Document:

ex107501nhp2ndamendloan.htm

    EX-10.75.01

    
 

    SECOND
AMENDMENT TO LOAN AGREEMENT

    

    

    THIS SECOND AMENDMENT TO LOAN
AGREEMENT (this “Agreement”) is made as of
March 3, 2008 by and between EMERITUS CORPORATION, a
Washington corporation (“Borrower”), and NATIONWIDE HEALTH PROPERTIES,
INC., a Maryland corporation (“Lender”), with respect to the
following:

    

    R E C I T A L S:

    

    A.           Borrower
and Lender (as successor to Healthcare Realty Trust Incorporated, a Maryland
corporation (“HRT”)) are
parties to that certain Second Amended and Restated Loan Agreement dated as of
March 3, 2005, as amended by that certain Amendment to Loan Agreement dated as
of August 6, 2007 (as amended, the “Loan Agreement”), pursuant to
the terms and conditions of which a loan in the principal amount of Twenty-One
Million Four Hundred Twenty-Six Thousand Dollars ($21,426,000) is due from
Borrower to Lender (the “Loan”).  Unless
otherwise defined herein, all initially-capitalized terms herein shall have the
same meanings given to such terms in the Loan Agreement.

    

    B.           The
Loan is evidenced by that certain Second Amended and Restated Note dated March
3, 2005, in the original principal amount of the Loan, executed by Borrower in
favor of HRT (the “Note”), which Note has been
assigned from HRT to Lender pursuant to that certain Allonge dated as of April
26, 2007.

    

    C.           The
original Maturity Date of the Note is March 3, 2008.  Borrower has
requested that Lender extend the Maturity Date of the Note and otherwise modify
the repayment terms of the Loan.  Lender is willing to grant
Borrower’s request upon the terms and subject to the conditions set forth in
this Agreement.

    

    NOW, THEREFORE, in
consideration of the foregoing Recitals, the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Lender and Borrower hereto agree
as follows:

    

    1.           Amendments
to Note.  The following
amendments to the Note shall be effective as of March 3, 2008:

    

    (a)           The
term “Maturity Date” as
defined in Section
1 of the Note shall mean March 3, 2009.

    

    (b)           Section 2(a) of the
Note is hereby deleted in its entirety and the following substituted
therefor:

    

    “From and
after March 4, 2008, Interest shall accrue on the principal amount outstanding
hereunder at the rate of eight and one-half percent (8.5%) per
annum.”

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    (c)           The
first sentence of Section 4 of the Note
is hereby deleted in its entirety and the following substituted
therefor:

    

    “Borrower
shall make all payments on this Note to Lender by wire transfer or ACH
(Automated Clearing House) or at such other place as the holder hereof may
designate in writing to Borrower in accordance with the provisions of Section
17.”

    

    (d)           The
addresses for delivery of notices to Borrower and Lender set forth in Section 17 of the
Note are hereby deleted in their entirety and the following substituted
therefor:

    

    
      	
              “If
      to Borrower:

            	
              Emeritus
      Corporation

            

    

    
      	
               
      

            	
              3131
      Elliott Avenue, Suite 500

            

    

    
      	
               
      

            	
              Seattle,
      Washington  98121

            

    

                          Attention:  Mr. Eric
Mendelsohn

                  Facsimile:  (206)
357-7388

     

    If to
Lender:                                            Nationwide
Health Properties, Inc.

    610 Newport Center Drive, Suite
1150

    Newport Beach,
California  92660

            Attention:  President
and CFO

            Facsimile:  (949)
759-6876

     

    with a
copy
to:                                       Sherry
Meyerhoff Hanson & Crance LLP

    610 Newport Center Drive, Suite
1200

    Newport Beach,
California  9266

            Attention:  Kevin
L. Sherry, Esq.

            Facsimile:  (949)
719-1212”

    

    2.           Amendments
to Loan Agreement.  The following
amendments to the Loan Agreement shall be effective as of March 3,
2008:

    

    (a)           The
term “Affiliate Obligation” as defined in Section 1.2 of the
Loan Agreement is hereby deleted in its entirety and the following substituted
therefor:

    

    “Affiliate
Obligation” means all indebtedness and obligations of Borrower and any Affiliate
of Borrower to Lender or any Affiliate of Lender now existing or hereafter
arising, including, without limitation, obligations arising under the Lease
Documents and the Existing HRT Leases, indebtedness evidenced by promissory
notes, lease agreements, guaranties or otherwise and obligations under such
indebtedness documents and all other documents executed by Borrower or any
Affiliate of Borrower in connection therewith, and any extensions,
modifications, substitutions or renewals thereof.  Without limiting
the generality of the foregoing, as used herein the term “Affiliate Obligation”
shall be deemed and construed to include: (a) the obligations of the tenant
under that certain Master Lease dated as of October

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    2, 2006
by and among Lender and its Affiliates, as landlord, and Summerville at Camelot
Place LLC, a Delaware limited liability company, Summerville at Hillen Vale LLC,
a Delaware limited liability company, Summerville at Lakeview LLC, a Delaware
limited liability company, Summerville at Ridgewood Gardens LLC, a Delaware
limited liability company, Summerville at North Hills LLC, a Delaware limited
liability company, and The Inn at Medina LLC, a Delaware limited liability
company, collectively, as tenant; as amended by (i) that certain First Amendment
to Master Lease dated as of December 1, 2006, (ii) that certain Second Amendment
to Master Lease dated as of January 2, 2007, and (iii) that certain Third
Amendment to Master Lease dated as of March 3, 2008 (as amended, the
“Summerville Master Lease”); (b) the obligations of Borrower and/or its
Affiliate(s) under the terms of that certain promissory note in the original
principal amount of Thirty Million Dollars ($30,000,000) to be executed and
delivered by Borrower and/or its Affiliate(s) in connection with that certain
Purchase and Sale Agreement dated as of February 6, 2008 by and between Lender,
as seller, and Borrower, as buyer.

    

    (b)           Section 7.1.7 of the
Loan Agreement is hereby deleted in its entirety and the following substituted
therefor:

    

    “7.1.7                      [i]
Borrower or any Affiliate defaults on any indebtedness, Existing HRT Lease,
Affiliate Obligation or other obligation to Lender or any Lender Affiliate; or
[ii] Borrower defaults on any Material Obligation, and any applicable grace or
cure period with respect to default under such indebtedness, obligation or
agreement described in clauses (i) and (ii) above expires without such default
having been cured.  This provision applies to all such indebtedness,
obligations and agreements as they may be amended, modified, extended or renewed
from time to time.”

    

    3.           Release of
Mortgages.

    

    The parties hereby acknowledge that,
except with respect to the Mortgages encumbering the facilities known as (a)
Anderson Place, in Anderson, South Carolina, and (b) Creston Village, in Paso
Robles, California, Lender hereby agrees to release, on or after June 15, 2008,
the lien of the Mortgages pledged as security for the Loan within ten (10) days
of Borrower’s written request therefor.

    

    4.           Reaffirmation of
Obligations.

    

    (a)           Borrower
hereby acknowledges and reaffirms its obligations under the Note and Loan
Agreement, as such documents have been amended by this Agreement, and agrees
that any reference made in any of the loan documents to such documents shall
mean as amended pursuant to this Agreement.

    

    (b)           Borrower
hereby acknowledges and agrees that the execution and delivery of this Agreement
by Lender shall not be deemed or construed to constitute a waiver by
Lender

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    of any
default existing under any of the loan documents or a commitment by Lender to
otherwise modify the loan documents.

    

    5.           Representations and
Warranties.

    

    As a
material inducement to Lender’s entry into this Agreement, Borrower represents
and warrants to Lender that:

    

    (a)           To
the best of Borrower’s knowledge, as of the date hereof (and after giving effect
to all of the amendments reflected in this Agreement), no Event of Default by
Borrower exists under the Loan Agreement, the Note, or any of the other
documents evidencing and/or securing the Loan, and no event exists which, with
the giving of notice or the passage of time, or both, would give rise to an
Event of Default by Borrower hereunder or under any of the loan documents;
and

    

    (b)           To
the best of Borrower’s knowledge, Lender is not in default and has performed all
of its obligations under the Loan Agreement and the other loan documents, and
Borrower does not have any claim against Lender or defense against the
enforcement of the Note, the Loan Agreement or any of the other documents
evidencing and/or securing the Loan.

    

    6.           Effect of Loan
Documents.

    

    Except as
specifically amended pursuant to the terms of this Agreement, the terms and
conditions of the Note and Loan Agreement shall remain unmodified and in full
force and effect.  In the event of any inconsistencies between the
terms of this Agreement and any terms of any of the loan documents, the terms of
this Agreement shall govern and prevail.

    

    7.           Governing
Law.

    

    This
Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Ohio without giving effect to the conflicts-of-law
rules and principles of such state.

    

    8.           Counterparts.

    

    This
Agreement may be executed and acknowledged in any number of counterparts, all of
which executed and acknowledged counterparts shall together constitute a single
document.  Signature and acknowledgment pages may be detached from the
counterparts and attached to a single copy of this document to physically form
one document, which may be recorded.

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    9.           Further
Assurances.

    

    At any
time or from time to time upon the reasonable request of Lender, Borrower shall,
at its expense, promptly execute, acknowledge and deliver, or cause to be
executed, acknowledged, or delivered, such further instruments and documents and
perform such other acts as may be necessary or advisable, in the reasonable
discretion of Lender, for carrying out the intention or facilitating the
performance of the terms of this Agreement, or for assuring the validity of,
perfecting, or preserving the lien of any other loan documents, as modified by
this Agreement.

    

    10.           Attorneys’
Fees.

    

    In the
event of any dispute or litigation concerning the enforcement, validity or
interpretation of this Agreement, or any part thereof, the losing party shall
pay all costs, charges, fees and expenses (including reasonable attorneys’ fees)
paid or incurred by the prevailing party, regardless of whether any action or
proceeding is initiated relative to such dispute and regardless of whether any
such litigation is prosecuted to judgment.

    

    11.           Entire
Agreement.

    

    This
Agreement contains the entire agreement between the parties relating to the
subject matters contained herein.  Any oral representations or
statements concerning the subject matters herein shall be of no force or
effect.

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

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

    

    “BORROWER”

    

    EMERITUS
CORPORATION,

    a
Washington corporation

     

    By:           /s/
Eric
Mendelsohn                                                      

    Name:            Eric
Mendelsohn                                                      

    Title:              SVP Corporate
Development

    

    

    

    “LENDER”

    

    NATIONWIDE
HEALTH PROPERTIES, INC.,

    a
Maryland corporation

     

    By:           /s/ Brent P.
Chappell                                                      

    Name:            Brent P.
Chappell                                                      

    Title:              VP Portfolio
Management                                                      

    

    
      
         

      

      
        6ex107502nhp3rdamendloan.htm

    EX-10.75.02

    
 

    THIRD
AMENDMENT TO LOAN AGREEMENT

     

    THIS THIRD AMENDMENT TO LOAN
AGREEMENT (this “Agreement”) is made as of
October 22, 2008 by and between EMERITUS CORPORATION, a
Washington corporation (“Borrower”), and NATIONWIDE HEALTH PROPERTIES,
INC., a Maryland corporation (“Lender”), with respect to the
following:

     

    RECITALS:

     

    A. Borrower
and Lender (as successor to Healthcare Realty Trust Incorporated, a Maryland
corporation (“HRT”)) are
parties to that certain Second Amended and Restated Loan Agreement dated as of
March 3, 2005, as amended by that certain Amendment to Loan Agreement dated as
of August 6, 2007 and that certain Second Amendment to Loan Agreement dated as
of March 3, 2008 (as amended, the “Loan Agreement”), pursuant to
the terms and conditions of which a loan in the principal amount of Twenty-One
Million Four Hundred Twenty-Six Thousand Dollars ($21,426,000) is due from
Borrower to Lender (the “Loan”).  Unless
otherwise defined herein, all initially-capitalized terms herein shall have the
same meanings given to such terms in the Loan Agreement.

     

    B. The Loan
is evidenced by that certain Second Amended and Restated Note dated March 3,
2005, in the original principal amount of the Loan, executed by Borrower in
favor of HRT (the “Note”), which Note has been
assigned from HRT to Lender pursuant to that certain Allonge dated as of April
26, 2007.

     

    C. Borrower
has requested that Lender extend the Maturity Date of the Note and modify
certain other terms of the Loan.  Lender is willing to grant
Borrower’s request upon the terms and subject to the conditions set forth in
this Agreement.

     

    NOW, THEREFORE, in
consideration of the foregoing Recitals, the mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Lender and Borrower hereto agree
as follows:

     

    1. Modification
to Loan Documents.  Effective as of the Third Amendment
Effective Date (as defined below), the Loan Documents shall be deemed amended as
follows:

     

    (a) The term
“Maturity Date” as
defined in Section
1 of the Note shall mean March 31, 2012.

     

    (b) Section 2(a) of the
Note shall be deleted in its entirety and the following substituted
therefor:

     

    “Interest
shall accrue on the principal amount outstanding hereunder at the rate of eight
and one-half percent (8.5%) per annum through March 3, 2009.  From and
after March 4, 2009, Interest shall accrue on the principal amount outstanding
hereunder at the rate of nine percent (9%) per annum.”

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (c) The
following shall be added immediately following Section 5 of the
Note:

     

    “Notwithstanding
the foregoing, Borrower shall have the right to prepay the Loan in whole, but
not in part, provided, however, that to prepay the Loan, Borrower must give
Lender written notice of Borrower’s election to prepay the Loan by no later than
December 1st of the
calendar year immediately preceding the year in which the prepayment is to occur
(e.g. by December 1, 2009 in the event Borrower elects to prepay the
Loan  in 2010) and therein specifying the calendar quarter within
which the prepayment shall occur. Further, Borrower must give Lender not less
than thirty (30) days prior written notice specifying the date within the
calendar quarter identified by Borrower on which such prepayment will occur. If
Borrower elects to prepay the Loan but fails to do so on the required date,
Borrower shall have no further right to prepay the Loan prior to the Maturity
Date.”

     

    (d) All of
the other Loan Documents not specifically described in this Section 1 shall
be deemed amended to reflect the amendments described herein.

     

    2. Amendment
Conditions.  Notwithstanding Lender’s negotiation, preparation
or execution of this Agreement or any of the instruments or documents required
herein and notwithstanding anything else to the contrary, no modification or
amendment to the Loan, the Note or the Loan Documents shall be deemed to have
occurred unless and until all of the following conditions (the “Amendment Conditions”) have
been satisfied (the date of such satisfaction, the “Third Amendment Effective Date”):

     

    (a) Borrower
shall execute and acknowledge, where applicable, and deliver to Lender each of
the following:

     

    (i) this
Agreement in form and substance satisfactory to Lender;

     

    (ii) amendments
to the Mortgages in form and substance satisfactory to Lender (the “Mortgage Amendments”);
and

     

    (iii) any
instructions to Fidelity National Title Insurance Company (the “Title Company”) as may be
requested by the Title Company as necessary to carry out the terms of this
Agreement.

     

    (b) The Title
Company shall be unconditionally and irrevocably committed to issue to Lender,
at Borrower’s sole cost and expense, such endorsements to the existing lender’s
title insurance policies covering the facilities known as (i) Anderson Place, in
Anderson, South Carolina, and (ii) Creston Village, in Paso
Robles, California (collectively, the “Title Policies”), as Lender
may reasonable require, including a CLTA 110.5 endorsement or its
equivalent.

     

    (c) Borrower
shall deposit with the Title Company an amount sufficient to pay for the cost of
all endorsements to the Title Policies required pursuant to Section 2(b) above and
all other fees and expenses, including recording fees, incurred by the Title
Company in connection with this transaction.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (d) The
Mortgage Amendments shall have been properly recorded in the applicable counties
and states.

     

    3. Reaffirmation
of Obligations.

     

    (a) Borrower
hereby acknowledges and reaffirms its obligations under the Note and the other
Loan Documents, as such documents have been amended by this Agreement, and
agrees that all references to a particular Loan Document in the Loan Documents
shall be deemed to refer to such Loan Document as amended by this
Agreement.

     

    (b) Borrower
hereby acknowledges and agrees that the execution and delivery of this Agreement
by Lender shall not be deemed or construed to constitute a waiver by Lender of
any default existing under any of the Loan Documents or a commitment by Lender
to otherwise modify the Loan Documents.

     

    4. Representations
and Warranties.  As a material inducement for Lender to enter
into this Agreement, Borrower represents and warrants to Lender 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 Third Amendment Effective
Date:

     

    (a) To the
best of Borrower’s knowledge and after giving effect to all of the amendments
reflected in this Agreement, no Event of Default by Borrower exists under the
Loan Agreement, the Note, or any of the other Loan Documents, and no event
exists which, with the giving of notice or the passage of time, or both, would
give rise to an Event of Default by Borrower hereunder or under any of the Loan
Documents; and

     

    (b) To the
best of Borrower’s knowledge, Lender is not in default and has performed all of
its obligations under the Loan Agreement and the other Loan Documents, and
Borrower does not have any claim against Lender or defense against the
enforcement of the Note, the Loan Agreement or any of the other Loan
Documents.

     

    5. Effect on
Loan Documents.  Except as specifically amended pursuant to the
terms of this Agreement, the terms and conditions of the Loan Documents shall
remain unmodified and in full force and effect.  In the event of any
inconsistencies between the terms of this Agreement and any terms of any of the
Loan Documents, the terms of this Agreement shall govern and
prevail.

     

    6. Governing
Law.  This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Ohio without giving effect
to the conflicts-of-law rules and principles of such state.

     

    7. Counterparts.  This
Agreement may be executed and acknowledged in any number of counterparts, all of
which executed and acknowledged counterparts shall together constitute a single
document.  Signature and acknowledgment pages may be detached from the
counterparts and attached to a single copy of this document to physically form
one document, which may be recorded.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    8. Further
Assurances.  At any time or from time to time upon the
reasonable request of Lender, Borrower shall, at its expense, promptly execute,
acknowledge and deliver, or cause to be executed, acknowledged, or delivered,
such further instruments and documents and perform such other acts as may be
necessary or advisable, in the reasonable discretion of Lender, for carrying out
the intention or facilitating the performance of the terms of this Agreement, or
for assuring the validity of, perfecting, or preserving the lien of any other
Loan Documents, as modified by this Agreement.

     

    9. Attorneys’
Fees.  In the event of any dispute or litigation concerning the
enforcement, validity or interpretation of this Agreement, or any part thereof,
the losing party shall pay all costs, charges, fees and expenses (including
reasonable attorneys’ fees) paid or incurred by the prevailing party, regardless
of whether any action or proceeding is initiated relative to such dispute and
regardless of whether any such litigation is prosecuted to
judgment.

     

    10. Entire
Agreement.  This Agreement contains the entire agreement
between the parties relating to the subject matters contained
herein.  Any oral representations or statements concerning the subject
matters herein shall be of no force or effect.

     

    

     

    [Signatures
on next page]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

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

     

    

     

    “BORROWER”

     

    EMERITUS
CORPORATION,

     

    a
Washington corporation

     

                              By:           /s/ Eric
Mendelsohn                                        

                              Name:            Eric
Mendelsohn                                                                

                              Title:              SVP Corporate
Development

     

    

     

    “LENDER”

     

    NATIONWIDE HEALTH PROPERTIES,
INC.,

     

                              a Maryland
corporation

     

                     By:           /s/ Brent P.
Chappell                                                      

                               
 Name:                      Brent P.
Chappell                                                                

                               
 Title:                      VP Portfolio
Management                                                                

     

    
      
         

      

      
        S -
1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]