Document:

Multifamily Note by Care GSL Berryville LLC

 Exhibit 10.8 
 Freddie Mac Loan Number: 504183346 
 Property Name: Greenfield Assisted Living of Berryville

 MULTIFAMILY NOTE 
 (CME) 
 MULTISTATE – FIXED RATE 

DEFEASANCE 

(Revised 2-2-2012) 
  

			
	US $5,665,000.00	  	Effective Date: April 24, 2012

 FOR VALUE RECEIVED, CARE GSL BERRYVILLE LLC, a Delaware limited liability company (together with such party’s or
parties’ successors and assigns, “Borrower”) jointly and severally (if more than one) promises to pay to the order of KEYCORP REAL ESTATE CAPITAL MARKETS, INC., an Ohio corporation, the principal sum of Five Million Six Hundred
Sixty-Five Thousand and No/100 Dollars ($5,665,000.00), with interest on the unpaid principal balance, as hereinafter provided. 
  

	1.	Defined Terms. 

  

	 	(a)	As used in this Note: 

“Base Recourse” means a portion of the Indebtedness equal to 0% of the original principal balance of this Note.

 “Business Day” means any day other than a Saturday, a Sunday or any other day on which Lender or the national
banking associations are not open for business. 
 “Cut-off Date” means the 12th Installment Due Date. 

“Defeasance Date” means the 2nd anniversary of the “startup date” of the last REMIC within the meaning of Section 
860G(a)(9) of the Tax
Code which holds all or any portion of the Loan. 
 “Default Rate” means an annual interest rate equal to
4 percentage points above the Fixed Interest Rate. However, at no time will the Default Rate exceed the Maximum Interest Rate. 
 “Defeasance Period” is the period beginning the day after the Defeasance Date until but not including the first day of the Window Period. The Defeasance Period only applies if this Note
is assigned to a REMIC trust prior to the Cut-off Date. 
  

			
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 “Fixed Interest Rate” means the annual interest rate of 4.76%. 

“Installment Due Date” means, for any monthly installment of interest-only or principal and interest, the date on which
such monthly installment is due and payable pursuant to Section 3 of this Note. The “First Installment Due Date” under this Note is June 1, 2012. 
 “Lender” means the holder from time to time of this Note. 

“Loan” means the loan evidenced by this Note. 
 “Loan Agreement” means the Multifamily Loan and Security Agreement entered into by and between Borrower and Lender, effective as of the effective date of this Note, as amended, modified
or supplemented from time to time. 
 “Lockout Period” means the period beginning on the day that this Note is
assigned to a REMIC trust until and including the Defeasance Date. The Lockout Period only applies if this Note is assigned to a REMIC trust prior to the Cut-off Date. 
 “Maturity Date” means the earlier of (i) May 1, 2022 (“Scheduled Maturity Date”), or (ii) the date on which the unpaid principal balance of this Note becomes
due and payable by acceleration or otherwise pursuant to the Loan Documents or the exercise by Lender of any right or remedy under any Loan Document; provided, however, that if the unpaid principal balance of this Note becomes due and payable by
acceleration but such acceleration is rendered null and void and of no further force and effect by operation of law or agreement by Lender, such acceleration will have no effect on the Maturity Date. 

“Maximum Interest Rate” means the rate of interest which results in the maximum amount of interest allowed by applicable
law. 
 “Prepayment Premium Period” means the period during which, if a prepayment of principal occurs, a
prepayment premium will be payable by Borrower to Lender. The Prepayment Premium Period is the period from and including the date of this Note until but not including (i) the day that this Note is assigned to a REMIC trust, if this Note is
assigned to a REMIC trust prior to the Cut-off Date, or (ii) the first day of the Window Period, if this Note is not assigned to a REMIC trust or if this Note is assigned to a REMIC trust on or after the Cut-off Date. 

“Security Instrument” means the multifamily mortgage, deed to secure debt or deed of trust effective as of the effective
date of this Note, from Borrower to or for the benefit of Lender and securing this Note, as amended, modified or supplemented from time to time. 
  

			
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 “Window Period” means the 3 consecutive calendar month period prior to the
Scheduled Maturity Date. 
 “Yield Maintenance Expiration Date” means November 1, 2021. 

“Yield Maintenance Period” means the period from and including the date of this Note until but not including (i) the
day that this Note is assigned to a REMIC trust, if this Note is assigned to a REMIC trust prior to the Cut-off Date, or (ii) the Yield Maintenance Expiration Date, if this Note is not assigned to a REMIC trust or if this Note is assigned to a
REMIC trust on or after the Cut-off Date. 
  

	 	(b)	Other capitalized terms used but not defined in this Note will have the meanings given to such terms in the Loan Agreement. 

 

	2.	Address for Payment. All payments due under this Note will be payable at P.O. Box 145404, Cincinnati, Ohio 45250, or such other place as may be designated by
Notice to Borrower from or on behalf of Lender. 

  

	3.	Payments. 

  

	 	(a)	Interest will accrue on the outstanding principal balance of this Note at the Fixed Interest Rate, subject to the provisions of Section 8 of this Note.

  

	 	(b)	Interest under this Note will be computed, payable and allocated on the basis of an actual/360 interest calculation schedule (interest is payable for the actual number
of days in each month, and each month’s interest is calculated by multiplying the unpaid principal amount of this Note as of the first day of the month for which interest is being calculated by the Fixed Interest Rate, dividing the product by
360, and multiplying the quotient by the number of days in the month for which interest is being calculated). The portion of the monthly installment of principal and interest under this Note attributable to principal and the portion attributable to
interest will vary based upon the number of days in the month for which such installment is paid. Each monthly payment of principal and interest will first be applied to pay in full interest due, and the balance of the monthly installment payment
paid by Borrower will be credited to principal. 

  

	 	(c)	Unless disbursement of principal is made by Lender to Borrower on the first day of a calendar month, interest for the period beginning on the date of disbursement and
ending on and including the last day of such calendar month will be payable by Borrower simultaneously with the execution of this Note. If disbursement of principal is made by Lender to Borrower on the first day of a calendar month, then no payment
will be due from Borrower at the time of the execution of this Note. The Installment Due Date for the first monthly installment payment under Section 3(d) of interest-only or principal and interest, as applicable, will be the First Installment
Due Date set forth in Section 1(a) of this Note. Except as provided in this Section 3(c), Section 10 and in Section 11, accrued interest will be payable in arrears. 

 

			
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	 	(d)	Beginning on the First Installment Due Date, and continuing until and including the monthly installment due on the Maturity Date, principal and accrued interest will be
payable by Borrower in consecutive monthly installments due and payable on the first day of each calendar month. The amount of the monthly installment of principal and interest payable pursuant to this Section 3(d) on an Installment Due Date
will be $29,585.48. 

  

	 	(e)	All remaining Indebtedness, including all principal and interest, will be due and payable by Borrower on the Maturity Date. 

 

	 	(f)	All payments under this Note must be made in immediately available U.S. funds. 

 

	 	(g)	Any regularly scheduled monthly installment of interest-only or principal and interest payable pursuant to this Section 3 that is received by Lender before the
date it is due will be deemed to have been received on the due date for the purpose of calculating interest due. 

  

	 	(h)	Any accrued interest remaining past due for 30 days or more, at Lender’s discretion, may be added to and become part of the unpaid principal balance of this Note
and any reference to “accrued interest” will refer to accrued interest which has not become part of the unpaid principal balance. Any amount added to principal pursuant to the Loan Documents will bear interest at the applicable rate or
rates specified in this Note and will be payable with such interest upon demand by Lender and absent such demand, as provided in this Note for the payment of principal and interest. 

 

	4.	Application of Partial Payments. If at any time Lender receives, from Borrower or otherwise, any amount applicable to the Indebtedness which is less than all
amounts due and payable at such time, Lender may apply the amount received to amounts then due and payable in any manner and in any order determined by Lender, in Lender’s discretion. Borrower agrees that neither Lender’s acceptance of a
payment from Borrower in an amount that is less than all amounts then due and payable nor Lender’s application of such payment will constitute or be deemed to constitute either a waiver of the unpaid amounts or an accord and satisfaction.

  

	5.	Security. The Indebtedness is secured by, among other things, the Security Instrument and reference is made to the Security Instrument and Loan Agreement for
other rights of Lender as to collateral for the Indebtedness. 

  

	6.	Acceleration. If an Event of Default has occurred and is continuing, the entire unpaid principal balance, any accrued interest, any prepayment premium payable
under Section 10 and Section 11, and all other amounts payable under this Note and any other Loan Document, will at once become due and payable, at the option of Lender, without 

 

			
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any prior Notice to Borrower (except if notice is required by applicable law, then after such notice). Lender may exercise this option to accelerate regardless of any prior forbearance. For
purposes of exercising such option, Lender will calculate the prepayment premium as if prepayment occurred on the date of acceleration. If prepayment occurs thereafter, Lender will recalculate the prepayment premium as of the actual prepayment date.

  

	7.	Late Charge. 

  

	 	(a)	If any monthly installment of interest or principal and interest or other amount payable under this Note or under the Loan Agreement or any other Loan Document is not
received in full by Lender within 10 days after the installment or other amount is due, counting from and including the date such installment or other amount is due (unless applicable law requires a longer period of time before a late charge may be
imposed, in which event such longer period will be substituted), Borrower must pay to Lender, immediately and without demand by Lender, a late charge equal to 5% of such installment or other amount due (unless applicable law requires a lesser amount
be charged, in which event such lesser amount will be substituted). If the Loan is not fully amortizing, the late charge will not be due on the final payment of principal owed on the Maturity Date if such payment is not timely made.

  

	 	(b)	Borrower acknowledges that its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan and that it is
extremely difficult and impractical to determine those additional expenses. Borrower agrees that the late charge payable pursuant to this Section represents a fair and reasonable estimate, taking into account all circumstances existing on the date
of this Note, of the additional expenses Lender will incur by reason of such late payment. The late charge is payable in addition to, and not in lieu of, any interest payable at the Default Rate pursuant to Section 8. 

 

	8.	Default Rate. 

  

	 	(a)	So long as (i) any monthly installment under this Note remains past due for 30 days or more or (ii) any other Event of Default has occurred and is
continuing, then notwithstanding anything in Section 3 of this Note to the contrary, interest under this Note will accrue on the unpaid principal balance from the Installment Due Date of the first such unpaid monthly installment or the
occurrence of such other Event of Default, as applicable, at the Default Rate. 

  

	 	(b)	From and after the Maturity Date, the unpaid principal balance will continue to bear interest at the Default Rate until and including the date on which the entire
principal balance is paid in full. 

  

			
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	 	(c)	Borrower acknowledges that (i) its failure to make timely payments will cause Lender to incur additional expenses in servicing and processing the Loan,
(ii) during the time that any monthly installment under this Note is delinquent for 30 days or more, Lender will incur additional costs and expenses arising from its loss of the use of the money due and from the adverse impact on Lender’s
ability to meet its other obligations and to take advantage of other investment opportunities, and (iii) it is extremely difficult and impractical to determine those additional costs and expenses. Borrower also acknowledges that, during the
time that any monthly installment under this Note is delinquent for 30 days or more or any other Event of Default has occurred and is continuing, Lender’s risk of nonpayment of this Note will be materially increased and Lender is entitled to be
compensated for such increased risk. Borrower agrees that the increase in the rate of interest payable under this Note to the Default Rate represents a fair and reasonable estimate, taking into account all circumstances existing on the date of this
Note, of the additional costs and expenses Lender will incur by reason of the Borrower’s delinquent payment and the additional compensation Lender is entitled to receive for the increased risks of nonpayment associated with a delinquent loan.

  

	9.	Limits on Personal Liability. 

  

	 	(a)	Except as otherwise provided in this Section 9, Borrower will have no personal liability under this Note, the Loan Agreement or any other Loan Document for the
repayment of the Indebtedness or for the performance of or compliance with any other obligations of Borrower under the Loan Documents and Lender’s only recourse for the satisfaction of the Indebtedness and the performance of such obligations
will be Lender’s exercise of its rights and remedies with respect to the Mortgaged Property and to any other collateral held by Lender as security for the Indebtedness. This limitation on Borrower’s liability will not limit or impair
Lender’s enforcement of its rights against any Guarantor of the Indebtedness or any Guarantor of any other obligations of Borrower. 

  

	 	(b)	Borrower will be personally liable to Lender for the amount of the Base Recourse, plus any other amounts for which Borrower has personal liability under this
Section 9. 

  

	 	(c)	In addition to the Base Recourse, Borrower will be personally liable to Lender for the repayment of a further portion of the Indebtedness equal to any loss or damage
suffered by Lender as a result of the occurrence of any of the following events: 

  

	 	(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security Instrument and the
amount of all security deposits collected by Borrower from tenants then in residence. However, Borrower will not be personally liable for any failure described in this Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and
security deposits as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding. 

 

			
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	 	(ii)	Borrower fails to apply all Insurance proceeds and Condemnation proceeds as required by the Loan Agreement. However, Borrower will not be personally liable for any
failure described in this Section 9(c)(ii) if Borrower is unable to apply Insurance or Condemnation proceeds as required by the Loan Agreement because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding.

  

	 	(iii)	Either of the following occurs: 

  

	 	(A)	Borrower fails to deliver the statements, schedules and reports required by Section 6.07 of the Loan Agreement and Lender exercises its right to audit those
statements, schedules and reports. 

  

	 	(B)	If an Event of Default has occurred and is continuing, Borrower fails to deliver all books and records relating to the Mortgaged Property or its operation in accordance
with the provisions of Section 6.07 of the Loan Agreement. 

  

	 	(iv)	Borrower fails to pay when due in accordance with the terms of the Loan Agreement the amount of any item below marked “Deferred”; provided however, that if no
item is marked “Deferred”, this Section 9(c)(iv) will be of no force or effect. 

  

	 	[ Deferred ]	Hazard Insurance premiums or other Insurance premiums 

  

	 	[ Collect ]	Taxes or payments in lieu of taxes (PILOT) 

  

	 	[ Deferred ]	water and sewer charges (that could become a lien on the Mortgaged Property) 

 

	 	[ N/A ]	Ground Rents 

  

	 	[ Deferred ]	assessments or other charges (that could become a lien on the Mortgaged Property) 

 

	 	(v)	Borrower engages in any willful act of material waste of the Mortgaged Property. 

 

	 	(vi)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any
provision of Section 6.13(b)(iii) through (v) of the Loan Agreement (subject to possible full recourse liability as set forth in Section 9(f)(ii)). 

 

	 	(vii)	Any of the following Transfers occurs: 

  

	 	(A)	Any Person that is not an Affiliate creates a mechanic’s lien or other involuntary lien or encumbrance against the Mortgaged Property and Borrower has not complied
with the provisions of the Loan Agreement. 

  

			
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	 	(B)	A Transfer of property by devise, descent or operation of law occurs upon the death of a natural person and such Transfer does not meet the requirements set forth in
the Loan Agreement. 

  

	 	(C)	Borrower grants an easement that does not meet the requirements set forth in the Loan Agreement. 

 

	 	(D)	Borrower executes a Lease that does not meet the requirements set forth in the Loan Agreement. 

 

	 	(d)	In addition to the Base Recourse, Borrower will be personally liable to Lender for all of the following: 

 

	 	(i)	Borrower will be personally liable for the performance of and compliance with all of Borrower’s obligations under Sections 6.12 and 10.02(b) of the Loan
Agreement (relating to environmental matters). 

  

	 	(ii)	Borrower will be personally liable for the costs of any audit under Section 6.07 of the Loan Agreement. 

 

	 	(iii)	Borrower will be personally liable for any costs and expenses incurred by Lender in connection with the collection of any amount for which Borrower is personally liable
under this Section 9, including Attorneys’ Fees and Costs and the costs of conducting any independent audit of Borrower’s books and records to determine the amount for which Borrower has personal liability. 

 

	 	(e)	All payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement and the
other Loan Documents will be applied first to the portion of the Indebtedness for which Borrower has no personal liability. 

  

	 	(f)	Notwithstanding the Base Recourse, Borrower will become personally liable to Lender for the repayment of all of the Indebtedness upon the occurrence of any of the
following Events of Default: 

  

	 	(i)	Borrower fails to comply with Section 6.13(a)(i) or (ii) of the Loan Agreement or any SPE Equity Owner fails to comply with Section 6.13(b)(i)
or (ii) of the Loan Agreement. 

  

	 	(ii)	Borrower fails to comply with any provision of Section 6.13(a)(iii) through (xxvi) of the Loan Agreement or any SPE Equity Owner fails to comply with any
provision of Section 6.13(b)(iii) through (v) of the Loan 

  

			
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Agreement and a court of competent jurisdiction holds or determines that such failure or combination of failures is the basis, in whole or in part, for the substantive consolidation of the assets
and liabilities of Borrower or any SPE Equity Owner with the assets and liabilities of a debtor pursuant to Title 11 of the Bankruptcy Code. 

  

	 	(iii)	A Transfer that is an Event of Default under Section 7.02 of the Loan Agreement occurs other than a Transfer set forth in Section 9(c)(vii) above (for which
Borrower will have personal liability for Lender’s loss or damage); provided, however, that Borrower will not have any personal liability for a Transfer consisting solely of the involuntary removal or involuntary withdrawal of a general partner
in a limited partnership or a manager in a limited liability company). 

  

	 	(iv)	There was fraud or written material misrepresentation by Borrower or any officer, director, partner, member or employee of Borrower in connection with the application
for or creation of the Indebtedness or there is fraud in connection with any request for any action or consent by Lender. 

  

	 	(v)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

 

	 	(vi)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar proceeding pursuant to any
other federal or state law affecting debtor and creditor rights. 

  

	 	(vii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any voluntary reorganization,
receivership, insolvency proceeding, or other similar voluntary proceeding pursuant to any other federal or state law affecting debtor and creditor rights. 

 

	 	(viii)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor
rights in any involuntary bankruptcy proceeding initiated or joined in by a Related Party. 

  

	 	(ix)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a party other than Lender) but only if
Borrower or such SPE Equity Owner has failed to use commercially reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts” will not require any direct or indirect interest holders
in Borrower or any SPE Equity Owner to contribute or cause the contribution of additional capital to Borrower or any SPE Equity Owner. 

  

			
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	 	(g)	For purposes of Section 9(f) the term “Related Party” will include all of the following: 

 

	 	(i)	Borrower, any Guarantor or any SPE Equity Owner. 

  

	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower, any Guarantor or any SPE Equity Owner
or any Person that has a right to manage Borrower, any Guarantor or any SPE Equity Owner. 

  

	 	(iii)	Any Person in which Borrower, any Guarantor or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage. 

 

	 	(iv)	Any Person in which any partner, shareholder or member of Borrower, any Guarantor or any SPE equity Owner has an ownership interest or right to manage.

  

	 	(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor or any SPE Equity Owner also has any ownership interest. 

 

	 	(vi)	Any creditor of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor or any SPE Equity Owner. 

 

	 	(vii)	Any creditor of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower, any Guarantor or any SPE Equity
Owner. 

  

	 	(h)	If Borrower, any Guarantor, any SPE Equity Owner or any Related Party has solicited creditors to initiate or participate in any proceeding referred to in
Section 9(f), regardless of whether any of the creditors solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related Party. 

 

	 	(i)	To the extent that Borrower has personal liability under this Section 9, Lender may, to the fullest extent permitted by applicable law, exercise its rights against
Borrower personally without regard to whether Lender has exercised any rights against the Mortgaged Property or any other security, or pursued any rights against any Guarantor, or pursued any other rights available to Lender under this Note, the
Loan Agreement, any other Loan Document or applicable law. To the fullest extent permitted by applicable law, in any action to enforce Borrower’s personal liability under this Section 9, Borrower waives any right to set off the value of
the Mortgaged Property against such personal liability. 

  

			
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	10.	Voluntary and Involuntary Prepayments During the Prepayment Premium Period (Section Applies unless and until Loan is Assigned to REMIC Trust Prior to the Cut-off
Date). 

  

	 	(a)	This Section 10 will apply unless and until this Note is assigned to a REMIC trust prior to the Cut-off Date. 

 

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to
Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the
unpaid principal balance of this Note constitutes a prepayment under this Note. 

  

	 	(c)	During the Prepayment Premium Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment Due Date so long as Borrower
designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. Unless Lender has previously notified Borrower of the expiration of the Prepayment Premium Period, upon receipt
of such Notice from Borrower, Lender will notify Borrower if the Note has been assigned to a REMIC trust prior to the Cut-off Date and the Prepayment Premium Period has expired. If an Installment Due Date (as defined in Section 1(a)) falls on a
day which is not a Business Day, then with respect to payments made under this Section 10 only, the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date.

  

	 	(d)	Notwithstanding Section 10(c), Borrower may voluntarily prepay all of the unpaid principal balance of this Note on a Business Day other than an Installment Due
Date if Borrower provides Lender with the Notice set forth in Section 10(c) above and meets the other requirements set forth in this Section 10(d). Borrower acknowledges that Lender has agreed that Borrower may prepay principal on a
Business Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the Installment Due Date immediately following such prepayment and
Borrower will be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment. 

 

	 	(e)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to
voluntarily prepay all of the principal of this Note, Borrower must pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to Lender at the
time of such prepayment, plus (iii) any prepayment premium calculated pursuant to Section 10(f). 

  

			
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	 	(f)	Except as provided in Section 10(g), a prepayment premium will be due and payable by Borrower in connection with any prepayment of principal under this Note during
the Prepayment Premium Period. The prepayment premium will be computed as follows: 

  

	 	(i)	For any prepayment made during the Yield Maintenance Period, the prepayment premium will be whichever is the greater of subsections (A) and (B) below:

  

	 	(A)	1.0% of the amount of principal being prepaid; or 

  

	 	(B)	the product obtained by multiplying: 

  

	 	(1)	the amount of principal being prepaid or accelerated, 

 by 
  

	 	(2)	the excess (if any) of the Monthly Note Rate over the Assumed Reinvestment Rate, 

 by 
  

	 	(3)	the Present Value Factor. 

 For
purposes of Section 10(f)(i)(B), the following definitions will apply: 
 Monthly Note Rate: 1/12 of the Fixed
Interest Rate, expressed as a decimal calculated to 5 digits. 
 Prepayment Date: in the case of a voluntary prepayment,
the date on which the prepayment is made; in the case of the application by Lender of collateral or security to a portion of the principal balance, the date of such application. 

Assumed Reinvestment Rate: 1/12 of the yield rate expressed as a decimal to 2 digits, as of the close of the trading session which
is 5 Business Days before the Prepayment Date, found among the Daily Treasury Yield Curve Rates, commonly known as Constant Maturity Treasury (“CMT”) rates, with a maturity equal to the remaining Yield Maintenance Period, as
reported on the U.S. Department of the Treasury website. If no published CMT maturity matches the remaining Yield Maintenance Period, Lender will interpolate as a decimal to 2 digits the yield rate between (a) the CMT with a maturity closest
to, but shorter than, the remaining Yield Maintenance Period, and (b) the CMT with a maturity closest to, but longer than, the remaining Yield Maintenance Period, as follows: 

 
 

 
  

			
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	 	A =	yield rate for the CMT with a maturity shorter than the remaining Yield Maintenance Period 

 

	 	B =	yield rate for the CMT with a maturity longer than the remaining Yield Maintenance Period 

 

	 	C =	number of months to maturity for the CMT maturity shorter than the remaining Yield Maintenance Period 

 

	 	D =	number of months to maturity for the CMT maturity longer than the remaining Yield Maintenance Period 

 

	 	E =	number of months remaining in the Yield Maintenance Period 

 In the event the U.S. Department of the Treasury ceases publication of the CMT rates, the Assumed Reinvestment Rate will equal the yield rate on the first U.S. Treasury security which is not callable or
indexed to inflation and which matures after the expiration of the Yield Maintenance Period. 
 The Assumed Reinvestment Rate
may be a positive number, a negative number or zero. 
 If the Assumed Reinvestment Rate is a positive number or a negative
number, Lender will calculate the prepayment premium using such positive number or negative number, as appropriate, as the Assumed Reinvestment Rate in
 10(f)(i)(B)(2) and in the calculation of the Present Value Factor. 

If the Assumed Reinvestment Rate is zero, Lender will calculate the prepayment premium twice as set forth in (I) and (II) below and
will average the results to determine the actual prepayment premium. 
  

	 	(I)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of one basis point (+0.01%) in Section 10(f)(i)(B)(2) and in the calculation of the
Present Value Factor. 

  

	 	(II)	Lender will calculate the prepayment premium using an Assumed Reinvestment Rate of negative one basis point (-0.01%) in Section 10(f)(i)(B)(2) and in the
calculation of the Present Value Factor. 

 Present Value Factor: the factor that discounts to present
value the costs resulting to Lender from the difference in interest rates during the months remaining in the Yield Maintenance Period, using the Assumed Reinvestment Rate as the discount rate, with monthly compounding, expressed numerically as
follows: 
  
 

 
  

			
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 n = the number of months remaining in Yield Maintenance Period; provided, however,
if a prepayment occurs on an Installment Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month in which such prepayment occurs and if such prepayment occurs on a Business Day other
than an Installment Due Date, then the number of months remaining in the Yield Maintenance Period will be calculated beginning with the month immediately following the date of such prepayment. 

ARR = Assumed Reinvestment Rate 
  

	 	(ii)	For any prepayment made after the expiration of the Yield Maintenance Period but during the remainder of the Prepayment Premium Period, the prepayment premium will be
1.0% of the amount of principal being prepaid. 

  

	 	(g)	Notwithstanding any other provision of this Section 10, no prepayment premium will be payable with respect to (i) any prepayment made during the Window
Period, or (ii) any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award under the Loan Agreement. 

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due
date of any subsequent monthly installments or change the amount of such installments. 

  

	 	(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by
Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand
damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums
set forth in this Note represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the prepayment premium provisions of this Note are a material part of the consideration for the
Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

 

			
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	11.	Voluntary and Involuntary Prepayments During the Lockout Period and During the Defeasance Period (Section Applies if Loan is Assigned to REMIC Trust Prior to
the Cut-off Date). 

  

	 	(a)	This Section 11 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 11 will be of no effect if this Note is
assigned to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust. 

  

	 	(b)	Any receipt by Lender of principal due under this Note prior to the Maturity Date, other than principal required to be paid in monthly installments pursuant to
Section 3, constitutes a prepayment of principal under this Note. Without limiting the foregoing, any application by Lender, prior to the Maturity Date, of any proceeds of collateral or other security to the repayment of any portion of the
unpaid principal balance of this Note constitutes a prepayment under this Note. 

  

	 	(c)	Borrower may not voluntarily prepay any portion of the principal balance of this Note during the Lockout Period or during the Defeasance Period; provided, however, any
prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award under the Loan Agreement will be permitted during the Lockout Period and during the Defeasance Period. If any portion of the principal balance of
this Note is prepaid during the Lockout Period or during the Defeasance Period by reason of the application by Lender of any proceeds of collateral or other security to any portion of the unpaid principal balance of this Note or following a
determination that the prohibition on voluntary prepayments during the Lockout Period or during the Defeasance Period is in contravention of applicable law, then Borrower must also pay to Lender upon demand by Lender, a prepayment premium equal to
5.0% of the amount of principal being prepaid. 

  

	 	(d)	Notwithstanding any other provision of this Section 11, no prepayment premium will be payable with respect to (i) any prepayment made during the Window
Period, or (ii) any prepayment occurring as a result of the application of any Insurance proceeds or Condemnation award under the Loan Agreement. 

  

	 	(e)	After the expiration of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal balance of this Note on an Installment
Due Date so long as Borrower designates the date for such prepayment in a Notice from Borrower to Lender given at least 30 days prior to the date of such prepayment. If an Installment Due Date (as defined in Section 1(a)) falls on a day which
is not a Business Day, then with respect to payments made under this Section 11 only, the term “Installment Due Date” will mean the Business Day immediately preceding the scheduled Installment Due Date. 

 

	 	(f)	Notwithstanding Section 11(e) above, following the end of the Lockout Period and the Defeasance Period, Borrower may voluntarily prepay all of the unpaid principal
balance of this Note on a Business Day other than an Installment Due Date if Borrower provides Lender with the Notice set forth in Section 11(e) and meets the other requirements set forth in this Section 11(f). Borrower acknowledges that
Lender has agreed that Borrower may prepay principal on a 

  

			
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Business Day other than an Installment Due Date only because Lender will deem any prepayment received by Lender on any day other than an Installment Due Date to have been received on the
Installment Due Date immediately following such prepayment and Borrower will be responsible for all interest that would have been due if the prepayment had actually been made on the Installment Due Date immediately following such prepayment.

  

	 	(g)	Unless otherwise expressly provided in the Loan Documents, Borrower may not voluntarily prepay less than all of the unpaid principal balance of this Note. In order to
voluntarily prepay all of the principal of this Note, Borrower must also pay to Lender, together with the amount of principal being prepaid, (i) all accrued and unpaid interest due under this Note, plus (ii) all other sums due to
Lender at the time of such prepayment. 

  

	 	(h)	Unless Lender agrees otherwise in writing, a permitted or required prepayment of less than the unpaid principal balance of this Note will not extend or postpone the due
date of any subsequent monthly installments or change the amount of such installments. 

  

	 	(i)	Borrower recognizes that any prepayment of any of the unpaid principal balance of this Note, whether voluntary or involuntary or resulting from an Event of Default by
Borrower, will result in Lender’s incurring loss, including reinvestment loss, additional expense and frustration or impairment of Lender’s ability to meet its commitments to third parties. Borrower agrees to pay to Lender upon demand
damages for the detriment caused by any prepayment, and agrees that it is extremely difficult and impractical to ascertain the extent of such damages. Borrower therefore acknowledges and agrees that the formula for calculating prepayment premiums
set forth in Section 11(c) of this Note represents a reasonable estimate of the damages Lender will incur because of a prepayment. Borrower further acknowledges that the lockout and prepayment premium provisions of this Note are a material part
of the consideration for the Loan, and that the terms of this Note are in other respects more favorable to Borrower as a result of the Borrower’s voluntary agreement to the prepayment premium provisions. 

 

	 	(j)	If, after the expiration of the Lockout Period, Borrower defeases the Loan as described in Section 11.12 of the Loan Agreement during the Defeasance Period,
Borrower will not have the right to voluntarily prepay any of the principal of this Note at any time. 

  

	12.	Defeasance (Section Applies if Loan is Assigned to REMIC Trust Prior to the Cut-off Date). 

 

	 	(a)	This Section 12 will apply in the event this Note is assigned to a REMIC trust prior to the Cut-off Date. This Section 12 will be of no effect if this Note is
assigned to a REMIC trust on or after the Cut-off Date or if this Note is not assigned to a REMIC trust. 

  

			
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	 	(b)	Section 5 of this Note is amended by adding a new paragraph at the end of the Section as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the
Loan Agreement, the Indebtedness will be secured by the Pledge Agreement and reference will be made to the Pledge Agreement for other rights of Lender as to collateral for the Indebtedness. 

 

	 	(c)	Section 9 of this Note is amended by adding a new paragraph at the end thereof as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the
Loan Agreement, Borrower will have no personal liability under this Note or the Pledge Agreement for the repayment of the Indebtedness or for the performance of any other obligations of Borrower under this Note or the Pledge Agreement (other than
any liability under Section 6.12 or Section 10.02 of the Loan Agreement for events that occur prior to the Defeasance Closing Date, whether discovered before or after the Defeasance Closing Date), and Lender’s only recourse for the
satisfaction of the Indebtedness and the performance of such obligations will be Lender’s exercise of its rights and remedies with respect to the collateral held by Lender under the Pledge Agreement as security for the Indebtedness. 

 

	 	(d)	Section 21(a) of this Note is amended by adding a new paragraph at the end of that subsection as follows: 

If Borrower obtains a release of the Mortgaged Property from the lien of the Security Instrument pursuant to Section 11.12 of the
Loan Agreement, all Notices, demands and other communications required or permitted to be given pursuant to this Note will be given in accordance with the Pledge Agreement. 

 

	13.	Costs and Expenses. To the fullest extent allowed by applicable law, Borrower must pay all expenses and costs, including Attorneys’ Fees and Costs incurred
by Lender as a result of any default under this Note or in connection with efforts to collect any amount due under this Note, or to enforce the provisions of any of the other Loan Documents, including those incurred in post-judgment collection
efforts and in any bankruptcy proceeding (including any action for relief from the automatic stay of any bankruptcy proceeding) or judicial or non-judicial foreclosure proceeding. Borrower acknowledges and agrees that, in connection with each
request by Borrower under this Note or any Loan Document, Borrower must pay all reasonable Attorneys’ Fees and Costs and expenses incurred by Lender, including any fees charged by the Rating Agencies, regardless of whether the matter is
approved, denied or withdrawn. 

  

			
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	14.	Forbearance. Any forbearance by Lender in exercising any right or remedy under this Note, the Loan Agreement, or any other Loan Document or otherwise afforded by
applicable law, will not be a waiver of or preclude the exercise of that or any other right or remedy. The acceptance by Lender of any payment after the due date of such payment, or in an amount which is less than the required payment, will not be a
waiver of Lender’s right to require prompt payment when due of all other payments or to exercise any right or remedy with respect to any failure to make prompt payment. Enforcement by Lender of any security for Borrower’s obligations under
this Note will not constitute an election by Lender of remedies so as to preclude the exercise of any other right or remedy available to Lender. 

  

	15.	Waivers. Borrower and all endorsers and Guarantors of this Note and all other third party obligors waive presentment, demand, notice of dishonor, protest, notice
of acceleration, notice of intent to demand or accelerate payment or maturity, presentment for payment, notice of nonpayment, grace, and diligence in collecting the Indebtedness. 

 

	16.	Loan Charges. Neither this Note nor any of the other Loan Documents will be construed to create a contract for the use, forbearance or detention of money
requiring payment of interest at a rate greater than the Maximum Interest Rate. If any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower in connection with the Loan is interpreted so that any
interest or other charge provided for in any Loan Document, whether considered separately or together with other charges provided for in any other Loan Document, violates that law, and Borrower is entitled to the benefit of that law, that interest
or charge is hereby reduced to the extent necessary to eliminate that violation. The amounts, if any, previously paid to Lender in excess of the permitted amounts will be applied by Lender to reduce the unpaid principal balance of this Note. For the
purpose of determining whether any applicable law limiting the amount of interest or other charges permitted to be collected from Borrower has been violated, all Indebtedness that constitutes interest, as well as all other charges made in connection
with the Indebtedness that constitute interest, will be deemed to be allocated and spread ratably over the stated term of this Note. Unless otherwise required by applicable law, such allocation and spreading will be effected in such a manner that
the rate of interest so computed is uniform throughout the stated term of this Note. 

  

	17.	Commercial Purpose. Borrower represents that Borrower is incurring the Indebtedness solely for the purpose of carrying on a business or commercial enterprise,
and not for personal, family, household, or agricultural purposes. 

  

	18.	Counting of Days. Any reference in this Note to a period of “days” means calendar days, not Business Days except where otherwise specifically provided.

  

	19.	Governing Law. This Note will be governed by the law of the Property Jurisdiction. 

 

	20.	Captions. The captions of the Sections of this Note are for convenience only and will be disregarded in construing this Note. 

 

			
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	21.	Notices; Written Modifications. 

  

	 	(a)	All Notices, demands and other communications required or permitted to be given pursuant to this Note will be given in accordance with Section 11.03 of the Loan
Agreement. 

  

	 	(b)	Any modification or amendment to this Note will be ineffective unless in writing and signed by the party sought to be charged with such modification or amendment;
provided, however, in the event of a Transfer under the terms of the Loan Agreement that requires Lender’s consent, any or some or all of the Modifications to Multifamily Note set forth in Exhibit A to this Note may be modified or
rendered void by Lender at Lender’s option, by Notice to Borrower and the transferee, as a condition of Lender’s consent. 

  

	22.	Consent to Jurisdiction and Venue. Borrower agrees that any controversy arising under or in relation to this Note may be litigated in the Property Jurisdiction.
The state and federal courts and authorities with jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies that will arise under or in relation to this Note. Borrower irrevocably consents to service, jurisdiction, and
venue of such courts for any such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Note is intended to limit any right that Lender may have to bring
any suit, action or proceeding relating to matters arising under this Note in any court of any other jurisdiction. 

  

	23.	WAIVER OF TRIAL BY JURY. BORROWER AND LENDER EACH (a) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS NOTE OR THE
RELATIONSHIP BETWEEN THE PARTIES AS LENDER AND BORROWER THAT IS TRIABLE OF RIGHT BY A JURY AND (b) WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT
TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

	24.	State-Specific Provisions. N/A 

  

	25.	Attached Riders. The following Riders are attached to this Note: 

 Recycled Borrower and/or Recycled SPE Equity Owner 
 Seniors Housing 

Recourse for Non-Conforming Property 
  

	26.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Note: 

 

	 	x	Exhibit A         Modifications to Multifamily Note 

  

			
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 19

 IN WITNESS WHEREOF, and in consideration of the Lender’s agreement to lend Borrower the principal
amount set forth above, Borrower has signed and delivered this Note under seal or has caused this Note to be signed and delivered under seal by its duly authorized representative. Borrower intends that this Note will be deemed to be signed and
delivered as a sealed instrument. 
  

			
	 CARE GSL BERRYVILLE LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Salvatore (Torey) V. Riso, Jr.
	 Name: Salvatore (Torey) V. Riso, Jr.
 Title:   President and Chief Executive Officer

 45-3274225 

Borrower’s Employer ID Number 
  

			
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 PAY TO THE ORDER OF FEDERAL HOME LOAN MORTGAGE CORPORATION WITHOUT RECOURSE. 

 

			
	 KEYCORP REAL ESTATE CAPITAL
 MARKETS, INC., an Ohio corporation

		
	By:	 	/s/ Crystal L. Williams
	 Name: Crystal L. Williams
 Title:   Vice President
  
 Date: April 24, 2012

  

			
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 RIDER TO MULTIFAMILY NOTE 

(CME) 

RECYCLED BORROWER AND/OR RECYCLED SPE EQUITY OWNER 
 (Revised 9-1-2011) 
 The following changes are made to the Note which
precedes this Rider: 
  

	A.	The following is added as a new subsection to Section 9(c): 

 (viii) Any of the Underwriting Representations set forth in Section 5.40(a) of the Loan Agreement or any of the Separateness Representations set forth in Section 5.40(b) of the Loan Agreement
are false or misleading in any material respect. 
  
 Rider to
Multifamily Note (CME) 
 Recycled Borrower and/or Recycled SPE Equity Owner 

 RIDER TO MULTIFAMILY NOTE 

(CME AND PORTFOLIO) 
 SENIORS HOUSING 
 (Revised 3-20-2012) 

The following changes are made to the Note which precedes this Rider: 

 

	A.	The following new subsections are added to Section 9(c): 

  

	 	(ix)	Borrower fails to cause the renewal, continuation, extension or maintenance of all Licenses required to legally operate the Mortgaged Property as a seniors housing
Facility. 

  

	 	(x)	Borrower fails upon an Event of Default to cooperate, or Borrower otherwise intentionally interferes with, hinders or delays Lender (or its nominee or designee), in
connection with the timely and orderly transfer of any and all Licenses. 

  

	B.	In Sections 11(j), 12(b), 12(c) and 12(d), all references to “Section 11.12” are modified to refer to “Section 12.12”. 

 
 Rider to Multifamily Note (CME) 

Recycled Borrower and/or Recycled SPE Equity Owner 

 RIDER TO MULTIFAMILY NOTE 

(CME AND PORTFOLIO) 
 RECOURSE FOR NON-CONFORMING PROPERTY 
 (Revised 9-1-2011) 

The following changes are made to the Note which precedes this Rider: 

 

	A.	The following is added as a new subsection to Section 9(c): 

  

	 	(xi)	A casualty occurs affecting the Mortgaged Property, which results in loss or damage to Lender because of either of the following: 

 

	 	(A)	(1) the Mortgaged Property is legally non-conforming under the applicable zoning laws, ordinances and/or regulations in the Property Jurisdiction (“Zoning
Code”), (2) the affected Improvements cannot be rebuilt to their pre-casualty condition under the terms of the Zoning Code, and (3) the Hazard Insurance proceeds available to Lender under the terms of the Loan Agreement are
insufficient to repay the Indebtedness in full. 

  

	 	(B)	Borrower fails to commence and diligently pursue completion of any Restoration within the time frame required by the Zoning Code and any permits issued pursuant thereto
as necessary to allow the Restoration to the pre-casualty condition described in (A)(2) above. 

  
 Rider to Multifamily Note (CME) 
 Recycled Borrower and/or Recycled SPE Equity Owner

 EXHIBIT A 
 MODIFICATIONS TO MULTIFAMILY NOTE 
 The following modifications are made to the text of the Note
that precedes this Exhibit. 
  

	1.	The word “Multifamily” is deleted and the phrase “Seniors Housing” is inserted in the first line of the definition of the Loan Agreement in
Section 1 of the Note. 

  

	2.	Section 9(c)(i) is deleted and the following is inserted in lieu thereof: 

 

	 	“(i)	Borrower fails to pay to Lender upon demand after an Event of Default all Rents to which Lender is entitled under Section 3 of the Security Instrument and the
amount of all security deposits collected by Borrower from tenants then in residence and not applied pursuant to the terms of the tenant’s lease. However, Borrower will not be personally liable for any failure described in this
Section 9(c)(i) if Borrower is unable to pay to Lender all Rents and security deposits as required by the Security Instrument because of a valid order issued in a bankruptcy, receivership, or similar judicial proceeding.”

  

	3.	Section 9(c) of the Note is modified by adding the following new subsection: 

 

	 	“(xii)	the avoidance, in whole or in part, of the transfer creating the lien of the Security Instrument, or a court order providing an alternative remedy to that avoidance,
because of the occurrence on or before the date that the Security Instrument was recorded of a fraudulent transfer or a preference under federal bankruptcy, state insolvency, or similar creditors’ rights laws.” 

 

	4.	The following is added as Section 9(d)(iv): 

  

	 	“(iv)	Borrower will be personally liable for the amount of, and any loss or damage suffered by Lender by reason of any failure to fully and timely pay, all recordation,
transfer, or similar taxes, if any, imposed in connection with the Loan or any advances thereof, any indebtedness or obligation refinanced in whole or in part by the Loan, any mortgage or deed of trust that secured any such indebtedness or
obligation, this Note, the Security Instrument, any default under any Loan Document, or any other transaction relating to or arising out of the Loan, plus all interest, penalties and fines that may be or may become due.”

  

			
	Multifamily Multistate Fixed Rate Note (CME)	  	
	Defeasance	  	Page A-1Guaranty by the Registrant for the benefit of KeyCorp Real Estate

 Exhibit 10.9 
 Freddie Mac Loan Number: 504183346 
 Property Name: Greenfield Assisted Living of Berryville

 GUARANTY 
 (CME AND PORTFOLIO) 
 MULTISTATE 

(Revised 10-18-2011) 

THIS GUARANTY (“Guaranty”) is entered into to be effective as of April 24, 2012, by CARE INVESTMENT TRUST INC., a Maryland corporation,
(“Guarantor”, collectively if more than one), for the benefit of KEYCORP REAL ESTATE CAPITAL MARKETS, INC., an Ohio corporation (“Lender”). 
 RECITALS 
  

	A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this Guaranty (as amended, modified or supplemented from time to time, the
“Loan Agreement”), CARE GSL BERRYVILLE LLC, a Delaware limited liability company (“Borrower”) has requested that Lender make a loan to Borrower in the amount of Five Million Six Hundred Sixty-Five Thousand and
No/100 Dollars ($5,665,000.00) (“Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated effective as of the effective date of this Guaranty (as amended, modified or supplemented from time to time, the
“Note”). The Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date of the Note (as amended, modified or supplemented from time to time, the “Security
Instrument”), encumbering the Mortgaged Property described in the Loan Agreement. 

  

	B.	As a condition to making the Loan to Borrower, Lender requires that Guarantor execute this Guaranty. 

 

	C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material benefit from the making of the Loan.

 AGREEMENT 
 NOW, THEREFORE, in order to induce Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Guarantor agrees as follows: 
  

	1.	Defined Terms. The terms “Indebtedness”, “Loan Documents”, and “Property Jurisdiction”, and other capitalized terms used but not
defined in this Guaranty, will have the meanings assigned to them in the Loan Agreement. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	2.	Scope of Guaranty. 

  

	 	(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following: 

 

	 	(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter,
of each of the following: 

  

	 	(A)	Guarantor guarantees a portion of the Indebtedness equal to 0% of the original principal balance of the Note (“Base Guaranty”).

  

	 	(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under Sections 9(c), 9(d) and 9(f) of the Note
(provided, however, that Guarantor will have no liability for failure of Borrower or SPE Equity Owner to comply with (I) Section 6.13(a)(xviii) of the Loan Agreement, and (II) the requirement in Section 6.13(a)(x)(B) of the Loan
Agreement as to payment of trade payables within 60 days of the date incurred). (CME loans only) 

  

	 	(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty.

  

	 	(ii)	Guarantor guarantees the full and prompt payment and performance of and/or compliance with all of Borrower’s obligations relating to environmental matters under
Sections 6.12 and 10.02 of the Loan Agreement when due and the accuracy of Borrower’s representations and warranties under Section 5.05 of the Loan Agreement. 

 

	 	(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then the following will be applicable:

  

	 	(i)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender, the full and complete prompt payment of
the entire Indebtedness, the performance of and/or compliance with all of Borrower’s obligations under the Loan Documents when due, and the accuracy of Borrower’s representations and warranties contained in the Loan Documents.

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	 	(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the
obligations guaranteed pursuant to Sections 2(a)(i)(B) and
 2(a)(i)(C) will be part of, and not in addition to or in limitation of, the Base Guaranty. 

 

	 	(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then Section 2(b) will be completely
inapplicable. 

  

	 	(d)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the
enforcement of its rights under the Loan Agreement and the other Loan Documents (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability.

  

	3.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will survive any foreclosure proceeding, any foreclosure sale,
any delivery of any deed in lieu of foreclosure, and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s representations and warranties under Section 5.05 of the Loan
Agreement and Borrower’s obligations relating to environmental matters under Sections 6.12 and 10.02 of the Loan Agreement will survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a
mortgagee-in-possession of or held title to the Mortgaged Property, Guarantor will have no obligation under this Guaranty relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement or Borrower’s
obligations relating to environmental matters under Sections 6.12 and 10.02 of the Loan Agreement after the date of the release of record of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity
Date or by voluntary prepayment in full. 

  

	4.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not
merely a guaranty of collection. 

  

	5.	No Demand by Lender Necessary; Waivers by Guarantor – All States Except California. The obligations of Guarantor under this Guaranty must be performed
without demand by Lender and will be unconditional regardless of the genuineness, validity, regularity or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. Guarantor hereby waives, to the fullest extent permitted by applicable law, all of the following: 

 

	 	(a)	The benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that
Guarantor’s obligations will not be affected by any circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor.

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	 	(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a
surety, a guarantor, a borrower or a mortgagor under such statutes or laws. 

  

	 	(c)	Diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to the Note and this Guaranty which may be required by
statute, rule of law or otherwise to preserve Lender’s rights against Guarantor under this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of
Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any obligation or indebtedness. 

 

	 	(d)	All rights to cause a marshalling of the Borrower’s assets or to require Lender to do any of the following: 

 

	 	(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (an “Other Guarantor”).

  

	 	(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership. 

 

	 	(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness. 

 

	 	(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower. 

 

	 	(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the Loan Documents. 

 

	 	(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan Agreement to protect Lender’s interest in the Mortgaged Property.

  

	6.	Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of
Guarantor, all of the following will apply: 

  

	 	(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. 

 

			
	Guaranty - Multistate (CME and Portfolio)	  	

	 	(b)	Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan
Document, whether presently existing or in this Guaranty after entered into, or waive such performance or compliance. 

  

	 	(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. 

 

	 	(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount.

  

	 	(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the
Indebtedness. 

  

	7.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and
several. Lender, in its sole and absolute discretion, may take any of the following actions: 

  

	 	(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or
against any one or more of them. 

  

	 	(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such consideration as
Lender may deem proper. 

  

	 	(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability. 

 

	 	(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner. 

No action of Lender described in this Section 7 will affect or impair the rights of Lender to collect from any one or more of the
parties named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty. 
  

	8.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in the future is and will be subordinated to
the Indebtedness and Guarantor will collect, enforce and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty.

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	9.	Waiver of Subrogation. Guarantor will have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of
Borrower by reason of any payment by Guarantor under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible
period thereafter during which any payment made by Borrower to Lender with respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code. 

 

	10.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other
reason Lender is required to refund any sums to Borrower, such refund will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty
will not be discharged except by Guarantor’s performance of such obligations and then only to the extent of such performance. 

  

	11.	Financial Information. Guarantor, from time to time upon written request by Lender, will deliver to Lender such financial statements as Lender may reasonably
require. If an Event of Default has occurred and is continuing, Guarantor will deliver to Lender upon written request copies of its state and federal tax returns. 

 

	12.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the terms and provisions of this Guaranty will
inure to the benefit of such assignee to the extent so assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and assigns of such parties, and the term
“Lender” will also include any lawful owner, holder or pledgee of the Note. 

  

	13.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement between the parties and may not be contradicted by
evidence of prior, contemporaneous or subsequent oral agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into
this Guaranty and the other Loan Documents. Guarantor acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or
terminated except by a writing signed by the party against which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that writing. 

 

	14.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws of the Property Jurisdiction, without giving effect to the choice of
law principles of the Property Jurisdiction that would require the application of the laws of a jurisdiction other than the Property Jurisdiction. 

  

	15.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to this Guaranty may be litigated in the Property Jurisdiction, and that
the state and federal courts and authorities with jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which will arise under or in relation to this Guaranty. Guarantor irrevocably consents to service, jurisdiction
and venue of such courts for any 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	 	
such litigation and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Guaranty is intended to limit
Lender’s right to bring any suit, action or proceeding relating to matters arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

 

	16.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower
and/or will otherwise derive a material financial benefit from the making of the Loan. 

  

	17.	State-Specific Provisions. 

Guarantor waives the benefit of the provisions of Sections 49-25 and 49-26 of the Code of Virginia (1950), as amended. 

 

	18.	Community Property Provision. 

 Not applicable. 
  

	19.	WAIVER OF TRIAL BY JURY. 

  

	 	(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE
PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY. 

  

	 	(b)	GUARANTOR AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF
RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

	20.	Attached Riders. The following Riders, if marked with an “X” in the space provided, are attached to this Guaranty: 

 

	 	 ̈	None 

  

	 	 ̈	Material Adverse Change Rider 

  

	 	x	Minimum Net Worth/Liquidity Requirements Rider 

  

	 	 ̈	Other              

 

			
	Guaranty - Multistate (CME and Portfolio)	  	

	21.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Guaranty: 

 

	 	x	Exhibit A              Modifications to Guaranty 

(Remainder of page intentionally left blank; signature pages follow.) 
  

			
	Guaranty - Multistate (CME and Portfolio)	  	

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has caused this Guaranty
to be signed and delivered under seal by its duly authorized representative. Guarantor intends that this Guaranty will be deemed to be signed and delivered as a sealed instrument. 

 

			
	 CARE INVESTMENT TRUST INC.,
 a Maryland corporation

		
	By:	 	/s/ Salvatore (Torey) V. Riso, Jr.
	 Name: Salvatore (Torey) V. Riso, Jr.
 Title:   President and Chief Executive Officer

 STATE OF New York 
 COUNTY OF New York 
 The foregoing instrument was acknowledged before me this
13th day of April, 2012 by Salvatore (Torey) V. Riso, Jr.,
President and Chief Executive Officer of CARE INVESTMENT TRUST INC., a Maryland corporation, on behalf of the corporation. 
 /s/ Danielle M.
DePalma 
  
 Notary Public

 Printed Name: Danielle M. DePalma 

My Commission Expires: 
 January 10, 2015

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	(a)	Name and Address of Guarantor 

  

	Name:	Care Investment Trust Inc. 

	Address:	 780 Third Avenue,
21st Floor 

	  	New York, New York 10017 

  

	(b)	Guarantor represents and warrants that Guarantor is: 

  ̈ single 
  ̈ married 
 x an entity 

 

	(c)	Guarantor represents and warrants that Guarantor’s state of residence is N/A. 

 

			
	 GUARANTOR
  

CARE INVESTMENT TRUST INC.,
 a Maryland
corporation

		
	By:	 	/s/ Salvatore (Torey) V. Riso, Jr.
	 Name: Salvatore (Torey) V. Riso, Jr.
 Title:   President and Chief Executive Officer

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

 RIDER TO GUARANTY 

(CME AND PORTFOLIO) 
 MINIMUM NET WORTH/LIQUIDITY 
 (Revised 9-1-2011) 

The following changes are made to the Guaranty which precedes this Rider: 

 

	A.	The following is added as a new Section: 

  

	 	22.	Minimum Net Worth/Liquidity Requirements. 

  

	 	(a)	Guarantor must maintain a minimum net worth of $5,000,000.00 with liquid assets of at least $566,500.00 (collectively, “Minimum Net Worth
Requirement”). 

  

	 	(b)	In addition to the financial information that Guarantor is required to provide pursuant to Section 11 of this Guaranty, annually within 120 days after the end of
each fiscal year of Guarantor, Guarantor must provide Lender with a written certification (“Guarantor Certification”) of the net worth and liquid assets of Guarantor, as of the end of such fiscal year derived in accordance with
customarily acceptable accounting practices. The Guarantor must certify the Guarantor Certification under penalty of perjury as true and complete. So long as no Event of Default has occurred and is continuing, and so long as Guarantor is publically
traded on a nationally recognized stock exchange and so long as such filings are certified by Guarantor to Lender to be true, correct and complete, the filings required to be made by the applicable statutes and regulations will fulfill the
requirements of this sub-section. 

  

	 	(c)	Within 30 days of receipt of Notice from Lender that Guarantor has failed to maintain the Minimum Net Worth Requirement, Guarantor must either:

  

	 	(i)	cause one or more natural persons or entities who individually or collectively, as applicable, meet the Minimum Net Worth Requirement and is/are acceptable to Lender,
in its sole discretion, to execute and deliver to Lender a guaranty in the same form as this Guaranty, without any cost or expense to Lender; or 

  

	 	(ii)	deliver to Lender a letter of credit or other collateral acceptable to Lender in its discretion meeting the following conditions, as applicable:

  

	 	(A)	If Guarantor supplies a letter of credit, the letter of credit must be in the form found on Freddie Mac’s website at:
http://www.freddiemac.com/multifamily/cme_documents.html 

  
 Rider To Guaranty (CME and Portfolio) 
 Minimum Net Worth/Liquidity 

 The letter of credit must name Lender as the sole beneficiary, have an initial term of not
less than 12 months and be issued by a bank acceptable to Lender in its sole discretion. 
  

	 	(B)	The letter of credit or other collateral must be in an amount equal to the greatest of: 

 

	 	(X)	the positive difference, if any, obtained by subtracting the net worth identified in the Guarantor Certification from the minimum net worth required under the Minimum
Net Worth Requirement, 

  

	 	(Y)	the positive difference, if any, obtained by subtracting the liquid assets identified in the Guarantor Certification from the minimum liquid assets required under the
Minimum Net Worth Requirement, and 

  

	 	(Z)	$100,000. 

  

	 	(C)	If Guarantor supplies cash, the cash deposited with Lender shall be credited to Guarantor’s net worth and liquid assets in determining compliance with the Minimum
Net Worth Requirement subsequent to such delivery for the purpose of determining whether or not additional collateral will be required, but not for the purposes of determining whether or not the collateral will be released. 

 

	 	(d)	Provided no Event of Default then exists, Guarantor will be entitled to request at any time after ninety (90) days after the Letter of Credit or other collateral,
as applicable, is delivered to Lender, but in no event more often than once every three (3) months, a return of the unused portion, if any, of the letter of credit or other collateral in the event it delivers to Lender evidence in form and
substance satisfactory to Lender, including a Guarantor Certification prepared as of the date of such delivery, that Guarantor has satisfied the Minimum Net Worth Requirement. Provided no Event of Default then exists, Lender will, within a
reasonable period of time following Guarantor’s request, return the unused portion, if any, of the letter of credit or other collateral. 

  

	 	(e)	Guarantor conveys, pledges, transfers and grants to Lender a security interest pursuant to the Uniform Commercial Code of the Property Jurisdiction or any other
applicable law in and to the Letter of Credit and/or any other collateral, including cash, delivered to Lender in accordance with this Section, as the same may increase or decrease from time to time, to secure the Indebtedness and/or
Guarantor’s obligations pursuant to the terms of this Guaranty and the other Loan Documents. 

  
 Rider To Guaranty (CME and Portfolio) 
 Minimum Net Worth/Liquidity 

 EXHIBIT A 
 MODIFICATIONS TO GUARANTY 
 The following modifications are made to the text of
the Guaranty that precedes this Exhibit. 
  

	1.	The word “Multifamily” is deleted and the phrase “Seniors Housing” is inserted in lieu thereof in the first line of Recital A.

  

	2.	Section 11 is deleted and the following is inserted in lieu thereof: 

 “Financial Information. Guarantor, from time to time upon written request by Lender, will deliver to Lender such financial statements as Lender may reasonably require. If an Event of Default
has occurred and is continuing, Guarantor will deliver to Lender upon written request copies of its state and federal tax returns. So long as no Event of Default has occurred and is continuing, and so long as Guarantor is publically traded on a
nationally recognized stock exchange, and so long as such filings are certified by Guarantor to Lender to be true, correct and complete, the filings required to be made by the applicable statutes and regulations will fulfill the requirements of this
Section.” 
  

	3.	A new Section 22 is added, reading as follows: 

  

	 	“22.	The obligations of Guarantor shall not be impaired or in any way limited by (i) any action taken by Lender to enforce its rights under or realize upon collateral
for any of the “Related Loans” as defined in the Cross-Collateralization Agreement and Amendment to Security Instrument dated the same date as this Guaranty between Lender and Borrower (the “Cross-Collateralization Agreement”),
(ii) the fact that Lender may be seeking to realize upon some but not all of the collateral for the “Loans” as defined in the Cross-Collateralization Agreement, or (iii) the exercise or not, concurrently, consecutively or
otherwise, of any of the rights or remedies available to Lender under the Cross-Collateralization Agreement or applicable law.” 

  

	4.	The Rider to Guaranty, Minimum Net Worth/Liquidity is modified as shown by the blacklined changes on said Rider attached hereto. 

 

			
	Guaranty - Multistate (CME and Portfolio)

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