Document:

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                                                                    EXHIBIT 4.13

                           ACKNOWLEDGMENT AND CONSENT

         THIS ACKNOWLEDGMENT AND CONSENT (this "Agreement") dated as of June 12,
2002 is by and among Merrill Lynch Private Finance Inc., a Delaware corporation
("Lender"), The Boyer Company, L.C., a Utah limited liability company
("Borrower"), HCPI/Utah, LLC, a Delaware limited liability company (the "Down
REIT Sub"), each of the entities that is affiliated with Borrower and that is a
signatory hereto under the designation "Pledgor" (individually and collectively,
as the context requires, "Pledgor"), and Health Care Property Investors, Inc., a
Maryland corporation ("HCPI").

                                    RECITALS:

     1. Each Pledgor is a Non-Managing Member of the Down REIT Sub pursuant to
that certain Amended and Restated Limited Liability Company Agreement of
HCPI/Utah, LLC, dated as of January 20, 1999, as amended by Amendment Nos. 1, 2,
3, 4, 5, 6, 7, 8 and 9 dated as of June 30, 1999, November 12, 1999, January 12,
2000, March 1, 2000, December 1, 2000, March 16, 2001, March 30, 2001, October
1, 2001 and October 30, 2001, respectively (the "LLC Agreement"). Further, each
Pledgor is the record owner of the number of Non-Managing Member Units, as set
forth opposite such Pledgor's name on Exhibit A attached hereto (collectively,
the "Pledged Units"). As of the date of this Agreement, the Pledged Units are
evidenced by the LLC Unit Certificates referred to on Exhibit A (collectively,
the "Certificates"). All references herein to the Pledged Units shall include
all additional or substituted Non-Managing Member Units, from time to time
pledged to Lender pursuant to the Loan Agreement, as defined below, and all
references herein to the Certificates shall include the Certificates related to
such additional or substituted Non-Managing Member Units.

     2. Lender is a party to that certain Loan and Collateral Account Agreement
(Demand Loan), dated as of the date hereof, by and among Borrower, Pledgor,
Lender and Merrill Lynch, Pierce, Fenner & Smith Incorporated (as such agreement
has been or may hereafter be amended, supplemented or otherwise modified from
time to time, the "Loan Agreement"), whereby Lender has agreed to lend to
Borrower from time to time, on a revolving basis, an amount not to exceed
$20,000,000 as presently established.

     3. Pursuant to the Loan Agreement, the loan contemplated therein is secured
by, inter alia, (i) all of Pledgor's right, title and interest in the Pledged
Units, and (ii) all of Pledgor's right, title and interest in the Registration
Rights Agreement dated as of June 30, 1999 among Boyer-BPMA Holdings, L.C., a
Utah limited liability company ("Boyer-BPMA"), Spring Creek Medical Building,
L.L.C., a Utah limited liability company, and HCPI, as amended, and those
certain Registration Rights Agreements between each Pledgor (other than
Boyer-BPMA) and HCPI, as amended with respect to certain of the Pledged Units
(individually and collectively, referred to herein as the "Registration Rights
Agreement"). The loan contemplated in the Loan Agreement is also secured,
pursuant to the Loan Agreement, by similar collateral security pertaining to
HCPI/Utah II, LLC, a Delaware limited liability company ("HCPI/Utah II, LLC") as
confirmed in the Acknowledgment and Consent, dated as of the date hereof (the
"Utah II Acknowledgment and Consent"), among Lender, Borrower, HCPI, HCPI/Utah
II, LLC and certain other pledgors specified therein.

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     4. The parties hereto desire to enter into this Agreement for the purpose
of setting forth certain agreements among Lender, Borrower, Pledgor, HCPI and
the Down REIT Sub with respect to the Collateral.

     5. Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to them in the LLC Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

1.   Definitions.  As used in this Agreement, the following terms shall have the
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     meanings hereinafter set forth unless the context shall otherwise require.

     a.   "Collateral" shall mean, collectively, the Pledged Units, the Pledged
          Shares and any and all securities issued or issuable on the conversion
          or redemption of the Pledged Units or Pledged Shares, or cash or other
          distributions of every kind in respect of any of the foregoing.

     b.   "Commission" shall mean the Securities and Exchange Commission.

     c.   "Default" shall mean a Remedy Event as defined in the Loan Agreement
          or a demand under Section 8.3 of the Loan Agreement.

     d.   "Material Adverse Effect" shall mean (i) an adverse condition or event
          material to, (ii) a material adverse effect on, or (iii) a material
          adverse change in, as the case may be, any one or more of the
          following: (A) the business, assets, results of operations, financial
          condition or prospects of HCPI or the Down REIT Sub, as the case may
          be, or (B) the ability of HCPI or the Down REIT Sub, as the case may
          be, to perform its obligations under any material contract to which it
          is a party.

     e.   "Pledged Shares" shall mean REIT Shares which are exchanged by HCPI
          for any Pledged Units which are tendered to HCPI, as the Managing
          Member of the Down REIT Sub, pursuant to the exchange provisions set
          forth in Section 8.6 of the LLC Agreement, as the same are amended as
          provided in Section 7.b.i below.

     f.   "Registration Rights" shall mean a Pledgor's rights under the
          Registration Rights Agreement, as supplemented and modified in Section
          7.b below.

     g.   "S-3 Expiration Date" means the date on which Form S-3 (or a similar
          successor form of registration statement) is not available to HCPI for
          the registration of REIT Shares pursuant to the Securities Act.

     h.   "Securities Act" shall mean the Securities Act of 1933, as amended.

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2.   Acknowledgment of Pledge, etc.

     a.   HCPI and the Down REIT Sub hereby agree, acknowledge and approve, as
          being subject to, but complying with Section 11.3 of the LLC
          Agreement, (i) the grant by Pledgor to Lender of a security interest
          in the Collateral pursuant to the Loan Agreement, and (ii) subject to
          Section 7.a below, the Transfer, to Lender or other purchaser at
          foreclosure, of the Pledged Units upon foreclosure (or transfer in
          lieu of foreclosure, with each reference herein to foreclosure to
          include such a transfer) thereon by Lender under or pursuant to the
          Loan Agreement; provided, however, that such acknowledgement and
          approval of the Down REIT Sub is not, and shall not be construed to
          be, the consent to or approval of any other Transfer in the event
          Lender or other purchaser at foreclosure becomes the owner of any of
          the Pledged Units. HCPI agrees to note in its and the Down REIT Sub's
          books and records that the undersigned Pledgors have granted to Lender
          security interests in the Collateral and agrees that upon delivery to
          HCPI by Lender of the Certificates evidencing ownership of the Pledged
          Units, together with original unit powers duly executed by Pledgor in
          blank in the form attached hereto as Exhibit B, if requested by
          Lender, HCPI will register in its books and records, or the books and
          records of the Down REIT Sub, ownership of such Pledged Units in the
          name of Lender or its nominee. HCPI agrees that it will not register
          the Pledged Units (or any entitlement to any dividend, distribution or
          other proceeds thereof) into the name of any person other than the
          Pledgor listed as the owner thereof on Exhibit A attached hereto, or
          recognize any person other than such Pledgor as the owner of such
          Pledged Units, without the prior written consent of Lender.

     b.   HCPI and the Down REIT Sub agree that notwithstanding Section 11.3.D
          of the LLC Agreement, they will not require an opinion of counsel in
          order for the Down REIT Sub and HCPI to recognize the Pledgor's pledge
          of the Pledged Units and the grant of a security interest to Lender in
          the Collateral.

     c.   HCPI and the Down REIT Sub hereby acknowledge receipt of copies of the
          Instructions to Register Security Interest attached hereto as Exhibit
          C (the "Instructions") and the notice of Lender's security interest
          contained therein and agree to comply with the terms of the
          Instructions.

     d.   HCPI and the Down REIT Sub hereby agree that by virtue of Lender
          holding a security interest in the Pledged Units (i) Lender does not
          and shall not become a Substituted Member under Section 11.4 of the
          LLC Agreement unless and until Lender forecloses on the Pledged Units
          and (ii) Lender does not and shall not undertake any obligations or
          liabilities of Pledgor of any nature whatsoever pertaining to the
          Pledged Units or under the LLC Agreement, both before or after any
          foreclosure by Lender on the Pledged Units.

     e.   HCPI and the Down REIT Sub acknowledge and agree that upon the
          execution and delivery to Lender by the Pledgors of this Agreement,
          the Loan Agreement and all schedules hereto and thereto to which the
          Pledgors are parties, and the

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                    Certificates, the Pledgors will not be required to sign any
                    other documents or take any other action with respect to the
                    Transfer of the Pledged Units to Lender in connection with
                    the exercise of Lender's rights under this Agreement.

               f.   The parties acknowledge and agree that Lender and Borrower
                    may from time to time further modify the Loan Agreement,
                    including by way of adding additional entities as Pledgors
                    thereunder and/or by adding additional Non-Managing Member
                    Units as Pledged Units. Any such additional entities added
                    as Pledgors and/or any existing Pledgors who pledge
                    additional Pledged Units shall concurrently acknowledge
                    their status as parties to this Agreement on such terms and
                    with the same force and effect as if each such entity had
                    originally executed and delivered same. Lender shall give
                    written notice thereof to the Down REIT Sub, HCPI and each
                    Pledgor contemporaneously with any such modification of the
                    Loan Agreement; no written consent or other acknowledgement
                    shall be required from any entity to which such notice is
                    sent as a condition to the effectiveness of the foregoing.
                    Such notice shall include such further amendment and
                    restatement of Exhibit A and Exhibit C to this Agreement as
                    necessary in order to reflect the additional Pledged Units
                    of each such entity added as an additional Pledgor and/or
                    the additional Pledged Units of each such existing Pledgor.
                    Following such notification from Lender, each reference to
                    "Pledgor" in this Agreement shall be understood to include
                    for all purposes any such entity so added to the Loan
                    Agreement.

          3.   Notices. Unless and until HCPI has received written notice from
               Lender to the effect that Lender no longer claims any interest in
               the Collateral, (a) HCPI shall send to Lender a copy of each
               notice sent to holders of LLC Units by HCPI under the LLC
               Agreement as and when it delivers such notice to Pledgor,
               including any notice of Reduction pursuant to Section 8.6.D of
               the LLC Agreement, and (b) at the written request of Lender, HCPI
               shall send to Lender a copy of each other communication, report
               or other information from time to time sent to Pledgor as holder
               of the Pledged Units or Pledged Shares.

          4.   Amendments to Registration Rights Agreement and the LLC
               Agreement. Unless and until HCPI has received written notice from
               Lender to the effect that Lender no longer claims any interest in
               the Collateral, (a) no amendment of, termination of, or
               supplement to, the Registration Rights Agreement shall be
               effective without the prior written consent of Lender, and (b) no
               amendment of, termination of or supplement to the LLC Agreement
               for which the consent of any Pledgor is required shall be
               effective without the prior written consent of Lender, which
               consent shall not be unreasonably withheld; provided that if
               written disapproval is not received from Lender within 10
               Business Days following receipt by Lender of a written request to
               approve such amendment (which request shall specifically
               reference the time limitation imposed by this Section 4), then
               Lender's approval of such amendment shall be deemed to have been
               given.

          5.   Distributions, etc.

               a.   Following receipt by the Down REIT Sub of written notice
                    (which notice shall specifically reference this Section 5 of
                    this Agreement) from Lender that a

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                    Default has occurred and is continuing (a "Default Notice"):
                    (i) upon the written instruction of Lender and until
                    instructions to the contrary are received from Lender, the
                    Down REIT Sub shall remit to Lender all cash distributions
                    otherwise payable to Pledgor in respect of the Pledged
                    Units, and HCPI shall remit to Lender all cash dividends
                    otherwise payable to Pledgor in respect of the Pledged
                    Shares, of any nature, and (ii) upon the written instruction
                    of Lender and until instructions to the contrary are
                    received from Lender, all rights of Pledgor to exercise the
                    voting or other consensual rights that Pledgor would
                    otherwise be entitled to exercise in respect of the
                    Collateral shall cease, and all such rights (and any other
                    rights Pledgor may have in respect of the Collateral) shall
                    thereupon become vested in Lender, which shall have the sole
                    right to exercise such rights, until further notice from
                    Lender. With respect to cash distributions payable during
                    such time as no event of Default is occurring, each Pledgor
                    hereby directs the Down REIT Sub and/or HCPI, as the case
                    may be, and the Down REIT Sub and/or HCPI, as the case may
                    be, agrees to deposit any and all such dividends and
                    distributions in the following account as set forth in
                    Section 3.1. of the Loan Agreement: 43JO7293. Any amounts
                    paid to the Lender or its designee as contemplated by the
                    terms of the foregoing shall be treated as amounts paid or
                    distributed to Pledgor for all purposes of the LLC
                    Agreement, or other agreement pursuant to which the payment
                    or distribution is made or is required to be made and shall
                    be deemed to satisfy the obligations of the Down REIT Sub or
                    HCPI to make such payment thereunder. Each Pledgor hereby
                    agrees that neither the Down REIT Sub nor HCPI shall be
                    deemed to be in breach of its obligations under, or in
                    violation of the provisions of, any such agreement by virtue
                    of having made such payments in the foregoing manner.

               b.   From and after the date of this Agreement, and whether or
                    not a Default has occurred and is continuing, if Pledgor
                    shall become entitled to receive, in connection with any of
                    the Collateral, any:

                    i.   LLC Units or stock certificates (including, without
                         limitation, stock certificates relating to the Pledged
                         Shares), including, without limitation, any
                         certificates (1) issued in respect of additional
                         properties contributed by such Pledgor to the Down REIT
                         Sub, or (2) representing a dividend or distribution or
                         issued in connection with any increase or reduction of
                         capital, reclassification, merger, consolidation, sale
                         of assets, combination of shares or partnership units,
                         stock or partnership units split, spin-off, or
                         split-off;

                    ii.  Options, warrants, rights or other securities or
                         instruments, whether as an addition to, or in
                         substitution or in exchange for, any of the Collateral,
                         or otherwise;

                    iii. Dividends or distributions payable in property other
                         than cash, including securities issued by other than
                         the issuer of any of the Collateral; or

                    iv.  Any sums paid in redemption of any of the Collateral,

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                    then HCPI shall deliver the same to Lender, to be held by
                    Lender as part of the Collateral. Any amounts paid to the
                    Lender or its designee as contemplated by the terms of the
                    foregoing shall be treated as amounts paid or distributed to
                    Pledgor for all purposes of the LLC Agreement, or other
                    agreement pursuant to which the payment or distribution is
                    made or is required to be made and shall be deemed to
                    satisfy the obligations of the Down REIT Sub or HCPI to make
                    such payment thereunder. Each Pledgor hereby agrees that
                    neither the Down REIT Sub nor HCPI shall be deemed to be in
                    breach of its obligations under, or in violation of the
                    provisions of, any such agreement by virtue of having made
                    such payments in the foregoing manner.

          6.   Registration Rights and Registration Statements.

               a.   Shelf Registration Statement. HCPI hereby represents and
                    warrants to Lender that it has filed pursuant to the
                    Securities Act, and has kept continuously effective, a
                    registration statement on Form S-3, dated January 27, 2000
                    (such registration statement, including all amendments
                    (including post-effective amendments) and all exhibits
                    thereto and materials incorporated by reference therein, the
                    "Shelf Registration Statement") that relates to the offer
                    and sale of certain REIT Shares issued or to be issued by
                    the Down REIT Sub upon exchange of those Pledged Units
                    described on Exhibit D attached hereto (the "Registered
                    Pledged Units"). HCPI hereby agrees, if not so amended prior
                    to the date of this Agreement, to amend and supplement the
                    Shelf Registration Statement within 10 Business Days after
                    the date of this Agreement and to file such amendment and
                    supplement with the Commission as required by Rule 424 or
                    similar rule that may be adopted under the Securities Act to
                    include Lender as a "Selling Shareholder" thereunder.

               b.   Registration Rights. In addition to the specific
                    registration rights set forth in this Agreement, in the name
                    of and on behalf of Pledgor, Lender shall have the right to
                    exercise Pledgor's Registration Rights with respect to any
                    Pledged Units then owned by Pledgor and held by Lender,
                    including without limitation (i) subject to the terms and
                    conditions of the Registration Rights Agreement, the right
                    to enforce the applicable provisions of the Registration
                    Rights Agreement pertaining to HCPI's obligation to file
                    with the commission a registration statement on Form S-3
                    (the "Issuance Registration Statement") covering, among
                    other things, the issuance to Lender of REIT Shares issued
                    or to be issued by the Down REIT Sub upon exchange of those
                    Pledged Units described on Exhibit E attached hereto and
                    naming Lender as a "Selling Shareholder" thereunder and (ii)
                    the right to request, at the times and in the manner set
                    forth in the Registration Rights Agreement, HCPI to register
                    for sale under the Securities Act any Pledged Shares
                    issuable or issued upon exchange of Pledged Units; provided,
                    however, that, in the case of a Demand Registration pursuant
                    to Section 3.1(a) of the Registration Rights Agreement, the
                    Down REIT Sub agrees that Lender shall not be subject to the
                    once-every-twelve-months limitation set forth in clause (i)
                    thereof (provided that if at any time Lender has exercised a
                    Demand Registration right in the previous twelve month
                    period, for which the Down REIT Sub or HCPI has paid the
                    expenses thereof, as provided in Section 3.4 of the
                    Registration Rights

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                    Agreement, Lender shall pay the expenses described in
                    Section 3.4 of the Registration Rights Agreement in
                    connection with the filing of such Demand Registration), nor
                    shall Lender be subject to the $1,000,000 minimum
                    requirement referred to in clause (ii) thereof if Lender is
                    exercising Demand Registration Rights with respect to all of
                    the Pledged Shares it owns or has the right to acquire upon
                    an Exchange. Pledgor hereby irrevocably appoints Lender as
                    his attorney-in-fact to exercise any such Registration
                    Rights, and irrevocably instructs HCPI to honor any such
                    exercise by Lender of Pledgor's Registration Rights.

          7.   Rights upon Remedy Events.

               a.   Restrictions on Transfer Upon foreclosure of any Pledged
                    Units, the Lender shall be entitled to Transfer such Pledged
                    Units, in whole or in part, subject to applicable
                    restrictions set forth in Section 11.3 through 11.6 of the
                    LLC Agreement; provided, however, that HCPI and the Down
                    REIT Sub acknowledge and agree that (i) the provisions of
                    Section 11.6.C shall not apply to any foreclosure by Lender
                    on any Pledged Units, (ii) to the extent any such
                    restrictions require the consent of HCPI or the Down REIT
                    Sub, HCPI and the Down REIT Sub hereby provide their consent
                    to such foreclosure, (iii) if Lender or a purchaser of
                    Pledged Units at foreclosure is prohibited from becoming a
                    Substituted Member of HCPI, Lender or such purchaser may
                    become an Assignee in accordance with such restrictions,
                    (iv) the Down REIT Sub shall conduct its business in the
                    ordinary course in accordance with past practices, and (v)
                    neither Lender nor any purchaser of Pledged Units or Pledged
                    Shares at foreclosure shall be obligated to assume, or
                    otherwise be responsible for, any obligation a Pledgor may
                    have under the LLC Agreement or any other obligation of
                    Pledgor accrued prior to foreclosure under the LLC
                    Agreement; provided that nothing in this subclause 7.a.(v)
                    shall release or reduce any prior obligations of a Pledgor
                    to HCPI or the Down REIT Sub, it being acknowledged and
                    agreed by the Down REIT Sub or HCPI that the Down REIT Sub
                    and HCPI have recourse against any such Pledgor only and not
                    against Lender. HCPI further acknowledges and agrees that
                    the aforesaid restrictions do not apply to Pledged Shares.
                    Lender acknowledges and agrees that the Pledged Shares are
                    subject to certain restrictions on ownership and transfer as
                    set forth in the Charter of the HCPI, as amended from time
                    to time.

               b.   Exchange of Pledged Shares; Foreclosure. In addition to (i)
                    Lender's rights under Section 5 of this Agreement, (ii)
                    Lender's rights as a pledgee, transferee or Assignee at
                    foreclosure of LLC Units or a Membership Interest as
                    provided in the LLC Agreement, and (iii) any and all other
                    rights Lender may have in respect of a Default under any
                    other agreement, document or instrument, or under applicable
                    law, upon the occurrence of any one or more Defaults
                    (including, without limitation, the right of Lender to
                    exercise its rights under the Loan Agreement to foreclose on
                    or acquire the entire interest of Pledgor in all or any
                    portion of any Collateral), Lender shall thereupon and
                    thereafter during the continuance thereof

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          have the right, in its sole and absolute discretion, to do or cause to
          be done any one or more of the following:

          i.   Exchange of Registered Pledged Units.

               Lender shall have the right, upon written notice to the Down REIT
               Sub and in the name of and on behalf of Pledgor, to exercise
               Pledgor's exchange rights and require HCPI to exchange all or any
               portion (as selected and in such order as Lender may elect in its
               sole discretion) of the Registered Pledged Units in accordance
               with Section 8.6.A of the LLC Agreement (the "Exchange Rights").
               Any request for such exchange shall be made on the form of Notice
               of Exchange attached hereto as Exhibit F. Pledgor hereby
               irrevocably appoints Lender as its attorney-in-fact to exercise
               such Exchange Rights, and irrevocably instructs the Down REIT Sub
               and HCPI to honor any such exercise by Lender of the Exchange
               Rights. HCPI hereby agrees that upon any such exercise of the
               Exchange Rights, HCPI shall deliver the entire Cash Amount or
               REIT Shares to Lender, in each case without deduction in respect
               of any claim which HCPI or the Down REIT Sub may from time to
               time have of any nature or kind against Pledgor (other than with
               respect to any withholding tax obligation imposed by law on the
               Down REIT Sub with respect to any amount distributable or
               allocable to a Pledgor in respect of Registered Pledged Units, as
               contemplated in Section 5.3 of the LLC Agreement).

               In addition to the foregoing, the second sentence of Section
               8.6.A of the LLC Agreement is hereby amended with respect to
               Lender to provide that notwithstanding the first sentence of
               Section 8.6.A of the LLC Agreement, after, or concurrently with,
               receipt by HCPI of any Default Notice, the Lender shall have the
               right to (i) tender Registered Pledged Units for Exchange
               (subject to the following terms and conditions of Section 8.6.A
               of the LLC Agreement) and require the Down REIT Sub to acquire up
               to the number of Registered Pledged Units specified in the Notice
               of Exchange as referred to in the definition of "Specified
               Exchange Date" set forth in subparagraph (c) immediately
               following; provided, however that Lender may tender Registered
               Pledged Units for Exchange hereunder once, irrespective of the
               aggregate market value of such Registered Pledged Units, and an
               unlimited number of times, provided the aggregate market value of
               such Registered Pledged Units is at least $1,000,000 on the date
               of any such Notice of Exchange.

               In connection with the foregoing, the definition of the term
               "Specified Exchange Date" in the LLC Agreement shall, with
               respect to Lender and only with respect to Lender, be amended to
               read as follows:

                    "Specified Exchange Date" means in the case of an Exchange
                    pursuant to Section 8.6.A hereof, that date specified by
                    Lender in a Notice of Exchange to the

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                    Company; provided, however, that such date shall in no event
                    be less than fourteen (14) days (or if such day is not a
                    Business Day, the next following Business Day) after HCPI's
                    receipt of such Notice of Exchange and provided further that
                    the Specified Exchange Date, as well as the closing of an
                    Exchange on the Specified Exchange Date, may be deferred in
                    the Managing Member's sole and absolute discretion, for such
                    time as may be reasonably required to effect, as applicable,
                    (i) necessary funding arrangements, (ii) compliance with the
                    Securities Act or other applicable laws (including, but not
                    limited to, (a) state "blue sky" or other securities laws
                    and (b) the expiration or termination of the applicable
                    waiting period, if any, under the Hart Scott Rodino
                    Antitrust Improvements Act of 1976, as amended, and (iii)
                    satisfaction or waiver of other commercially reasonable and
                    customary closing conditions and requirements for a
                    transaction of such nature (provided that in no event shall
                    such Exchange be delayed more than 30 days in the aggregate
                    with respect to (i) and (iii) above, or more than 150 days
                    in the aggregate with respect to (ii) above.

     ii. Put for Unregistered Pledged Units.

         Until such time as HCPI has filed, pursuant to Section 6 of this
         Agreement, (i) an amendment to the Shelf Registration Statement, and
         (ii) the Issuance Registration Statement, as the case may be, Lender
         shall have the right upon written notice to HCPI in the form of
         Deficiency Notice attached hereto as Exhibit G (a "Deficiency Notice"),
         to exchange all or any portion of the Unregistered Pledged Units for
         one or more cash payments from HCPI on any foreclosure of the
         Unregistered Pledged Units, where the cash or fair market value of
         Pledged Shares (determined based on the closing price of the REIT
         Shares on the date of the Deficiency Notice, as reported on the New
         York Stock Exchange or such other exchange on which the REIT Shares are
         then listed) issued on exchange of Registered Pledged Units will be
         insufficient to satisfy Borrower's Obligations (as defined in the Loan
         Agreement) under the Loan Agreement, in an amount (the "Unregistered
         Units Cash Payment") equal to (i) the fair market value of such
         Unregistered Pledged Units (determined based on the closing price of
         the REIT Shares on the date of the Deficiency Notice on the New York
         Stock Exchange or such other exchange on which the REIT Shares are then
         listed), multiplied by (ii) the number of such Unregistered Pledged
         Units exchanged, less (iii) 1% of the product of (i) and (ii). Each
         Unregistered Units Cash Payment shall be payable by HCPI within 14 days
         following its receipt of the Deficiency Notice with respect thereto;
         provided, however, that at such time as Lender receives written notice
         from HCPI of the filing and effectiveness

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                    of the Issuance Registration Statement, Lender's rights
                    pursuant to this Section 7.b.ii shall terminate with respect
                    to any such Unregistered Pledged Units covered by such
                    registration, so long as such registration remains
                    effective. In the event and to the extent that any
                    registration statement with respect to any Pledged Units
                    ceases to be effective, the provisions of this Section
                    7.b.ii shall again apply with respect to all affected
                    Pledged Units and/or Pledged Shares.

                    Notwithstanding the provisions of Section 7.b.ii above, but
                    subject to Section 7.b.iii below and Section 7.b.iii of the
                    Utah II Acknowledgement and Consent, Lender agrees that to
                    the extent Lender has the right to exchange Registered
                    Pledged Units under either this Agreement or under the Utah
                    II Acknowledgment and Consent on or before the specified
                    date in the applicable Notice of Exchange, Lender shall
                    exercise any and all such exchange rights hereunder and
                    thereunder, prior to delivering a Deficiency Notice under
                    Section 7.b.ii above.

               iii. Put for Exchange Delays in Pledged Units. Notwithstanding
                    anything to the contrary in this Agreement, in the event
                    that the Specified Exchange Date under Section 7.b.i is
                    deferred to a date that is later than the date specified in
                    the applicable Notice of Exchange and where the cash or fair
                    market value of the Pledged Units (determined based on the
                    closing price of the REIT Shares on the date of the
                    Deficiency Notice on the New York Stock Exchange or such
                    other exchange on which the REIT Shares are then listed), if
                    any, which may be exchanged on or before the specified date
                    in the applicable Notice of Exchange will be insufficient to
                    satisfy Borrower's Obligations (as defined in the Loan
                    Agreement) under the Loan Agreement, Lender shall have the
                    right, upon providing a Deficiency Notice to HCPI, to
                    exchange all or any portion of the affected Pledged Units
                    for one or more cash payments from HCPI in an amount (the
                    "Exchange Delay Cash Payment") equal to (i) the fair market
                    value (determined based on the closing price of the REIT
                    Shares on the date of the Deficiency Notice on the New York
                    Stock Exchange or such other exchange on which the REIT
                    Shares are then listed) of such affected Pledged Units,
                    multiplied by (ii) the number of such affected Pledged Units
                    to be exchanged, less (iii) 1% of the product of (i) and
                    (ii). Each Exchange Delay Cash Payment shall be payable by
                    HCPI within 14 days following its receipt of the Deficiency
                    Notice with respect thereto.

                    In addition, the parties hereto agree and acknowledge that
                    the obligation of HCPI, HCPI/Utah II, LLC and/or the Down
                    REIT Sub, as the case may be, to make Unregistered Units
                    Cash Payments and/or Exchange Delay Cash Payments under this
                    Section 7 and under Section 7 of the Utah II Acknowledgment
                    and Consent shall not exceed, in the aggregate, $20,000,000.

                                       10

<PAGE>

               iv.  Concurrent Exercise. The rights exercisable by Lender under
                    this Section 7.b may be invoked before or after foreclosure
                    under the Loan Agreement in Lender's sole discretion, and
                    all without further notice to or any requirement of consent
                    by Pledgor, which hereby irrevocably and unconditionally
                    waives any right to give any contrary instructions to HCPI.
                    All parties acknowledge that Lender desires to consummate
                    any necessary foreclosure under the Loan Agreement on a
                    basis that such foreclosure occurs concurrent with the
                    closing of an Exchange; all parties agree to cooperate
                    reasonably with Lender to that end. HCPI agrees that it will
                    not act on any separate instructions or communications from
                    Pledgor pertaining to the Pledged Units or Pledged Shares or
                    Registration Rights Agreement without the express written
                    consent of Lender. Nothing in this subparagraph (v) shall in
                    any way obligate Lender to consummate any necessary
                    foreclosure under the Loan Agreement in the manner referred
                    to above; Lender may, in its sole discretion, determine that
                    another method of realization upon the Collateral is
                    preferable or required, and such determination by Lender
                    shall in no manner limit or restrict the obligations of
                    Borrower, Pledgor or any other person or entity with respect
                    to the loans contemplated herein.

               v.   Foreclosure. Subject to the terms and conditions of the Loan
                    Agreement, Lender shall have the right to foreclose on or
                    acquire the entire interest of Pledgor in all or any portion
                    of any Pledged Shares (including all of Pledgor's right,
                    title and interest in the Registration Rights Agreement to
                    the extent applicable to such Pledged Shares) owned by
                    Pledgor, by foreclosure or in any other manner. In the event
                    that Lender elects to exercise its rights under this Section
                    7.b.v, Lender shall deliver to HCPI a notice of its intent
                    to do so no later than 10 Business Days prior to the date of
                    any sale, public or private, or of any transfer in lieu of
                    foreclosure, and HCPI (without limitation on its own right,
                    under applicable law, to participate in any sale or other
                    disposition of any of the Collateral) shall reasonably
                    cooperate, at no expense to itself, with Lender in
                    completing its foreclosure on the affected Pledged Shares in
                    compliance with applicable laws, including, if applicable,
                    all actions reasonably necessary to comply with the filing
                    requirements described in Rule 144(c)(1) of the Securities
                    Act, so as to enable the Lender to sell such Pledged Shares
                    without registration under the Securities Act.

8.   Representations and Warranties by the Down REIT Sub and HCPI. The Down REIT
     Sub and HCPI hereby represent and warrant to Lender as follows as of the
     date hereof:

     a.   LLC Agreement. A true and correct copy of the LLC Agreement as in
          effect as of the date hereof is attached as Exhibit H hereto.

     b.   Organization And Authority of the Down REIT Sub. The Down REIT Sub has
          been duly formed, is validly existing as a limited liability company
          in good standing under the laws of the State of Delaware, and is duly
          qualified to transact

                                     11

<PAGE>

                    business and is in good standing in each jurisdiction in
                    which the conduct of its business or its ownership or
                    leasing of property requires such qualification except where
                    the absence of such qualification would not have a Material
                    Adverse Effect. The Down REIT Sub has all requisite power
                    and authority to own or hold under lease the property it
                    purports to own or hold under lease, to carry on its
                    business as now conducted and as proposed to be conducted
                    except as would not have a Material Adverse Effect, and to
                    execute and deliver this Agreement and to perform its
                    obligations hereunder.

               c.   Authorization by the Down REIT Sub; Binding Effect. The Down
                    REIT Sub has by all necessary action duly authorized (i) the
                    execution and delivery of this Agreement and (ii) the
                    performance of its obligations hereunder. This Agreement
                    constitutes the legal, valid and binding obligation of the
                    Down REIT Sub, enforceable against it in accordance with its
                    terms, except as enforcement may be limited by equitable
                    principles and by bankruptcy, insolvency, reorganization,
                    moratorium or similar laws relating to creditors' rights
                    generally.

               d.   Pledged Units; Managing Member of the Down REIT Sub. All of
                    the Pledged Units are validly issued and non-assessable. The
                    identity of the registered owners, the total number of
                    Pledged Units and the corresponding Certificates evidencing
                    ownership thereof are accurately set forth on Exhibit A
                    attached hereto. No security interest in the Pledged Units
                    has been registered on the records of the Down REIT Sub (or
                    its transfer agent). HCPI is the sole Managing Member of the
                    Down REIT Sub and owns the only Managing Member Units
                    thereof.

               e.   Organization and Authority of HCPI. HCPI is a corporation
                    duly organized, validly existing and in good standing under
                    the laws of Maryland, and is duly qualified to transact
                    business and is in good standing in each jurisdiction in
                    which the conduct of its business or its ownership or
                    leasing of property requires such qualification except where
                    the absence of such qualification would not have a Material
                    Adverse Effect. HCPI has all requisite power and authority
                    to own or hold under lease the property it purports to own
                    or hold under lease, to carry on its business as now
                    conducted and as proposed to be conducted except as would
                    not have a Material Adverse Effect, and to execute and
                    deliver this Agreement and to perform its obligations
                    hereunder.

               f.   No Claims. To their knowledge, neither HCPI nor the Down
                    REIT Sub has any existing claim, defense, setoff or right of
                    recoupment under the LLC Agreement, any other agreement, or
                    any law, rule or regulation, against or with respect to (i)
                    any of the Pledged Units, (ii) any of REIT Shares that may
                    be issuable or any amount that may be payable in connection
                    with the exchange of any Pledged Units or (iii) any
                    obligation of Pledgor under the LLC Agreement or any other
                    agreement with respect to any of the Pledged Units, any of
                    the REIT Shares that may be issued or any amount that may be
                    payable in connection with the redemption of any Pledged
                    Units.

                                       12

<PAGE>

     g.   Authorization by HCPI; Binding Effect. HCPI has by all necessary
          action duly authorized the execution and delivery of this Agreement
          and the performance of its obligations hereunder. This Agreement
          constitutes the legal, valid and binding obligation of HCPI,
          enforceable against it in accordance with its terms, except as
          enforcement may be limited by equitable principles and by bankruptcy,
          insolvency, reorganization, moratorium or similar laws relating to
          creditors' rights generally.

     h.   HCPI Status. HCPI is organized in conformity with the requirements for
          qualification as a real estate investment trust under the Code and its
          ownership and method of operation enables it to meet the requirements
          for taxation as a real estate investment trust under the Code.

     i.   No Conflict. The execution, delivery and performance by HCPI of this
          Agreement, and the consummation of the transactions contemplated
          hereby, do not and will not violate any provision of the charter or
          bylaws of HCPI, or the LLC Agreement, or any contractual or other
          undertaking by which HCPI or any of its assets are bound. As of the
          date of this Agreement, the Pledged Units are not evidenced by writing
          or certificate except by the Certificates expressly referred to on
          Exhibit A hereto.

     j.   Registration Rights Agreement. A true and complete copy of the
          Registration Rights Agreement, including any amendments and
          supplements thereto, is attached to this Agreement as Exhibit I. The
          Registration Rights Agreement remains in full force and effect as of
          the date of this Agreement, and is the legal, valid and binding
          obligation of HCPI enforceable against it in accordance with its
          terms, except as enforcement may be limited by equitable principles
          and by bankruptcy, insolvency, reorganization, moratorium or similar
          laws relating to creditors' rights generally.

     k.   Governmental or Other Approvals. No governmental or other approval is
          or will be required in connection with the execution, delivery and
          performance by the Down REIT Sub or HCPI of this Agreement or the
          transactions contemplated hereby or to ensure the legality, validity
          or enforceability hereof.

9.   Representations and Warranties by Pledgor. To its knowledge, Pledgor does
     not have any existing claims, defenses, setoff rights or rights of
     recoupment under the LLC Agreement, under any other agreement, or any law,
     rule or regulation, against or with respect to any obligation of either
     HCPI or the Down REIT Sub under the LLC Agreement or any other agreement.

10.  Compliance with Securities Laws. Lender, Borrower and Pledgor hereby
     acknowledge that a portion of the Collateral has not been registered for
     sale under the Securities Act, that Lender may be unable to effect a public
     sale (under applicable provisions of the Uniform Commercial Code) of all or
     any part of the Collateral, and subject to the restrictions on transfer
     described above, may be compelled to resort to one or more private sales to
     a restricted group of purchasers who will be obligated to agree, among

                                       13

<PAGE>

          other things, to acquire the Collateral for their own account, for
          investment and not with a view to the distribution or resale thereof.
          Lender and Pledgors hereby further acknowledge that any such private
          sales may be at prices and on terms less favorable than those of
          public sales.

     11.  Liability to Pledgor. Pledgor and Borrower assume all risks of the
          acts or omissions of Lender with respect to its exercise of its rights
          hereunder. Neither the Down REIT Sub, HCPI, nor any of their officers,
          directors, partners, employees or agents shall be liable or
          responsible for any acts or omissions of the Lender, including without
          limitation the validity of any determination by Lender that a Default
          has occurred or is continuing, nor shall any of such persons have any
          responsibility for investigation into the facts and circumstances
          giving rise to any such determination by Lender, nor shall any such
          person be liable or responsible for following the instructions of
          Lender in accordance with this Agreement regardless of any notice,
          information or instructions to the contrary received by HCPI from
          Pledgor or any other person, including without limitation following
          instruction of Lender (a) to remit distributions by the Down REIT Sub
          made in respect of the Pledged Units, and distributions of HCPI made
          in respect of Pledged Shares, to Lender, pursuant to Section 5 above,
          (b) to terminate the voting and/or other consensual rights of Pledgor
          (and consider such right to have vested in Lender) pursuant to Section
          5 above, (c) to exercise Pledgor's Exchange Rights in the name of and
          on behalf of Pledgor pursuant to Section 7 above, or (d) to exercise
          Pledgor's Registration Rights in the name of and on behalf of Pledgor,
          pursuant to Section 6 above.

     12.  Separate Actions; Waiver of Statute of Limitations. The obligations of
          HCPI and Pledgor hereunder shall be in addition to any obligations of
          Pledgor under the Loan Agreement. Without limiting the provisions of
          the Loan Agreement, a separate action or actions may be brought and
          prosecuted against any one or more of the parties hereto whether or
          not action is brought against any other person or whether any other
          person is joined in any such action or actions. HCPI and Pledgor
          acknowledge that there are no conditions precedent to the
          effectiveness of this Agreement and that this Agreement is in full
          force and effect and is binding on such person as of the date hereof.
          To the extent permitted under applicable law, Pledgor waives the
          benefit of any statute of limitations affecting such person's
          liability hereunder or the enforcement thereof. Lender hereby agrees
          that neither the Down REIT Sub nor HCPI shall have any obligation or
          liability under the Loan Agreement or any other agreement related to
          the loan contemplated by the Loan Agreement except as expressly set
          forth herein and in the Instructions. Pledgor agrees that nothing set
          forth herein shall alter, diminish or otherwise affect its obligations
          under the LLC Agreement or any other agreement between Pledgor and
          HCPI or the Down REIT Sub relating to the Pledged Units or Pledged
          Shares.

     13.  Continuing Obligations. Borrower and Pledgor shall indemnify and hold
          harmless Lender from and against any and all obligations, claims,
          losses, liabilities, damages, expenses or costs (including reasonable
          attorneys' fees and expenses and fees and expenses of expert
          witnesses) arising from or in any way connected with the obligations
          or liabilities of either such person with respect to agreements,
          documents or other instruments, whether now existing or hereafter
          incurred, or the conditions and obligations to be observed and
          performed by Borrower or Pledgor under any agreement, document or

                                       14

<PAGE>

         other instrument relating to the Collateral, except for those arising
         from Lender's gross negligence or willful misconduct. In addition,
         Borrower shall indemnify and hold harmless Lender from and against any
         and all obligations, claims, losses, liabilities, damages, expenses or
         costs (including reasonable attorneys' fees and expenses and fees and
         expenses of expert witnesses) arising from or in any way connected with
         the exercise by Lender of any rights or remedies under the Loan
         Agreement or this Agreement with respect to the Collateral, including,
         without limitation, all costs and expenses associated with the exercise
         of any foreclosure rights and/or exchange rights pursuant to Section
         6.b above or otherwise.

    14.  Appointment as Attorney-in-Fact. Pledgor hereby appoints Lender as its
         true and lawful attorney-in-fact, with full power of substitution, for
         the purpose of carrying out the provisions of this Agreement and taking
         any action and executing any instruments either in the name of Pledgor
         or in the name of Lender, which such attorney-in-fact may deem
         necessary or advisable to accomplish the purposes hereof, which
         appointment as attorney-in-fact is irrevocable and coupled with an
         interest; provided, that nothing in this section shall require the
         Lender to take any action or execute any instruments.

    15.  Notices. Any notice, demand, request or report required or permitted to
         be given or made to a party to this Agreement shall be in writing and
         shall be deemed given or made when delivered in person or when sent by
         first class United States mail or by other means of written
         communication (including by telecopy, facsimile, or commercial courier
         service) (a) in the case of a Pledgor, to that Pledgor at the address
         set forth below and (ii) in the case of each other party, at its
         address for notices set forth below or at such other address as such
         party may give notice of in accordance with the provisions of this
         Section:

              Borrower and each Pledgor:    c/o The Boyer Company, L.C.
                                            127 South 500 East, Suite 100
                                            Salt Lake City, Utah 84102
                                            Attention: Brian Gochnour
                                            Telephone No.: 801-521-4781
                                            Telecopier: 801-521-4793

              Lender:                       Merrill Lynch Private Finance Inc.
                                            2049 Century Park East, Suite 1100
                                            Los Angeles, CA  90067
                                            Attention: Jay D. Sanders
                                            Telephone No.: 310-407-4943
                                            Telecopier: 310-284-2835

              HCPI and/or Down REIT Sub:    Health Care Property Investors, Inc.
                                            4675 MacArthur Court, Suite 900
                                            Newport Beach, California 92660
                                            Attention:  Legal Department
                                            Telephone No.: (949) 221-0600
                                            Telecopier: (949) 221-0607

                                       15

<PAGE>

    16.  Assignments. This Agreement and all of the provisions hereof shall be
         binding upon and inure to the benefit of the parties hereto and their
         respective successors and assigns. Nothing contained herein, express or
         implied, is intended to confer on any person other than the parties
         hereto or their respective successors and assigns, any rights,
         remedies, obligations or liabilities under or by reason of this
         Agreement.

    17.  Governing Law. This Agreement and the legal relations between the
         parties hereto shall be governed by and construed in accordance with
         the internal laws of the State of New York applicable to contracts made
         and to be performed in that State, without regard to conflict of laws
         principles.

    18.  Counterparts. This Agreement may be executed in any number of
         counterparts, each of which shall be deemed to be an original but all
         of which together shall constitute but one agreement. This Agreement
         may be executed and delivered by facsimile.

    19.  Entire Agreement; Amendments. This Agreement (including the instruments
         between the parties referred to herein) constitutes the entire
         agreement among the parties and supersedes all other prior agreements
         and understandings, both written and oral, among the parties, or any of
         them, with respect to the subject matter hereof. All references to
         sections, subsections, clauses, exhibits and schedules shall be deemed
         references to such part of this Agreement, unless the context shall
         otherwise require. No provisions of this Agreement may be effectively
         waived, changed or amended, or the termination or discharge thereof
         agreed to or acknowledged, orally, but only by an agreement in writing
         signed by the party against whom the enforcement of any waiver, change,
         amendment, termination or discharge is sought.

    20.  Headings. The headings contained in this Agreement are inserted for
         convenience only and do not constitute a part of this Agreement.

    21.  Invalidity. If any provision of this Agreement is held invalid or
         unenforceable, the remainder of this Agreement shall nevertheless
         remain in full force and effect.

    22.  Attorneys' Fees. In the event of any controversy, claim or dispute
         between the parties hereto arising out of or relating to this Agreement
         or any of the documents provided for herein, or the breach thereof, the
         prevailing party shall be entitled to recover from the losing party
         reasonable attorneys' fees, expenses and costs.

                  [Remainder of page intentionally left blank.]

                                       16

<PAGE>

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

                                 LENDER:

                                 MERRILL LYNCH PRIVATE FINANCE INC.,
                                 a Delaware corporation

                                 By:           /s/ Authorized Signatory
                                    -----------------------------------------
                                 Date:         6/12/02
                                      ---------------------------------------
                                 Title:        Director
                                       --------------------------------------

                                 BORROWER:

                                 THE BOYER COMPANY, L.C.,
                                 a Utah limited liability company

                                 By:           /s/ Steve Ostler
                                    -----------------------------------------
                                 Date:         6/12/02
                                      ---------------------------------------
                                 Title:        Manager
                                       --------------------------------------

                                 THE DOWN REIT SUB:

                                 HCPI/UTAH, LLC,
                                 a Delaware limited liability company

                                    By: HEALTH CARE PROPERTY
                                        INVESTORS, INC., its Managing Member

                                        By:           /s/ Edward J. Henning
                                           ----------------------------------
                                        Date:         6/12/02
                                             --------------------------------
                                        Title:        Senior Vice President
                                              -------------------------------

                                 HCPI:

                                 HEALTH CARE PROPERTY INVESTORS, INC.,
                                 a Maryland corporation

                                 By:           /s/ Edward J. Henning
                                    -----------------------------------------
                                 Date:         6/12/02
                                      ---------------------------------------
                                 Title:        Senior Vice President
                                       --------------------------------------

                                       17

<PAGE>

                                 PLEDGORS:

                                 AMARILLO BELL ASSOCIATES,
                                 a Utah general partnership

                                    By:  THE BOYER COMPANY, L.C.,
                                         its Partner

                                         By:            /s/ Steve Ostler
                                            --------------------------------
                                         Date:          6/12/02
                                              ------------------------------
                                         Title:         Manager
                                               -----------------------------

                                 BOYER-BPMA HOLDINGS, L.C.,
                                 a Utah limited liability company

                                    By:  THE BOYER COMPANY, L.C.,
                                         its Manager

                                         By:            /s/ Steve Ostler
                                            --------------------------------
                                         Name:          Steve Ostler
                                              ------------------------------
                                         Title:         Manager
                                               -----------------------------

                                 BOYER CASTLE DALE MEDICAL CLINIC,
                                 L.L.C., a Utah limited liability company

                                    By:  THE BOYER COMPANY, L.C.,
                                         its Manager

                                         By:            /s/ Steve Ostler
                                            --------------------------------
                                         Name:          Steve Ostler
                                              ------------------------------
                                         Title:         Manager
                                               -----------------------------

                                       18

<PAGE>

                                   PLEDGORS:

                                   BOYER CENTERVILLE CLINIC COMPANY,
                                   L.C., a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:            /s/ Steve Ostler
                                              ----------------------------------
                                           Name:          Steve Ostler
                                                --------------------------------
                                           Title:         Manager
                                                 -------------------------------

                                   BOYER DAVIS NORTH MEDICAL ASSOCIATES,
                                   LTD., a Utah limited partnership

                                      By:  THE BOYER COMPANY, L.C.,
                                           its General Partner

                                           By:            /s/ Steve Ostler
                                              ----------------------------------
                                           Name:          Steve Ostler
                                                --------------------------------
                                           Title:         Manager
                                                 -------------------------------

                                   BOYER DESERT SPRINGS, L.C.,
                                   a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:            /s/ Steve Ostler
                                              ----------------------------------
                                           Name:          Steve Ostler
                                                --------------------------------
                                           Title:         Manager
                                                 -------------------------------

                                   BOYER ELKO, L.C.,
                                   a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:            /s/ Steve Ostler
                                              ----------------------------------
                                           Name:          Steve Ostler
                                                --------------------------------
                                           Title:         Manager
                                                 -------------------------------

                                       19

<PAGE>

                           PLEDGORS:

                           BOYER GRANTSVILLE MEDICAL, L.C.,
                           a Utah limited liability company

                              By:   THE BOYER COMPANY, L.C.,
                                    its Manager

                                    By:           /s/ Steve Ostler
                                       -----------------------------------------
                                    Name:         Steve Ostler
                                         ---------------------------------------
                                    Title:        Manager
                                          --------------------------------------

                           BOYER IOMEGA, L.C.,
                           a Utah limited liability company

                              By:   THE BOYER COMPANY, L.C.,
                                    its Manager

                                    By:           /s/ Steve Ostler
                                       -----------------------------------------
                                    Name:         Steve Ostler
                                         ---------------------------------------
                                    Title:        Manager
                                          --------------------------------------

                           BOYER MCKAY-DEE ASSOCIATES, LTD.,
                           a Utah limited partnership

                              By:   BOYER MEDICAL SURGICAL
                                    ASSOCIATES, LTD., its General Partner

                                    By:   THE BOYER COMPANY, L.C.,
                                          its General Partner

                                          By:          /s/ Steve Ostler
                                             -----------------------------------
                                          Name:        Steve Ostler
                                               ---------------------------------
                                          Title:       Manager
                                                --------------------------------

                           BOYER-OGDEN MEDICAL ASSOCIATES, LTD.,
                           a Utah limited partnership

                              By:   THE BOYER COMPANY, L.C.,
                                    its General Partner

                                    By:           /s/ Steve Ostler
                                       -----------------------------------------
                                    Name:         Steve Ostler
                                         ---------------------------------------
                                    Title:        Manager
                                          --------------------------------------

                                       20

<PAGE>

                              PLEDGORS:

                              BOYER-OGDEN MEDICAL ASSOCIATES NO. 2,
                              LTD., a Utah limited partnership

                                 By:   THE BOYER COMPANY, L.C.,
                                       its General Partner

                                       By:           /s/ Steve Ostler
                                          -------------------------------------
                                       Name:         Steve Ostler
                                            -----------------------------------
                                       Title:        Manager
                                             ----------------------------------

                              BOYER PRIMARY CARE CLINICS ASSOCIATES, LTD.
                              #2, a Utah limited partnership

                                 By:   THE BOYER COMPANY, L.C.,
                                       its General Partner

                                       By:           /s/ Steve Ostler
                                          -------------------------------------
                                       Name:         Steve Ostler
                                            -----------------------------------
                                       Title:        Manager
                                             ----------------------------------

                              BOYER-SALT LAKE INDUSTRIAL CLINIC
                              ASSOCIATES, LTD., a Utah limited partnership

                                 By:   THE BOYER COMPANY, L.C.,
                                       its General Partner

                                       By:           /s/ Steve Ostler
                                          -------------------------------------
                                       Name:         Steve Ostler
                                            -----------------------------------
                                       Title:        Manager
                                             ----------------------------------

                              BOYER SPRINGVILLE, L.C.,
                              a Utah limited liability company

                                 By:   THE BOYER COMPANY, L.C.,
                                       its Manager

                                       By:           /s/ Steve Ostler
                                          -------------------------------------
                                       Name:         Steve Ostler
                                            -----------------------------------
                                       Title:        Manager
                                             ----------------------------------

                                       21

<PAGE>

                                PLEDGORS:

                                BOYER-ST. MARKS MEDICAL ASSOCIATES,
                                LTD., a Utah limited partnership

                                   By:   THE BOYER COMPANY, L.C.,
                                         its General Partner

                                         By:           /s/ Steve Ostler
                                            -----------------------------------
                                         Name:         Steve Ostler
                                              ---------------------------------
                                         Title:        Manager
                                               --------------------------------

                                BOYER ST. MARK'S MEDICAL ASSOCIATES
                                #2, LTD., a Utah limited partnership

                                   By:   THE BOYER COMPANY, L.C.,
                                         its General Partner

                                         By:           /s/ Steve Ostler
                                            -----------------------------------
                                         Name:         Steve Ostler
                                              ---------------------------------
                                         Title:        Manager
                                               --------------------------------

                                       22

<PAGE>

                                    EXHIBIT A

                                  PLEDGED UNITS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
              Member Name                            Certificate Nos.         Number of Non-Managing
                                                                               Member Units Pledged
------------------------------------------------------------------------------------------------------
<S>                                                 <C>                             <C>
Amarillo Bell Associates                            105, 106, 128, 129                29,189
------------------------------------------------------------------------------------------------------
Boyer-BPMA Holdings, L.C.                                   88                        13,093
------------------------------------------------------------------------------------------------------
Boyer Castle Dale Medical Clinic, L.L.C.                    72                         5,595
------------------------------------------------------------------------------------------------------
Boyer Centerville Clinic Company, L.C.                    48, 49                      11,740
------------------------------------------------------------------------------------------------------
Boyer Davis North Medical Associates, Ltd.                  95                         8,977
------------------------------------------------------------------------------------------------------
Boyer Desert Springs, L.C.                             82, 101, 108                  162,538
------------------------------------------------------------------------------------------------------
Boyer Elko, L.C.                                            62                        18,988
------------------------------------------------------------------------------------------------------
Boyer Grantsville Medical, L.C.                           55, 56                       3,737
------------------------------------------------------------------------------------------------------
Boyer Iomega, L.C.                                        67, 68                      55,723
------------------------------------------------------------------------------------------------------
Boyer McKay-Dee Associates, Ltd.                        24, 25, 27                    63,275
------------------------------------------------------------------------------------------------------
Boyer-Ogden Medical Associates, Ltd.                      28, 29                         628
------------------------------------------------------------------------------------------------------
Boyer-Ogden Medical Associates No. 2, Ltd.                  32                        29,277
------------------------------------------------------------------------------------------------------
Boyer Primary Care Clinics Associates, Ltd. #2            41, 42                      14,685
------------------------------------------------------------------------------------------------------
Boyer-Salt Lake Industrial Clinic Associates, Ltd.        36, 37                       9,880
------------------------------------------------------------------------------------------------------
Boyer Springville, L.C.                                     76                        33,344
------------------------------------------------------------------------------------------------------
Boyer-St. Marks Medical Associates, Ltd.                  123, 126                    86,680
------------------------------------------------------------------------------------------------------
Boyer St. Mark's Medical Associates #2, Ltd.               20, 21                     36,836
------------------------------------------------------------------------------------------------------
                                                           TOTAL:                    584,185
------------------------------------------------------------------------------------------------------
</TABLE>

                                       23

<PAGE>

                                    EXHIBIT B

                             IRREVOCABLE UNIT POWER

                                       24

<PAGE>

                                    EXHIBIT C

                                THE INSTRUCTIONS

                                       25

<PAGE>

                                    EXHIBIT D

                            REGISTERED PLEDGED UNITS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                         Member Name                     Certificate     Number of Registered
                                                             No.         Pledged Units Owned
-----------------------------------------------------------------------------------------------
<S>                                                      <C>             <C>
Boyer Castle Dale Medical Clinic, L.L.C.                     72                  5,595
-----------------------------------------------------------------------------------------------
Boyer Centerville Clinic Company, L.C.                      48,49               11,740
-----------------------------------------------------------------------------------------------
Boyer Desert Springs, L.C.                                   82                 86,506
-----------------------------------------------------------------------------------------------
Boyer Elko, L.C.                                             62                 18,988
-----------------------------------------------------------------------------------------------
Boyer Grantsville Medical, L.C.                            55, 56                3,737
-----------------------------------------------------------------------------------------------
Boyer Iomega, L.C.                                         67, 68               55,723
-----------------------------------------------------------------------------------------------
Boyer McKay-Dee Associates, Ltd.                         24, 25, 27             63,275
-----------------------------------------------------------------------------------------------
Boyer-Ogden Medical Associates, Ltd.                       28, 29                  628
-----------------------------------------------------------------------------------------------
Boyer-Ogden Medical Associates No. 2, Ltd.                   32                 29,277
-----------------------------------------------------------------------------------------------
Boyer Primary Care Clinics Associates, Ltd. #2             41, 42               14,685
-----------------------------------------------------------------------------------------------
Boyer-Salt Lake Industrial Clinic Associates, Ltd.         36, 37                9,880
-----------------------------------------------------------------------------------------------
Boyer Springville, L.C.                                      76                 33,344
-----------------------------------------------------------------------------------------------
Boyer-St. Marks Medical Associates, Ltd.                  123, 126              86,680
-----------------------------------------------------------------------------------------------
Boyer St. Mark's Medical Associates #2, Ltd.               20, 21               36,836
-----------------------------------------------------------------------------------------------
                           TOTAL:                                              456,894
-----------------------------------------------------------------------------------------------
</TABLE>

                                       26

<PAGE>

                                   EXHIBIT E

                           UNREGISTERED PLEDGED UNITS

<TABLE>
<CAPTION>
 ---------------------------------------------------------------------------------------
                        Member Name              Certificate    Number of Unregistered
                                                    Nos.         Pledged Units Owned
----------------------------------------------------------------------------------------
<S>                                               <C>             <C>
Amarillo Bell Associates                          105, 106,             29,189
                                                  128, 129
----------------------------------------------------------------------------------------
Boyer-BPMA Holdings, L.C.                            88                 13,093
----------------------------------------------------------------------------------------
Boyer Davis North Medical Associates, Ltd.           95                  8,977
----------------------------------------------------------------------------------------
Boyer Desert Springs, L.C.                        101, 108              76,032
----------------------------------------------------------------------------------------
                           TOTAL:                                      127,291
----------------------------------------------------------------------------------------
</TABLE>

                                       27

<PAGE>

                                    EXHIBIT F

                               NOTICE OF EXCHANGE

                                       28

<PAGE>

                                    EXHIBIT G

                                DEFICIENCY NOTICE

                                       29

<PAGE>

                                    EXHIBIT H

                                  LLC AGREEMENT

                                       30

<PAGE>

                                    EXHIBIT I

                          REGISTRATION RIGHTS AGREEMENT

                                       31<PAGE>

                                                                    EXHIBIT 4.14

                           ACKNOWLEDGMENT AND CONSENT

      THIS ACKNOWLEDGMENT AND CONSENT (this "Agreement") dated as of June 12,
2002 is by and among Merrill Lynch Private Finance Inc., a Delaware corporation
("Lender"), The Boyer Company, L.C., a Utah limited liability company
("Borrower"), HCPI/Utah II, LLC, a Delaware limited liability company (the "Down
REIT Sub"), each of the entities that is affiliated with Borrower and that is a
signatory hereto under the designation "Pledgor" (individually and collectively,
as the context requires, "Pledgor"), and Health Care Property Investors, Inc., a
Maryland corporation ("HCPI").

                                    RECITALS:

      1.  Each Pledgor is a Non-Managing Member of the Down REIT Sub pursuant to
that certain Amended and Restated Limited Liability Company Agreement of
HCPI/Utah II, LLC, dated as of August 17, 2001, as amended (the "LLC
Agreement"). Further, each Pledgor is the record owner of the number of
Non-Managing Member Units, as set forth opposite such Pledgor's name on Exhibit
A attached hereto (collectively, the "Pledged Units"). As of the date of this
Agreement, the Pledged Units are evidenced by the LLC Unit Certificates referred
to on Exhibit A (collectively, the "Certificates"). All references herein to the
Pledged Units shall include all additional or substituted Non-Managing Member
Units, from time to time pledged to Lender pursuant to the Loan Agreement, as
defined below, and all references herein to the Certificates shall include the
Certificates related to such additional or substituted Non-Managing Member
Units.

      2.  Lender is a party to that certain Loan and Collateral Account
Agreement (Demand Loan), dated as of the date hereof, by and among Borrower,
Pledgor, Lender and Merrill Lynch, Pierce, Fenner & Smith Incorporated (as such
agreement has been or may hereafter be amended, supplemented or otherwise
modified from time to time, the "Loan Agreement"), whereby Lender has agreed to
lend to Borrower from time to time, on a revolving basis, an amount not to
exceed $20,000,000 as presently established.

      3.  Pursuant to the Loan Agreement, the loan contemplated therein is
secured by, inter alia, (i) all of Pledgor's right, title and interest in the
Pledged Units, and (ii) all of Pledgor's right, title and interest in the
Registration Rights Agreement dated as of August 17, 2001, as amended, among
each Pledgor and HCPI, and those certain other Registration Rights Agreements
between each Pledgor and HCPI with respect to certain of the Pledged Units
(individually and collectively, referred to herein as the "Registration Rights
Agreement"). The loan contemplated in the Loan Agreement is also secured,
pursuant to the Loan Agreement, by similar collateral security pertaining to
HCPI/Utah, LLC, a Delaware limited liability company ("HCPI/Utah, LLC") as
confirmed in the Acknowledgment and Consent, dated as of the date hereof (the
"Utah I Acknowledgment and Consent"), among Lender, Borrower, HCPI, HCPI/Utah,
LLC and certain other pledgors specified therein.

      4.  The parties hereto desire to enter into this Agreement for the purpose
of setting forth certain agreements among Lender, Borrower, Pledgor, HCPI and
the Down REIT Sub with respect to the Collateral.

<PAGE>

     5.   Capitalized terms used but not otherwise defined herein shall have the
respective meanings ascribed to them in the LLC Agreement.

     NOW, THEREFORE, in consideration of the mutual promises and covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

1.   Definitions. As used in this Agreement, the following terms shall have the
     meanings hereinafter set forth unless the context shall otherwise require.

     a.   "Collateral" shall mean, collectively, the Pledged Units, the Pledged
          Shares and any and all securities issued or issuable on the conversion
          or redemption of the Pledged Units or Pledged Shares, or cash or other
          distributions of every kind in respect of any of the foregoing.

     b.   "Commission" shall mean the Securities and Exchange Commission.

     c.   "Default" shall mean a Remedy Event as defined in the Loan Agreement
          or a demand under Section 8.3 of the Loan Agreement.

     d.   "Material Adverse Effect" shall mean (i) an adverse condition or event
          material to, (ii) a material adverse effect on, or (iii) a material
          adverse change in, as the case may be, any one or more of the
          following: (A) the business, assets, results of operations, financial
          condition or prospects of HCPI or the Down REIT Sub, as the case may
          be, or (B) the ability of HCPI or the Down REIT Sub, as the case may
          be, to perform its obligations under any material contract to which it
          is a party.

     e.   "Pledged Shares" shall mean REIT Shares which are exchanged by HCPI
          for any Pledged Units which are tendered to HCPI, as the Managing
          Member of the Down REIT Sub, pursuant to the exchange provisions set
          forth in Section 8.6 of the LLC Agreement, as the same are amended as
          provided in Section 7.b.i below.

     f.   "Registration Rights" shall mean a Pledgor's rights under the
          Registration Rights Agreement, as supplemented and modified in Section
          7.b below.

     g.   "S-3 Expiration Date" means the date on which Form S-3 (or a similar
          successor form of registration statement) is not available to HCPI for
          the registration of REIT Shares pursuant to the Securities Act.

     h.   "Securities Act" shall mean the Securities Act of 1933, as amended.

2.   Acknowledgment of Pledge, etc.

     a.   HCPI and the Down REIT Sub hereby agree, acknowledge and approve, as
          being subject to, but complying with Section 11.3 of the LLC
          Agreement, (i) the grant

                                        2

<PAGE>

          by Pledgor to Lender of a security interest in the Collateral pursuant
          to the Loan Agreement, and (ii) subject to Section 7.a below, the
          Transfer, to Lender or other purchaser at foreclosure, of the Pledged
          Units upon foreclosure (or transfer in lieu of foreclosure, with each
          reference herein to foreclosure to include such a transfer) thereon by
          Lender under or pursuant to the Loan Agreement; provided, however,
          that such acknowledgement and approval of the Down REIT Sub is not,
          and shall not be construed to be, the consent to or approval of any
          other Transfer in the event Lender or other purchaser at foreclosure
          becomes the owner of any of the Pledged Units. HCPI agrees to note in
          its and the Down REIT Sub's books and records that the undersigned
          Pledgors have granted to Lender security interests in the Collateral
          and agrees that upon delivery to HCPI by Lender of the Certificates
          evidencing ownership of the Pledged Units, together with original unit
          powers duly executed by Pledgor in blank in the form attached hereto
          as Exhibit B, if requested by Lender, HCPI will register in its books
          and records, or the books and records of the Down REIT Sub, ownership
          of such Pledged Units in the name of Lender or its nominee. HCPI
          agrees that it will not register the Pledged Units (or any entitlement
          to any dividend, distribution or other proceeds thereof) into the name
          of any person other than the Pledgor listed as the owner thereof on
          Exhibit A attached hereto, or recognize any person other than such
          Pledgor as the owner of such Pledged Units, without the prior written
          consent of Lender.

     b.   HCPI and the Down REIT Sub agree that notwithstanding Section 11.3.D
          of the LLC Agreement, they will not require an opinion of counsel in
          order for the Down REIT Sub and HCPI to recognize the Pledgor's pledge
          of the Pledged Units and the grant of a security interest to Lender in
          the Collateral.

     c.   HCPI and the Down REIT Sub hereby acknowledge receipt of copies of the
          Instructions to Register Security Interest attached hereto as Exhibit
          C (the "Instructions") and the notice of Lender's security interest
          contained therein and agree to comply with the terms of the
          Instructions.

     d.   HCPI and the Down REIT Sub hereby agree that by virtue of Lender
          holding a security interest in the Pledged Units (i) Lender does not
          and shall not become a Substituted Member under Section 11.4 of the
          LLC Agreement unless and until Lender forecloses on the Pledged Units
          and (ii) Lender does not and shall not undertake any obligations or
          liabilities of Pledgor of any nature whatsoever pertaining to the
          Pledged Units or under the LLC Agreement, both before or after any
          foreclosure by Lender on the Pledged Units.

     e.   HCPI and the Down REIT Sub acknowledge and agree that upon the
          execution and delivery to Lender by the Pledgors of this Agreement,
          the Loan Agreement and all schedules hereto and thereto to which the
          Pledgors are parties, and the Certificates, the Pledgors will not be
          required to sign any other documents or take any other action with
          respect to the Transfer of the Pledged Units to Lender in connection
          with the exercise of Lender's rights under this Agreement.

                                        3

<PAGE>

     f.   The parties acknowledge and agree that Lender and Borrower may from
          time to time further modify the Loan Agreement, including by way of
          adding additional entities as Pledgors thereunder and/or by adding
          additional Non-Managing Member Units as Pledged Units. Any such
          additional entities added as Pledgors and/or any existing Pledgors who
          pledge additional Pledged Units shall concurrently acknowledge their
          status as parties to this Agreement on such terms and with the same
          force and effect as if each such entity had originally executed and
          delivered same. Lender shall give written notice thereof to the Down
          REIT Sub, HCPI and each Pledgor contemporaneously with any such
          modification of the Loan Agreement; no written consent or other
          acknowledgement shall be required from any entity to which such notice
          is sent as a condition to the effectiveness of the foregoing. Such
          notice shall include such further amendment and restatement of Exhibit
          A to this Agreement as necessary in order to reflect the additional
          Pledged Units of each such entity added as an additional Pledgor
          and/or the additional Pledged Units of each such existing Pledgor.
          Following such notification from Lender, each reference to "Pledgor"
          in this Agreement shall be understood to include for all purposes any
          such entity so added to the Loan Agreement.

3.   Notices. Unless and until HCPI has received written notice from Lender to
     the effect that Lender no longer claims any interest in the Collateral, (a)
     HCPI shall send to Lender a copy of each notice sent to holders of LLC
     Units by HCPI under the LLC Agreement as and when it delivers such notice
     to Pledgor, including any notice of Reduction pursuant to Section 8.6.D of
     the LLC Agreement, and (b) at the written request of Lender, HCPI shall
     send to Lender a copy of each other communication, report or other
     information from time to time sent to Pledgor as holder of the Pledged
     Units or Pledged Shares.

4.   Amendments to Registration Rights Agreement and the LLC Agreement. Unless
     and until HCPI has received written notice from Lender to the effect that
     Lender no longer claims any interest in the Collateral, (a) no amendment
     of, termination of, or supplement to, the Registration Rights Agreement
     shall be effective without the prior written consent of Lender, and (b) no
     amendment of, termination of or supplement to the LLC Agreement for which
     the consent of any Pledgor is required shall be effective without the prior
     written consent of Lender, which consent shall not be unreasonably
     withheld; provided that if written disapproval is not received from Lender
     within 10 Business Days following receipt by Lender of a written request to
     approve such amendment (which request shall specifically reference the time
     limitation imposed by this Section 4), then Lender's approval of such
     amendment shall be deemed to have been given.

5.   Distributions, etc.

     a.   Following receipt by the Down REIT Sub of written notice (which notice
          shall specifically reference this Section 5 of this Agreement) from
          Lender that a Default has occurred and is continuing (a "Default
          Notice"): (i) upon the written instruction of Lender and until
          instructions to the contrary are received from Lender, the Down REIT
          Sub shall remit to Lender all cash distributions otherwise payable to
          Pledgor in respect of the Pledged Units, and HCPI shall remit to

                                        4

<PAGE>

          Lender all cash dividends otherwise payable to Pledgor in respect of
          the Pledged Shares, of any nature, and (ii) upon the written
          instruction of Lender and until instructions to the contrary are
          received from Lender, all rights of Pledgor to exercise the voting or
          other consensual rights that Pledgor would otherwise be entitled to
          exercise in respect of the Collateral shall cease, and all such rights
          (and any other rights Pledgor may have in respect of the Collateral)
          shall thereupon become vested in Lender, which shall have the sole
          right to exercise such rights, until further notice from Lender. With
          respect to cash distributions payable during such time as no event of
          Default is occurring, each Pledgor hereby directs the Down REIT Sub
          and/or HCPI, as the case may be, and the Down REIT Sub and/or HCPI, as
          the case may be, agrees to deposit any and all such dividends and
          distributions in the following account as set forth in Section 3.1. of
          the Loan Agreement: 43JO7293. Any amounts paid to the Lender or its
          designee as contemplated by the terms of the foregoing shall be
          treated as amounts paid or distributed to Pledgor for all purposes of
          the LLC Agreement, or other agreement pursuant to which the payment or
          distribution is made or is required to be made and shall be deemed to
          satisfy the obligations of the Down REIT Sub or HCPI to make such
          payment thereunder. Each Pledgor hereby agrees that neither the Down
          REIT Sub nor HCPI shall be deemed to be in breach of its obligations
          under, or in violation of the provisions of, any such agreement by
          virtue of having made such payments in the foregoing manner.

     b.   From and after the date of this Agreement, and whether or not a
          Default has occurred and is continuing, if Pledgor shall become
          entitled to receive, in connection with any of the Collateral, any:

          i.   LLC Units or stock certificates (including, without limitation,
               stock certificates relating to the Pledged Shares), including,
               without limitation, any certificates (1) issued in respect of
               additional properties contributed by such Pledgor to the Down
               REIT Sub, or (2) representing a dividend or distribution or
               issued in connection with any increase or reduction of capital,
               reclassification, merger, consolidation, sale of assets,
               combination of shares or partnership units, stock or partnership
               units split, spin-off, or split-off;

          ii.  Options, warrants, rights or other securities or instruments,
               whether as an addition to, or in substitution or in exchange for,
               any of the Collateral, or otherwise;

          iii. Dividends or distributions payable in property other than cash,
               including securities issued by other than the issuer of any of
               the Collateral; or

          iv.  Any sums paid in redemption of any of the Collateral,

          then HCPI shall deliver the same to Lender, to be held by Lender as
          part of the Collateral. Any amounts paid to the Lender or its designee
          as contemplated by the terms of the foregoing shall be treated as
          amounts paid or distributed to

                                        5

<PAGE>

              Pledgor for all purposes of the LLC Agreement, or other agreement
              pursuant to which the payment or distribution is made or is
              required to be made and shall be deemed to satisfy the obligations
              of the Down REIT Sub or HCPI to make such payment thereunder. Each
              Pledgor hereby agrees that neither the Down REIT Sub nor HCPI
              shall be deemed to be in breach of its obligations under, or in
              violation of the provisions of, any such agreement by virtue of
              having made such payments in the foregoing manner.

6.     Registration Rights and Registration Statements. In the name of and on
       behalf of Pledgor, Lender shall have the right to exercise Pledgor's
       Registration Rights with respect to any Pledged Units then owned by
       Pledgor and held by Lender, including without limitation (i) subject to
       the terms and conditions of the Registration Rights Agreement, the right
       to enforce the applicable provisions of the Registration Rights Agreement
       pertaining to HCPI's obligation to file with the commission a
       registration statement on Form S-3 (the "Issuance Registration
       Statement") covering, among other things, the issuance to Lender of REIT
       Shares issued or to be issued by the Down REIT Sub upon exchange of the
       Pledged Units attached hereto and naming Lender as a "Selling
       Shareholder" thereunder and (ii) the right to request, at the times and
       in the manner set forth in the Registration Rights Agreement, HCPI to
       register for sale under the Securities Act any Pledged Shares issuable or
       issued upon exchange of Pledged Units; provided, however, that, in the
       case of a Demand Registration pursuant to Section 3.1(a) of the
       Registration Rights Agreement, the Down REIT Sub agrees that Lender shall
       not be subject to the once-every-twelve-months limitation set forth in
       clause (i) thereof (provided that if at any time Lender has exercised a
       Demand Registration right in the previous twelve month period, for which
       the Down REIT Sub or HCPI has paid the expenses thereof, as provided in
       Section 3.4 of the Registration Rights Agreement, Lender shall pay the
       expenses described in Section 3.4 of the Registration Rights Agreement in
       connection with the filing of such Demand Registration), nor shall Lender
       be subject to the $1,000,000 minimum requirement referred to in clause
       (ii) thereof if Lender is exercising Demand Registration Rights with
       respect to all of the Pledged Shares it owns or has the right to acquire
       upon an Exchange. Pledgor hereby irrevocably appoints Lender as his
       attorney-in-fact to exercise any such Registration Rights, and
       irrevocably instructs HCPI to honor any such exercise by Lender of
       Pledgor's Registration Rights.

7.     Rights upon Remedy Events.

       a.     Restrictions on Transfer. Upon foreclosure of any Pledged Units,
              the Lender shall be entitled to Transfer such Pledged Units, in
              whole or in part, subject to applicable restrictions set forth in
              Section 11.3 through 11.6 of the LLC Agreement; provided, however,
              that HCPI and the Down REIT Sub acknowledge and agree that (i) the
              provisions of Section 11.6.C shall not apply to any foreclosure by
              Lender on any Pledged Units, (ii) to the extent any such
              restrictions require the consent of HCPI or the Down REIT Sub,
              HCPI and the Down REIT Sub hereby provide their consent to such
              foreclosure, (iii) if Lender or a purchaser of Pledged Units at
              foreclosure is prohibited from becoming a Substituted Member of
              HCPI, Lender or such purchaser may become an Assignee

                                       6

<PAGE>

              in accordance with such restrictions, (iv) the Down REIT Sub shall
              conduct its business in the ordinary course in accordance with
              past practices, and (v) neither Lender nor any purchaser of
              Pledged Units or Pledged Shares at foreclosure shall be obligated
              to assume, or otherwise be responsible for, any obligation a
              Pledgor may have under the LLC Agreement or any other obligation
              of Pledgor accrued prior to foreclosure under the LLC Agreement;
              provided that nothing in this subclause 7.a.(v) shall release or
              reduce any prior obligations of a Pledgor to HCPI or the Down REIT
              Sub, it being acknowledged and agreed by the Down REIT Sub or HCPI
              that the Down REIT Sub and HCPI have recourse against any such
              Pledgor only and not against Lender. HCPI further acknowledges and
              agrees that the aforesaid restrictions do not apply to Pledged
              Shares. Lender acknowledges and agrees that the Pledged Shares are
              subject to certain restrictions on ownership and transfer as set
              forth in the Charter of the HCPI, as amended from time to time.

       b.     Exchange of Pledged Shares; Foreclosure. In addition to (i)
              Lender's rights under Section 5 of this Agreement, (ii) Lender's
              rights as a pledgee, transferee or Assignee at foreclosure of LLC
              Units or a Membership Interest as provided in the LLC Agreement,
              and (iii) any and all other rights Lender may have in respect of a
              Default under any other agreement, document or instrument, or
              under applicable law, upon the occurrence of any one or more
              Defaults (including, without limitation, the right of Lender to
              exercise its rights under the Loan Agreement to foreclose on or
              acquire the entire interest of Pledgor in all or any portion of
              any Collateral), Lender shall thereupon and thereafter during the
              continuance thereof have the right, in its sole and absolute
              discretion, to do or cause to be done any one or more of the
              following:

              i.     Exchange of Registered Pledged Units.

                     Lender shall have the right, upon written notice to the
                     Down REIT Sub and in the name of and on behalf of Pledgor,
                     to exercise Pledgor's exchange rights and require HCPI to
                     exchange all or any portion (as selected and in such order
                     as Lender may elect in its sole discretion) of the
                     Registered Pledged Units in accordance with Section 8.6.A
                     of the LLC Agreement (the "Exchange Rights"). Any request
                     for such exchange shall be made on the form of Notice of
                     Exchange attached hereto as Exhibit D. Pledgor hereby
                     irrevocably appoints Lender as its attorney-in-fact to
                     exercise such Exchange Rights, and irrevocably instructs
                     the Down REIT Sub and HCPI to honor any such exercise by
                     Lender of the Exchange Rights. HCPI hereby agrees that upon
                     any such exercise of the Exchange Rights, HCPI shall
                     deliver the entire Cash Amount or REIT Shares to Lender, in
                     each case without deduction in respect of any claim which
                     HCPI or the Down REIT Sub may from time to time have of any
                     nature or kind against Pledgor (other than with respect to
                     any withholding tax obligation imposed by law on the Down
                     REIT Sub with respect to any amount distributable or
                     allocable to a Pledgor in respect of Registered Pledged
                     Units, as contemplated in Section 5.3 of the LLC
                     Agreement).

                                       7

<PAGE>

              In addition to the foregoing, the second sentence of Section 8.6.A
              of the LLC Agreement is hereby amended with respect to Lender to
              provide that notwithstanding the first sentence of Section 8.6.A
              of the LLC Agreement, after, or concurrently with, receipt by HCPI
              of any Default Notice, the Lender shall have the right to (i)
              tender Registered Pledged Units for Exchange (subject to the
              following terms and conditions of Section 8.6.A of the LLC
              Agreement) and require the Down REIT Sub to acquire up to the
              number of Registered Pledged Units specified in the Notice of
              Exchange as referred to in the definition of "Specified Exchange
              Date" set forth in subparagraph (c) immediately following;
              provided, however that Lender may tender Registered Pledged Units
              for Exchange hereunder once, irrespective of the aggregate market
              value of such Registered Pledged Units, and an unlimited number of
              times, provided the aggregate market value of such Registered
              Pledged Units is at least $1,000,000 on the date of any such
              Notice of Exchange.

              In connection with the foregoing, the definition of the term
              "Specified Exchange Date" in the LLC Agreement shall, with respect
              to Lender and only with respect to Lender, be amended to read as
              follows:

                     "Specified Exchange Date" means in the case of an Exchange
                     pursuant to Section 8.6.A hereof, that date specified by
                     Lender in a Notice of Exchange to the Company; provided,
                     however, that such date shall in no event be less than
                     fourteen (14) days (or if such day is not a Business Day,
                     the next following Business Day) after HCPI's receipt of
                     such Notice of Exchange and provided further that the
                     Specified Exchange Date, as well as the closing of an
                     Exchange on the Specified Exchange Date, may be deferred in
                     the Managing Member's sole and absolute discretion, for
                     such time as may be reasonably required to effect, as
                     applicable, (i) necessary funding arrangements, (ii)
                     compliance with the Securities Act or other applicable laws
                     (including, but not limited to, (a) state "blue sky" or
                     other securities laws and (b) the expiration or termination
                     of the applicable waiting period, if any, under the Hart
                     Scott Rodino Antitrust Improvements Act of 1976, as
                     amended, and (iii) satisfaction or waiver of other
                     commercially reasonable and customary closing conditions
                     and requirements for a transaction of such nature (provided
                     that in no event shall such Exchange be delayed more than
                     30 days in the aggregate with respect to (i) and (iii)
                     above, or more than 150 days in the aggregate with respect
                     to (ii) above.

                                       8

<PAGE>

              ii.    Put for Unregistered Pledged Units.

                     Until such time as HCPI has filed, pursuant to Section 6 of
                     this Agreement, the Issuance Registration Statement, Lender
                     shall have the right upon written notice to HCPI in the
                     form of Deficiency Notice attached hereto as Exhibit E (a
                     "Deficiency Notice"), to exchange all or any portion of the
                     Unregistered Pledged Units for one or more cash payments
                     from HCPI on any foreclosure of the Unregistered Pledged
                     Units, where the cash or fair market value of Pledged
                     Shares (determined based on the closing price of the REIT
                     Shares on the date of the Deficiency Notice, as reported on
                     the New York Stock Exchange or such other exchange on which
                     the REIT Shares are then listed) issued on exchange of
                     Registered Pledged Units will be insufficient to satisfy
                     Borrower's Obligations (as defined in the Loan Agreement)
                     under the Loan Agreement, in an amount (the "Unregistered
                     Units Cash Payment") equal to (i) the fair market value of
                     such Unregistered Pledged Units (determined based on the
                     closing price of the REIT Shares on the date of the
                     Deficiency Notice on the New York Stock Exchange or such
                     other exchange on which the REIT Shares are then listed),
                     multiplied by (ii) the number of such Unregistered Pledged
                     Units exchanged, less (iii) 1% of the product of (i) and
                     (ii). Each Unregistered Units Cash Payment shall be payable
                     by HCPI within 14 days following its receipt of the
                     Deficiency Notice with respect thereto; provided, however,
                     that at such time as Lender receives written notice from
                     HCPI of the filing and effectiveness of the Issuance
                     Registration Statement, Lender's rights pursuant to this
                     Section 7.b.ii shall terminate with respect to any such
                     Unregistered Pledged Units covered by such registration, so
                     long as such registration remains effective. In the event
                     and to the extent that any registration statement with
                     respect to any Pledged Units ceases to be effective, the
                     provisions of this Section 7.b.ii shall again apply with
                     respect to all affected Pledged Units and/or Pledged
                     Shares.

                     Notwithstanding the provisions of Section 7.b.ii above, but
                     subject to Section 7.b.iii below and Section 7.b.iii of the
                     Utah I Acknowledgement and Consent, Lender agrees that to
                     the extent Lender has the right to exchange Registered
                     Pledged Units under either this Agreement or under the Utah
                     I Acknowledgment and Consent on or before the specified
                     date in the applicable Notice of Exchange, Lender shall
                     exercise any and all such exchange rights hereunder and
                     thereunder, prior to delivering a Deficiency Notice under
                     Section 7.b.ii above.

                                       9

<PAGE>

              iii.   Put for Exchange Delays in Pledged Units. Notwithstanding
                     anything to the contrary in this Agreement, in the event
                     that the Specified Exchange Date under Section 7.b.i is
                     deferred to a date that is later than the date specified in
                     the applicable Notice of Exchange and where the cash or
                     fair market value of the Pledged Units (determined based on
                     the closing price of the REIT Shares on the date of the
                     Deficiency Notice on the New York Stock Exchange or such
                     other exchange on which the REIT Shares are then listed),
                     if any, which may be exchanged on or before the specified
                     date in the applicable Notice of Exchange will be
                     insufficient to satisfy Borrower's Obligations (as defined
                     in the Loan Agreement) under the Loan Agreement, Lender
                     shall have the right, upon providing a Deficiency Notice to
                     HCPI, to exchange all or any portion of the affected
                     Pledged Units for one or more cash payments from HCPI in an
                     amount (the "Exchange Delay Cash Payment") equal to (i) the
                     fair market value (determined based on the closing price of
                     the REIT Shares on the date of the Deficiency Notice on the
                     New York Stock Exchange or such other exchange on which the
                     REIT Shares are then listed) of such affected Pledged
                     Units, multiplied by (ii) the number of such affected
                     Pledged Units to be exchanged, less (iii) 1% of the product
                     of (i) and (ii). Each Exchange Delay Cash Payment shall be
                     payable by HCPI within 14 days following its receipt of the
                     Deficiency Notice with respect thereto.

                     In addition, the parties hereto agree and acknowledge that
                     the obligation of HCPI, HCPI/Utah, LLC and/or the Down REIT
                     Sub, as the case may be, to make Unregistered Units Cash
                     Payments and/or Exchange Delay Cash Payments under this
                     Section 7 and under Section 7 of the Utah I Acknowledgment
                     and Consent shall not exceed, in the aggregate,
                     $20,000,000.

              iv.    Concurrent Exercise. The rights exercisable by Lender under
                     this Section 7.b may be invoked before or after foreclosure
                     under the Loan Agreement in Lender's sole discretion, and
                     all without further notice to or any requirement of consent
                     by Pledgor, which hereby irrevocably and unconditionally
                     waives any right to give any contrary instructions to HCPI.
                     All parties acknowledge that Lender desires to consummate
                     any necessary foreclosure under the Loan Agreement on a
                     basis that such foreclosure occurs concurrent with the
                     closing of an Exchange; all parties agree to cooperate
                     reasonably with Lender to that end. HCPI agrees that it
                     will not act on any separate instructions or communications
                     from Pledgor pertaining to the Pledged Units or Pledged
                     Shares or Registration Rights Agreement without the express
                     written consent of Lender. Nothing in this subparagraph (v)
                     shall in any way obligate Lender to consummate any
                     necessary foreclosure under the Loan Agreement in the
                     manner referred to above; Lender may, in its sole
                     discretion, determine that another method of realization
                     upon the Collateral is preferable or required, and such
                     determination by Lender shall in no manner limit or
                     restrict the obligations

                                       10

<PAGE>

          of Borrower, Pledgor or any other person or entity with respect to the
          loans contemplated herein.

     v.   Foreclosure. Subject to the terms and conditions of the Loan
          Agreement, Lender shall have the right to foreclose on or acquire the
          entire interest of Pledgor in all or any portion of any Pledged Shares
          (including all of Pledgor's right, title and interest in the
          Registration Rights Agreement to the extent applicable to such Pledged
          Shares) owned by Pledgor, by foreclosure or in any other manner. In
          the event that Lender elects to exercise its rights under this Section
          7.b.v, Lender shall deliver to HCPI a notice of its intent to do so no
          later than 10 Business Days prior to the date of any sale, public or
          private, or of any transfer in lieu of foreclosure, and HCPI (without
          limitation on its own right, under applicable law, to participate in
          any sale or other disposition of any of the Collateral) shall
          reasonably cooperate, at no expense to itself, with Lender in
          completing its foreclosure on the affected Pledged Shares in
          compliance with applicable laws, including, if applicable, all actions
          reasonably necessary to comply with the filing requirements described
          in Rule 144(c)(1) of the Securities Act, so as to enable the Lender to
          sell such Pledged Shares without registration under the Securities
          Act.

8.   Representations and Warranties by the Down REIT Sub and HCPI. The Down REIT
     Sub and HCPI hereby represent and warrant to Lender as follows as of the
     date hereof:

     a.   LLC Agreement. A true and correct copy of the LLC Agreement as in
          effect as of the date hereof is attached as Exhibit F hereto.

     b.   Organization And Authority of the Down REIT Sub. The Down REIT Sub has
          been duly formed, is validly existing as a limited liability company
          in good standing under the laws of the State of Delaware, and is duly
          qualified to transact business and is in good standing in each
          jurisdiction in which the conduct of its business or its ownership or
          leasing of property requires such qualification except where the
          absence of such qualification would not have a Material Adverse
          Effect. The Down REIT Sub has all requisite power and authority to own
          or hold under lease the property it purports to own or hold under
          lease, to carry on its business as now conducted and as proposed to be
          conducted except as would not have a Material Adverse Effect, and to
          execute and deliver this Agreement and to perform its obligations
          hereunder.

     c.   Authorization by the Down REIT Sub; Binding Effect. The Down REIT Sub
          has by all necessary action duly authorized (i) the execution and
          delivery of this Agreement and (ii) the performance of its obligations
          hereunder. This Agreement constitutes the legal, valid and binding
          obligation of the Down REIT Sub, enforceable against it in accordance
          with its terms, except as enforcement may be limited by equitable
          principles and by bankruptcy, insolvency, reorganization, moratorium
          or similar laws relating to creditors' rights generally.

                                       11

<PAGE>

     d.   Pledged Units; Managing Member of the Down REIT Sub. All of the
          Pledged Units are validly issued and non-assessable. The identity of
          the registered owners, the total number of Pledged Units and the
          corresponding Certificates evidencing ownership thereof are accurately
          set forth on Exhibit A attached hereto. No security interest in the
          Pledged Units has been registered on the records of the Down REIT Sub
          (or its transfer agent). HCPI is the sole Managing Member of the Down
          REIT Sub and owns the only Managing Member Units thereof.

     e.   Organization and Authority of HCPI. HCPI is a corporation duly
          organized, validly existing and in good standing under the laws of
          Maryland, and is duly qualified to transact business and is in good
          standing in each jurisdiction in which the conduct of its business or
          its ownership or leasing of property requires such qualification
          except where the absence of such qualification would not have a
          Material Adverse Effect. HCPI has all requisite power and authority to
          own or hold under lease the property it purports to own or hold under
          lease, to carry on its business as now conducted and as proposed to be
          conducted except as would not have a Material Adverse Effect, and to
          execute and deliver this Agreement and to perform its obligations
          hereunder.

     f.   No Claims. To their knowledge, neither HCPI nor the Down REIT Sub has
          any existing claim, defense, setoff or right of recoupment under the
          LLC Agreement, any other agreement, or any law, rule or regulation,
          against or with respect to (i) any of the Pledged Units, (ii) any of
          REIT Shares that may be issuable or any amount that may be payable in
          connection with the exchange of any Pledged Units or (iii) any
          obligation of Pledgor under the LLC Agreement or any other agreement
          with respect to any of the Pledged Units, any of the REIT Shares that
          may be issued or any amount that may be payable in connection with the
          redemption of any Pledged Units.

     g.   Authorization by HCPI; Binding Effect. HCPI has by all necessary
          action duly authorized the execution and delivery of this Agreement
          and the performance of its obligations hereunder. This Agreement
          constitutes the legal, valid and binding obligation of HCPI,
          enforceable against it in accordance with its terms, except as
          enforcement may be limited by equitable principles and by bankruptcy,
          insolvency, reorganization, moratorium or similar laws relating to
          creditors' rights generally.

     h.   HCPI Status. HCPI is organized in conformity with the requirements for
          qualification as a real estate investment trust under the Code and its
          ownership and method of operation enables it to meet the requirements
          for taxation as a real estate investment trust under the Code.

     i.   No Conflict. The execution, delivery and performance by HCPI of this
          Agreement, and the consummation of the transactions contemplated
          hereby, do not and will not violate any provision of the charter or
          bylaws of HCPI, or the LLC Agreement, or any contractual or other
          undertaking by which HCPI or any

                                       12

<PAGE>

          of its assets are bound. As of the date of this Agreement, the Pledged
          Units are not evidenced by writing or certificate except by the
          Certificates expressly referred to on Exhibit A hereto.

     j.   Registration Rights Agreement. A true and complete copy of the
          Registration Rights Agreement, including any amendments and
          supplements thereto, is attached to this Agreement as Exhibit G. The
          Registration Rights Agreement remains in full force and effect as of
          the date of this Agreement, and is the legal, valid and binding
          obligation of HCPI enforceable against it in accordance with its
          terms, except as enforcement may be limited by equitable principles
          and by bankruptcy, insolvency, reorganization, moratorium or similar
          laws relating to creditors' rights generally.

     k.   Governmental or Other Approvals. No governmental or other approval is
          or will be required in connection with the execution, delivery and
          performance by the Down REIT Sub or HCPI of this Agreement or the
          transactions contemplated hereby or to ensure the legality, validity
          or enforceability hereof.

9.   Representations and Warranties by Pledgor. To its knowledge, Pledgor does
     not have any existing claims, defenses, setoff rights or rights of
     recoupment under the LLC Agreement, under any other agreement, or any law,
     rule or regulation, against or with respect to any obligation of either
     HCPI or the Down REIT Sub under the LLC Agreement or any other agreement.

10.  Compliance with Securities Laws. Lender, Borrower and Pledgor hereby
     acknowledge that a portion of the Collateral has not been registered for
     sale under the Securities Act, that Lender may be unable to effect a public
     sale (under applicable provisions of the Uniform Commercial Code) of all or
     any part of the Collateral, and subject to the restrictions on transfer
     described above, may be compelled to resort to one or more private sales to
     a restricted group of purchasers who will be obligated to agree, among
     other things, to acquire the Collateral for their own account, for
     investment and not with a view to the distribution or resale thereof.
     Lender and Pledgors hereby further acknowledge that any such private sales
     may be at prices and on terms less favorable than those of public sales.

11.  Liability to Pledgor. Pledgor and Borrower assume all risks of the acts or
     omissions of Lender with respect to its exercise of its rights hereunder.
     Neither the Down REIT Sub, HCPI, nor any of their officers, directors,
     partners, employees or agents shall be liable or responsible for any acts
     or omissions of the Lender, including without limitation the validity of
     any determination by Lender that a Default has occurred or is continuing,
     nor shall any of such persons have any responsibility for investigation
     into the facts and circumstances giving rise to any such determination by
     Lender, nor shall any such person be liable or responsible for following
     the instructions of Lender in accordance with this Agreement regardless of
     any notice, information or instructions to the contrary received by HCPI
     from Pledgor or any other person, including without limitation following
     instruction of Lender (a) to remit distributions by the Down REIT Sub made
     in respect of the Pledged Units, and distributions of HCPI made in respect
     of Pledged Shares, to

                                       13

<PAGE>

     Lender, pursuant to Section 5 above, (b) to terminate the voting and/or
     other consensual rights of Pledgor (and consider such right to have vested
     in Lender) pursuant to Section 5 above, (c) to exercise Pledgor's Exchange
     Rights in the name of and on behalf of Pledgor pursuant to Section 7 above,
     or (d) to exercise Pledgor's Registration Rights in the name of and on
     behalf of Pledgor, pursuant to Section 6 above.

12.  Separate Actions; Waiver of Statute of Limitations. The obligations of HCPI
     and Pledgor hereunder shall be in addition to any obligations of Pledgor
     under the Loan Agreement. Without limiting the provisions of the Loan
     Agreement, a separate action or actions may be brought and prosecuted
     against any one or more of the parties hereto whether or not action is
     brought against any other person or whether any other person is joined in
     any such action or actions. HCPI and Pledgor acknowledge that there are no
     conditions precedent to the effectiveness of this Agreement and that this
     Agreement is in full force and effect and is binding on such person as of
     the date hereof. To the extent permitted under applicable law, Pledgor
     waives the benefit of any statute of limitations affecting such person's
     liability hereunder or the enforcement thereof. Lender hereby agrees that
     neither the Down REIT Sub nor HCPI shall have any obligation or liability
     under the Loan Agreement or any other agreement related to the loan
     contemplated by the Loan Agreement except as expressly set forth herein and
     in the Instructions. Pledgor agrees that nothing set forth herein shall
     alter, diminish or otherwise affect its obligations under the LLC Agreement
     or any other agreement between Pledgor and HCPI or the Down REIT Sub
     relating to the Pledged Units or Pledged Shares.

13.  Continuing Obligations. Borrower and Pledgor shall indemnify and hold
     harmless Lender from and against any and all obligations, claims, losses,
     liabilities, damages, expenses or costs (including reasonable attorneys'
     fees and expenses and fees and expenses of expert witnesses) arising from
     or in any way connected with the obligations or liabilities of either such
     person with respect to agreements, documents or other instruments, whether
     now existing or hereafter incurred, or the conditions and obligations to be
     observed and performed by Borrower or Pledgor under any agreement, document
     or other instrument relating to the Collateral, except for those arising
     from Lender's gross negligence or willful misconduct. In addition, Borrower
     shall indemnify and hold harmless Lender from and against any and all
     obligations, claims, losses, liabilities, damages, expenses or costs
     (including reasonable attorneys' fees and expenses and fees and expenses of
     expert witnesses) arising from or in any way connected with the exercise by
     Lender of any rights or remedies under the Loan Agreement or this Agreement
     with respect to the Collateral, including, without limitation, all costs
     and expenses associated with the exercise of any foreclosure rights and/or
     exchange rights pursuant to Section 6.b above or otherwise.

14.  Appointment as Attorney-in-Fact. Pledgor hereby appoints Lender as its true
     and lawful attorney-in-fact, with full power of substitution, for the
     purpose of carrying out the provisions of this Agreement and taking any
     action and executing any instruments either in the name of Pledgor or in
     the name of Lender, which such attorney-in-fact may deem necessary or
     advisable to accomplish the purposes hereof, which appointment as
     attorney-in-fact is irrevocable and coupled with an interest; provided,
     that nothing in this section shall require the Lender to take any action or
     execute any instruments.

                                       14

<PAGE>

15.  Notices. Any notice, demand, request or report required or permitted to be
     given or made to a party to this Agreement shall be in writing and shall be
     deemed given or made when delivered in person or when sent by first class
     United States mail or by other means of written communication (including by
     telecopy, facsimile, or commercial courier service) (a) in the case of a
     Pledgor, to that Pledgor at the address set forth below and (ii) in the
     case of each other party, at its address for notices set forth below or at
     such other address as such party may give notice of in accordance with the
     provisions of this Section:

         Borrower and each Pledgor:     c/o The Boyer Company, L.C.
                                        127 South 500 East, Suite 100
                                        Salt Lake City, Utah 84102
                                        Attention: Brian Gochour
                                        Telephone No.: 801-521-4781
                                        Telecopier: 801-521-4793

         Lender:                        Merrill Lynch Private Finance Inc.
                                        2049 Century Park East, Suite 1100
                                        Los Angeles, CA  90067
                                        Attention: Jay D. Sanders
                                        Telephone No.: 310-407-4943
                                        Telecopier: 310-284-2835

         HCPI and/or Down REIT Sub:     Health Care Property Investors, Inc.
                                        4675 MacArthur Court, Suite 900
                                        Newport Beach, California 92660
                                        Attention: Legal Department
                                        Telephone No.: (949) 221-0600
                                        Telecopier: (949) 221-0607

16.  Assignments. This Agreement and all of the provisions hereof shall be
     binding upon and inure to the benefit of the parties hereto and their
     respective successors and assigns. Nothing contained herein, express or
     implied, is intended to confer on any person other than the parties hereto
     or their respective successors and assigns, any rights, remedies,
     obligations or liabilities under or by reason of this Agreement.

17.  Governing Law. This Agreement and the legal relations between the parties
     hereto shall be governed by and construed in accordance with the internal
     laws of the State of New York applicable to contracts made and to be
     performed in that State, without regard to conflict of laws principles.

18.  Counterparts. This Agreement may be executed in any number of counterparts,
     each of which shall be deemed to be an original but all of which together
     shall constitute but one agreement. This Agreement may be executed and
     delivered by facsimile.

19.  Entire Agreement; Amendments. This Agreement (including the instruments
     between the parties referred to herein) constitutes the entire agreement
     among the parties and supersedes all other prior agreements and
     understandings, both written and oral, among

                                       15

<PAGE>

      the parties, or any of them, with respect to the subject matter hereof.
      All references to sections, subsections, clauses, exhibits and schedules
      shall be deemed references to such part of this Agreement, unless the
      context shall otherwise require. No provisions of this Agreement may be
      effectively waived, changed or amended, or the termination or discharge
      thereof agreed to or acknowledged, orally, but only by an agreement in
      writing signed by the party against whom the enforcement of any waiver,
      change, amendment, termination or discharge is sought.

20.   Headings. The headings contained in this Agreement are inserted for
      convenience only and do not constitute a part of this Agreement.

21.   Invalidity. If any provision of this Agreement is held invalid or
      unenforceable, the remainder of this Agreement shall nevertheless remain
      in full force and effect.

22.   Attorneys' Fees. In the event of any controversy, claim or dispute between
      the parties hereto arising out of or relating to this Agreement or any of
      the documents provided for herein, or the breach thereof, the prevailing
      party shall be entitled to recover from the losing party reasonable
      attorneys' fees, expenses and costs.

                  [Remainder of page intentionally left blank.]

                                       16

<PAGE>

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

                                     LENDER:

                                     MERRILL LYNCH PRIVATE FINANCE INC.,
                                     a Delaware corporation

                                     By:           /s/ Authorized Signatory
                                        ----------------------------------------
                                     Date:         6/12/02
                                          --------------------------------------
                                     Title:        Director
                                           -------------------------------------

                                     BORROWER:

                                     THE BOYER COMPANY, L.C.,
                                     a Utah limited liability company

                                     By:           /s/ Steve Ostler
                                        ----------------------------------------
                                     Date:         6/12/02
                                          --------------------------------------
                                     Title:        Manager
                                           -------------------------------------

                                     THE DOWN REIT SUB:

                                     HCPI/UTAH II, LLC,
                                     a Delaware limited liability company

                                        By: HEALTH CARE PROPERTY
                                            INVESTORS, INC., its Managing Member

                                            By:    /s/ Edward J. Henning
                                               ---------------------------------
                                            Date:  6/12/02
                                                 -------------------------------
                                            Title: Senior Vice President
                                                  ------------------------------

                                     HCPI:

                                     HEALTH CARE PROPERTY INVESTORS, INC.,
                                     a Maryland corporation

                                     By:           /s / Edward J. Henning
                                        ----------------------------------------
                                     Date:         6/12/02
                                          --------------------------------------
                                     Title:        Senior Vice President
                                           -------------------------------------

                                       17

<PAGE>

                                   PLEDGORS:

                                   BOYER-FOOTHILL ASSOCIATES, LTD.,
                                   a Utah limited partnership

                                      By:  THE BOYER COMPANY, L.C.,
                                           its General Partner

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                   BOYER KAYSVILLE ASSOCIATES, L.C.,
                                   a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                   BOYER OLD MILL II, L.C.,
                                   a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                   BOYER RANCHO VISTOSO, L.C.,
                                   a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                       18

<PAGE>

                                    PLEDGORS:

                                    BOYER-RESEARCH PARK ASSOCIATES,
                                    LTD., a Utah limited partnership

                                      By:  THE BOYER COMPANY, L.C.,
                                           its General Partner

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                    BOYER RESEARCH PARK ASSOCIATES VI,
                                    L.C., a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                    BOYER TATUM HIGHLANDS DENTAL CLINIC,
                                    L.C., a Utah limited liability company

                                      By:  THE BOYER COMPANY, L.C.,
                                           its Manager

                                           By:       /s/ Steve Ostler
                                              --------------------------------
                                           Name:     6/12/02
                                                ------------------------------
                                           Title:    Manager
                                                 -----------------------------

                                       19

<PAGE>

                                     PLEDGORS:

                                     BOYER STANSBURY II, L.C.,
                                     a Utah limited liability company

                                       By:  THE BOYER COMPANY, L.C.,
                                            its Manager

                                            By:       /s/ Steve Ostler
                                                -------------------------------
                                            Name:     6/12/02
                                                 ------------------------------
                                            Title:    Manager
                                                  -----------------------------

                                     BOYER-ALTA VIEW ASSOCIATES, LTD.,
                                     a Utah limited partnership

                                       By:  THE BOYER COMPANY, L.C.,
                                            its General Partner

                                            By:       /s/ Steve Ostler
                                               --------------------------------
                                            Name:     6/12/02
                                                 ------------------------------
                                            Title:    Manager
                                                  -----------------------------

                                       20

<PAGE>

                                    EXHIBIT A

                           UNREGISTERED PLEDGED UNITS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
          Member Name                       Certificate Nos.    Number of Non-Managing
                                                                 Member Units Pledged
----------------------------------------------------------------------------------------
<S>                                              <C>                    <C>
Boyer-Foothill Associates, Ltd.                  42, 47                 63,740
----------------------------------------------------------------------------------------
Boyer Kaysville Associates, L.C.                   10                   20,876
----------------------------------------------------------------------------------------
Boyer Old Mill II, L.C.                            49                   36,842
----------------------------------------------------------------------------------------
Boyer Rancho Vistoso, L.C.                          7                   43,773
----------------------------------------------------------------------------------------
Boyer-Research Park Associates, Ltd.               17                  195,462
----------------------------------------------------------------------------------------
Boyer Research Park Associates VI, L.C.            37                   43,794
----------------------------------------------------------------------------------------
Boyer Tatum Highlands Dental Clinic, L.C.          13                    4,623
----------------------------------------------------------------------------------------
Boyer-Alta View Associates, Ltd.                 66, 67                 28,789
----------------------------------------------------------------------------------------
Boyer Stansbury II, L.C.                         64, 65                 33,969
----------------------------------------------------------------------------------------
                                                 TOTAL:                471,868
----------------------------------------------------------------------------------------
</TABLE>

                                       21

<PAGE>

                                    EXHIBIT B

                             IRREVOCABLE UNIT POWER

                                       22

<PAGE>

                                    EXHIBIT C

                                THE INSTRUCTIONS

                                       23

<PAGE>

                                    EXHIBIT D

                               NOTICE OF EXCHANGE

                                       24

<PAGE>

                                    EXHIBIT E

                              NOTICE OF DEFICIENCY

                                       25

<PAGE>

                                    EXHIBIT F

                                  LLC AGREEMENT

                                       26

<PAGE>

                                    EXHIBIT G

                          REGISTRATION RIGHTS AGREEMENT

                                       27

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