Document:

Exhibit 10.4

 Exhibit 10.4 

GUARANTY OF MASTER LEASE 

THIS GUARANTY OF MASTER LEASE (this “Guaranty”) is executed as of July 30, 2015 (the “Effective Date”)
by PRISTINE SENIOR LIVING, LLC, an Indiana limited liability company (“PSL”), CHRISTOPHER T. COOK, an individual (“CTC”), and STEPHEN C. RYAN, an individual (“SCR”; individually
or collectively as PSL, CTC and SCR, as the context requires, “Guarantor”), in favor of CTR PARTNERSHIP, L.P., a Delaware limited partnership (“Landlord”). 

R  E  C  I  T  A  L  S 

A. A certain Master Lease of even date herewith (the “Lease”) has been entered into by and between Landlord, on the
one hand, and certain entities identified in the Lease as “Tenant” (collectively, “Tenant”), on the other. All initially-capitalized terms used and not otherwise defined herein shall have the same meanings given such terms
in the Lease. 
 B. Guarantor acknowledges and agrees that this Guaranty is given in accordance with the requirements of the Lease
and that Landlord would not have been willing to enter into the Lease unless Guarantor was willing to execute and deliver this Guaranty. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of Landlord entering into the Lease with Tenant, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 

1. Guaranty. (A) PSL, jointly and severally, and (B) CTC and SCR, severally but not jointly as more particularly
provided hereinbelow, hereby absolutely and unconditionally guarantee to Landlord the following (collectively, the “Guaranteed Obligations”): 

(a) payment in full by Tenant of all Rent (including, without limitation, Base Rent and Additional Rent) and other amounts due
under the Lease in the manner and at the time prescribed in the Lease; 
 (b) the full, complete and timely performance by
Tenant of all covenants, indemnities and other obligations under the Lease, including, without limitation, any indemnity or other obligations of Tenant that survive the expiration or earlier termination of the Lease; 

(c) the accuracy and truthfulness in all material respects of all of the representations and warranties made by Tenant under
the Lease; and 
 (d) all costs of collection or enforcement incurred by Landlord in exercising any remedies provided for in
the Lease, whether at law or in equity, with respect to the matters set forth in clauses (a) through (c), inclusive, above. 
 2.
Performance by Guarantor. If any Rent or other amount due under the Lease shall not be paid, or any obligation not performed as required by the Lease, then upon demand by Landlord, Guarantor shall pay, within ten (10) days of demand
by Landlord, such sums and perform such obligations as required by the Lease, without regard to: 

  
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 (a) any defense, set-off or counterclaim which Guarantor or Tenant may have or
assert; 
 (b) whether Landlord shall have instituted any suit, action or proceeding or exhausted its remedies or taken any
steps to enforce any rights against Tenant or any other person to collect all or any part of such sums, either pursuant to the provisions of the Lease or at law or in equity (it being understood that this is a guaranty of payment and not collection,
and Guarantor’s liability for such payment shall be primary); or 
 (c) any other condition or contingency. 

Guarantor waives any right of exoneration and any right to require Landlord to make an election of remedies. Guarantor covenants and agrees
that it shall not cause any default under the Lease. Guarantor’s performance or satisfaction of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify or abridge Guarantor’s obligation for that portion
of the Guaranteed Obligations which is not performed, and Landlord shall have the right to designate the manner in which any payments made by Tenant under the Lease or by Guarantor pursuant to this Guaranty are applied to the Guaranteed Obligations.
Without in any way limiting the generality of the foregoing, if Landlord receives payment for, or is awarded a judgment in any suit brought to enforce Guarantor’s covenant to perform, a portion of the Guaranteed Obligations, such payment or
judgment shall in no way be deemed to release Guarantor from its covenant to perform or satisfy any portion of the Guaranteed Obligations which is not satisfied by such payment or collection of such judgment. 

3. Guarantor’s Representations and Warranties. Guarantor hereby represents and warrants to Landlord that: 

(a) this Guaranty constitutes a legal, valid, and binding obligation of Guarantor and is fully enforceable against Guarantor in
accordance with its terms, subject to the effect of bankruptcy, insolvency, reorganization, moratorium or other similar laws of general application and of legal or equitable principles generally and covenants of good faith and fair dealing; 

(b) Guarantor is the direct or indirect owner of all of the ownership interests of each Tenant; and 

(c) this Guaranty is duly authorized, executed and delivered by and binding upon Guarantor. 

Any material breach by Guarantor of the representations and warranties set forth herein shall be a default under this Guaranty. 

4. Waiver. Guarantor hereby knowingly, voluntarily and unequivocally waives: 

(a) all notice of acceptance hereof, protest, demand and dishonor, presentment and demands of any kind now or hereafter
provided for by any statute or rule of law; 
 (b) any and all requirements that Landlord institute any action or proceeding,
or exhaust any or all of Landlord’s rights, remedies or recourse, against Tenant or anyone else as a condition precedent to bringing an action against Guarantor under this Guaranty, it being expressly agreed that the liability of Guarantor
hereunder shall be primary and not secondary; 

  
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 (c) any defense arising by reason of any disability, insolvency, bankruptcy, lack
of authority or power, death, insanity, minority, dissolution or any other defense of Tenant, its successors and assigns, Guarantor or, if applicable, any other guarantor of the Guaranteed Obligations (even though rendering same void, unenforceable
or otherwise uncollectible), it being agreed that Guarantor shall remain liable hereon regardless of whether Tenant or any other such person be found not liable thereon for any reason; 

(d) the benefits of any and all statutes, laws, rules or regulations applicable in the State that may require the prior or
concurrent joinder of any other party to any action on this Guaranty or which may require the exhaustion of remedies prior to a suit on this Guaranty, all as amended from time to time; 

(e) any claim Guarantor might otherwise have against Landlord by virtue of Landlord’s invocation of any right, remedy or
recourse permitted it hereunder, under the Lease or otherwise available at law or equity; 
 (f) any failure, omission, delay
or lack on the part of Landlord or Tenant to enforce, assert or exercise any right, power or remedy conferred on Landlord or Tenant in the Lease or this Guaranty or any action on the part of Landlord granting a waiver, indulgence or extension to
Tenant or Guarantor; 
 (g) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or
substantially all the assets of Tenant, marshaling of assets or liabilities, receiverships, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding
affecting Tenant or any of its assets, or the disaffirmance of the Lease in any such proceeding; 
 (h) any release or other
reduction of the Guaranteed Obligations arising as a result of the expansion, release, substitution or replacement (whether or not in accordance with terms of the Lease) of the Premises or any portion thereof; and 

(i) any release or other reduction of the Guaranteed Obligations arising as a result of the release, substitution or
replacement of any letter of credit issued and outstanding pursuant to the Lease. 
 This Guaranty shall apply notwithstanding any extension
or renewal of the Lease, or any holdover following the expiration or termination of the Term or any renewal or extension of the Term. 

5. Financial Statements and Legal Proceedings. Each Guarantor represents and warrants that the financial statements heretofore
given to Landlord by or on behalf of such Guarantor: 
 (a) have, except with respect to those Guarantors that are
individuals, been prepared in accordance with generally accepted accounting principles consistently applied throughout the periods covered thereby; 

(b) are true and correct in all material respects; 

(c) except with respect to those Guarantors that are individuals , present fairly the results of operations of Guarantor for
the respective periods covered thereby; and 

  
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 (d) except with respect to those Guarantors that are individuals , reflect
accurately, in all material respects, the books and records of account of Guarantor as of such dates and for such periods. 
 Subject to the
foregoing, Guarantor hereby warrants and represents unto Landlord that any and all balance sheets and other financial statements and data, which have heretofore been given to Landlord with respect to Guarantor, fairly and accurately present the
financial condition of such Guarantor through the periods and as of the date set forth therein. 
 6. Subsequent Acts. Without
notice to, consideration to, or the consent of, Guarantor: 
 (a) the Lease, and Tenant’s rights and obligations
thereunder, may be modified, amended, renewed, assigned or sublet; 
 (b) any additional parties who are or may become liable
for the Guaranteed Obligations may hereafter be released from their liability hereunder and thereon; and/or 
 (c) Landlord
may take, or delay in taking or refuse to take, any and all action with reference to the Lease (regardless of whether same might vary the risk or alter the rights, remedies or recourse of Guarantor), including specifically the settlement or
compromise of any amount allegedly due thereunder. 
 This Guaranty is a continuing guarantee and will remain in full force and effect
notwithstanding the occurrence of any of the foregoing acts and no such act shall in any way release, diminish, or affect the absolute nature of Guarantor’s obligations and liabilities hereunder. Guarantor’s obligations and liabilities
under this Guaranty are primary, absolute and unconditional under any and all circumstances and until the Guaranteed Obligations are fully and finally satisfied, such obligations and liabilities shall not be discharged or released, in whole or in
part, by any act or occurrence which might, but for this Section 6, be deemed a legal or equitable discharge or release of Guarantor. 

7. Other Facilities. Guarantor hereby acknowledges and agrees to be bound by the terms, conditions and covenants set forth in
Sections 1.1, 6.5, 16.3 and 19.4 of the Lease. 
 8. Subordination. If for any reason whatsoever Tenant now or hereafter
becomes indebted to Guarantor or any Affiliate of Guarantor, such indebtedness and all interest thereon shall at all times be subordinate in all respects to the Guaranteed Obligations. Notwithstanding anything to the contrary contained in this
Guaranty or any payments made by Guarantor, Guarantor shall not have any right of subrogation in or under the Lease or to participate in the rights and benefits accruing to Landlord thereunder, all such rights of subrogation and participation,
together with all of the contractual, statutory, or common law rights which Guarantor may have to be reimbursed for any payments Guarantor may make to, or performance by Guarantor of any of the Guaranteed Obligations for the benefit of, Landlord
pursuant to this Guaranty, being hereby expressly waived and released. 
 9. Remedies Cumulative. All rights, remedies and
recourse afforded to Landlord by reason of this Guaranty, or otherwise, are separate and cumulative and may be pursued separately, successively or concurrently, as occasion therefor shall arise and are
non-exclusive and shall in no way limit or prejudice any other legal or equitable right, remedy or recourse which Landlord may have. 

  
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 10. Notices. All notices and demands, certificates, requests, consents, approvals
and other similar instruments under this Guaranty shall be in writing and sent by personal delivery, U. S. certified or registered mail (return receipt requested, postage prepaid) or FedEx or similar generally recognized overnight carrier regularly
providing proof of delivery, addressed as follows: 
  

			
	 If to Guarantor:
  

Pristine Senior Living, LLC
 3301 West Purdue Avenue

Muncie, Indiana 47304
 Attn: Christopher T. Cook, CEO

 

                and

 
 Christopher T. Cook

3301 West Purdue Avenue
 Muncie, Indiana 47304

 

                and

 
 Steven C. Ryan

4388 High View Drive
 Nazareth, Pennsylvania 18064
	  	 If to Landlord:
  

c/o CareTrust REIT, Inc.
 905 Calle Amanecer, Suite 300

San Clemente, California 92673
 Attn: Gregory K. Stapley, CEO

 
 With a copy to:
  

Sherry Meyerhoff Hanson & Crance LLP
 610 Newport Center
Drive, Suite 1200
 Newport Beach, California 92660
 Attn: James
B. Callister, Esq.

		
	 With a copy to:
  

Williams Mullen
 222 Central Park Avenue, Suite 1700

Virginia Beach, Virginia 23462
 Attn: Lawrence R. Siegel,
Esq.
	  	

 A party may designate a different address by notice as provided above. Any notice or other instrument so
delivered (whether accepted or refused) shall be deemed to have been given and received on the date of delivery established by U.S. Post Office return receipt or the carrier’s proof of delivery or, if not so delivered, upon its receipt.
Delivery to any officer, general partner or principal of a party shall be deemed delivery to such party. 
 11. Minimum Net
Worth. 
 (a) Until the payment and performance in full of the Guaranteed Obligations, PSL shall maintain a minimum
Net Worth (as defined below) of (the “PSL Minimum Net Worth”): (i) at all times during the period from the Commencement Date until March 30, 2017, at least seventy-five percent (75%) of the aggregate net after tax
profits of PSL (and the Tenants) earned from the Commencement Date through the date of measurement, and (ii) as measured at the end of each calendar quarter commencing with the calendar quarter ending on March 31, 2017, at least
seventy-five percent (75%) of PSL’s Net Worth as of December 31, 2016.
 (b) Until this Guaranty terminates as
to CTC as provided in Section 12 below, CTC shall maintain a minimum Net Worth (as defined below) of at least seventy-five percent (75%) of CTC’s Net Worth as of the date of this Guaranty (the “CTC Minimum Net
Worth”).

  
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 (c) Until this Guaranty terminates as to SCR as provided in Section 12
below, SCR shall maintain a minimum Net Worth (as defined below) of at seventy-five percent (75%) of SCR’s Net Worth as of the date of this Guaranty (the “SCR Minimum Net Worth”). 

(d) Except to the extent otherwise set forth in section 11(c), above, the Net Worth of each Guarantor shall be measured as of
the last day of each calendar quarter and evidence of the compliance by Guarantor of this Section 11, which evidence shall be certified as true and correct by an appropriate officer of representative of PSL and by CTC and SCR
individually, shall be submitted to Landlord concurrently with the delivery of the quarterly financial statements required to be delivered pursuant to the Lease. Guarantor hereby represents and warrants to Landlord that as of the date hereof,
each Guarantor’s Net Worth equals or exceeds the required Minimum Net Worth set forth above. “Net Worth” means, as of any date of determination, for each Guarantor and, if applicable, its Consolidated Subsidiaries determined on
a consolidated basis, an amount equal to (a) such Guarantor’s assets as of such date, minus (b)(i) the total consolidated liabilities of such Guarantor as of such date and (ii) the total intangible assets of such Guarantor
as of such date, plus (c) the cumulative non-cash liability associated with straight-line rents, each as determined in accordance with GAAP. “Consolidated Subsidiary” shall mean at any date, any subsidiary or other
entity the accounts of which would be consolidated with those of Guarantor in its consolidated financial statements if such statements were prepared as of such date. 

12. Limited Liability; Termination. 

(a) Notwithstanding anything to the contrary contained herein, CTC’s aggregate individual monetary liability hereunder
shall be limited to eighty percent (80%) of the total monetary liability of Guarantor hereunder at any given time and from time to time, and SCR’s aggregate individual monetary liability hereunder shall be limited to twenty percent
(20%) of the total monetary liability of Guarantor hereunder at any given time and from time to time. 
 (b) This Guaranty (except for
Section 7) shall terminate as to CTC and SCR only upon the earlier to occur of: 
 (i) The date upon which the
Facilities shall have collectively achieved a Portfolio Coverage Ratio equal to or greater than 1.50 to 1.00 for a period of twelve (12) consecutive calendar quarters; or 

(ii) The date upon which (A) the Facilities shall have collectively achieved a Portfolio Coverage Ratio equal to or
greater than 1.50 to 1.00 for a period of eight (8) consecutive calendar quarters and (B) the number of Facilities covered by the Master Lease has been increased, subsequent to the Effective Date, by at least ten
(10) Facilities. 
 (c) Nothing set forth in this Section 12 shall in any way limit the liability of PSL under this
Guaranty. PSL shall be jointly and severally liable for the Guaranteed Obligations. 
 13. Miscellaneous. 

(a) Attorneys’ Fees. If Guarantor or Landlord brings an action or other proceeding against the other to enforce any
of the terms, covenants or conditions hereof, or by reason of any breach or default hereunder, the party prevailing in any such action or proceeding and any appeal thereupon shall be paid all of its costs and reasonable outside attorneys’ fees
incurred therein. 

  
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 (b) Severability. If any term or provision of this Guaranty or any
application thereof shall be held invalid or unenforceable, the remainder of this Guaranty and any other application of such term or provision shall not be affected thereby. 

(c) Successors and Assigns. This Guaranty may be enforced as to any one or more breaches either separately or
cumulatively, shall inure to the benefit of Landlord (and its successors and assigns) and shall be binding upon Guarantor (and its successors and assigns). All references herein to “Landlord” shall mean the above-named Landlord and
any subsequent owner of Landlord’s interest in the Lease. No transfer by Guarantor of its obligations hereunder shall operate to release Guarantor from such obligations. 

(d) Governing Law; Jury Waiver. This Guaranty shall be governed by and construed and enforced in accordance with the
internal laws of the State of Maryland, without regard to the conflict of laws rules thereof. EACH OF GUARANTOR AND LANDLORD, BY ITS ACCEPTANCE HEREOF, WAIVES ANY RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER
PARTY AGAINST THE OTHER IN CONNECTION WITH ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS GUARANTY. 

(e) Entire Agreement. This Guaranty constitutes the entire agreement of the parties with respect to the subject matter
hereof, and may not be changed or modified except by an agreement in writing signed by the parties. 
 (f) Headings.
All titles and headings to sections, articles or other subdivisions of this Guaranty are for convenience of reference only and shall not in any way affect the meaning or construction of any provision. 

(g) Counterparts. This Guaranty may be executed in any number of counterparts, each of which shall be a valid and
binding original, but all of which together shall constitute one and the same instrument. Executed copies hereof may be delivered by telecopier, email or other electronic means and upon receipt will be deemed originals and binding upon the parties
hereto, regardless of whether originals are delivered thereafter. 
 (h) Joint and Several. The liability of PSL under
this Guaranty shall be joint and several with CTC and SCR, but the liability of CTC and SCR shall be several only in accordance with the limitations set forth in Section 12(a). 

(i) Interpretation. Guarantor has been represented by counsel and this Guaranty and every provision hereof has been
freely and fairly negotiated. Consequently, all provisions of this Guaranty shall be interpreted according to their fair meaning and shall not be strictly construed against any party. Whenever the words “including”, “include” or
“includes” are used in this Guaranty, they shall be interpreted in a non-exclusive manner as though the words “without limitation” immediately followed. Whenever the words “herein,” “hereof” and
“hereunder” and other words of similar import are used in this Guaranty, they shall be interpreted to refer to this Guaranty as a whole and not to any particular article, section or other subdivision. Whenever the words “day” or
“days” are used in this Guaranty, they shall mean “calendar day” or “calendar days” unless expressly provided to the contrary. All references in this Guaranty to designated “Articles,” “Sections” and
other subdivisions are to the designated Articles, Sections and other subdivisions of this Guaranty. 

  
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 (j) Time of Essence. Time is of the essence of this Guaranty and each
provision hereof in which time of performance is established and whenever action must be taken (including the giving of notice or the delivery of documents) hereunder during a certain period of time or by a particular date that ends or occurs on a
day that is not a Business Day, then such period or date shall be extended until the immediately following Business Day. 

(k) Confirmation. At any time, and at the request of Landlord, Guarantor shall execute and deliver to Landlord a
certificate ratifying and confirming all of Guarantor’s obligations and liabilities under this Guaranty. 
 (l)
Benefit to Guarantor. Guarantor acknowledges that it will benefit from the execution and continued existence of the Lease, and Guarantor further acknowledges that Landlord will be relying upon Guarantor’s guarantee, representations,
warranties and covenants contained herein and that Landlord would not have been willing to enter into the Lease unless Guarantor was willing to execute and deliver this Guaranty. 

  
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 (m) Effectiveness. Guarantor acknowledges the provisions of
Section 1.1 of the Lease and agrees that this Guaranty shall be effective as of the date hereof. 
 [Signature page follows] 

  
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 EXECUTED as of the date first set forth above. 

 

			
	GUARANTOR:
	
	 /s/ Christopher T. Cook

	 Christopher T. Cook

	
	 /s/ Stephen C. Ryan

	Stephen C. Ryan
	
	 PRISTINE SENIOR LIVING, LLC,
 an
Indiana limited liability company

		
	 By:
	 	 /s/ Christopher T. Cook

		 	 Christopher T. Cook, Manager

  
 S-1Exhibit 10.5

 Exhibit 10.5 

NOMINATION AGREEMENT 

by and between 
 CTR
PARTNERSHIP, L.P., 
 a Delaware limited partnership 

and 
 The entities
identified as “New Operator” herein 
 Dated as of July 30, 2015 

 NOMINATION AGREEMENT 

THIS NOMINATION AGREEMENT (“Agreement”) is made as of July 30, 2015, by and between CTR Partnership, L.P., a
Delaware limited partnership (“Buyer”), as nominator, and those entities identified as “New Operator” on the signature pages hereto (together or individually, as appropriate, “New Operator”), as nominee. 

RECITALS 
 A.
Pursuant to that certain Purchase and Sale Agreement and Joint Escrow Instructions dated as of May 13, 2015 (the “Purchase Agreement”) by and between Buyer and certain entities listed as “Seller” therein and on
the signature pages attached hereto (collectively and individually, as appropriate, “Seller”), Buyer agreed to acquire and Seller agreed to sell certain Property (as described in the Purchase Agreement). 

B. A portion of the Property consists of the following: 

1. Certain real property located at 1865 Countryside Drive, Fremont, Ohio 43420 (the “Fremont Land”) and the Facility located
on the Fremont Land (the “Fremont Facility”), leased by Seller, as tenant, from the Board of County Commissioners, Sandusky County, Ohio, a governmental body (“Fremont Landlord”), as landlord, pursuant to that
certain Lease Agreement dated as of January 29, 2002 (as amended by that certain First Amendment to Lease Agreement dated as of April, 2002, and as further amended by that certain Second Amendment to Lease Agreement dated as of March 6,
2012, the “Fremont Lease”); and 
 2. Certain real property located at 535 Lexington Avenue, Mansfield, Ohio 44907 (the
“Mansfield Land”) and the Facility located on the Mansfield Land (the “Mansfield Facility”), leased by Seller, as tenant, from Lynnhaven XII, LLC, a Georgia limited liability company (“Mansfield
Landlord”), as landlord, pursuant to that certain Nursing Home Lease dated September 10, 2003 (as amended by that certain First Amendment to Nursing Home Lease dated as of August 16, 2013, the “Mansfield Lease”).
The Fremont Land, Fremont Facility, Mansfield Land, Mansfield Facility and all other rights and interests of Seller, as tenant, under the Fremont Lease and Mansfield Lease are referred to collectively herein as the “Leasehold
Assets.” 
 C. In connection with the consummation of the transactions contemplated by the Purchase Agreement and this
Agreement with respect to the Leasehold Assets, Buyer desires to nominate New Operator to take title to the Leasehold Assets and New Operator desires to accept such nomination upon and subject to the terms and conditions hereinafter set forth. 

D. All initially-capitalized terms not otherwise defined in this Agreement shall have the meanings given such terms in the Purchase
Agreement. 

  
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 AGREEMENT 

NOW, THEREFORE, taking the foregoing Recitals into account, and in consideration of the mutual covenants, agreements and conditions set
forth herein and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Nomination. 

Subject to the terms and conditions set forth in this Agreement, Buyer hereby nominates New Operator to take title to the Leasehold Assets
pursuant to the Purchase Agreement. New Operator hereby accepts such nomination with respect to the Leasehold Assets on the terms and conditions hereinafter set forth and, in connection therewith, at Closing, New Operator agrees to have assigned to
it, and agrees to assume, all rights, responsibilities and obligations of the tenant entity under the Fremont Lease and the Mansfield Lease. The phrase “New Operator” in the Purchase Agreement shall be construed to mean “New
Operator” under this Agreement. In connection with this nomination, New Operator hereby assumes all obligations and agrees to fulfill all requirements of Buyer and New Operator under the Purchase Agreement that apply or relate to the Leasehold
Assets. 
 2. Obligations Assumed. Without limiting the generality of the foregoing, the obligations and requirements of the
Purchase Agreement assumed by New Operator include, but are not limited to, the following: 
 2.1 With respect to Section 2(a) of the
Purchase Agreement, in the event Buyer is obligated to reimburse Seller any amount with respect to the Mansfield HUD Escrow, then New Operator shall, within three (3) business days of demand therefor, either (a) pay such amount to Seller
directly or (b) pay such amount to Buyer for subsequent payment to Seller, at Buyer’s election. 
 2.2 In the event New Operator
elects to obtain Title Policies for the Leasehold Assets as contemplated by the Purchase Agreement, Buyer shall reasonably cooperate with New Operator to cause such Title Policies to be issued; provided, however, in no event shall Buyer be
responsible for any costs or expenses in connection therewith. The premiums for such Title Policies, including without limitation any endorsements requested by New Operator, shall be solely borne by New Operator. 

2.3 New Operator acknowledges and agrees that, subsequent to assignment of the Mansfield Lease to New Operator, the Existing Mansfield Debt
will remain an encumbrance on the Mansfield Land. New Operator agrees to comply with the terms and provisions of the underlying loan documents for the Existing Mansfield Debt as may be required by the Mansfield Lease and the Mansfield Lease
Assignment. 
 2.4 In compliance with the timing requirements set forth in the Purchase Agreement, New Operator shall submit an application
for the Mansfield MTPA in order to secure Existing Mansfield Lender’s approval of New Operator’s occupancy of the Mansfield Facility and the transfer of any applicable regulatory agreements in connection therewith. 

  
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 2.5 New Operator acknowledges that the Closing for the Mansfield Facility and/or Fremont Facility
(a) may be postponed pursuant to Sections 3(h) and 3B of the Purchase Agreement or (b) may not occur at all. If postponed, New Operator shall comply with the seventh (7th) sentence
of Section 3(h) and second (2nd) sentence of Section 3B with respect to the Operator Approvals and the Mansfield MTPA. New Operator acknowledges and agrees that, as set forth in
Sections 3(h) and 3B of the Purchase Agreement, Seller’s rights and obligations as tenant pursuant to both the Fremont Lease and the Mansfield Lease are to be assigned by Seller to New Operator and Buyer shall have no obligations with respect
to the Fremont Lease or the Mansfield Lease but all such obligations, following the assignment thereof, shall be obligations of New Operator to Seller, Fremont Landlord, and Mansfield Landlord, as applicable. In no event shall Buyer be liable to New
Operator if the Closing for the Mansfield Facility and/or Fremont Facility do/does not occur. 
 2.6 New Operator shall be solely responsible
for the processing of all applications necessary to obtain the Operator Approvals in a timely and diligent fashion so as to comply with the terms and provisions of the Operations Transfer Agreement, Fremont Lease, Fremont Lease Assignment, Mansfield
Lease and the Mansfield Lease Assignment. 
 2.7 New Operator shall, prior to the Due Diligence Expiration Date, enter into an Operations
Transfer Agreement with Seller with respect to the Facilities, which shall provide, inter alia, that the operations of the Mansfield Facility and Fremont Facility shall be transitioned to New Operator at the Closing for such Facilities. New
Operator hereby agrees and acknowledges that if New Operator breaches the Operations Transfer Agreement, the same may result in a breach by Buyer under the Purchase Agreement and either the forfeiture of Buyer’s earnest money deposit thereunder
or incurring of damages owing to Seller. As material part of the consideration for Buyer to enter into this Agreement, New Operator hereby agrees to, and shall, indemnify, defend, protect and hold harmless Buyer from and against any Losses that
Landlord may incur under the Purchase Agreement as a result of New Operator breaching its obligations under the Operations Transfer Agreement. 

2.8 New Operator shall deliver the following to Escrow Holder in a timely manner to permit the closing of the transaction with respect to the
Leasehold Assets by the Close of Escrow therefor: 
  

	 	(a)	Original executed counterparts to the Mansfield Lease Assignment; 

  

	 	(b)	Original executed counteparts to the Fremont Lease Assignment; 

  

	 	(c)	Original executed counterparts of all documentation required by the Agency Lender with respect to the assignment of the Mansfield Lease, together with documentation that New Operator may be required to deliver to the
Agency Lender in connection with the same. 

  
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 2.9 New Operator shall pay all costs associated with the Mansfield MTPA and obtaining Existing
Mansfield Lender’s consent to assignment of the Mansfield Lease. New Operator shall, within three (3) business days of demand therefor, either (a) pay such amount to the Existing Mansfield Lender directly or (b) pay such amount
to Buyer for its subsequent payment, at Buyer’s election. 
 2.10 With respect to the Fremont Lease and the Mansfield Lease, because
Buyer will not be a party to either such lease following the assignment thereof to New Operator, all prorations for costs and expenses in connection with such Facilities shall be between Seller and New Operator pursuant to the Operations Transfer
Agreement. Buyer shall not pay or incur any costs, liabilities or expenses whatsoever in connection with the foregoing. 
 2.11 Neither
Buyer, New Operator, nor any broker employed or engaged by any of them shall issue (or cause to be issued) any press releases or other publicly-available disclosures or otherwise make disclosures to any unrelated third parties concerning the subject
matter hereof, structure of the transactions or the status of negotiations conducted hereunder except as may be jointly agreed to by Seller, Buyer and New Operator or as any of them may reasonably consider necessary in order to satisfy the
requirements of applicable law; provided, however, that notwithstanding anything herein to the contrary, Buyer may, free from the restrictions of this Section 2.11, report on the transaction completed by this Agreement in
connection with: (i) any investor call concerning Buyer’s earnings or financial performance, (ii) any filings or disclosures or releases required to be made to the Securities and Exchange Commission or state securities’
commission in accordance with applicable law or customarily made in connection therewith, or (iii) any meetings or conference calls with, or disclosures made to, Buyer’s consultants, contractors, investors, principals, employees, agents,
attorneys, accountants and other advisors who need to know such information. Seller and New Operator may, free from the restrictions of this Section 2.11, report on the subject matter of this Agreement or the structure of the transactions
contemplated under this Agreement in connection with any meetings or conference calls with, or disclosures made to, Seller’s consultants, contractors, investors, principals, employees, agents, attorneys, accountants and other advisors who need
to know such information. The foregoing restrictions shall survive the Close of Escrow for twelve (12) months. 
 2.12 New Operator
acknowledges and agrees that: (a) at the Close of Escrow, certain leases identified on Schedule 2.12 to this Agreement (the “Leases”) shall be assigned directly from Seller to New Operator, (b) from and after the Close of Escrow,
New Operator shall comply and fulfill each of the terms and conditions on the part of lessor set forth in such Leases, and (c) New Operator shall sublease, operate, and administer the Leases in accordance with the terms and provisions of that
certain Master Lease between Buyer, as landlord, and New Operator, as tenant, including, without limitation, Section 22.3 of such Master Lease. Landlord makes no representations or warranties whatsoever regarding the Leases. 

  
 4 

 3. Representations and Warranties of New Operator. New Operator hereby represents
and warrants to Buyer that the following matters are true and correct as of the execution of this Agreement and also will be true and correct as of the Close of Escrow for the Leasehold Assets: 

3.1 Organization. Each of New Operator is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of Ohio, and is duly qualified to transact business in the State of Ohio and is not insolvent. 
 3.2 Authority;
Enforceability; Conflict. This Agreement and all the documents to be executed and delivered by New Operator or Escrow pursuant to the terms of this Agreement (i) have been or will be duly authorized, executed and delivered by New Operator;
(ii) are or will be legal and binding obligations of New Operator as of the date of their respective executions; (iii) are or will be enforceable in accordance with their respective terms (except to the extent that such enforcement may be
limited by applicable bankruptcy, insolvency, moratorium and other principles relating to or limiting the rights of contracting parties generally); and (iv) do not, and will not at the Close of Escrow, violate any provision of any agreement to
which New Operator is a party, any of New Operator’s organizational documents or any existing obligation of or restriction on New Operator under any order, judgment or decree of any state or federal court or governmental authority binding on
Buyer. 
 3.3 Litigation. To New Operator’s Knowledge, there are no material actions, suits or proceedings pending or threatened
before or by any governmental authority or other person, against or affecting New Operator or any of its affiliates affecting New Operator’s (or its successor’s or assign’s) right to enter into this Agreement or that could materially
impair or adversely affect New Operator’s (or its successor’s or assign’s) ability to perform its obligations hereunder. 

3.4 Third Party Consents. New Operator has, or will have at the time requisite for its performance, the full right and authority to
consummate the transactions contemplated by this Agreement pursuant to the terms and conditions contained herein and no consents from third parties other than: (i) any consents required by any governmental or quasi-governmental authority in
connection with New Operator’s assumption of the Fremont Lease and Mansfield Lease, (ii) the Agency Lender with respect to the Existing Mansfield Debt, and (iii) the Mansfield Landlord and the Fremont Landlord are required in
connection therewith. 
 3.5 Knowledge. As used in this Agreement, the terms “to New Operator’s Knowledge”, “to
the Knowledge of New Operator”, “known to New Operator” or any similar phrase, shall mean the knowledge of Christopher Cook; provided, however, Christopher Cook shall not be personally liable for the breach of any representation,
warranty or covenant wherein the phrases “to New Operator’s Knowledge”, “to the Knowledge of New Operator” or the like are used. New Operator hereby represents and warrants that the foregoing individual(s) is/are the
representatives of New Operator most likely to have actual knowledge of the accuracy of the representations and warranties contained in this Section 3.5. 

  
 5 

 3.6 Survival. No representation or warranty made by New Operator in this Agreement shall
merge into any instrument of conveyance delivered at the Close of Escrow but shall survive the Close of Escrow for a period of one (1) year, with the exception of the representations and warranties made in Sections 3.1 and 3.2 above, which
shall survive the Close of Escrow for a period of two (2) years (as applicable, the “Rep Survival Termination Date”); provided, however, that if Buyer notifies New Operator, on or before the sixtieth (60th) day following the Rep Survival Termination Date, of any alleged breach of a representation or warranty occurring prior to the Rep Survival Termination Date (a “Notice of Breach of
Rep”), and Buyer thereafter files a lawsuit in connection therewith against New Operator within thirty (30) days following the furnishing of said Notice of Breach of Rep, then the applicable Rep Survival Termination Date shall be
extended with respect to said representation and warranty until the date on which a final judgment is obtained in said lawsuit, beyond any possibility of appeal. 

3.7 Indemnification by New Operator. New Operator shall hold harmless, indemnify and defend Buyer from and against any Losses resulting
from any inaccuracy in or breach of any representation or warranty of New Operator or any breach or default by such indemnifying party under any of such indemnifying party’s covenants or agreements contained in this Agreement. The indemnity
shall cover the costs and expenses of the indemnitee, including reasonable attorneys’ fees and costs (including expert fees), related to any actions, suits or judgments incident to any of the matters covered by such indemnity. 

4. Delivery of Information. Buyer has delivered to New Operator copies of, or has made New Operator aware of, all material
agreements, documents, information, facts and conditions known to Buyer affecting the Leasehold Assets, whether such agreements, documents, information, facts or conditions were delivered or disclosed to Buyer by Seller or were located or discovered
by Buyer as a result of its due diligence in connection with the transactions contemplated by this Agreement or the Purchase Agreement. To the best of Buyer’s knowledge, none of the agreements, documents, or information delivered to New
Operator by or on behalf of Buyer and prepared by parties other than Buyer or any of its affiliates or any of their agents or employees contain any untrue statement of or omit any material fact. Further, none of the representations, warranties or
disclosures made in writing to New Operator by Buyer contain any untrue statement of or omit any material fact. 
 5. Seller
Representations. Seller made certain representations and warranties in the Purchase Agreement for the benefit of Buyer. In the event the parties hereto become aware that one or more such representations or warranties were breached by Seller,
and New Operator has or will suffer damage from such breach, then Buyer shall either (at its election): (a) use its commercially reasonable efforts to enforce its rights under the Purchase Agreement for such breach and, in the event of a
recovery, any recovered amount to the extent relating to New Operator’s damages (less Landlord’s costs and expenses incurred in connection therewith) shall be remitted to New Operator or (b) assign its rights to pursue recovery to the
extent of New Operator’s damages to New Operator as if such representations and warranties were made to New Operator. New Operator acknowledges that any claim or cause of action, and any potential recovery, against Seller shall be subject to
the limitations set forth in Sections 9 and 13 of the Purchase Agreement. New Operator hereby acknowledges and agrees that Buyer has not made any representations or warranties whatsoever regarding the Leasehold Assets and New Operator

  
 6 

 
hereby waives and and all rights, remedies, or claims it may have at law or in equity against Buyer (or any of its affiliates, owners, shareholders, or representatives) with respect to the
Leasehold Assets or New Operator’s assumption of the Mansfield Lease and Fremont Lease. 
 6. Miscellaneous. 

6.1 Survival. All warranties, representations, covenants, obligations and agreements contained in this Agreement shall survive the
Closing and the assignment of the Leasehold Assets and any and all performances hereunder until the earlier of: (i) the applicable survival date expressly provided elsewhere in this Agreement, or (ii) the date that is two (2) years
after the date of Closing, after which they shall terminate and be of no further force or effect. All warranties and representations shall be effective regardless of any investigation made or which could have been made. 

6.2 Further Instruments. Each party shall, whenever and as often as it shall be requested so to do by another party, cause to be
executed, acknowledged or delivered any and all such further instruments and documents as may be reasonably necessary or proper, in the reasonable opinion of the requesting party, in order to carry out the intent and purpose of this Agreement. 

6.3 Entire Agreement; Amendments; Captions. This Agreement and the instruments referenced herein contain the entire agreement between
the parties respecting the matters herein set forth and supersede all prior or contemporaneous agreements or understandings, verbal or written, between the parties respecting such matters. This Agreement may be amended by written agreement of
amendment executed by the parties, but not otherwise. Section headings shall not be used in construing this Agreement. 
 6.4 Time of the
Essence. Subject to the next full sentence, time is of the essence of this Agreement. Whenever action must be taken (including the giving of notice or the delivery of documents) under this Agreement during a certain period of time or by a
particular date that ends or occurs on a non-business day, then such period or date shall be extended until the immediately following business day. As used herein, “business day” means any day other
than Saturday, Sunday or a federal holiday. 
 6.5 Terminology. Whenever the words “including”, “include” or
“includes” are used in this Agreement, they should be interpreted in a non-exclusive manner as though the words,” without limitation,” immediately followed the same. Except as otherwise
indicated, all Section references in this Agreement shall be deemed to refer to the Sections in or to this Agreement. 
 6.6
Attorneys’ Fees. If any party brings any action to interpret or enforce this Agreement, or for damages for any alleged breach thereof, the prevailing party in any such action shall be entitled to reasonable attorneys’ fees and costs as
awarded by the court in addition to all other recovery, damages and costs. 

  
 7 

 6.7 Cumulative Remedies. No remedy conferred upon a party in this Agreement is intended to
be exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity or by statute (except as otherwise
expressly herein provided). 
 6.8 Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Ohio, without regard to the conflict of law rules of such State. 
 6.9 Successors and Assigns. None of the parties may
assign or transfer its rights or obligations under this Agreement without the prior written consent of the other parties (in which event such transferee shall assume in writing all of the transferor’s obligations hereunder, but such transferor
shall not be released from its obligations hereunder). No consent given by any of the parties hereto to any transfer or assignment of another party’s rights or obligations hereunder shall be construed as consent to any other transfer or
assignment of such other party’s rights or obligations hereunder. No transfer or assignment in violation of the provisions hereof shall be valid or enforceable. Subject to the foregoing, this Agreement and the terms and provisions hereof shall
inure to the benefit of and be binding upon the successors and assigns of the parties. 
 6.10 Counterparts. This Agreement may be
executed by the parties in separate counterparts, each of which when executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. This Agreement may be signed through facsimile transmission, or
by scanned and emailed PDF, JPEG or TIF signatures. 
 6.11 Notices. All notices and demands, certificates, requests, consents,
approvals and other similar instruments under this Agreement shall be in writing and sent by personal delivery or FedEx or similar generally recognized overnight carrier regularly providing proof of delivery, addressed as follows: 

 

			
	If to New Operator:	  	If to Buyer:
		
	 c/o Pristine Senior Living, LLC
 3301 West
Purdue Avenue
 Muncie, Indiana 47304
 Attn: Christopher T.
Cook, CEO
	  	 c/o CareTrust REIT, Inc.
 905 Calle Amanecer,
Suite 300
 San Clemente, CA 92673
 Attn: Gregory K. Stapley,
CEO

		
	With a copy to:	  	With a copy to:
		
	 Williams Mullen
 222 Central Park Avenue, Suite
1700
 Virginia Beach, Virginia 23462
 Attn: Lawrence R. Siegel,
Esq.
	  	 Sherry Meyerhoff Hanson & Crance LLP
 610
Newport Center Drive, Suite 1200
 Newport Beach, California 92660

Attention: James Callister, Esq.

  
 8 

 A party may designate a different address by notice as provided above. Any notice or other instrument so
delivered (whether accepted or refused) shall be deemed to have been given and received on the date of delivery established by U.S. Post Office return receipt or the carrier’s proof of delivery or, if not so delivered, upon its receipt. 

6.12 Interpretation. New Operator and Buyer have been represented by counsel and this Agreement has been freely and fairly negotiated.
Consequently, all provisions of this Agreement shall be interpreted according to their fair meaning and shall not be strictly construed against any party. 

6.13 Brokerage. Buyer and New Operator each represent to the other that they have not entered into any agreement or incurred any
obligation which might result in the obligation to pay a sales or brokerage commission or finder’s fee with respect to this transaction. Buyer and New Operator each agree to indemnify, defend and hold harmless the other from and against any and
all losses, claims, damages, costs or expenses (including attorneys’ fees) which the other may incur as a result of any claim made by any person to a right to a sales or brokerage commission or finder’s fee in connection with this
transaction to the extent such claim is based, or purportedly based, on the acts or omissions of New Operator or Buyer, as the case may be. The obligations under this Section shall survive the Close of Escrow. 

6.14 Joint and Several. The obligations of New Operator hereunder shall be joint and several in every respect. If Buyer delivers notice
to one New Operator hereunder, such notice shall be deemed delivered to each New Operator. The actions of any one New Operator shall be binding on each other New Operator and Buyer shall be entitled to rely on any such action, even if not
specifically unanimous. 
 [SIGNATURE PAGE TO FOLLOW] 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

							
	 BUYER:
  

CTR Partnership, L.P.,
 a Delaware limited partnership

 

		
	By:	 	CareTrust GP, LLC,
		 	 a Delaware limited liability company

Its: general partner

			
		 	By:	 	CareTrust REIT, Inc.,
		 		 	 a Maryland corporation

Its: sole member

				
		 		 	By:	 	/s/ Gregory K. Stapley
		 		 	Name:	 	Gregory K. Stapley
		 		 	Title:	 	President

 [Signatures continue on next page] 

  
 S-1 

 
							
	 NEW OPERATOR:
  

PRISTINE SENIOR LIVING OF MANSFIELD, LLC,
 an Ohio limited
liability company
  

		
	By:	 	PRISTINE OHIO HOLDINGS, LLC,
		 	a Delaware limited liability company, Member
			
		 	By:	 	/s/ Christopher T. Cook
		 		 	Christopher T. Cook, Manager
	
	 PRISTINE SENIOR LIVING OF FREMONT, LLC,

an Ohio limited liability company

		
	By:	 	 PRISTINE OHIO HOLDINGS, LLC,
 a
Delaware limited liability company, Member

			
		 	By:	 	/s/ Christopher T. Cook
		 		 	Christopher T. Cook, Manager

  
 S-2

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