Document:

Ex10.22.2

Exhibit 10.1.3

 

SECOND AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AND SECURITY AGREEMENT

THIS SECOND AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AND SECURITY AGREEMENT (this “Amendment”) is made as of January 1, 2015 (the “Effective Date”), by and among (i) HCP AUR1 California A Pack, LLC, a Delaware limited liability company, HCP EMOH, LLC, a Delaware limited liability company, HCP Hazel Creek, LLC, a Delaware limited liability company, HCP MA2 California, LP, a Delaware limited partnership, HCP MA2 Massachusetts, LP, a Delaware limited partnership, HCP MA2 Ohio, LP, a Delaware limited partnership, HCP MA2 Oklahoma, LP, a Delaware limited partnership, HCP MA3 California, LP, a Delaware limited partnership, HCP MA3 South Carolina, LP, a Delaware limited partnership, HCP MA3 Washington LP, a Delaware limited partnership, HCP Partners, LP, a Delaware limited partnership, HCP Senior Housing Properties Trust, a Delaware statutory trust, HCP SH Eldorado Heights LLC, a Delaware limited liability company (“HCP Eldorado Heights”), HCP SH ELP1 Properties, LLC, a Delaware limited liability company, HCP SH ELP2 Properties, LLC, a Delaware limited liability company, HCP SH ELP3 Properties, LLC, a Delaware limited liability company, HCP SH Lassen House, LLC, a Delaware limited liability company, HCP SH Mountain Laurel, LLC, a Delaware limited liability company, HCP SH Mountain View, LLC, a Delaware limited liability company, HCP SH River Valley Landing, LLC, a Delaware limited liability company, HCP SH Sellwood Landing, LLC, a Delaware limited liability company, HCP ST1 Colorado, LP, a Delaware limited partnership, HCP, Inc., a Maryland corporation (“HCP”), and HCPI Trust, a Maryland real estate investment trust (collectively, as their interests may appear, the “Current Lessors”), (ii) Westminster HCP, LLC, HCP Springtree, LLC, HCP Ocoee, LLC, HCP Port Orange, LLC, HCP Beckett Lake, LLC, HCP St. Augustine, LLC, HCP Carrollwood, LLC, HCP Oviedo, LLC, HCP Wekiwa Springs, LLC, HCP Oak Park, LLC, HCP Cy-Fair, LLC, HCP Friendswood, LLC, HCP Irving, LLC and HCP Emfin Properties, LLC, each a Delaware limited liability company (collectively, as their interests may appear, the “Additional Lessors” and, together with the Current Lessors, “Lessor”), (iii) Emeritus Corporation, a Washington corporation (“Emeritus”), Summerville at Hazel Creek, LLC, a Delaware limited liability company, and Summerville at Prince William, Inc., a Delaware corporation (collectively, and jointly and severally, the “Current Lessees”),  and (iv) LH Assisted Living, LLC, a Delaware limited liability company, Summerville at Hillsborough, L.L.C., a New Jersey limited liability company, Summerville at Ocoee, Inc., a Delaware corporation, Summerville at Port Orange, Inc., a Delaware corporation, Summerville at Stafford, L.L.C., a New Jersey limited liability company, Summerville at Voorhees, L.L.C., a New Jersey limited liability company, Summerville at Westminster, Inc., a Maryland corporation, Summerville at Cy-Fair Associates, L.P., a Delaware limited partnership, Summerville at Friendswood Associates, L.P., a Delaware limited partnership, Summerville at St. Augustine, LLC, a Delaware limited liability company, Summerville at Irving Associates, L.P., a Delaware limited partnership, Summerville at Chestnut Hill, LLC, a Delaware limited liability company, Summerville 9, LLC, a Delaware limited liability company, Summerville at Carrollwood, LLC, a Delaware limited liability company, Summerville at Fox Run, LLC, a Delaware limited liability company, Summerville at Wekiwa Springs, LLC, a Delaware limited liability company, Summerville at Oak Park LLC, a Delaware limited liability company, The Estates of Oak Ridge LLC, a Delaware limited liability company, Summerville at Oviedo LLC, a Delaware limited liability company, and Emeritus (collectively, jointly and severally, the 

 

“Additional Lessees” and, together with the Current Lessees, “Lessee”), and consented to by Brookdale Senior Living Inc. (“Guarantor”), with respect to the following:   

RECITALS

A.  The Current Lessors, as “Lessor”, and the Current Lessees, as “Lessee”, are parties to that certain Amended and Restated Master Lease and Security Agreement dated as of August 29, 2014 (the “Original Lease”), as amended by that certain First Amendment to Amended and Restated Master Lease and Security Agreement and Option Exercise Notice dated as of December 29, 2014, between Brookdale and HCP, which is hereby acknowledged and agreed to by Lessor and Lessee (the “First Amendment”; the Original Lease, as amended by the First Amendment, the “Lease”),  with respect to the Leased Property (as defined in the Lease).  All capitalized terms used and not defined in this Amendment shall have the meanings assigned to them in the Lease.

B.  Pursuant to the terms of that certain Guaranty of Obligations dated as of August 29, 2014, made by Guarantor in favor of the Current Lessors (the “Guaranty”), Guarantor has guaranteed the obligations of the Current Lessees under the Lease, as more particularly described therein.

C.   The Additional Lessors currently lease the Delayed Commencement Facilities to the Additional Lessees pursuant to that certain lease described in clause (j) of Section 45.1.20 of the Lease (the “Prior Lease”).  The Lease provides that, upon the occurrence of the Delayed Commencement Date with respect to any Delayed Commencement Facility, (a) (i) the information relating to such Delayed Commencement Facility set forth on any Exhibit or Schedule to the Lease shall be deemed to be part of such Exhibit or Schedule, (ii) such Delayed Commencement Facility shall be a Facility and a Pool 1 Facility, Pool 2 Facility or Pool 3 Facility, as applicable, and the Land, Leased Improvements and Lessor’s Personal Property pertaining to such Delayed Commencement Facility shall be “Leased Property”, in each case for all purposes of this Lease, and (iii) Minimum Rent allocable or attributable to such Delayed Commencement Facility shall be payable for the period commencing on the Delayed Commencement Date and continuing through the balance of the Term (and shall be payable for the month in which the Delayed Commencement Date occurs within five (5) days after the Delayed Commencement Date), all as more particularly described in Section 44.1 of the Lease, (b) the Prior Lease shall be amended and restated by the Lease as more particularly described in Section 45.1.20 of the Lease, and (c) the parties shall execute an amendment to the Lease confirming such matters.

D.  The Lease erroneously states (in the definitions of such terms in Section 2.1 thereof) that the Pool 1 Fixed Term and Pool 3 Fixed Term end on the last day of the calendar month in which the sixteen (16th) and fourteen (14th) anniversaries, respectively, of the Commencement Date occur, but was intended to state that the Pool 1 Fixed Term and Pool 3 Fixed Term end on the last day of the calendar month in which the fourteen (14th) and sixteen (16th) anniversaries, respectively, of the Commencement Date occur.

E.  Pursuant to Section 31.4 of the Lease (as amended by the First Amendment),  effective as of the Effective Date, Emeritus and certain designees of the Current Lessees 

2 

 

acquired all of the Facilities set forth on Modified Schedule 31.4 (as defined in the First Amendment) other than the Facility commonly known as Emeritus at The Heritage located in Bridgeport, West Virginia (the “Heritage Facility”).  The Lease provides that, upon the closing of the acquisition of the Leased Property of any Facility pursuant to Section 31.4 thereof, (a) the aggregate amount of any and all applicable Facility Purchase Rent Reductions shall be deducted from the Pre-Adjusted Allocated Minimum Rent for such Facility (and from the Pre-Adjusted Minimum Rent), in calculating the Allocated Minimum Rent for such Facility (and the Minimum Rent), for the period commencing on the date of such closing and continuing through the end of the Lease Year in which such closing occurs and for each Lease Year thereafter and (b) the Excess Allocation with respect to such Facility (if any) shall be reallocated to the other Facilities then subject to the Lease (in proportion to their respective Allocated Minimum Rents) so as to increase accordingly the then-current Pre-Adjusted Allocated Minimum Rent for each other Facility for the period commencing on the date of such closing and continuing through the end of the Term (and increase accordingly the Pre-Adjusted Minimum Rent).  For ease of administration, the parties have agreed to calculate and reallocate the Excess Allocations of all of the Facilities set forth on Modified Schedule 31.4 (including the Heritage Facility) as of the Effective Date,  such that the Pre-Adjusted Allocated Minimum Rent for the Heritage Facility shall, from and after the Effective Date (after giving effect to such reallocation) and subject to any applicable increases in accordance with Section 3.1.3 of the Lease, be in an amount equal to the Facility Purchase Rent Reduction with respect to the Heritage Facility.

F.  Lessor and Lessee desire to amend the Lease (among other things) in order to effectuate the foregoing matters, all as more particularly set forth herein.

AMENDMENT

NOW THEREFORE, in consideration of the foregoing and the terms, covenants and conditions contained in this Amendment, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows:

	

	
1.Amendments.

	

	
(a)Delayed Commencement Facilities.

	

	
(i)Lessor and Lessee hereby acknowledge and agree that, for all purposes of the Lease, December 1, 2014 is the “Delayed Commencement Date” with respect to all of the Delayed Commencement Facilities.  

	

	
(ii)For avoidance of doubt, the provisions of subclauses (b)(i) through (b)(iii) of Section 44.1 of the Lease are effective, and the Prior Lease is amended and restated by the Lease to the extent provided in Section 45.1.20 of the Lease, in each case as of the Delayed Commencement Date.

	

	
(iii)The Additional Lessors are hereby added as Persons that, together with the Current Lessors, comprise “Lessor” under the Lease (as hereby amended), in each case as their interests may appear, and the definition of 

                                           

                                                     3

 

	
“Lessor” appearing in Section 2.1 of the Lease is hereby amended to add the Additional Lessors thereto.

	

	
(iv)The Additional Lessees are hereby added as Persons that, together with the Current Lessees, comprise “Lessee”, shall be jointly and severally liable for all obligations of “Lessee”, and shall assume jointly and severally with the Current Lessees all obligations of “Lessee” arising on, prior to or after the Effective Date, under the Lease (as hereby amended), and the definition of “Lessee” appearing in Section 2.1 of the Lease is hereby further amended to add the Additional Lessees thereto.

	

	
(b)Fixed Term.  Section 2.1 of the Lease is hereby amended by (i) replacing “sixteenth (16th)” in the definition of “Pool 1 Fixed Term” with “fourteenth (14th)” and (ii) replacing “fourteenth (14th)” in the definition of “Pool 3 Fixed Term” with “sixteenth (16th)”.

	

	
(c)Purchase Option.

	

	
(i)Exhibits A-1.1, A-2.1 and A-3.1 of the Lease are hereby replaced in their entirety by Exhibits A-1.1, A-2.1 and A-3.1 attached hereto and by this reference made a part hereof, respectively (the “Replacement Exhibits”).  

	

	
(ii)Lessor and Lessee acknowledge and agree that (x) effective as of the Effective Date, Emeritus and certain designees of the Current Lessees acquired all of the Facilities set forth on Modified Schedule 31.4 other than the Heritage Facility and (y) the Replacement Exhibits reflect a reallocation of the Excess Allocations of all of the Facilities set forth on Modified Schedule 31.4 (including the Heritage Facility) as of the Effective Date (and no further reallocation shall be made upon the acquisition of the Heritage Facility unless and until Lessor funds any amount on account of a Planned Capital Refurbishment Project at the Heritage Facility in accordance with Section 9.8 of the Lease), and (z) Exhibit A.3-1 attached hereto further reflects a corresponding reduction of the Pre-Adjusted Allocated Minimum Rent for the Heritage Facility (and the Pre-Adjusted Allocated Minimum Rent for such Facility shall be in the applicable amount set forth thereon from and after the Effective Date and subject to any increases that may apply under Section 3.1.3 of the Lease prior to the closing of the acquisition of such Facility in accordance with Section 31.4 of the Lease). 

	

	
(iii)HCP Eldorado Heights is hereby removed as a Person comprising “Lessor” (as its interest may appear), and shall have no further obligations, under the Lease (as amended hereby), and the definition of “Lessor” appearing in Section 2.1 of the Lease is hereby further amended to remove HCP Eldorado Heights therefrom, in each case from and after the Effective Date, provided that Lessee shall continue to remain liable to HCP Eldorado Heights for all obligations of Lessee arising prior to the Effective Date.    

	

	
2.Representations and Warranties of Lessee.  As of the Effective Date, Lessee represents and warrants to Lessor as follows:

	

	
(a)Lessee is duly organized and validly existing under the laws of its state of organization/formation, is qualified to do business and in good standing in the State and 

 

                                                                4

 

	
has full power, authority and legal right to execute and deliver this Amendment and to perform and observe the provisions of this Amendment to be observed and/or performed by Lessee.

	

	
(b)      This Amendment has been duly authorized, executed and delivered by Lessee, and constitutes and will constitute the valid and binding obligations of Lessee enforceable against Lessee in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency and creditors rights, laws and general principles of equity.

	

	
(c)      Lessee is solvent, has timely and accurately filed all tax returns and extensions required to be filed by Lessee, and is not in default in the payment of any material taxes levied or assessed against Lessee or any of its material assets, and is not subject to any judgment, order, decree, rule or regulation of any Governmental Authority having jurisdiction over the Leased Property or Lessee which would, in the aggregate, materially and adversely affect Lessee’s condition, financial or otherwise, or Lessee’s prospects or the Leased Property.

	

	
(d)      Except for the Required Governmental Approvals to use and operate each Facility for its Primary Intended Use, no other material consent, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority is required for the due execution and delivery of this Amendment, or for the performance by or the validity or enforceability of this Amendment against Lessee.

	

	
(e)      Subject to Lessee’s receipt of the Required Governmental Approvals, the execution and delivery of this Amendment and compliance with the provisions hereof will not result in (i) a material breach or violation of (A) any Legal Requirement applicable to Lessee now in effect; (B) the organizational or charter documents of Lessee; (C) any judgment, order or decree of any Governmental Authority binding upon Lessee; or (D) any agreement or instrument to which Lessee is a counterparty or by which it is bound; or (ii) the acceleration of any material obligation of Lessee.

	

	
(f)      All Required Governmental Approvals with respect to the Delayed Commencement Facilities have been obtained by Lessee.

	

	
(g)      Lessee is in compliance with the requirements of the Orders.  Neither Lessee nor any Lessee Party (A) is listed on the Specially Designated Nationals and Blocked Person List maintained by OFAC pursuant to the Order and/or on any other Lists; (B) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (C) is owned or controlled by (including without limitation by virtue of such Person being a director or owning direct voting shares or interests), or acts for or on behalf of, any person on the Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Orders.

	

	
3.Representations and Warranties of Lessor.  As of the Effective Date, Lessor represents and warrants to Lessee as follows:

	

	
(a)Lessor is duly organized, validly existing and in good standing under the laws of its state of organization/formation, is qualified to do business and in good standing in the State (to the extent Lessor is required to be so by applicable Legal Requirements) and has full power, authority and legal right to execute and deliver this Amendment and to 

 

                                                                 5

 

	
perform and observe the provisions of this Amendment to be observed and/or performed by Lessor.

	

	
(b)This Amendment has been duly authorized, executed and delivered by Lessor, and constitutes and will constitute the valid and binding obligations of Lessor enforceable against Lessor in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency and creditors rights, laws and general principles of equity.

	

	
(c)Lessor is solvent, has timely and accurately filed all tax returns and extensions required to be filed by Lessor, and is not in default in the payment of any material taxes levied or assessed against Lessor or any of its material assets, and is not subject to any judgment, order, decree, rule or regulation of any Governmental Authority having jurisdiction over the Leased Property or Lessor which would, in the aggregate, otherwise materially and adversely affect Lessor’s condition, financial or otherwise, or Lessor’s prospects or the Leased Property.

	

	
(d)No material consent, approval or other authorization of, or registration, declaration or filing with, any Governmental Authority is required for the due execution and delivery of this Amendment, or for the performance by or the validity or enforceability of this Amendment against Lessor.

	

	
(e)The execution and delivery of this Amendment and compliance with the provisions hereof will not result in (i) a material breach or violation of (A) any Legal Requirements applicable to Lessor now in effect; (B) the organizational or charter documents of Lessor; (C) any judgment, order or decree of any Governmental Authority binding upon Lessor; or (D) any material agreement or instrument to which Lessor is a counterparty or by which it is bound; or (ii) the acceleration of any material obligation of Lessor.

	

	
(f)Lessor is in compliance with the requirements of the Orders.  Neither Lessor nor any of its Affiliates (A) is listed on the Specially Designated Nationals and Blocked Person List maintained by OFAC pursuant to the Order and/or on any other Lists; (B) is a Person (as defined in the Order) who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (C) is owned or controlled by (including without limitation by virtue of such Person being a director or owning voting shares or interests), or acts for or on behalf of, any person on the Lists or any other person who has been determined by competent authority to be subject to the prohibitions contained in the Orders.

	

	
4.Miscellaneous.

	

	
(a)      Ratification and Confirmation of Lease.  This Amendment shall be deemed incorporated into the Lease and shall be construed and interpreted as though fully set forth therein.  As amended by this Amendment, the terms and provisions of the Lease are hereby ratified and confirmed in all respects.

	

	
(b)      Reaffirmation of Lease and Treatment Thereof.  Lessor and Lessee hereby acknowledge, agree and reaffirm that (i) except as otherwise expressly provided in the Lease (as hereby amended) to the contrary and for the limited purposes so provided, the Lease (as hereby amended) is and the parties intend the same for all purposes to be treated as a single, 

                                                                 6 

 

	
integrated and indivisible agreement and economic unit, and (ii) except as otherwise required by Legal Requirements or any accounting rules or regulations, the Lease (as hereby amended) shall be treated as an operating lease for all purposes and not as a synthetic lease, financing lease or loan, and Lessor shall be entitled to all the benefits of ownership of the Leased Property (including the Delayed Commencement Facilities), including depreciation for all federal, state and local tax purposes. 

	

	
(c)      Conflicts.  In the event of any conflict between the provisions of this Amendment and those of the Lease, the provisions of this Amendment shall control.

	

	
(d)     Counterparts; Electronically Submitted Signatures.   This Amendment may be executed in any number of counterparts, each of which shall be a valid and binding original, but all of which together shall constitute one and the same instrument.  Signatures transmitted via facsimile or other electronic means (including emailed pdf files) may be used in place of original signatures on this Amendment, and Lessor and Lessee both intend to be bound by such signatures transmitted via facsimile or other electronic means.

	

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

[Signature Pages Follow]

                                                                                                7 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and attested by their respective officers thereunto duly authorized.

LESSEE:

	

	

	

	

	

	

	
 

	
 

	
 

	
EMERITUS CORPORATION,

A Washington corporation

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
SUMMERVILLE AT HAZEL CREEK LLC, a Delaware limited liability company

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
SUMMERVILLE AT PRINCE WILLIAM, INC., a Delaware corporation

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	

	

	

	

	

	

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
LH ASSISTED LIVING, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	

	

	

	

	

	

Lessee’s Signature Page 1 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT HILLSBOROUGH,

	
 

	
 

	
 

	
L.L.C., a New Jersey limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT OCOEE, INC.,

	
 

	
 

	
 

	
a Delaware corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	

	

	

	

	

	

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT PORT ORANGE,

	
 

	
 

	
 

	
INC., a Delaware corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT STAFFORD, L.L.C.,

	
 

	
 

	
 

	
a New Jersey limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT VOORHEES, L.L.C.,

	
 

	
 

	
 

	
a New Jersey limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessee’s Signature Page 2 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	

	

	

	

	

	

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT WESTMINSTER,

	
 

	
 

	
 

	
INC., a Maryland corporation

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	

	

	

	

	

	

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT CY-FAIR

	
 

	
 

	
 

	
ASSOCIATES, L.P., a Delaware limited

	
 

	
 

	
 

	
partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
SUMMERVILLE AT CY-FAIR, LLC

	
 

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
 

	
its General Partner

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT FRIENDSWOOD

	
 

	
 

	
 

	
ASSOCIATES, L.P., a Delaware limited

	
 

	
 

	
 

	
partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
SUMMERVILLE AT FRIENDSWOOD,

	
 

	
 

	
 

	
 

	
LLC, a Delaware limited liability

	
 

	
 

	
 

	
 

	
company, its General Partner

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessee’s Signature Page 3 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	

	

	

	

	

	

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT ST. AUGUSTINE,

	
 

	
 

	
 

	
LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT IRVING

	
 

	
 

	
 

	
ASSOCIATES LP, a Delaware limited

	
 

	
 

	
 

	
partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
SUMMERVILLE AT IRVING, LLC,

	
 

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
 

	
its General Partner

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT CHESTNUT HILL,

	
 

	
 

	
 

	
LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE 9 LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessee’s Signature Page 4 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT CARROLLWOOD,

	
 

	
 

	
 

	
LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT FOX RUN, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT WEKIWA SPRINGS

	
 

	
 

	
 

	
LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT OAK PARK LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

Lessee’s Signature Page 5 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
THE ESTATES OF OAK RIDGE LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Teddy D. Hillard

	
 

	
SUMMERVILLE AT OVIEDO LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Ming Fang Jiang

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Name:

	
 

	
 

	
 

	
 

	
 

Lessee’s Signature Page 6 of 6 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

LESSOR:

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP AUR1 CALIFORNIA A PACK,

	
 

	
 

	
 

	
LLC, a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
HCP Partners, LP, a Delaware limited

	
 

	
 

	
 

	
 

	
partnership, its member

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
HCP MOB, Inc., a Delaware

	
 

	
 

	
 

	
 

	
corporation, its general partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP EMOH, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	

	

	

	

	

	

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP HAZEL CREEK, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessor’s Signature Page 1 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP MA2 CALIFORNIA, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
HCP MA2 MASSACHUSETTS, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
HCP MA2 OHIO, LP, a Delaware limited

	
 

	
 

	
 

	
partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
HCP MA2 OKLAHOMA, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By: HCP MA2 GP Holding, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
their general partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP MA3 CALIFORNIA, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
HCP MA3 SOUTH CAROLINA, LP

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
HCP MA3 WASHINGTON, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:  HCP MA3 A Pack GP, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
their general partner

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessor’s Signature Page 2 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP SENIOR HOUSING PROPERTIES

	
 

	
 

	
 

	
TRUST, a Delaware statutory trust

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP SH ELDORADO HEIGHTS LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	

	

	

	

	

	

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP SH ELP1 PROPERTIES, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	

	

	

	

	

	

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
HCP SH ELP2 PROPERTIES, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

Lessor’s Signature Page 3 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	

	

	

	

	

	

	
 

	
 

	
 

	
HCP SH ELP3 PROPERTIES, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP SH LASSEN HOUSE, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP SH MOUNTAIN LAUREL, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP SH MOUNTAIN VIEW, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

Lessor’s Signature Page 4 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	

	

	

	

	

	

	
 

	
 

	
 

	
HCP SH RIVER VALLEY LANDING, LLC

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP SH SELLWOOD LANDING, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP ST1 COLORADO, LP,

	
 

	
 

	
 

	
a Delaware limited partnership

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
By: HCP ST1 Colorado GP, LLC,

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
its general partner

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
HCP, INC.,

	
 

	
 

	
 

	
a Maryland corporation

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	

	

	

	

	

	

Lessor’s Signature Page 5 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
 

	
 

	
 

	
HCPI TRUST,

	
 

	
 

	
 

	
a Maryland real estate investment trust

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

 

 

	
 

	
 

	
 

	
WESTMINSTER HCP, LLC,

	
Witness:

	
/s/ Elsa Bergstrom

	
 

	
a Delaware limited liability company

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
HCPI/TENNESSEE, LLC,

	
 

	
 

	
 

	
 

	
a Delaware limited liability company,

	
 

	
 

	
 

	
 

	
its sole member

	
 

	
 

	
 

	
 

	
 

	
Witness:

	
/s/ Kristina L. Fink

	
 

	
 

	
By: HCP, INC.,

	
 

	
 

	
 

	
 

	
a Maryland corporation,

	
 

	
 

	
 

	
 

	
its managing member

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
 

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
 

	
 

	
 

	
Title:

	
Executive Vice President

	
 

	
 

	
 

	
 

	
 

	
 

Lessor’s Signature Page 6 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

	
 

	
 

	
Witness: 

	
/s/ Elsa Bergstrom

	
HCP SPRINGTREE, LLC,

HCP OCOEE, LLC,

HCP PORT ORANGE, LLC,

HCP BECKETT LAKE, LLC,

HCP ST. AUGUSTINE, LLC,

HCP CARROLLWOOD, LLC,

HCP OVIEDO, LLC,

HCP WEKIWA SPRINGS, LLC,

HCP OAK PARK, LLC,

HCP CY-FAIR, LLC,

HCP FRIENDSWOOD, LLC,

HCP IRVING, LLC and

HCP EMFIN PROPERTIES, LLC,

each a Delaware limited liability company

 

	
Witness: 

	
/s/ Kristina L. Fink

	
 

	
 

	
By:

	
/s/ Kendall K. Young

	
 

	
 

	
Name:

	
Kendall K. Young

	
 

	
 

	
Title:

	
Executive Vice President

Lessor’s Signature Page 7 of 7 to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

CONSENT, REAFFIRMATION AND AGREEMENT OF GUARANTOR

Guarantor hereby (i) reaffirms all of its obligations under the Guaranty, (ii) consents to the foregoing Amendment and (iii) agrees that its obligations under the Guaranty shall extend to Lessee’s duties, covenants and obligations pursuant to the Lease, as hereby amended.

	

	

	

	

	

	

	
Signed, sealed and delivered in the

	
 

	
BROOKDALE SENIOR LIVING INC.,

	
presence of:

	
 

	
a Delaware corporation

	
 

	
 

	
 

	
 

	
/s/ Teddy D. Hillard

	
 

	
 

	
 

	
Name:

	
 

	
 

	
By:

	
/s/ H. Todd Kaestner

	
 

	
 

	
 

	
 

	
Name:

	
H. Todd Kaestner

	
/s/ Ming Fang Jiang

	
 

	
 

	
 

	
Title:

	
Executive Vice President -

	
Name:

	
 

	
 

	
 

	
 

	
Corporate Development

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

Guarantors’ Signature Page to Second Amendment to Amended and Restated Master Lease and Security Agreement

 

AMENDED EXHIBIT A-1.1

Initial Allocated Minimum Rent – Pool 1

	
Facility Name

	
July

2014

	
August

2014

	
September

2014

	
October

2014

	
November

2014

	
December

2014

	
Excess

Allocation

	
Full Year

2014

	
2016 Allocated

Special Rent Credit

	
Subsequent

Special Rent Credit

	
Palm Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Santa Rosa, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Yorba Linda, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Green Mountain, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Newnan, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Courtyard Gardens, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lake Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lake Springs Cottages, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Murray, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Oak Tree Village, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Willow Ridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Marlton Crossing, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Sandia Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Magnolia Gardens

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Heritage Place

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lakeside

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lakeside Cottages

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Springfield - The Briarwood, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Springfield- The Woodside, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Park Place, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Grayson View, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lexington Gardens

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Legacy Crossing, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Clearlake, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Holiday Lane Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Moses Lake

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Quail Hollow

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Absaroka, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Montclair Park, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Meadowlark, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
San Dimas, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Willoughby, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Highline, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Woodstock, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Sweetwater, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Flint River, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Mountain View, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Lassen House, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Westminster, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Spring Tree

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Ocoee, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Stafford, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Friendswood, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Beckett Lake, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Oak Park, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
Total Lease Pool 1 (45 Properties)

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

 

AMENDED EXHIBIT A-2.1

Initial Allocated Minimum Rent – Pool 2

	
HCP #

	
Facility Name

	
July

2014

	
August

2014

	
September

2014

	
October

2014

	
November

2014

	
December

2014

	
Excess 

Allocation

	
Full year

2014

	
2016 Allocated 

Special 

Rent Credit

	
Subsequent 

Special 

Rent Credit

	
2092

	
Orchard Park, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1233

	
Roslyn, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2144

	
Mountain Laurel, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2165

	
Lake Pointe, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2053

	
Riverstone, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1162

	
Orland Park, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2135

	
Paducah, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2074

	
Oxford, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2129

	
Heartland Park, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2126

	
Churchill, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2121

	
La Villa, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2110

	
Plaza, Emeritus at The

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2158

	
Cedar Ridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2171

	
Sellwood, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2098_

	
Alpine Court, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2104

	
Alpine Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2103

	
Eagle Cove, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2088

	
River Valley, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2093

	
Spring Arbor, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2154

	
Laurel Gardens, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2076

	
Chandler Place, Emeritus at 

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2073

	
Remington House, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2075

	
Eden Estates, Emeritus at 

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2069

	
Emerald Pointe, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2117

	
Maplewood, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2061

	
Fisher's Landing, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2127

	
Brentmoor, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2169

	
Park Avenue Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2119

	
Oaks, Emeritus at The

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1160

	
Tulsa, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2134

	
Rose Valley Cottages, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2153

	
Rose Valley, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2139

	
Chestnut Lane

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2152

	
Hillside

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2106

	
Heron Pointe, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2090

	
Heron Pointe Cottages, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2148

	
Sugarland Ridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2079

	
Sequoia Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2054

	
Sequoia Springs Cottages, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2143

	
Champlin Shores, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0849

	
Carrollwood, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0820

	
Irving, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0859

	
Oviedo, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0732

	
Port Orange, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0802

	
St. Augustine, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0245

	
Voorhees, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
 

	
Total Lease Pool 2 (46 Properties)

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

Portions of this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.

 

AMENDED EXHIBIT A-3.1

Initial Allocated Minimum Rent – Pool 3

	
HCP  #

	
Facility Name

	
July

2014

	
August

2014

	
September

2014

	
October

2014

	
November

2014

	
December

2014

	
PO Property

Excess 

Allocation

	
Full Year

2014

	
2016 Allocated 

Special 

Rent Credit

	
Subsequent 

Special 

Rent Credit

	
1165

	
Northridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1561

	
Hazel Creek, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2091

	
Sunrise Creek, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2085

	
Buckingham Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0224

	
Northdale, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2118

	
Woodstock Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1158

	
Plymouth Beach, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2163

	
Cambridge Place, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2080

	
Northridge Place, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2150

	
Roswell, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2083

	
Statesman Club, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2084

	
Manor House, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2050

	
Cougar Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2089

	
Chehalem Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2133

	
Oswego Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2140

	
Century Fields, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1172

	
Greenville, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2099

	
Hawthorne Inn at Hilton Head, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2111

	
Palm Court, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2112

	
Palm Village, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2094

	
Bellevue Place, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2162

	
Carriage Inn, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0225

	
Lake Ridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2052

	
Chesterley Meadows

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2078

	
Chesterley Court

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2160

	
Spring Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2062

	
Stonebridge

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2097

	
South Hill, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2059

	
Hawthorne Inn at Greenville

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2132

	
Cordova, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2116

	
Willows at Sherman

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2107

	
Canyonview Estates, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2077

	
Monroe House

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1173

	
Bellevue, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2114

	
Englewood Heights

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2095

	
Eagle Meadows

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2170

	
Legacy Gardens, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
1386

	
Marietta, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0841

	
Chestnut Hill, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0217

	
Cy-Fair, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0857

	
Fox Run, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0734

	
Hillsborough, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0730

	
Litchfield Hills, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0860

	
Oak Ridge, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
0861

	
Wekiwa Springs, Emeritus at

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
 

	
Lease Pool 3 (45 Properties)

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
2125

	
Heritage, Emeritus at The

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
 

	
Purchase Option Properties (1 Property)

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
 

	
Total Lease Pool 3 (46 Properties)

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

	
[***]

Portions of this exhibit have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission.Exhibit 10.26

 

 

RESTRICTED SHARE AGREEMENT

UNDER THE BROOKDALE SENIOR LIVING INC.

 2014 OMNIBUS INCENTIVE PLAN

This Award Agreement (this "Restricted Share Agreement"), dated as of ________, _____ (the "Date of Grant"), is made by and between Brookdale Senior Living Inc., a Delaware corporation (the "Company"), and _________________ (the "Participant").  Capitalized terms not defined herein shall have the meaning ascribed to them in the Brookdale Senior Living Inc. 2014 Omnibus Incentive Plan (as amended and/or restated from time to time, the "Plan").  Where the context permits, references to the Company shall include any successor to the Company.

 

1.              ­Grant of Restricted Shares.  The Company hereby grants to the Participant ________ shares of Common Stock (such shares, the "Restricted Shares"), subject to all of the terms and conditions of this Restricted Share Agreement and the Plan.

 

2.              ­Lapse of Restrictions.

 

(a)            Vesting.

(i)            General.  Subject to the provisions set forth below, the Restricted Shares granted pursuant to Section 1 hereof shall vest (and the restrictions on transfer set forth in Section 2(b) hereof shall lapse) at such times (each, a "vesting date") and in the amounts set forth below, subject to the continued employment of the Participant by the Company or one of its Subsidiaries or Affiliates as of each such vesting date:

Notwithstanding the foregoing, upon the occurrence of a Change in Control, the restrictions on transfer with respect to the Restricted Shares normally subject to vesting at the next vesting date shall immediately lapse and such Restricted Shares shall be fully vested effective upon the date of the Change in Control.  Notwithstanding anything herein to the contrary, no fractional shares shall be issuable upon any vesting date.  With respect to all Restricted Shares, the Participant shall be entitled to receive, and retain, all ordinary and extraordinary cash and stock dividends which may be declared on the Restricted Shares with a record date on or after the Date of Grant and before any forfeiture thereof (regardless of whether a share later vests or is forfeited).

(ii)            Following Certain Terminations of Employment.  Subject to the following paragraph, upon termination of the Participant's employment with the Company and its Subsidiaries and Affiliates for any reason, any Restricted Shares as to which the restrictions on transferability described in this Section shall not already have lapsed shall be immediately

 

forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind and neither the Participant nor any of the Participant's successors, heirs, assigns, or personal representatives shall thereafter have any further rights or interests in such Restricted Shares.

Notwithstanding the foregoing, in the event that [either (i)] the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, [(ii) the Participant terminates employment for Good Reason (as defined in the Employment Agreement by and between the Company and the Participant, dated as of February 11, 2013),] or [in the event that the Participant's / (iii) the Participant's] employment is terminated by death or Disability (either before or after a Change in Control)], the restrictions on transfer with respect to the Restricted Shares normally subject to vesting at the next vesting date shall immediately lapse and such Restricted Shares shall be fully vested, with any remaining Restricted Shares being forfeited upon the date of such termination.1  Notwithstanding the foregoing or any provision hereof to the contrary, in the event that either (i) the Participant's employment is terminated by the Company (or its successor) or a Subsidiary or Affiliate without Cause, or (ii) the Participant terminates employment for Good Reason [(as defined in the Brookdale Senior Living Inc. Severance Pay Policy, Tier I)], in either case on or after the effective date of a Change in Control but prior to twelve (12) months following such Change in Control, then any Restricted Shares that are not vested as of the date of such termination shall immediately vest.

 

(b)            Restrictions.  Until the restrictions on transfer of the Restricted Shares lapse as provided in Section 2(a) hereof, or as otherwise provided in the Plan, no transfer of the Restricted Shares or any of the Participant's rights with respect to the Restricted Shares, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted.  Unless the Administrator determines otherwise, upon any attempt to transfer Restricted Shares or any rights in respect of Restricted Shares before the lapse of such restrictions, such Restricted Shares, and all of the rights related thereto, shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company without consideration of any kind.

 

3.              ­Adjustments.  Pursuant to Section 5 of the Plan, in the event of a change in capitalization as described therein, the Administrator shall make such equitable changes or adjustments, as it deems neces­sary or appropriate, in its discretion, to the number and kind of securities or other property (including cash) issued or issuable in respect of out­standing Restricted Shares.

 

4.              ­Legend on Certificates.  The Participant agrees that any certificate issued for Restricted Shares (or, if applicable, any book entry statement issued for Restricted Shares) prior to the lapse of any outstanding restrictions relating thereto shall bear the following legend (in addition to any other legend or legends required under applicable federal and state securities laws):

THE SHARES OF COMMON STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS UPON TRANSFER AND RIGHTS

	1	The language in this sentence regarding termination by the Participant for Good Reason is included only in the Company's CEO's award agreement.

2

OF REPURCHASE (THE "RESTRICTIONS") AS SET FORTH IN THE BROOKDALE SENIOR LIVING INC. 2014 OMNIBUS INCENTIVE PLAN AND A RESTRICTED SHARE AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND BROOKDALE SENIOR LIVING INC., COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY.  ANY ATTEMPT TO DISPOSE OF THESE SHARES IN CONTRAVENTION OF THE RESTRICTIONS, INCLUDING BY WAY OF SALE, ASSIGNMENT, TRANSFER, PLEDGE, HYPOTHECATION OR OTHERWISE, SHALL BE NULL AND VOID AND WITHOUT EFFECT AND SHALL RESULT IN THE FORFEITURE OF SUCH SHARES AS PROVIDED BY SUCH PLAN AND AGREEMENT.

 

5.              ­Certain Changes.  The Administrator may accelerate the date on which the restrictions on transfer set forth in Section 2(b) hereof shall lapse or otherwise adjust any of the terms of the Restricted Shares; provided that, subject to Section 5 of the Plan, no action under this Section shall adversely affect the Participant's rights hereunder.

 

6.              Notices.  All notices and other communications under this Restricted Share Agreement shall be in writing and shall be given by facsimile or first class mail, certified or registered with return receipt requested, and shall be deemed to have been duly given three days after mailing or 24 hours after transmission by facsimile to the respective parties, as follows:  (i) if to the Company, at Brookdale Senior Living Inc., 111 Westwood Place, Suite 400, Brentwood, TN 37027, Facsimile: (615) 564-8204, Attn:  General Counsel and (ii) if to the Participant, using the contact information on file with the Company.  Either party hereto may change such party's address for notices by notice duly given pursuant hereto.

 

7.              Securities Laws Requirements.  The Company shall not be obligated to transfer any Common Stock to the Participant free of the restrictive legend described in Section 4 hereof or of any other restrictive legend, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended (the "Securities Act") (or any other federal or state statutes having similar requirements as may be in effect at that time).

 

8.              ­No Obligation to Register.  The Company shall be under no obligation to register the Restricted Shares pursuant to the Securities Act or any other federal or state securities laws.

 

9.              ­­Protections Against Violations of Agreement.  No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the Restricted Shares by any holder thereof in violation of the provisions of this Restricted Share Agreement will be valid, and the Company will not transfer any of said Restricted Shares on its books nor will any of such Restricted Shares be entitled to vote, nor will any distributions be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of the Company.  The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions.

 

10.              ­Taxes.  The Participant shall pay to the Company promptly upon request, and in any event at the time the Participant recognizes taxable income with respect to the

3

 

Restricted Shares (or, if the Participant makes an election under Section 83(b) of the Code in connection with such grant), an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the Restricted Shares.  The Participant may satisfy the foregoing requirement by making a payment to the Company in cash or, with the approval of the Administrator, in its sole discretion, by delivering already owned unrestricted shares of Common Stock, in each case, having a value equal to the minimum amount of tax required to be withheld.  Such shares of Common Stock shall be valued at their Fair Market Value on the date as of which the amount of tax to be withheld is determined.  Fractional share amounts shall be settled in cash.  The Participant shall promptly notify the Company of any election made pursuant to Section 83(b) of the Code.  A form of such election is attached hereto as Exhibit A.

THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICI­PANT'S SOLE RESPONSIBILITY AND NOT THE COMPANY'S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS FILING ON THE PARTICIPANT'S BEHALF.

The Participant acknowledges that the tax laws and regulations applicable to the Restricted Shares and the disposition of the Restricted Shares following vesting are complex and subject to change.

 

11.              ­Failure to Enforce Not a Waiver.  The failure of the Company to enforce at any time any provision of this Restricted Share Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof.

 

12.              Restrictive Covenants.  The Participant acknowledges that during the period of his or her employment with the Company or any Subsidiary or Affiliate, he or she shall have access to the Company's Confidential Information (as defined below) and will meet and develop relationships with the Company's employees, clients, customers and suppliers.

(a)          Noncompetition. The Participant agrees that during the period of his employment with the Company and for the one (1) year period immediately following the termination of such employment for any reason or for no reason, the Participant shall not directly or indirectly, either as a principal, agent, employee, employer, consultant, partner, shareholder of a closely held corporation or shareholder in excess of five percent of a publicly traded corporation, corporate officer or director, or in any other individual or representative capacity, engage or otherwise participate in any manner or fashion in any business that is a Competing Business in the Area. The Participant further covenants and agrees that this restrictive covenant is reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company and its affiliates, imposes no undue hardship on the Participant, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice. Solely for purposes of this  paragraph: "Area" means a 15 mile radius of any senior living facility owned, managed or operated by the Company (or its successor) at the time Participant's employment is terminated; and "Competing Business" means the business of owning, operating or managing senior living facilities having gross annualized revenues of at least $35 million or owning, operating or

4

managing, in the aggregate, at least 1,000 units/beds provided that at least 750 units/beds owned, operated or managed by such business are located within the Area.

(b)          Solicitation of Employees, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary for any reason, the Participant shall not, directly or indirectly, solicit or induce any officer, director, employee, agent or consultant of the Company or any of its successors, assigns, subsidiaries or affiliates to terminate his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage any such person or entity to leave or sever his, her or its employment or other relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.

(c)          Solicitation of Clients, Etc.  The Participant agrees that during the period of his employment with the Company and for the two (2) year period immediately following the date of termination of the Participant's employment with the Company or any subsidiary, the Participant shall not, directly or indirectly, solicit or induce (i) any customers or clients of the Company or its successors, assigns, subsidiaries or affiliates or (ii) any vendors, suppliers or consultants then under contract to the Company or its successors, assigns, subsidiaries or affiliates, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for the purpose of associating with any competitor of the Company or its successors, assigns, subsidiaries or affiliates, or otherwise encourage such customers or clients, or vendors, suppliers or consultants then under contract, to terminate his, her or its relationship with the Company or its successors, assigns, subsidiaries or affiliates, for any other reason.  Nothing in this Section applies to those customers, clients, vendors, suppliers, or consultants who did not conduct business with the Company, or its successors, assigns, subsidiaries or affiliates, during the Participant's employment with the Company.

(d)          Disparaging Comments.  The [Company and the] Participant [agrees / agree] that during the period of the Participant's employment with the Company and [at all times] thereafter, [(i)] the Participant shall not make any disparaging or defamatory comments regarding the Company[, and the Company shall not make or issue any public statements which are disparaging or defamatory regarding the Participant, and (ii)] [or,] after termination of the Participant's employment relationship with the Company, [neither party shall] make any comments concerning any aspect of the termination of their relationship.  The obligations of [the Company or] the Participant under this subsection shall not apply to disclosures required by applicable law, regulation or order of any court or governmental agency.2

(e)          Confidentiality.  All books of account, records, systems, correspondence, documents, and any and all other data, in whatever form, concerning or containing any reference to the works and business of the Company or its affiliated companies shall belong to the Company and shall be given up to the Company whenever the Company

	2	The language regarding the Company's obligations in this section is included only in the Company's CEO's award agreement.

5

requires the Participant to do so.  The Participant agrees that the Participant shall not at any time during the term of the Participant's employment or thereafter, without the Company's prior written consent, disclose to any person (individual or entity) any information or any trade secrets, plans or other information or data, in whatever form (including, without limitation, (a) any financing strategies and practices, pricing information and methods, training and operational procedures, advertising, marketing, and sales information or methodologies or financial information and (b) any Proprietary Information (as defined below)), concerning the Company's or any of its affiliated companies' or customers' practices, businesses, procedures, systems, plans or policies (collectively, "Confidential Information"), nor shall the Participant utilize any such Confidential Information in any way or communicate with or contact any such customer other than in connection with the Participant's employment by the Company or any Subsidiary or Affiliate.  The Participant hereby confirms that all Confidential Information constitutes the Company's exclusive property, and that all of the restrictions on the Participant's activities contained in this Restricted Share Agreement and such other nondisclosure policies of the Company are required for the Company's reasonable protection. Confidential Information shall not include any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement. This confidentiality provision shall survive the termination of this Restricted Share Agreement and shall not be limited by any other confidentiality agreements entered into with the Company or any of its affiliates.

With respect to any Confidential Information that constitutes a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force for so long as the particular information remains a trade secret or for the two year period immediately following termination of Participant's employment for any reason, whichever is longer.  With respect to any Confidential Information that does not constitute a "trade secret" pursuant to applicable law, the restrictions described above shall remain in force during Participant's employment and for the two year period immediately following termination of Participant's employment for any reason.

The Participant agrees that the Participant shall promptly disclose to the Company in writing all information and inventions generated, conceived or first reduced to practice by him or her alone or in conjunction with others, during or after working hours, while in the employ of the Company (all of which is collectively referred to in this Restricted Share Agreement as "Proprietary Information"); provided, however, that such Proprietary Information shall not include (a) any information that has otherwise been disclosed to the public not in violation of this Restricted Share Agreement and (b) general business knowledge and work skills of the Participant, even if developed or improved by the Participant while in the employ of the Company.  All such Proprietary Information shall be the exclusive property of the Company and is hereby assigned by the Participant to the Company.  The Participant's obligation relative to the disclosure to the Company of such Proprietary Information anticipated in this Section shall continue beyond the Participant's termination of employment and the Participant shall, at the Company's expense, give the Company all assistance it reasonably requires to perfect, protect and use its right to the Proprietary Information.

Nothing contained in this Section shall limit any common law or statutory obligation that the Participant may have to the Company or any of its affiliates.  For purposes of this Section, the "Company" refers to the Company and any incorporated or unincorporated affiliates of the Company, including any entity which becomes the Participant's employer as a result of any

6

 

reorganization or restructuring of the Company for any reason.  The Company shall be entitled, in connection with its tax planning or other reasons, to terminate the Participant's employment (which termination shall not be considered a termination for any purposes of this Restricted Share Agreement, any employment agreement or otherwise) in connection with an invitation from another affiliate of the Company to accept employment with such affiliate in which case the terms and conditions hereof shall apply to the Participant's employment relationship with such entity mutatis mutandis.

 

13.              ­Governing Law.  This Restricted Share Agreement shall be governed by and construed according to the laws of the State of Delaware without regard to its principles of conflict of laws.

 

14.              ­Incorporation of Plan.  The Plan is hereby incorporated by reference and made a part hereof, and the Restricted Shares and this Restricted Share Agreement shall be subject to all terms and conditions of the Plan.

 

15.              ­Amendments; Construction.  The Administrator may amend the terms of this Restricted Share Agreement prospectively or retroactively at any time, but no such amendment shall impair the rights of the Participant hereunder without his or her consent.  To the extent the terms of Section 12 above conflict with any prior agreement between the parties related to such subject matter, the more restrictive provision shall be deemed to apply.  Headings to Sections of this Restricted Share Agreement are intended for convenience of reference only, are not part of this Restricted Share Agreement and shall have no effect on the interpretation hereof.

 

16.              ­Survival of Terms.  This Restricted Share Agreement shall apply to and bind the Participant and the Company and their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors.  The terms of Section 12 shall expressly survive the forfeiture of the Restricted Shares and this Restricted Share Agreement.

 

17.              ­Rights as a Stockholder.  The Participant shall have no right with respect to Restricted Shares to vote as a stockholder of the Company during the period in which such Restricted Shares remain subject to a substantial risk of forfeiture.

 

18.              ­­Compliance with Stock Ownership Guidelines.  The Participant hereby agrees to comply with the Company's Stock Ownership Guidelines (as amended from time to time, the "Guidelines"), to the extent such Guidelines are applicable, or become applicable, to the Participant.  The Participant further acknowledges that, if he or she is not in compliance with such Guidelines (if applicable), the Administrator may refrain from issuing additional equity awards to the Participant and/or elect to pay the Participant's annual bonus in the form of vested or unvested Common Stock.

 

19.              Agreement Not a Contract for Services.  Neither the Plan, the granting of the Restricted Shares, this Restricted Share Agreement nor any other action taken pursuant to the Plan shall constitute or be evidence of any agree­ment or understanding, express or implied, that the Participant has a right to continue to provide services as an officer, director, employee, consultant or advisor of the Company or any Subsidiary or Affiliate for any period of time or at any specific rate of compensation.

7

20.              ­Authority of the Administrator.  The Administrator shall have full authority to interpret and construe the terms of the Plan and this Restricted Share Agreement.  The determination of the Administrator as to any such matter of interpretation or construction shall be final, binding and conclusive.

 

21.              ­Representations.  The Participant has reviewed with the Participant's own tax advisors the Federal, state, local and foreign tax consequences of the transactions contemplated by this Restricted Share Agreement.  The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.  The Participant understands that he or she (and not the Company) shall be responsible for any tax liability that may arise as a result of the transactions contem­plated by this Restricted Share Agreement.

 

22.              Severability.  Should any provision of this Restricted Share Agreement be held by a court of competent jurisdiction to be unenforceable, or enforceable only if modified, such holding shall not affect the validity of the remainder of this Restricted Share Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification (if any) to become a part hereof and treated as though contained in this original Restricted Share Agreement.  Moreover, if one or more of the provisions contained in this Restricted Share Agreement shall for any reason be held to be excessively broad as to scope, activity, subject or otherwise so as to be unenforceable, in lieu of severing such unenforceable provision, such provision or provisions shall be construed by the appropriate judicial body by limiting or reducing it or them, so as to be enforceable to the maximum extent compatible with the applicable law as it shall then appear, and such determination by such judicial body shall not affect the enforceability of such provision or provisions in any other jurisdiction.

 

23.              ­Acceptance.  The Participant hereby acknowledges receipt of a copy of the Plan and this Restricted Share Agreement.  The Participant has read and understands the terms and provisions of the Plan and this Restricted Share Agreement, and accepts the Restricted Shares subject to all the terms and conditions of the Plan and this Restricted Share Agreement.  The Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under this Restricted Share Agreement.

[Signature page to follow.]

8

 

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

BROOKDALE SENIOR LIVING INC.

By:

Name:

Title:

________________

___________________________________

Participant

9

  

NOTE:  Should you wish to make an election under Section 83(b), please contact the

Compensation Department

EXHIBIT A

ELECTION UNDER SECTION 83(b) OF THE INTERNAL REVENUE CODE OF 1986

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer's gross income for the current taxable year the amount of any compensation taxable to taxpayer in connection with taxpayer's receipt of the property described below:

1.            The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

NAME OF TAXPAYER:    _____________________________________________________________________________________________________________________________

NAME OF SPOUSE:  _________________________________________________________________________________________________________

ADDRESS:    ___________________________________________________________________________________________________________________________________________________

IDENTIFICATION NO. OF TAXPAYER:  ______________________________________________________________________________

IDENTIFICATION NUMBER OF SPOUSE:  __________________________________________________________________________

TAXABLE YEAR:   _______________________________________________________________________________________________________________________________________

2.            The property with respect to which the election is made is described as follows:

_______ shares of Common Stock, par value $.01 per share, of Brookdale Senior Living Inc. ("Company").

3.            The date on which the property was transferred is: ________________, 20__.

4.            The property is subject to the following restrictions:

The property may not be transferred and is subject to forfeiture under the terms of an agreement between the taxpayer and the Company.  These restrictions lapse upon the satisfaction of certain conditions in such agreement.

5.            The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:  $ ______________.

6.            The amount (if any) paid for such property is:  $ ______________.

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned's receipt of the above-described property.  The transferee of such property is the person performing the services in connection with the transfer of said property.

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner.

Dated: _________________, 20__                            ___________________________________________________________________________________________________________

Taxpayer

The undersigned spouse of taxpayer joins in this election.

Dated: _________________, 20__                            ___________________________________________________________________________________________________________

Spouse of Taxpayer

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