Document:

Agreement between G&L Realty Corp., LLC and Steven D. Lebowitz

 EXHIBIT 10.7 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT (the “Agreement”) is made and
entered into this 31st of March, 2005, by and between G&L Realty Corp LLC, a Nevada limited liability company
(the “Company”) and Steven D. Lebowitz (“Executive”) with reference to the following facts 
 1. Employment and Duties.

 (a) The Company hereby employs Executive who will serve as an executive officer of the Company. Executive acknowledges and agrees that
the Company is a management company and that, as a part of his duties, he may be requested to serve as an executive officer of (i) the Company’s parent company, G&L Realty Corp, a Maryland corporation (“GLR”), (ii) one
or more of GLR’s subsidiaries or affiliates, (iii) G&L Senior Care Properties, LLC, (“Senior Care LLC”), and/or any one or more of Senior Care LLC’s subsidiaries or affiliates (the entities referred to in clauses
(i) through (iv) above being referred to as the “Client Entities”), and agrees, if so requested, to serve in such capacities. 
 (b) Executive shall devote a reasonable amount of his working time and his best efforts to the performance of his duties hereunder and to advance the interests of the Company and such one or more of the Client Entities as the Company may
direct. Notwithstanding the above, Executive may spend a reasonable amount of time with respect to charitable and civic activities (including serving on the board of directors of charitable organizations) and, subject to the limitations set forth in
Section 8 of this Agreement, may make personal investments or conduct private business affairs if such activities do not interfere with the services required of Executive under this Agreement. It is specifically recognized that Executive is the
owner of membership units in Senior Care LLC, of limited partnership interests in G&L Realty Partnership, LP and G&L Senior Care Partnership, LP, and of shares in GLR, and that nothing in this Agreement is intended to prevent or limit
Executive from serving on the management committee and/or board of directors of any one or more such entities or from pursuing his own interests as a member, partner and/or stockholder of such entities. 
 (c) Executive acknowledges and agrees that he is an employee only of the Company and that he is not an employee of any of the Client Entities to which he
may provide services as an employee of the Company, and that he will look exclusively to the Company for the payment of any compensation that may be owed to him with respect to any such services. 
 2. Compensation. 
 (a) Annual Base
Compensation. The Company shall pay to Executive for any and all services that Executive may render to the Company an annual base compensation of Six Hundred Fifty Thousand Dollars ($650,000), payable in equal installments on the
Company’s regular payroll dates. The Compensation Committee of the Management Committee of the Company shall review Executives annual base compensation after the end of each calendar year commencing with the year ended December 31, 2005 in
light of additional responsibilities which may be assumed by Executive, the result of operations and prospects of the Company, the compensation being paid to other persons holding similar positions with comparable companies and such other factors as
it deems relevant; provided, however, that no such raise in compensation will be effective unless approved by the Company’s members acting through the Compensation Committee of the Board of Directors of GLR 

 (“Member Approval”). Following each such review, and subject to Member Approval, the annual base compensation
of Executive may be increased but may not be decreased below its then existing level. 
 (c) Bonus Compensation. In addition,
at the end of each year commencing with the year ended December 31, 2004, Executive, the Management Committee shall review, and may approve, a bonus in such amount as the Management Committee determines to be appropriate considering the efforts
expended and the results achieved by the Executive, such bonus to be ordinarily no less than five percent (5%) nor more than one hundred percent (100%) of annual base compensation. Any such bonus, however, unless reimbursed in full by one
or more Client Entities, will be subject to Member Approval. 
 3. Expenses. The Company will reimburse Executive for all usual, reasonable and
necessary expenses paid or incurred by Executive in the performance of his duties hereunder in accordance with its policy for executives of the company, provided that such expenses are substantiated by written documentation and in accordance with
the Company’s written policies and procedures on reimbursement of expenses as may be established from time to time by the Management Committee. 
 4.
Employee Benefits. 
 (a) Executive shall be entitled to participate in all medical, dental, life insurance, retirement, profit
sharing, stock incentive, disability and all other plans now made available, or which may be made available in the future, to executives of the Company. 
 (b) Executive shall be entitled to annual vacation in accordance with the Company’s policy for executives as such time. 
 5. Term of Agreement. This Agreement shall have an initial term of three years commencing on the date hereof. This Agreement shall be renewed automatically for succeeding terms of one year each unless either party gives notice
to the other at least three (3) months prior to the expiration of any term (including the initial term) of his or its determination not to renew. 
 6. Termination. Executive’s employment hereunder may be terminated by the Company, on the one hand, or the Executive, on the other hand, as applicable, prior to the expiration of this Agreement, under the following
circumstances: 
 (a) Death. Executive’s employment hereunder shall terminate upon his death. In the case of Executive’s
death, the Company shall pay to Executive’s beneficiaries or estate, as appropriate, promptly after Executive’s death, the unpaid annual base compensation to which he is entitled pursuant to Section 2 through the date of his
termination. This subsection 6(a) shall riot limit the entitlement of Executive’s estate or beneficiaries to any death or other benefits then available to Executive under any life insurance or other benefit plan or policy which is maintained by
the Company for Executive’s benefit. 

 (b) Disability. 
 (i) If the Company determines in good faith that Executive has incurred a Disability (as defined below) during the term of this Agreement, the Company may give Executive written notice of its intention to terminate
Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the thirtieth (30th) day after receipt of such notice by Executive, provided that within the thirty (30) days after such receipt, Executive shall not have returned to full-time performance of his duties. Executive shall continue to
receive his annual base compensation and benefits until the date of termination. In the case of Executive’s Disability, the Company shall pay to Executive promptly after the Executive’s termination, the unpaid annual base compensation to
which he is entitled pursuant to Section 2 through the Executive’s termination. This subsection 6(b) shall not limit the entitlement of Executive or his estate or beneficiaries to any disability or other benefits then available to
Executive under any disability insurance or other benefit plan or policy which is maintained by the Company for Executive’s benefit. 
 (ii) For the purpose of this Section, “Disability” shall mean Executive’s failure to perform his duties to the Company on a full-time basis for a total of 12 consecutive weeks during any 12-month period as a result of
incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not to be
withheld unreasonably). 
 (c) Cause. 
 (i) The Company may terminate Executive’s employment hereunder for Cause (as defined below). In the case of the Executive’s termination for cause, the Company shall promptly pay to the Executive (or his
representative) the unpaid annual base compensation to which he is entitled pursuant to Section 2 through the date the Executive is terminated and the Executive shall be entitled to no other compensation. 
 (ii) For purposes of this Agreement, “Cause” to terminate Executive’s employment hereunder shall exist upon a finding by the Management
Committee of the Company that Executive has (i) engaged in acts or omissions with respect to the Company or any one or more of the Client Entities which constitute intentional misconduct or a knowing violation of law; (2) engaged in gross
negligence in the performance of his duties; or (3) frequently and repeatedly failed to perform services which have been reasonably requested of him by the Management Committee and which are consistent with the terms of the Agreement;
provided, however, that “Cause” shall not exist unless and until the Company provides Executive with (a) at least fifteen (15) days prior written notice of its intention to terminate his employment for Cause and a written
statement describing the nature of the Cause, and (b) a reasonable opportunity and a reasonable period of time to cure any curable acts or omissions on which the finding of cause is based. If the Executive cures the acts or omissions on which
the finding of Cause is based, the Company shall not have Cause to terminate the Executive’s employment hereunder. 
 (d) Good
Reason. 
 (i) The Executive may terminate his employment for Good Reason (as defined below). In the event that the Executive terminates
his employment with the Company for Good Reason, the Company shall pay to Executive promptly after the Executive’s termination, the unpaid annual base compensation to which he is entitled pursuant to Section 2 through Executive’s
termination. In addition, the Company shall pay the Executive separation pay as set forth in Section 7 and provide the additional benefits set forth in Section 7. 

 (ii) For purposes of this Agreement, Executive shall have “Good Reason” to terminate his
employment with the Company in the event of (a) any breach by the Company of, or default by the Company under, the provisions of the Agreement which Executive in good faith regards as material; provided, however, that in the case
of any curable non-monetary breach of default, Executive shall not have Good Reason to terminate his employment unless and until he has provided the Company with written notice of such breach at least fifteen (15) days in advance of his
intended termination date and a reasonable period of time to cure such breach ox default; or (b) any substantial diminution of duties or status, or other imposition by the Company of unreasonable requirements or working conditions on Executive
which are not withdrawn or corrected within a thirty (30) day period following notice by Executive to the Company of such diminution or imposition. 
 (e) Without Cause. The Company may terminate Executive’s employment hereunder without Cause upon ninety (90) days written notice. In the event the Company terminates the Executive’s employment
without Cause, the Company shall pay to Executive promptly after Executive’s termination, the unpaid annual base compensation to which he is entitled pursuant to Section 2 through the Executive’s termination. In addition, the Company
shall pay the Executive separation pay as set forth in Section 7 and provide the additional benefits set forth in Section 7. 
 7. Separation
Pay. Upon termination of Executive’s employment with the Company without Cause or by the Executive with Good Reason, Executive shall be entitled to receive aggregate severance payments equal to three times (3X) his annual base
compensation at such time. Such aggregate separation payments shall be paid in cash upon the termination of Executive’s employment. In addition, if Executive’s employment is terminated by the Company without Cause or by the Executive with
Good Reason and Executive is no longer eligible for employee benefits because of such termination, Executive shall be entitled, and the Company shall provide, benefits substantially equivalent to those benefits in the nature of health and welfare
benefits to which Executive was entitled immediately prior to such termination for the remainder of the term of this Agreement under Section 5 hereof but only to the extent that Executive is not entitled to comparable benefits from another
employer or provider and subject to any express limitations in any applicable plan. 
 8. Restrictive Covenant. 
 (a) Employee hereby agrees that for a period of one (1) year from an employment termination, he shall not, directly or indirectly, induce or recruit
any employee of the Company to apply for or accept employment with any other person or entity. 
 (b) Executive hereby agrees that both
during the term of his employment and for a period of three (3) years after an employment termination, he will not reveal, report, publish, disclose or transfer, directly or indirectly, any Confidential Information for any purpose except in the
ordinary course of the business of the Company. For purposes of this Section 8, the term “Confidential Information” shall include all information and strategies of the Company and/or any one or more Client Entities, records, data, and
any and all other confidential or proprietary information and trade secrets of the Company and/or any one or more Client Entities. 

 (c) While Executive is employed by the Company, without the prior approval of the Management Committee,
Executive may not, directly or indirectly, own, operate, control or otherwise invest or participate or engage in (either as principal, agent, employee, employer, consultant, stockholder, partner, or in any other individual representative capacity)
any other business that is in competition with the business of the Company or of any one or more of the Client Entities, except for ownership (without any other involvement) of not more than one percent (1%) of the outstanding stock of a
publicly-owned company. If such prior approval of a majority of the Management Committee of the Company is obtained, Executive may engage in the activities consented to and in so doing shall incur no liability to the Company or to any one or more of
the Client Entities. 
 (d) if, in any judicial proceeding, a court shall refuse to enforce one or more of the separate covenants referred to
in this Section 8, (i) because the time limit therein is too long, it is expressly understood and agreed that for the purpose of such proceeding such time limitations shall be deemed reduced by the minimum amount necessary to permit the
enforcement of such covenant or covenants; or (ii) because, taken together, they are more extensive (whether as to geographic area, scope of business, or otherwise) than necessary to protect the business and goodwill of the Company, or
otherwise, it is expressly understood and agreed that such of those covenants which, if eliminated, would permit the remaining separate covenants to be enforced in such proceeding shall, for the purpose of such proceeding, be deemed eliminated from
the provisions hereof. 
 (e) The covenants contained in this Section 8 are cumulative of the rights of the Company (or any successor
thereto) under the laws of the State of California, the United States of America and other applicable laws with respect to the rights to protect Confidential information. 
 (f) Executive hereby agrees that the remedy at law for any breach or threatened breach of any of the covenants Contained in this Section 8 will be inadequate and that the company, the Company (or any successor
thereto) shall be entitled to equitable relief including, without limitation, specific performance and injunctive relief. 
 (g) Nothing in
this Section 8 shall be interpreted as in any way limiting Executive’s right to exercise his rights as a shareholder of GLR, as a partner of either G&L Realty Partnership, LP or G&L Senior Care Partnership, LP, or as a member of
Senior Care, LLC, or as a director, managing director or management committee members of any of the above entities or any of their respective subsidiaries. 
 9. Waiver or modification. Any waiver, alteration or modification of any of the provisions of this Agreement or cancellation or replacement of this Agreement shall not be valid unless made in writing and signed by the parties
hereto. Waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach. 
 10. Construction. This Agreement shall be governed by the laws of the State of California. 
 11. Hinging Effect: Entire
Agreement. 
 11.1 The rights and obligations of the Company and Executive under this Agreement shall be binding upon and shall inure
to the benefit of any successors or assigns of the Company and Executive. 

 11.2 This Agreement constitutes the entire understanding of the parties with respect to the subject
matter hereof and supersedes all prior agreements, amendments, memoranda or understandings between the Company and Executive. 
 12. No Mitigation of
Damages. Executive shall have no duty to seek other employment to mitigate damages in connection with a termination of Executive’s employment, and any income eared by Executive shall not offset any obligations of the company to
Executive under this Agreement. 
 13. Assignment. Executive may not assign his duties under this Agreement. 
 14. Counterparts. This Agreement may be executed in counterparts, each of which shall be construed as an original for all purposes, but all of which taken
together shall constitute one and the same Agreement. 
 15. Notices. Any notice required or permitted to be given under this Agreement shall
be in writing and shall be delivered in person, sent by facsimile or by registered or certified United States mail, postage and fees prepaid, to the addresses of the parties set forth below, or such other address or facsimile number as shall be
furnished by notice hereunder by any such party. Except as otherwise expressly provided for herein, each such notice or communication shall be effective when delivered at the address specified in this Section 13. Any notice or communication
delivered by telecopier, facsimile or similar means shall be confirmed by hard copy delivered as soon as practicable. 
  

			
	The Company:	 	G&L Realty Corp, LLC
		 	 439 North Bedford Drive

		 	Beverly Hills, California 90210
		
	 Executive:
	 	Steven D. Lebowitz
		 	 439 North Bedford Drive

		 	 Beverly Hills, California 90210

 No failure or refusal to accept delivery of any envelope containing such notice shall affect the validity of such
notice or the giving thereof. 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
 G&L REALTY CORP, LLC 
  

			
		
	 By:
	 	 /s/ Daniel M. Gottlieb

	Title:	 	Managing Director
		
		 	 /s/ Steven D. Lebowitz

		 	 Steven D. LebowitzManagement Agreement

 EXHIBIT 10.88 
 Management Agreement 
 This Management Agreement (the “Agreement”) is entered into
as of this 30th day of June, 2005, by and between G&L Realty Corp., a Maryland corporation (“GLR”)
and G&L Realty Corp., LLC, a Nevada limited liability company (“Manager”), with reference to the following facts: 
 WHEREAS, GLR is currently in the business of developing, owning and operating medical office buildings (“MOBs”) having previously dividend to the holders of its common stock its senior care and assisted living assets and
businesses by the distribution of its membership interests in G&L Senior Care Properties, LLC, a Nevada limited liability company (“Senior Care Properties”) to the holders of its common stock; 
 WHEREAS, GLR and Senior Care Properties are each managed by Manager pursuant to a Management and Cost Sharing Agreement dated as of October 29, 2004,
(the “MCS Agreement”); 
 WHEREAS, Manager is currently owned 98% by GLR, 1% by Richard Gottlieb and 1% by Andrew Lebowitz;

 WHEREAS, due to the limitations on the types of businesses in which GLR can engage, and still satisfy the criteria for classification as a
real estate investment trust under the Internal Revenue Code ( a “REIT”), Manager is limited in the businesses in which it can engage; 
 WHEREAS, Manager would like to engage in a broader range of potential businesses and activities, including businesses and activities which are not open to GLR and the members of its consolidated group, if GLR is to
maintain its classification as a REIT; 
 WHEREAS, the Board of Directors of GLR has been advised by the holders of GLR common stock that they
believe that it would be in the best interests of common shareholders of GLR, GLR, Manager and Senior Care Properties if GLR were to dividend its interest in Manager to the holders of its common stock; 
 WHEREAS, the Board of Directors had declared a dividend of its membership interest in Manager to GLR’s shareholders of record on June 30, 2005,
such dividend to be effective as of the close of business on June 30, 2005 (the “Effective Date”); 
 WHEREAS, GLR
formed Manager for the purpose of employing the employees and executive officers, and owning or leasing the facilities and assets needed for 

 the management of GLR’s and Senior Care Properties respective businesses but, as an accommodation to
Manager has continued on the payroll of its affiliate G&L Realty Partnership, LP, the Manager’s employees; 
 WHEREAS, the parties
desire to put into place an arrangement whereby, subject to the ultimate supervision and policy making functions provided by the Board of Directors of GLR, and the more direct supervision and policy implementing functions provided by the senior
executives of GLR (i.e. the Chief Executive Officer, President and Chief Financial Officer), all of the day-to-day management functions with respect to the operation of GLR and its assets will be provided by Manager, to the fullest extent permitted
by applicable law, it being a goal of this arrangement that GLR be able to keep its employee count to a minimum and, overtime, realize the benefits of contracting at arms length for its various property management services; and 
 WHEREAS, the parties intend that this Agreement replace and supersede the MCS Agreement effective as of the close of business on the Effective Date;

 NOW, THEREFORE, in consideration of the above stated premises, the terms of this Agreement and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows, effective as of the close of business on the Effective Date: 
 1. Retention of Manager. GLR hereby retains Manager to provide such management, administrative and bookkeeping services as GLR and their respective subsidiaries may from time to time require, for a term of approximately five
(5) years, ending upon the fifth June 30, 2010; provided, however, that so long as the current GLR preferred stock (the “GLR Preferred Stock”) is outstanding, this Agreement may not be terminated or modified without the
approval of a majority of the independent outside directors of GLR. Thereafter, this Agreement will continue on a year to year basis unless terminated by either party on not less than one (1) year’s prior written notice. This Agreement,
effective as of the close of business on the Effective Date, replaces and supersedes the MCS Agreement, which as of the effectiveness of this Agreement shall be of no further force or effect. 
 2. Duties of Manager. 
 2.1. Duties and
Obligations. Manager shall provide, as an independent contractor, such management, administrative and bookkeeping services to GLR and its subsidiaries as GLR may from time to time reasonably request. Manager will, in the exercise of its
duties and obligations under this Agreement, deal with GLR in good faith and exercise commercially reasonable standards and practices. In the case of property management, those commercially reasonable standards and practices will be of the type
reasonably appropriate for the operation and maintenance of first class medical office buildings in the markets in which the applicable GLR Properties are located. The employees of Manager will under no 
  

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 circumstances be deemed to be the employees of GLR or any of its subsidiaries, and Manager will be
responsible for paying all employment taxes and levies (including social security and other withholding taxes). Specifically, these services will include the following: 
  

	 	a.	Property Management Services. This will include the responsibility for the day-to-day management and maintenance of GLR’s properties, including those owned,
directly or indirectly, by GLR’s subsidiaries, whether owned today or hereinafter acquired (the “GLR Properties”), including, without limitation the procurement of any and all permits and authorizations required from time to
time for the operation of such assets. 

  

	 	b.	Leasing Services. This will include responsibility for marketing and leasing of GLR Properties. It will also include working with tenants and prospective tenants with
respect to space planning and fit-out issues, and the supervision of the construction of tenant-fitout. 

  

	 	c.	Property Development Services. This will include supervision of the development and/or redevelopment of GLR Properties, including (i) the selection of and
negotiation of contracts with architects, engineers, environmental consultants and other design and planning professionals, (ii) the selection of and negotiation of contracts with suppliers and contractors, (iii) the supervision and
direction of the land use planning and permitting process and (iv) serving as the owner’s representative with respect to the construction of improvements. 

  

	 	d.	Property Acquisition/Disposition Services. This will include, in the case of any asset identified for purchase by GLR or any of its direct or indirect subsidiaries,
the negotiation of the terms of acquisition and of any acquisition agreements, the conduct of appropriate due diligence, and the coordinate of the closing of any such acquisition. In the case of any GLR Property identified for sale by GLR, the
marketing of the asset, the negotiation of any disposition agreements, and the coordination of the closing of any disposition transaction. 

  

	 	e.	General and Administrative Services. This will include the preparation (i) of monthly, quarterly and annual financial statements and property reports, and
(ii) of all reports required by the Securities Exchange Commission and/or by any securities exchange on which the GLR’s securities may from time to time be listed. Manager will be responsible for the maintenance and safe keeping of the
GLR’s financial, business and legal records, and will assist and cooperate with the Company’s auditors in the performance of their duties and responsibilities. Manager will provide such projections and budgets as the GLR may from time to
time reasonably request. 

  

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 2.2 Limitations on Duty of Care. Notwithstanding the above, it is recognized that:

  

	 	i.	The services performed by Manager are being performed on a non-exclusive basis, and Manager may provide services to other entities, including affiliates, which may from time to time
be in competition with GLR and/or the GLR Properties. Manager will, however, keep the Board of GLR reasonably informed as to the scope and extent of such competitive or potentially competitive activities. 

  

	 	ii.	It is understood that the ability of the Manager to operate and maintain the GLP Properties will reflect the budget approved for such operations and maintenance from time to time by
GLR, and that the Manager is under no obligation to expend or advance its own funds to operate, safeguard, maintain or repair the GLR Properties. 

 2.3. Scope of Authority. The following transactions will require the approval of GLR, acting through its executive officers: 
  

	 	a.	Entering into any lease or license, unless such lease or license is entered into on the basis of written guidelines approved in advance by the GLR. 

  

	 	b.	Entering into any contract or agreement that would be binding upon the GLR or its assets, unless such contract or agreement is entered into on the basis of written guidelines
approved in advance by the GLR. 

  

	 	c.	Entering into any contract or agreement with respect to the disposition of any assets of GLR, unless such contract or agreement is entered into on the basis of written guidelines
approved in advance by GLR. 

 2.4. Office Space. As an accommodation to GLR and in light of the number of GLR
Properties that are located in the area commonly known as the Beverly Hills Triangle, Manager will perform its services hereunder principally from the executive office space maintained by GLR at 439 North Bedford Drive. No charge will be made by GLR
for the use of this space; provided, however, that after the Transition Period, as such term is defined below, all utilities will be for the account of the Manager and will not constitute a reimbursable expense of the Manager. 
 3. Contract Oversight. The performance by Manager under this Agreement will be subject to the general oversight of the Board of Directors of GLR, which shall be
entitled to full and complete access to the books and records of the Manager, and to reasonable access, during regular business hours, to the Manager’s officers and employees. 
  

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 4. Personnel. 
  

	 	4.1.	Sufficient Personnel. Manager will be responsible for maintaining sufficient personnel to provide the services required under this Agreement. Except as may otherwise
be specified from time to time by GLR, all services shall be provided by personnel supplied by Manager or by independent contractors retained by and reporting to the Manager. GLR will have no responsibility for any such employees or independent
contractors, who will report to and operate under the exclusive control of Manager. 

  

	 	4.2.	Payroll Services. GLR will, through its subsidiary G&L Realty Partnership, L.P. continue to provide payroll services for Manager through and including
December 31, 2005. Thereafter, Manager will take direct responsibility for such payroll function. Manager agrees to reimburse to GLR any and all expenses incurred by it or its affiliates with respect to providing such payroll services and to
indemnify GLR and its affiliates against any and all liabilities, costs and expenses with respect to the provision of such services. 

  

	 	4.3.	Direct Reimbursement for Certain Payroll Expenses. GLR will directly reimburse Manager for the payroll costs of those employees of Manager who provide maintenance and
property management services directly to GLR’s buildings and who were directly allocated to the buildings prior to June 30, 2005 and any such future replacements for or additions to such employees. 

 5. Management Fee. 
  

	 	5.1	Transition Period Cost Sharing. Initially, in consideration of the services provided by Manager, GLR agrees, with respect to the period ended December 31, 2005
(the “Transition Period”), to contribute to the costs and expenses of Manager an amount equal to 35% of the costs of Manager incurred with respect to the provision of services to GLR and to Senior Care Properties and its affiliates,
with the intention that with respect to the Transition Period 100%, but no more than 100%, of the costs and expenses of the Manager are recouped from GLR and Senior Care Properties and its affiliates on such a 35/65 basis. Such amounts shall be
funded by GLR monthly in arrears, as billed by Manager in accordance with this Agreement. All payments shall be made not less than thirty (30) days of billing. Notwithstanding the above, Manager may elect to maintain cash reserves so as to have
at all times not less than one nor more than three months working capital available to it, in which case the amounts needed to fund such working capital reserve shall be paid by GLR and Senior Care Properties within thirty (30) days of demand
by Manager, such amounts to be funded in proportion to the allocation ratios of GLR and Senior Care Properties then in effect. Any amounts not timely paid will bear interest at the rate of 1.5% per month, or the maximum amount allowed by
applicable law, which ever is less, until paid. 

  

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	 	5.2	Post Transition Period Fee Structure. Following the Effective Date, the parties will meet and negotiate in good faith a revised fee structure, such fee structure to be
effective for periods following the Transition Period. This revised fee structure will be based upon the format set out in clauses 5.2.1 through 5.2.5. 

  

	 	5.2.1	For Property Management Services: A fee equal to 6% of the gross receipts from the properties managed. 

  

	 	5.2.2	For Property Development Services: A fee equal to 1% of the hard and soft costs of the project (calculated exclusive of land costs). 

  

	 	5.2.3	For Acquisition/Disposition Services: A fee equal to 0.5% of the purchase price of any property acquired and 0.5% of the sales price of any property sold.

  

	 	5.2.4	General and Administrative Expenses: The Company and Manager will meet and confer not later than September 30 of each year with the intent to establish a general and
administrative budget for the following year. In the event that no agreement can be reached, the budget for the prior year will be used, adjusted for inflation. 

  

	 	5.3	Reimbursement of Expenses. After the initial period, GLR will reimburse the Manager for all reasonable out-of-pocket expenses, including the cost of any on-site
managers or on-site personnel provided at the request of GLR, but not any home office or general and administrative personnel. 

  

	 	5.4	Working Capital Budget. Not later than September 30 of each year, beginning September 30, 2005, the Manager and GLR will meet and confer in order to
determine the projected working capital budget and capital improvements budget for the following year, commencing as of January 1st of each such year. Any such budget will be subject to the reasonable review and approval of GLR’s independent outside directors. On January 1st, any working capital reserve will be adjusted to reflect such agreed upon working capital budget and capital improvements budget. 

  

	 	5.5	Bonuses. GLR will not be liable for any bonus payments to any officer or employee of Manager, except for bonus payments specifically approved by a majority of the
outside independent directors of GLR or bonus payments made in accordance with the annual budget for such year. 

  

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	 	5.6	Fee Cap. The right of Manager to receive any compensation for its services under this Agreement other than such funds as are necessary to cover its actual costs of
providing such services, shall be subordinate to the rights of the holders of the GLR Preferred Stock. 

 6. Ancillary Tenant Services.
It is acknowledged and agreed that Manager may provide, as an amenity to GLR’s tenants, a range of ancillary services and/or products of the type which, if provided by a REIT would produce non-qualified income, and that the GLR will have no
participation in such income. The provision of such services will be subject to the approval of GLR, such approval not to be unreasonably withheld, so long as the Manger (i) clearly discloses to the tenants to whom it offers such ancillary
services and products that it is an entity separate and distinct from GLR and that GLR does not endorse or guarantee such services or products and (ii) indemnifies GLR against any and all liabilities with respect to the offering and/or
provision of such ancillary services or products. 
 7. Indemnity: Insurance: and Limitations on Liability. 
  

	 	7.1.	Indemnity. GLR will indemnify Manager against any liability to third parties resulting from the performance by Manager of its duties under this Agreement, except to
the extent that such liability is ultimately determined to be the direct result of the gross negligence or criminal misconduct of the Manager or bad faith breach of this Agreement by Manager. Manager will indemnify GLR against any liability to third
parties resulting from the gross negligence or criminal misconduct of Manager or breach by Manager of its obligations under this Agreement; provided, in the last listed case, such breach was the result of conduct other than action take or omitted in
the good faith belief that such act or omission was consistent with Manager’s duties and obligations under this Agreement and otherwise in the best interests of GLR. GLR will advance all costs and expenses reasonably incurred by Manager in
connection with the defense and investigation or any third party claim, pending final judicial resolution of liability. 

  

	 	7.2.	Insurance. GLR and Manager will work together to maintain in place a comprehensive regime of casualty and liability insurance, naming each of GLR and Manager as named
insureds with waivers of subrogation. The cost of such insurance shall be an expense of GLR, except to the extent such insurance also covers Senior Care Properties and/or any one or more of its affiliates, in which case the cost of such insurance
will be allocated between GLR and Senior Care Properties and such one or more affiliates on a mutually agreeable basis. 

  

	 	7.3.	Limitations on Liability. In no event will Manager be liable to GLR except for its gross negligence, criminal misconduct or breach of this Agreement; provided, in the
last listed case, such breach was the result of conduct other than action take or omitted in the good faith belief that such act or omission 

  

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 was consistent with Manager’s duties and obligations under this Agreement and otherwise in the best
interests of GLR. GLR hereby waives any claim against or right of recovery against GLR, except as provided in the immediately preceding sentence. In no event will GLR have any claim, and hereby waives any claim that it might in the future otherwise
have, and agrees not to sue, any officer, director, manager, employee, or affiliate of Manager based on conduct or omission by such individual when acting in his or her capacity as an officer, director, manager, employee, or affiliate of Manager.
GLR acknowledges that Manager is a limited liability company, and agrees that it will look solely to Manager with respect to any future claim that GLR might have against Manager under this Agreement and/or with respect to the services provided by
Manager under this Agreement, and that in no event will it bring suit against any member (or former member) of Manager with respect to any such claim, whether based upon assertions or alter ego, piercing the corporate veil, fraudulent conveyance or
any other legal or equitable theory. 
 8. Accounting Books and Records. The accounting books and records of the Manager shall be maintained in
accordance with generally accepted accounting principles, applied on a consistent basis, and shall be audited annually by an independent accounting firm selected by Manager, but subject to the approval of GLR, such approval not to be unreasonably
withheld or delayed. Initially, the auditing firm will be the same firm as audits the accounts of GLR. The cost of any such audit during the Interim Period shall be treated as an operating cost of the Manager, to be allocated between GLR and Senior
Care Properties and its affiliates like any other operating cost of the Manager. Thereafter, the cost of such audit will be a cost of Manager. 
 9.
Dispute Resolution. 
 9.1 If a dispute arises regarding the interpretation of, arising out of, or related to this Agreement that
cannot be resolved through informal means, the parties hereto shall submit such dispute to mediation in accordance with the Commercial Mediation Rules of the American Arbitration Association if they can agree to do so, otherwise to formal
arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association; provided, however, that if the parties begin in mediation, any party to the dispute may require arbitration at any time upon written notice in
accordance with the Commercial Arbitration Rules. 
 9.2 To the extent permitted by applicable law, arbitration proceedings shall be
conducted by a single agreed upon arbitrator. If the parties cannot agree on an arbitrator, then each party shall select one arbitrator who shall select a third arbitrator. Any arbitrations shall be held in Clark County, Nevada, or at such other
location as the parties may mutually agree. Without limitation of their general authority, the arbitrators shall have the right to order reasonable discovery in accordance with the Nevada Rules of Civil Procedure. The final decision of the
arbitrators shall be binding and enforceable without 
  

 8 

 further legal proceedings in court or otherwise; provided, however, that any party may enter judgment upon the award in
any court of competent jurisdiction. The final decision arising from arbitration shall be accompanied by a written opinion and decision, which shall describe the rationale underlying the award and shall include findings of fact and conclusions of
law. 
 9.3 All parties shall have a duty to participate in mediation or arbitration proceedings in good faith and to pursue the same in a
timely manner. 
 9.4 Notwithstanding any provision of this Section 9, the requirement to mediate or arbitrate disputes shall not apply
to any action for equitable relief with respect to this Agreement or any matter it contemplates. The forum for any such action shall be the appropriate court in Clark County, Nevada, and all Parties agree to both subject matter and in personam
jurisdiction in that forum for such purpose. 
 9.5 Notwithstanding any provision of this Section 9.5, the parties consent to the
jurisdiction of the appropriate court in Clark County, Nevada, for the entry and enforcement of any judgment upon any arbitration award rendered, and all parties agree to both subject matter and in personam jurisdiction for such purposes.

 10. Miscellaneous. 
 10.1
Notices. Any notice, payment, demand, or communication required or permitted to be given by any provision of this Agreement shall be in writing and shall be hand delivered, sent via facsimile, overnight delivery or registered or
certified mail, return receipt requested. Notice shall be effective: (a) if hand delivered, when delivered; (b) if sent via facsimile, on the day of transmission thereof on a proper facsimile machine with confirmation; (c) if sent via
overnight delivery, on the day of delivery thereof by a reputable overnight courier service, delivery charges prepaid and with signed acknowledgement of delivery; and (d) if mailed, on the fourth business day after the deposit of such item in
the mail, postage prepaid, return receipt requested. Notices shall be addressed or sent to the parties of their last known address or facsimile telephone numbers; provided that the address, telephone, email or fax number of any party may be changed
from time to time by notice given pursuant to this section. 
 10.2 Binding Effect. Except as otherwise provided in this
Agreement, every covenant, term, and provision of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, transferees, assigns, heirs and personal representatives. 
 10.3 Construction. The terms of this Agreement were negotiated at arm’s length by the parties hereto. The covenants, terms and
provisions contained herein shall not be construed in favor of or against any party because that party or its counsel drafted this Agreement, but shall be construed simply according to its fair meaning as if all parties prepared this Agreement, and
any rules of construction to the contrary are hereby specifically waived. 
  

 9 

 10.4 Time. In computing any period of time pursuant to this Agreement, the day of the act,
event or default from which the designated period of time begins to run shall not be included, but the time shall begin to run on the next succeeding day. The last day of the period so computed shall be included, unless it is a Saturday, Sunday or
legal holiday, in which event the period shall run until the end of the next day that is not a Saturday, Sunday or legal holiday. 
 10.5
Headings. Section and other headings contained in this Agreement are for reference purposes only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof.

 10.6 Severability. Except as otherwise provided in the succeeding sentence, every provision of this Agreement is intended to
be severable, and, if any term or provision of this Agreement is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the legality or validity of the remainder of this Agreement. 
 10.7 Variation of Terms. All terms and any variations thereof shall be deemed to refer to masculine, feminine, or neuter, singular or
plural, as the identity of the person or persons may require. 
 10.8 Governing Law. The laws of Nevada shall govern the
validity of this Agreement, the construction of its terms, and the interpretation of the rights and duties arising hereunder. All rights and remedies of each person under this Agreement shall be cumulative and in addition to all other rights and
remedies which may be available to the person from time to time, whether under this Agreement, at law, in equity or otherwise. 
 10.9
Counterpart Execution. This Agreement may be executed in any number of counterparts with the same effect as if all of the parties had signed the same document. All counterparts shall be construed together and shall constitute one
agreement. 
 10.10 Attorneys’ Fees. The prevailing party in any dispute arising from the terms or subject matter of this
Agreement shall be entitled to payment by the other party of the prevailing party’s costs and expenses, including, without limitation, such party’s attorneys’ fees, incurred in connection with resolving such dispute. 
 10.11 Creditors. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of any party.

 10.12 Third Party Beneficiaries. There are no third party beneficiaries to this Agreement. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and delivered as of the date first set forth above. 
  

			
	 G&L Realty Corp., a Maryland corporation

		
	 By:
	 	 /s/ Daniel M. Gottlieb

	 Its:
	 	 Chief Executive Officer

  

 10 

			
	G&L Realty Corp., LLC, a Nevada limited liability company
		
	 By:
	 	 /s/ Steven D. Lebowitz
  

	 Its:
	 	 Managing Director

  

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