	6.250000000	% 	 	$	25,000,000	  
	 Bank Leumi, USA
	  	 	6.250000000	% 	 	$	25,000,000	  
	 Credit Agricole Corporate & Investment Bank
	  	 	3.750000000	% 	 	$	15,000,000	  
		  	  
	  
	 	 	  
	  
	 
	 Total:
	  	 	100.000000000	% 	 	$	400,000,000EX-4.9

 Exhibit 4.9 
 Material indicated with a “[***]” has been redacted pursuant to a request for Confidential Treatment 
 under the Freedom of Information Act. Such material has been filed separately with the Securities and 
 Exchange Commission. 
  

			
		  	  
 Translation from Hebrew.
  
 Only the Hebrew version
 has a legal binding effect

 

 Date: June 28, 2012 
 Gazit – Globe Ltd. 
 Company Number 520033234 

To 
 Israel Discount Bank Ltd.

 Re: Letter of Amendment No. 2—Credit Line  

 

			
	Whereas:	  	On May 17, 2010 we, Gazit - Globe Ltd., Co. No. 51-003323-4 (hereinafter: the “Company”) signed for you on a credit line letter (hereinafter - the
“Credit Line Letter”); and on August 9, 2010 we signed on amendment No. 1 to the Credit Line Letter (hereinafter : “Amendment Letter No. 1”);
		
	And Whereas:	  	We have asked you to extend the validity of the credit line and the end date for the utilisation period of the credit line allocated to us in the sum of 200 million United States
dollars (hereinafter: the “Credit Line Amount” ) (hereinafter; the Credit Line Amount”). 
		
	And Whereas:	  	Agreement has been reached between us on further conditions vis-à-vis the extension of the end of the period for the utilising of the Credit Line, all as detailed in this
Letter of Ammendment below.

 Therefore we Hereby Confirm, Agree, Warrant, Declare and Undertake towards you as Follows: 

 

	1.	Preamble and Interpretation -  

  

	 	1.1	The preamble to this document constitutes an integral part hereof. 

  

	 	1.2	This letter constitutes the continuation of the Credit Line Letter and Ammendment Letter No. 1 of the Credit Line and is an integral part thereof, they are to be
read together, in continuation and as one, as one document and element, as conditions thereof adding and supplementary to each other. 

  

	 	1.3	Words and terms mentioned in this document, shall have the meanings and definitions and interpretation as stated in the Credit Line Letter. 

 

	 	1.4	Other than that stated in this addendum, no further change shall apply to the Credit Line Letter, which shall continue to apply with full validity and with full scope
and shall be binding on the company for all intents and purposes towards the Bank. 

	2.	End of the Utilisation Period 

 The Credit Line term shall be extended from 30.4.2013 to 15.7.2017 (hereinafter - the “End of the Utilisation Period”).  

 

	3.	Commissions 

  

	 	3.1	 Liabilities commissions as stated in Section 9.1 of the Credit Line Letter shall be at the rate of [***] per annum of the Credit Line Amount and
will be collected on every 15th of July, in advance, for
the next year, up until the End of the Utilisation Period. Notwithstanding the above said, the Liabilities Commissions for the year ending on 15.7.2013 will be paid on the date of the signing on this document, as detailed below: For the period
between the date of the signing of this agreement and up until April 30, 2013, the Company will pay Liabilities Commissions at the rate of [***]per annum of the Credit Line Amount. For the period from April 30, 2013 and up until
July 15, 2013 the Company will pay [***] percent of the Credit Line Amount. For the avoidance of doubt, the Liabilities Commission paid as stated above will not be reimbursed for next year if, for any reason, the Credit Line is cancelled and/or
the debt is made immediately due and payable. 

  

	 	3.2	Commission for non - utilisation as stated in Section 9.2 of the Credit Line Letter shall be at the rate of [***] percent per annum of the Credit Line Amount
instead of [***] percent of the Credit Line Amount which has not been utilised, starting from the date of the signing of this letter. 

  

	 	3.3	The commission for the preparing of the documents for this Letter of Ammendment will be at the rate of [***] percent of the Credit Line Amount and will be paid
at the date of the signing of this document. 

  

	4.	Interest 

  

	 	4.1	The interest rate will be amended in such a way so that, starting from the date of the signing of this Letter of Ammendment it will stand at the rate of [***]
percent above the bank cost, instead of [***] percent. 

  

	 	4.2	The Bank’s costs are to be defined as the definition of wholesale interest in Section 531 of the Credit Line Letter. 

In Witness Whereof We Have Set Our Hands: 

/s/ Roni Soffer, /s/ Gadi
Cunia                                        

 (Stamp & Signature of the Company’s Authorised Signatories) 

  
 - 2 -

 I, the undersigned, Adv. Adi Tamir , serve as the lawyer for Gazit - Globe Company Ltd.,
Company No. 520033234 (hereinafter - the “Company”), do hereby confirm for Israel Discount Bank Ltd. (hereinafter - the “Bank”) that the aforesaid document was signed on behalf of the Company by
Mr. Cuna, ID No.          and Mr. Soffer, ID No.         , who are authorized, by their signatures, to bind the Company towards the Bank, in
accordance with the resolutions of the competent organs of the Company which were duly adopted and also by virtue of the documents of incorporation of the Company, and that there is no restriction and/or impediment under any law and/or agreement for
the creation and/or signing and/or execution of the aforesaid document in favor and for the benefit of the Bank, all as detailed and stated in the aforesaid document, in such a manner that the aforesaid document is binding on the Company, and is
valid towards the Bank for all intents and purposes. 
  

			
	 Date: 28/06/12
	 	Advocate Adi Tamir

  
 - 3 -

 Company Name - Gazit - Globe Ltd. 
 Company No. 520033234 
 Address:
                     

Date:
                     
 To

 Israel Discount Bank Ltd. 
 Dear
Sir, 
 At the meeting of the board of directors of Gazit - Globe Ltd., Co. No. 520033234 (hereinafter - the
“Company”), held at its registered offices on                      , it was resolved as follows:- 

 

	1)	To sign on the document attached to this letter, headed: “Letter of Amendment No. 2 - Credit Line”, in favour of Israel Disocunt Bank Ltd.

  

	2)	To empower Mr. Cunia, ID No.         , and Mr. Soffer, ID No.
        , to sign on behalf of the Company on the aforesaid documents. 

 We hereby
confirm that the above-said resolutions are in accordance with the current documents of incorporation of the Company, that they were registered in the book of minutes and were signed by the chairman and that all resolutions and approvals required
for this transaction have been received. 
         /s/ Chaim
Katzman 
 Name and Signature of the Company’s Chairman (without stamp) 

To 
 Israel Discount Bank Ltd. 

Tel Aviv 
 Dear Sir, 

I, the undersigned, fulfilling the position of the lawyer in the aforesaid Company, do hereby confirm for Israel Discount Bank Ltd. (hereinafter - the
“Bank”) that:- 
  

	 	1)	The aforesaid minutes of Gazit - Globe Ltd., Company No. 520033234 (hereinafter - the “Company”), is a true copy of the original.

  

	 	2)	The resolutions which were adopted and mentioned in the aforesaid minutes are in accordance with the documents of incorporation of the Company, its memorandum and
articles of association, that they were registered in the book of minutes and signed by the chairman. 

  

	 	3)	All approvals and resolutions were obtained and adopted, and everything required in accordance with law was done, including in the competent organs of the Company in
such a way so that the aforesaid resolutions are binding on the Company for all intents and purposes, towards the Bank. 

  

	 	4)	There is no impediment, in law and/or agreement against the adopting of the aforesaid resolutions, their execution and implementation towards the Company.

  

	 	5)	Mr. Soffer ID No.          and Mr. Cunia ID No. is/are the officer/officers in the Company and his/their
signature/signatures on the Company’s stamp are binding on the Company for all intents and purposes. 

  
 - 4 -

	 	6)	Furthermore, I hereby confirm to you that at the date recorded on the margins of this document, no application for the appointment of a temporary or permanent receiver,
is pending against the Company, and no order has been issued for the appointment of a temporary or permanent receiver and/or no applications have been filed for the granting of a temporary or permanent winding-up order which is pending against the
Company and/or for a temporary or permanent liquidation order and no claim or legal proceedings, including at the Bailiff’s Office, is pending against the Company and no judgment or any order has been issued against the Company which has not
been executed and fully paid-up as recorded therein. Moreover, there is no charge and/or lien on the Company’s assets, fully or partially, and the Company’s assets are completely free of any debt, charge, third party right and liability.

  

			
	Date 28/06/12	  	/s/ Adi Tamir, Advocate

  
 - 5 -

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