Document:

Exhibit 10.2

 

Published CUSIP Number:                 

 

$2,750,000,000

 

CREDIT AGREEMENT

 

Dated as of August 1, 2007

 

among

 

HEALTH CARE PROPERTY INVESTORS, INC.,

as Borrower

 

THE LENDERS PARTY HERETO FROM
TIME TO TIME,

 

BANK OF
AMERICA, N.A.,

as Administrative
Agent,

 

BANC OF
AMERICA SECURITIES LLC,

BARCLAYS
BANK PLC and

UBS
SECURITIES LLC,

as Joint Lead Arrangers

 

BANC OF AMERICA SECURITIES LLC,

BARCLAYS
CAPITAL and

UBS SECURITIES LLC,

as Joint Bookrunners

 

UBS
SECURITIES LLC,

as Syndication
Agent

 

and

 

BARCLAYS
BANK PLC,

JPMORGAN
CHASE BANK, N.A. and

WACHOVIA
BANK, NATIONAL ASSOCIATION,

as Co-Documentation
Agents

 

Moore &
Van Allen PLLC

100 North Tryon Street, Suite 4700

Charlotte, North Carolina  28202

 

 

TABLE OF CONTENTS

 

	
  Section

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE I
  DEFINITIONS AND ACCOUNTING TERMS

  	
  1

  
	
  1.01

  	
   

  	
  Defined
  Terms

  	
  1

  
	
  1.02

  	
   

  	
  Other
  Interpretive Provisions

  	
  21

  
	
  1.03

  	
   

  	
  Accounting
  Terms

  	
  22

  
	
  1.04

  	
   

  	
  Rounding

  	
  22

  
	
  1.05

  	
   

  	
  Times
  of Day

  	
  23

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II
  THE COMMITMENTS AND CREDIT EXTENSIONS

  	
  23

  
	
  2.01

  	
   

  	
  Loans

  	
  23

  
	
  2.02

  	
   

  	
  Borrowings,
  Conversions and Continuations of Loans

  	
  23

  
	
  2.03

  	
   

  	
  [Intentionally
  Omitted]

  	
  24

  
	
  2.04

  	
   

  	
  [Intentionally
  Omitted]

  	
  24

  
	
  2.05

  	
   

  	
  [Intentionally
  Omitted]

  	
  24

  
	
  2.06

  	
   

  	
  Prepayments

  	
  24

  
	
  2.07

  	
   

  	
  Termination
  or Reduction of Commitments

  	
  25

  
	
  2.08

  	
   

  	
  Repayment

  	
  25

  
	
  2.09

  	
   

  	
  Interest

  	
  26

  
	
  2.10

  	
   

  	
  Fees

  	
  26

  
	
  2.11

  	
   

  	
  Computation
  of Interest and Fees

  	
  27

  
	
  2.12

  	
   

  	
  Evidence
  of Debt

  	
  27

  
	
  2.13

  	
   

  	
  Payments
  Generally; Administrative Agent’s Clawback

  	
  27

  
	
  2.14

  	
   

  	
  Sharing
  of Payments by Lenders

  	
  29

  
	
  2.15

  	
   

  	
  Extension
  of Maturity Date

  	
  30

  
	
  2.16

  	
   

  	
  [Intentionally
  Omitted].

  	
  31

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III
  TAXES, YIELD PROTECTION AND ILLEGALITY

  	
  31

  
	
  3.01

  	
   

  	
  Taxes

  	
  31

  
	
  3.02

  	
   

  	
  Illegality

  	
  33

  
	
  3.03

  	
   

  	
  Inability
  to Determine Rates

  	
  33

  
	
  3.04

  	
   

  	
  Increased
  Costs; Reserves on Eurodollar Rate Loans

  	
  34

  
	
  3.05

  	
   

  	
  Compensation
  for Losses

  	
  35

  
	
  3.06

  	
   

  	
  Mitigation
  Obligations; Replacement of Lenders

  	
  36

  
	
  3.07

  	
   

  	
  Survival

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV
  CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

  	
  36

  
	
  4.01

  	
   

  	
  Conditions
  of Initial Credit Extension

  	
  36

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE V
  REPRESENTATIONS AND WARRANTIES

  	
  38

  
	
  5.01

  	
   

  	
  Existence,
  Qualification and Power; Compliance with Laws

  	
  38

  
	
  5.02

  	
   

  	
  Authorization;
  No Contravention

  	
  39

  
	
  5.03

  	
   

  	
  Governmental
  Authorization; Other Consents

  	
  39

  
	
  5.04

  	
   

  	
  Binding
  Effect

  	
  39

  
	
  5.05

  	
   

  	
  Financial
  Statements; No Material Adverse Effect

  	
  39

  

 

i

 

	
  5.06

  	
   

  	
  Litigation

  	
  40

  
	
  5.07

  	
   

  	
  No
  Default

  	
  40

  
	
  5.08

  	
   

  	
  Ownership
  of Property; Liens; Leases

  	
  40

  
	
  5.09

  	
   

  	
  Environmental
  Compliance

  	
  41

  
	
  5.10

  	
   

  	
  Insurance

  	
  41

  
	
  5.11

  	
   

  	
  Taxes

  	
  41

  
	
  5.12

  	
   

  	
  ERISA
  Compliance

  	
  42

  
	
  5.13

  	
   

  	
  Margin
  Regulations; Investment Company Act; REIT Status

  	
  42

  
	
  5.14

  	
   

  	
  Disclosure

  	
  42

  
	
  5.15

  	
   

  	
  Compliance
  with Laws

  	
  43

  
	
  5.16

  	
   

  	
  Intellectual
  Property; Licenses, Etc.

  	
  43

  
	
  5.17

  	
   

  	
  Use
  of Proceeds

  	
  43

  
	
  5.18

  	
   

  	
  Taxpayer
  Identification Number.

  	
  43

  
	
  5.19

  	
   

  	
  Acquisition
  Documents.

  	
  44

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VI
  AFFIRMATIVE COVENANTS

  	
  44

  
	
  6.01

  	
   

  	
  Financial
  Statements

  	
  44

  
	
  6.02

  	
   

  	
  Certificates;
  Other Information

  	
  45

  
	
  6.03

  	
   

  	
  Notices.

  	
  47

  
	
  6.04

  	
   

  	
  Payment
  of Obligations

  	
  47

  
	
  6.05

  	
   

  	
  Preservation
  of Existence, Etc.

  	
  48

  
	
  6.06

  	
   

  	
  Maintenance
  of Properties

  	
  48

  
	
  6.07

  	
   

  	
  Maintenance
  of Insurance.

  	
  48

  
	
  6.08

  	
   

  	
  Compliance
  with Laws.

  	
  49

  
	
  6.09

  	
   

  	
  Books
  and Records.

  	
  49

  
	
  6.10

  	
   

  	
  Inspection
  Rights.

  	
  49

  
	
  6.11

  	
   

  	
  Use
  of Proceeds.

  	
  49

  
	
  6.12

  	
   

  	
  REIT
  Status.

  	
  49

  
	
  6.13

  	
   

  	
  Employee
  Benefits.

  	
  50

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VII
  NEGATIVE COVENANTS

  	
  50

  
	
  7.02

  	
   

  	
  Investments.

  	
  51

  
	
  7.03

  	
   

  	
  Indebtedness.

  	
  51

  
	
  7.04

  	
   

  	
  Fundamental
  Changes

  	
  52

  
	
  7.05

  	
   

  	
  Dispositions.

  	
  52

  
	
  7.06

  	
   

  	
  Restricted
  Payments.

  	
  52

  
	
  7.07

  	
   

  	
  Change
  in Nature of Business.

  	
  52

  
	
  7.08

  	
   

  	
  Transactions
  with Affiliates.

  	
  52

  
	
  7.09

  	
   

  	
  Burdensome
  Agreements.

  	
  53

  
	
  7.10

  	
   

  	
  Financial
  Covenants.

  	
  52

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE VIII
  EVENTS OF DEFAULT AND REMEDIES

  	
  54

  
	
  8.01

  	
   

  	
  Events
  of Default.

  	
  54

  
	
  8.02

  	
   

  	
  Remedies
  Upon Event of Default.

  	
  56

  
	
  8.03

  	
   

  	
  Application
  of Funds.

  	
  57

  

 

ii

 

	
  ARTICLE IX
  ADMINISTRATIVE AGENT

  	
  58

  
	
  9.01

  	
   

  	
  Appointment
  and Authority.

  	
  58

  
	
  9.02

  	
   

  	
  Rights
  as a Lender.

  	
  58

  
	
  9.03

  	
   

  	
  Exculpatory
  Provisions.

  	
  58

  
	
  9.04

  	
   

  	
  Reliance
  by Administrative Agent.

  	
  59

  
	
  9.05

  	
   

  	
  Delegation
  of Duties.

  	
  59

  
	
  9.06

  	
   

  	
  Resignation
  of Administrative Agent.

  	
  60

  
	
  9.07

  	
   

  	
  Non-Reliance
  on Administrative Agent and Other Lenders.

  	
  60

  
	
  9.08

  	
   

  	
  No
  Other Duties, Etc.

  	
  61

  
	
  9.09

  	
   

  	
  Administrative
  Agent May File Proofs of Claim.

  	
  61

  
	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE X
  MISCELLANEOUS

  	
  62

  
	
  10.01

  	
   

  	
  Amendments, Etc.

  	
  62

  
	
  10.02

  	
   

  	
  Notices;
  Effectiveness; Electronic Communication.

  	
  63

  
	
  10.03

  	
   

  	
  No
  Waiver; Cumulative Remedies.

  	
  64

  
	
  10.04

  	
   

  	
  Expenses;
  Indemnity; Damage Waiver.

  	
  65

  
	
  10.05

  	
   

  	
  Payments
  Set Aside.

  	
  66

  
	
  10.06

  	
   

  	
  Successors
  and Assigns.

  	
  67

  
	
  10.07

  	
   

  	
  Treatment
  of Certain Information; Confidentiality.

  	
  71

  
	
  10.08

  	
   

  	
  Right
  of Setoff.

  	
  71

  
	
  10.09

  	
   

  	
  Interest
  Rate Limitation.

  	
  72

  
	
  10.10

  	
   

  	
  Counterparts;
  Integration; Effectiveness.

  	
  72

  
	
  10.11

  	
   

  	
  Survival
  of Representations and Warranties.

  	
  72

  
	
  10.12

  	
   

  	
  Severability.

  	
  73

  
	
  10.13

  	
   

  	
  Replacement
  of Lenders.

  	
  73

  
	
  10.14

  	
   

  	
  Governing
  Law; Jurisdiction; Etc.

  	
  74

  
	
  10.15

  	
   

  	
  Waiver
  of Jury Trial.

  	
  75

  
	
  10.16

  	
   

  	
  No
  Advisory or Fiduciary Responsibility.

  	
  75

  
	
  10.17

  	
   

  	
  USA
  Patriot Act Notice.

  	
  76

  
	
  10.18

  	
   

  	
  Delivery
  of Signature Page.

  	
  76

  

 

iii

 

	
  SCHEDULES

  	
   

  
	
  2.01

  	
  Commitments
  and Applicable Percentages

  	
   

  
	
  10.02

  	
  Administrative
  Agent’s Office; Certain Addresses for Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  
	
   

  	
  Form of

  	
   

  
	
  A

  	
  Bridge
  Loan Notice

  	
   

  
	
  B

  	
  Note

  	
   

  
	
  C

  	
  Compliance
  Certificate

  	
   

  
	
  D

  	
  Assignment
  and Assumption

  	
   

  
	
  E

  	
  Opinions

  	
   

  

 

iv

 

CREDIT AGREEMENT

 

This CREDIT AGREEMENT, dated as of August 1, 2007 (as amended, restated,
supplemented or otherwise modified from time to time, this “Agreement”),
among HEALTH CARE PROPERTY INVESTORS, INC., a Maryland corporation (the “Borrower”),
the lending institutions party hereto from time to time (each, a “Lender”
and collectively, the “Lenders”), BANK OF AMERICA, N.A., as
Administrative Agent, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger
and Joint Bookrunner, BARCLAYS CAPITAL, as Joint Lead Arranger, Joint
Bookrunner and Co-Documentation Agent, UBS SECURITIES LLC, as Joint Lead
Arranger, Joint Bookrunner and Syndication Agent, JPMORGAN CHASE BANK, N.A., as
Co-Documentation Agent, and WACHOVIA
BANK, NATIONAL ASSOCIATION, as Co-Documentation Agent.

 

WHEREAS, the Borrower has requested that the Lenders
provide a bridge loan facility, and the Lenders are willing to do so on the
terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
covenants and agreements herein contained, the parties hereto covenant and
agree as follows:

 

ARTICLE I

 

DEFINITIONS
AND ACCOUNTING TERMS

 

1.01                        Defined Terms.

 

As used in this Agreement, the following terms shall
have the meanings set forth below:

 

“Acquired Business” means Slough Estates USA, Inc.,
a Delaware corporation.

 

“Acquisition” means the acquisition of all of
the capital stock or other Equity Interests of the Acquired Business.

 

“Acquisition Documents” means the collective
reference to the Purchase Agreement, each amendment or supplement thereto and
each other agreement entered into in connection therewith relating to the
Acquisition.

 

“Administrative Agent” means Bank of America
in its capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent.

 

“Administrative Agent’s Office” means the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 10.02,
or such other address or account as the Administrative Agent may from time to
time notify to the Borrower and the Lenders.

 

“Administrative Questionnaire” means an
Administrative Questionnaire in a form supplied by the Administrative Agent.

 

 

“Affiliate” means, with respect to any
Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with
the Person specified.

 

“Agents” means the Administrative Agent, the
Arrangers, the Bookrunners, the Syndication Agent and the Documentation Agents.

 

“Aggregate Commitments” means the Commitments
of all Lenders.  The Aggregate
Commitments on the Closing Date are $2,750,000,000.

 

“Agreement” means this Credit Agreement.

 

“Applicable Percentage” means, for each
Lender at any time, a fraction (expressed as a percentage, carried out to the
ninth decimal place), the numerator of which is the amount of such Lender’s
Commitment at such time and the denominator of which is the amount of the
Aggregate Commitments at such time.  The
initial Applicable Percentages of each Lender are set forth opposite the name
of such Lender on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable Rate” means, for Loans, from time
to time, the number of basis points per annum set forth in the following table
based upon the Debt Rating as set forth below:

 

	
  Pricing Level

  	
   

  	
  Debt Ratings

  	
   

  	
  Applicable

  Rate for

  Eurodollar

  Rate Loans

  	
   

  	
  Applicable

  Rate for Base

  Rate Loans

  	
   

  
	
  1

  	
   

  	
  3A- from
  S&P/ 3A3 from
  Moody’s

  	
   

  	
  42.5 bps

  	
   

  	
  0 bps

  	
   

  
	
  2

  	
   

  	
  3BBB+ from
  S&P/ 3Baa1 from Moody’s

  	
   

  	
  52.5 bps

  	
   

  	
  0 bps

  	
   

  
	
  3

  	
   

  	
  3BBB from
  S&P/ 3Baa2 from
  Moody’s

  	
   

  	
  70 bps

  	
   

  	
  0 bps

  	
   

  
	
  4

  	
   

  	
  3BBB- from
  S&P/ 3Baa3 from
  Moody’s

  	
   

  	
  95 bps

  	
   

  	
  0 bps

  	
   

  

 

2

 

	
  Pricing Level

  	
   

  	
  Debt Ratings

  	
   

  	
  Applicable

  Rate for

  Eurodollar

  Rate Loans

  	
   

  	
  Applicable

  Rate for Base

  Rate Loans

  	
   

  
	
  5

  	
   

  	
  <BBB- from S&P/
  <Baa3 from Moody’s or nonrated by both S&P and Moody’s

  	
   

  	
  125 bps

  	
   

  	
  0 bps

  	
   

  

 

“Debt Rating” means,
as of any date of determination, the rating as determined by either S&P or
Moody’s (collectively, the “Debt Ratings”) of the Borrower’s non-credit
enhanced, senior unsecured long-term debt; provided that if a Debt
Rating is issued by each of the foregoing rating agencies, then the higher of
such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being
the highest and the Debt Rating for Pricing Level 5 being the lowest), unless
there is a split in Debt Ratings of more than one level, in which case the
Pricing Level that is one level higher than the Pricing Level of the lower Debt
Rating shall apply.

 

Initially, the Applicable Rate shall be determined
based upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vi).  Thereafter, each change in the Applicable
Rate shall occur on the first Business Day following the effective change in
the Debt Rating.

 

“Approved Fund” means any Fund that is
administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages
a Lender.

 

“Arrangers” means Banc of America Securities
LLC and UBS Securities LLC, each in its capacity as joint lead arranger and
joint bookrunner.

 

“Assignee Group” means two or more Eligible
Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor.

 

“Assignment and Assumption” means an
assignment and assumption entered into by a Lender and an Eligible Assignee
(with the consent of any party whose consent is required by Section 10.06(b)),
and accepted by the Administrative Agent, in substantially the form of Exhibit D
or any other form approved by the Administrative Agent.

 

“Attributable Indebtedness” means, on any
date, (a) in respect of any capital lease of any Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP, and (b) in respect of any Synthetic
Lease Obligation, the capitalized amount of the remaining lease payments under
the relevant lease that would appear on a balance sheet of such Person prepared
as of such date in accordance with GAAP if such lease were accounted for as a
capital lease.

 

3

 

“Audited Financial Statements” means the
audited consolidated balance sheet of the Borrower and its Subsidiaries for the
fiscal year ended December 31, 2006, and the related consolidated
statements of income or operations, shareholders’ equity and cash flows for
such fiscal year of the Borrower and its Subsidiaries, including the notes
thereto.

 

“Bank Loan Agreement” means the credit
agreement, dated as of August 1, 2007 (as amended, restated, supplemented
or otherwise modified from time to time), among the Borrower, as borrower, the
lenders party thereto from time to time, Bank of America, N.A., as
administrative agent, swingline lender and letter of credit issuer, Banc of
America Securities LLC, as joint lead arranger and joint bookrunner, UBS
Securities LLC, as joint lead arranger, joint bookrunner and syndication agent,
Barclays Capital, as joint bookrunner and co-documentation agent, Citicorp
North America, Inc., as co-documentation agent, Credit Suisse, Cayman
Islands Branch, as co-documentation agent, Goldman Sachs Credit Partners L.P.,
as co-documentation agent, JPMorgan Chase Bank, N.A., as co-documentation
agent, Wachovia Bank, National Association, as co-documentation agent, Wells
Fargo Bank, N.A., as co-documentation agent, The Bank of Nova Scotia, as senior
managing agent,  Calyon New York Branch, as senior managing agent, Key Bank National Association,
as senior managing agent, Merrill Lynch Bank USA, as senior managing agent, The
Royal Bank of Scotland plc, as senior managing agent, and SunTrust Bank, as
senior managing agent.

 

“Bank of America” means Bank of America, N.A.
and its successors.

 

“Base Rate” means for any day a fluctuating
rate per annum equal to the higher of (a) the Federal Funds Rate plus 1⁄2 of
1% and (b) the rate of interest in effect for such day as publicly
announced from time to time by Bank of America as its “prime rate.”  The “prime rate” is a rate set by Bank of
America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a
reference point for pricing some loans, which may be priced at, above, or below
such announced rate.  Any change in such
rate announced by Bank of America shall take effect at the opening of business
on the day specified in the public announcement of such change.

 

“Base Rate Loan” means a Loan that bears
interest based on the Base Rate.

 

“Bookrunners” means Banc of America
Securities LLC, UBS Securities LLC and Barclays Capital each in its capacity as
joint bookrunner.

 

“Borrower” has the meaning specified in the
introductory paragraph hereto.

 

“Borrower Material” has the meaning specified
in Section 6.02.

 

“Borrowing” means a borrowing consisting of
simultaneous Loans of the same Type and, in the case of Eurodollar Rate Loans,
having the same Interest Period made by each of the Lenders pursuant to Section 2.01.

 

4

 

“Bridge Loan Notice” means a notice of
(a) a Borrowing, (b) a conversion of Loans from one Type to the other
or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a),
which, if in writing, shall be substantially in the form of Exhibit A.

 

“Business Day” means any day other than a
Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Administrative
Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan,
means any such day on which dealings in Dollar deposits are conducted by and
between banks in the London interbank eurodollar market.

 

“Change in Law” means the occurrence, after
the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule,
regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any
request, guideline or directive (whether or not having the force of law) by any
Governmental Authority.

 

“Change of Control” means an event or series
of events by which:

 

(a)                                  any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, but excluding any employee benefit plan of
such person or its subsidiaries, and any person or entity acting in its
capacity as trustee, agent or other fiduciary or administrator of any such
plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Securities Exchange Act of 1934, except that a person or group shall
be deemed to have “beneficial ownership” of all securities that such person or
group has the right to acquire (such right, an “option right”), whether
such right is exercisable immediately or only after the passage of time),
directly or indirectly, of 35% or more of the equity securities of the Borrower
entitled to vote for members of the board of directors or equivalent governing
body of the Borrower on a fully-diluted basis (and taking into account all such
securities that such person or group has the right to acquire pursuant to any
option right); or

 

(b)                                 during any
period of 24 consecutive months, a majority of the members of the board of
directors or other equivalent governing body of the Borrower cease to be
composed of individuals (i) who were members of that board or equivalent
governing body on the first day of such period, (ii) whose election or
nomination to that board or equivalent governing body was approved by
individuals referred to in clause (i) above constituting at the time of
such election or nomination at least a majority of that board or equivalent
governing body or (iii) whose election or nomination to that board or
other equivalent governing body was approved by individuals referred to in
clauses (i) and (ii) above constituting at the time of such election
or nomination at least a majority of that board or equivalent governing body
(excluding, in the case of both clause (ii) and clause (iii), any
individual whose initial nomination for, or assumption of office as, a member
of that board or equivalent governing body occurs as a result of an actual or
threatened solicitation of proxies or consents for the election or removal of
one or more directors by any person or group other than a solicitation for the
election of one or more directors by or on behalf of the board of directors).

 

5

 

“Closing Date” means the first date all the
conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 10.01.

 

“Closing Date Material Adverse Effect” means
the occurrence since June 3, 2007 of any circumstance, change in or effect
on the Acquired Business or its Subsidiaries that, when considered either alone
or in combination, (a) is materially adverse to the assets, results of
operations or the financial condition of the Acquired Business and its
Subsidiaries, taken as a whole, or (b) prevents, materially impairs or
materially delays the Acquired Business’ ability to consummate any of the
transactions contemplated by the Purchase Agreement; provided, however,
that none of the following, either alone or in combination, shall be considered
in determining whether there has been a Closing Date Material Adverse
Effect:  (i) general economic
conditions in any of the markets or geographical areas in which the Acquired
Business or any of its Subsidiaries operate (including the real estate market);
(ii) any change in the United States’ financial, banking or capital
markets in general; (iii) any calamity or other conditions generally
affecting any of the industries in which the Acquired Business and its
Subsidiaries operate (including the real estate market); (iv) acts of God
or other calamities, national or international political or social conditions,
including the engagement by any country in hostilities, whether commenced
before or after the date hereof, and whether or not pursuant to the declaration
of a national emergency or war, or the occurrence of any military or terrorist
attack; (v) changes in law or in GAAP or interpretations thereof, except,
in the case of any event described in subclauses (i), (ii), (iii), (iv) and
(v) above, to the extent such event materially and disproportionately
affects the Acquired Business and its Subsidiaries, taken as a whole, relative
to that of the competitors of the Acquired Business and its Subsidiaries; and (vi) the
announcement of, or the taking of any action contemplated by, the Purchase
Agreement and the other agreements contemplated hereby.

 

“Code” means the Internal Revenue Code of
1986.

 

“Commitment” means, as to each Lender, its
obligation to make Loans to the Borrower pursuant to Section 2.01
in an aggregate principal amount at any one time outstanding not to exceed the
amount set forth opposite such Lender’s name on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable, as such amount may be adjusted from time to time in accordance
with this Agreement.

 

“Compliance Certificate” means a certificate
substantially in the form of Exhibit C.

 

“Consolidated EBITDA” means the sum of (a) EBITDA
of the Borrower and its Subsidiaries on a consolidated basis plus (b) without
duplication, the Borrower’s Pro Rata Share of EBITDA of each Material Joint
Venture.

 

“Consolidated Fixed Charges” means, with
respect to the Borrower and its Subsidiaries on a consolidated basis, the sum
of (a) Consolidated Interest Expense plus (b) Scheduled Principal
Payments plus (c) dividends and distributions in respect of preferred
stock (but excluding redemption payments or charges in connection with the
redemption of preferred stock) of the Borrower and its Subsidiaries.

 

6

 

“Consolidated Intangible Assets” means an
amount equal to the Intangible Assets of the Borrower and its Subsidiaries on a
consolidated basis.

 

“Consolidated Interest Expense” means the sum
of (a) Interest Expense of the Borrower and its Subsidiaries on a
consolidated basis plus (b) without duplication, the Borrower’s Pro Rata
Share of Interest Expense of each Material Joint Venture.

 

“Consolidated Shareholders’ Equity” means, as
of any date of determination, consolidated shareholders’ equity of the Borrower
and its Subsidiaries, as determined in accordance with GAAP.

 

“Consolidated Tangible Net Worth” means, as
of any date of determination, for the Borrower and its Subsidiaries on a
consolidated basis, an amount equal to (a) Consolidated Shareholders’
Equity on such date minus (b) Consolidated Intangible Assets on such date.

 

“Consolidated Total Asset Value” means the
sum of (a) Total Asset Value of the Borrower and its Subsidiaries on a
consolidated basis plus (b) without duplication, the Borrower’s Pro Rata
Share of Total Asset Value of each Material Joint Venture.

 

“Consolidated Total Indebtedness” means the
sum of (a) Indebtedness of the Borrower and its Subsidiaries on a consolidated
basis plus (b) without duplication, the Borrower’s Pro Rata Share
of Indebtedness of each Material Joint Venture; provided that Consolidated
Total Indebtedness shall not include security deposits, accrued liabilities or
prepaid rent, each as defined in accordance with GAAP.

 

“Consolidated Unencumbered Asset Value” means
the sum of (a) Unencumbered Asset Value of the Borrower and the Borrower’s
Pro Rata Share of Unencumbered Asset Value of its Subsidiaries on a
consolidated basis plus (b) without duplication, the Borrower’s Pro
Rata Share of Unencumbered Asset Value of each Material Joint Venture.

 

“Contractual Obligation” means, as to any
Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound.

 

“Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ability to exercise voting power, by
contract or otherwise.  “Controlling”
and “Controlled” have meanings correlative thereto.

 

“Credit Extension” means a Borrowing.

 

“Debt Rating” has the meaning specified in
the definition of “Applicable Rate.”

 

“Debtor Relief Laws” means the Bankruptcy
Code of the United States, and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium,

 

7

 

rearrangement,
receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally.

 

“Default” means any event or condition that
constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default.

 

“Default Rate” means an interest rate equal
to (i) the Base Rate plus (ii) the Applicable Rate, if any,
applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate
shall be an interest rate equal to the interest rate (including any Applicable
Rate) otherwise applicable to such Loan plus 2% per annum.

 

“Defaulting Lender” means any Lender that (a) has
failed to fund any portion of the Loans required to be funded by it hereunder
within one Business Day of the date required to be funded by it hereunder, (b) has
otherwise failed to pay over to the Administrative Agent or any other Lender
any other amount required to be paid by it hereunder within one Business Day of
the date when due, unless the subject of a good faith dispute, or (c) has
been deemed insolvent or become the subject of a bankruptcy or insolvency
proceeding.

 

“Development Property” means any real
property in which the development and construction with respect thereto are not
complete.

 

“Disposition” or “Dispose” means the
sale, transfer or assignment (including any sale and leaseback transaction) of
any property by any Person, including any sale, assignment, transfer or other
disposal, with or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith, in any case other than sales or other
dispositions of assets in the ordinary course of business.

 

“Documentation Agent” means each of Barclays
Bank PLC, JPMorgan Chase Bank, N.A., and Wachovia Bank, National Association,
in their capacity as Co-Documentation Agents.

 

“Dollar” and “$” mean lawful money of
the United States.

 

“Domestic Subsidiary” means any Subsidiary
that is organized under the laws of any political subdivision of the United
States.

 

“EBITDA” means, for any period, for a Person
and its Subsidiaries on a consolidated basis, an amount equal to the Net Income
of such Person and its Subsidiaries for such period plus (a) the
following to the extent deducted in calculating such Net Income:  (i) Consolidated Interest Expense for
such period, (ii) the provision for Federal, state, local and foreign
income taxes payable by such Person and its Subsidiaries for such period, (iii) depreciation
and amortization expense for such period and (iv) expenses of such Person
and its Subsidiaries reducing such Net Income during such period which do not
represent a cash expenditure in such period or any prior or future period and minus
(b) all items of such Person and its Subsidiaries increasing Net

 

8

 

Income
for such period which do not represent a cash receipt in such period or any
prior or future period.

 

“Eligible Assignee” means any Person that
meets the requirements to be an assignee under Section 10.06(b)(iii),
(v) and (vi) (subject to such consents, if any, as may
be required under Section 10.06(b)(iii)).

 

“Environmental Laws” means any and all Federal,
state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses,
agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the
environment, including those related to hazardous substances or wastes, air
emissions and discharges to waste or public systems.

 

“Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs
of environmental remediation, fines, penalties or indemnities), of the Borrower
or any of its Subsidiaries directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling,
transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any
Hazardous Materials into the environment or (e) any contract, agreement or
other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interests” means, with respect to any
Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person and all of the warrants or options for the purchase
or acquisition from such Person of shares of capital stock of (or other
ownership or profit interests in) such Person.

 

“ERISA” means the Employee Retirement Income
Security Act of 1974.

 

“ERISA Affiliate” means any trade or business
(whether or not incorporated) under common control with the Borrower within the
meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and
(o) of the Code for purposes of provisions relating to Section 412 of
the Code).

 

“ERISA Event” means (a) a Reportable
Event with respect to a Pension Plan; (b) a withdrawal by the Borrower or
any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA
during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of
ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan
is in reorganization; (d) the filing of a notice of intent to terminate,
the treatment of a Plan amendment as a termination under Sections 4041 or 4041A
of ERISA, or the commencement of proceedings by the PBGC to terminate a Pension
Plan or Multiemployer Plan; (e) an event or condition which constitutes
grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Pension Plan or Multiemployer Plan;
or (f) the imposition of any

 

9

 

liability
under Title IV of ERISA, other than for PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate.

 

“Eurodollar Rate” means, for any Interest
Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the
British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or other commercially available source providing quotations of BBA
LIBOR as designated by the Administrative Agent from time to time) at
approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, for Dollar deposits (for delivery on the
first day of such Interest Period) with a term equivalent to such Interest Period.  If such rate is not available at such time
for any reason, then the “Eurodollar Rate” for such Interest Period shall be
the rate per annum determined by the Administrative Agent to be the rate at
which deposits in Dollars for delivery on the first day of such Interest Period
in same day funds in the approximate amount of the Eurodollar Rate Loan being
made, continued or converted by Bank of America and with a term equivalent to
such Interest Period would be offered by Bank of America’s London Branch to
major banks in the London interbank eurodollar market at their request at
approximately 4:00 p.m. (London time) two Business Days prior to the
commencement of such Interest Period.

 

“Eurodollar Rate Loan” means a Loan that
bears interest at a rate based on the Eurodollar Rate.

 

“Event of Default” has the meaning specified
in Section 8.01.

 

“Excluded Taxes” means, with respect to the
Administrative Agent, any Lender or any other recipient of any payment to be
made by or on account of any obligation of the Borrower hereunder,
(a) taxes imposed on or measured by its overall net income (however
denominated), and franchise taxes imposed on it (in lieu of net income taxes),
by the jurisdiction (or any political subdivision thereof) under the laws of
which such recipient is organized or in which its principal office is located
or, in the case of any Lender, in which its applicable Lending Office is
located, (b) any branch profits taxes imposed by the United States or any
similar tax imposed by any other jurisdiction in which the Borrower is located
and (c) in the case of a Foreign Lender (other than an assignee pursuant
to a request by the Borrower under Section 10.13), any withholding
tax that is imposed on amounts payable to such Foreign Lender at the time such
Foreign Lender becomes a party hereto (or designates a new Lending Office) or
is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with Section 3.01(e), except
to the extent that such Foreign Lender (or its assignor, if any) was entitled,
at the time of designation of a new Lending Office (or assignment), to receive
additional amounts from the Borrower with respect to such withholding tax
pursuant to Section 3.01(a).

 

“Existing Credit Agreement” means that
certain Credit Agreement, dated as of October 5, 2006, among the Borrower,
guarantors party thereto, Bank of America, N.A., as administrative agent, swing
line lender, and issuing bank, and the lenders party thereto.

 

“Existing Maturity Date” has the meaning set
forth in Section 2.15.

 

10

 

“Federal Funds Rate” means, for any day, the
rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by
Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if
such day is not a Business Day, the Federal Funds Rate for such day shall be
such rate on such transactions on the next preceding Business Day as so
published on the next succeeding Business Day, and (b) if no such rate is
so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such
transactions as determined by the Administrative Agent.

 

“Fee Letter” means the Bridge Facility Fee
Letter, dated June 3, 2007, among the Borrower, Bank of America, N.A.,
Banc of America Securities LLC, UBS Loan Finance LLC and UBS Securities LLC.

 

“Fixed Charge Coverage Ratio” means, on the
last day of any fiscal quarter, the ratio of (a) Consolidated EBITDA for
the twelve month period ending on such date to (b) Consolidated Fixed
Charges for the twelve month period ending on such date.

 

“Foreign Lender” means any Lender that is
organized under the laws of a jurisdiction other than that in which the
Borrower is a resident for tax purposes. 
For purposes of this definition, the United States, each State thereof
and the District of Columbia shall be deemed to constitute a single
jurisdiction.

 

“Foreign Subsidiary” shall mean a Subsidiary
that is organized under the laws of a jurisdiction other than the United States
or any state thereof or the District of Columbia.

 

“FRB” means the Board of Governors of the
Federal Reserve System of the United States.

 

“Fund” means any Person (other than a natural
person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the
ordinary course of its activities.

 

“GAAP” means generally accepted accounting
principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant
segment of the accounting profession in the United States, that are applicable
to the circumstances as of the date of determination, consistently applied.

 

“Governmental Authority” means the government
of the United States or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality,
regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions
of or pertaining to

 

11

 

government
(including any supranational bodies such as the European Union or the European
Central Bank).

 

“Granting Lender” has the meaning set forth
in Section 10.06(h).

 

“Guarantee” means, as to any Person, (a) any
obligation, contingent or otherwise, of such Person guaranteeing or having the
economic effect of guaranteeing any Indebtedness or other obligation payable or
performable by another Person (the “primary obligor”) in any manner, whether directly
or indirectly, and including any obligation of such Person, direct or indirect,
(i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation, (ii) to purchase or
lease property, securities or services for the purpose of assuring the obligee
in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain
working capital, equity capital or any other financial statement condition or
liquidity or level of income or cash flow of the primary obligor so as to
enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered
into for the purpose of assuring in any other manner the obligee in respect of
such Indebtedness or other obligation of the payment or performance thereof or
to protect such obligee against loss in respect thereof (in whole or in part),
or (b) any Lien on any assets of such Person securing any Indebtedness or
other obligation of any other Person, whether or not such Indebtedness or other
obligation is assumed by such Person (or any right, contingent or otherwise, of
any holder of such Indebtedness to obtain any such Lien).  The amount of any Guarantee shall be deemed
to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is
made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof as determined by the guaranteeing Person in good
faith.  The term “Guarantee” as a verb
has a corresponding meaning.

 

“Hazardous Materials” means all explosive or
radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, asbestos or
asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated
pursuant to any Environmental Law.

 

“Indebtedness” means, as to any Person,
without duplication, all of the following, whether or not included as
indebtedness or liabilities in accordance with GAAP:

 

(a)                                  all obligations
of such Person for borrowed money, whether secured or unsecured, and all
obligations of such Person evidenced by bonds, debentures, notes, loan
agreements or other similar instruments including, without limitation, recourse
and non-recourse mortgage debt;

 

(b)                                 all direct or
contingent obligations of such Person arising under letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties,
surety bonds and similar instruments;

 

(c)                                  aggregate net
obligations of such Person under Swap Contracts;

 

12

 

(d)                                 all obligations
of such Person to pay the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business);

 

(e)                                  indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or
being purchased by such Person (including indebtedness arising under
conditional sales or other title retention agreements), whether or not such
indebtedness shall have been assumed by such Person or is limited in recourse,
to the extent of the value of the property encumbered by such Lien;

 

(f)                                    capital leases
and Synthetic Lease Obligations;

 

(g)                                 all obligations
of such Person to purchase, redeem, retire, defease or otherwise make any
payment in respect of any Equity Interest in such Person at any time prior to
the date that is six months after the Maturity Date, valued, in the case of a
redeemable preferred interest, at the liquidation preference thereof; and

 

(h)                                 all Guarantees
of such Person in respect of any of the foregoing.

 

For all purposes hereof, (i) the amount of any
net obligation under any Swap Contract on any date shall be deemed to be the
Swap Termination Value thereof as of such date (which shall be a positive
number if such amount would be owed by the Borrower and a negative number if such
amount would be owed to the Borrower) and the net obligations under Swap
Contacts shall not be less than zero, and (ii) the amount of any capital
lease or Synthetic Lease Obligation as of any date shall be deemed to be the
amount of Attributable Indebtedness in respect thereof as of such date.

 

“Indemnified Taxes” means Taxes other than
Excluded Taxes.

 

“Indemnitee” has the meaning specified in Section 10.04(b).

 

“Initial Maturity Date” has the meaning set
forth in the definition of Maturity Date.

 

“Intangible Assets” means assets of a Person
and its Subsidiaries that are classified as intangible assets under GAAP, but
excluding interests in real estate that are classified as intangible assets in
accordance with GAAP.

 

“Interest Expense” means, for any period, for
a Person and its Subsidiaries on a consolidated basis, the sum of all (a) interest
expense for such period determined in accordance with GAAP (but excluding any
charges resulting from settlement of options to repurchase remarketable bonds)
and (b) interest that is capitalized in such period in accordance with
GAAP.

 

“Interest Payment Date” means, (a) as to
any Loan other than a Base Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date; provided, however,
that if any Interest Period for a Eurodollar Rate Loan exceeds three months,
the respective dates

 

13

 

that
fall every three months after the beginning of such Interest Period shall also
be Interest Payment Dates; and (b) as to any Base Rate Loan, the last
Business Day of each calendar quarter and the Maturity Date.

 

“Interest Period” means, as to each
Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate
Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and
ending on the date one, two, three or six months (or if agreed to by all
Lenders, nine or twelve months) thereafter, as selected by the Borrower in its
Bridge Loan Notice; provided that:

 

(i)                                     any Interest
Period that would otherwise end on a day that is not a Business Day shall be
extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the
next preceding Business Day;

 

(ii)                                  any Interest
Period that begins on the last Business Day of a calendar month (or on a day
for which there is no numerically corresponding day in the calendar month at
the end of such Interest Period) shall end on the last Business Day of the
calendar month at the end of such Interest Period; and

 

(iii)                               no Interest
Period shall extend beyond the Maturity Date.

 

“Investment” means, as to any Person, any
direct or indirect acquisition or investment by such Person, whether by means
of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution
to, Guarantee or assumption of debt of, or purchase or other acquisition of any
other debt or equity participation or interest in, another Person, including
any partnership or joint venture interest in such other Person and any
arrangement pursuant to which the investor Guarantees Indebtedness of such
other Person, or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of assets of another Person that constitute a
business unit.  For purposes of covenant
compliance, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such
Investment.

 

“IP Rights” has the meaning specified in Section 5.16.

 

“IRS” means the United States Internal
Revenue Service.

 

“Joint Venture” means any Person in which the
Borrower, directly or indirectly, has an ownership interest but does not
consolidate the assets or income of such Person in preparing its consolidated
financial statements.

 

“Laws” means, collectively, all
international, foreign, Federal, state and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes, executive orders and administrative
or judicial precedents or authorities, including the interpretation or
administration thereof by any Governmental Authority charged with the
enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and

 

14

 

permits
of, and agreements with, any Governmental Authority, in each case whether or
not having the force of law.

 

“Lender” has the meaning specified in the
introductory paragraph hereto.

 

“Lending Office” means, as to any Lender, the
office or offices of such Lender described as such in such Lender’s
Administrative Questionnaire, or such other office or offices as a Lender may
from time to time notify the Borrower and the Administrative Agent.

 

“Leverage Ratio” means, on the last day of
any fiscal quarter, the ratio of (a) Consolidated Total Indebtedness
outstanding on such date to (b) Consolidated Total Asset Value as of such
date.

 

“Lien” means any mortgage, pledge,
hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or
preferential arrangement in the nature of a security interest of any kind or nature
whatsoever (including any conditional sale or other title retention agreement,
any easement, right of way or other encumbrance on title to real property, and
any financing lease having substantially the same economic effect as any of the
foregoing).

 

“Loan” means an extension of credit by a
Lender to the Borrower under Article II.

 

“Loan Documents” means this Agreement, each
Note and the Fee Letter.

 

“Material Adverse Effect” means (a) a
material adverse change in, or a material adverse effect upon, the operations,
business, properties, liabilities (actual or contingent) or condition
(financial or otherwise) of the Borrower or the Borrower and its Subsidiaries
taken as a whole; (b) a material impairment of the ability of the Borrower
to perform its obligations under any Loan Document to which it is a party; or (c) a
material adverse effect upon the legality, validity, binding effect or
enforceability against the Borrower of any Loan Document to which it is a
party.

 

“Material Joint Venture” means a Joint Venture
in which the Borrower has made a net equity investment of $15,000,000 or
greater.  For purposes of this
definition, the Borrower’s aggregate Investment in a Joint Venture will be
valued at (a) the aggregate amount of cash and cash equivalents and the
net book value of other property (less, without duplication, the aggregate
principal amount of Indebtedness secured by a Lien on such property at the time
of contribution unless, after giving effect to the contribution of such
property to the Joint Venture and any other transactions occurring in
connection therewith, such Indebtedness constitutes an obligation of the
Borrower or any of its Subsidiaries) contributed by the Borrower to such Joint
Venture minus (b) the aggregate amount of distributions received by
the Borrower from such Joint Venture that would be classified as a return of
capital (as opposed to a return on investment).

 

“Maturity Date” means the later of (a) July 31,
2008 (the “Initial Maturity Date”) and (b) if maturity is extended
pursuant to Section 2.15, such extended maturity date as determined

 

15

 

pursuant
to such Section; provided, however, that, in each case, if such
date is not a Business Day, the Maturity Date shall be the next preceding
Business Day.

 

“Moody’s” means Moody’s Investors Service, Inc.
and any successor thereto.

 

“Mortgage Lien” means any Lien that encumbers
a real property owned by a Person other than Permitted Liens.

 

“Multiemployer Plan” means any employee
benefit plan of the type described in Section 4001(a)(3) of ERISA, to
which the Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been
obligated to make contributions.

 

“Net Cash Proceeds” means, with respect to
any Public Equity Issuance, the excess of (i) the sum of the cash and cash
equivalents received in connection with such event over (ii) the
underwriting discounts and commissions, and other out-of-pocket fees and
expenses, incurred by the Borrower and its Subsidiaries in connection with such
sale.

 

“Net Income” means, for any period, for a
Person and its Subsidiaries on a consolidated basis, the net income of such
Person and its Subsidiaries (excluding extraordinary gains and extraordinary
losses and other non-recurring items, including, without limitation, charges
resulting from settlement of options to repurchase remarketable bonds and other
similar charges) for that period as determined in accordance with GAAP.

 

“Note” means a promissory note made by the
Borrower in favor of a Lender evidencing Loans made by such Lender,
substantially in the form of Exhibit B.

 

“Obligations” means all advances to, and
debts, liabilities, obligations, covenants and duties of the Borrower arising
under any Loan Document or otherwise with respect to any Loan or Letter of
Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising
and including (i) interest and fees that accrue after the commencement by
or against the Borrower or any Affiliate thereof of any proceeding under any
Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such
proceeding, (ii) obligations of the Borrower under any Swap Contract to
which a Lender or any Affiliate of a Lender is a party and (iii) obligations
of the Borrower under any Treasury Management Agreement with a Treasury
Management Lender.

 

“Organization Documents” means, (a) with
respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to
any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating
agreement; and (c) with respect to any partnership, joint venture, trust
or other form of business entity, the partnership, joint venture or other
applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the
jurisdiction of its formation or

 

16

 

organization
and, if applicable, any certificate or articles of formation or organization of
such entity.

 

“Other Taxes” means all present or future
stamp or documentary taxes or any other excise or property taxes, charges or
similar levies arising from any payment made hereunder or under any other Loan
Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

 

“Outstanding Amount” means with respect to
Loans on any date, the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments occurring on such
date.

 

“Participant” has the meaning specified in Section 10.06(d).

 

“Patriot Act” has the meaning specified in Section 10.17.

 

“PBGC” means the Pension Benefit Guaranty
Corporation.

 

“Pension Plan” means any “employee pension
benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is
sponsored or maintained by the Borrower or any ERISA Affiliate or to which the
Borrower or any ERISA Affiliate contributes or has an obligation to contribute,
or in the case of a multiple employer or other plan described in Section 4064(a) of
ERISA, has made contributions at any time during the immediately preceding five
plan years.

 

“Permitted Liens” means Liens permitted under
Section 7.01(c), (d), (e), (f) and (g).

 

“Person” means any natural person,
corporation, limited liability company, trust, joint venture, association,
company, partnership, Governmental Authority or other entity.

 

“Plan” means any “employee benefit plan” (as
such term is defined in Section 3(3) of ERISA) established by the
Borrower or, with respect to any such plan that is subject to Section 412
of the Code or Title IV of ERISA, any ERISA Affiliate.

 

“Platform” has the meaning specified in Section 6.02.

 

“Pro Rata Share” means (a) with respect
to the EBITDA, Net Income, Interest Expense, Total Asset Value and
Unencumbered Asset Value of each Joint Venture, the Borrower’s direct or
indirect, percentage ownership interest in such Joint Venture and (b) with
respect to the Indebtedness of each Joint Venture (i) if the Indebtedness
is recourse to the Borrower or any of its Subsidiaries the amount of such
Indebtedness that is recourse to the Borrower or such Subsidiary and (ii) if
the Indebtedness is not recourse to the Borrower or any of its Subsidiaries,
the Borrower’s percentage ownership interest in such Joint Venture.

 

“Public Equity Issuance” means the issuance,
sale or other disposition by the Borrower or one if its Subsidiaries of its
Equity Interests, including any Rule 144A offering or any rights,

 

17

 

warrants
or options to purchase shares of its Equity Interests; provided that the
term Public Equity Issuance shall not include (a) the issuance or sale of
Equity Interests by a Subsidiary of the Borrower to the Borrower or another
Subsidiary of the Borrower or (b) any rights, options or Equity Interests
issued pursuant to employee or director incentive, stock option or stock
repurchase plans in the ordinary course.

 

“Public Lender” has the meaning specified in Section 6.02.

 

“Purchase Agreement” means that certain Share
Purchase Agreement, dated as of June 3, 2007, by and between SEGRO plc, a
public limited company incorporated under the laws of England and Wales, with
registered number 167591, as seller, and the Borrower, as buyer.

 

“Refinancing” means the repayment of existing
indebtedness of the Borrower and the Acquired Business of up to $1,120,000,000
in connection with the Acquisition.

 

“Register” has the meaning specified in Section 10.06(c).

 

“REIT” means a real estate investment trust
as defined in Sections 856-860 of the Code.

 

“Related Parties” means, with respect to any
Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents and advisors of such Person and of such Person’s Affiliates.

 

“Reportable Event” means any of the events set
forth in Section 4043(c) of ERISA, other than events for which the 30
day notice period has been waived.

 

“Request for Credit Extension” means with
respect to a Borrowing, conversion or continuation of Loans, a Bridge Loan
Notice.

 

“Required Lenders” means, as of any date of
determination, Lenders having more than 50% of (i) the Aggregate
Commitments or (ii) the Total Outstandings, as the case may be; provided
that the Commitment of, and the portion of the Total Outstandings held or
deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders.

 

“Responsible Officer” means the chief
executive officer, president, chief financial officer, each executive vice
president and senior vice president, and the treasurer of the Borrower.  Any document delivered hereunder that is
signed by a Responsible Officer shall be conclusively presumed to have been
authorized by all necessary corporate, partnership and/or other action on the
part of the Borrower and such Responsible Officer shall be conclusively
presumed to have acted on behalf of the Borrower.

 

“Restricted Payment” means any payment
(whether in cash, securities or other property), including any sinking fund or
similar deposit, on account of the purchase, redemption, retirement,
acquisition, cancellation or termination of any such capital stock or other
Equity

 

18

 

Interest,
or on account of any return of capital to the Borrower’s stockholders, partners
or members (or the equivalent Person thereof).

 

“S&P” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc. and any
successor thereto.

 

“Scheduled Principal Payment” means (a) all
scheduled principal payments by the Borrower and its Subsidiaries with respect
to its Consolidated Total Indebtedness (other than payments due at final
maturity of any tranche of Indebtedness) and (b) without duplication, the
Borrower’s Pro Rata Share of all scheduled principal payments with respect to
the Indebtedness (other than payments due at final maturity of any tranche of
Indebtedness) of each Material Joint Venture, in each case without giving
effect to any reduction in such scheduled principal payments as a result of any
voluntary or mandatory prepayment with respect thereto made in the same period
in which such principal payment was scheduled to be made.

 

“SEC” means the Securities and Exchange
Commission, or any Governmental Authority succeeding to any of its principal
functions.

 

“Secured Debt” means that portion of
Consolidated Total Indebtedness that is subject to a Lien (other than Permitted
Liens).

 

“Secured Debt Ratio” means, on the last day
of any fiscal quarter, the ratio of (a) Secured Debt outstanding on such
date to (b) Consolidated Total Asset Value as of such date.

 

“SPC” has the meaning set forth in Section 10.06(h).

 

“Significant Acquisition” means the
acquisition (in one or a series of related transactions) of all or
substantially all of the assets or Equity Interests of a Person or any
division, line of business or business unit of a Person for an aggregate
consideration in excess of $750,000,000.

 

“Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity
the accounts of which are consolidated with the accounts of the Borrower in the
Borrower’s consolidated financial statements prepared in accordance with
GAAP.  Unless otherwise specified, all
references herein to a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Swap Contract” means (a) any and all
rate swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity
contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond
index transactions, interest rate options, forward foreign exchange
transactions, cap transactions, floor transactions, collar transactions,
currency swap transactions, cross-currency rate swap transactions, currency
options, spot contracts, or any other similar transactions or any combination
of any of the foregoing, whether or not any such transaction is governed by or
subject to any master agreement, and (b) any and all transactions of any
kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of

 

19

 

master
agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master
agreement (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master
Agreement.

 

“Swap Termination Value” means, in respect of
any one or more Swap Contracts, after taking into account the effect of any
legally enforceable netting agreement relating to such Swap Contracts, (a) for
any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination
value(s), and (b) for any date prior to the date referenced in clause (a),
the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts
(which may include a Lender or any Affiliate of a Lender).

 

“Syndication Agent” means UBS Securities LLC
in its capacity as Syndication Agent.

 

“Synthetic Lease Obligation” means the
monetary obligation of a Person under a so-called synthetic, off-balance sheet
or tax retention lease.

 

“Taxes” means all present or future taxes,
levies, imposts, duties, deductions, withholdings, assessments, fees or other
charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto.

 

“Threshold Amount” means $100,000,000.

 

“Total Asset Value” means an amount equal to (a) all
assets of a Person and its Subsidiaries as determined in accordance with GAAP
plus (b) all accumulated depreciation associated with such assets minus (c) Intangible
Assets.

 

“Total Outstandings” means the aggregate
Outstanding Amount of all Loans.

 

“Transactions” means, collectively,
(i) the Acquisition, (ii) the Refinancing, (iii) the entering
into of this Agreement and the funding of the Loans, (iv) the payment of
related fees, commissions and expenses, (v) the entry into and borrowing
of not more than $1,500,000,000 under the Bank Loan Agreement, and
(vi) all transactions related thereto.

 

“Treasury Management Agreement” means any
treasury, depository or cash management arrangements, services or products,
including, without limitation, overdraft services and automated clearinghouse
transfers of funds.

 

“Treasury Management Lender” means any Person that, at the time it
enters into a Treasury Management Agreement, is a Lender or an Affiliate of a
Lender, in its capacity as a party to such Treasury Management Agreement.

 

“Type” means, with respect to a Loan, its
character as a Base Rate Loan or a Eurodollar Rate Loan.

 

20

 

“Unencumbered
Asset Value” means the sum of (a) the aggregate net book value, as
determined in accordance with GAAP, of all real property of a Person that is
not subject to a Mortgage Lien plus (b) all accumulated
depreciation with respect to such real properties plus
(c) unrestricted cash and cash equivalents of such Person plus (d) the
sum of (i) unencumbered mezzanine and mortgage loan receivables (at the
value reflected in the consolidated financial statements of the Borrower, in
accordance with GAAP, as of such date, including the effect of any impairment
charges), (ii) unencumbered marketable securities (at the value reflected
in the consolidated financial statements of the Borrower, in accordance with
GAAP, as of such date, including the effect of any impairment charges),
provided that the items described in this clause (ii) and in the preceding
clause (i) shall not be taken into account to the extent that the amounts
of such items exceed, in the aggregate, 20% of Unencumbered Asset Value.

 

“Unfunded Pension Liability” means the excess
of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of
ERISA, over the current value of that Pension Plan’s assets, determined in
accordance with the assumptions used for funding the Pension Plan pursuant to Section 412
of the Code for the applicable plan year.

 

“United States” and “U.S.” mean the
United States of America.

 

“Unsecured Debt” means that portion of
Consolidated Total Indebtedness that is not Secured Debt.

 

“Unsecured Leverage Ratio” means, on the last
day of any fiscal quarter, the ratio of (a) Unsecured Debt outstanding on
such date to (b) Consolidated Unencumbered Asset Value as of such date.

 

1.02                        Other Interpretive Provisions.

 

With reference to this Agreement and each other Loan
Document, unless otherwise specified herein or in such other Loan Document:

 

(a)                                  The definitions
of terms herein shall apply equally to the singular and plural forms of the
terms defined.  Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and
neuter forms.  The words “include,”
“includes” and “including” shall be deemed to be followed by the
phrase “without limitation.”  The word “will”
shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document
(including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein or in any other Loan
Document), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (iii) the words “herein,”
“hereof” and “hereunder,” and words of similar import when used
in any Loan Document, shall be construed to refer to such Loan Document in its
entirety and not to any particular provision thereof, (iv) all

 

21

 

references in a Loan Document to Articles, Sections,
Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, the Loan Document in which such references
appear, (v) any reference to any law shall include all statutory and
regulatory provisions consolidating, amending replacing or interpreting such
law and any reference to any law or regulation shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and
all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

 

(b)                                 In the computation
of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but
excluding;” and the word “through” means “to and including.”

 

(c)                                  Section headings
herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any
other Loan Document.

 

1.03                        Accounting Terms.

 

(a)                                  Generally.  All accounting terms not specifically or
completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations)
required to be submitted pursuant to this Agreement shall be prepared in
conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited
Financial Statements, except as otherwise specifically prescribed
herein.

 

(b)                                 Changes in GAAP.  If at any time any change in GAAP would affect
the computation of any financial ratio or requirement set forth in any Loan
Document, and either the Borrower or the Required Lenders shall so request, the
Administrative Agent, the Lenders and the Borrower shall negotiate in good
faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the
Required Lenders); provided that, until so
amended, (i) such ratio or requirement shall continue to be computed in
accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Administrative Agent and the Lenders financial statements
and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or
requirement made before and after giving effect to such change in GAAP.

 

1.04                        Rounding.

 

Any financial ratios required to be maintained by
the Borrower pursuant to this Agreement shall be calculated by dividing the
appropriate component by the other component, carrying the result to one place
more than the number of places by which such ratio is expressed herein and
rounding the result up or down to the nearest number (with a rounding-up if
there is no nearest number).

 

22

 

1.05                        Times of Day.

 

Unless otherwise specified, all references herein to
times of day shall be references to Eastern time (daylight or standard, as
applicable).

 

ARTICLE II

 

THE COMMITMENTS AND CREDIT
EXTENSIONS

 

2.01                        Loans.

 

Subject to the terms and conditions set forth
herein, each Lender severally agrees to make a loan (each such loan, a “Loan”)
to the Borrower on the Closing Date in an amount not to exceed the amount of
such Lender’s Commitment. The Commitments are not revolving in nature, and
amounts repaid in respect of the Loans may not be reborrowed.  The Loans may be Base Rate Loans or
Eurodollar Rate Loans, as further provided herein.

 

2.02                        Borrowings, Conversions and Continuations of
Loans.

 

(a)                                  Each Borrowing, each
conversion of Loans from one Type to the other, and each continuation of
Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to
the Administrative Agent, which may be given by telephone.  Each such notice must be received by the
Administrative Agent not later than 12:00 Noon (i) three Business Days
prior to the requested date of any Borrowing of, conversion to or continuation
of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base
Rate Loans, and (ii) on the requested date of any Borrowing of Base Rate
Loans.  Each telephonic notice by the
Borrower pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written Bridge Loan
Notice, appropriately completed and signed by a Responsible Officer.  Each Borrowing of, conversion to or
continuation of Eurodollar Rate Loans shall be in a principal amount of
$1,000,000 or a whole multiple of $100,000 in excess thereof.  Each Borrowing of or conversion to Base Rate
Loans shall be in a principal amount of $1,000,000 or a whole multiple of
$100,000 in excess thereof.  All Loans
may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein, provided,
however, all Borrowings made on the Closing Date shall be made as Base
Rate Loans unless the Borrower delivers a funding indemnity letter in form and
substance reasonably acceptable to the Administrative Agent at least three (3) Business
Days prior to the Closing Date.

 

Each Bridge Loan Notice (whether telephonic or
written) shall specify (i) whether the Borrower is requesting a Borrowing,
a conversion of Loans from one Type to the other, or a continuation of
Eurodollar Rate Loans, (ii) the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day),
(iii) the principal amount of Loans to be borrowed, converted or
continued, (iv) the Type of Loans to be borrowed or to which existing
Loans are to be converted, and (v) if applicable, the duration of the
Interest Period with respect thereto.  If
the Borrower fails to specify a Type of Loan in a Bridge Loan Notice or if the
Borrower fails to give a timely notice requesting a conversion or continuation,
then the

 

23

 

applicable
Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate
Loans shall be effective as of the last day of the Interest Period then in
effect with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of,
conversion to, or continuation of Eurodollar Rate Loans in any such Bridge Loan
Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month.

 

(b)                                 Following receipt of a
Bridge Loan Notice, the Administrative Agent shall promptly notify each Lender
of the amount of its Applicable Percentage of the applicable Loans, and if no
timely notice of a conversion or continuation is provided by the Borrower, the
Administrative Agent shall notify each Lender of the details of any automatic
conversion to Base Rate Loans described in the preceding subsection.  Each Lender shall make the amount of its Loan
available to the Administrative Agent in immediately available funds at the Administrative
Agent’s Office not later than 2:00 p.m. on the Business Day specified in
the applicable Bridge Loan Notice.  Upon
satisfaction of the applicable conditions set forth in Section 4.01,
the Administrative Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent either by (i) crediting
the account of the Borrower on the books of Bank of America with the amount of
such funds or (ii) wire transfer of such funds, in each case in accordance
with instructions provided to (and reasonably acceptable to) the Administrative
Agent by the Borrower.

 

(c)                                  Except as otherwise provided
herein, a Eurodollar Rate Loan may be continued or converted only on the last
day of an Interest Period for such Eurodollar Rate Loan.  During the existence of a Default, no Loans
may be requested as, converted to or continued as Eurodollar Rate Loans without
the consent of the Required Lenders.

 

(d)                                 The Administrative Agent
shall promptly notify the Borrower and the Lenders of the interest rate
applicable to any Interest Period for Eurodollar Rate Loans upon determination
of such interest rate.  At any time that
Base Rate Loans are outstanding, the Administrative Agent shall notify the
Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate promptly following the public announcement of such
change.

 

(e)                                  After giving effect to all
Borrowings, all conversions of Loans from one Type to the other, and all
continuations of Loans as the same Type, there shall not be more than ten
Interest Periods in effect with respect to all Loans hereunder.

 

2.03                         [Intentionally Omitted]

 

2.04                         [Intentionally
Omitted]

 

2.05                         [Intentionally Omitted]

 

2.06                        Prepayments.

 

(a)                                  The Borrower may, upon
notice to the Administrative Agent, at any time or from time to time,
voluntarily prepay Loans in whole or in part without premium or penalty; provided

 

24

 

that
(i) such notice must be received by the Administrative Agent not later
than 11:00 a.m. (A) three Business Days prior to any date of
prepayment of Eurodollar Rate Loans and (B) on the date of prepayment of
Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in
a principal amount of $1,000,000 or a whole multiple of $100,000 in excess
thereof; and (iii) any prepayment of Base Rate Loans shall be in a
principal amount of $1,000,000 or a whole multiple of $100,000 in excess
thereof or, in each case, if less, the entire principal amount thereof then
outstanding.  Each such notice shall
specify the date and amount of such prepayment and the Type(s) of Loans to
be prepaid.  The Administrative Agent
will promptly notify each Lender of its receipt of each such notice, and of the
amount of such Lender’s Applicable Percentage of such prepayment.  If such notice is given by the Borrower, the
Borrower shall make such prepayment and the payment amount specified in such
notice shall be due and payable on the date specified therein.  Any prepayment of a Eurodollar Rate Loan
shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts required pursuant to Section 3.05.  Each prepayment shall be made ratably among
the Lenders in accordance with the Applicable Percentages.

 

(b)                                 [Intentionally Omitted].

 

(c)                                  [Intentionally Omitted].

 

(d)                                 [Intentionally Omitted].

 

(e)                                  [Intentionally Omitted].

 

2.07                        Termination or Reduction of Commitments.

 

Unless previously terminated, the Commitments will
terminate on the earliest to occur of (A) the Closing Date, immediately
after the closing hereunder; (B) September 30, 2007, if the Closing
Date has not occurred on or before such date; and (C) the termination of
the Purchase Agreement.

 

2.08                        Repayment.

 

(a)                                  The Borrower shall repay to
the Lenders on the Maturity Date, unless accelerated sooner pursuant to Section 8.02,
the entire outstanding principal balance of all Loans together with accrued but
unpaid interest, fees and all other sums with respect thereto.

 

(b)                                 [Intentionally Omitted].

 

(c)                                  [Intentionally Omitted].

 

(d)                                 [Intentionally Omitted].

 

25

 

2.09                        Interest.

 

(a)                                  Applicable Interest.  Subject to the provisions of subsection (b) below,
(i) each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to
the Eurodollar Rate for such Interest Period plus the Applicable Rate and (ii) each
Base Rate Loan shall bear interest on the outstanding principal amount thereof
from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate.

 

(b)                                 Default Interest.

 

(i)                                     If any amount
of principal of any Loan is not paid when due (without regard to any applicable
grace periods), whether at stated maturity, by acceleration or otherwise, such
amount shall thereafter bear interest at a fluctuating interest rate per annum
at all times equal to the Default Rate to the fullest extent permitted by
applicable Laws.

 

(ii)                                  If any amount
(other than principal of any Loan) payable by the Borrower under any Loan
Document is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, then upon the request
of the Required Lenders, such amount shall thereafter bear interest at a
fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

 

(iii)                               Upon the
request of the Required Lenders, while any Event of Default exists, the
Borrower shall pay interest on the principal amount of all outstanding
Obligations hereunder at a fluctuating interest rate per annum at all times
equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)                              Accrued and
unpaid interest on past due amounts (including interest on past due interest)
shall be due and payable upon demand.

 

(c)                                  Interest Payment Date.  Interest on each Loan shall be due and
payable in arrears on each Interest Payment Date applicable thereto and at such
other times as may be specified herein. 
Interest hereunder shall be due and payable in accordance with the terms
hereof before and after judgment, and before and after the commencement of any
proceeding under any Debtor Relief Law.

 

2.10                        Fees.

 

(a)                                  [Intentionally Omitted].

 

(b)                                 Other Fees.

 

(i)                                     The Borrower
shall pay to the Arrangers and the Administrative Agent for their own
respective accounts fees in the amounts and at the times specified in the Fee

 

26

 

Letter.  Such
fees shall be fully earned when paid and shall not be refundable for any reason
whatsoever.

 

(ii)                                  The Borrower
shall pay to the Lenders such fees as shall have been separately agreed upon in
writing in the amounts and at the times so specified.  Such fees shall be fully earned when paid and
shall not be refundable for any reason whatsoever.

 

2.11                        Computation of Interest and Fees.

 

All computations of interest for Base Rate Loans
when the Base Rate is determined by Bank of America’s “prime rate” shall be
made on the basis of a year of 365 or 366 days, as the case may be, and actual
days elapsed.  All other computations of
fees and interest shall be made on the basis of a 360-day year and actual days
elapsed (which results in more fees or interest, as applicable, being paid than
if computed on the basis of a 365-day year). 
Interest shall accrue on each Loan for the day on which the Loan is
made, and shall not accrue on a Loan, or any portion thereof, for the day on
which the Loan or such portion is paid, provided that any Loan that is
repaid on the same day on which it is made shall, subject to Section 2.13(a),
bear interest for one day.  Each
determination by the Administrative Agent of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.

 

2.12                        Evidence of Debt.

 

(a)                                  The Credit Extensions made
by each Lender shall be evidenced by one or more accounts or records maintained
by such Lender and by the Administrative Agent in the ordinary course of
business.  The accounts or records maintained
by the Administrative Agent and each Lender shall be conclusive absent manifest
error of the amount of the Credit Extensions made by the Lenders to the
Borrower and the interest and payments thereon. 
Any failure to so record or any error in doing so shall not, however,
limit or otherwise affect the obligation of the Borrower hereunder to pay any
amount owing with respect to the Obligations. 
In the event of any conflict between the accounts and records maintained
by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error. 
Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. 
Each Lender may attach schedules to its Note and endorse thereon the
date, Type (if applicable), amount and maturity of its Loans and payments with
respect thereto.

 

(b)                                 [Intentionally Omitted].

 

2.13                        Payments Generally; Administrative Agent’s
Clawback.

 

(a)                                  General.  All payments to be made by the Borrower shall
be made without condition or deduction for any counterclaim, defense,
recoupment or setoff.  Except as
otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective
Lenders to which such payment is owed,

 

27

 

at
the Administrative Agent’s Office in Dollars and in immediately available funds
not later than 2:00 p.m. on the date specified herein.  The Administrative Agent will promptly
distribute to each Lender its Applicable Percentage (or other applicable share
as provided herein) of such payment in like funds as received by wire transfer
to such Lender’s Lending Office.  All
payments received by the Administrative Agent after 2:00 p.m. shall be
deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue.  If any
payment to be made by the Borrower shall come due on a day other than a
Business Day, payment shall be made on the next following Business Day, and
such extension of time shall be reflected in computing interest or fees, as the
case may be.

 

(b)                                 (i)  Funding by
Lenders; Presumption by Administrative Agent.  Unless the Administrative Agent shall have
received notice from a Lender prior to the proposed date of any Borrowing of
Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans,
prior to 12:00 noon on the date of such Borrowing) that such Lender will not
make available to the Administrative Agent such Lender’s share of such
Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with Section 2.02 (or,
in the case of a Borrowing of Base Rate Loans, that such Lender has made such
share available in accordance with and at the time required by Section 2.02)
and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount.  In such event, if
a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in immediately available funds with interest thereon, for
each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal
Funds Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made
by the Borrower, the interest rate applicable to Base Rate Loans.  If the Borrower and such Lender shall pay
such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the
amount of such interest paid by the Borrower for such period.  If such Lender pays its share of the
applicable Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Loan included in such Borrowing.  Any payment by the Borrower shall be without
prejudice to any claim the Borrower may have against a Lender that shall have
failed to make such payment to the Administrative Agent.

 

(ii)                                  Payments by the
Borrower; Presumptions by Administrative Agent.  Unless the Administrative Agent shall have
received notice from the Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders hereunder that the
Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders the amount
due.  In such event, if the Borrower has
not in fact made such payment, then each of the Lenders severally agrees to
repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender in immediately available funds with interest

 

28

 

thereon, for each day from and including the date
such amount is distributed to it to but excluding the date of payment to the
Administrative Agent, at the greater of the Federal Funds Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on
interbank compensation.

 

A notice of the Administrative Agent to any Lender
or the Borrower with respect to any amount owing under this subsection (b) shall
be conclusive, absent manifest error.

 

(c)                                  Failure to Satisfy
Conditions Precedent.  If any
Lender makes available to the Administrative Agent funds for any Loan to be
made by such Lender as provided in the foregoing provisions of this Article II,
and such funds are not made available to the Borrower by the Administrative
Agent because the conditions to the applicable Credit Extension set forth in Article IV
are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest.

 

(d)                                 Obligations of Lenders
Several.  The obligations of the Lenders
hereunder to make Loans and to make payments pursuant to Section 10.04(c) are
several and not joint.  The failure of
any Lender to make any Loan, to fund any such participation or to make any
payment under Section 10.04(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on
such date, and no Lender shall be responsible for the failure of any other
Lender to so make its Loan, to purchase its participation or to make its
payment under Section 10.04(c).

 

(e)                                  Funding Source.  Nothing herein shall be deemed to obligate
any Lender to obtain the funds for any Loan in any particular place or manner
or to constitute a representation by any Lender that it has obtained or will
obtain the funds for any Loan in any particular place or manner.

 

2.14                        Sharing of Payments by Lenders.

 

If any Lender shall, by exercising any right of
setoff or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of the Loans made by it resulting in such Lender’s
receiving payment of a proportion of the aggregate amount of such Loans or
participations and accrued interest thereon greater than its pro  rata
share thereof as provided herein, then the Lender receiving such greater
proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase
(for cash at face value) participations in the Loans of the other Lenders, or
make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans
and other amounts owing them, provided that:

 

(i)                                     if any such
participations or subparticipations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest; and

 

29

 

(ii)                                  the provisions
of this Section shall not be construed to apply to (x) any payment
made by the Borrower pursuant to and in accordance with the express terms of
this Agreement or (y) any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any
assignee or participant, other than to the Borrower or any Subsidiary thereof
(as to which the provisions of this Section shall apply).

 

The Borrower consents to the foregoing and agrees,
to the extent it may effectively do so under applicable law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise
against the Borrower rights of setoff and counterclaim with respect to such
participation as fully as if such Lender were a direct creditor of the Borrower
in the amount of such participation.

 

2.15                        Extension of Maturity Date.

 

(a)                                  Requests for Extension.  The Borrower may, by notice to the
Administrative Agent (who shall promptly notify the Lenders) not earlier than
90 days and not later than 60 days prior to the Maturity Date then in effect
hereunder (the “Existing Maturity Date”), request that each Lender
extend such Lender’s Maturity Date for an additional 6 months from the Existing
Maturity Date; provided that the Borrower may request no more than two
such extensions during the term of this Agreement.

 

(b)                                 Conditions to Effectiveness
of Extensions.  As a
condition precedent to such extension, (i) the Borrower shall deliver to
the Administrative Agent a certificate of the Borrower dated as of the Existing
Maturity Date signed by a Responsible Officer of the Borrower certifying that,
before and after giving effect to such extension, (y) the representations
and warranties contained in Article V and the other Loan Documents
are true and correct on and as of the Existing Maturity Date, except to the
extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date,
and except that for purposes of this Section 2.15, the
representations and warranties contained in subsections (a) and
(b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to subsections (a) and (b),
respectively, of Section 6.01 and (z) no Default or Event of
Default exists, (ii) the Borrower shall pay to the Lenders on the (A) Initial
Maturity Date a fee (to be shared among the Lenders based upon their pro
rata share of the Total Outstandings) equal to the product of
(x) 0.125% multiplied by (y) the Total Outstandings and, if extended
a second time and (B) 6 months from the Initial Maturity Date a fee (to be
shared among the Lenders based upon their pro  rata share of the
Total Outstandings) equal to the product of (x) 0.15% multiplied by
(y) the then Total Outstandings and (iii) the Borrower shall repay
the outstanding Loans in an amount such that the Total Outstandings after such
repayments does not exceed $1,825,000,000. 
If there is a second extension to the Maturity Date pursuant to Section 2.15
then, on the Existing Maturity Date, the Borrower shall repay the outstanding
Loans in an amount such that the Total Outstandings after such repayments does
not exceed $1,375,000,000.

 

30

 

(c)                                  Conflicting Provisions.  This Section shall supersede any
provisions in Section 2.14 or 10.01 to the contrary.

 

2.16                         [Intentionally Omitted].

 

ARTICLE III

 

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01                        Taxes.

 

(a)                                  Payments Free of Taxes.  Any and all payments by or on account of any
obligation of the Borrower hereunder or under any other Loan Document shall be
made free and clear of and without reduction or withholding for any Indemnified
Taxes or Other Taxes, provided that if the Borrower shall be required by
applicable law to deduct any Indemnified Taxes (including any Other Taxes) from
such payments, then (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent or Lender,
as the case may be, receives an amount equal to the sum it would have received
had no such deductions been made, (ii) the Borrower shall make such
deductions and (iii) the Borrower shall timely pay the full amount
deducted to the relevant Governmental Authority in accordance with applicable
law.

 

(b)                                 Payment of Other Taxes by
the Borrower.  Without
limiting the provisions of subsection (a) above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with
applicable law.

 

(c)                                  Indemnification by the
Borrower.  The
Borrower shall indemnify the Administrative Agent and each Lender, within 10
days after demand therefor, for the full amount of any Indemnified Taxes or
Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on
or attributable to amounts payable under this Section) paid by the
Administrative Agent or such Lender, as the case may be, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such
payment delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error.

 

(d)                                 Evidence of Payments.  As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing
such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(e)                                  Status of Lenders.  Any Foreign Lender that is entitled to an
exemption from or reduction of withholding tax under the law of the jurisdiction
in which the Borrower is resident

 

31

 

for
tax purposes, or any treaty to which such jurisdiction is a party, with respect
to payments hereunder or under any other Loan Document shall deliver to the
Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding.  In addition, any Lender, if requested by the
Borrower or the Administrative Agent, shall deliver such other documentation
prescribed by applicable law or reasonably requested by the Borrower or the
Administrative Agent as will enable the Borrower or the Administrative Agent to
determine whether or not such Lender is subject to backup withholding or
information reporting requirements.

 

Without limiting the generality of the foregoing, in
the event that the Borrower is resident for tax purposes in the United States,
any Foreign Lender shall deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior
to the date on which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the request of the Borrower or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do
so), whichever of the following is applicable:

 

(i)                                     duly completed
copies of Internal Revenue Service Form W-8BEN claiming eligibility for
benefits of an income tax treaty to which the United States is a party,

 

(ii)                                  duly completed
copies of Internal Revenue Service Form W-8ECI,

 

(iii)                               in the case of
a Foreign Lender claiming the benefits of the exemption for portfolio interest
under section 881(c) of the Code, (x) a certificate to the effect
that such Foreign Lender is not (A) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the
Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a
“controlled foreign corporation” described in section 881(c)(3)(C) of the
Code and (y) duly completed copies of Internal Revenue Service Form W-8BEN,
or

 

(iv)                              any other form
prescribed by applicable law as a basis for claiming exemption from or a
reduction in United States Federal withholding tax duly completed together with
such supplementary documentation as may be prescribed by applicable law to
permit the Borrower to determine the withholding or deduction required to be
made.

 

(f)                                    Treatment of Certain Refunds.  If the Administrative Agent or any Lender
determines, in its sole discretion, that it has received a refund of any Taxes
or Other Taxes as to which it has been indemnified by the Borrower or with
respect to which the Borrower has paid additional amounts pursuant to this
Section, it shall pay to the Borrower an amount equal to such refund (but only
to the extent of indemnity payments made, or additional amounts paid, by the
Borrower under this Section with respect to the Taxes or Other Taxes
giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent or such Lender, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with
respect to such refund), provided that the Borrower, upon the request of
the Administrative

 

32

 

Agent
or such Lender, agrees to repay the amount paid over to the Borrower (plus any
penalties, interest or other charges imposed by the relevant Governmental
Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such
Governmental Authority.  This subsection
shall not be construed to require the Administrative Agent or any Lender to
make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Borrower or any other Person.

 

3.02                        Illegality.

 

If any Lender determines that any Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund
Eurodollar Rate Loans, or to determine or charge interest rates based upon the
Eurodollar Rate, or any Governmental Authority has imposed material
restrictions on the authority of such Lender to purchase or sell, or to take
deposits of, Dollars in the London interbank market, then, on notice thereof by
such Lender to the Borrower through the Administrative Agent, any obligation of
such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate
Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies
the Administrative Agent and the Borrower that the circumstances giving rise to
such determination no longer exist.  Upon
receipt of such notice, the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all
Eurodollar Rate Loans of such Lender to Base Rate Loans, either on the last day
of the Interest Period therefor, if such Lender may lawfully continue to
maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender
may not lawfully continue to maintain such Eurodollar Rate Loans.  Upon any such prepayment or conversion, the
Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

3.03                        Inability to Determine Rates.

 

If the Required Lenders determine that for any
reason in connection with any request for a Eurodollar Rate Loan or a
conversion to or continuation thereof that (a) Dollar deposits are not
being offered to banks in the London interbank eurodollar market for the
applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate
and reasonable means do not exist for determining the Eurodollar Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan, or (c) the
Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such
Lenders of funding such Loan, the Administrative Agent will promptly so notify
the Borrower and each Lender.  Thereafter,
the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall
be suspended until the Administrative Agent (upon the instruction of the
Required Lenders) revokes such notice. 
Upon receipt of such notice, the Borrower may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or,
failing that, will be deemed to have converted such request into a request for
a Borrowing of Base Rate Loans in the amount specified therein.

 

33

 

3.04                        Increased Costs; Reserves on Eurodollar Rate
Loans.

 

(a)                                  Increased Costs Generally.  If any Change in Law shall:

 

(i)                                     impose, modify
or deem applicable any reserve, special deposit, compulsory loan, insurance
charge or similar requirement against assets of, deposits with or for the
account of, or credit extended or participated in by, any Lender (except any
reserve requirement contemplated by Section 3.04(e));

 

(ii)                                  subject any
Lender to any tax of any kind whatsoever with respect to this Agreement, any
Eurodollar Loan made by it or change the basis of taxation of payments to such
Lender in respect thereof (except for Indemnified Taxes or Other Taxes covered
by Section 3.01 and the imposition of, or any change in the rate
of, any Excluded Tax payable by such Lender); or

 

(iii)                               impose on any
Lender or the London interbank market any other condition, cost or expense
affecting this Agreement or Eurodollar Loans made by such Lender or
participation therein;

 

and the result of any of the foregoing shall be to
increase the cost to such Lender of making or maintaining any Eurodollar Loan
(or of maintaining its obligation to make any such Loan) or to reduce the
amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or any other amount) then, upon request of such Lender, the
Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender, as the case may be, for such additional costs incurred
or reduction suffered.

 

(b)                                 Capital Requirements.  If any Lender determines that any Change in
Law affecting such Lender or any Lending Office of such Lender or such Lender’s
holding company, if any, regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s capital or on the
capital of such Lender’s holding company, if any, as a consequence of this
Agreement, the Commitment of such Lender or the Loans made by such Lender to a
level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s
policies and the policies of such Lender’s holding company with respect to
capital adequacy), then from time to time the Borrower will pay to such Lender
such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered.

 

(c)                                  Certificates for
Reimbursement.  A
certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company, as the case may be, as specified
in subsection (a) or (b) of this Section and delivered to the
Borrower, in detail sufficient to enable the Borrower to verify the computation
thereof, shall be conclusive absent manifest error.  The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(d)                                 Delay in Requests.  Failure or delay on the part of any Lender to
demand compensation pursuant to the foregoing provisions of this Section shall
not constitute a waiver of

 

34

 

such
Lender’s right to demand such compensation, provided that
the Borrower shall not be required to compensate a Lender pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions
suffered more than nine months prior to the date that such Lender notifies the
Borrower of the Change in Law giving rise to such increased costs or reductions
and of such Lender’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is
retroactive, then the nine month period referred to above shall be extended to
include the period of retroactive effect thereof).

 

(e)                                  Reserves on Eurodollar Rate
Loans.  The Borrower shall pay to each
Lender, as long as such Lender shall be required to maintain reserves with
respect to liabilities or assets consisting of or including Eurocurrency funds
or deposits (currently known as “Eurocurrency liabilities”), additional
interest on the unpaid principal amount of each Eurodollar Rate Loan equal to
the actual costs of such reserves allocated to such Loan by such Lender (as
determined by such Lender in good faith, which determination shall be
conclusive), which shall be due and payable on each date on which interest is
payable on such Loan, provided the Borrower shall have received at least
10 days’ prior notice (with a copy to the Administrative Agent) of such
additional interest from such Lender.  If
a Lender fails to give notice 10 days prior to the relevant Interest Payment
Date, such additional interest shall be due and payable 10 days from receipt of
such notice.

 

3.05                        Compensation for Losses.

 

Upon demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate
such Lender for and hold such Lender harmless from any loss, cost or expense
(other than loss of anticipated profits) incurred by it as a result of:

 

(a)                                  any continuation,
conversion, payment or prepayment of any Loan other than a Base Rate Loan on a
day other than the last day of the Interest Period for such Loan (whether
voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)                                 failure to
prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the
date or in the amount notified by the Borrower; or

 

(c)                                  any assignment
of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 10.13.

 

The Borrower shall also pay any customary
administrative fees charged by such Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by the
Borrower to the Lenders under this Section 3.05, each Lender shall
be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar
Rate for such Loan by a matching deposit or other borrowing in the London
interbank eurodollar market for a comparable amount and for a comparable
period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

35

 

3.06                        Mitigation Obligations; Replacement of Lenders.

 

(a)                                  Designation of a Different
Lending Office.  If any
Lender requests compensation under Section 3.04, or the Borrower is
required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender gives a notice pursuant to Section 3.02, then such
Lender shall use reasonable efforts to designate a different Lending Office for
funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04,
as the case may be, in the future, or eliminate the need for the notice
pursuant to Section 3.02, as applicable, and (ii) in each
case, would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender.  The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

(b)                                 Replacement of Lenders.  If any Lender requests compensation under Section 3.04,
or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 3.01,
the Borrower may replace such Lender in accordance with Section 10.13.

 

3.07                        Survival.

 

All of the Borrower’s obligations under this Article III
shall survive termination of the Commitments and repayment of all other
Obligations hereunder.

 

ARTICLE IV

 

CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS

 

4.01                        Conditions of Initial Credit Extension.

 

The effectiveness of this Agreement and the
obligation of each Lender to make its Credit Extension hereunder on the Closing
Date are subject to satisfaction of the following conditions precedent:

 

(a)                                  The
Administrative Agent’s receipt of the following, each of which shall be
originals or telecopies (followed promptly by originals) unless otherwise
specified, each properly executed by a Responsible Officer, each dated the
Closing Date (or, in the case of certificates of governmental officials, a
recent date before the Closing Date) and each in form and substance
satisfactory to the Administrative Agent:

 

(i)                                     executed
counterparts of this Agreement, executed and delivered by the Administrative
Agent, the Borrower and each Lender listed on Schedule 2.01;

 

36

 

(ii)                                  a Note executed
by the Borrower in favor of each Lender requesting a Note;

 

(iii)                               such
certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers as the Administrative Agent may
require evidencing the identity, authority and capacity of each Responsible
Officer authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents;

 

(iv)                              such documents
and certifications as the Administrative Agent may reasonably require to
evidence that the Borrower is duly organized or formed, and that the Borrower
is validly existing, in good standing and qualified to engage in business in
its state of organization and in each jurisdiction where its ownership, lease
or operation of properties or the conduct of its business requires such
qualification, except to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect;

 

(v)                                 a favorable
opinion of Gibson Dunn & Crutcher LLP, counsel to the Borrower,
addressed to the Administrative Agent and each Lender, as to the matters set
forth in Exhibit E;

 

(vi)                              a certificate
signed by a Responsible Officer certifying (A) that no Default shall
exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof; (B) that there has been no Closing
Date Material Adverse Effect; (C) the current Debt Ratings; and (D) that
the representations and warranties relating to the Borrower set forth in Sections 5.01,
5.02, 5.03, 5.04, 5.13, 5.17, 5.18
and 5.19 are true and correct on and as of the Closing Date.

 

(b)                                 Any fees
required to be paid on or before the Closing Date shall have been paid.

 

(c)                                  Unless waived
by the Administrative Agent, the Borrower shall have paid all fees, charges and
disbursements of counsel to the Administrative Agent to the extent invoiced
prior to or on the Closing Date, plus such additional amounts of such fees,
charges and disbursements as shall constitute its reasonable estimate of such
fees, charges and disbursements incurred or to be incurred by it through the
closing proceedings (provided that such estimate shall not thereafter preclude
a final settling of accounts between the Borrower and the Administrative
Agent).

 

(d)                                 The Acquisition
and the other Transactions shall be consummated in accordance with the
Acquisition Agreement and the other documentation related to the Acquisition
and each of the other Transactions, each as in effect on the date hereof
(collectively, the “Acquisition Documents”) without waiver or amendment
thereof that is

 

37

 

materially adverse to the Lenders unless consented
to by Bank of America, N.A. and UBS Loan Finance LLC.

 

(e)                                  The Borrower
shall have provided the documentation and other information to the Lenders that
is required by regulatory authorities under applicable “know your customer” and
anti-money-laundering rules and regulations, including, without
limitation, the Patriot Act.

 

(f)                                    The
Administrative Agent shall have received a Request for Credit Extension in
accordance with the requirements hereof.

 

Without limiting the generality of the provisions of
the last paragraph of Section 9.03, for purposes of determining
compliance with the conditions specified in this Section 4.01, each
Lender that has signed this Agreement shall be deemed to have consented to,
approved or accepted or to be satisfied with, (i) this Agreement and each
other document to which it is a party or which it has reviewed or (ii) any
other matter required thereunder to be consented to or approved by or
acceptable or satisfactory to a Lender unless the Administrative Agent shall
have received notice from such Lender prior to the proposed Closing Date
specifying its objection thereto.

 

Each Request for Credit Extension (other than a
Bridge Loan Notice requesting only a conversion of Loans to the other Type or a
continuation of Eurodollar Rate Loans) submitted by the Borrower shall be
deemed to be a representation and warranty that the conditions specified in Sections
4.01(a)(vi)(A) and (f) have been satisfied on and as of
the date of the Credit Extension.

 

ARTICLE V

 

REPRESENTATIONS
AND WARRANTIES

 

The Borrower represents and warrants to the
Administrative Agent and the Lenders that:

 

5.01                        Existence, Qualification and Power; Compliance
with Laws.

 

The Borrower and each of its Subsidiaries (a) is
duly organized or formed, validly existing and in good standing under the Laws
of the jurisdiction of its incorporation or organization, (b) has all
requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own its assets and carry on
its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, (c) is duly qualified and is
licensed and in good standing under the Laws of each jurisdiction where its
ownership, lease or operation of properties or the conduct of its business
requires such qualification or license, and (d) is in compliance with all
Laws; except in each case referred to in clause (b)(i), (c) or (d), to the
extent that failure to do so could not reasonably be expected to have a
Material Adverse Effect.

 

38

 

5.02                        Authorization; No Contravention.

 

The execution, delivery and performance by the
Borrower of each Loan Document has been duly authorized by all necessary
corporate or other organizational action, and do not and will not
(a) contravene the terms of any of the Borrower’s Organization Documents;
(b) conflict with or result in any breach or contravention of, or the
creation of any Lien under, or require any payment to be made under
(i) any Contractual Obligation to which the Borrower is party or affecting
the Borrower or the properties of the Borrower or any of its Subsidiaries or
(ii) any order, injunction, writ or decree of any Governmental Authority
or any arbitral award to which the Borrower or its property is subject; or
(c) violate any Law.  The Borrower
and each of its Subsidiaries are in compliance with all Contractual Obligations
referred to in clause (b)(i), except to the extent that failure to do so
could not reasonably be expected to have a Material Adverse Effect.

 

5.03                        Governmental Authorization; Other Consents.

 

No approval, consent, exemption, authorization, or
other action by, or notice to, or filing with, any Governmental Authority or
any other Person is necessary or required in connection with the execution,
delivery or performance by, or enforcement against, the Borrower of this
Agreement or any other Loan Document.

 

5.04                        Binding Effect.

 

This Agreement has been, and each other Loan
Document, when delivered hereunder, will have been, duly executed and delivered
by the Borrower.  This Agreement
constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms.

 

5.05                        Financial Statements; No Material Adverse
Effect.

 

(a)                                  The Audited Financial
Statements (i) were prepared in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted
therein; (ii) fairly present the financial condition of the Borrower and
its Subsidiaries as of the date thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; and (iii) show
all material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness.

 

(b)                                 The unaudited consolidated
balance sheet of the Borrower and its Subsidiaries dated March 31, 2007
(or, if the Closing Date occurs after August 15, 2007, the unaudited
consolidated balance sheet of the Borrower and its Subsidiaries dated June 30,
2007), and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for the fiscal quarter ended on that date
(i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein,
(ii) fairly present the financial condition of the Borrower and its
Subsidiaries as of the date

 

39

 

thereof
and their results of operations for the period covered thereby, subject, in the
case of clauses (i) and (ii), to the absence of footnotes and to
normal year-end audit adjustments and (iii) show all material indebtedness
and other liabilities, direct or contingent, of the Borrower and its
Subsidiaries as of the date thereof, including liabilities for taxes, material
commitments and Indebtedness.

 

(c)                                  Since the date of the
Audited Financial Statements, there has been no event or circumstance, either
individually or in the aggregate, that has had or could reasonably be expected
to have a Material Adverse Effect.

 

(d)                                 The financial information of
the Borrower and its Subsidiaries delivered pursuant to Section 6.01
(i) were prepared in accordance with GAAP consistently applied throughout
the period covered thereby, except as otherwise expressly noted therein; (ii) fairly
present the financial condition of the Borrower and its Subsidiaries as of the
date thereof and their results of operations for the period covered thereby in
accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; and (iii) show all
material indebtedness and other liabilities, direct or contingent, of the
Borrower and its Subsidiaries as of the date thereof, including liabilities for
taxes, material commitments and Indebtedness.

 

5.06                        Litigation.

 

There are no actions, suits, proceedings, claims,
investigations or disputes pending or, to the knowledge of the Borrower after
due and diligent investigation, threatened or contemplated, at law, in equity,
in arbitration or before any Governmental Authority, by or against the Borrower
or any of its Subsidiaries or against any of their properties or revenues that (a) purport
to affect or pertain to this Agreement or any other Loan Document, or any of
the transactions contemplated hereby, or (b) either individually or in the
aggregate, if determined adversely, could reasonably be expected to have a
Material Adverse Effect.

 

5.07                        No Default.

 

Neither the Borrower nor any Subsidiary is in
default under or with respect to any Contractual Obligation that could, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.  No Default has occurred
and is continuing or would result from the consummation of the transactions
contemplated by this Agreement or any other Loan Document.

 

5.08                        Ownership of Property; Liens; Leases.

 

(a)                                  Each of the Borrower and
each Subsidiary has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary
conduct of its business, except for such defects in title as could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

40

 

(b)                                 The property of the Borrower
and its Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

 

(c)                                  Except as could not,
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect, (i) there are no renewal or extension options applicable
to any lease to which the Borrower or any Subsidiary is a party; (ii) to
the Borrower’s knowledge, no condition exists which, with the giving of notice
or the passage of time, or both, would permit any lessee to cancel its
obligations under any lease to which the Borrower or any Subsidiary is a party;
(iii) the Borrower has received no notice that any lessee intends to cease
operations at any leased property prior to the expiration of the term of the
applicable lease (other than temporarily due to casualty, remodeling,
renovation or any similar causes) and (iv) to the Borrower’s knowledge,
none of the lessees or their sub-lessees, if any, under any of the leases to
which the Borrower or any Subsidiary is a party is the subject of any
bankruptcy, reorganization, insolvency or similar proceeding.

 

5.09                        Environmental Compliance.

 

The Borrower and its Subsidiaries conduct in the
ordinary course of business a review of the effect of existing Environmental
Laws and claims alleging potential liability or responsibility for violation of
any Environmental Law on their respective businesses, operations and
properties, and as a result thereof the Borrower has reasonably concluded that
such Environmental Laws and claims could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect.

 

5.10                        Insurance.

 

The properties of the Borrower and its Subsidiaries
are insured with financially sound and reputable insurance companies not
Affiliates of the Borrower, in such amounts, with such deductibles and covering
such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the Borrower or
the applicable Subsidiary operates.

 

5.11                        Taxes.

 

The Borrower and its Subsidiaries have filed all
Federal, state and other material tax returns and reports required to be filed,
and have paid all Federal, state and other material taxes, assessments, fees
and other governmental charges levied or imposed upon them or their properties,
income or assets otherwise due and payable, except those which are being
contested in good faith by appropriate proceedings diligently conducted and for
which adequate reserves have been provided in accordance with GAAP.  There is no proposed tax assessment against
the Borrower or any Subsidiary that would, if made, have a Material Adverse
Effect.  Neither the Borrower nor any
Subsidiary thereof is party to any tax sharing agreement.

 

41

 

5.12                        ERISA Compliance.

 

(a)                                  Each Plan is in compliance
in all material respects with the applicable provisions of ERISA, the Code and
other Federal or state Laws.  Each Plan
that is intended to qualify under Section 401(a) of the Code has received
a favorable determination letter from the IRS or an application for such a
letter is currently being processed by the IRS with respect thereto and, to the
best knowledge of the Borrower, nothing has occurred which would prevent, or
cause the loss of, such qualification. 
The Borrower and each ERISA Affiliate have made all required
contributions to each Plan subject to Section 412 of the Code, and no
application for a funding waiver or an extension of any amortization period
pursuant to Section 412 of the Code has been made with respect to any
Plan.

 

(b)                                 There are no pending or, to
the best knowledge of the Borrower, threatened claims, actions or lawsuits, or
action by any Governmental Authority, with respect to any Plan that could
reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or
violation of the fiduciary responsibility rules with respect to any Plan
that has resulted or could reasonably be expected to result in a Material
Adverse Effect.

 

(c)                                  (i)  No ERISA Event has
occurred or is reasonably expected to occur; (ii) no Pension Plan has any
Unfunded Pension Liability; (iii) neither the Borrower nor any ERISA
Affiliate has incurred, or reasonably expects to incur, any liability under
Title IV of ERISA with respect to any Pension Plan (other than premiums due and
not delinquent under Section 4007 of ERISA); (iv) neither the
Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability (and no event has occurred which, with the giving of notice under
Section 4219 of ERISA, would result in such liability) under Sections 4201
or 4243 of ERISA with respect to a Multiemployer Plan; and (v) neither the
Borrower nor any ERISA Affiliate has engaged in a transaction that could be
subject to Sections 4069 or 4212(c) of ERISA.

 

5.13                        Margin Regulations; Investment Company Act;
REIT Status.

 

(a)                                  The Borrower is not engaged
and will not engage, principally or as one of its important activities, in the
business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock.

 

(b)                                 None of the Borrower, any
Person Controlling the Borrower, or any Subsidiary is or is required to be
registered as an “investment company” under the Investment Company Act of 1940.

 

(c)                                  The Borrower meets all
requirements to qualify as a REIT.

 

5.14                        Disclosure.

 

The Borrower has disclosed to the Administrative
Agent and the Lenders all agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries is subject, and all other
matters known to it, that, individually or in the aggregate, could reasonably
be

 

42

 

expected
to result in a Material Adverse Effect. 
No report, financial statement, certificate or other information
furnished (whether in writing or orally) by or on behalf of the Borrower or any
of its Subsidiaries to the Administrative Agent or any Lender in connection
with the transactions contemplated hereby and the negotiation of this Agreement
or delivered hereunder or under any other Loan Document (in each case, as
modified or supplemented by other information so furnished) contains any
material misstatement of fact or omits to state any material fact necessary to
make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that,
with respect to projected financial information, the Borrower represents only
that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time.

 

5.15                        Compliance with Laws.

 

Each of the Borrower and each Subsidiary is in
compliance in all material respects with the requirements of all Laws and all
orders, writs, injunctions and decrees applicable to it or to its properties,
except in such instances in which (a) such requirement of Law or order,
writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith,
either individually or in the aggregate, could not reasonably be expected to
have a Material Adverse Effect.

 

5.16                         Intellectual Property; Licenses, Etc.

 

The Borrower and its Subsidiaries own, or possess
the right to use, all of the trademarks, service marks, trade names,
copyrights, patents, patent rights, franchises, licenses and other intellectual
property rights (collectively, “IP Rights”) that are reasonably
necessary for the operation of their respective businesses, without conflict
with the rights of any other Person.  To
the best knowledge of the Borrower, no slogan or other advertising device,
product, process, method, substance, part or other material now employed, or
now contemplated to be employed, by the Borrower or any Subsidiary infringes
upon any rights held by any other Person. 
No claim or litigation regarding any of the foregoing is pending or, to
the best knowledge of the Borrower, threatened, which, either individually or
in the aggregate, could reasonably be expected to have a Material Adverse
Effect.

 

5.17                        Use of Proceeds.

 

The proceeds of the Loans hereunder will be used
solely for the purposes specified in Section 6.11.  No proceeds of the Loans hereunder will be
used for the acquisition of another Person unless the board of directors (or
other comparable governing body) or stockholders (or other equity owners), as
appropriate, of such Person has approved such acquisition.

 

5.18                         Taxpayer Identification Number.

 

The Borrower’s true and correct U.S. taxpayer
identification number is set forth on Schedule 10.02.

 

43

 

5.19                         Acquisition Documents.

 

The Lenders have been furnished true and complete
copies of each Acquisition Document to the extent executed and delivered on or
prior to the Closing Date.

 

ARTICLE VI

 

AFFIRMATIVE
COVENANTS

 

So long as any Lender shall have any Commitment
hereunder, any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, the Borrower shall, and shall (except in the case of the covenants
set forth in Sections 6.01, 6.02, and 6.03) cause each
Subsidiary to:

 

6.01                        Financial Statements.

 

Deliver to the Administrative Agent and each Lender,
in form and detail satisfactory to the Administrative Agent and the Required
Lenders:

 

(a)                                  as soon as
available, but in any event within five days of the date the Borrower is
required to file its Form 10-K with the SEC (without giving effect to any
extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise)
(commencing with the fiscal year ending December 31, 2007), a consolidated
balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal
year, and the related consolidated statements of income or operations,
shareholders’ equity and cash flows for such fiscal year, setting forth in each
case in comparative form the figures for the previous fiscal year, all in
reasonable detail and prepared in accordance with GAAP, such consolidated statements
to be audited and accompanied by (i) a report and opinion of an
independent certified public accountant of nationally recognized standing
reasonably acceptable to the Required Lenders, which report and opinion shall
be prepared in accordance with generally accepted auditing standards and
applicable Securities Laws and shall not be subject to any “going concern” or
like qualification or exception or any qualification or exception as to the
scope of such audit; and

 

(b)                                 as soon as
available, but in any event within five days of the date the Borrower is
required to file its Form 10-Q with the SEC (without giving effect to any
extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise)
(commencing with the fiscal quarter ending June 30, 2007), a consolidated
balance sheet of the Borrower as at the end of such fiscal quarter, and the
related consolidated statements of income or operations for such fiscal quarter
and for the portion of the Borrower’s fiscal year then ended, and a statement
of cash flow for the portion of the Borrower’s fiscal year then ended setting
forth in each case in comparative form the figures for the corresponding fiscal
quarter of the previous fiscal year and the corresponding portion of the
previous fiscal year, all in reasonable detail, such consolidated statements to
be certified by a

 

44

 

Responsible Officer as fairly presenting the
financial condition, results of operations, shareholders’ equity and cash flows
of the Borrower and its Subsidiaries in accordance with GAAP, subject only to
normal year-end audit adjustments and the absence of footnotes; and

 

(c)                              as soon as
available, but in no event later that 60 days following the end of each fiscal
year of the Borrower, an annual forecast for the then-current fiscal year,
prepared in a manner and in the form of the forecast provided on the Closing
Date or in such other form as is reasonably acceptable to the Administrative
Agent and the Required Lenders.

 

As to any information contained in materials
furnished pursuant to Section 6.02(d), the Borrower shall not be
separately required to furnish such information under clause (a) or (b) above,
but the foregoing shall not be in derogation of the obligation of the Borrower
to furnish the information and materials described in clauses (a) and (b) above
at the times specified therein.

 

6.02                        Certificates; Other Information.

 

Deliver to the Administrative Agent and each Lender,
in form and detail satisfactory to the Administrative Agent and the Required
Lenders:

 

(a)                                  concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and
(b) (commencing with the delivery of the financial statements for
the fiscal quarter ending September 30, 2007), a duly completed Compliance
Certificate signed by a Responsible Officer;

 

(b)                                 promptly after
any request by the Administrative Agent or any Lender, copies of any management
letters submitted to the board of directors (or the audit committee of the
board of directors) of the Borrower by independent accountants in connection
with an audit of the accounts of the Borrower;

 

(c)                                  concurrently
with the delivery of the financial statements referred to in Section 6.01(a),
a certificate of its independent certified public accountants certifying such
financial statements and stating that in making the examination necessary
therefor no knowledge was obtained of any Default or, if any such Default shall
exist, stating the nature and status of such event;

 

(d)                                 promptly after
the same are available, copies of each annual report, proxy or financial
statement or other report or communication sent to the stockholders of the
Borrower, and copies of all annual, regular, periodic and special reports and
registration statements which the Borrower may file or be required to file with
the SEC under Section 13 or 15(d) of the Securities Exchange Act of
1934, and not otherwise required to be delivered to the Administrative Agent
pursuant hereto;

 

45

 

(e)                                  promptly, and
in any event within five Business Days after receipt thereof by the Borrower or
any Subsidiary thereof, copies of each notice or other correspondence received
from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning
any investigation by such agency regarding financial or other operational
results of the Borrower or any Subsidiary thereof; and

 

(f)                                    promptly, such
additional information regarding the business, financial or corporate affairs
of the Borrower or any Subsidiary, or compliance with the terms of the Loan
Documents, as the Administrative Agent or any Lender may from time to time
reasonably request.

 

Documents required to be delivered pursuant to Section 6.01(a) or
(b) or Section 6.02(d) (to the extent any such
documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower posts such documents, or
provides a link thereto on the Borrower’s website on the Internet at the
website address listed on Schedule 10.02; or (ii) on which such
documents are posted on the Borrower’s behalf on an Internet or intranet
website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the
Administrative Agent); provided that: 
(i) the Borrower shall deliver paper copies of such documents to
the Administrative Agent or any Lender that requests the Borrower to deliver
such paper copies until a written request to cease delivering paper copies is
given by the Administrative Agent or such Lender and (ii) the Borrower
shall notify the Administrative Agent and each Lender (by telecopier or
electronic mail) of the posting of any such documents and provide to the
Administrative Agent by electronic mail electronic versions (i.e., soft
copies) of such documents. 
Notwithstanding anything contained herein, in every instance the
Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 6.02(a) to the Administrative
Agent.  Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the
delivery or to maintain copies of the documents referred to above, and in any
event shall have no responsibility to monitor compliance by the Borrower with
any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

The Borrower hereby acknowledges that (a) the
Administrative Agent and/or the Arrangers will make available to the Lenders
materials and/or information provided by or on behalf of the Borrower hereunder
(collectively, “Borrower Materials”) by posting the Borrower Materials
on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders (each, a “Public Lender”) may have
personnel that do not wish to receive material non-public information with
respect to the Borrower or its Affiliates, or the respective securities of any
of the foregoing, and who may be engaged in investment and other market-related
activities with respect to such Persons’ activities.  The Borrower hereby agrees that so long as
the Borrower is the issuer of any outstanding debt or equity securities that
are registered or issued pursuant to a private offering or is actively
contemplating issuing any such securities (w) all Borrower Materials that
are to be made available to Public Lenders shall be clearly and conspicuously
marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof, (x) by marking Borrower
Materials

 

46

 

“PUBLIC,”
the Borrower shall be deemed to have authorized the Administrative Agent, the
Arrangers and the Lenders to treat such Borrower Materials as not containing
any material non-public information with respect to the Borrower or its
securities for purposes of United States Federal and state securities laws (provided, however, that
to the extent such Borrower Materials constitute Information, they shall be
treated as set forth in Section 10.07)
(y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated “Public Investor;” and (z) the
Administrative Agent and the Arrangers shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a
portion of the Platform not designated “Public Investor.” Notwithstanding the
foregoing, the Borrower shall be under no obligation to mark any Borrower
Materials “PUBLIC.”

 

6.03                        Notices.

 

Promptly notify the Administrative Agent and each
Lender of:

 

(a)                                  the occurrence
of any Default;

 

(b)                                 any matter that
has resulted or could reasonably be expected to result in a Material Adverse
Effect, including (i) breach or non-performance of, or any default under,
a Contractual Obligation of the Borrower or any Subsidiary; (ii) any
dispute, litigation, investigation, proceeding or suspension between the
Borrower or any Subsidiary and any Governmental Authority; or (iii) the
commencement of, or any material development in, any litigation or proceeding
affecting the Borrower or any Subsidiary, including pursuant to any applicable
Environmental Laws;

 

(c)                                  the occurrence
of any ERISA Event;

 

(d)                                 any material
change in accounting policies or financial reporting practices by the Borrower
or any Subsidiary; and

 

(e)                                  any
announcement by Moody’s or S&P of any change or possible change in a Debt
Rating.

 

Each notice pursuant to this Section shall be
accompanied by a statement of a Responsible Officer setting forth details of
the occurrence referred to therein and stating what action the Borrower has
taken and proposes to take with respect thereto.  Each notice pursuant to Section 6.03(a) shall
describe with particularity any and all provisions of this Agreement and any
other Loan Document that have been breached.

 

6.04                        Payment of Obligations.

 

Pay and discharge as the same shall become due and
payable, all its obligations and liabilities, including (a) all tax
liabilities, assessments and governmental charges or levies upon it or its
properties or assets, unless the same are being contested in good faith by
appropriate proceedings diligently conducted and adequate reserves in
accordance with GAAP are being

 

47

 

maintained
by the Borrower or such Subsidiary; (b) all lawful claims which, if
unpaid, would by law become a Lien upon its property; and (c) all
Indebtedness, as and when due and payable, but subject to any subordination
provisions contained in any instrument or agreement evidencing such
Indebtedness, in each case except where the failure to do so could not
reasonably be expected to have a Material Adverse Effect.

 

6.05                        Preservation of Existence, Etc.

 

(a)                                  Preserve, renew and maintain
in full force and effect its legal existence and good standing under the Laws
of the jurisdiction of its organization except in a transaction not prohibited
by Section 7.04 or 7.05, or to the extent that failure to do
so could not reasonably be expected to have a Material Adverse Effect; (b) 
take all reasonable action to maintain all rights, privileges, permits,
licenses and franchises necessary or desirable in the normal conduct of its
business, except to the extent that failure to do so could not reasonably be
expected to have a Material Adverse Effect; and (c)  preserve or renew all
of its registered patents, trademarks, trade names and service marks, the
non-preservation of which could reasonably be expected to have a Material
Adverse Effect.  Without limiting the
generality of the foregoing, the Borrower will do all things necessary to
maintain its status as a REIT.

 

6.06                        Maintenance of Properties.

 

(a)                                  Maintain, preserve and
protect, or make contractual or other provisions to cause to maintain, preserve
or protect, all of its properties and equipment necessary in the operation of
its business in good working order and condition, ordinary wear and tear
excepted, in each case except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect; (b)  make, or make
contractual or other provisions to cause to be made, all necessary repairs
thereto and renewals and replacements thereof except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect; and (c) 
use the standard of care typical in the industry in the operation and
maintenance of its facilities.

 

6.07                        Maintenance of Insurance.

 

(a)                                  Maintain with financially
sound and reputable insurance companies not Affiliates of the Borrower,
insurance with respect to its properties and business against loss or damage of
the kinds customarily insured against by Persons engaged in the same or similar
business, of such types and in such amounts as are customarily carried under
similar circumstances by such other Persons.

 

(b)                                 Use its, and cause the
Subsidiaries to use their, commercially reasonable best efforts to ensure that
each lessee of a property owned in whole or in part, directly or indirectly, by
the Borrower or any Subsidiary, and each mortgagee of a property on which the
Borrower or any Subsidiary holds a mortgage, has, and until the Maturity Date
will keep, in place adequate insurance that names the Borrower or such
Subsidiary as a loss payee.  For purposes
of the preceding sentence “adequate insurance” shall mean insurance,
with financially sound and reputable insurers in such amounts and insuring
against such risks as are customarily maintained by similar businesses.

 

48

 

6.08                        Compliance with Laws.

 

Comply in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in
which (a) such requirement of Law or order, writ, injunction or decree is
being contested in good faith by appropriate proceedings diligently conducted;
or (b) the failure to comply therewith could not reasonably be expected to
have a Material Adverse Effect.

 

6.09                        Books and Records.

 

Maintain proper books of record and account, in
which full, true and correct entries in conformity with GAAP consistently
applied shall be made of all financial transactions and matters involving the
assets and business of the Borrower or such Subsidiary, as the case may be.

 

6.10                        Inspection Rights.

 

Permit representatives and independent contractors
of the Administrative Agent and each Lender to visit and inspect any of its
properties, to examine its corporate, financial and operating records, and make
copies thereof or abstracts therefrom, and to discuss its affairs, finances and
accounts with its directors, officers, and independent public accountants, all
at the expense of the Borrower and at such reasonable times during normal
business hours and as often as may be reasonably desired, upon reasonable
advance notice to the Borrower; provided, however, that when an
Event of Default exists the Administrative Agent or any Lender (or any of their
respective representatives or independent contractors) may do any of the
foregoing at the expense of the Borrower at any time during normal business
hours and without advance notice.

 

6.11                        Use of Proceeds.

 

Use proceeds from the Loans to finance, in part, the
Acquisition, to pay transaction fees, commissions and expenses in connection
therewith and to repay the amounts owed under the Existing Credit Agreement.

 

6.12                        REIT Status.

 

The Borrower will, and will cause each of its
Subsidiaries to, operate its business at all times so as to satisfy all
requirements necessary to qualify and maintain the Borrower’s qualification as
a real estate investment trust under Sections 856 through 860 of the Code.  The Borrower will maintain adequate records
so as to comply with all record-keeping requirements relating to its
qualification as a real estate investment trust as required by the Code and
applicable regulations of the Department of the Treasury promulgated thereunder
and will properly prepare and timely file with the Internal Revenue Service all
returns and reports required thereby.

 

49

 

6.13                        Employee Benefits.

 

Comply in all material respects with the applicable
provisions of ERISA and the Code with respect to each Plan, and
(b) furnish to the Administrative Agent (x)  within five days after
any Responsible Officer or any ERISA Affiliate knows or has reason to know
that, any ERISA Event has occurred that, alone or together with any other ERISA
Event could reasonably be expected to result in liability of the Borrower or
any of its ERISA Affiliates in an aggregate amount exceeding the Threshold
Amount or the imposition of a Lien, a statement setting forth details as to
such ERISA Event and the action, if any, that the Borrower or ERISA Affiliate
proposes to take with respect thereto, and (y) upon request by the
Administrative Agent, copies of (i) each Schedule B (Actuarial
Information) to the annual report (Form 5500 Series) filed by the Borrower
or any ERISA Affiliate with the Internal Revenue Service with respect to each
Pension Plan; (ii) the most recent actuarial valuation report for each
Pension Plan; (iii) all notices received by the Borrower or any ERISA
Affiliate from a Multiemployer Plan sponsor or any governmental agency
concerning an ERISA Event; and (iv) such other documents or governmental
reports or filings relating to any Plan as the Administrative Agent shall
reasonably request.

 

ARTICLE VII

 

NEGATIVE
COVENANTS

 

So long as any Lender shall have any Commitment
hereunder or any Loan or other Obligation hereunder shall remain unpaid or
unsatisfied, the Borrower shall not, nor shall it permit any Subsidiary to,
directly or indirectly:

 

7.01                        Liens.

 

Create, incur, assume or suffer to exist any Lien
upon any of its property, assets or revenues, whether now owned or hereafter
acquired, other than the following:

 

(a)                                  Liens pursuant
to any Loan Document;

 

(b)                                 Liens securing
Indebtedness permitted under Section 7.03;

 

(c)                                  Liens for taxes
not yet due or which are being contested in good faith and by appropriate
proceedings diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person in accordance with GAAP;

 

(d)                                 carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business which are not overdue for a period
of more than 30 days or which are being contested in good faith and by
appropriate proceedings diligently conducted, if adequate reserves with respect
thereto, to the extent required by GAAP, are maintained on the books of the
applicable Person;

 

50

 

(e)                                  pledges or
deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation,
other than any Lien imposed by ERISA;

 

(f)                                    deposits to
secure the performance of bids, trade contracts and leases (other than
Indebtedness), statutory obligations, surety bonds (other than bonds related to
judgments or litigation), performance bonds and other obligations of a like
nature incurred in the ordinary course of business;

 

(g)                                 easements,
rights-of-way, restrictions and other similar encumbrances affecting real property
which, in the aggregate, are not substantial in amount, and which do not in any
case materially detract from the value of the property subject thereto or
materially interfere with the ordinary conduct of the business of the
applicable Person; and

 

(h)                                 Liens securing
judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or
securing appeal or other surety bonds related to such judgments.

 

7.02                        Investments.

 

(a)                                  make or allow Investments in
Development Property to exceed, in the aggregate at any one time outstanding,
35% of Consolidated Total Asset Value.

 

(b)                                 make or allow Investments in
Joint Ventures to exceed, in the aggregate at any one time outstanding, 25% of
Consolidated Total Asset Value.  For
purposes of this Section 7.02(b), the Borrower’s aggregate
Investment in Joint Ventures will be valued at (i) the aggregate amount of
cash and cash equivalents and the net book value of other property (less,
without duplication, the aggregate principal amount of Indebtedness secured by
a Lien on such property at the time of contribution unless, after giving effect
to the contribution of such property to the Joint Ventures and any other
transactions occurring in connection therewith, such Indebtedness constitutes
an obligation of the Borrower or any of its Subsidiaries) contributed by the
Borrower to the Joint Ventures minus (ii) the aggregate amount of
distributions received by the Borrower from the Joint Ventures that would be
classified as a return of capital (as opposed to a return on investment).

 

7.03                        Indebtedness.

 

Create, incur, assume or suffer to exist any
Indebtedness of the Borrower or any of its Subsidiaries, except:

 

(a)                                  Indebtedness
under the Loan Documents; and

 

(b)                                 other
Indebtedness; provided that (i) after giving effect thereto
(including any Liens associated therewith) the Borrower and its Subsidiaries
are in compliance with all of the terms of this Agreement, including, but not
limited to, the financial covenants

 

51

 

set forth in Section 7.10 and (ii) with
respect to obligations of the Borrower in respect of Swap Contracts, such Swap
Contracts shall be entered into in order to manage existing or anticipated risk
and not for speculative purposes.

 

7.04                        Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with or into
another Person, except that, so long as no Default exists or would result
therefrom, any Subsidiary may merge with (a) the Borrower, provided
that the Borrower shall be the continuing or surviving Person, or (b) any
one or more other Subsidiaries, provided that when any wholly-owned
Subsidiary is merging with another Subsidiary, the wholly-owned Subsidiary
shall be the continuing or surviving Person.

 

7.05                        Dispositions.

 

Make any Disposition of all or substantially all of
the assets of the Borrower and its Subsidiaries, taken as a whole.

 

7.06                        Restricted Payments.

 

Declare or make, directly or indirectly, any
Restricted Payment, or incur any obligation (contingent or otherwise) to do so,
except that, so long as no Default shall have occurred and be continuing or
would result therefrom, the Borrower and each Subsidiary may purchase, redeem
or otherwise acquire Equity Interests issued by it in an amount not to exceed,
in the aggregate, fifteen percent (15%) of Consolidated Tangible Net Worth
during the term of this Agreement.

 

7.07                        Change in Nature of Business.

 

Engage in any material line of business
substantially different from those lines of business conducted by the Borrower
and its Subsidiaries on the date hereof or any business substantially related
or incidental thereto.

 

7.08                        Transactions with Affiliates.

 

Enter into any transaction of any kind with any
Affiliate of the Borrower (other than a Subsidiary), whether or not in the
ordinary course of business, other than on fair and reasonable terms
substantially as favorable to the Borrower or such Subsidiary as would be
obtainable by the Borrower or such Subsidiary at the time in a comparable arm’s-length
transaction with a Person other than an Affiliate.

 

7.09                        Burdensome Agreements.

 

Enter into any Contractual Obligation (other than
this Agreement or any other Loan Document) that limits the ability of (a) any
wholly-owned Subsidiary of the Borrower (other than a Subsidiary that is a
bankruptcy remote special purpose entity) to Guarantee the Indebtedness of the
Borrower or (b) the Borrower to create, incur, assume or suffer to exist
Liens on its property; provided, however, that this clause (b) shall
not prohibit any negative pledge incurred or

 

52

 

provided
in favor of any holder of Indebtedness permitted under Section 7.03
solely to the extent any such negative pledge (i) relates to the property
financed by or the subject of such Indebtedness or (ii) only requires the
grant of a Lien to secure such Indebtedness if a Lien is granted by the
Borrower to secure other Indebtedness of the Borrower.

 

7.10                        Financial Covenants.

 

(a)                                  Leverage Ratio.  Permit the Leverage Ratio to be greater than
the following amounts as of the end of any fiscal quarter ending during the
corresponding period set forth below:

 

	
  Beginning on the Closing
  Date and on or prior to September 30, 2007

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  October 1, 2007 and on or prior to June 30, 2008

  	
   

  	
  0.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on July 1,
  2008 and on or prior to December 31, 2008

  	
   

  	
  0.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  January 1, 2009

  	
   

  	
  0.60

  	
   

  

 

Notwithstanding the foregoing, beginning on January 1,
2009 the Borrower shall be permitted to increase the maximum Leverage Ratio to
65% for a maximum of two (2) consecutive fiscal quarterly periods
following a Significant Acquisition.

 

(b)                                 Secured Debt Ratio.  Permit the Secured Debt Ratio to be greater
than .30 to 1.0 as of the end of any fiscal quarter.

 

(c)                                  Fixed Charge Coverage Ratio.  Permit the Fixed Charge Coverage Ratio to be
less than the following amounts as of the end of any fiscal quarter ending
during the corresponding period set forth below:

 

	
  Beginning on the Closing
  Date and on or prior to September 30, 2008

  	
   

  	
  1.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  October 1, 2008

  	
   

  	
  1.75

  	
   

  

 

53

 

(d)                                 Unsecured Leverage Ratio.  Permit the Unsecured Leverage Ratio to be
greater than the following amounts as of the end of any fiscal quarter ending
during the corresponding period set forth below:

 

	
  Beginning on the Closing
  Date and on or prior to December 31, 2007

  	
   

  	
  0.90

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  January 1, 2008 and on or prior to June 30, 2008

  	
   

  	
  0.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on July 1,
  2008 and on or prior to December 31, 2008

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning on
  January 1, 2009

  	
   

  	
  0.65

  	
   

  

 

(e)                                  Consolidated Tangible Net
Worth.  Permit the Consolidated
Tangible Net Worth to be, as of the end of any fiscal quarter, less than
(i) 85% of the Consolidated Tangible Net Worth at the Closing Date (on a
pro forma basis to reflect the Acquisition) plus (ii) 85% of Net Cash
Proceeds from all Public Equity Issuances subsequent to the Closing Date.

 

ARTICLE VIII

 

EVENTS
OF DEFAULT AND REMEDIES

 

8.01                        Events of Default.

 

Any of the following shall constitute an Event of
Default:

 

(a)                                  Non-Payment.  The Borrower fails to pay (i) when and
as required to be paid herein, any amount of principal of any Loan, or (ii) within
three days after the same becomes due, any interest on any Loan or any fee due
hereunder, or (iii) within five days after the same becomes due, any other
amount payable hereunder or under any other Loan Document; or

 

(b)                                 Specific
Covenants.  The
Borrower or any of its Subsidiaries fails to perform or observe any term,
covenant or agreement contained in any of Section 6.01, 6.02,
6.03, 6.05, 6.10, 6.11 or Article VII;
or

 

(c)                                  Other Defaults.  The Borrower or any of its Subsidiaries fails
to perform or observe any other covenant or agreement (not specified in
subsection (a) or (b) above) contained in any Loan Document on
its part to be performed or observed and such failure continues for 30 days; or

 

(d)                                 Representations
and Warranties.  Any
representation, warranty, certification or statement of fact made or deemed
made by or on behalf of the Borrower

 

54

 

herein, in any other Loan Document, or in any
document delivered in connection herewith or therewith shall be incorrect in
any material respect when made or deemed made; or

 

(e)                                  Cross-Default.  (i) The Borrower or any of its
Subsidiaries (A) fails to make any payment when due (whether by scheduled
maturity, required prepayment, acceleration, demand, or otherwise) in respect
of any Indebtedness or Guarantee (other than Indebtedness hereunder and
Indebtedness under Swap Contracts) having an aggregate principal amount
(including undrawn committed or available amounts and including amounts owing
to all creditors under any combined or syndicated credit arrangement) of more
than the Threshold Amount, or (B) fails to observe or perform any other
agreement or condition relating to any such Indebtedness or Guarantee or
contained in any instrument or agreement evidencing, securing or relating
thereto, or any other event occurs, the effect of which default or other event is
to cause, or to permit the holder or holders of such Indebtedness or the
beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf
of such holder or holders or beneficiary or beneficiaries) to cause, with the
giving of notice if required, such Indebtedness to be demanded or to become due
or to be repurchased, prepaid, defeased or redeemed (automatically or
otherwise), or an offer to repurchase, prepay, defease or redeem such
Indebtedness to be made, prior to its stated maturity, or such Guarantee to
become payable or cash collateral in respect thereof to be demanded; or (ii) there
occurs under any Swap Contract an Early Termination Date (as defined in such
Swap Contract) resulting from (A) any event of default under such Swap
Contract as to which the Borrower or any Subsidiary is the Defaulting Party (as
defined in such Swap Contract) or (B) any Termination Event (as so
defined) under such Swap Contract as to which the Borrower or any Subsidiary is
an Affected Party (as so defined) and, in either event, the Swap Termination
Value owed by the Borrower or such Subsidiary as a result thereof is greater
than the Threshold Amount; or

 

(f)                                    Insolvency
Proceedings, Etc.  The
Borrower or any of its Subsidiaries institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the
benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any
receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for 60 calendar days; or any
proceeding under any Debtor Relief Law relating to any such Person or to all or
any material part of its property is instituted without the consent of such
Person and continues undismissed or unstayed for 60 calendar days, or an order
for relief is entered in any such proceeding; or

 

(g)                                 Inability to
Pay Debts; Attachment.  (i) The
Borrower or any of its Subsidiaries becomes unable or admits in writing its
inability or fails generally to pay its debts as they become due, or (ii) any
writ or warrant of attachment or execution or similar process is issued or
levied against all or any material part of the property of any

 

55

 

such Person and is not released, vacated or fully
bonded within 30 days after its issue or levy; or

 

(h)                                 Judgments.  There is entered against the Borrower or any
of its Subsidiaries (i) a final judgment or order for the payment of money
in an aggregate amount exceeding the Threshold Amount (to the extent not
covered by independent third-party insurance as to which the insurer does not
dispute coverage), or (ii) any one or more non-monetary final judgments
that have, or could reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect and, in either case, (A) enforcement
proceedings are commenced by any creditor upon such judgment or order, or (B) there
is a period of 10 consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)                                     ERISA.  (i) An ERISA Event occurs with respect
to a Pension Plan or Multiemployer Plan which has resulted or could reasonably
be expected to result in liability of the Borrower under Title IV of ERISA to
the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in
excess of the Threshold Amount, or (ii) the Borrower or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace
period, any installment payment with respect to its withdrawal liability under Section 4201
of ERISA under a Multiemployer Plan in an aggregate amount in excess of the
Threshold Amount; or

 

(j)                                     Invalidity of
Loan Documents.  Any
provision of any Loan Document, at any time after its execution and delivery
and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the Obligations, ceases to be in full force and
effect; or the Borrower or any other Person contests in any manner the validity
or enforceability of any provision of any Loan Document; or the Borrower denies
that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any provision of any Loan Document; or

 

(k)                                  Change of
Control.  There occurs any Change of
Control.

 

8.02                        Remedies Upon Event of Default.

 

If any Event of Default occurs and is continuing,
the Administrative Agent shall, at the request of, or may, with the consent of,
the Required Lenders, take any or all of the following actions:

 

(a)                                  declare the
commitment of each Lender to make Loans to be terminated, whereupon such
commitments and obligation shall be terminated;

 

(b)                                 declare the
unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any
other Loan Document to be immediately due and payable, without presentment,
demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Borrower; and

 

56

 

(c)                                  exercise on
behalf of itself and the Lenders all rights and remedies available to it and
the Lenders under the Loan Documents;

 

provided, however, that upon the occurrence of an
Event of Default pursuant to Sections 8.01(f) or (g) or
the occurrence of an actual or deemed entry of an order for relief with respect
to the Borrower under the Bankruptcy Code of the United States, the obligation
of each Lender to make Loans shall automatically terminate, the unpaid
principal amount of all outstanding Loans and all interest and other amounts as
aforesaid shall automatically become due and payable without further act of the
Administrative Agent or any Lender.

 

8.03                        Application of Funds.

 

After the exercise of remedies provided for in Section 8.02
(or after the Loans have automatically become immediately due and payable as
set forth in the proviso to Section 8.02), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the
following order:

 

First, to payment of
that portion of the Obligations constituting fees, indemnities, expenses and
other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable
to the Administrative Agent in its capacity as such;

 

Second, to payment of
that portion of the Obligations constituting fees, indemnities, expenses and
other amounts (other than principal and interest) payable to the Lenders
(including fees, charges and disbursements of counsel to the respective Lenders
and amounts payable under Article III), ratably among them in
proportion to the amounts described in this clause Second payable to
them;

 

Third, to payment of
that portion of the Obligations constituting accrued and unpaid interest on the
Loans and fees, premiums and scheduled
periodic payments, and any interest accrued thereon, due under any Swap
Contract between the Borrower and any Lender, or any Affiliate of a Lender, ratably
among the Lenders (and, in the case of such Swap Contracts, Affiliates of
Lenders) in proportion to the respective amounts described in this clause Third
payable to them;

 

Fourth, to payment of
that portion of the Obligations constituting unpaid principal of the Loans,
payment of breakage, termination or other
payments, and any interest accrued thereon, due under any Swap Contract between
the Borrower and any Lender, or any Affiliate of a Lender and amounts owing under Treasury Management
Agreements, ratably among the Lenders (and, in the case of such Swap Contracts, Affiliates of Lenders), the
Treasury Management Lenders in proportion to the respective amounts
described in this clause Fourth held by them; and

 

Last, the balance,
if any, after all of the Obligations have been indefeasibly paid in full, to
the Borrower or as otherwise required by Law.

 

57

 

ARTICLE IX

 

ADMINISTRATIVE
AGENT

 

9.01                        Appointment and Authority.

 

Each of the Lenders hereby irrevocably appoints Bank
of America to act on its behalf as the Administrative Agent hereunder and under
the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof or thereof, together with such actions and powers as
are reasonably incidental thereto.  The
provisions of this Article are solely for the benefit of the
Administrative Agent and the Lenders, and the Borrower shall not have rights as
a third party beneficiary of any of such provisions.

 

9.02                        Rights as a Lender.

 

The Person serving as the Administrative Agent
hereunder shall have the same rights and powers in its capacity as a Lender as
any other Lender and may exercise the same as though it were not the
Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the
Person serving as the Administrative Agent hereunder in its individual
capacity.  Such Person and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any
other advisory capacity for and generally engage in any kind of business with
the Borrower or any Subsidiary or other Affiliate thereof as if such Person
were not the Administrative Agent hereunder and without any duty to account
therefor to the Lenders.

 

9.03                        Exculpatory Provisions.

 

The Administrative Agent shall not have any duties
or obligations except those expressly set forth herein and in the other Loan
Documents.  Without limiting the
generality of the foregoing, the Administrative Agent:

 

(a)                                  shall not be
subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing;

 

(b)                                 shall not have
any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the
other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage
of the Lenders as shall be expressly provided for herein or in the other Loan
Documents), provided that the Administrative Agent shall not be required to
take any action that, in its opinion or the opinion of its counsel, may expose
the Administrative Agent to liability or that is contrary to any Loan Document
or applicable law; and

 

58

 

(c)                                  shall not,
except as expressly set forth herein and in the other Loan Documents, have any
duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent
or any of its Affiliates in any capacity.

 

The Administrative Agent shall not be liable for any
action taken or not taken by it (i) with the consent or at the request of
the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as the Administrative Agent shall believe in good faith shall
be necessary, under the circumstances as provided in Sections 10.01 and 8.02)
or (ii) in the absence of its own gross negligence or willful
misconduct.  The Administrative Agent
shall be deemed not to have knowledge of any Default unless and until notice
describing such Default is given to the Administrative Agent by the Borrower or
a Lender.

 

The Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement or any
other Loan Document, (ii) the contents of any certificate, report or other
document delivered hereunder or thereunder or in connection herewith or
therewith, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability,
effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Article IV or elsewhere herein, other than
to confirm receipt of items expressly required to be delivered to the
Administrative Agent.

 

9.04                        Reliance by Administrative Agent.

 

The Administrative Agent shall be entitled to rely
upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing (including
any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or
otherwise authenticated by the proper Person. 
The Administrative Agent also may rely upon any statement made to it
orally or by telephone and believed by it to have been made by the proper
Person, and shall not incur any liability for relying thereon.  In determining compliance with any condition
hereunder to the making of a Loan that by its terms must be fulfilled to the
satisfaction of a Lender, the Administrative Agent may presume that such
condition is satisfactory to such Lender unless the Administrative Agent shall
have received notice to the contrary from such Lender prior to the making of
such Loan.  The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such
counsel, accountants or experts.

 

9.05                        Delegation of Duties.

 

The Administrative Agent may perform any and all of
its duties and exercise its rights and powers hereunder or under any other Loan
Document by or through any one or more sub-agents

 

59

 

appointed
by the Administrative Agent.  The
Administrative Agent and any such sub-agent may perform any and all of its
duties and exercise its rights and powers by or through their respective
Related Parties.  The exculpatory
provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall
apply to their respective activities in connection with the syndication of the
credit facilities provided for herein as well as activities as Administrative
Agent.

 

9.06                        Resignation of Administrative Agent.

 

The Administrative Agent may at any time give notice
of its resignation to the Lenders and the Borrower.  Upon receipt of any such notice of
resignation, the Required Lenders shall have the right, in consultation with
the Borrower, to appoint a successor, which shall be a bank with an office in
the United States, or an Affiliate of any such bank with an office in the
United States.  If no such successor
shall have been so appointed by the Required Lenders and shall have accepted
such appointment within 30 days after the retiring Administrative Agent gives
notice of its resignation, then the retiring Administrative Agent may on behalf
of the Lenders, appoint a successor Administrative Agent meeting the
qualifications set forth above; provided that if the Administrative
Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring
Administrative Agent shall be discharged from its duties and obligations
hereunder and under the other Loan Documents and (2) all payments,
communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender directly, until
such time as the Required Lenders appoint a successor Administrative Agent as
provided for above in this Section.  Upon
the acceptance of a successor’s appointment as Administrative Agent hereunder,
such successor shall succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring (or retired) Administrative
Agent, and the retiring Administrative Agent shall be discharged from all of
its duties and obligations hereunder or under the other Loan Documents (if not
already discharged therefrom as provided above in this Section).  The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its
predecessor unless otherwise agreed between the Borrower and such
successor.  After the retiring
Administrative Agent’s resignation hereunder and under the other Loan
Documents, the provisions of this Article and Section 10.04
shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions
taken or omitted to be taken by any of them while the retiring Administrative
Agent was acting as Administrative Agent.

 

9.07                        Non-Reliance on Administrative Agent and Other
Lenders.

 

Each Lender acknowledges that it has, independently
and without reliance upon the Administrative Agent or any other Lender or any
of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into
this Agreement.  Each Lender also
acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and
based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action
under or based

 

60

 

upon
this Agreement, any other Loan Document or any related agreement or any
document furnished hereunder or thereunder.

 

9.08                        No Other Duties, Etc.

 

Anything herein to the contrary notwithstanding,
none of the Arrangers, Bookrunners, Syndication Agent or Documentation Agents
listed on the cover page hereof shall have any powers, duties or
responsibilities under this Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as the Administrative Agent or a Lender
hereunder.

 

9.09                        Administrative Agent May File Proofs of
Claim.

 

In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Borrower, the
Administrative Agent (irrespective of whether the principal of any Loan shall
then be due and payable as herein expressed or by declaration or otherwise and
irrespective of whether the Administrative Agent shall have made any demand on
the Borrower) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

 

(a)                                  to file and
prove a claim for the whole amount of the principal and interest owing and
unpaid in respect of the Loans and all other Obligations that are owing and
unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Lenders and the Administrative Agent (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders and the Administrative Agent and their respective agents and
counsel and all other amounts due the Lenders and the Administrative Agent
under Sections 2.10 and 10.04) allowed in such judicial
proceeding; and

 

(b)                                 to collect and
receive any monies or other property payable or deliverable on any such claims
and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial
proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall
consent to the making of such payments directly to the Lenders, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Sections
2.10 and 10.04.

 

Nothing contained herein shall be deemed to
authorize the Administrative Agent to authorize or consent to or accept or
adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender
or to authorize the Administrative Agent to vote in respect of the claim of any
Lender in any such proceeding.

 

61

 

ARTICLE X

 

MISCELLANEOUS

 

10.01      Amendments, Etc.

 

No
amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower therefrom, shall be
effective unless in writing signed by the Required Lenders and the Borrower,
and acknowledged by the Administrative Agent, and each such waiver or consent
shall be effective only in the specific instance and for the specific purpose
for which given; provided, however, that no such amendment,
waiver or consent shall:

 

(a)           extend or increase
the Commitment of any Lender (or reinstate any Commitment terminated pursuant
to Section 8.02) without the written consent of such Lender;

 

(b)           postpone any date
fixed by this Agreement or any other Loan Document for any payment or mandatory
prepayment of principal, interest, fees or other amounts due to the Lenders (or
any of them) hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby;

 

(c)           reduce the principal
of, or the rate of interest specified herein on, any Loan, or (subject to
clause (iv) of the second proviso to this Section 10.01) any fees or
other amounts payable hereunder (including pursuant to Section 2.06) or
under any other Loan Document without the written consent of each Lender
directly affected thereby; provided, however, that only the consent of the
Required Lenders shall be necessary to amend the definition of “Default Rate”
or to waive any obligation of the Borrower to pay interest at the Default Rate;

 

(d)           change Section 2.14
or Section 8.03 in a manner that would alter the pro rata sharing of
payments required thereby without the written consent of each Lender; or

 

(e)           change any provision
of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to
amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender;

 

and
provided, further, that (i) no amendment, waiver or consent
shall, unless in writing and signed by the Administrative Agent in addition to
the Lenders required above, affect the rights or duties of the Administrative
Agent under this Agreement or any other Loan Document and (ii) the Fee
Letter may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto. 
Notwithstanding anything to the contrary herein, no Defaulting Lender
shall have any right to approve or disapprove any amendment, waiver or

 

62

 

consent
hereunder, except that the Commitment of such Lender may not be increased or
extended without the consent of such Lender.

 

Notwithstanding
the fact that the consent of all the Lenders is required in certain
circumstances as set forth above, (x) each Lender is entitled to vote as
such Lender sees fit on any reorganization plan that affects the Loans and each
Lender acknowledges that the provisions of Section 1126(c) of the
Bankruptcy Code supersede the unanimous consent provisions set forth herein and
(y) the Required Lenders may consent to allow the Borrower to use cash
collateral in the context of a bankruptcy or insolvency proceeding.

 

10.02      Notices; Effectiveness; Electronic
Communication.

 

(a)           Notices Generally.  Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as
provided in subsection (b) below), all notices and other communications
provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable
telephone number, as follows:

 

(i)            if to the Borrower
or the Administrative Agent, to the address, telecopier number, electronic mail
address or telephone number specified for such Person on Schedule 10.02;
and

 

(ii)           if to any other
Lender, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire.

 

Notices
sent by hand or overnight courier service, or mailed by certified or registered
mail, shall be deemed to have been given when received; notices sent by
telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have
been given at the opening of business on the next business day for the
recipient).  Notices delivered through
electronic communications to the extent provided in subsection (b) below,
shall be effective as provided in such subsection (b).

 

(b)           Electronic Communications.  Notices and other communications to the Lenders
hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to
notices to any Lender if such Lender has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic
communication.  The Administrative Agent
or the Borrower may, in its discretion, agree to accept notices and other
communications to it hereunder by electronic communications pursuant to
procedures approved by it, provided that approval of such procedures may
be limited to particular notices or communications.

 

Unless
the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested”

 

63

 

function,
as available, return e-mail or other written acknowledgement), provided
that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next business day for the
recipient, and (ii) notices or communications posted to an Internet or
intranet website shall be deemed received upon the deemed receipt by the
intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the
website address therefor.

 

(c)           Change of Address, Etc.  Each of the Borrower and the Administrative
Agent may change its address, telecopier or telephone number for notices and
other communications hereunder by notice to the other parties hereto.  Each other Lender may change its address,
telecopier or telephone number for notices and other communications hereunder
by notice to the Borrower and the Administrative Agent.  In addition, each Lender agrees to notify the
Administrative Agent from time to time to ensure that the Administrative Agent
has on record (i) an effective address, contact name, telephone number,
telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such
Lender.  Furthermore, each Public Lender
agrees to cause at least one individual at or on behalf of such Public Lender
to at all times have selected the “Private Side Information” or similar
designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public
Lender’s compliance procedures and applicable Law, including United States Federal
and state securities Laws, to make reference to Borrower Materials that are not
made available through the “Public Side Information” portion of the Platform
and that may contain material non-public information with respect to the
Borrower or its securities for purposes of United States Federal or state
securities laws.

 

(d)           Reliance by Administrative Agent
and Lenders.  The Administrative
Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Bridge Loan Notices) purportedly given by or on behalf of
the Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of
notice specified herein, or (ii) the terms thereof, as understood by the
recipient, varied from any confirmation thereof.  The Borrower shall indemnify the
Administrative Agent, each Lender and the Related Parties of each of them from
all losses, costs, expenses and liabilities resulting from the reliance by such
Person on each notice purportedly given by or on behalf of the Borrower.  All telephonic notices to and other
telephonic communications with the Administrative Agent may be recorded by the
Administrative Agent, and each of the parties hereto hereby consents to such
recording.

 

10.03      No Waiver; Cumulative Remedies.

 

No
failure by any Lender or the Administrative Agent to exercise, and no delay by
any such Person in exercising, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege.  The rights, remedies, powers
and privileges herein provided are cumulative and not exclusive of any rights,
remedies, powers and privileges provided by law.

 

64

 

10.04      Expenses; Indemnity; Damage Waiver.

 

(a)           Costs and Expenses.  The Borrower shall pay (i) all reasonable
out-of-pocket expenses incurred by the Agents and their Affiliates (including
the reasonable fees, charges and disbursements of counsel for the
Administrative Agent), in connection with the syndication of the credit
facilities provided for herein, due diligence, the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof
or thereof (whether or not the transactions contemplated hereby or thereby
shall be consummated) and (ii) all out-of-pocket expenses incurred by the
Administrative Agent or any Lender (including the fees, charges and
disbursements of any counsel for the Administrative Agent or any Lender), in
connection with the enforcement or protection of its rights (A) in
connection with this Agreement and the other Loan Documents, including its
rights under this Section, or (B) in connection with the Loans made
hereunder, including all such out-of-pocket expenses incurred during any
workout, restructuring or negotiations in respect of such Loans.

 

(b)           Indemnification by the Borrower.  The Borrower shall indemnify the
Administrative Agent (and any sub-agent thereof), each Lender, the Agents and
their Affiliates and each Related Party of any of the foregoing Persons (each
such Person being called an “Indemnitee”) against, and hold each
Indemnitee harmless from, any and all losses, claims, damages, penalties,
liabilities and related expenses (including the fees, charges and disbursements
of any counsel for any Indemnitee), incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by the Borrower arising out of, in
connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the performance by the parties hereto of their respective
obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby (including, without limitation, each Lender’s
agreement to make Loans or the use or intended use of the proceeds thereof), (ii) any
actual or alleged presence or release of Hazardous Materials on or from any
property owned or operated by the Borrower or any of its Subsidiaries, or any
Environmental Liability related in any way to the Borrower or any of its
Subsidiaries, or (iii) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the
Borrower, and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, penalties, liabilities or related expenses (x) are
determined by a court of competent jurisdiction by final and nonappealable
judgment to have resulted from the gross negligence or willful misconduct of
such Indemnitee or (y) result from a claim brought by the Borrower against
an Indemnitee for breach in bad faith of such Indemnitee’s obligations
hereunder or under any other Loan Document, if the Borrower has obtained a
final and nonappealable judgment in its favor on such claim as determined by a
court of competent jurisdiction.

 

(c)           Reimbursement by Lenders.  To the extent that the Borrower for any
reason fails to indefeasibly pay any amount required under subsection (a) or
(b) of this Section to be paid by it to the Administrative Agent (or
any sub-agent thereof) or any Related Party of any of the

 

65

 

foregoing
and without relieving the Borrower of its obligations with respect thereto,
each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent) or such Related Party, as the case may be, such Lender’s Applicable
Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the
unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent), or against any Related Party of
any of the foregoing acting for the Administrative Agent (or any such
sub-agent) in connection with such capacity. 
The obligations of the Lenders under this subsection (c) are
subject to the provisions of Section 2.13(d).

 

(d)           Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable
law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated
hereby or thereby, any Loan or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above
shall be liable for any damages arising from the use by unintended recipients
of any information or other materials distributed by it through
telecommunications, electronic or other information transmission systems in
connection with this Agreement or the other Loan Documents or the transactions
contemplated hereby or thereby.

 

(e)           Payments.  All amounts due under this Section shall
be payable not later than ten Business Days after demand therefor.

 

(f)            Survival.  The agreements in this Section shall
survive the resignation of the Administrative Agent, the replacement of any
Lender, the termination of the Commitments and the repayment, satisfaction or
discharge of all the other Obligations.

 

10.05      Payments Set Aside.

 

To
the extent that any payment by or on behalf of the Borrower is made to the
Administrative Agent or any Lender, or the Administrative Agent or any Lender
exercises its right of setoff, and such payment or the proceeds of such setoff
or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement
entered into by the Administrative Agent or such Lender in its discretion) to
be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the
extent of such recovery, the obligation or part thereof originally intended to
be satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such setoff had not occurred, and (b) each
Lender severally agrees to pay to the Administrative Agent upon demand its
applicable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the
Federal Funds Rate from time to time in effect. 
The obligations of the Lenders under clause (b) of the preceding
sentence shall survive the payment in full of the Obligations and the
termination of this Agreement.

 

66

 

10.06      Successors and Assigns.

 

(a)           Successors and Assigns Generally.  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby, except that the Borrower
may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender
and no Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an assignee in accordance with the provisions of
subsection (b) of this Section, (ii) by way of participation in
accordance with the provisions of subsection (d) of this Section, (iii) by
way of pledge or assignment or grant of a security interest subject to the
restrictions of subsection (f) of this Section, or (iv) to an SPC in
accordance with the provisions of subsection (h) of this Section (and
any other attempted assignment or transfer by any party hereto shall be null
and void).  Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than
the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in subsection (d) of this Section and,
to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

 

(b)           Assignments by Lenders.  Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans at the
time owing to it); provided that any such assignment shall be subject to
the following conditions:

 

(i)            Minimum Amounts.

 

(A)          in
the case of an assignment of the entire remaining amount of the assigning
Lender’s Commitment and the Loans at the time owing to it or in the case of an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

 

(B)           in
any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the
principal outstanding balance of the Loans of the assigning Lender subject to
each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade
Date” is specified in the Assignment and Assumption, as of the Trade Date,
shall not be less than $2,500,000 unless each of the Administrative Agent and,
so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or
delayed); provided, however, that concurrent assignments to
members of an Assignee Group and concurrent assignments from members of an
Assignee Group to a single assignee (or to an assignee and members of its
Assignee Group) will be treated as a single assignment for purposes of
determining whether such minimum amount has been met.

 

67

 

(ii)           Proportionate
Amounts.  Each partial assignment
shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans
or the Commitment assigned;

 

(iii)          Required
Consents.  No consent shall be
required for any assignment except to the extent required by subsection (b)(i)(B) of
this Section and, in addition:

 

(A)          the
consent of the Borrower (such consent not to be unreasonably withheld or
delayed) shall be required unless (1) an Event of Default has occurred and
is continuing at the time of such assignment or (2) such assignment is to
a Lender, an Affiliate of a Lender or an Approved Fund; and

 

(B)           the
consent of the Administrative Agent (such consent not to be unreasonably
withheld or delayed) shall be required if such assignment is to a Person that
is not a Lender, an Affiliate of such Lender or an Approved Fund with respect
to such Lender.

 

(iv)          Assignment and
Assumption.  The parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of
$3,500; provided, however, that the Administrative Agent may, in
its sole discretion, elect to waive such processing and recordation fee in the
case of any assignment.  The assignee, if
it is not a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

 

(v)           No Assignment to
the Borrower.  No such assignment
shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries.

 

(vi)          No Assignment to
Natural Persons.  No such assignment
shall be made to a natural person.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to
subsection (c) of this Section, from and after the effective date
specified in each Assignment and Assumption, the Eligible Assignee thereunder
shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent
of the interest assigned by such Assignment and Assumption, be released from
its obligations under this Agreement (and, in the case of an Assignment and Assumption
covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to
be entitled to the benefits of Sections 3.01, 3.04, 3.05,
and 10.04 with respect to facts and circumstances occurring prior to the
effective date of such assignment.  Upon
request, the Borrower (at its expense) shall execute and deliver a Note to the
assignee Lender.  Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does
not comply with this subsection shall be treated for purposes of this Agreement
as a sale by such Lender of a participation in such rights and obligations in
accordance with subsection (d) of this Section.

 

68

 

(c)           Register.  The Administrative Agent, acting solely for
this purpose as an agent of the Borrower, shall maintain at the Administrative
Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the
Commitments of, and principal amounts of the Loans owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”).  The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent and the Lenders may
treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement,
notwithstanding notice to the contrary. 
The Register shall be available for inspection by the Borrower and any
Lender (with respect to its own interest only), at any reasonable time and from
time to time upon reasonable prior notice.

 

(d)           Participations.  Any Lender may at any time, without the
consent of, or notice to, the Borrower or the Administrative Agent, sell
participations to any Person (other than a natural person or the Borrower or
any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”)
in all or a portion of such Lender’s rights and/or obligations under this
Agreement (including all or a portion of its Commitment and/or the Loans owing
to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations
and (iii) the Borrower, the Administrative Agent and the Lenders shall
continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

 

Any
agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided
that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, waiver or other
modification described in the first proviso to Section 10.01 that
affects such Participant.  Subject to
subsection (e) of this Section, the Borrower agrees that each Participant
shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05  to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection (b) of this
Section.  To the extent permitted by law,
each Participant also shall be entitled to the benefits of Section 10.08  as though it were a Lender, provided such
Participant agrees to be subject to Section 2.14 as though it were
a Lender.

 

(e)           Limitations upon Participant
Rights.  A Participant shall not be
entitled to receive any greater payment under Section 3.01 or 3.04  than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the
sale of the participation to such Participant is made with the Borrower’s prior
written consent.  A Participant that
would be a Foreign Lender if it were a Lender shall not be entitled to the
benefits of Section 3.01 unless the Borrower is notified of the
participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 3.01(e) as
though it were a Lender.

 

(f)            Certain Pledges.  Any Lender may at any time pledge, assign or
grant a security interest in, all or any portion of its rights under this
Agreement (including under its Note, if any)

 

69

 

to
secure obligations of such Lender, including any pledge or assignment or grant
of a security interest to secure obligations to a Federal Reserve Bank; provided
that no such pledge or assignment or grant of a security interest shall release
such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee or grantee for such Lender as a party hereto.

 

(g)           Electronic Execution of
Assignments.  The words “execution,” “signed,”
“signature,” and words of like import in any Assignment and Assumption shall be
deemed to include electronic signatures or the keeping of records in electronic
form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in
any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic
Transactions Act.

 

(h)           Special Purpose Funding Vehicles.  Notwithstanding anything to the contrary
contained herein, any Lender (a “Granting Lender”) may grant to a
special purpose funding vehicle identified as such in writing from time to time
by the Granting Lender to the Administrative Agent and the Borrower (an “SPC”)
the option to provide all or any part of any Loan that such Granting Lender
would otherwise be obligated to make pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to fund
any Loan, and (ii) if an SPC elects not to exercise such option or
otherwise fails to make all or any part of such Loan, the Granting Lender shall
be obligated to make such Loan pursuant to the terms hereof or, if it fails to
do so, to make such payment to the Administrative Agent as is required under Section 2.13(b)(ii).  Each party hereto hereby agrees that (i) neither
the grant to any SPC nor the exercise by any SPC of such option shall increase
the costs or expenses or otherwise increase or change the obligations of the
Borrower under this Agreement (including its obligations under Section 3.04),
(ii) no SPC shall be liable for any indemnity or similar payment
obligation under this Agreement for which a Lender would be liable, and (iii) the
Granting Lender shall for all purposes, including the approval of any
amendment, waiver or other modification of any provision of any Loan Document,
remain the lender of record hereunder. 
The making of a Loan by an SPC hereunder shall utilize the Commitment of
the Granting Lender to the same extent, and as if, such Loan were made by such
Granting Lender.  In furtherance of the
foregoing, each party hereto hereby agrees (which agreement shall survive the
termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding commercial paper or other
senior debt of any SPC, it will not institute against, or join any other Person
in instituting against, such SPC any bankruptcy, reorganization, arrangement,
insolvency, or liquidation proceeding under the laws of the United States or
any State thereof.  Notwithstanding
anything to the contrary contained herein, any SPC may (i) with notice to,
but without prior consent of the Borrower and the Administrative Agent and with
the payment of a processing fee in the amount of $3,500 (which processing fee
may be waived by the Administrative Agent in its sole discretion), assign all
or any portion of its right to receive payment with respect to any Loan to the
Granting Lender and (ii) disclose on a confidential basis any non-public
information relating to its funding of Loans to any rating agency, commercial
paper dealer or provider of any surety or Guarantee or credit or liquidity
enhancement to such SPC.

 

70

 

10.07      Treatment of Certain Information;
Confidentiality.

 

Each
of the Administrative Agent and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information
may be disclosed (a) to its Affiliates and to its and its Affiliates’
respective partners, directors, officers, employees, agents, advisors and
representatives (it being understood that the Persons to whom such disclosure
is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b) to the extent requested by any
governmental agency or regulatory authority purporting to have jurisdiction
over it or its Affiliates (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent
required by applicable laws or regulations or by any subpoena or similar legal
process, (d) to any other party hereto, (e) in connection with the
exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an
agreement containing provisions substantially the same as those of this
Section, to (i) any assignee of or Participant in, or any prospective
assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to the Borrower and its
obligations, (g) with the consent of the Borrower, (h) to the extent
such Information (x) becomes publicly available other than as a result of
a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, or any of their respective Affiliates on a
nonconfidential basis from a source other than the Borrower that the
Administrative Agent, any such Lender reasonably believes is not bound by a
duty of confidentiality to the Borrower (i) to any rating
agency (provided such rating agencies are advised of the confidential nature of
such information and agree to keep such information confidential) or (j) as reasonably required by any Lender or other Person providing
financing to such Lender (provided such Lenders or other Persons are
advised of the confidential nature of such information and agree to keep such
information confidential).

 

For
purposes of this Section, “Information” means all information received
from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary
or any of their respective businesses, other than any such information that is
available to the Administrative Agent or any Lender on a nonconfidential basis
prior to disclosure by the Borrower or any Subsidiary, provided that, in
the case of information received from the Borrower or any Subsidiary after the
date hereof, such information is clearly identified at the time of delivery as
confidential.  Any Person required to
maintain the confidentiality of Information as provided in this Section shall
be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own or its other similarly
situated customers’ confidential information.

 

10.08      Right of Setoff.

 

If
an Event of Default shall have occurred and be continuing, each Lender and each
of their respective Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by applicable law, to set off and
apply any and all deposits (general or special, time or demand, provisional or
final, in whatever currency) at any time held and other obligations (in
whatever currency) at any time owing by such Lender or any such Affiliate to or

 

71

 

for
the credit or the account of the Borrower against any and all of the
obligations of the Borrower now or hereafter existing under this Agreement or
any other Loan Document to such Lender, irrespective of whether or not such
Lender shall have made any demand under this Agreement or any other Loan
Document and although such obligations of the Borrower may be contingent or
unmatured or are owed to a branch or office of such Lender different from the
branch or office holding such deposit or obligated on such indebtedness.  The rights of each Lender and their
respective Affiliates under this Section are in addition to other rights
and remedies (including other rights of setoff) that such Lender or their
respective Affiliates may have.  Each
Lender agrees to notify the Borrower and the Administrative Agent promptly
after any such setoff and application, provided that the failure to give
such notice shall not affect the validity of such setoff and application.

 

10.09      Interest Rate Limitation.

 

Notwithstanding
anything to the contrary contained in any Loan Document, the interest paid or
agreed to be paid under the Loan Documents shall not exceed the maximum rate of
non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Administrative Agent or any Lender
shall receive interest in an amount that exceeds the Maximum Rate, the excess
interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. 
In determining whether the interest contracted for, charged, or received
by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any
payment that is not principal as an expense, fee, or premium rather than interest,
(b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of
interest throughout the contemplated term of the Obligations hereunder.

 

10.10      Counterparts; Integration;
Effectiveness.

 

This
Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of
which when taken together shall constitute a single contract.  This Agreement and the other Loan Documents
constitute the entire contract among the parties relating to the subject matter
hereof and supersede any and all previous agreements and understandings, oral
or written, relating to the subject matter hereof.  Except as provided in Section 4.01,
this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received
counterparts hereof that, when taken together, bear the signatures of each of
the other parties hereto.  Delivery of an
executed counterpart of a signature page of this Agreement by telecopy
shall be effective as delivery of a manually executed counterpart of this
Agreement.

 

10.11      Survival of Representations and
Warranties.

 

All
representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith
or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been
or will be relied upon by the Administrative Agent and each Lender, regardless
of any

 

72

 

investigation
made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of
any Default at the time of any Credit Extension, and shall continue in full
force and effect as long as any Loan or any other Obligation hereunder shall
remain unpaid or unsatisfied.

 

10.12      Severability.

 

If
any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and
enforceability of the remaining provisions of this Agreement and the other Loan
Documents shall not be affected or impaired thereby and (b) the parties
shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable
provisions.  The invalidity of a
provision in a particular jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

10.13      Replacement of Lenders.

 

If
any Lender requests compensation under Section 3.04, or if the
Borrower is required to pay any additional amount to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 3.01,
or if any Lender is a Defaulting Lender, or if any Lender does not consent to
any amendment or waiver of any provision hereof or of any other Loan Document
for which its consent is required under Section 10.01 after Required
Lenders have consented thereto, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in, and consents required by, Section 10.06),
all of its interests, rights and obligations under this Agreement and the
related Loan Documents to an assignee that shall assume such obligations (which
assignee may be another Lender, if a Lender accepts such assignment), provided
that:

 

(a)           the Borrower shall
have paid to the Administrative Agent the assignment fee specified in Section 10.06(b);

 

(b)           such Lender shall
have received payment of an amount equal to the outstanding principal of its
Loans, accrued interest thereon, accrued fees and all other amounts payable to
it hereunder and under the other Loan Documents (including any amounts under Section 3.05)
from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts);

 

(c)           in the case of any such
assignment resulting from a claim for compensation under Section 3.04 or
payments required to be made pursuant to Section 3.01, such assignment
will result in a reduction in such compensation or payments thereafter; and

 

(d)           such assignment does
not conflict with applicable Laws.

 

73

 

A
Lender shall not be required to make any such assignment or delegation if,
prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation
cease to apply.

 

10.14      Governing Law; Jurisdiction; Etc.

 

(a)           GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION.

 

(b)           SUBMISSION TO JURISDICTION.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED
STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND
UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL
COURT.  EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW.  NOTHING IN THIS
AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE
ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE
BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)           WAIVER OF VENUE.  THE BORROWER IRREVOCABLY AND UNCONDITIONALLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT
IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

 

(d)           SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO
SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE
RIGHT OF ANY

 

74

 

PARTY
HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15      Waiver of Jury Trial.

 

EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY
(WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT
AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

 

10.16      No Advisory or Fiduciary Responsibility.

 

In
connection with all aspects of each transaction contemplated hereby (including
in connection with any amendment, waiver or other modification hereof or of any
other Loan Document), the Borrower acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that: (i) (A) the
arranging and other services regarding this Agreement provided by the
Administrative Agent, the Arranger, the Lenders and the other Lead Arrangers
are arm’s-length commercial transactions between the Borrower and its
Affiliates, on the one hand, and the Administrative Agent, the Lenders and the
Lead Arrangers, on the other hand, (B) the Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (C) the Borrower is capable of evaluating, and
understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) the
Administrative Agent, each Lender and each Lead Arranger each is and has been
acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor,
agent or fiduciary for the Borrower or any of its Affiliates, or any other
Person and (B) neither the Administrative Agent, any Lender nor any Lead
Arranger has any obligation to the Borrower or any of its Affiliates with
respect to the transactions contemplated hereby except those obligations
expressly set forth herein and in the other Loan Documents; and (iii) the
Administrative Agent, the Lenders and the Lead Arrangers and their respective
Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Borrower and its Affiliates, and neither the
Administrative Agent, any Lender nor any Lead Arranger has any obligation to
disclose any of such interests to the Borrower or its  Affiliates.  To the fullest extent permitted by law, the
Borrower hereby waives and releases any claims that it may have against the
Administrative Agent, the Lenders and the Lead Arrangers with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any
aspect of any transaction contemplated hereby.

 

75

 

10.17      USA Patriot Act Notice.

 

Each
Lender that is subject to the Patriot Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby
notifies the Borrower that pursuant to the requirements of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow such Lender or the
Administrative Agent, as applicable, to identify the Borrower in accordance
with the Patriot Act.

 

10.18      Delivery of Signature Page.

 

Each
Lender to become a party to this Agreement on the date hereof shall do so by
delivering to the Administrative Agent a counterpart of this Agreement duly
executed by such Lender.

 

76

 

Each
of the parties hereto have caused a counterpart of this Agreement to be duly
executed as of the date first above written.

 

	
   

  	
  HEALTH
  CARE PROPERTY INVESTORS, INC.

  
	
   

  	
  as
  Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Wallace

  
	
   

  	
  Name:

  	
  Mark
  Wallace

  
	
   

  	
  Title:

  	
  EVP,
  CFO & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Amie L. Edwards

  
	
   

  	
  Name:

  	
  Amie
  L. Edwards

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK
  OF AMERICA, N.A.,

  
	
   

  	
  as
  a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Amie L. Edwards

  
	
   

  	
  Name:

  	
  Amie
  L. Edwards

  
	
   

  	
  Title:

  	
  Vice President

  

 

77

 

	
   

  	
  UBS LOAN FINANCE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Mary E. Evans

  
	
   

  	
  Name:

  	
  Mary
  E. Evans

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  David B. Julie

  
	
   

  	
  Name:

  	
  David
  B. Julie

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BARCLAYS
  BANK PLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Gary B. Wenslow

  
	
   

  	
  Name:

  	
  Gary
  B. Wenslow

  
	
   

  	
  Title:

  	
  Associate
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Vanessa Chiu

  
	
   

  	
  Name:

  	
  Vanessa
  Chiu

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA
  BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Jeanette A. Griffin

  
	
   

  	
  Name:

  	
  Jeanette
  A. Griffin

  
	
   

  	
  Title:

  	
  Director

  

 

78

 

	
   

  	
  CITICORP
  NORTH AMERICA, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Ricardo James

  
	
   

  	
  Name:

  	
  Ricardo
  James

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT
  SUISSE, Cayman Islands Branch

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  CASSANDRA DROOGAN

  
	
   

  	
  Name:

  	
  CASSANDRA
  DROOGAN

  
	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  LAURENCE LAPEYRE

  
	
   

  	
  Name:

  	
  LAURENCE
  LAPEYRE

  
	
   

  	
  Title:

  	
  ASSOCIATE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GOLDMAN
  SACHS CREDIT PARTNERS, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Bruce Mendelsohn

  
	
   

  	
  Name:

  	
  Bruce
  Mendelsohn

  
	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS
  FARGO BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  David W. Shaw

  
	
   

  	
  Name:

  	
  David
  W. Shaw

  
	
   

  	
  Title:

  	
  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  BANK OF NOVA SCOTIA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  W. B. Hamilton

  
	
   

  	
  Name:

  	
  W.
  B. Hamilton

  
	
   

  	
  Title:

  	
  Director

  

 

79

 

	
   

  	
  CALYON
  NEW YORK BRANCH

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Thomas Randolph

  
	
   

  	
  Name:

  	
  Thomas
  Randolph

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Priya Vrat

  
	
   

  	
  Name:

  	
  Priya
  Vrat

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  A
  national banking association

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Bellini Lacey

  
	
   

  	
  Name:

  	
  Bellini
  Lacey

  
	
   

  	
  Title:

  	
  Closing
  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MERRILL
  LYNCH BANK USA

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Louis Alder

  
	
   

  	
  Name:

  	
  Louis
  Alder

  
	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  ROYAL BANK OF SCOTLAND PLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Neil Crawford

  
	
   

  	
  Name:

  	
  Neil
  Crawford

  
	
   

  	
  Title:

  	
  Managing
  Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SUNTRUST
  BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Helen C. Hartz

  
	
   

  	
  Name:

  	
  Helen
  C. Hartz

  
	
   

  	
  Title:

  	
  Vice President

  

 

80

 

SCHEDULE 1.01

 

MANDATORY COST

 

1.                                       The Mandatory
Cost (to the extent applicable) is an addition to the interest rate to
compensate Lenders for the cost of compliance with:

 

(a)                                  the
requirements of the Bank of England and/or the Financial Services Authority
(or, in either case, any other authority which replaces all or any of its
functions); or

 

(b)                                 the
requirements of the European Central Bank.

 

2.                                       On the first
day of each Interest Period (or as soon as possible thereafter) the
Administrative Agent shall calculate, as a percentage rate, a rate (the “Additional
Cost Rate”) for each Lender, in accordance with the paragraphs set out
below.  The Mandatory Cost will be
calculated by the Administrative Agent as a weighted average of the Lenders’
Additional Cost Rates (weighted in proportion to the percentage participation
of each Lender in the relevant Loan) and will be expressed as a percentage rate
per annum.  The Administrative Agent
will, at the request of the Company or any Lender, deliver to the Company or such
Lender as the case may be, a statement setting forth the calculation of any
Mandatory Cost.

 

3.                                       The Additional
Cost Rate for any Lender lending from a Lending Office in a Participating
Member State will be the percentage notified by that Lender to the Administrative
Agent.  This percentage will be certified
by such Lender in its notice to the Administrative Agent to be its reasonable
determination of the cost (expressed as a percentage of such Lender’s
participation in all Loans made from such Lending Office) of complying with the
minimum reserve requirements of the European Central Bank in respect of Loans
made from that Lending Office.

 

4.                                       The Additional
Cost Rate for any Lender lending from a Lending Office in the United Kingdom
will be calculated by the Administrative Agent as follows:

 

(a)                                  in relation to
any Loan in Sterling:

 

	
   

  	
  AB+C(B-D)+E
  x 0.01

  	
   

  	
  per
  cent per annum 

  
	
   

  	
  100
  - (A+C)

  

 

(b)                                 in relation to
any Loan in any currency other than Sterling:

 

	
   

  	
  E x 0.01

  	
   

  	
  per
  cent per annum

  
	
   

  	
  300

  

 

Where:

 

“A”                          is the percentage of
Eligible Liabilities (assuming these to be in excess of any stated minimum)
which that Lender is from time to time required to maintain as an interest free
cash ratio deposit with the Bank of England to comply with cash ratio requirements.

 

“B”                            is the percentage rate of
interest (excluding the Applicable Rate, the Mandatory Cost and any interest
charged on overdue amounts pursuant to the first sentence of Section 2.09(b) and,
in the case of interest (other than on overdue amounts) charged at the Default
Rate, without counting any increase in interest rate 

 

 

effected
by the charging of the Default Rate) payable for the relevant Interest Period
of such Loan.

 

“C”                            is the percentage (if any)
of Eligible Liabilities which the Lender is required from time to time to
maintain as interest bearing Special Deposits with the Bank of England.

 

“D”                           is the percentage rate per
annum payable by the Bank of England to the Administrative Agent on interest
bearing Special Deposits.

 

“E”                             is designed to compensate
Lenders for amounts payable under the Fees Rules and is calculated by the
Administrative Agent as being the average of the most recent rates of charge
supplied by the Lenders to the Administrative Agent pursuant to paragraph 7
below and expressed in pounds per £1,000,000.

 

5.                                       For the
purposes of this Schedule:

 

(a)                                  “Eligible Liabilities”
and “Special Deposits” have the meanings given to them from time to time
under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by
the Bank of England;

 

(b)                                 “Fees Rules” means
the rules on periodic fees contained in the FSA Supervision Manual or such
other law or regulation as may be in force from time to time in respect of the
payment of fees for the acceptance of deposits;

 

(c)                                  “Fee Tariffs” means
the fee tariffs specified in the Fees Rules under the activity group A.1
Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant
to the Fees Rules but taking into account any applicable discount rate);
and

 

(d)                                 “Tariff Base” has the
meaning given to it in, and will be calculated in accordance with, the Fees
Rules.

 

6.                                       In application
of the above formulae, A, B, C and D will be included in the formulae as
percentages (i.e. 5% will be included in the formula as 5 and not as 0.05).  A negative result obtained by subtracting D
from B shall be taken as zero.  The
resulting figures shall be rounded to four decimal places.

 

7.                                       If requested by
the Administrative Agent or the Company, each Lender with a Lending Office in
the United Kingdom or a Participating Member State shall, as soon as
practicable after publication by the Financial Services Authority, supply to
the Administrative Agent and the Company, the rate of charge payable by such
Lender to the Financial Services Authority pursuant to the Fees Rules in
respect of the relevant financial year of the Financial Services Authority
(calculated for this purpose by such Lender as being the average of the Fee
Tariffs applicable to such Lender for that financial year) and expressed in
pounds per £1,000,000 of the Tariff Base of such Lender.

 

8.                                       Each Lender
shall supply any information required by the Administrative Agent for the
purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each
Lender shall supply the following information in writing on or prior to the
date on which it becomes a Lender:

 

 

(a)                                  the jurisdiction of the
Lending Office out of which it is making available its participation in the
relevant Loan; and

 

(b)                                 any other information that
the Administrative Agent may reasonably require for such purpose.

 

Each
Lender shall promptly notify the Administrative Agent in writing of any change
to the information provided by it pursuant to this paragraph.

 

9.                                       The percentages
of each Lender for the purpose of A and C above and the rates of charge of each
Lender for the purpose of E above shall be determined by the Administrative
Agent based upon the information supplied to it pursuant to paragraphs 7
and 8 above and on the assumption that, unless a Lender notifies the
Administrative Agent to the contrary, each Lender’s obligations in relation to
cash ratio deposits and Special Deposits are the same as those of a typical
bank from its jurisdiction of incorporation with a Lending Office in the same
jurisdiction as its Lending Office.

 

10.                                 The Administrative Agent
shall have no liability to any Person if such determination results in an
Additional Cost Rate which over- or under-compensates any Lender and shall be
entitled to assume that the information provided by any Lender pursuant to paragraphs
3, 7 and 8 above is true and correct in all respects.

 

11.                                 The Administrative Agent
shall distribute the additional amounts received as a result of the Mandatory
Cost to the Lenders on the basis of the Additional Cost Rate for each Lender
based on the information provided by each Lender pursuant to paragraphs 3,
7 and 8 above.

 

12.                                 Any determination by the
Administrative Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender
shall, in the absence of manifest error, be conclusive and binding on all
parties hereto.

 

13.                                 The Administrative Agent may
from time to time, after consultation with the Company and the Lenders,
determine and notify to all parties any amendments which are required to be
made to this Schedule in order to comply with any change in law,
regulation or any requirements from time to time imposed by the Bank of
England, the Financial Services Authority or the European Central Bank (or, in
any case, any other authority which replaces all or any of its functions) and
any such determination shall, in the absence of manifest error, be conclusive
and binding on all parties hereto.

 

 

SCHEDULE 2.01

 

COMMITMENTS

AND APPLICABLE PERCENTAGES

 

	
  Lender

  	
   

  	
  Commitment

  	
   

  	
  Applicable

  Percentage

  	
   

  
	
  Bank of America, N.A.

  	
   

  	
  $

  	
  110,000,000

  	
   

  	
  7.333333333

  	
  %

  
	
  UBS Loan Finance, LLC

  	
   

  	
  $

  	
  110,000,000

  	
   

  	
  7.333333333

  	
  %

  
	
  Barclays Bank PLC

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  JPMorgan Chase Bank, N.A.

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  Wachovia Bank, National Association

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  Citicorp North America, Inc.

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  Credit Suisse, Cayman Islands Branch

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  William Street Credit Corporation

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  Wells Fargo Bank, N.A.

  	
   

  	
  $

  	
  90,000,000

  	
   

  	
  6.000000000

  	
  %

  
	
  The Bank of Nova Scotia

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  Calyon New York Branch

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  KeyBank National Association

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  Merrill Lynch Bank USA

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  The Royal Bank of Scotland PLC

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  SunTrust Bank

  	
   

  	
  $

  	
  55,000,000

  	
   

  	
  3.666666667

  	
  %

  
	
  MidFirst Bank

  	
   

  	
  $

  	
  35,000,000

  	
   

  	
  2.333333333

  	
  %

  
	
  First Commercial Bank, Los Angeles Branch

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  2.000000000

  	
  %

  
	
  National Bank of Egypt, New York Branch

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  2.000000000

  	
  %

  
	
  Taiwan Business Bank

  	
   

  	
  $

  	
  30,000,000

  	
   

  	
  2.000000000

  	
  %

  
	
  The Bank of New York

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  Land Bank of Taiwan

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  Mega International Commercial Bank Co., Ltd.,
  Los Angeles Branch

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  National City

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  Regions Bank

  	
   

  	
  $

  	
  25,000,000

  	
   

  	
  1.666666667

  	
  %

  
	
  Bank of the West, a California banking corporation

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  1.000000000

  	
  %

  
	
  Chang Hwa Commercial Bank, Ltd., New York
  Branch

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  1.000000000

  	
  %

  
	
  E.Sun Commercial Bank Ltd., Los Angeles Branch

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  1.000000000

  	
  %

  
	
  Taipei Fubon Commercial Bank, New York Agency

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  1.000000000

  	
  %

  
	
  The Bank of East Asia, Limited, Los Angeles Branch

  	
   

  	
  $

  	
  10,000,000

  	
   

  	
  0.666666667

  	
  %

  
	
  Total

  	
   

  	
  $

  	
  1,500,000,000

  	
   

  	
  100.000000000

  	
  %

  

 

 

SCHEDULE 2.02

 

ALTERNATIVE
CURRENCY

PARTICIPATING
LENDER(1)

 

	
  Lender

  	
   

  	
  Euro

  	
   

  	
  Sterling

  	
   

  	
  Yen

  	
   

  	
  Canadian

  Dollars

  	
   

  
	
  Bank
  of America, N.A.

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  UBS Loan Finance, LLC

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Barclays Bank PLC

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  JPMorgan Chase Bank, N.A.

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Wachovia Bank, National Association

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  No

  	
   

  
	
  Citicorp North America, Inc.

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Credit Suisse

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  William Street Credit Corporation

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Wells Fargo Bank, N.A.

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  The Bank of Nova Scotia

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Calyon New York Branch

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  KeyBank National Association

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Merrill Lynch Bank USA

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  The Royal Bank of Scotland PLC

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  SunTrust Bank

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  MidFirst Bank

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  First Commercial Bank, Los Angeles Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  National Bank of Egypt, New York Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  Taiwan Business Bank

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  The Bank of New York

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  No

  	
   

  
	
  Land Bank of Taiwan

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  Mega International Commercial Bank Co., Ltd.,
  Los Angeles Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  National City Bank

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Regions Bank

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  Bank of the West, a California banking corporation

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  	
  Yes

  	
   

  
	
  Chang Hwa Commercial Bank, Ltd., New York
  Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  E.Sun Commercial Bank Ltd., Los Angeles Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  Taipei Fubon Commercial Bank, New York Agency

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  
	
  The Bank of East Asia, Limited, Los Angeles Branch

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  	
  No

  	
   

  

 

(1)  The table indicates each Lender’s
ability to fund in a particular currency (e.g., Bank of America, N.A. can fund
each of the four currencies).

 

 

SCHEDULE 2.03

 

EXISTING
LETTERS OF CREDIT

 

	
  Letter of

  Credit #

  	
   

  	
  Beneficiary

  	
   

  	
  Expiration
  Date

  	
   

  	
  Amount

  	
   

  
	
  3071955

  	
   

  	
  PROFESSIONAL
  CLAIMS MANAGERS, INC.

  	
   

  	
  12/1/2007

  	
   

  	
  $

  	
  50,000.00

  	
   

  
	
  3080219

  	
   

  	
  FANNIE
  MAE

  	
   

  	
  5/31/2008

  	
   

  	
  $

  	
  2,200,000.00

  	
   

  
	
  3082276

  	
   

  	
  FANNIE
  MAE

  	
   

  	
  5/31/2008

  	
   

  	
  $

  	
  175,440.00

  	
   

  
	
  3086055

  	
   

  	
  GENERAL
  ELECTRIC CAPITAL

  	
   

  	
  1/22/2008

  	
   

  	
  $

  	
  356,760.00

  	
   

  
	
  3086056

  	
   

  	
  GENERAL
  ELECTRIC CAPITAL

  	
   

  	
  1/22/2008

  	
   

  	
  $

  	
  489,240.00

  	
   

  
	
  3086057

  	
   

  	
  GENERAL
  ELECTRIC CAPITAL

  	
   

  	
  1/22/2008

  	
   

  	
  $

  	
  172,800.00

  	
   

  
	
  3088086

  	
   

  	
  ST.
  JOHNS RIVER WATER MANAGEMENT

  	
   

  	
  5/10/2008

  	
   

  	
  $

  	
  240,385.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Total

  	
   

  	
  $

  	
  3,684,625.00

  	
   

  

 

 

SCHEDULE 10.02

 

ADMINISTRATIVE
AGENT’S OFFICE;

CERTAIN
ADDRESSES FOR NOTICES

 

BORROWER:

 

Health Care Property
Investors, Inc.

3760 Kilroy Airport Way, Suite 300

Long Beach, California 90806

Attention:  Legal Department and Treasurer

Telephone:  562-733-5100

Telecopier:  562-733-5200

Electronic Mail:  legaldept@hcpi.com

Website Address:  www.hcpi.com

U.S. Taxpayer Identification
Number:  33-0091377

 

 

ADMINISTRATIVE AGENT:

 

Administrative
Agent’s Office

(for
payments and Requests for Credit Extensions):

Bank
of America, N.A.

101
N. Tryon Street

Mail
Code:  NC1-001-04-39

Charlotte,
NC 28255

Attention: Sally Bixby

Telephone: 704-387-9482

Telecopier: 704-719-8876

Electronic Mail: sally.a.bixby@bankofamerica.com

 

Bank of America, N.A.

New York, NY

Account No. (for Dollars): 1366212250600

ABA# 026009593

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

Bank of America, London

Account No. (for Euro): 65280019

Swift Address: 
BOFAGB22

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

Bank of America, London

Account No. (for Sterling):  65280027

London Sort Code: 16-50-50

Swift Address: BOFAGB22

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

Bank
of America, Tokyo

Account No. (for Yen): 606490661046

Swift Address:  BOFAJPJX

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

Bank
of America Canada, Toronto

Account No. (for Canadian Dollars): 711465003220

Swift
Address:  BOFACATT

Attn: Credit Services

Ref:  Health
Care Property Investors, Inc.

 

 

Other Notices
as Administrative Agent:

Bank
of America, N.A.

Agency
Management

1455
Market Street

Mail
Code: CA5-701-05-19

San
Francisco, CA 94103

Attention: Angela Lau

Telephone: 415-436-4000

Telecopier: 415-503-5008

Electronic Mail: 
angela.lau@bankofamerica.com

 

with a copy to:

 

Bank of America, N.A.

Corporate Bank Debt

100 N. Tryon Street

Mail Code: 
NC1-007-17-11

Charlotte, NC 
28255

Attention: 
Amie Edwards

Telephone: 
704-387-1346

Telecopier: 
704-388-6002

Electronic Mail: 
amie.l.edwards@bankofamerica.com

 

 

L/C
ISSUER:

 

Bank
of America, N.A.

Trade Operations

1000
W. Temple Street

Mail
Code: CA9-705-07-05

Los
Angeles, CA  90012

Attention: Stella
Rosales

Telephone: 213-481-7828

Telecopier: 213-580-8441

Electronic Mail: stella.rosales@bankofamerica.com

 

SWING LINE LENDER:

 

Bank
of America, N.A.

101
N. Tryon Street

Mail
Code:  NC1-001-04-39

Charlotte,
NC 28255

Attention: Sally Bixby

Telephone: 704-387-9482

Telecopier: 704-719-8876

Electronic Mail: sally.a.bixby@bankofamerica.com

 

Bank of America, N.A.

New York, NY

Account No: 1366212250600

ABA# 026009593

Attn: Credit Services

Ref:  Health Care Property Investors, Inc.

 

ALTERNATIVE CURRENCY
FRONTING LENDER:

 

Bank
of America, N.A.

101
N. Tryon Street

Mail
Code:  NC1-001-04-39

Charlotte,
NC 28255

Attention: Sally Bixby

Telephone: 704-387-9482

Telecopier: 704-719-8876

Electronic Mail: sally.a.bixby@bankofamerica.com

 

 

EXHIBIT A

 

FORM OF
COMMITTED LOAN NOTICE

 

Date:
                ,      

 

To:          Bank of America, N.A., as
Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $1,500,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
Bookrunner, UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation
Agent, CITICORP NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS CREDIT
PARTNERS L.P., as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A., as
Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent, WELLS FARGO BANK, N.A., as Co-Documentation Agent, THE
BANK OF NOVA SCOTIA, as Senior Managing Agent,  CALYON
NEW YORK BRANCH, as Senior Managing Agent, KEY
BANK NATIONAL ASSOCIATION, as Senior Managing Agent, MERRILL LYNCH BANK USA, as
Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing
Agent, and SUNTRUST BANK, as Senior Managing Agent.

 

The undersigned hereby
requests (select one):

 

	
  o

  	
  A Borrowing of Revolving
  Loans

  	
   

  	
  o

  	
  A conversion or
  continuation of Revolving Loans

  
	
   

  	
   

  
	
  1.

  	
  On
                                            
  (a Business Day).

  
	
   

  	
   

  
	
  2.

  	
  In an amount the Dollar
  Equivalent of which is $                                    .

  
	
   

  	
   

  
	
  3.

  	
  Comprised
  of the following Type of Loans: [Base Rate Loans] (1) [Eurocurrency Rate
  Loans].

  
	
   

  	
   

  
	
  5.

  	
  For Eurocurrency Rate
  Loans: with an Interest Period of [one] [two] [three] [six] [nine]
  [twelve](2) months.

  
	
   

  	
   

  
	
  4.

  	
  In
  the following currency:
                                                  .

  

 

The Committed Borrowing, if
any, requested herein complies with Section 2.01(a) of the
Agreement.

 

(1) 
Base Rate Loans are only available for Committed Revolving Loans in Dollars.

(2) 
An Interest Period of nine or twelve months must be agreed to by all Lenders.

 

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT B

 

FORM OF
SWING LINE LOAN NOTICE

 

Date:
                        ,      

 

To:          Bank of America, N.A., as
Swing Line Lender

Bank of America, N.A., as
Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $1,500,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
Bookrunner, UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation
Agent, CITICORP NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS CREDIT
PARTNERS L.P., as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A., as
Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent, WELLS FARGO BANK, N.A., as Co-Documentation Agent, THE
BANK OF NOVA SCOTIA, as Senior Managing Agent,  CALYON
NEW YORK BRANCH, as Senior Managing Agent, KEY
BANK NATIONAL ASSOCIATION, as Senior Managing Agent, MERRILL LYNCH BANK USA, as
Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing
Agent, and SUNTRUST BANK, as Senior Managing Agent.

 

The undersigned hereby
requests a Swing Line Loan:

 

1.             On
                                          
(a Business Day).

 

2.             In the amount
of
$                                          .

 

The Swing Line Borrowing
requested herein complies with the requirements of the provisos to the first
sentence of Section 2.04(a) of the Agreement.

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT C

 

FORM OF
NEGOTIATED RATE LOAN NOTICE

 

Date:
                    ,      

 

To:          Bank of America, N.A., as
Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $1,500,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
Bookrunner, UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation
Agent, CITICORP NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS CREDIT
PARTNERS L.P., as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A., as
Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent, WELLS FARGO BANK, N.A., as Co-Documentation Agent, THE
BANK OF NOVA SCOTIA, as Senior Managing Agent,  CALYON
NEW YORK BRANCH, as Senior Managing Agent, KEY
BANK NATIONAL ASSOCIATION, as Senior Managing Agent, MERRILL LYNCH BANK USA, as
Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing
Agent, and SUNTRUST BANK, as Senior Managing Agent.

 

The undersigned hereby
provides notice of a Negotiated Rate Loan:

 

1.             On
                                          
(a Business Day).

 

2.             In the amount of $

 

3.             From
                                                                              
(Lender(s)).(1)

 

4.             Maturing

 

5.             Interest Rate:

 

The Negotiated Rate
Borrowing requested herein complies with the requirements of the provisos to
the first sentence of Section 2.05(a) of the Agreement.

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title

  

 

(1) 
Specify the principal amount of Negotiated Rate Loans for each Lender.

 

 

EXHIBIT D

 

FORM OF
REVOLVING NOTE

 

FOR VALUE RECEIVED, the
undersigned, HEALTH CARE PROPERTY INVESTORS, INC., a Maryland corporation
(the “Borrower”) hereby promises to pay to the order of [                           ]
(the “Lender”), in accordance with the provisions of the Agreement (as
hereinafter defined), the principal amount of each Loan from time to time made
by the Lender to the Borrower under that certain $1,500,000,000 Credit
Agreement, dated as of August 1, 2007 (as amended, restated, extended, supplemented
or otherwise modified in writing from time to time, the “Credit Agreement;”
the terms defined therein being used herein as therein defined), among the
Borrower, the lending institutions party thereto from time to time, BANK OF
AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, BANC
OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint Bookrunner, UBS
SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and Syndication Agent,
BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation Agent, CITICORP
NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT SUISSE, CAYMAN
ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS CREDIT PARTNERS L.P.,
as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A., as Co-Documentation
Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as Co-Documentation Agent, WELLS
FARGO BANK, N.A., as Co-Documentation Agent, THE BANK OF NOVA SCOTIA, as Senior
Managing Agent,  CALYON NEW YORK BRANCH, as Senior Managing Agent, KEY BANK NATIONAL ASSOCIATION,
as Senior Managing Agent, MERRILL LYNCH BANK USA, as Senior Managing Agent, THE
ROYAL BANK OF SCOTLAND PLC, as Senior Managing Agent, and SUNTRUST BANK, as
Senior Managing Agent.

 

The
Borrower promises to pay interest on the unpaid principal amount of each Loan
from the date of such Loan until such principal amount is paid in full, at such
interest rates and at such times as provided in the Credit Agreement.  Except as otherwise provided in Section 2.04(f) of
the Credit Agreement with respect to Swing Line Loans, all payments of
principal and interest shall be made to the Administrative Agent for the
account of the Lender in the currency in which such Committed Loan was
denominated and in Same Day Funds at the Administrative Agent’s Office for such
currency.  If any amount is not paid in
full when due hereunder, such unpaid amount shall bear interest, to be paid
upon demand, from the due date thereof until the date of actual payment (and
before as well as after judgment) computed at the per annum rate set forth in
the Credit Agreement.

 

This
Note is one of the Notes referred to in the Credit Agreement, is entitled to
the benefits thereof and may be prepaid in whole or in part subject to the
terms and conditions provided therein.

 

Upon
the occurrence and continuation of one or more of the Events of Default
specified in the Credit Agreement, all amounts then remaining unpaid on this
Note shall become, or may be declared to be, immediately due and payable all as
provided in the Credit Agreement.  Loans
made by the Lender shall be evidenced by one or more loan accounts or records
maintained by the Lender in the ordinary course of business.  The Lender may also attach schedules to this
Note and endorse thereon the date, amount and maturity of its Loans and payments
with respect thereto.

 

The
Borrower, for itself, its successors and assigns, hereby waives diligence,
presentment, protest and demand and notice of protest, demand, dishonor and
non-payment of this Note.

 

 

THIS
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

LOANS
AND PAYMENTS WITH RESPECT THERETO

 

	
  Date

  	
   

  	
  Type
  of

  Loan Made

  	
   

  	
  Amount
  of

  Loan Made

  	
   

  	
  End
  of

  Interest

  Period

  	
   

  	
  Amount
  of

  Principal or

  Interest

  Paid This

  Date

  	
   

  	
  Outstanding

  Principal

  Balance

  This Date

  	
   

  	
  Notation

  Made By

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT E

 

FORM OF
COMPLIANCE CERTIFICATE

 

Financial
Statement Date:          

 

To:          Bank of
America, N.A., as Administrative Agent

 

Ladies and Gentlemen:

 

Reference is made to that
certain $1,500,000,000 Credit Agreement, dated as of August 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from
time to time, the “Agreement;” the terms defined therein being used
herein as therein defined), among HEALTH CARE PROPERTY INVESTORS, INC., a
Maryland corporation (the “Borrower”), the lending institutions party
thereto from time to time (each, a “Lender” and collectively, the “Lenders”),
BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and L/C
Issuer, BANC OF AMERICA SECURITIES LLC, as Joint Lead Arranger and Joint
Bookrunner, UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and
Syndication Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation
Agent, CITICORP NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT
SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS CREDIT
PARTNERS L.P., as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A., as
Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
Co-Documentation Agent, WELLS FARGO BANK, N.A., as Co-Documentation Agent, THE
BANK OF NOVA SCOTIA, as Senior Managing Agent,  CALYON
NEW YORK BRANCH, as Senior Managing Agent, KEY
BANK NATIONAL ASSOCIATION, as Senior Managing Agent, MERRILL LYNCH BANK USA, as
Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing
Agent, and SUNTRUST BANK, as Senior Managing Agent.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the                                            
of the Borrower, and that, as such, he/she is authorized to execute and deliver
this Certificate to the Administrative Agent on the behalf of the Borrower, and
that:

 

[Use following paragraph 1 for
fiscal year-end financial statements]

 

1.             Attached hereto as Schedule 1
are the year-end audited financial statements required by Section 6.01(a) of
the Agreement for the fiscal year of the Borrower ended as of the above date,
together with the report and opinion of an independent certified public
accountant required by such section.

 

[Use following paragraph 1 for
fiscal quarter-end financial statements]

 

1.             Attached hereto as Schedule 1 are the
unaudited financial statements required by Section 6.01(b) of
the Agreement for the fiscal quarter of the Borrower ended as of the above
date.  Such financial statements fairly
present the financial condition, results of operations, shareholders’ equity
and cash flows of the Borrower and its Subsidiaries in accordance with GAAP as
at such date and for such period, subject only to normal year-end audit
adjustments and the absence of footnotes.

 

2.             The undersigned has reviewed and is familiar with the
terms of the Agreement and has made, or has caused to be made under his/her
supervision, a detailed review of the transactions and condition (financial or
otherwise) of the Borrower during the accounting period covered by the attached
financial statements.

 

 

3.             A review of the activities of the Borrower during such
fiscal period has been made under the supervision of the undersigned with a
view to determining whether during such fiscal period the Borrower performed
and observed all its Obligations under the Loan Documents, and

 

[select one:]

 

[to the best knowledge of
the undersigned during such fiscal period, the Borrower performed and observed
each covenant and condition of the Loan Documents applicable to it, and no
Default has occurred and is continuing.]

 

—or—

 

[the following covenants or
conditions have not been performed or observed and the following is a list of
each such Default and its nature and status:]

 

4.             The financial covenant analyses and information set
forth on Schedule 2 and Annex 1 attached hereto are
true and accurate as of the Statement Date referred to thereon.

 

IN WITNESS WHEREOF, the
undersigned has executed this Certificate as of                 ,
      .

 

	
   

  	
  HEALTH CARE PROPERTY
  INVESTORS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT E

 

For
the Quarter/Year ended
                              
(“Statement Date”)

 

SCHEDULE 2

to
the Compliance Certificate

($
in 000’s)

 

	
  I.

  	
  Section 7.10(a) —
  Leverage Ratio.

  
	
   

  	
   

  
	
   

  	
  A.

  	
  Consolidated Total Indebtedness on the Statement Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.       Indebtedness of Borrower and its Subsidiaries:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.       Borrower’s Pro Rata Share of Indebtedness of each
  Material Joint Venture:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Consolidated Total Indebtedness (Line I.A.1 plus
  Line I.A.2):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.

  	
  Consolidated Total Asset Value on the Statement Date:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  1.       Total Asset Value of the Borrower and its
  Subsidiaries:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.       Borrower’s Pro Rata Share of Total Asset Value of
  Material Joint Ventures:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Consolidated Total Asset Value on the Statement
  Date (Line I.B.1 + I.B.2):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.

  	
  Leverage Ratio (Line I.A.3 ÷ I.B.3):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter ending during the corresponding period set forth below:

  

 

	
   

  	
   

  	
  Maximum
  Leverage

  Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to September 30, 2007

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on October 1, 2007 and on or prior to June 30, 2008

  	
   

  	
  0.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on July 1, 2008 and on or prior to December 31, 2008

  	
   

  	
  0.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on January 1, 2009

  	
   

  	
  0.60

  	
   

  

 

 

Notwithstanding
the foregoing, beginning on January 1, 2009 the Borrower shall be
permitted to increase the maximum Leverage Ratio to 65% for a maximum of two
(2) consecutive fiscal quarterly periods following a Significant
Acquisition.

 

	
  II

  	
  Section 7.10(b) —
  Secured Debt Ratio.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A.        Secured Debt on the
  Statement Date:

  	
  $                    

  
	
   

  	
   

  	
   

  
	
   

  	
  B.         Consolidated Total Asset
  Value on the Statement Date (Line I.B.3):

  	
  $                    

  
	
   

  	
   

  	
   

  
	
   

  	
  C.         Secured Debt Ratio (Line
  II.A ÷ II.B):

  	
  $                    

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter:   
  0.30 to 1.0

  
	
   

  	
   

  	
   

  
	
  III.

  	
  Section 7.10(c) —
  Fixed Charge Coverage Ratio.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  A.      Consolidated
  EBITDA for the twelve month period ending on the Statement Date (See Annex 1):

  
	
   

  	
   

  
	
   

  	
   

  	
  1.       EBITDA of the Borrower and its Subsidiaries (From
  Annex 1):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.       Borrower’s Pro Rata Share of EBITDA of Material
  Joint Ventures (From Annex 1):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Consolidated EBITDA (Line III.A.1 + III.A.2):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  B.      Consolidated
  Fixed Charges for the twelve month period ending on the Statement Date: 

  
	
   

  	
   

  
	
   

  	
   

  	
  1.       Consolidated
  Interest Expense

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a.       Interest
  Expense of the Borrower and its Subsidiaries

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  b.       Borrower’s
  Pro Rata Share of Interest Expense of Material Joint Ventures 

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c.       Consolidated
  Interest Expense (Line III.B.1.a + III.B.1.b)

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.       Scheduled
  Principal Payments:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  a.       Scheduled
  Principal Payments by the Borrower and its Subsidiaries with respect to its
  Consolidated Total Indebtedness (other than payments due at final maturity)

  	
  $                    

  
						

 

 

	
   

  	
   

  	
  b.       Borrower’s
  Pro Rata Share of all Scheduled Principal Payments with respect to the
  Indebtedness (other than payments due at final maturity) of Material Joint
  Ventures 

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  c.       Scheduled
  Principal Payments (Line III.B.2.a + III.B.2.b)

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Dividends and
  distributions in respect of preferred stock (excluding redemption payments or
  charges in connection with redemption of preferred stock) of the Borrower and
  its Subsidiaries:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4.       Consolidated
  Fixed Charges (Line III.B.1.c + III.B.2.c + III.B.3):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.      Fixed Charge
  Coverage Ratio (Line III.A.3 ÷ Line III.B.4):

  	
  $                    

  
	
   

  	
   

  
	
   

  	
   

  	
  Minimum requirement as of the
  end of any fiscal quarter ending during the corresponding period set forth
  below:

  
						

 

	
   

  	
   

  	
  Minimum

  Fixed Charge 

  Coverage Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to September 30, 2008

  	
   

  	
  1.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on October 1, 2008

  	
   

  	
  1.75

  	
   

  

 

	
  IV.               Section 7.10(d) —
  Unsecured Leverage Ratio.

  
	
   

  
	
   

  	
  A.        Unsecured Debt on the
  Statement Date:

  	
  $                    

  
	
   

  	
   

  
	
   

  	
  B.         Consolidated Unencumbered
  Asset Value on the Statement Date:

  
	
   

  	
   

  
	
   

  	
   

  	
  1.       Unencumbered Asset Value of the Borrower and the
  Borrower’s Pro Rata Share of Unencumbered Asset Value of its Subsidiaries:

  	
  $                    

  
	
   

  	
   

  	
   

  2.       The Borrower’s
  Pro Rata Share of Unencumbered Asset Value of each Material Joint Venture:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Consolidated
  Unencumbered Asset Value (Line IV.B.1 + IV.B.2):

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  C.         Unsecured Leverage Ratio
  (Line IV.A ÷ IV.B.3):

  	
  $                    

  
	
   

  	
   

  
	
   

  	
   

  	
  Maximum Permitted as of the end
  of any fiscal quarter ending during the corresponding period set forth below:

  

 

 

	
   

  	
   

  	
  Maximum
  Unsecured

  Leverage Ratio

  	
   

  
	
  Beginning
  on the Closing Date and on or prior to December 31, 2007

  	
   

  	
  0.90

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on January 1, 2008 and on or prior to June 30, 2008

  	
   

  	
  0.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on July 1, 2008 and on or prior to December 31, 2008

  	
   

  	
  0.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Beginning
  on January 1, 2009

  	
   

  	
  0.65

  	
   

  

 

	
  V.                Section 7.10(e) —
  Consolidated Tangible Net Worth.

  
	
   

  
	
   

  	
  A.      Consolidated
  Tangible Net Worth on the Statement Date

  
	
   

  	
   

  
	
   

  	
   

  	
  1.       Consolidated Shareholders’ Equity:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  2.       Consolidated Intangible Assets:

  	
  $                    

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  3.       Consolidated Tangible Net Worth (Line V.A.1 minus
  Line V.A.2):

  	
  $                    

  
	
   

  	
   

  
	
   

  	
  B.         85% of the Consolidated
  Tangible Net Worth at the Closing Date on a pro forma basis to reflect the
  Acquisition

  	
  $                    

  
	
   

  	
   

  
	
   

  	
  C.         85% of Net Cash Proceeds
  from Public Equity Issuances subsequent to the closing date

  	
  $                    

  
	
   

  	
   

  
	
   

  	
   

  	
  Minimum required: Line V.A.3
  shall be greater than or equal to Line V.B plus Line V.C as of
  the end of any fiscal quarter.

  

 

 

Annex 1

to
the Compliance Certificate

 

For
the Quarter/Year ended                              ,        

 

EBITDA
of Borrower and its Subsidiaries

 

	
  EBITDA

  of Borrower and its

  Subsidiaries

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Year

  Ended

  	
   

  
	
  Net
  Income

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    Interest Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    income taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    depreciation and
  amortization expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    non-cash expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  -     items increasing Net
  Income which do not represent a cash receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  =    EBITDA of Borrower and
  Subsidiaries on a consolidated basis

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Borrower’s
Pro Rata Share of EBITDA of Material Joint Ventures

 

	
  Borrower’s Pro Rata

  Share of EBITDA of

  Material Joint Ventures

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Quarter

  Ended

  	
   

  	
  Year

  Ended

  	
   

  
	
  Net
  Income

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    Interest Expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    income taxes

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    depreciation and
  amortization expense

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  +    non-cash expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  -     items increasing Net
  Income which do not represent a cash receipt

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  =    EBITDA of Borrower’s Pro
  Rata Share of Material Joint Ventures on a consolidated basis

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

EXHIBIT F

 

FORM OF
ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”)
and [Insert name of Assignee] (the “Assignee”).  Capitalized terms used but not defined herein
shall have the meanings given to them in the Credit Agreement identified below
(the “Credit Agreement”).  Receipt
of a copy of the Credit Agreement is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated
herein by reference and made a part of this Assignment and Assumption as if set
forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as
contemplated below, (i) all of the Assignor’s rights and obligations in
its capacity as a Lender under the Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and
obligations of the Assignor under the respective facilities identified below
(including, without limitation, the Letters of Credit, the Swing Line Loans and
the Negotiated Rate Loans included in such facilities) and (ii) to the
extent permitted to be assigned under applicable law, all claims, suits, causes
of action and any other right of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered
pursuant thereto or the loan transactions governed thereby or in any way based
on or related to any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all other claims
at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and
assigned by the Assignor to the Assignee pursuant to clauses (i) and
(ii) above being referred to herein collectively as the “Assigned
Interest”).  Each such sale and
assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty
by the Assignor.

 

	
  1.

  	
  Assignor:

  	
   

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Assignee:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [for the Assignee,
  indicate [Affiliate] [Approved Fund] of [identify Lender]]

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Borrower(s):

  	
   

  
	
   

  	
   

  	
   

  
	
  4.

  	
  Administrative Agent:

  	
  Bank of America, NA., as
  the administrative agent under the Credit Agreement

  
	
   

  	
   

  	
   

  
	
  5.

  	
  Credit Agreement:

  	
  $1,500,000,000 Credit
  Agreement, dated as of August 1, 2007, among HEALTH CARE PROPERTY
  INVESTORS, INC., a Maryland corporation (the “Borrower”), the
  lending institutions party thereto from time to time (each, a “Lender”
  and collectively, the “Lenders”), BANK OF AMERICA, N.A., as
  Administrative Agent, Swing Line Lender and L/C Issuer, BANC OF AMERICA
  SECURITIES LLC, as Joint Lead

  

 

 

	
   

  	
   

  	
  Arranger and Joint
  Bookrunner, UBS SECURITIES LLC, as Joint Lead Arranger, Joint Bookrunner and
  Syndication Agent, BARCLAYS CAPITAL, as Joint Bookrunner and Co-Documentation
  Agent, CITICORP NORTH AMERICA, INC., as Co-Documentation Agent, CREDIT
  SUISSE, CAYMAN ISLANDS BRANCH, as Co-Documentation Agent, GOLDMAN SACHS
  CREDIT PARTNERS L.P., as Co-Documentation Agent, JPMORGAN CHASE BANK, N.A.,
  as Co-Documentation Agent, WACHOVIA BANK, NATIONAL ASSOCIATION, as
  Co-Documentation Agent, WELLS FARGO BANK, N.A., as Co-Documentation Agent,
  THE BANK OF NOVA SCOTIA, as Senior Managing Agent,  CALYON
  NEW YORK BRANCH, as Senior Managing Agent, KEY
  BANK NATIONAL ASSOCIATION, as Senior Managing Agent, MERRILL LYNCH BANK USA,
  as Senior Managing Agent, THE ROYAL BANK OF SCOTLAND PLC, as Senior Managing
  Agent, and SUNTRUST BANK, as Senior Managing Agent.

  

 

6.             Assigned Interest:

 

	
  Facility

  Assigned(1)

  	
   

  	
  Aggregate

  Amount of Commitment/Loans

  for all Lenders(2)

  	
   

  	
  Amount
  of

  Commitment/

  Loans

  Assigned

  	
   

  	
  Percentage

  Assigned of

  Commitment/

  Loans(3)

  	
   

  	
  CUSIP

  Number

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
  $

  	
   

  	
   

  	
  %

  	
   

  	
   

  

 

7.             Alternative Currency:          Assignee [can fund the following Alternative Currencies [Euro, Sterling, Yen and
Canadian Dollars]][cannot fund any Alternative Currency].

 

[8.            Trade Date:                                           ](4)

 

Effective Date:
                            ,
20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL
BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

(1) 
Fill in the appropriate terminology for the types of facilities under the
Credit Agreement that are being assigned under this Assignment (i.e.,
“Revolving Loan” or “Swing Line Loan” or “Negotiated Rate Loan”).

 

(2) 
Amounts in this column and in the column immediately to the right to be
adjusted by the counterparties to take into account any payments or prepayments
made between the Trade Date and the Effective Date.

 

(3) 
Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of
all Lenders thereunder.

 

(4)  To be completed if the Assignor and
the Assignee intend that the minimum assignment amount is to be determined as
of the Trade Date.

 

 

The terms set forth in this
Assignment and Assumption are hereby agreed to:

 

	
   

  	
  ASSIGNOR

  
	
   

  	
  [NAME OF ASSIGNOR]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE

  
	
   

  	
  [NAME OF ASSIGNEE]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Consented to
  and](5) Accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BANK OF AMERICA, N.A., as

  	
   

  	
   

  
	
  Administrative
  Agent

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [Consented to](6)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

(5)  To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.

 

(6) 
To be added only if the consent of the Borrower and/or other parties (e.g.,
Swing Line Lender, L/C Issuer or Alternative Currency Fronting Lender) is
required by the terms of the Credit Agreement.

 

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD
TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.             Representations and
Warranties.

 

1.1.          Assignor.  The Assignor (a) represents and warrants
that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or
other adverse claim and (iii) it has full power and authority, and has
taken all action necessary, to execute and deliver this Assignment and Assumption
and to consummate the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement or any other
Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral
thereunder, (iii) the financial condition of the Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan
Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

 

1.2.          Assignee.  The Assignee (a) represents and warrants
that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it meets all the requirements to be an assignee
under Section 10.06(b)(iii), (v) and (vi) of
the Credit Agreement (subject to such consents, if any, as may be required
under Section 10.06(b)(iii) of the Credit Agreement),
(iii) from and after the Effective Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and, to the extent of
the Assigned Interest, shall have the obligations of a Lender thereunder,
(iv) it is sophisticated with respect to decisions to acquire assets of
the type represented by the Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire the Assigned Interest,
is experienced in acquiring assets of such type, (v) it has received a
copy of the Credit Agreement, and has received or has been accorded the
opportunity to receive copies of the most recent financial statements referred
to in Section 5.05 thereof or delivered pursuant to Section 6.01
thereof, as applicable, and such other documents and information as it deems
appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the Assigned Interest, (vi) it
has, independently and without reliance upon the Administrative Agent, the
Assignor or any other Lender and based on such documents and information as it
has deemed appropriate, made its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest, and
(vii) if it is a Foreign Lender, attached hereto is any documentation
required to be delivered by it pursuant to the terms of the Credit Agreement,
duly completed and executed by the Assignee; and (b) agrees that
(i) it will, independently and without reliance upon the Administrative
Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, and
(ii) it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as
a Lender.

 

2.             Payments.  From and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned
Interest (including payments of principal, interest, fees and other amounts) to
the Assignor for amounts which have accrued to but excluding the Effective Date
and to the Assignee for amounts which have accrued from and after the Effective
Date.

 

 

3.             General Provisions.  This Assignment and Assumption shall be
binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.  This
Assignment and Assumption may be executed in any number of counterparts, which
together shall constitute one instrument. 
Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a
manually executed counterpart of this Assignment and Assumption.

 

THIS ASSIGNMENT AND
ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

 

EXHIBIT G

 

FORM OF
OPINIONS OF GIBSON, DUNN & CRUTCHER, LLP AND BALLARD SPAHR
ANDREWS & INGERSOLL, LLP

 

 

EXHIBIT G

 

FORM OF OPINION OF
GIBSON, DUNN & CRUTCHER LLP

 

August 1, 2007

 

	
  (212) 351-4000

  	
   

  	
  C 41736-00004

  

 

(212) 351-4035

 

Bank of America, N.A.,

as Administrative Agent for the

Lenders party to the Credit 

Agreement referred to below

 

Each of the Lenders

party to the Credit Agreement

referred to below

 

Re:                               Health
Care Property Investors, Inc.

— $2,750,000,000  Credit Agreement
dated as of August 1, 2007

 

Ladies and Gentlemen:

 

We have acted as counsel to Health Care Property Investors, Inc.,
a Maryland corporation (the “Company”), in connection with the Credit
Agreement dated as of August 1, 2007 (the “Credit Agreement”) among
the Company, the lenders party thereto (the “Lenders”), and Bank of
America, N.A., as Administrative Agent (the “Administrative Agent”; and,
together with the Lenders, the “Lender Parties”).  Terms defined in the Credit Agreement and not
otherwise defined herein are used herein as therein defined.

 

In rendering this opinion,
we have examined originals or copies, certified or otherwise identified to our
satisfaction as being true copies, of the following documents and instruments:

 

(i)         the Credit Agreement, including the Schedules and Exhibits
thereto; and

 

 

(ii)        the Notes dated as of August 1, 2007 (the “Notes”)
made by the Company payable to the order of the Lenders.

 

The Credit Agreement and the Notes are referred to herein collectively
as the “Financing Documents”.

 

We have assumed without independent investigation that:

 

(a)   The signatures
on all documents examined by us are genuine, all individuals executing such
documents had all requisite legal capacity and competency and were duly
authorized to do so; the documents submitted to us as originals are authentic
and the documents submitted to us as certified or reproduction copies conform
to the originals;

 

(b)   The Company is
a validly existing corporation in good standing under the laws of the State of
Maryland; and

 

(c)   The Company has
all requisite power and authority to execute, deliver and perform its
obligations under each of the Financing Documents; the execution and delivery
of the Financing Documents by the Company and performance of its obligations
thereunder have been duly authorized by all necessary corporate action on the
part of the Company; the Financing Documents have been duly executed and
delivered by the Company; and, except as expressly covered by our opinions in
Paragraphs 2, 3, 4 and 5, the execution, delivery and performance by the
Company of the Financing Documents do not violate any law, regulation, order,
judgment or decree applicable the Company.

 

We understand that you have received the legal opinion of Ballard Spahr
Andrews & Ingersoll, LLP, special Maryland counsel to the Company,
with respect to, among other matters, certain of the matters described in clauses
(b) and (c) above.

 

In rendering this opinion, we have made such inquiries and examined,
among other things, originals or copies, certified or otherwise identified to
our satisfaction, of such records, agreements, certificates, instruments and
other documents as we have considered necessary or appropriate for purposes of
this opinion.  As to certain factual
matters, we have relied to the extent we deemed appropriate and without
independent investigation upon the representations and warranties of the Company
in the Credit Agreement, a certificate of officers of the Company (the “Officers’
Certificate”) or certificates obtained from public officials and others.

 

Based on the foregoing and in reliance thereon, and subject to the
assumptions, exceptions, qualifications and limitations set forth herein, we
are of the opinion that:

 

1.     Each Financing Document constitutes a legal, valid and binding
obligation of the Company, enforceable against the Company in accordance with
its terms.

 

 

2.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not (i) based
solely upon review of the orders, judgments or decrees identified to us in the
Officers’ Certificate as constituting all orders, judgments or decrees binding
on the Company, which are listed in Schedule B hereto (each, a “Governmental
Order”), violate any Governmental Order, or (ii) result in a breach of
or default under any contract of the Company or any of its subsidiaries that is
filed as an exhibit to the periodic reports of the Company under the Securities
and Exchange Act of 1934, as amended (the “1934 Act”), and will not
result in or require the creation of any lien on the property of the Company or
a subsidiary thereof under any such contract.

 

3.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not violate,
or require any filing with or approval of any governmental authority or
regulatory body of any of the States of California or New York or the United
States of America under, any law or regulation of the States of California or
New York or the United States of America applicable to the Company that, in our
experience, is generally applicable to transactions in the nature of those
contemplated by the Financing Documents.

 

4.     The Company is not required to register as an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

5.     The execution and delivery by the Company of the Financing
Documents, and the performance of its obligations thereunder, do not result in
a breach or violation of Regulation U or X of the Board of Governors of the
Federal Reserve System.  Regulation T of
the Board of Governors of the Federal Reserve System (“Regulation T”)
does not apply to any Lender that is not a “creditor” (as defined in Regulation
T).  Regulation T defines “creditor” as
any broker or dealer (as defined in sections 3(a)(4) and 3(a)(5) of
the 1934 Act), any member of a national securities exchange, or any person
associated with a broker or dealer (as defined in section 3(a)(18) of the 1934
Act), except for business entities controlling or under common control with the
creditor.

 

The foregoing opinions are subject to the following exceptions,
qualifications and limitations:

 

A.    We render no opinion herein as to matters involving the laws of
any jurisdiction other than (i) the State of New York, (ii) the
United States of America, and (iii) for purposes of Paragraph 3 above, the
State of California.  This opinion is limited to the effect of the
present state of the laws of the State of New York, the United States of
America and, to the limited extent set forth above, the State of California,
and the facts as they currently exist. 
We assume no obligation to revise or supplement this opinion in the
event of future changes in such laws or the interpretations thereof or such
facts.  Except as expressly set forth in
Paragraphs 4 and 5 above, we express no opinion regarding the Securities Act of
1933, as amended,  or any other
federal or state securities laws or regulations.

 

 

B.    Our opinion set forth in Paragraph  1 is subject to
(i) the effect of any bankruptcy, insolvency, reorganization, moratorium,
arrangement or similar laws affecting the rights and remedies of creditors
generally (including, without limitation, the effect of statutory or other laws
regarding fraudulent transfers or preferential transfers or distributions by
corporations to stockholders), and (ii) general principles of equity,
including without limitation concepts of materiality, reasonableness, good
faith and fair dealing and the possible unavailability of specific performance,
injunctive relief or other equitable remedies regardless of whether
enforceability is considered in a proceeding in equity or at law.

 

C.    We express no opinion
regarding the effectiveness of (i) any waiver (whether or not stated as
such) contained in the Financing Documents of, or any consent therein relating
to, unknown future rights or the rights of any party thereto existing, or
duties owing to it, as a matter of law; (ii) any waiver (whether or not
stated as such) contained in the Financing Documents of rights of any party, or
duties owing to it, that is broadly or vaguely stated or does not describe the
right or duty purportedly waived with reasonable specificity;
(iii) provisions relating to indemnification, exculpation or contribution,
to the extent such provisions may be held unenforceable as contrary to public
policy or federal or state securities laws or due to the negligence or willful
misconduct of the indemnified party; (iv) any provision in any Financing
Document waiving the right to object to venue in any court; (v) any
agreement to submit to the jurisdiction of any Federal Court; (vi) any provision
purporting to establish evidentiary standards; (vii) any power of attorney granted under the Financing Documents; (viii) any
rights of setoff (other than such as are provided by Section 151 of the
Civil Code of the State of New York, as interpreted by applicable judicial
decisions); or (ix) the availability of damages or other remedies
not specified in the Financing Documents in respect of breach of any covenants
(other than covenants relating to the payment of principal, interest,
indemnities and expenses).

 

E.     For purposes of our opinion in Paragraph 5, we have assumed
without independent investigation that: (i) the representation and
warranty of the Company set forth in Section 5.14 of the Credit Agreement
is and will be true and correct at all relevant times and (ii) less than
25% of the value of the assets of the Company and its Subsidiaries taken as a
whole, or of any of the Company and any of its Subsidiaries, individually,
subject to the negative covenants of the Credit Agreement consist and will
consist of “margin stock” within the meaning of Regulations U or X of the Board
of Governors of the Federal Reserve System at all relevant times.  Our opinion in Paragraph 7 is subject to (and
we express no opinion in respect of) any requirement applicable to the
Administrative Agent or any Lender to obtain in good faith a Form FR U-1
or FR G-3 signed by the Company.  Except
as expressly set forth in Paragraph 5, we express no opinion with respect to
Regulation T of the Board of Governors of the Federal Reserve System.

 

F.     In rendering our opinion expressed in Paragraph 2, insofar as it
requires interpretation of the contracts described in Paragraph 2, we express
no opinion with respect to the compliance by the Company with, or any
financial calculations or data in respect of, financial covenants included in
any such contract.  Further, we call to
your attention that the contracts described in Paragraph 2 may include an
election of the law of a jurisdiction other than 

 

 

the State of New York to govern the interpretation of such
contracts.  We express no opinion herein
as to which law would be applied to govern the interpretation of such contacts,
and we assume that the law of the State of New York is applied to govern the
interpretation of such contracts.

 

This opinion is rendered to the Lender Parties in connection with the
Financing Documents and may not be relied upon by any person other than the
Lender Parties or by the Lender Parties in any other context.  The Lender Parties may not furnish this opinion
or copies hereof to any other person except (i) to bank examiners and
other regulatory authorities should they so request in connection with their
normal examinations, (ii) to the independent auditors and attorneys of the
Lender Parties, (iii) pursuant to order or legal process of any court or
governmental agency, (iv) in connection with any legal action to which any
Lender Party is a party arising out of the transactions contemplated by the
Financing Documents, or (v) to potential permitted assignees or
participants for their information (and potential permitted assignees who
become Lenders may rely on this opinion as if it were addressed to them
(provided that such delivery shall not constitute a re-issue or reaffirmation
of this opinion as of any date after the date hereof)).   This opinion may not be quoted without the
prior written consent of this Firm.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GIBSON, DUNN & CRUTCHER LLP

  

 

BDK/CRM/NG

 

 

 

	
  LAW OFFICES

  	
   

  
	
  BALLARD
  SPAHR ANDREWS & INGERSOLL, LLP

  	
  PHILADELPHIA, PA

  
	
  300 EAST LOMBARD STREET,
  18TH FLOOR

  	
  DENVER,
  CO

  
	
  BALTIMORE, MARYLAND
  21202-3268

  	
  SALT
  LAKE CITY, UT

  
	
  410-528-5600

  	
  VOORHEES,
  NJ

  
	
  FAX: 410-528-5650

  	
  WASHINGTON,
  DC

  
	
  WWW.BALLARDSPAHR.COM

  	
  WILMINGTON,
  DE

  

 

August 1, 2007

 

Bank of America, N.A.

 

Re:          $2,750,000,000 Credit
Agreement, dated as of August 1, 2007 (“Credit Agreement”), by and among
Health Care Property Investors, Inc., a Maryland corporation (the “Borrower”),
the lending institutions that are parties thereto (individually a “Lender” and
collectively the “Lenders”), and Bank of America, N.A., as Administrative Agent
and certain other parties named therein

 

Ladies and Gentlemen:

 

We have acted as Maryland corporate counsel to the
Borrower in connection with the transactions evidenced and contemplated by the
Credit Agreement and the other loan documents, if any, referred to on Schedule
1 attached hereto (collectively with the Credit Agreement, the “Loan Documents”).
Capitalized terms not otherwise defined herein shall have the meanings ascribed
to them in the Credit Agreement.

 

We understand that the Borrower is being represented
in this matter by Gibson, Dunn & Crutcher LLP, and we understand that,
except for those issues specifically opined to herein, you will be relying upon
the opinion of Gibson, Dunn & Crutcher LLP pertaining to the legality,
binding effect and enforceability of the Credit Agreement, the other Loan
Documents and any other instruments or documents to which the Borrower may be a
party.

 

In our capacity as Maryland corporate counsel to the
Borrower, and for purposes of this opinion, we have examined the following:

 

(i)            the corporate
charter of the Borrower (the “Borrower Charter”) represented by Articles of
Restatement filed with the State Department of Assessments and Taxation of
Maryland (the “Department”) on August 2, 2004 and Articles of Merger of
HCP QRS (TEMP), Inc. with and into the Borrower filed with the Department
on November 30, 2004;

 

(ii)           the Fourth
Amended and Restated Bylaws of the Borrower dated as of September 20, 2006 (the
“Borrower Bylaws”);

 

 

(iii)          minutes of organizational
action of the Board of Directors of the Borrower, dated as of March 21,
1985 (the “Borrower Organizational Minutes”);

 

(iv)          resolutions adopted by the
Board of Directors of the Borrower dated as of June 3, 2007 (the “Borrower
Directors’ Resolutions”);

 

(v)           copies of the fully executed
Loan Documents;

 

(vi)          a status certificate of the
Department, dated as of a recent date, to the effect that the Borrower is duly
incorporated and existing under the laws of the State of Maryland and is duly
authorized to transact business in the State of Maryland;

 

(vii)         a certificate of Edward J.
Henning, Senior Vice President and Corporate Secretary of the Borrower and Mark
A. Wallace, Senior Vice President and Chief Financial Officer of the Borrower,
of even date herewith (the “Borrower Officer Certificate”), to the effect that,
among other things, the Borrower Charter, the Borrower Bylaws, the Borrower Organizational
Minutes and the Borrower Directors’ Resolutions are true, correct and complete,
have not been rescinded or modified and are in full force and effect on the
date of the Borrower Officer Certificate, and certifying as to, among other
things, the manner of adoption of the Borrower Directors’ Resolutions and the
form, approval, execution, and delivery of the Loan Documents to which Borrower
is a party; and

 

(viii)        such other documents and
matters as we have deemed necessary and appropriate to render the opinions set
forth in this letter, subject to the limitations, assumptions, and
qualifications noted below.

 

Insofar as the opinions and other matters set forth
herein constitute, or are based upon, factual matters, we have relied solely
upon the Officers’ Certificates and our knowledge. The words “our knowledge”
signify that, in the course of our representation of the Borrower as Maryland
corporate counsel in matters with respect to which we have been engaged by the Borrower
as Maryland corporate counsel, no information has come to our attention that
would give us actual knowledge or actual notice that the Officers’ Certificates
on which we have relied are not accurate and complete. We have undertaken no
independent investigation or verification of any such factual matters. The
words “our knowledge” are intended to be limited to the knowledge of the
lawyers within our firm who have rendered services to the Borrower in
connection with the Loan Documents.

 

In reaching the opinions set forth below, we have
assumed the following:

 

(a)           each person
executing any instrument, document or agreement on behalf of any party (other
than the Borrower) is duly authorized to do so;

 

2

 

(b)           each natural person executing
any instrument, document, or agreement is legally competent to do so;

 

(c)           there are no material
modifications of, or amendments to, the Loan Documents;

 

(d)           all documents submitted to
us as originals are authentic; all documents submitted to us as certified,
facsimile or photostatic copies conform to the original document; the form and
content of any documents submitted to us as unexecuted drafts do not differ in
any respect relevant to the opinion from such documents as executed and
delivered; all signatures of parties other than the Borrower on all documents
submitted to us for examination are genuine, and all public records reviewed
are accurate and complete;

 

(e)           all certificates, including
the Officers’ Certificates, submitted to us are true and correct, both when
made and as of the date hereof;

 

(f)            each of the parties (other
than the Borrower) executing any of the Loan Documents has duly authorized and
validly executed and delivered each of the Loan Documents to which such party
is a signatory, and such party’s obligation set forth therein are legal, valid
and binding and are enforceable in accordance with their respective terms;

 

(g)           all representations and
warranties made by the Borrower (other than representations and warranties of
the Borrower as to legal matters on which opinions are rendered herein) are
true and correct; and

 

(h)           consummation of the
transactions contemplated by the Credit Agreement and the other Loan Documents
will result in receipt by the Borrower of good and valuable consideration, and
such transactions are fair and reasonable to the Borrower.

 

Based on our review of the foregoing and subject to
the assumptions and qualifications set forth herein, it is our opinion that, as
of the date of this letter:

 

1.             Borrower has been duly
incorporated and is validly existing as a corporation in good standing under
the laws of the State of Maryland.

 

2.             Borrower has the requisite
corporate power to own, or hold under lease, its assets and conduct its
business as described in its charter, and to execute and deliver the Loan
Documents to which it is a party and to carry out the terms and conditions
thereof applicable to it.

 

3.             The execution and delivery
by Borrower of the Loan Documents to which it is a party have been duly
authorized by all necessary corporate action on the part of the Borrower under
the Borrower Charter and the Borrower Bylaws and under the

 

3

 

Maryland General Corporation Law (“MGCL”); and such
Loan Documents have been duly executed, and to our knowledge, delivered by
Borrower.

 

4.             The execution
and delivery by Borrower of the Loan Documents to which it is a party will not
conflict with or result in a violation of the Borrower Charter or the Borrower
Bylaws, or the MGCL.

 

The opinions presented herein are limited to the
laws of the State of Maryland, and we do not express any opinion herein
concerning any laws other than the laws of the State of Maryland. Furthermore,
the opinions presented herein are limited to the matters specifically set forth
herein and no other opinion shall be inferred beyond the matters expressly
stated. Without limiting the generality of the foregoing sentence, we express
no opinion with respect to the legality, binding effect or enforceability of
the Credit Agreement or any other of the Loan Documents.

 

This opinion letter is issued as of the date hereof
and is necessarily limited to laws now in effect and facts and circumstances
presently existing and brought to our attention. We assume no obligation to
supplement this opinion letter if any applicable laws change after the date
hereof, or if we become aware of any facts or circumstances which now exist or
which occur or arise in the future and may change the opinions expressed herein
after the date hereof.

 

The opinions expressed in this letter are solely for
your use in connection with the transactions evidenced and contemplated by the
Loan Documents and may not be relied upon for any other purposes or by any
other person or entity without our prior written consent. We consent, however,
to reliance on this letter by each entity which is a Lender on the date hereof
or becomes a Lender under the Credit Agreement pursuant to Section 10.06
of the Credit Agreement, as amended, and its respective successors, and by
Gibson, Dunn & Crutcher LLP in rendering its opinion to you in
connection with the Loan Documents. We also consent to a Lender delivering
copies of this letter to any regulating authority having jurisdiction over such
Lender; however, we do not consent to reliance on this letter by any such
regulating authority.

 

	
   

  	
  Very truly yours,

  
	
   

  	
  

  
			

 

4

 

SCHEDULE 1

 

Loan Documents

 

1.     Promissory Note of Borrower
dated August 1, 2007 in favor of KeyBank National Association.

 

2.     Promissory Note of Borrower
dated August 1, 2007 in favor of Wells Fargo Bank, N.A.

 

3.     Promissory Note of Borrower
dated August 1, 2007 in favor of Bank of America, N.A.Exhibit 10.3

 

 

LOAN
AGREEMENT

(SEVENTH MEZZANINE LOAN)

 

Dated
as of December 21, 2007

 

Among

 

HCR VII
PROPERTIES, LLC,

as
Borrower

 

and

 

JPMORGAN
CHASE BANK, N.A.,

as
Lender

 

ADJUSTABLE
RATE MULTI-PROPERTY LOAN

 

(MANOR
CARE HEALTH CARE PORTFOLIO)

 

 

 

TABLE
OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  I

  	
  DEFINITIONS; PRINCIPLES OF
  CONSTRUCTION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 1.1

  	
  Definitions

  	
  4

  
	
  Section 1.2

  	
  Principles of Construction

  	
  44

  
	
   

  	
   

  	
   

  
	
  II

  	
  GENERAL TERMS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 2.1

  	
  Loan Commitment;
  Disbursement to Borrower

  	
  45

  
	
  Section 2.2

  	
  Interest Rate

  	
  45

  
	
  Section 2.3

  	
  Loan Payment

  	
  54

  
	
  Section 2.4

  	
  Prepayments

  	
  54

  
	
  Section 2.5

  	
  Substitution of Properties

  	
  58

  
	
  Section 2.6

  	
  Release of Collateral

  	
  60

  
	
  Section 2.7

  	
  Cash Management

  	
  63

  
	
   

  	
   

  	
   

  
	
  III

  	
  INTENTIONALLY OMITTED

  	
   

  
	
   

  	
   

  	
   

  
	
  IV

  	
  REPRESENTATIONS AND WARRANTIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 4.1

  	
  Borrower Representations

  	
  65

  
	
  Section 4.2

  	
  Health Care
  Representations

  	
  75

  
	
  Section 4.3

  	
  Survival of
  Representations

  	
  75

  
	
   

  	
   

  	
   

  
	
  V

  	
  BORROWER COVENANTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 5.1

  	
  Affirmative Covenants

  	
  75

  
	
  Section 5.2

  	
  Negative Covenants

  	
  94

  
	
   

  	
   

  	
   

  
	
  VI

  	
  INSURANCE; CASUALTY; CONDEMNATION

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 6.1

  	
  Insurance

  	
  105

  
	
  Section 6.2

  	
  Casualty

  	
  106

  
	
  Section 6.3

  	
  Condemnation

  	
  107

  
	
  Section 6.4

  	
  Restoration

  	
  107

  
	
   

  	
   

  	
   

  
	
  VII

  	
  RESERVE FUNDS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 7.1

  	
  Low DSCR Reserve Funds

  	
  108

  
	
  Section 7.2

  	
  Tax and Insurance Reserve
  Funds

  	
  108

  
	
  Section 7.3

  	
  Intentionally Omitted

  	
  110

  
	
  Section 7.4

  	
  Intentionally Omitted

  	
  111

  
	
  Section 7.5

  	
  Reserve Funds, Generally

  	
  111

  
	
  Section 7.6

  	
  Letters of Credit

  	
  112

  
	
  Section 7.7

  	
  Provisions Regarding
  Letters of Credit

  	
  113

  
	
  Section 7.8

  	
  Transfer of Reserve Funds
  Under Mortgage Loan

  	
  113

  
				

 

i

 

	
  VIII

  	
  DEFAULTS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 8.1

  	
  Event of Default

  	
  114

  
	
  Section 8.2

  	
  Remedies

  	
  118

  
	
  Section 8.3

  	
  Remedies Cumulative;
  Waivers

  	
  120

  
	
   

  	
   

  	
   

  
	
  IX

  	
  SPECIAL PROVISIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 9.1

  	
  Sale of Notes and Securitization

  	
  120

  
	
  Section 9.2

  	
  Securitization
  Indemnification

  	
  123

  
	
  Section 9.3

  	
  Exculpation

  	
  126

  
	
  Section 9.4

  	
  Servicer

  	
  129

  
	
  Section 9.5

  	
  Component Notes

  	
  130

  
	
  Section 9.6

  	
  Mezzanine Loans

  	
  131

  
	
  Section 9.7

  	
  Administration of
  Bankruptcy Claims

  	
  132

  
	
  Section 9.8

  	
  Uncross of Properties

  	
  132

  
	
   

  	
   

  	
   

  
	
  X

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 10.1

  	
  Survival

  	
  132

  
	
  Section 10.2

  	
  Lender’s Discretion

  	
  133

  
	
  Section 10.3

  	
  Governing Law

  	
  133

  
	
  Section 10.4

  	
  Modification, Waiver in
  Writing

  	
  134

  
	
  Section 10.5

  	
  Delay Not a Waiver

  	
  135

  
	
  Section 10.6

  	
  Notices

  	
  135

  
	
  Section 10.7

  	
  Trial by Jury

  	
  136

  
	
  Section 10.8

  	
  Headings

  	
  136

  
	
  Section 10.9

  	
  Severability

  	
  136

  
	
  Section 10.10

  	
  Preferences

  	
  137

  
	
  Section 10.11

  	
  Waiver of Notice

  	
  137

  
	
  Section 10.12

  	
  Remedies of Borrower

  	
  137

  
	
  Section 10.13

  	
  Expenses; Indemnity

  	
  137

  
	
  Section 10.14

  	
  Schedules Incorporated

  	
  139

  
	
  Section 10.15

  	
  Offsets, Counterclaims and
  Defenses

  	
  139

  
	
  Section 10.16

  	
  No Joint Venture or
  Partnership; No Third Party Beneficiaries

  	
  139

  
	
  Section 10.17

  	
  Publicity

  	
  139

  
	
  Section 10.18

  	
  Cross-Default;
  Cross-Collateralization; Waiver of Marshalling of Assets

  	
  140

  
	
  Section 10.19

  	
  Waiver of Counterclaim

  	
  140

  
	
  Section 10.20

  	
  Conflict; Construction of
  Documents; Reliance

  	
  140

  
	
  Section 10.21

  	
  Brokers and Financial
  Advisors

  	
  141

  
	
  Section 10.22

  	
  Prior Agreements

  	
  141

  
	
  Section 10.23

  	
  Authority to File

  	
  141

  
	
  Section 10.24

  	
  Agent’s Register

  	
  141

  
	
  Section 10.25

  	
  Disclosure

  	
  142

  
	
  Section 10.26

  	
  Pledges

  	
  142

  
	
  Section 10.27

  	
  Lender; Collateral Agent

  	
  142

  
	
  Section 10.28

  	
  Certain Additional Rights
  of Lender (VCOC)

  	
  143

  
	
  Section 10.29

  	
  Lost Note

  	
  143

  
				

 

ii

 

	
  Section 10.30

  	
  Maryland Owner

  	
  143

  
	
  Section 10.31

  	
  Tax Election

  	
  143

  
	
   

  	
   

  	
   

  
	
  XI

  	
  OKLAHOMA FACILITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  Section 11.1

  	
  Definitions

  	
  144

  
	
  Section 11.2

  	
  Representations and
  Warranties

  	
  144

  
	
  Section 11.3

  	
  Covenants

  	
  145

  
	
  Section 11.4

  	
  Relationship to Other
  Provisions

  	
  146

  
				

 

	
  SCHEDULES

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Schedule I

  	
  -

  	
  Mortgage
  Borrowers, Individual Properties, Individual Leasehold Properties,
  Type of Facility and Allocated Loan Amounts

  
	
  Schedule II

  	
  -

  	
  Ground Leases

  
	
  Schedule III

  	
  -

  	
  Operators

  
	
  Schedule IV

  	
  -

  	
  Maryland Properties

  
	
  Schedule V

  	
  -

  	
  South Carolina Property

  
	
  Schedule 2.2.9

  	
  -

  	
  Section 2.2.9
  Certificate

  
	
  Schedule 4.1.1

  	
  -

  	
  Organizational Structure

  
	
  Schedule 4.1.4

  	
  -

  	
  Litigation

  
	
  Schedule 4.1.16

  	
  -

  	
  Exceptions to Separate Tax
  Lots

  
	
  Schedule 4.1.20

  	
  -

  	
  Insurance Claims

  
	
  Schedule 4.1.26

  	
  -

  	
  Leases

  
	
  Schedule 4.1.28

  	
  -

  	
  Principal Place of
  Business and Jurisdiction of Organization

  
	
  Schedule 4.1.39

  	
  -

  	
  Exceptions with respect to
  Ground Leases

  
	
  Schedule 5.1.11(c)

  	
  -

  	
  Financial Reports

  
	
  Schedule 5.1.11(f)

  	
  -

  	
  Quarterly CapEx Budget

  
	
  Schedule 5.1.26

  	
  -

  	
  Zoning Matters

  
	
  Schedule 9.1(a)(iii) 

  	
  -

  	
  Matters Covered by l0b-5
  Opinion

  
	
  Schedule 10.23

  	
  -

  	
  Financing Statement

  
	
  Schedule 10.25

  	
  -

  	
  Portfolio Metrics

  

 

iii

 

LOAN AGREEMENT

(SEVENTH MEZZANINE LOAN)

 

THIS
LOAN AGREEMENT (SEVENTH MEZZANINE LOAN), dated as of
December 21, 2007 (as amended, restated, replaced, supplemented or
otherwise modified from time to time, this “Agreement”),
by and between JPMORGAN CHASE BANK, N.A., a
banking association chartered under the laws of the United States of America,
having an address at 270 Park Avenue, New York, New York 10017-2014 (in its
capacity as collateral agent, for itself and any other Noteholder (as defined
below), together with its successors and assigns in such capacity, “Lender”) and HCR VII PROPERTIES, LLC,
a Delaware limited liability company (“Borrower”),
having an address at 333 N. Summit Street, Toledo, Ohio 43604.

 

W I T N E S S E T H:

 

WHEREAS, JPMorgan Chase
Bank, N.A., a banking association chartered under the laws of the United States
of America (“JPMorgan”), Column
Financial, Inc., a Delaware corporation (“Column”),
and Bank of America, N.A., a national banking association (“BofA”,
and together with JPMorgan and Column, collectively, the “Mortgage
Noteholders”) are making a loan in aggregate principal amount of
$3,000,000,000.00 (the “Mortgage Loan”),
which Mortgage Loan is evidenced by that certain Promissory Note, dated as of
the date hereof, made by the entities listed on Schedule I attached
hereto (collectively, the “Mortgage Borrowers”)
in favor of the Mortgage Noteholders (as the same may be amended, severed,
split, extended, consolidated, replaced, restated, supplemented or otherwise
modified from time to time, collectively, the “Mortgage
Note”), pursuant to a Loan Agreement, dated as of the date hereof,
by and among JPMorgan, as collateral agent for itself and the other Mortgage
Noteholders (“Mortgage Lender”), HCR ManorCare
Maryland Properties, LLC, a Delaware limited liability company (“Maryland Owner”), and the Mortgage Borrowers (as the same
may be amended, replaced, restated, supplemented or otherwise modified from
time to time, the “Mortgage Loan Agreement”)
and secured by the Mortgages (as hereinafter defined);

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “First Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$100,000,000.00 (the “First Mezzanine Loan”),
which First Mezzanine Loan is evidenced by that certain Promissory Note (First
Mezzanine Loan), dated as of the date hereof, made by HCR I-A Properties, LLC,
a Delaware limited liability company (“IA Borrower”),
and HCR 1-B Properties, LLC, a Delaware limited liability company (“IB Borrower”, and together with IA Borrower, each, a “First Mezzanine Borrower” and collectively, the “First Mezzanine Borrowers”) in favor of the First Mezzanine
Noteholders (as the same may be amended, severed, split, extended,
consolidated, restated, replaced, supplemented or otherwise modified from time
to time, the “First Mezzanine Note”), pursuant
to a certain Loan Agreement (First Mezzanine Loan), dated as of the date
hereof, by and between JPMorgan Chase Bank, N.A., a banking association
chartered under the laws of the United States of America, as collateral agent
for itself and the other First Mezzanine Noteholders (together with its
successors and assigns, the “First Mezzanine Lender”),
and the First Mezzanine Borrowers (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, the “First Mezzanine

 

 

Loan Agreement”), and secured
by, among other things, a pledge of all of IB Borrower’s interest in IA
Borrower and all of IA Borrower’s interest in the Mortgage Borrowers (other
than Maryland Borrower (as defined in this Agreement));

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Second Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$250,000,000.00 (the “Second Mezzanine Loan”),
which Second Mezzanine Loan is evidenced by that certain Promissory Note
(Second Mezzanine Loan), dated as of the date hereof, made by HCR II
Properties, LLC, a Delaware limited liability company (“Second
Mezzanine Borrower”), in favor of the Second Mezzanine Noteholders
(as the same may be amended, severed, split, extended, consolidated, restated,
replaced, supplemented or otherwise modified from time to time, the “Second Mezzanine Note”), pursuant to a certain Loan
Agreement (Second Mezzanine Loan), dated as of the date hereof, by and between
JPMorgan Chase Bank, N.A., a banking association chartered under the laws of
the United States of America, as collateral agent for itself and the other
Second Mezzanine Noteholders (together with its successors and assigns, the “Second Mezzanine Lender”), and the Second Mezzanine
Borrowers (as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time, the “Second Mezzanine Loan
Agreement”), and secured by, among other things, a pledge of all of
Second Mezzanine Borrower’s interest in I-B Borrower;

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Third Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$250,000,000.00 (the “Third Mezzanine Loan”),
which Third Mezzanine Loan is evidenced by that certain Promissory Note (Third
Mezzanine Loan), dated as of the date hereof, made by HCR III Properties, LLC,
a Delaware limited liability company (“Third Mezzanine Borrower”),
in favor of the Third Mezzanine Noteholders (as the same may be amended,
severed, split, extended, consolidated, restated, replaced, supplemented or
otherwise modified from time to time, the “Third Mezzanine Note”),
pursuant to a certain Loan Agreement (Third Mezzanine Loan), dated as of the
date hereof, by and between JPMorgan Chase Bank, N.A., a banking association
chartered under the laws of the United States of America, as collateral agent
for itself and the other Third Mezzanine Noteholders (together with its
successors and assigns, the “Third Mezzanine Lender”),
and the Third Mezzanine Borrowers (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, the “Third Mezzanine Loan Agreement”), and secured by, among
other things, a pledge of all of Third Mezzanine Borrower’s interest in Second
Mezzanine Borrower;

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Fourth Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$250,000,000.00 (the “Fourth Mezzanine Loan”),
which Fourth Mezzanine Loan is evidenced by that certain Promissory Note
(Fourth Mezzanine Loan), dated as of the date hereof, made by HCR IV
Properties, LLC, a Delaware limited liability company (“Fourth
Mezzanine Borrower”), in favor of the Fourth Mezzanine Noteholders
(as the same may be amended, severed, split, extended, consolidated, restated,
replaced, supplemented or otherwise modified from time to time, the “Fourth Mezzanine Note”), pursuant to a certain Loan
Agreement (Fourth Mezzanine Loan), dated as of the date hereof, by and between
JPMorgan Chase Bank, N.A., a banking association chartered under the laws of
the United States of America, as collateral agent for itself and the other
Fourth Mezzanine Noteholders (together with its

 

2

 

successors
and assigns, the “Fourth Mezzanine Lender”), and
the Fourth Mezzanine Borrowers (as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time, the “Fourth
Mezzanine Loan Agreement”), and secured by, among other things, a
pledge of all of Fourth Mezzanine Borrower’s interest in Third Mezzanine
Borrower;

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Fifth Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$250,000,000.00 (the “Fifth Mezzanine Loan”),
which Fifth Mezzanine Loan is evidenced by that certain Promissory Note (Fifth
Mezzanine Loan), dated as of the date hereof, made by HCR V Properties, LLC, a
Delaware limited liability company (“Fifth Mezzanine Borrower”),
in favor of the Fifth Mezzanine Noteholders (as the same may be amended,
severed, split, extended, consolidated, restated, replaced, supplemented or
otherwise modified from time to time, the “Fifth Mezzanine Note”),
pursuant to a certain Loan Agreement (Fifth Mezzanine Loan), dated as of the
date hereof, by and between JPMorgan Chase Bank, N.A., a banking association
chartered under the laws of the United States of America, as collateral agent
for itself and the other Fifth Mezzanine Noteholders (together with its
successors and assigns, the “Fifth Mezzanine Lender”),
and the Fifth Mezzanine Borrowers (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, the “Fifth Mezzanine Loan Agreement”), and secured by, among
other things, a pledge of all of Fifth Mezzanine Borrower’s interest in Fourth
Mezzanine Borrower;

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Sixth Mezzanine
Noteholders”) are making a loan in the aggregate principal amount of
$250,000,000.00 (the “Sixth Mezzanine Loan”),
which Sixth Mezzanine Loan is evidenced by that certain Promissory Note (Sixth
Mezzanine Loan), dated as of the date hereof, made by HCR VI Properties, LLC, a
Delaware limited liability company (“Sixth Mezzanine Borrower”),
in favor of the Sixth Mezzanine Noteholders (as the same may be amended,
severed, split, extended, consolidated, restated, replaced, supplemented or
otherwise modified from time to time, the “Sixth Mezzanine Note”),
pursuant to a certain Loan Agreement (Sixth Mezzanine Loan), dated as of the
date hereof, by and between JPMorgan Chase Bank, N.A., a banking association
chartered under the laws of the United States of America, as collateral agent
for itself and the other Sixth Mezzanine Noteholders (together with its
successors and assigns, the “Sixth Mezzanine Lender”),
and the Sixth Mezzanine Borrowers (as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time, the “Sixth Mezzanine Loan Agreement”), and secured by, among
other things, a pledge of all of Sixth Mezzanine Borrower’s interest in Fifth
Mezzanine Borrower;

 

WHEREAS, Borrower is
the legal and beneficial owner of 100% of the issued and outstanding limited
liability company membership interests in Sixth Mezzanine Borrower;

 

WHEREAS, Borrower
desires to obtain the Loan (as defined below) from Lender;

 

WHEREAS, JPMorgan,
Column and BofA (collectively, the “Noteholders”)
are willing to make the Loan to Borrower, subject to and in accordance with the
terms of this Agreement and the other Loan Documents (as defined below); and

 

3

 

 

WHEREAS, as a
condition precedent to the obligation of Lender to make the Loan to Borrower,
Borrower has entered into that certain Pledge and Security Agreement (Seventh
Mezzanine Loan), dated as of the date hereof, in favor of Lender (as amended,
supplemented or otherwise modified from time to time, the “Pledge
Agreement”), pursuant to which Borrower has granted to Lender a
first priority security interest in the Collateral (as defined in the Pledge
Agreement) as collateral security for the Debt (as hereinafter defined); and

 

NOW
THEREFORE, in consideration of the making of the Loan by the
Noteholders and the covenants, agreements, representations and warranties set
forth in this Agreement, the parties hereto hereby covenant, agree, represent
and warrant as follows:

 

I.              DEFNITIONS; PRINCIPLES OF
CONSTRUCTION

 

Section 1.1.           Definitions. For all
purposes of this Agreement, except as otherwise expressly required or unless
the context clearly indicates a contrary intent:

 

“Acceptable
Counterparty” shall mean any counterparty to the Interest Rate
Cap Agreement (or any guarantor thereof) that has the Minimum Counterparty
Rating.

 

“Accounts” shall mean,
collectively, (a) the Seventh Mezzanine Deposit Account and (b) the
Seventh Mezzanine Sub-accounts.

 

“Additional
Insolvency Opinion” shall mean (a) any non-consolidation opinion
or (b) any update to the Insolvency Opinion, in either case, delivered by
Borrower subsequent to the Closing Date.

 

“Additional
True-Lease Opinion” shall mean (a) any true-lease opinion or
(b) any update to the True-Lease Opinion, in either case, delivered by
Borrower subsequent to the Closing Date.

 

“Affected
Operator” shall mean, individually and collectively as the
context requires, each Operator that is the subject of a Limited Cure Default.

 

“Affected
Property Release” shall have the meaning set forth in Mortgage Loan
Agreement.

 

“Affected
Property Release Amount” shall mean, with respect to an Individual
Property, the Allocated Loan Amount for such Individual Property.

 

“Affiliate” shall mean, as
to any Person, any other Person that, directly or indirectly, is in control of,
is controlled by or is under common control with such Person.

 

“Agent’s
Register” shall have the meaning set forth in Section 10.24
hereof.

 

“Aggregate
Debt Service” shall mean, with respect to any particular period
of time, the sum of (a) the Debt Service, (b) the Mortgage Debt Service
and (c) the Other Mezzanine Debt Service.

 

4

 

“Aggregate
Property Threshold Amount” shall mean $50,000,000.00.

 

“Aggregate
Remaining Costs” shall have the meaning set forth in Section 5.1.23(a) hereof.

 

“Allocated
Loan Amount” shall mean, with respect to an Individual Property,
the “Allocated Loan Amount” with respect to such Individual Property as set
forth on Schedule I.

 

“ALTA” shall mean
American Land Title Association, or any successor thereto.

 

“Alteration
Security” shall have the meaning set forth in Section 5.1.23(a) hereof.

 

“Alternative
Transferee Standard” shall mean and be deemed to have been satisfied by
an entity that (i) owns assets with a market value of at least
$2,000,000,000, (ii) has a staff of experienced real estate professionals
(A) who have the expertise and resources necessary to successfully manage
a portfolio of commercial properties having a market value equal to the
aggregate market value of the Properties, and (B) the senior members of
which have actual experience in managing (at a senior level) a portfolio of
commercial properties having a market value of at least $2,000,000,000, and
(iii) are of the caliber, reputation, expertise and experience as would be
reasonably acceptable to a prudent institutional investor to manage on its
behalf a portfolio of commercial properties having a market value equal to the
aggregate market value of the Properties.

 

“Applicable
Interest Rate” shall mean either (a) with respect to any
period during which the Loan is a LIBOR Loan, the LIBOR Interest Rate plus the
Spread or (b) with respect to any period during which the Loan is a Prime
Rate Loan pursuant to the provisions of Section 2.2.4(b) or (e)
hereof, the Prime Rate plus the Prime Rate Spread.

 

“Appraised
Value” shall mean, with respect to any Individual Property, the “as is”
appraised value of such Individual Property based on an updated appraisal
thereof, at Borrower’s, Senior Mezzanine Borrower’s or Mortgage Borrower’s sole
cost and expense, prepared by a qualified MAI appraiser having no interest
(direct or indirect) in the Loan, the Collateral or in the Properties and which
is in compliance with the requirements of FIRREA, which appraisal shall be in
form and substance acceptable to the Lender.

 

“Approved
Quarterly CapEx Budget” shall have the meaning set forth in Section 5.1.11(f) hereof.

 

“Assignment
of Leases” shall mean, (a) with respect to each Individual
Property, that certain Assignment of Leases and Rents, dated as of
November 6, 2007 and effective as of the date hereof, from the applicable
Mortgage Borrower, as assignor, to Mortgage Lender, as assignee, as the same
may be amended, restated, replaced, supplemented or otherwise modified from
time to time, and (b) with respect to the Maryland Properties, that
certain Indemnity Assignment of Leases and Rents, dated as of November 6,
2007 and effective as of the date hereof, from Maryland Owner, as assignor, to
Mortgage Lender, as assignee, with respect to the Maryland Properties, as the same
may be amended, restated, replaced, supplemented or otherwise modified from
time to time.

 

5

 

“Assignment
of Title Insurance Proceeds” shall mean that certain
Assignment of Title Insurance Proceeds, dated as of the date hereof, by and
among the Borrower (as defined therein) and the Owner (as defined therein) for
the benefit of Lender (as defined therein).

 

“Audited
Financial Statements” shall have the meaning set forth in Section 5.1.11(b) hereof.

 

“Award” shall mean any
compensation paid directly or indirectly to Mortgage Borrower and Maryland
Owner by any Governmental Authority in connection with a Condemnation with
respect to all or any part of any Individual Property.

 

“Bankruptcy
Action” shall mean with respect to any Person, (a) the filing of a
voluntary petition under the Bankruptcy Code or any other Federal or state
bankruptcy or insolvency law filed by such Person; (b) the filing of an
involuntary petition against such Person under the Bankruptcy Code or any other
Federal or state bankruptcy or insolvency law, or soliciting or causing to be
solicited petitioning creditors for any involuntary petition against such
Person; (c) the filing of an answer consenting to or otherwise acquiescing
in or joining in any involuntary petition filed against such person, by any
other Person under the Bankruptcy Code or any other Federal or state bankruptcy
or insolvency law, or soliciting or causing to be solicited petitioning
creditors for any involuntary petition from any Person; (d) the consenting
to or acquiescing in or joining in an application for the appointment of a
custodian, receiver, trustee, or examiner for such Person or any portion of the
Properties by such Person; or (e) the making of an assignment for the
benefit of creditors, or admitting, in writing or in any legal proceeding, its
insolvency or inability to pay its debts as they become due by such Person.

 

“Bankruptcy
Code” shall mean the Bankruptcy Reform Act of 1978, as amended, 11 U.S.C.,
Section 101, et  seq., and the regulations adopted and
promulgated pursuant thereto.

 

“Basic
Carrying Costs” shall mean, for any period, with respect to each
Individual Property, the sum of the following costs associated with such
Individual Property for such period: (a) Taxes, (b) Insurance
Premiums and (c) Other Charges.

 

“BofA” shall mean
Bank of America, N.A., a national banking association, and its successors and
assigns.

 

“Borrower” shall have the
meaning set forth in the introductory paragraph hereof.

 

“Borrower
Company Agreement” shall mean, individually or collectively, as the
context may require, the operating agreements and certificates of formation of
Borrower.

 

“Breakage
Costs” shall have the meaning set forth in Section 2.2.4(g) hereof.

 

“Business
Day” shall mean any day other than a Saturday, Sunday or any other day on
which national banks in New York, New York are not open for business.

 

6

 

“Capital
Expenditures” shall mean, for any period, the amount expended
with respect to the Properties for items capitalized under GAAP (including
expenditures for building improvements or major repairs, leasing commissions
and tenant improvements).

 

“Cap
Replacement Delivery Date” shall have the meaning set
forth in Section 2.2.8(c) hereof.

 

“Cap
Replacement Delivery Deadline” shall have the meaning set
forth in Section 2.2.8(c) hereof.

 

“Carlyle” shall mean TC
Group, L.L.C., a Delaware limited liability company.

 

“Cash
Management Agreement” shall mean that certain Cash Management
Agreement (Seventh Mezzanine Loan), dated as of the date hereof, by and between
Borrower and Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

“Casualty” shall have the
meaning set forth in Section 6.2 hereof.

 

“Closing
Date” shall mean the date of the funding of the Loan.

 

“Code” shall mean the
Internal Revenue Code of 1986, as amended, as it may be further amended from
time to time, and any successor statutes thereto, and applicable U.S. Department
of Treasury regulations issued pursuant thereto in temporary or final form.

 

“Collateral” means,
collectively, the “Collateral”, as defined in the Pledge Agreement, and shall
also include all amounts on deposit in the Seventh Mezzanine Deposit Account
and the Reserve Funds (if such funds are under the control of the Lender),
amounts payable pursuant to the Collateral Assignment of Interest Rate Cap and
any and all other property or collateral in which Lender is granted a security
interest under any of the Loan Documents, in each case whether existing on the
date hereof or hereafter pledged or assigned to Lender.

 

“Collateral
Assignment of Interest Rate Cap Agreement” shall mean, individually
and collectively, as the context shall require, those certain Collateral
Assignments of Interest Rate Cap Agreement (Seventh Mezzanine Loan), dated as
of the date hereof, executed by Borrower in connection with the Loan for the
benefit of Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Collateral
Assignment of Lease Guaranty” shall mean, individually
and collectively as the context requires, (a) that certain Collateral
Assignment of Lease Guaranty made by Master Tenant to Mortgage Borrower and Maryland
Owner and (b) that certain Collateral Assignment of Lease Guaranty made by
Mortgage Borrower and Maryland Owner to Mortgage Lender.

 

“Collateral
Entities” shall have the meaning set forth in Section 5.1.8(a) hereof.

 

7

 

“Column” shall mean
Column Financial, Inc., a Delaware corporation, and its successors and
assigns.

 

“Condemnation” shall mean a
temporary or permanent taking by any Governmental Authority as the result or in
lieu or in anticipation of the exercise of the right of condemnation or eminent
domain, of all or any part of any Individual Property, or any interest therein
or right accruing thereto, including any right of access thereto or any change
of grade affecting such Individual Property or any part thereof.

 

“Condemnation
Proceeds” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Contractual
Obligations” shall mean as to any Person, any provision of any
security issued by such Person or of any agreement, instrument or undertaking
to which such Person is a party or by which it or any of its property is bound,
or any provision of the foregoing.

 

“Control” shall mean the
ownership, directly or indirectly, in the aggregate of more than fifty percent
(50%) of the beneficial ownership interests of an entity and, when used with
respect to any specific Person, the possession, directly or indirectly, of the
power to direct and cause the direction of the management and policies of such
Person whether through ownership of voting securities, beneficial interests, by
contract or otherwise. The definition is to be construed to apply equally to
variations of the word “Control”,
including “Controlled,”  “Controlling”
or “Controlled by.”

 

“Cooperation
Agreement” shall mean that certain Cooperation Agreement of
even date herewith by and among Mortgage Lender, Mortgage Borrower, Maryland
Owner, each Mezzanine Lender and each Mezzanine Borrower.

 

“Corporate
Loan Lender” shall mean the lenders party to the Corporate Loan
Agreement.

 

“Corporate
Loan” shall mean that certain term and revolving loan financing made by
Corporate Loan Lender to Manor Care and HCR Healthcare, LLC, pursuant to the
terms of the Corporate Loan Agreement and the other Corporate Loan Documents.

 

“Corporate
Loan Agreement” shall mean that certain Credit Agreement, dated as
of the date hereof, by and among JPMorgan, as administrative and collateral
agent, J.P. Morgan Securities Inc., Credit Suisse Securities (USA) LLC and Banc
of America Securities LLC, as Joint Lead Arrangers and Joint Bookrunners and
Manor Care and HCR Healthcare, LLC, and, as the same may be amended, restated,
replaced, supplemented, refinanced, extended or otherwise modified from time to
time.

 

“Corporate
Loan Documents” shall mean, collectively, the Corporate Loan
Agreement and any and all other documents governing, evidencing or securing the
Corporate Loan, in each case as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

8

 

“Corporate
Services Agreement” shall mean, collectively, (i) that certain
Corporate Services Agreement, of even date herewith, among HMS and all of the
Operators other than the Oklahoma Operators (as defined in Section 11.1
hereof), and (ii) that certain Corporate Services Agreement, of even date
herewith, among HMS and each of the Oklahoma Operators.

 

“Counterparty” shall mean,
with respect to each Interest Rate Cap Agreement, JPMorgan Chase Bank, N.A.,
Credit Suisse International and BofA or any substitute Acceptable Counterparty,
and with respect to any Replacement Interest Rate Cap Agreement, any substitute
Acceptable Counterparty.

 

“Covered
Disclosure Information” shall have the meaning set forth in Section 9.2(b) hereof.

 

“CS” shall mean Credit
Suisse Securities (USA) LLC, a Delaware limited liability company, and its
successors and assigns.

 

“Debt” shall mean the
outstanding principal amount set forth in, and evidenced by, this Agreement and
the Note, together with all interest accrued and unpaid thereon (including any
interest that would accrue on the outstanding principal amount of the Loan
through and including the end of any applicable Interest Period, even if such
Interest Period extends beyond any prepayment date) and all other sums due to
Lender in respect of the Loan under the Note, this Agreement, the Pledge
Agreement and the other Loan Documents.

 

“Debt
Service” shall mean, with respect to any particular period
of time, scheduled interest payments due under this Agreement and the Note.

 

“Debt
Service Coverage Ratio” shall mean a ratio for the applicable period
in which:

 

(a)                                  the numerator
is the Net Cash Flow (excluding interest on credit accounts) for such period as
set forth in the financial statements required hereunder; and

 

(b)                                 the denominator
is the Aggregate Debt Service due and payable for such period; provided,
however, that for purposes of the calculation of the Debt Service
Coverage Ratio, Aggregate Debt Service shall be calculated using a LIBOR
Interest Rate in which LIBOR is equal to the Strike Price.

 

“Default” shall mean the
occurrence of any event hereunder or under any other Loan Document which, but
for the giving of notice or passage of time, or both, would be an Event of
Default.

 

“Default
Rate” shall mean a rate per annum equal to the lesser of (a) the
Maximum Legal Rate and (b) three percent (3%) above the Applicable
Interest Rate.

 

“Designated
Mezzanine Lender” shall mean, individually and collectively, as the
context shall require (i) any holder of a Mezzanine Loan or any portion
thereof, the original

 

9

 

principal balance of which
was $200,000,000.00 or more, provided, however, that if any Mezzanine Loan
having an original principal balance of $200,000,000.00 or more is split and
severed into two or more Mezzanine Loans all of which had an original principal
balance of less than $200,000,000.00, the holders of such split and severed
Mezzanine Loans having an aggregate original principal balance of
$200,000,000.00 or more, acting jointly, shall be deemed to collectively
constitute a Designated Mezzanine Lender, and (ii) any holder of both a
Mezzanine Loan and a portion of the Mortgage Loan or a participation therein,
the aggregate original principal balance of which was $200,000,000.00 or more.

 

“Determination
Date” shall mean, with respect to any Interest Period, the date that is two
(2) London Business Days prior to the fifteenth (15th) day of the calendar month
in which such Interest Period commences.

 

“Disclosure
Document” shall mean a prospectus, prospectus supplement,
private placement memorandum or similar offering memorandum or offering
circular, term sheet if any, or such other information customarily required by
Lender used to offer Securities in connection with a Securitization.

 

“Disregarded
Entities” shall have the meaning set forth in Section 5.1.10
hereof.

 

“Eligible
Account” shall mean an account separate and identifiable
from all other funds held by the holding institution that is either (a) an
account or accounts maintained with a federal or state-chartered depository
institution or trust company which complies with the definition of Eligible
Institution or (b) a segregated trust account or accounts maintained with
a federal or state chartered depository institution or trust company acting in
its fiduciary capacity which, in the case of a state chartered depository
institution or trust company, is subject to regulations substantially similar
to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of
at least $50,000,000 and subject to supervision or examination by federal and
state authority. An Eligible Account will not be evidenced by a certificate of
deposit, passbook or other instrument.

 

“Eligible
Institution” shall mean a depository institution or trust
company, the short-term unsecured debt obligations or commercial paper of which
are rated at least “A-1+” by S&P, “P-l” by Moody’s and “F-1+” by Fitch in
the case of accounts in which funds are held for thirty (30) days or less (or,
in the case of Letters of Credit or accounts in which funds are held for more
than thirty (30) days, the long-term unsecured debt obligations of which are
rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s).

 

“Embargoed
Person” shall have the meaning set forth in Section 4.1.35 hereof.

 

“Enforcement
Action” shall mean any (i) judicial or non-judicial foreclosure
proceeding, the exercise of any power of sale, the taking of a deed or
assignment in lieu of foreclosure, the obtaining of a receiver or the taking of
any other enforcement action against any of the Properties, the Collateral, the
Borrower, the Senior Mezzanine Borrower, the Mortgage Borrower or Maryland
Owner, including, without limitation, the taking of possession or control of
any portion thereof, (ii) acceleration of, or demand or action taken in
order to collect, all or any indebtedness secured by the Properties and/or the
Collateral (other than giving of notices of

 

10

 

default
and statements of overdue amounts) or (iii) exercise of any right or
remedy available to Lender under the Loan Documents, Senior Mezzanine Lender
under the Senior Mezzanine Loan Documents or Mortgage Lender under the Mortgage
Loan Agreement, at law, in equity or otherwise with respect to the Borrower,
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner and/or the
Collateral or Properties, as applicable.

 

“Environmental
Indemnity” shall mean that certain Environmental Indemnity
Agreement (Seventh Mezzanine Loan), dated as of the date hereof, executed by
Borrower and Guarantor in connection with the Loan for the benefit of Lender,
as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time.

 

“Equity
Capital” shall mean the equity capital of Guarantor,
excluding retained earnings and letters of credit issued to Guarantor on the
Closing Date, whether in the form of preferred equity on terms reasonably
acceptable to Lender or common equity or, in the case of members of Guarantor’s
management or Persons under their control, rollover equity.

 

“ERISA” shall mean the
Employee Retirement Income Security Act of 1974, as amended.

 

“Event
of Default” shall have the meaning set forth in Section 8.1(a) hereof.

 

“Exchange
Act” shall have the meaning set forth in Section 9.2(a) hereof.

 

“Exchange
Act Filing” shall have the meaning set forth in Section 9.1(b) hereof.

 

“Excluded
Taxes” shall have the meaning set forth in Section 2.2.9.

 

“Facility”, with respect
to each Individual Property, shall have the meaning set forth in the granting
clause of the Mortgage encumbering such Individual Property.

 

“Fee
Borrower” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Fifth
Mezzanine Borrower” shall have the meaning set forth in the Recitals
hereof.

 

“Fifth
Mezzanine Debt Service” shall mean, with respect to any particular
period of time, scheduled interest payments due under the Fifth Mezzanine Note.

 

“Fifth
Mezzanine Deposit Account” shall have the meaning set
forth in the Fifth Mezzanine Loan Agreement.

 

“Fifth
Mezzanine Lender” shall have the meaning set forth in the Recitals
hereof.

 

“Fifth
Mezzanine Loan” shall have the meaning set forth in the Recitals
hereof.

 

11

 

“Fifth Mezzanine Loan Agreement” shall have the
meaning set forth in the Recitals hereof.

 

“Fifth Mezzanine Loan Documents” shall mean the
“Loan Documents” under and as defined in the Fifth Mezzanine Loan Agreement.

 

“Fifth Mezzanine Note” shall have the meaning
set forth in the Recitals hereof.

 

“Fifth Mezzanine Noteholders” shall have the
meaning set forth in the Recitals hereof.

 

“Fifth Mezzanine Release Amount” shall mean the
“Release Amount” under and as defined in the Fifth Mezzanine Loan Agreement.

 

“First Mezzanine Borrower” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Debt Service” shall mean,
with respect to any particular period of time, scheduled interest payments due
under the First Mezzanine Note.

 

“First Mezzanine Deposit Account” shall have the
meaning set forth in the First Mezzanine Loan Agreement.

 

“First Mezzanine Lender” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Loan” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Loan Agreement” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Loan Documents” shall mean the
“Loan Documents” under and as defined in the First Mezzanine Loan Agreement.

 

“First Mezzanine Note” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Noteholders” shall have the
meaning set forth in the Recitals hereof.

 

“First Mezzanine Release Amount” shall mean the
“Release Amount” under and as defined in the First Mezzanine Loan Agreement.

 

“Fiscal Year” shall mean
each twelve (12) month period commencing on January 1 and ending on
December 31 during each year of the term of the Loan.

 

“Fitch” shall mean
Fitch, Inc.

 

“Fourth Mezzanine Borrower” shall have the
meaning set forth in the Recitals hereof.

 

12

 

“Fourth Mezzanine Debt Service” shall mean,
with respect to any particular period of time, scheduled interest payments due
under the Fourth Mezzanine Note.

 

“Fourth Mezzanine Deposit Account”
shall have the meaning set forth in the Fourth Mezzanine Loan
Agreement.

 

“Fourth Mezzanine Lender” shall have the
meaning set forth in the Recitals hereof.

 

“Fourth Mezzanine Loan” shall have the
meaning set forth in the Recitals hereof.

 

“Fourth Mezzanine Loan Agreement” shall have the
meaning set forth in the Recitals hereof.

 

“Fourth Mezzanine Loan Documents” shall mean the
“Loan Documents” under and as defined in the Fourth Mezzanine Loan Agreement.

 

“Fourth Mezzanine Note” shall have the
meaning set forth in the Recitals hereof.

 

“Fourth Mezzanine Noteholders” shall have the
meaning set forth in the Recitals hereof.

 

“Fourth Mezzanine Release Amount” shall mean the
“Release Amount” under and as defined in the Fourth Mezzanine Loan Agreement.

 

“GAAP” shall mean
generally accepted accounting principles in the United States of America as of
the date of the applicable financial report, consistently applied with such
changes and modifications as Lender may reasonably approve.

 

“General Taxes” shall have the
meaning set forth in Section 2.2.9.

 

“Government Account” shall mean any
account payable by any Government Payor under the Medicare or Medicaid
programs, any similar or implementing state statutes and the rules and
regulations promulgated pursuant to any thereof.

 

“Government Payor” shall mean the
Centers for Medicare & Medicaid Services and any other federal or
state governmental authority or any other governmental Person responsible for
making payment of any Government Account.

 

“Governmental Authority” shall mean any
court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (federal, state, county, district,
municipal, city or otherwise) whether now or hereafter in existence having
jurisdiction over the Properties, the Senior Mezzanine Collateral, the
Collateral, Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland
Owner, Guarantor, Master Tenant or Operator.

 

13

 

“Gross Income from Operations” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Ground Lease” shall mean,
individually and collectively, as the context requires, those certain ground
leases described on Schedule II hereto (as such schedule may be modified
from time to time to include ground leases for Substitute Properties and to
exclude ground leases for Substituted Properties).

 

“Guarantor” shall mean HCR
ManorCare, Inc., a Delaware corporation.

 

“Guaranty” shall mean
that certain Guaranty (Seventh Mezzanine Loan), dated as of the date hereof,
from Guarantor to Lender, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

“Health Care Authorities” shall mean any
Governmental Authority or fiscal intermediary of the Facilities having
jurisdiction over the ownership, operation, use or occupancy of any Individual
Property as a skilled nursing facility, assisted living facility, long term
acute care facility or other health care facility.

 

“Health Care Licenses” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Health Care Requirements” shall mean,
with respect to each Individual Property, all federal, state, county, municipal
and other governmental statutes, laws, rules, orders, regulations, ordinances,
standards, policies, judgments, decrees and injunctions or agreements, in each
case regulating the establishment, construction, ownership, operation, use or
occupancy of such Individual Property or any part thereof as a skilled nursing
facility or assisted living facility, and all material permits, licenses and
authorizations and regulations relating thereto, including all material rules,
orders, regulations and decrees of and agreements with Health Care Authorities
as pertaining to such Individual Property.

 

“HMS” shall have the
meaning set forth in Section 5.1.34 hereof.

 

“IA Borrower” shall have the
meaning set forth in the Recitals hereto.

 

“IB Borrower” shall have the
meaning set forth in the Recitals hereto.

 

“Improvements” shall have the
meaning set forth in the granting clause of the related Mortgage with respect
to each Individual Property.

 

“Indebtedness” of a Person,
at a particular date, means the sum (without duplication) at such date of
(a) all indebtedness or liability in respect of borrowed money of such
Person (including indebtedness in the form of mezzanine debt and preferred
equity); (b) obligations evidenced by bonds, debentures, notes, or other
similar instruments; (c) obligations for the deferred purchase price of
property or services (including trade obligations); (d) obligations under
letters of credit; (e) obligations under acceptance facilities;
(f) other contingent obligations to purchase, to provide funds for
payment, to supply funds, to

 

14

 

invest in any Person or
entity, or otherwise to assure a creditor against loss; and
(g) obligations secured by any Liens.

 

“Indemnification Agreement” shall have the
meaning set forth in Section 9.2(b) hereof.

 

“Indemnified Liabilities” shall have the
meaning set forth in Section 10.13(b) hereof.

 

“Indemnified Persons” shall have the
meaning set forth in Section 9.2(b) hereof. 

 

“Indemnifying Person” shall mean
each of Borrower and Guarantor. 

 

“Indemnity Guaranty” shall mean
that certain Indemnity Guaranty Agreement, dated as of the date hereof, from
Maryland Owner to Mortgage Lender securing the full and prompt payment and
performance of the obligations and liabilities of Maryland Borrower under the
Mortgage Note and the other Mortgage Loan Documents, as the same may be
amended, restated, replaced, supplemented or otherwise modified from time to
time.

 

“Independent Director” or “Independent Manager” (Borrower) shall mean a natural person
who is not at the time of initial appointment, or at any time while serving as
a director or manager, as applicable, and has not been at any time during the
preceding five (5) years: (a) a stockholder, director (with the
exception of serving as the Independent Director or Independent Manager of
Borrower, Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner),
officer, trustee, employee, partner, member (with the exception of serving as a
special member), attorney or counsel of the Principal, Borrower, Senior
Mezzanine Borrower, Mortgage Borrower, Maryland Owner or any Affiliate of any
of them; (b) a creditor, customer, supplier or other person who derives
any of its purchases or revenues from its activities with the Borrower, Senior
Mezzanine Borrower, Mortgage Borrower, Maryland Owner, or any Affiliate of any
of them; (c) a Person or other entity controlling or under common control
with any Person excluded from serving as Independent Director or Independent
Manager under the foregoing subparagraphs (a) or (b); or (d) a member
of the immediate family by blood or marriage of any Person excluded from
serving as Independent Director or Independent Manager under the foregoing
subparagraphs (a) or (b). As used in this definition, the term “control”
means the possession, directly or indirectly, of the power to direct or cause
the direction of management, policies or activities of a Person, whether
through ownership of voting securities, by contract or otherwise. A natural
person who satisfies the foregoing definition other than subparagraph
(b) shall not be disqualified from serving as an Independent Director or
Independent Manager of Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner or other applicable Person if such individual is an independent
director or independent manager provided by a nationally-recognized company
that provides professional independent directors or independent managers (a “Professional Independent Director” or “Professional
Independent Manager”) and that also provides other corporate
services in the ordinary course of its business. A natural person who otherwise
satisfies the foregoing definition other than subparagraph (a) by reason
of being the independent director or independent manager of a “special purpose
entity” affiliated with Borrower shall not be disqualified from serving as an
Independent Director or Independent Manager of Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Principal,

 

15

 

or Maryland Owner if such
individual is either (i) a Professional Independent Director or
Professional Independent Manager or (ii) the fees that such individual
earns from serving as independent director or manager of affiliates of
Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Principal or Maryland
Owner in any given year constitute in the aggregate less than five percent (5%)
of such individual’s annual income for such year. Notwithstanding the
immediately preceding sentence, an Independent Director or Independent Manager
may not simultaneously serve as Independent Director or Independent Manager of
Borrower, Principal, Senior Mezzanine Borrower, Mortgage Borrower or Maryland
Owner and independent director or independent manager of a special purpose
entity that owns a direct or indirect equity interest in the Borrower, Senior Mezzanine
Borrower, Mortgage Borrower or Maryland Owner (other than Principal) or a
direct or indirect equity interest of any co-borrower of the (1) Borrower,
Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner,
(2) Operator or (3) Master Tenant.

 

“Independent Director” or “Independent Manager” (Master Tenant) shall have the meaning
set forth in the Mortgage Loan Agreement.

 

“Independent Director” or “Independent Manager” (Operator) shall have the meaning set
forth in the Mortgage Loan Agreement.

 

“Individual Leasehold Property” shall mean,
with respect to each Leasehold Borrower, each parcel of real property, the
Improvements thereon and all personal property leased by such Leasehold
Borrower pursuant to the related Ground Lease and encumbered by a Mortgage,
together with all rights pertaining to such property and Improvements (as more
particularly described in the Granting Clauses of the applicable Mortgage and
referred to therein as the “Property”) and as set forth on Schedule I. For
the avoidance of doubt, the term “Individual Leasehold Property” shall
(a) exclude (i) any Release Property which is an Individual Leasehold
Property from and after the date the same has been released pursuant to Section 2.6.1
hereof and (ii) any Substituted Property which is an Individual Leasehold
Property from and after the substitution thereof in accordance with Section 2.5
hereof, and (b) include any Substitute Property which is an Individual
Leasehold Property from and after the substitution thereof in accordance with Section 2.5
hereof.

 

“Individual Property” shall mean,
with respect to each Mortgage Borrower (other than Maryland Borrower) and
Maryland Owner, each parcel of real property, the Improvements thereon and all
personal property owned by such Mortgage Borrower or Maryland Owner and
encumbered by a Mortgage, together with all rights pertaining to such property
and Improvements (as more particularly described in the Granting Clauses of the
applicable Mortgage and referred to therein as the “Property”) and as set forth
on Schedule I. For the avoidance of doubt, the term “Individual
Property” shall (a) exclude (i) any Release Property from and after
the same has been released pursuant to Section 2.6.1 hereof and
(ii) any Substituted Property from and after the substitution thereof in
accordance with Section 2.5 hereof and (b) include
(i) any Substitute Property from and after the substitution thereof in
accordance with Section 2.5 hereof and (ii) each Individual
Leasehold Property.

 

“Individual Property Threshold
Amount” shall mean, with respect to any Individual Property, the greater of
(i) Five Million Dollars ($5,000,000.00) and (ii) five percent

 

16

 

(5%) of the Allocated Loan
Amount (as defined in the Mortgage Loan Agreement) of such Individual Property.

 

“Insolvency Opinion” shall mean
that certain non-consolidation opinion letter dated the date hereof delivered
by Richards, Layton & Finger, P.A. in connection with the Loan.

 

“Insurance Premiums” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Insurance Proceeds” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Interest Period” shall mean,
with respect to any Payment Date, the period commencing on the ninth (9th) day of the calendar month
immediately preceding the calendar month in which such Payment Date occurs and
terminating on (and including) the eighth (8th) day of the calendar month in which such Payment
Date occurs; provided, however, each Interest Period shall be a
full month and shall not be shortened by reason of any payment of the Loan
prior to the expiration of such Interest Period.

 

“Interest Rate Cap Agreement” shall mean, as
applicable, one or more Interest Rate Cap Agreements (together with the
confirmation and schedules relating thereto) in form and substance reasonably
satisfactory to Lender between Borrower and an Acceptable Counterparty, or a
Replacement Interest Rate Cap Agreement.

 

“JPMorgan” shall mean
JPMorgan Chase Bank, N.A., a banking association chartered under the laws of
the United States of America, and its successors and assigns.

 

“Late Payment Charge” shall have the
meaning set forth in Section 2.3.3 hereof.

 

“Lease” shall mean any
lease (including the Master Lease and the Operating Lease, but excluding each
Ground Lease), rental agreement, occupancy agreement, residency agreement,
sublease or subsublease, letting, license, concession or other agreement of
whatever form, including service, consulting and administrative agreement
(whether written or oral and whether now or hereafter in effect) pursuant to
which any Person is granted a possessory interest in, or right to use or occupy
all or any portion of any space in any Individual Property, and (a) every
modification, amendment, extension, renewal, replacement or other agreement
relating to such lease, sublease, subsublease, or other agreement entered into
in connection with such lease, sublease, subsublease, or other agreement and
(b) every guarantee of the performance and observance of the covenants,
conditions and agreements to be performed and observed by the other party
thereto.

 

“Lease Guaranty” shall mean
that certain Joint and Several Cross-Default Guaranty, dated as of the date
hereof, made by each Operator in favor of Master Tenant.

 

“Leasehold Borrower” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

17

 

“Leasehold Properties” shall mean,
collectively, each and every Individual Leasehold Property.

 

“Legal Requirements” shall mean,
with respect to each Individual Property, all federal, state, county, municipal
and other governmental statutes, laws, rules, orders, regulations, ordinances,
judgments, decrees and injunctions of Governmental Authorities or Health Care
Authorities affecting such Individual Property or any part thereof, or the
construction, use, alteration or operation thereof, or any part thereof,
whether now or hereafter enacted and in force, and all permits, licenses and
authorizations and regulations relating thereto, and all covenants, agreements,
restrictions and encumbrances contained in any instruments, either of record or
known to Borrower, at any time in force affecting such Individual Property or
any part thereof, including any which may (a) require repairs,
modifications or alterations in or to such Individual Property or any part
thereof, or (b) in any way limit the use and enjoyment thereof, but
excluding in each case all Health Care Requirements and the requirements of
applicable Environmental Laws (as such term is defined in the Environmental
Indemnity).

 

“Lender” shall have the
meaning set forth in the introductory paragraph hereto, together with its
successors and assigns; provided, however, that “Lender” shall be
deemed to include each Noteholder for purposes of (a) the following
sections of this Agreement: Sections 2.2.4(e) and (g), Section 2.2.5,
Section 2.2.9, Section 10.13, and (b) any other
provisions of this Agreement and of any other Loan Documents which provide for indemnification
of Lender.

 

“Letter of Credit” shall mean an
irrevocable, unconditional, transferable, clean sight draft letter of credit
reasonably acceptable to Lender (either (a) an evergreen letter of credit,
(b) one which does not expire until at least three hundred sixty-five days
(365) after the issuance thereof or (c) one which does not expire until at
least ten (10) Business Days after the Maturity Date or such earlier date
that such letter of credit is no longer required under the terms of the Loan
Documents) in favor of Lender and entitling Lender to draw thereon based upon a
statement purportedly executed by or on behalf of Lender that it has the right
to draw thereon (either in whole or in part) in New York, New York or such
other place as shall be reasonably acceptable to Lender, issued by a domestic
Eligible Institution or the U.S. agency or branch of a foreign Eligible
Institution. If at any time the bank issuing any such Letter of Credit shall
cease to be an Eligible Institution and Borrower shall have failed to deliver to
Lender a substitute Letter of Credit within ten (10) days after such bank
shall have ceased to be an Eligible Institution, Lender shall have the right
immediately to draw upon the same in full and hold the proceeds of such draw in
accordance with the applicable provisions hereof. Each such Letter of Credit
must be obtained by a Person, on behalf of Borrower, other than any Special
Purpose Entity which is an Affiliate of Borrower, and neither Borrower nor any
Special Purpose Entity which is an Affiliate of Borrower shall have or be
permitted to have any liability or other obligations under any reimbursement
agreement with respect to any such Letter of Credit or otherwise in connection
with reimbursement to the issuing bank for draws on such Letter of Credit.

 

“Liabilities” shall have the
meaning set forth in Section 9.2(b) hereof.

 

18

 

“LIBOR” shall mean,
with respect to each Interest Period, the rate (expressed as a percentage per
annum and rounded upward, if necessary, to the next nearest 1/1000 of 1%) for
deposits in U.S. dollars, for a one-month period, that appears on Reuters
Screen LIBOR01 (or the successor thereto) as of 11:00 a.m., London time, on the
related Determination Date. If such rate does not appear on Reuters Screen
LIBOR01 as of 11:00 a.m., London time, on such Determination Date, Lender shall
request the principal London office of any four major reference banks in the
London interbank market selected by Lender to provide such bank’s offered quotation
(expressed as a percentage per annum) to prime banks in the London interbank
market for deposits in U.S. dollars for a one-month period as of 11:00 a.m.,
London time, on such Determination Date for amounts of not less than the
outstanding amount of the Loan. If at least two such offered quotations are so
provided, LIBOR shall be the arithmetic mean of such quotations. If fewer than
two such quotations are so provided, Lender shall request any three major banks
in New York City selected by Lender to provide such bank’s rate (expressed as a
percentage per annum) for loans in U.S. dollars to leading European banks for a
one-month period as of approximately 11:00 a.m., New York City time on the
applicable Determination Date for amounts of not less than the outstanding
amount of the Loan. If at least two such rates are so provided, LIBOR shall be
the arithmetic mean of such rates. LIBOR shall be determined by Lender or its
agent, which determination shall be conclusive absent manifest error.
Notwithstanding anything to the contrary contained in this Agreement, LIBOR for
the period commencing on the Closing Date and ending on January 8, 2008
shall be equal to 4.897%.

 

“LIBOR Interest Rate” shall mean
with respect to each Interest Period the quotient of (i) LIBOR applicable
to the Interest Period divided by (ii) a percentage equal to 100% minus
the Reserve Requirements applicable to the Interest Period.

 

“LIBOR Loan” shall mean the
Loan at such time as interest thereon accrues at a rate of interest based upon the
LIBOR Interest Rate.

 

“Licenses” shall have the
meaning set forth in Section 4.1.22 hereof.

 

“Lien” shall mean,
with respect to each Individual Property, the Senior Mezzanine Collateral or
the Collateral, any mortgage, deed of trust, lien, pledge, hypothecation,
assignment, security interest, or any other encumbrance or charge on or
affecting the applicable Borrower, Senior Mezzanine Borrower, Mortgage Borrower
or Maryland Owner or such Individual Property, the Senior Mezzanine Collateral
or the Collateral (as the case may be), any portion thereof, including any
conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, the filing of
any financing statement, and mechanic’s, materialmen’s and other similar liens
and encumbrances.

 

“Limited Cure Default” shall have the
meaning set forth in Section 8.1(c) hereof.

 

“Limited Cure Release” shall have the
meaning set forth in Section 8.1(c) hereof.

 

“Limited Cure Release Amount” shall have the
meaning set forth in Section 8.1(c) hereof.

 

19

 

“Liquidation Event” shall have the
meaning set forth in Section 2.4.2(a) hereof.

 

“Loan” shall mean the
loan made by Lender to Borrower pursuant to this Agreement.

 

“Loan Documents” shall mean,
collectively, this Agreement, the Note, the Pledge Agreement, the Environmental
Indemnity, the Collateral Assignment of Interest Rate Cap Agreement, the
Subordinations of South Carolina Management Agreement, the O&M Agreement,
if any, the Guaranty, the Cash Management Agreement, the Cooperation Agreement,
the Assignment of Title Insurance Proceeds and any and all other documents
executed and/or delivered in connection with the Loan.

 

“Loan Release Payments” shall have the
meaning set forth in Section 2.6.1(e) hereof.

 

“Lockout Release Date” shall have the
meaning set forth in Section 2.4.1 hereof.

 

“London Business Day” shall mean any
day other than a Saturday, Sunday or any other day on which commercial banks in
London, England or New York, New York are not open for business.

 

“Low DSCR General Reserve
Account” shall have the meaning set forth in Section 7.1.1.

 

“Low DSCR General Reserve Funds” shall have the
meaning set forth in the Cash Management Agreement.

 

“Low DSCR Interest Floor Reserve
Account” shall have the meaning set forth in Section 7.1.1.

 

“Low DSCR Interest Floor Reserve
Funds” shall have the meaning set forth in the Cash Management Agreement.

 

“Low DSCR Reserve Funds” shall mean,
collectively, Low DSCR Interest Floor Reserve Funds and Low DSCR General
Reserve Funds.

 

“Mandatory Prepayment Date” shall have the
meaning set forth in Section 2.4.4 hereof.

 

“Manor Care” shall have the
meaning set forth in the definition of “Merger Agreement”.

 

“Maryland Borrower” shall mean HCR
ManorCare Maryland Properties II, LLC, a Delaware limited liability company.

 

“Maryland Owner” shall have the
meaning set forth in the Recitals hereto.

 

20

 

“Maryland Properties” shall mean
each of those certain Individual Properties located in the State of Maryland as
listed on Schedule IV attached hereto.

 

“Master Lease” shall mean
that certain Master Lease of even date herewith by and between Mortgage
Borrower (other than Maryland Borrower) and Maryland Owner, as landlord, and
Master Tenant, as tenant.

 

“Master Tenant” shall mean HCR
III Healthcare, LLC, a Delaware limited liability company.

 

“Material Adverse Effect” shall mean any
material adverse effect upon (a) the business, operations, assets or
financial condition of (i) Borrower, (ii) any Senior Mezzanine
Borrower (with respect to First Mezzanine Borrower, taken as a whole),
(iii) Mortgage Borrower and Maryland Owner (taken as a whole),
(iv) Guarantor, (v) Master Tenant, (vi) Operator (taken as a
whole), (vii) the Properties (taken as a whole) or the Facilities (taken
as a whole), (viii) the Senior Mezzanine Collateral with respect to any
one Senior Mezzanine Loan or (ix) the Collateral; (b) the ability of
Borrower or Guarantor to perform, in all material respects, its respective
material obligations under the Loan Documents (taken as a whole) to which it is
a party; (c) the ability of any Senior Mezzanine Borrower (with respect to
First Mezzanine Borrower, taken as a whole) to perform in all material
respects, its respective obligations under the Senior Mezzanine Loan Documents
to which it is a party, (d) the ability of Mortgage Borrower (taken as a
whole) and Maryland Owner or Guarantor to perform in all material respects, its
respective obligations under the Mortgage Loan Documents to which it is a
party; (e) the ability of Master Tenant or Operator (taken as a whole) to
perform, in all material respects, its respective material obligations under
the Leases (taken as a whole); (f) the enforceability or validity of
(i) the Master Lease, (ii) the Operating Lease (taken as a whole),
(iii) the Loan Documents (taken as a whole) or the perfection and priority
of the Liens created under the Loan Documents (taken as a whole), (iv) the
Senior Mezzanine Loan Documents for any one Senior Mezzanine Loan (taken as a
whole) or the perfection and priority of the Liens created under the Senior
Mezzanine Loan Documents for any one Senior Mezzanine Loan (taken as a whole)
or (v) the Mortgage Loan Documents (taken as a whole) or the perfection
and priority of the Liens created under the Mortgage Loan Documents (taken as a
whole); or (g) (i) the material rights, interests and remedies of
Lender under the Loan Documents (taken as a whole), (ii) the material
rights, interests and remedies of Lender under the Senior Mezzanine Loan
Documents with respect to any one Senior Mezzanine Loan (taken as a whole) or
(iii) the material rights, interests and remedies of Mortgage Lender under
the Mortgage Loan Documents (taken as a whole).

 

“Maturity Date” shall mean
January 9, 2013, or such other date on which the final payment of
principal of the Note becomes due and payable as therein or herein provided,
whether at such stated maturity date, by declaration of acceleration, or
otherwise.

 

“Maximum Legal Rate” shall mean the
maximum nonusurious interest rate, if any, that at any time or from time to
time may be contracted for, taken, reserved, charged or received on the
indebtedness evidenced by the Note and as provided for herein or the other Loan
Documents, under the laws of such state or states whose laws are held by any
court of competent jurisdiction to govern the interest rate provisions of the
Loan.

 

21

 

“Medicaid” shall mean
Title XIX of the Social Security Act, which was enacted in 1965 to provide a
cooperative federal-state program for low income and medically indigent
persons, which is partially funded by the federal government and administered
by the states.

 

“Medicare” shall mean
Title XVIII of the Social Security Act, which was enacted in 1965 to provide a
federally funded and administered health program for the aged and certain
disabled persons.

 

“Merger” shall mean
that certain merger transaction effectuated substantially in accordance with
the Merger Agreement, pursuant to which Mergerco shall be merged with and into
Manor Care, with Manor Care being the surviving entity.

 

“Merger Agreement” shall mean
that certain Agreement and Plan of Merger, dated as of July 2, 2007, by
and between MCHCR-CP Merger Sub Inc., a Delaware corporation (“Mergerco”), and Manor Care, Inc., a Delaware
corporation (“Manor Care”), and the disclosure
schedules and exhibits attached thereto and made a part thereof as same may
have been amended pursuant to amendments disclosed to Lender.

 

“Mergerco” shall have the
meaning set forth in the definition of “Merger Agreement”.

 

“Mezzanine Borrower” shall mean,
individually and collectively as the context may require, (a) First Mezzanine
Borrower, (b) Second Mezzanine Borrower, (c) Third Mezzanine
Borrower, (d) Fourth Mezzanine Borrower, (e) Fifth Mezzanine
Borrower, (f) Sixth Mezzanine Borrower and (g) Borrower.

 

“Mezzanine Entities” shall have the
meaning set forth in Section 5.2.10(e) hereof.

 

“Mezzanine Lender” shall mean,
individually and collectively as the context may require (a) First
Mezzanine Lender, (b) Second Mezzanine Lender, (c) Third Mezzanine
Lender, (d) Fourth Mezzanine Lender, (e) Fifth Mezzanine Lender,
(f) Sixth Mezzanine Lender and (g) Lender.

 

“Mezzanine Loan” shall mean,
individually and collectively as the context may require (a) the First
Mezzanine Loan, (b) the Second Mezzanine Loan, (c) the Third
Mezzanine Loan, (d) the Fourth Mezzanine Loan, (e) the Fifth Mezzanine
Loan, (f) the Sixth Mezzanine Loan and (g) the Loan.

 

“Mezzanine Loan Agreement” shall mean,
individually and collectively as the context may require, (a) the First
Mezzanine Loan Agreement, (b) the Second Mezzanine Loan Agreement,
(c) the Third Mezzanine Loan Agreement, (d) the Fourth Mezzanine Loan
Agreement, (e) the Fifth Mezzanine Loan Agreement, (f) the Sixth
Mezzanine Loan Agreement and (g) this Agreement.

 

“MILA” shall have the
meaning set forth in paragraph (a) of the definition of “Special Purpose
Entity (Operator)”.

 

22

 

“Minimum Counterparty Rating” shall mean,
with respect to a Counterparty, that (a) the long-term unsecured debt
obligations or counterparty rating of such Counterparty are rated at least “A-”
by S&P and (b) the long-term unsecured debt obligations or
counterparty rating of such Counterparty are rated at least “Al” by Moody’s.

 

“Moody’s” shall mean
Moody’s Investors Service, Inc.

 

“Mortgage” shall mean
(a) with respect to each Individual Property other than an Individual
Leasehold Property or a Maryland Property, that certain Mortgage (or Deed of
Trust or Deed to Secure Debt) and Security Agreement, dated as of November 6,
2007 and effective as of the date hereof, executed and delivered by Mortgage
Borrower, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time, (b) with respect to each Individual
Leasehold Property, that certain Leasehold Mortgage (or Deed of Trust or Deed
to Secure Debt) and Security Agreement, dated as of November 6, 2007 and
effective as of the date hereof, executed and delivered by Mortgage Borrower,
as the same may be amended, restated, replaced, supplemented or otherwise
modified from time to time and (c) with respect to each Maryland Property,
that certain Indemnity Deed of Trust and Security Agreement, dated as of
November 6, 2007 and effective as of the date hereof, executed and
delivered by Maryland Owner as security for, inter alia, the obligations and liabilities
of Maryland Owner under the Indemnity Guaranty, as the same may be amended,
restated, replaced, supplemented or otherwise modified from time to time.

 

“Mortgage Borrower” shall mean the
“Borrower” under and as defined in the Mortgage Loan Agreement.

 

“Mortgage Cash Management
Account” shall mean the “Cash Management Account” under and
as defined in the Mortgage Cash Management Agreement.

 

“Mortgage Cash Management
Agreement” shall mean that certain Cash Management Agreement,
dated as of the date hereof, among Mortgage Borrower, Maryland Owner and
Mortgage Lender, as the same may be amended, restated, replaced, supplemented
or otherwise modified from time to time.

 

“Mortgage Debt” shall mean the
“Debt” as defined in the Mortgage Loan Agreement.

 

“Mortgage Debt Service” shall mean,
with respect to any particular period of time, scheduled interest payments due
under the Mortgage Note.

 

“Mortgage Lender” shall have the
meaning set forth in the Recitals hereto, together with its successors and
assigns.

 

“Mortgage Loan” shall have the
meaning set forth in the Recitals hereto.

 

“Mortgage Loan Agreement” shall have the
meaning set forth in the Recitals hereto.

 

23

 

“Mortgage Loan Documents” shall mean,
collectively, the Mortgage Note, the Mortgage Loan Agreement, the Mortgage, the
Assignment of Leases and Rents, the Mortgage Cash Management Agreement, and any
and all other documents defined as “Loan Documents” in the Mortgage Loan
Agreement, as amended, restated, replaced, supplemented or otherwise modified
from time to time.

 

“Mortgage Loan Event of Default” shall mean an
“Event of Default” under and as defined in the Mortgage Loan Agreement.

 

“Mortgage Loan Reserve Funds” shall mean the
“Reserve Funds” as defined in the Mortgage Loan Agreement.

 

“Mortgage Note” shall have the
meaning set forth in the Recitals hereto. 

 

“Mortgage Noteholders” shall have the
meaning set forth in the Recitals hereto. 

 

“Mortgage Release Amount” shall mean
“Release Amount” under, as defined in, and subject to adjustment in accordance
with, the Mortgage Loan Agreement.

 

“Mortgage Sub-accounts” shall have the
meaning set forth in the Mortgage Cash Management Agreement.

 

“Net Cash Flow” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Net Cash Flow Schedule” shall mean a
schedule reconciling Net Operating Income to Net Cash Flow, which schedule
shall itemize all material adjustments to Net Operating Income to arrive at Net
Cash Flow, accompanied by an Officer’s Certificate stating that such items
fairly and correctly reflect in all material respects the matters set forth
therein.

 

“Net Liquidation Proceeds After
Debt Service” shall mean, with respect to any Liquidation Event,
all amounts paid to or received by or on behalf of Mortgage Borrower or
Maryland Owner in connection with such Liquidation Event, including, without
limitation, proceeds of any sale, refinancing or other disposition or
liquidation, less (a) Lender’s, Mortgage Lender’s and/or Senior Mezzanine Lender’s
reasonable costs incurred in connection with the recovery thereof, (b) the
costs incurred by Mortgage Borrower or Maryland Owner in connection with a
Restoration of all or any portion of the Property made in accordance with the
Mortgage Loan Documents, (c) amounts required or permitted to be deducted
therefrom and amounts paid pursuant to the Mortgage Loan Documents to Mortgage
Lender or pursuant to the applicable Senior Mezzanine Loan Documents to Senior
Mezzanine Lender, (d) (i) in the case of a foreclosure sale,
disposition or Transfer of the Property in connection with realization thereon
following an Mortgage Loan Event of Default, such reasonable and customary
costs and expenses of sale or other disposition (including attorneys’ fees and
brokerage commissions), and (ii) in the case of a foreclosure sale,
disposition or Transfer of the Senior Mezzanine Collateral in connection with
realization thereon following a Senior Mezzanine Loan Event of Default, such
reasonable and customary costs and expenses of sale or other disposition
(including attorneys’ fees and brokerage commissions), (e) (i) in the
case of a foreclosure sale, such costs and expenses incurred by Mortgage Lender
under the Mortgage Loan Documents as Mortgage

 

24

 

 

Lender shall be entitled to
receive reimbursement for under the terms of the Mortgage Loan Documents, and
(ii) in the case of a foreclosure sale, such costs and expenses incurred
by Senior Mezzanine Lender under the applicable Senior Mezzanine Loan Documents
as the applicable Senior Mezzanine Lender shall be entitled to receive
reimbursement for under the terms of the applicable Senior Mezzanine Loan
Documents, (f) in the case of a refinancing of the Mortgage Loan and/or
any Senior Mezzanine Loan, such costs and expenses (including attorneys’ fees)
of such refinancing as shall be reasonably approved by Mortgage Lender and/or
Senior Mezzanine Lender, as the case may be, (g) the amount of any
prepayments required pursuant to the Mortgage Loan Documents, any of the Senior
Mezzanine Loan Documents, and/or the Loan Documents, in connection with any
such Liquidation Event and (h) all amounts which are required to be paid
to each Other Mezzanine Borrower or Other Mezzanine Lender pursuant to the
terms and provisions of the Mortgage Loan Agreement, the Loan Agreement and
each Other Mezzanine Loan Agreement that require ratable allocation of any such
amounts among the Mortgage Loan and each Mezzanine Loan.

 

“Net Operating Income” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Net Proceeds” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“New Lease” shall have the
meaning set forth in Section 5.1.22 hereof. 

 

“Non-Excluded Taxes” shall have the
meaning set forth in Section 2.2.9 hereof. 

 

“Non-Exempt Lender” shall have the
meaning set forth in Section 2.2.9. 

 

“Non-Material Lease” shall mean
(a) any Lease to a third-party tenant with respect to an Individual
Property, which Lease (i) has a term which does not exceed five
(5) years, and (ii) is for a portion of the Facility located on such
Individual Property which does not exceed 5,000 square feet, and (b) any
Lease to a third party tenant with respect to an Individual Property, which
Lease (i) has a term not to exceed five (5) years, (ii) is for
an unimproved portion of such Individual Property which in any case constitutes
less than ten percent (10%) of the land constituting such Individual Property
and such land is in a portion of such Individual Property that is immaterial to
the use, operation or maintenance of such Individual Property as a skilled
nursing facility or as an assisted living facility, as applicable,
(iv) does not cause the Facility or such Individual Property to fail to be
in compliance with all material Legal Requirements, and (y) restricts the
use of the land demised thereunder to uses which comply with all material Legal
Requirements.

 

“Note” shall mean
that certain Promissory Note of even date herewith in the stated principal
amount of Two Hundred Fifty Million and No/l00 Dollars ($250,000,000.00) made
by Borrower in favor of each of JPMorgan, Column and BofA, as the same may be
amended, severed, split, extended, consolidated, restated, replaced,
supplemented or otherwise modified from time to time.

 

25

 

“Noteholder” shall mean
each holder of the Note, including any assignee or successor to a holder of the
Note; as of the Closing Date, the Noteholders are JPMorgan, Column and BofA.

 

“O&M Agreement” shall mean,
with respect to each Individual Property for which Lender shall reasonably so
require, that certain Operations and Maintenance Agreement (Seventh Mezzanine
Loan), dated as of the date hereof, between Borrower and Lender given in
connection with the Loan, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time.

 

“Officer’s Certificate” shall mean a
certificate delivered to Lender by Borrower, which is signed on behalf of
Borrower by an authorized representative or officer of Borrower (in such
capacity).

 

“Operating Cash Flow Coverage
Ratio” shall have the meaning set forth in the Mortgage Loan Agreement.

 

“Operating Expenses” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Operating Lease” shall mean,
individually and collectively, as the context requires, each of those certain
subleases of even date herewith entered into by each Operator, as subtenant
thereunder, in each case with Master Tenant, as sublandlord.

 

“Operator” shall mean,
individually and collectively as the context requires, the entities set forth
on Schedule III, together with their respective permitted successors and
permitted assigns, each of which entities is the operator of the Individual
Property set forth opposite such entity’s name on Schedule III pursuant
to an Operating Lease. For the avoidance of doubt, the term “Operator” shall
include any Substitute Property Operator from and after a substitution in
accordance with Section 2.5 hereof.

 

“Other Borrower Collateral” shall have the
meaning set forth in Section 11.2.1 hereof.

 

“Other Borrowers” shall have the
meaning set forth in Section 11.1 hereof.

 

“Other Charges” shall mean all
ground rents, maintenance charges, impositions other than Taxes, and any other
charges, including vault charges and license fees for the use of vaults, chutes
and similar areas adjoining any Individual Property, now or hereafter levied or
assessed or imposed against such Individual Property or any part thereof.

 

“Other Mezzanine Borrower” shall mean,
individually or collectively, as the context may require, (a) the First
Mezzanine Borrower, (b) the Second Mezzanine Borrower, (c) the Third
Mezzanine Borrower, (d) the Fourth Mezzanine Borrower, (e) the Fifth
Mezzanine Borrower and (f) the Sixth Mezzanine Borrower.

 

“Other Mezzanine Debt Service” shall mean,
with respect to any particular period of time, the sum of (a) the First
Mezzanine Debt Service, (b) the Second Mezzanine Debt

 

26

 

Service, (e) the Third Mezzanine Debt Service,
(d) the Fourth Mezzanine Debt Service, (e) the Fifth Mezzanine Debt
Service and (f) the Sixth Mezzanine Debt Service.

 

“Other Mezzanine Loan” shall mean, individually or
collectively, as the context may require, (a) the First Mezzanine Loan,
(b) the Second Mezzanine Loan, (c) the Third Mezzanine Loan,
(d) the Fourth Mezzanine Loan, (e) the Fifth Mezzanine Loan and
(f) the Sixth Mezzanine Loan.

 

“Other Mezzanine Loan Agreement” shall mean, individually or
collectively, as the context may require, (a) the First Mezzanine Loan
Agreement, (b) the Second Mezzanine Loan Agreement, (c) the Third
Mezzanine Loan Agreement, (d) the Fourth Mezzanine Loan Agreement,
(e) the Fifth Mezzanine Loan Agreement and (f) the Sixth Mezzanine Loan
Agreement.

 

“Other Mezzanine Loan Documents” shall mean, individually or
collectively, as the context may require, (a) the First Mezzanine Loan
Documents, (b) the Second Mezzanine Loan Documents, (c) the Third
Mezzanine Loan Documents, (d) the Fourth Mezzanine Loan Documents,
(e) the Fifth Mezzanine Loan Documents and (f) the Sixth Mezzanine
Loan Documents.

 

“Other Mezzanine Release Amount” shall mean, with respect to any
Individual Property, the sum of (a) the First Mezzanine Release Amount
applicable to such Individual Property, (b) the Second Mezzanine Release
Amount applicable to such Individual Property, (c) the Third Mezzanine
Release Amount applicable to such Individual Property, (d) the Fourth
Mezzanine Release Amount applicable to such Individual Property, (e) the
Fifth Mezzanine Release Amount applicable to such Individual Property and
(f) the Sixth Mezzanine Release Amount applicable to such Individual
Property.

 

“Other Taxes” shall have the meaning set forth in Section 2.2.9.

 

“Payment Date” shall mean the ninth (9th) day of each calendar month
during the term of the Loan.

 

“Permitted Encumbrances” shall mean, with respect to an
Individual Property, collectively, (a) the Liens and security interests
created by the Mortgage Loan Documents, the Senior Mezzanine Loan Documents and
the Loan Documents, (b) all Liens, encumbrances and other matters
disclosed in the Title Insurance Policies relating to such Individual Property
or any part thereof, (c) Liens for which the underlying obligations have
been satisfied and which are not taken as exceptions to the Title Insurance
Policies, (d) Liens, if any, for Taxes imposed by any Governmental
Authority not yet delinquent, (e) the Master Lease, (f) the Operating
Lease, and (g) such other title and survey exceptions as Lender has
approved or may approve in writing in Lender’s reasonable discretion.

 

“Permitted Investments” shall have the meaning set forth in the
Cash Management Agreement.

 

“Permitted Release” shall mean the release of a Release Property which is
not a Limited Cure Release, an Affected Property Release or an Unlicensed
Facility Release and

 

27

 

which is effectuated in
accordance with the applicable provisions of Section 2.6 hereof; provided
that the Allocated Loan Amount for such Release Property, when taken together
with the Allocated Loan Amounts in respect of all Release Properties previously
released pursuant to Permitted Releases, Limited Cure Releases, Affected
Property Releases and Unlicensed Facility Releases does not exceed, in the
aggregate, the Permitted Release Threshold.

 

“Permitted Release Amount” shall mean,
with respect to a Permitted Release, if the Allocated Loan Amount for the
Release Property being released pursuant to such Permitted Release, when
aggregated with the Allocated Loan Amounts for any Release Property(ies)
previously released pursuant to a Permitted Release, a Limited Cure Release, an
Unlicensed Facility Release or an Affected Property Release, or concurrently
being released pursuant to a Permitted Release, a Limited Cure Release, an
Unlicensed Facility Release or an Affected Property Release, (a) is less
than or equal to fifteen percent (15%) of the original principal amount of the
Loan, 100% of the Allocated Loan Amount of such Release Property, (b) is
greater than fifteen percent (15%) but less than or equal to thirty percent
(30%) of the original principal amount of the Loan, 110% of the Allocated Loan
Amount of such Release Property, and (c) is greater than thirty percent
(30%) of the original principal amount of the Loan but less than or equal to
the Permitted Release Threshold, 115% of the Allocated Loan Amount of such
Release Property.

 

“Permitted Release Threshold” shall mean
seventy percent (70%) of the original principal amount of the Loan.

 

“Person” shall mean any
individual, corporation, partnership, joint venture, limited liability company,
estate, trust, unincorporated association, any federal, state, county or
municipal government or any bureau, department or agency thereof and any
fiduciary acting in such capacity on behalf of any of the foregoing.

 

“Personal Property” shall have the
meaning set forth in the granting clauses of the Mortgage with respect to each
Individual Property.

 

“Physical Condition Report” shall mean,
with respect to each Individual Property, a report prepared by a company
satisfactory to Lender regarding the physical condition of such Individual
Property, satisfactory in form and substance to Lender in its reasonable
discretion.

 

“Pledge” shall mean a
voluntary or involuntary transfer, encumbrance, pledge, mortgage,
hypothecation, encumbrance, financing of, grant of a security interest in or
other collateral assignment of a legal or beneficial interest.

 

“Pledge Agreement” shall have the
meaning set forth in the Recitals hereto.

 

“Policies” shall have the
meaning set forth in the Mortgage Loan Agreement. 

 

“Pre-Approved Accounting Firm” shall mean any
of (a) Deloitte & Touche LLP, (b) KPMG LLP,
(c) PricewaterhouseCoopers LLP and (d) Ernst & Young LLP.

 

28

 

“Prescribed Laws” shall mean,
collectively, (a) the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(Public Law 107-56) (The USA PATRIOT Act), as amended, (b) Executive Order
No. 13224 on Terrorist Financing, effective September 24, 2001, and
relating to Blocking Property and Prohibiting Transactions With Persons Who
Commit, Threaten to Commit, or Support Terrorism, (c) The Trading with the
Enemy Act, 50 U.S.C. App. 1 et  seq., (d) the International
Emergency Economic Power Act, 50 U.S.C. § 1701 et  seq. and
(e) all other material Legal Requirements relating to money laundering or
terrorism.

 

“Prime Rate” shall mean the
annual rate of interest publicly announced by JPMorgan in New York, New York,
as its base rate, as such rate shall change from time to time. If JPMorgan
ceases to announce a base rate, the Prime Rate shall mean the rate of interest
published in The Wall Street Journal from time to time as the “Prime Rate.” If
more than one “Prime Rate” is published in The Wall Street Journal for a day,
the average of such “Prime Rates” shall be used, and such average shall be
rounded up to the nearest one-thousandth of one percent (0.001%). If The Wall
Street Journal ceases to publish the “Prime Rate,” Lender shall select an
equivalent publication that publishes such “Prime Rate,” and if such “Prime
Rates” are no longer generally published or are limited, regulated or
administered by a governmental or quasigovernmental body, then Lender shall
reasonably select a comparable interest rate index.

 

“Prime Rate Loan” shall mean the
Loan at such time as interest thereon accrues at a rate of interest based upon
the Prime Rate.

 

“Prime Rate Spread” shall mean the
difference (expressed as the number of basis points) between (a) the LIBOR
Interest Rate plus the Spread on the date LIBOR was last applicable to the Loan
and (b) the Prime Rate on the date that LIBOR was last applicable to the
Loan; provided, however, in no event shall such difference be a
negative number.

 

“Principal” shall mean the
Special Purpose Entity corporation or limited liability company, if any, which
is (a) the managing member of Borrower, in the event that Borrower is a
limited liability company, or (b) a general partner of Borrower, in the
event that Borrower is a limited partnership.

 

“Prior Owner” shall mean
each and every Person (i) which has ever previously owned, directly or
indirectly, a fee or leasehold interest in any one or more of the Individual
Properties, or (ii) which is an Affiliate of any Person described in
clause (i) above.

 

“Property” or “Properties” shall mean, collectively, each and every
Individual Property set forth on Schedule I. For the avoidance of doubt,
the term “Property” shall (a) exclude (i) any Release Property from
and after the same has been released pursuant to Section 2.6.1 hereof
and (ii) any Substituted Property from and after the substitution thereof
in accordance with Section 2.5 hereof and (b) include each
Substitute Property from and after the substitution thereof in accordance with Section 2.5
hereof.

 

“Property Uncross” shall have the
meaning set forth in Section 9.8 hereof.

 

“Provided Information” shall mean any
and all financial and other information provided at any time by, or on behalf
of, and at the direction of, any Borrower, Senior Mezzanine

 

29

 

Borrower, Mortgage Borrower,
Maryland Owner, any Principal or Guarantor, or any Affiliate of any of the
foregoing, with respect to the Collateral, the Senior Mezzanine Collateral, the
Properties, Borrower, Senior Mezzanine Borrower, Maryland Owner, Mortgage
Borrower, Master Tenant, Operator, Principal and/or Guarantor.

 

“Public Information” shall have the
meaning set forth in Section 10.25 hereof.

 

“Qualified Operator” shall mean,
with respect to each Individual Property, (a) the Operator of such
Individual Property as of the Closing Date, (b) HCR Healthcare, LLC or any
direct or indirect subsidiary thereof or (c) an operator possessing
experience in operating and managing health care properties similar in size,
scope, use and value as such Individual Property or such Substitute Property,
as the case may be, which operator, in the case of clauses (a), (b) and (c) above,
is a Special Purpose Entity (Operator), is licensed, as applicable, to operate
such Individual Property or Substitute Property, as the case may be, and shall
otherwise be reasonably acceptable to Mortgage Lender and each Designated
Mezzanine Lender.

 

“Qualified Transferee” shall mean a
Transferee which is:

 

(i)            a pension fund, pension trust,
pension account, private equity fund or opportunity fund that immediately prior
to such transfer either (A) has total real estate assets with a market
value of at least $2,000,000,000 or (B) at the time of such proposed
transfer, satisfies the Alternative Transferee Standard;

 

(ii)           a pension fund advisor, private
equity fund or opportunity fund acting on behalf of one or more pension funds
that in the aggregate, satisfies the requirements of clause (i) of this
definition;

 

(iii)          an insurance company which is subject
to supervision by the insurance commissioner, or a similar official or agency,
of a state or territory of the United States (including the District of
Columbia) (i) with a net worth, determined as of a date no more than six
(6) months prior to the date of the proposed transfer, of at least
$2,000,000,000, and (ii) who, either (A) immediately prior to such
proposed transfer, controls, directly and/or indirectly, real estate assets
with a market value of at least $2,000,000,000 (exclusive of the Property), or
(B) at the time of such proposed transfer, satisfies the Alternative
Transferee Standard;

 

(iv)          an association organized under the
banking laws of the United States or any state or territory of the United
States (including the District of Columbia) (i) with a combined capital
surplus of at least $2,000,000,000, and (ii) who, either
(A) immediately prior to such transfer, controls, directly or indirectly,
real estate assets with a market value of at least $2,000,000,000 (exclusive of
the Property), or (B) at the time of such transfer, satisfies the
Alternative Transferee Standard;

 

(v)           a real estate investment trust or
commercial credit corporation (i) with a net worth, determined as of a
date no more than six (6) months prior to the date of the proposed
transfer, of at least $2,000,000,000, and (ii) who, either
(A) immediately prior to such proposed transfer, controls, directly and/or
indirectly, real estate assets

 

30

 

with a market value of at
least $2,000,000,000 (exclusive of the Property), or (B) at the time of
such proposed transfer, satisfies the Alternative Transferee Standard;

 

(vi)          an investment bank, money management
firm or “qualified institutional buyer” within the meaning of Rule 144A
under the Securities Act of 1933, as amended (i) with a combined capital
surplus of at least $2,000,000,000, and (ii) who, either
(A) immediately prior to such transfer, controls, directly or indirectly,
real estate assets with a market value of at least $2,000,000,000 (exclusive of
the Property) or (B) at the time of such proposed transfer, satisfies the
Alternative Transferee Standard;

 

(vii)         any Person that is wholly owned
(directly or indirectly) by a Person described in clauses (i) through
(vi) above; or

 

(viii)        any Person reasonably approved by each
Designated Mezzanine Lender.

 

“Quarterly CapEx Budget” shall have the
meaning set forth in Section 5.1.11(f) hereof.

 

“ratably” shall mean,
with respect to the Mortgage Lender and each Mezzanine Lender, its respective
share of any payment or amount, including but not limited to, disbursements of
Net Proceeds, measured as a fraction (a) the numerator of which shall be
the outstanding principal amount of the Mortgage Loan or the applicable
Mezzanine Loan and (b) the denominator of which shall be the aggregate of
the outstanding principal amount of the Mortgage Loan and each Mezzanine Loan,
in each case as of any date of determination.

 

“Rating Agencies” shall mean
each of S&P, Moody’s and Fitch, or any other nationally recognized statistical
rating agency that has been approved by Lender.

 

“Registrar” shall have the
meaning set forth in Section 10.24 hereof.

 

“Registered Loan” shall have the
meaning set forth in Section 10.24 hereof.

 

“Regulation AB” shall mean
Regulation AB under the Securities Act and the Exchange Act, as such Regulation
may be amended from time to time.

 

“REIT” means a “real
estate investment trust”, as such term in defined in Section 856 of the Code.

 

“REIT Lender” shall mean any
Lender that is a REIT or is an Affiliate of a REIT.

 

“REIT Representations and
Covenants” shall mean those certain representations and
covenants contained in Section 5.1.8 hereof.

 

“Related Loan” shall mean a
loan made to an Affiliate of Borrower or secured by a Related Property, that is
included in a Securitization with the Loan.

 

31

 

“Related Property” shall mean a
parcel of real property, together with improvements thereon and personal
property related thereto, that is “related”, within the meaning of the
definition of Significant Obligor, to one or more of the Individual Properties.

 

“Release Amount” shall mean
(a) with respect to a Release Property pursuant to a Permitted Release,
the applicable Permitted Release Amount, (b) with respect to a Release
Property pursuant to a Limited Cure Release, the Limited Cure Release Amount, (c) with
respect to a Release Property pursuant to an Affected Property Release, the
Affected Property Release Amount, and (d) with respect to a Release
Property pursuant to an Unlicensed Facility Release, the Unlicensed Facility
Release Amount.

 

“Release Property” shall have the
meaning set forth in Section 2.6.1 hereof.

 

“Remaining Costs” shall have the
meaning set forth in Section 5.1.23 hereof.

 

“Rent Instruction” shall mean
that certain obligation contained in the Master Lease with respect to payments
of Rent under the Master Lease directly into the Cash Management Account.

 

“Rents” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Reorganization Documents” shall mean,
collectively, the following instruments being entered into on or about the date
hereof among Borrower, Manor Care or their respective Affiliates: (i) the
MILA, (ii) contribution agreements, pursuant to which the Properties were
contributed to Borrower and Maryland Owner and certain other enitities that
were merged with and into Borrower, (iii) merger agreements, merging
certain Affiliates of Manor Care with and into Manor Care or Affiliates of
Manor Care, (iv) the Master Loan Proceeds Distribution Agreement, pursuant
to which Borrower and Maryland Owner will distribute the proceeds of the Loan,
(v) the Purchase and Novation Agreements among Manor Care and certain of
its Affiliates, (vi) the Receivables Purchase Agreement between Manor Care
and certain of its Affiliates, (vii) contribution agreements pursuant to
which operating assets or equity interests in certain Affiliates of Manor Care
were contributed to Affiliates of Manor Care, and (viii) various deeds and
assignments of leases entered into in connection with the contribution
agreements referred to in (ii) above.

 

“Replacement Interest Rate Cap
Agreement” shall mean an interest rate cap agreement from an
Acceptable Counterparty delivered by Borrower pursuant to Section 2.2.8(c)
or Section 2.4.4 hereof, all of the material terms of which
interest rate cap agreement shall be substantially similar to those of the
then-effective Interest Rate Cap Agreement, except that (a) the notional
amount thereof shall be equal to the outstanding principal amount of the Loan
on (i) in the case of an interest rate cap agreement delivered pursuant to
Section 2.2.8 hereof, the Cap Replacement Delivery Date or
(ii) in the case of an interest rate cap agreement delivered pursuant to Section 2.4.4
hereof, the first day following the Mandatory Prepayment Date; (b) the
effective date thereof shall be (i) in the case of an interest rate cap
agreement delivered pursuant to Section 2.2.8 hereof, the Cap
Replacement Delivery Date or (ii) in the case of an interest rate cap
agreement delivered pursuant to Section 2.4.4 hereof, the first day
following the Mandatory Prepayment Date; and (c) the expiration date
thereof shall be the last day of the Interest Period

 

32

 

corresponding to the
Maturity Date; provided, however, that to the extent any such
interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be delivered
to Lender and shall otherwise be reasonably acceptable to Lender.

 

“Replacement Reserve Account” shall have the
meaning set forth in Section 7.3.1 hereof.

 

“Replacement Reserve Funds” shall have the
meaning set forth in Section 7.3.1 hereof.

 

“Replacement Reserve Deposit” shall have the
meaning set forth in Section 7.3.1 hereof.

 

“Replacements” shall have the
meaning set forth in Section 7.3.1 hereof.

 

“Required Annual Replacement
Expenditure” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Required Opinion” shall have the
meaning set forth in Section 5.1.34 hereof.

 

“Required Repairs” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Requisite Operators” shall have the
meaning specified in Section 9.3(b).

 

“Reserve Accounts” shall mean,
collectively, (a) the Tax and Insurance Reserve Account, (b) the
Replacement Reserve Account, (c) the Low DSCR Interest Floor Reserve
Account, (d) the Low DSCR General Reserve Account and (e) any other
reserve account established pursuant to the Loan Documents.

 

“Reserve Funds” shall mean,
collectively, (a) the Tax and Insurance Funds, (b) the Replacement
Reserve Funds, (c) the Low DSCR Reserve Funds and (d) any other
reserve fund established pursuant to the Loan Documents.

 

“Reserve Requirements” shall mean
with respect to any Interest Period, the maximum rate of all reserve
requirements (including, without limitation, all basic, marginal, emergency,
supplemental, special or other reserves and taking into account any
transitional adjustments or other schedule changes in reserve requirements
during the Interest Period) which are imposed under Regulation D on eurocurrency
liabilities (or against any other category of liabilities which includes
deposits by reference to which LIBOR is determined or against any category of
extensions of credit or other assets which includes loans by a non-United
States office of a depository institution to United States residents or loans
which charge interest at a rate determined by reference to such deposits)
during the Interest Period and which are applicable to member banks of the
Federal Reserve System with deposits exceeding one billion dollars, but without
benefit or credit of proration, exemptions or offsets that might otherwise be
available from time to time under Regulation D. The determination of the
Reserve Requirements shall be based on the assumption that Lender funded 100%
of the Loan in the interbank eurodollar

 

33

 

market. In the event of any
change in the rate of such Reserve Requirements under Regulation D during the
Interest Period, or any variation in such requirements based upon amounts or
kinds of assets or liabilities, or other factors, including, without
limitation, the imposition of Reserve Requirements, or differing Reserve
Requirements, on one or more but not all of the holders of the Loan or any
participation therein, Lender may use any reasonable averaging and/or
attribution methods which it deems necessary for determining the rate of such
Reserve Requirements which shall be used in the computation of the Reserve
Requirements. Lender’s computation of same shall be final absent manifest
error.

 

“Restoration” shall mean the
repair and restoration of an Individual Property after a Casualty or
Condemnation as nearly as possible to the condition the Individual Property was
in immediately prior to such Casualty or Condemnation, with such alterations as
may be reasonably approved by Lender.

 

“Restoration Threshold” shall mean,
with respect to any Individual Property, an amount equal to the greater of
(i) Five Million Dollars ($5,000,000.00) and (ii) five percent (5%)
of the Allocated Loan Amount (as defined in the Mortgage Loan Agreement) of
such Individual Property.

 

“Restricted Party” shall mean,
collectively (a) Manor Care, each Other Mezzanine Borrower, Borrower,
Mortgage Borrower, Maryland Owner, Principal, Guarantor, Master Tenant or any
Operator and (b) any shareholder, partner, member (other than the
springing member or special member), direct or indirect legal or beneficial
owner of any of the foregoing.

 

“Sale” shall mean a
voluntary or involuntary sale, conveyance, assignment or other Transfer of a
legal or beneficial interest in the Property, other than a Pledge.

 

“S&P” shall mean
Standard & Poor’s Ratings Services, a division of the McGraw-Hill
Companies, Inc.

 

“Second Mezzanine Borrower” shall have the
meaning set forth in the Recitals hereof.

 

“Second Mezzanine Debt Service” shall mean,
with respect to any particular period of time, scheduled interest payments due
under the Second Mezzanine Note.

 

“Second Mezzanine Deposit
Account” shall have the meaning set forth in the Second
Mezzanine Loan Agreement.

 

“Second Mezzanine Lender” shall have the
meaning set forth in the Recitals hereof.

 

“Second Mezzanine Loan” shall have the
meaning set forth in the Recitals hereof.

 

“Second Mezzanine Loan Agreement” shall have the
meaning set forth in the Recitals hereof.

 

34

 

“Second Mezzanine Loan Documents” shall mean the
“Loan Documents” under and as defined in the Second Mezzanine Loan Agreement.

 

“Second Mezzanine Note” shall have the
meaning set forth in the Recitals hereof.

 

“Second Mezzanine Noteholders” shall have the
meaning set forth in the Recitals hereof.

 

“Second Mezzanine Release Amount” shall mean the
“Release Amount” under and as defined in the Second Mezzanine Loan Agreement.

 

“Section 2.2.9 Certificate” shall have the
meaning set forth in Section 2.2.9.

 

“Securities” shall have the
meaning set forth in Section 9.1 hereof.

 

“Securities Act” shall have the
meaning set forth in Section 9.2(a) hereof.

 

“Securitization” shall have the
meaning set forth in Section 9.1 hereof.

 

“Senior Mezzanine Borrower” shall mean,
individually or collectively, as the context may require, First Mezzanine Borrower,
Second Mezzanine Borrower, Third Mezzanine Borrower, Fourth Mezzanine Borrower,
Fifth Mezzanine Borrower and/or Sixth Mezzanine Borrower.

 

“Senior Mezzanine Collateral” shall mean,
individually or collectively, as the context may require, the “Collateral”
under and as defined in the First Mezzanine Loan Agreement, the Second
Mezzanine Loan Agreement, the Third Mezzanine Loan Agreement, the Fourth
Mezzanine Loan Agreement, the Fifth Mezzanine Loan Agreement and/or the Sixth
Mezzanine Loan Agreement.

 

“Senior Mezzanine Deposit
Account” shall mean, individually or collectively, as the
context may require, the First Mezzanine Deposit Account, the Second Mezzanine
Deposit Account, the Third Mezzanine Deposit Account, the Fourth Mezzanine
Deposit Account, the Fifth Mezzanine Deposit Account and/or the Sixth Mezzanine
Deposit Account.

 

“Senior Mezzanine Lender” shall mean,
individually or collectively, as the context may require, First Mezzanine
Lender, Second Mezzanine Lender, Third Mezzanine Lender, the Fourth Mezzanine
Lender, the Fifth Mezzanine Lender and/or the Sixth Mezzanine Lender.

 

“Senior Mezzanine Loan” shall mean,
individually or collectively, as the context may require, the First Mezzanine
Loan, the Second Mezzanine Loan, the Third Mezzanine Loan, the Fourth Mezzanine
Loan, the Fifth Mezzanine Loan and/or the Sixth Mezzanine Loan.

 

“Senior Mezzanine Loan Agreement” shall mean,
individually or collectively, as the context may require, the First Mezzanine
Loan Agreement, the Second Mezzanine Loan

 

35

 

Agreement, the Third
Mezzanine Loan Agreement, the Fourth Mezzanine Loan Agreement, the Fifth
Mezzanine Loan Agreement and/or the Sixth Mezzanine Loan Agreement.

 

“Senior Mezzanine Loan Documents” shall mean,
individually or collectively, as the context may require, the “Loan Documents”
under and as defined in the First Mezzanine Loan Agreement, the Second
Mezzanine Loan Agreement, the Third Mezzanine Loan Agreement, the Fourth
Mezzanine Loan Agreement, the Fifth Mezzanine Loan Agreement and/or the Sixth
Mezzanine Loan Agreement.

 

“Senior Mezzanine Loan Event of
Default” shall mean, individually or collectively, as the
context may require, an “Event of Default” under and as defined in the First
Mezzanine Loan Agreement, the Second Mezzanine Loan Agreement, the Third
Mezzanine Loan Agreement, the Fourth Mezzanine Loan Agreement, the Fifth
Mezzanine Loan Agreement and/or the Sixth mezzanine Loan Agreement.

 

“Servicer” shall have the
meaning set forth in Section 9.4 hereof.

 

“Servicing Agreement” shall have the
meaning set forth in Section 9.4 hereof.

 

“Seventh Mezzanine Deposit
Account” shall have the meaning set forth in the Cash
Management Agreement.

 

“Seventh Mezzanine Sub-accounts” shall have the
meaning set forth in the Cash Management Agreement.

 

“Severed Loan Documents” shall have the
meaning set forth in Section 8.2(c) hereof.

 

“Significant Obligor” shall have the
meaning set forth in Item 1101(k) of Regulation AB under the Securities
Act.

 

“Sixth Mezzanine Borrower” shall have the
meaning set forth in the Recitals hereof.

 

“Sixth Mezzanine Borrower Company
Agreement” shall mean, individually and collectively, the
limited liability company agreements of each entity making up Sixth Mezzanine
Borrower.

 

“Sixth Mezzanine Debt Service” shall mean,
with respect to any particular period of time, scheduled interest payments due
under the Sixth Mezzanine Note.

 

“Sixth Mezzanine Deposit Account” shall have the
meaning set forth in the Sixth Mezzanine Loan Agreement.

 

“Sixth Mezzanine Lender” shall have the
meaning set forth in the Recitals hereof.

 

“Sixth Mezzanine Loan” shall have the
meaning set forth in the Recitals hereof.

 

36

 

“Sixth Mezzanine Loan Agreement” shall have the
meaning set forth in the Recitals hereof.

 

“Sixth Mezzanine Loan Documents” shall mean the
“Loan Documents” under and as defined in the Sixth Mezzanine Loan Agreement.

 

“Sixth Mezzanine Note” shall have the
meaning set forth in the Recitals hereof.

 

“Sixth Mezzanine Noteholders” shall have the
meaning set forth in the Recitals hereof.

 

“Sixth Mezzanine Release Amount” shall mean the
“Release Amount” under and as defined in the Sixth Mezzanine Loan Agreement.

 

“Social Security Act” shall mean 42
U.S.C. 401 et  seq., as enacted in 1935, and amended, restated or
otherwise supplemented thereafter from time to time and all rules and
regulations promulgated thereunder.

 

“Solvency Certificate” shall mean
that certain solvency certificate dated the date hereof delivered by Manor Care
in connection with the Merger and the Loan.

 

“South Carolina Mortgage
Borrower” shall mean, individually and collectively as the
context requires, each Mortgage Borrower owning South Carolina Property.

 

“South Carolina Conditions” shall mean
(a) that all material approvals and consents have been obtained from all
applicable Governmental Authorities and Health Care Authorities to increase the
rent under each Operating Lease of a South Carolina Property to an amount equal
to the aggregate of the rent then payable under each such Operating Lease and
the management fee and all other compensation then payable (including
escalations thereof) under the South Carolina Management Agreement applicable
to such South Carolina Property, and to amend each such Operating Lease to be
on substantially the same terms and conditions as the Operating Leases
affecting the Properties located outside of South Carolina, (b) each
Operating Lease of a South Carolina Property has been amended as contemplated by
clause (a) above, (c) the Master Lease has been amended, if
necessary, to increase the rent payable thereunder by an amount equal to the
aggregate increase in the rent payable under the Operating Leases for the South
Carolina Properties pursuant to clause (b) above, and (d) South
Carolina Operators and Master Tenant have provided Lender upon request with
estoppel certificates reasonably acceptable to Lender confirming such rent
increases and amendments, together with copies of such documents.

 

“South Carolina Management
Agreement” shall mean, collectively and individually as the
context shall require, those certain Management Agreements, each dated as of
the Closing Date, entered into with respect to each Individual Property that is
located in the State of South Carolina, between the South Carolina Operator
that is the Operator of the applicable Individual Property and Master Tenant.

 

“South Carolina Operator” shall mean,
individually and collectively as the context requires, each Operator that is
the Operator of a South Carolina Property.

 

37

 

 

“South Carolina Property” shall mean,
individually and collectively as the context shall require, an Individual
Property that is located in the State of South Carolina as listed on Schedule
V attached hereto. “South Carolina Property” shall not include any
Substitute Property located in the State of South Carolina.

 

“Special Purpose Entity” shall mean
(a) with respect to any Borrower, Special Purpose Entity (Borrower),
(b) with respect to any Operator, Special Purpose Entity (Operator),
(c) with respect to the Master Tenant, Special Purpose Entity (Master
Tenant), and (d) with respect to any Person other than Borrower, Operator
and Master Tenant, the definition of “Special Purpose Entity (Borrower)” shall
apply mutatis mutandis.

 

“Special Purpose Entity (Borrower)” shall mean a
limited liability company which, except to the extent required by the Loan
Documents, at all times since its formation, and on and after the date hereof
until the Debt is paid in full:

 

(a)           is organized solely for the
purpose of (i) acquiring, owning, holding, managing and otherwise dealing
with its limited liability interest, the Sixth Mezzanine Borrower, and engaging
in such actions and exercising such authority as are consistent with being the
sole member of such Persons, (ii) entering into and performing its
obligations under the Loan Documents (including, without limitation, borrowing
money thereunder and incurring the obligations thereunder) and the Corporate
Services Agreement to which it is a party dated as of the date hereof by and
among itself, HCR Manor Care Services, Inc. and certain other of its
Affiliates, (iii) selling, transferring, servicing, conveying, disposing
of, pledging, assigning, borrowing money against, financing, refinancing or
otherwise dealing with the Collateral to the extent permitted under the Loan
Documents; and (iv) engaging in any lawful act or activity and exercising
any powers permitted to limited liability companies organized under the laws of
the State of Delaware that are related or incidental to and necessary,
convenient or advisable for the accomplishment of the above-mentioned purposes,
including entering into interest rate cap agreements;

 

(b)           is not engaged and will not
engage, directly or indirectly, in any business other than those activities required
or permitted to be performed under the Loan Documents, including pursuant to
this definition of “Special Purpose Entity” and Subsection (a) above,
as applicable;

 

(c)           does not have and will not
have any assets other than those (i) equity interests of the Sixth
Mezzanine Borrower, the Collateral, cash, cash equivalents and investment grade
securities and (ii) incidental personal property necessary for the
ownership or operation of the Collateral;

 

(d)           to the fullest extent
permitted by law, has not engaged, and will not engage in, any dissolution,
liquidation, consolidation, merger, sale or transfer of all or substantially
all of its assets, except as permitted by the Loan Documents;

 

(e)           if such entity is a limited
liability company with only one member, is a limited liability company
organized in the State of Delaware that has (i) as its only member a
non-managing member, (ii) at least two (2) Independent Directors
(Borrower) and has not caused

 

38

 

or
allowed and will not cause or allow the board of directors of such entity to
take any action requiring the unanimous affirmative vote of one hundred percent
(100%) of the directors and the Independent Directors (Borrower) unless two
Independent Directors (Borrower) shall have participated in such vote and
(iii) at least two (2) springing members, each of which shall be
either an individual or a “special purpose corporation” whose stock is one
hundred percent (100%) owned by the sole member of such entity, either one of
whom will become the non-managing member of such entity upon the dissolution of
the existing non-managing member;

 

(f)            has articles of
organization, a certificate of formation and/or an operating agreement which
provide that such entity will not: (A) dissolve, merge, liquidate,
consolidate; (B) sell all or substantially all of its assets except as
permitted pursuant to the Loan Documents; (C) engage in any other business
activity, or amend its organizational documents with respect to the matters set
forth in this definition without the consent of Lender; or (D) without the
affirmative vote of two Independent Directors (Borrower) and of all other
directors of the corporation (that is the managing or co-managing member of
such entity), file a bankruptcy or insolvency petition or otherwise institute
insolvency proceedings with respect to itself or to any other Person in which
it has a direct or indirect legal or beneficial ownership interest;

 

(g)           is maintaining and will
maintain adequate capital in light of its contemplated business purpose,
transactions and liabilities; provided, however, that the
foregoing shall not require its member to make any additional capital
contributions;

 

(h)           intentionally omitted;

 

(i)            has maintained and will
maintain its bank accounts, books and records separate from any other Person;

 

(j)            except as contemplated or
permitted by the Loan Documents, has not commingled and will not commingle its
assets with those of any other Person;

 

(k)           has conducted and will
conduct its business only in its own name;

 

(l)            has maintained and will
maintain its financial statements, showing its assets and liabilities separate
and apart from any other Person and has not permitted and will not permit its
assets to be listed as assets on the financial statement of any other Person; provided,
however, that that each of the Borrower’s assets may be included in a
consolidated financial statement of any of their Affiliates provided
that (i) to the extent consistent with GAAP, any such consolidated
financial statements contain a note indicating that each of the Borrower’s
assets and credit are not available to satisfy the debts and other obligations
of such Affiliate or any other Person and (ii) such assets shall also be
listed on each of the Borrower’s own separate balance sheet;

 

(m)          except to the extent
permitted by the Loan Documents, has paid and will pay its own liabilities and
expenses, including the salaries of its own employees, if any, out of its own
funds and has maintained and will maintain a number of employees, if any, that
Borrower believes to be reasonably sufficient to conduct its business in light
of its contemplated business purpose;

 

39

 

(n)           has observed and will
observe all limited liability company formalities necessary to maintain its
separate existence;

 

(o)           has and will have no
Indebtedness other than (i) the Loan, (ii) liabilities incurred by
Borrower in the ordinary course of business relating to the ownership of the
Collateral and the routine administration of Borrower and Sixth Mezzanine
Borrower, in amounts not to exceed, $100,000, which liabilities are not more
than sixty (60) days past the date incurred, are not evidenced by a note, and
which amounts are normal and reasonable under the circumstances, and
(iv) such other liabilities as are expressly permitted pursuant to this
Agreement;

 

(p)           except as contemplated or
permitted by the Loan Documents, has not and will not guarantee or become
obligated for the debts of any other Person or hold out its credit or assets as
being available to pay the obligations of any other Person;

 

(q)           except as contemplated or
permitted by the Loan Documents, has not and will not acquire obligations or
securities of its members or any other Affiliate, except for the Collateral;

 

(r)            has allocated and will
allocate fairly and reasonably any overhead expenses that are shared with any
Affiliate, including for shared office space and services performed by any
employee of an Affiliate;

 

(s)           except as contemplated or
permitted by the Loan Documents, has not pledged and will not pledge its assets
to secure the obligations of any other Person;

 

(t)            has held itself out and will
hold itself out to the public and all other Persons and identify itself as a legal
entity separate from its member and any other Person and not as a division or
department of any other Person;

 

(u)           shall not make or permit to
remain outstanding any loan or advance to, or own or acquire any stock or
securities of, any Person (other than the Sixth Mezzanine Borrower), except
that the Borrower may invest in those investments permitted under the Loan
Documents and may make any advance required or permitted to be made pursuant to
any provisions of the Loan Documents and permit the same to remain outstanding
in accordance with such provisions;

 

(v)           has filed and shall file its
own tax returns, separate from those of any other Person except (i) to the
extent that it is treated as a “disregarded entity” for tax purposes and is not
required to file tax returns under applicable law or (ii) to the extent
required by applicable law, and pay any taxes so required to be paid under
applicable law from its own funds;

 

(w)          except for capital
contributions or capital distributions permitted under  the terms and conditions of its organizational
documents and properly reflected on its books and records, and except
transactions permitted by the Loan Documents, not enter into any transaction
with any of its Affiliate except on commercially reasonable terms similar to
those available to unaffiliated parties in an arm’s-length transaction;

 

40

 

(x)            has not and will not have
any obligation to, and will not, indemnify its officers, directors or members,
as the case may be, unless such an obligation is fully subordinated to the Debt
and will not constitute a claim against it in the event that cash flow in
excess of the amount required to pay the Debt is insufficient to pay such
obligation;

 

(y)           does not and will not have
any of its obligations guaranteed by any Affiliate, except as contemplated by
the Loan Documents;

 

(z)            if such entity is a Delaware
limited liability company, it shall have its own board of directors or board of
managers, and shall cause such board to meet at least annually or act pursuant
to written consent and keep minutes of such meetings and actions and observe
all other limited liability company formalities;

 

(aa)         has complied and will comply
with all of the terms and provisions contained in its organizational documents.
The statement of facts contained in its organizational documents are true and
correct and will remain true and correct;

 

(bb)         except for the Senior
Mezzanine Borrowers, Mortgage Borrowers (other than Maryland Borrower) and
Maryland Owner, as applicable, has not and will not form, acquire, or hold any
subsidiary or own any equity interest in any other entity;

 

(cc)         has used and shall use
separate stationery, invoices and checks bearing its own name;

 

(dd)         except as contemplated or
permitted by the Loan Documents, shall not buy or hold evidence of indebtedness
issued by any other Person (other than cash, cash equivalents, certificates of
deposit, interests in bank accounts or investment-grade securities);

 

(ee)         with respect to all capital
contributions and distributions, has duly authorized the receipt or making of
such capital contributions and distributions and has duly recorded such action
in its books and records, in accordance with applicable organizational
documents and applicable law; and

 

(ff)           cause its directors,
officers, agents and other representatives to act at all times with respect to
the Borrower consistently and in furtherance of the foregoing

 

“Special Purpose Entity (Master
Tenant)” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Special Purpose Entity
(Operator)” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Spread” shall mean
four percent (4.0%) per annum.

 

“Spread Maintenance Premium” shall mean,
with respect to each repayment of any of the outstanding principal amount of
the Loan prior to the Lockout Release Date, an amount equal to the product of
(i) the principal amount of the Loan to be prepaid, (ii) the Spread,
(iii) the number of days from and including the date of prepayment
(1) through and including the

 

41

 

Mandatory Prepayment Date,
unless Borrower satisfies the terms and provisions of Section 2.4.4
hereof and is not required to prepay the Debt on the Mandatory Prepayment Date,
in which case (2) through and including the Maturity Date, and
(iv) 1/360.

 

“State” shall mean,
with respect to an Individual Property, the State or Commonwealth in which such
Individual Property or any part thereof is located.

 

“Strike Price” shall mean
five and one quarter percent (5.25%).

 

“Subordinations of South Carolina
Management Agreement” shall mean, individually and collectively as
the context shall require, those certain Subordinations of Management
Agreement, dated as of the date hereof, made by the South Carolina Operators in
favor of Lender and consented to by Master Tenant and the South Carolina
Mortgage Borrowers.

 

“Substitute Property” shall have the
meaning set forth in Section 2.5 hereof.

 

“Substitute Property Borrower” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Substitute Property Lien
Documents” shall have the meaning set forth in the Mortgage
Loan Agreement.

 

“Substitute Property Operator” shall have the
meaning set forth in the Mortgage Loan Agreement.

 

“Substituted Property” shall have the
meaning set forth in Section 2.5 hereof.

 

“Substitution Effective Date” shall have the
meaning set forth in Section 2.5 hereof.

 

“Survey” shall mean,
with respect to each Individual Property, the survey of such Individual Property
reviewed and reasonably approved by Lender prior to the Closing Date and
containing a certification to Lender customary for loan transactions similar to
the Loan.

 

“Tax and Insurance Reserve
Account” shall have the meaning set forth in Section 7.2
hereof.

 

“Tax and Insurance Reserve Funds” shall have the
meaning set forth in Section 7.2 hereof.

 

“Taxes” shall mean all
real estate and personal property taxes, assessments, water rates or sewer
rents, now or hereafter levied or assessed or imposed against any Individual
Property or part thereof.

 

“Third Mezzanine Borrower” shall have the
meaning set forth in the Recitals hereof.

 

42

 

“Third
Mezzanine Debt Service” shall mean, with respect to any particular
period of time, scheduled interest payments due under the Third Mezzanine Note.

 

“Third
Mezzanine Deposit Account” shall have the meaning set
forth in the Third Mezzanine Loan Agreement.

 

“Third
Mezzanine Lender” shall have the meaning set forth in the Recitals
hereof.

 

“Third Mezzanine Loan” shall have the
meaning set forth in the Recitals hereof.

 

“Third
Mezzanine Loan Agreement” shall have the meaning set forth in the
Recitals hereof.

 

“Third
Mezzanine Loan Documents” shall mean the “Loan Documents” under and as
defined in the Third Mezzanine Loan Agreement.

 

“Third Mezzanine Note” shall have the
meaning set forth in the Recitals hereof.

 

“Third
Mezzanine Noteholders” shall have the meaning set forth in the
Recitals hereof.

 

“Third
Mezzanine Release Amount” shall mean the “Release Amount” under and as
defined in the Third Mezzanine Loan Agreement.

 

“Threshold Amount” shall have the
meaning set forth in Section 5.1.23(a) hereof.

 

“Title Insurance Policies” shall mean,
with respect to each Individual Property, an ALTA mortgagee title insurance
policy in a form customary for loan transactions similar to the Mortgage Loan
(or, if an Individual Property is in a State which does not permit the issuance
of such ALTA policy, such form as shall be permitted in such State and
reasonably acceptable to Mortgage Lender), issued with respect to such
Individual Property with endorsements customary in the jurisdiction where such
Individual Property is located and insuring the lien of the Mortgage
encumbering such Individual Property.

 

“Transfer” shall have the
meaning set forth in Section 5.2.10(b) hereof.

 

“Transferee” shall have the
meaning set forth in Section 5.2.10(e)(ii) hereof.

 

“Trigger Event” shall mean
that on any date of determination, the Debt Service Coverage Ratio for the
prior calendar quarter was less than 1.10:1.0.

 

“Trigger Period” shall mean a
period commencing on the day after the last day of a calendar quarter with
respect to which a Trigger Event has occurred and ending on the date on which
Borrower establishes in accordance with Section 7.1.2 that the Debt
Service Coverage Ratio for the calendar quarter occurring immediately prior to
the calendar quarter in which such date occurs has been greater than or equal
to 1.10:1.0.

 

43

 

“True-Lease Opinion” shall mean
that certain true lease opinion letter dated the date hereof delivered by
Latham & Watkins LLP in connection with the Loan.

 

“UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial
Code as in effect from time to time in the applicable State in which an
Individual Property is located.

 

“UCC Title Insurance Policy” shall mean,
with respect to the Collateral pledged under the Pledge Agreement, a UCC title
insurance policy in the form acceptable to Lender issued with respect to such
Collateral and insuring the lien of the Pledge Agreement encumbering such
Collateral.

 

“Unlicensed Facility Release” shall have the
meaning set forth in Section 5.1.33 hereof.

 

“Unlicensed Facility Release
Amount” shall have the meaning set forth in Section 5.1.33 hereof.

 

“U.S. Obligations” shall mean
non-redeemable securities evidencing an obligation to timely pay principal
and/or interest in a full and timely manner that are direct obligations of the
United States of America for the payment of which its full faith and credit is
pledged.

 

“Veterans Administration” shall mean the
United States Department of Veterans Affairs.

 

Section 1.2.          Principles of Construction. All references
to sections and schedules are to sections and schedules in or to this Agreement
unless otherwise specified. All uses of the word “including” shall mean
“including, without limitation” unless the context shall indicate otherwise.
Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement.
Unless otherwise specified, all meanings attributed to defined terms herein
shall be equally applicable to both the singular and plural forms of the terms
so defined. With respect to cross-references contained herein to the Mortgage
Loan Documents or the Other Mezzanine Loan Documents or any Mortgage Loan
Document or any Other Mezzanine Loan Document (including with respect to any
cross-references to defined terms therein), unless otherwise specifically
provided herein, such cross-references shall be with respect to the Mortgage
Loan Documents or the Other Mezzanine Loan Documents or such Mortgage Loan
Document or such Other Mezzanine Loan Document, as the case may be, in
existence as of the date hereof, and no modification or amendment to such
cross-referenced sections of the Mortgage Loan Documents or the Other Mezzanine
Loan Documents or any Mortgage Loan Document or any Other Mezzanine Loan
Document shall be binding upon Lender or Borrower unless Lender and Borrower
shall have expressly agreed in writing to be bound by such modification or
amendment. Notwithstanding anything stated herein to the contrary, any
provisions in this Agreement cross-referencing provisions of the Mortgage Loan
Agreement shall be effective notwithstanding the termination of the Mortgage
Loan Agreement by payment in full of the Mortgage Loan or otherwise. The words
“Borrower

 

44

 

shall cause Mortgage
Borrower to,” “Borrower shall cause Mortgage Borrower not to,” “Borrower shall
cause Maryland Owner to,” or “Borrower shall cause Maryland Owner not to,” (or
words of similar meaning) shall mean Borrower shall cause each Senior Mezzanine
Borrower to cause Mortgage Borrower and/or Maryland Owner, as applicable, so to
act or not so to act, as applicable. The words “Borrower shall cause Operator
to” or “Borrower shall not permit Operator to” or “Borrower shall cause Master
Tenant to” (or words of similar meaning) shall mean Borrower shall cause Senior
Mezzanine Borrower to cause Mortgage Borrower and Maryland Owner to cause
Master Tenant to cause Operator, as the case may be, to so act or not to so
act, as applicable.

 

II.            GENERAL
TERMS

 

Section 2.1.           Loan
Commitment; Disbursement to Borrower.

 

2.1.1.      Agreement to Lend and Borrow. Subject to and
upon the terms and conditions set forth herein, the Noteholders hereby agree to
make, and Borrower hereby agrees to accept, the Loan on the Closing Date.

 

2.1.2.      Single Disbursement to Borrower. The principal
amount of the Loan shall be advanced to Borrower in one advance on the Closing
Date. Any amount borrowed and repaid hereunder in respect of the Loan may not
be reborrowed.

 

2.1.3.      The Note and Loan Documents. The Loan shall
be evidenced by the Note and secured by the Pledge Agreement and the other Loan
Documents.

 

2.1.4.      Use of Proceeds. Borrower shall
use the proceeds of the Loan solely to (a) make an equity contribution to
Mortgage Borrower and Maryland Owner through Senior Mezzanine Borrower in order
to cause Mortgage Borrower and Maryland Owner to use such amounts for any use
permitted pursuant to Section 2.1.4 of the Mortgage Loan Agreement,
(b) pay costs and expenses incurred in connection with the closing of the Loan,
as approved by Lender and (c) distribute the balance, if any, at Borrower’s
option in whole or in part to Borrower’s members.

 

Section 2.2.           Interest
Rate.

 

2.2.1.      Intentionally Omitted.

 

2.2.2.      Interest Rate. Interest on
the principal balance of the Note outstanding from time to time shall accrue
from the Closing Date up to but (except in the case of an acceleration thereof)
excluding the Maturity Date (including all interest that would accrue on the
outstanding principal balance of the Loan through the end of the Interest
Period during which the Maturity Date occurs in the event of an acceleration
thereof even if such period extends beyond the Maturity Date) at the Applicable
Interest Rate or the Default Rate as provided herein, if applicable. Interest
on the outstanding principal balance of the Loan existing on the commencement
of an Interest Period shall accrue for the entire Interest Period and shall be
owed by Borrower for the entire Interest Period regardless of whether any
principal portion of the Loan is repaid prior to the expiration of such
Interest Period.

 

45

 

2.2.3.      Interest Calculation. Interest on
the outstanding principal balance of the Note shall be calculated by
multiplying (a) the actual number of days elapsed in the period for which
the calculation is being made by (b) a daily rate based on a three hundred
sixty (360) day year by (c) the outstanding principal balance.

 

2.2.4.      Determination of Interest Rate.        (a) Subject to the
terms and conditions of this Section 2.2.4, the Loan shall be a
LIBOR Loan and Borrower shall pay interest on the outstanding principal amount
of the Note at the LIBOR Interest Rate plus the Spread for the applicable
Interest Period. Any change in the rate of interest hereunder due to a change
in the Applicable Interest Rate shall become effective as of the opening of
business on the first day on which such change in the Applicable Interest Rate
shall become effective. Each determination by Lender of the Applicable Interest
Rate shall be presumptively correct, absent manifest error.

 

(b)           In the event that Lender
shall have determined (which determination shall be presumptively correct,
absent manifest error) that by reason of circumstances affecting the interbank
eurodollar market, adequate and reasonable means do not exist for ascertaining
LIBOR, then Lender shall forthwith give notice by telephone of such
determination, confirmed in writing, to Borrower at least two (2) Business
Days prior to the last day of the related Interest Period. If such notice is
given, the related outstanding LIBOR Loan shall be converted, from and after
the first day of the next succeeding Interest Period, to a Prime Rate Loan.

 

(c)           If, pursuant to the terms of
this Agreement, any portion of the Loan has been converted to a Prime Rate Loan
and Lender shall determine (which determination shall be shall be presumptively
correct absent manifest error) that the event (s) or
circumstance(s) which resulted in such conversion shall no longer be
applicable, Lender shall give notice by telephone of such determination,
confirmed in writing, to Borrower at least one (1) Business Day prior to
the last day of the related Interest Period. If such notice is given, the
related outstanding Prime Rate Loan shall be converted to a LIBOR Loan from and
after the first day of the next succeeding Interest Period.

 

(d)           Intentionally Omitted.

 

(e)           If any requirement of law or
any change therein or in the interpretation or application thereof shall
hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as
contemplated hereunder (i) the obligation of Lender hereunder to make a
LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan shall be canceled
forthwith until such time as such change or interpretation ceases to exist and
(ii) any outstanding LIBOR Loan shall be converted automatically to a
Prime Rate Loan on the next succeeding Payment Date or within such earlier
period as required by law. Borrower hereby agrees to promptly pay Lender,
within ten (10) Business Days following written demand, any additional
amounts necessary to compensate Lender for any reasonable costs actually
incurred by Lender in making any conversion in accordance with this Agreement,
including any interest or fees payable by Lender to lenders of funds obtained
by it in order to make or maintain the LIBOR Loan hereunder. Lender’s notice of
such costs, as certified to Borrower, shall be presumptively correct absent
manifest error; provided, however, within ten (10) Business
Days after Borrower’s written

 

46

 

request, Lender shall
furnish Borrower with a statement of such additional amounts, specifying same
in reasonable detail, which statement shall be presumptively correct, absent
manifest error.

 

(f)            In the event that any change
in any material requirement of law or in the interpretation or application
thereof, or material compliance by Lender with any request or directive
(whether or not having the force of law) hereafter issued from any central bank
or other Governmental Authority (as used in this Section 2.2.4(f),
a “change or issuance”):

 

(i)            shall hereafter impose,
modify or hold applicable any reserve, special deposit, compulsory loan or
similar requirement against assets held by, or deposits or other liabilities in
or for the account of, advances or loans by, or other credit extended by, or
any other acquisition of funds by, any office of Lender which is not otherwise
included in the determination of LIBOR hereunder;

 

(ii)           shall hereafter have the
effect of reducing the rate of return on Lender’s capital as a consequence of
its obligations hereunder to a level below that which Lender could have
achieved but for such adoption, change or compliance (taking into consideration
Lender’s policies with respect to capital adequacy) by any amount deemed by
Lender to be material (other than, for the avoidance of doubt, as a consequence
of the imposition or change in rate of a General Tax); or

 

(iii)          shall hereafter impose on
Lender any other condition (other than, for the avoidance of doubt, the
imposition or change in rate of a General Tax) and the result of any of the
foregoing is to increase the cost to Lender of making, renewing or maintaining
loans or extensions of credit or to reduce any amount payable hereunder;

 

then, in any such case,
Borrower shall promptly pay Lender, within ten (10) Business Days after
demand and receipt of a reasonably detailed invoice, any additional amounts
necessary to compensate Lender for such additional cost or reduced amount
payable (including, for the avoidance of doubt, any General Taxes arising from
or with respect to any such additional amounts) which Lender deems to be
material as determined by Lender in its reasonable discretion. If Lender
becomes entitled to claim any additional amounts pursuant to this Section 2.2.4(f),
Lender shall provide Borrower with not less than ninety (90) days notice
specifying in reasonable detail the event by reason of which it has become so
entitled and the additional amount required to fully compensate Lender for such
additional cost or reduced amount. A certificate as to any additional costs or
amounts payable pursuant to the foregoing sentence submitted by Lender to
Borrower shall be presumptively correct in the absence of manifest error. This
provision shall survive payment of the Note and the satisfaction of all other
obligations of Borrower under this Agreement and the Loan Documents, provided
that such amount owed was incurred, or relates to any change or issuance that
occurred, at the time the Debt was outstanding. Notwithstanding anything to the
contrary in this Section 2.2.4, Borrower shall not be required to
compensate Lender pursuant to this Section 2.2.4 for any amounts
incurred more than ninety (90) days prior to the date that Lender notifies
Borrower of Lender’s intention to claim compensation therefor.

 

(g)           Borrower agrees to indemnify
and defend Lender and to hold Lender harmless from and against any loss or
expense which Lender sustains or actually incurs as a

 

47

 

consequence of (i) any
default by Borrower in payment of the principal of or interest on a LIBOR Loan,
including any such loss or expense arising from interest or fees payable by
Lender to lenders of funds obtained by it in order to maintain a LIBOR Loan hereunder,
(ii) any prepayment (whether voluntary or mandatory) of the LIBOR Loan on
a day that (A) is not a Payment Date or (B) is a Payment Date if
Borrower did not give the prior notice of such prepayment required pursuant to
the terms of this Agreement, including such loss or expense arising from
interest or fees payable by Lender to lenders of funds obtained by it in order
to maintain the LIBOR Loan hereunder and (iii) the conversion (for any
reason whatsoever, whether voluntary or involuntary) of the Applicable Interest
Rate from the LIBOR Interest Rate plus the Spread to the Prime Rate plus the
Prime Rate Spread with respect to any portion of the outstanding principal
amount of the Loan then bearing interest at the LIBOR Interest Rate plus the
Spread on a date other than the first day of an Interest Period, including such
loss or expenses arising from interest or fees payable by Lender to lenders of
funds obtained by it in order to maintain a LIBOR Loan hereunder (the amounts
referred to in clauses (i), (ii) and (iii) are herein referred to
collectively as the “Breakage Costs”),
provided, however, Borrower shall not be obligated to indemnify
Lender for any cost or expense arising from Lender’s willful misconduct or
gross negligence. This provision shall survive payment of the Note in full and
the satisfaction of all other obligations of Borrower under this Agreement and
the other Loan Documents, provided that such amount owed was incurred at
the time the Debt was outstanding.

 

2.2.5.      Additional Costs.
Lender will use reasonable efforts (consistent with legal and regulatory
restrictions) to maintain the availability of the LIBOR Loan and to avoid or
reduce any increased or additional costs payable by Borrower under Section 2.2.4,
including, if requested by Borrower, a transfer or assignment of the Loan to a
branch, office or Affiliate of Lender in another jurisdiction, or a
redesignation of its lending office with respect to the Loan, in order to
maintain the availability of the LIBOR Loan or to avoid or reduce such
increased or additional costs, provided that the transfer or assignment
or redesignation (a) would not result in any additional costs, expenses or
risk to Lender that are not reimbursed by Borrower and (b) would not cause
Lender to suffer any economic, legal or regulatory disadvantage as determined
by Lender in its reasonable discretion.

 

2.2.6.      Default Rate.
In the event that, and for so long as, any Event of Default shall be
continuing, the outstanding principal balance of the Note and, to the extent
permitted by law, all accrued and unpaid interest in respect of the Note and
any other amounts due pursuant to the Loan Documents, shall accrue interest at
the Default Rate, calculated from the date such Event of Default shall have
occurred after giving effect to any applicable notice and grace periods; provided,
however, that any amounts expended by Lender due to a Default for which
Borrower is obligated under the Loan Documents to reimburse Lender shall accrue
interest at the Default Rate calculated from the date expended without regard
to any grace or cure periods contained herein.

 

2.2.7.      Usury Savings.
This Agreement, the Note and the other Loan Documents are subject to the
express condition that at no time shall Borrower be obligated or required to
pay interest on the principal balance of the Loan at a rate which could subject
Lender to either civil or criminal liability as a result of being in excess of
the Maximum Legal Rate. If, by the terms of this Agreement or the other Loan
Documents, Borrower is at any time required or obligated to pay interest on the
principal balance due hereunder at a rate in excess of the

 

48

 

Maximum Legal Rate, the
Applicable Interest Rate or the Default Rate, as the case may be, shall be
deemed to be immediately reduced to the Maximum Legal Rate and all previous
payments in excess of the Maximum Legal Rate shall be deemed to have been
payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the use,
forbearance, or detention of the sums due under the Loan, shall, to the extent
permitted by applicable law, be amortized, prorated, allocated, and spread
throughout the full stated term of the Loan until payment in full so that the
rate or amount of interest on account of the Loan does not exceed the Maximum
Legal Rate of interest from time to time in effect and applicable to the Loan
for so long as the Loan is outstanding.

 

2.2.8.      Interest Rate Cap
Agreement. (a) On or prior to the Closing Date, Borrower
shall enter into an Interest Rate Cap Agreement with a LIBOR strike price equal
to or less than the Strike Price. The Interest Rate Cap Agreement
(i) shall be with an Acceptable Counterparty, (ii) shall direct such
Acceptable Counterparty to deposit directly into the Seventh Mezzanine Deposit
Account all amounts due Borrower under such Interest Rate Cap Agreement so long
as any portion of the Debt exists, (iii) shall be for the period from the
Closing Date through the Mandatory Prepayment Date and (iv) shall have an
initial notional amount equal to the principal balance of the Loan. Borrower
shall collaterally assign to Lender, pursuant to the Collateral Assignment of
Interest Rate Cap Agreement, all of its right, title and interest to receive
any and all payments under the Interest Rate Cap Agreement, and shall deliver
to Lender an executed counterpart of such Interest Rate Cap Agreement (which
shall, by its terms, authorize the assignment to Lender and require that
payments be deposited directly into the Seventh Mezzanine Deposit Account).
Lender hereby accepts the Interest Rate Cap Agreement that is the subject of
the Collateral Assignment of Interest Rate Cap Agreement and agrees it complies
with the requirements of this Section 2.2.8.

 

(b)           Borrower shall comply with all of its obligations under
the material terms and provisions of the Interest Rate Cap Agreement. All
amounts paid by the Counterparty under the Interest Rate Cap Agreement to
Borrower shall be deposited directly into the Seventh Mezzanine Deposit Account
or into such other account as specified by Lender.

 

(c)           In the event of any downgrade, withdrawal or qualification
of the rating of the Counterparty below the Minimum Counterparty Rating,
Borrower, upon reasonable notice of such downgrade, withdrawal or
qualification, shall replace the Interest Rate Cap Agreement (such date of
replacement, which date shall in no event be later than the Cap Replacement
Delivery Deadline, the “Cap Replacement Delivery
Date”) with a Replacement Interest Rate Cap Agreement (and shall
deliver to Lender one or more legal opinions issued by counsel (which counsel
may be in-house counsel for the counterparty) to the Counterparty (and any
guarantor thereof) which are in form and substance substantially similar to the
opinions delivered to Lender on the Closing Date or are otherwise reasonably
acceptable to Lender) not later than ten (10) Business Days after the
occurrence of such downgrade, withdrawal or qualification (such date, the “Cap Replacement Delivery Deadline”).

 

(d)           In connection with any release pursuant to and in
accordance with Section 2.6 hereof or in connection with any
application by Lender of Net Liquidation Proceeds After Debt Service to the
Debt in accordance with Section 2.4.2 hereof, in the event that the
notional amount of the Interest Rate Cap Agreement or any Replacement Interest
Rate Cap

 

49

 

Agreement, as applicable,
exceeds the outstanding principal balance of the Loan (after giving effect to
the release and the application of the Loan Release Payments as provided in Section 2.6
hereof or of the application of Net Proceeds), Borrower shall have the right,
at its sole cost and expense, to cause the notional amount of such Interest
Rate Cap Agreement or Replacement Cap Agreement, as applicable, to be reduced
to an amount not less than such outstanding principal balance provided
that (i) no Event of Default shall be continuing, (ii) Borrower shall
have delivered to Lender the documentation to effect such reduction not less
than ten (10) Business Days prior to the effective date of such reduction
and (iii) such reduction does not result in the notional amount of such
Interest Rate Cap Agreement or Replacement Cap Agreement, as applicable, being
reduced below the outstanding principal balance of the Loan. Upon the
modification of the Interest Rate Cap Agreement or delivery of such Replacement
Cap Agreement, Borrower shall obtain and deliver to Lender an opinion from
counsel (which counsel may be in-house counsel for the Counterparty) for the
Counterparty (upon which Lender, its successors and assigns and the Rating
Agencies may rely) which is in form and substance substantially similar to the
opinions delivered to Lender on the Closing Date or is otherwise reasonably
acceptable to Lender.

 

2.2.9.      Taxes. (a) Any
and all payments by the Borrower under or in respect of this Agreement or any
other Loan Documents to which the Borrower is a party shall be made free and clear
of, and without deduction or withholding for or on account of, any and all
present or future income, franchise, sales, use or other taxes, duties, levies,
imposts, deductions, charges or withholdings, and all liabilities (including
penalties, interest and additions to tax) with respect thereto, whether now or
hereafter imposed, levied, collected, withheld or assessed by any taxation
authority or other Governmental Authority (collectively, “General
Taxes”), unless required by law. If the Borrower shall be required
under any requirement of law to deduct or withhold any General Taxes from or in
respect of any sum payable under or in respect of this Agreement or any of the
other Loan Documents to the Lender (including for all purposes of this Section 2.2.9
any assignee, successor or participant), (i) Borrower shall make all such
deductions and withholdings in respect of General Taxes, (ii) Borrower
shall pay the full amount deducted or withheld in respect of General Taxes to
the relevant taxation authority or other Governmental Authority in accordance
with any requirement of law, and (iii) the sum payable by Borrower shall
be increased as may be necessary so that after Borrower has made all required
deductions and withholdings (including deductions and withholdings applicable
to additional amounts payable under this Section 2.2.9) such Lender
receives an amount equal to the sum it would have received had no such
deductions or withholdings been made in respect of Non-Excluded Taxes. For
purposes of this Agreement the term “Non-Excluded Taxes”
shall mean General Taxes other than, in the case of a Lender, General Taxes
that are imposed on its net income, net profits or capital (and franchise taxes
imposed in lieu thereof), or branch profits taxes that are imposed, by the
jurisdiction under the laws of which such Lender is organized or of its
applicable lending office, or any political subdivision thereof, unless such
General Taxes are imposed as a result of such Lender having executed, delivered
or performed its obligations or received payments under, or enforced, this
Agreement or any of the other Loan Documents but only if the Lender would not
have been subject to such General Taxes in the jurisdiction generally had the
Lender not entered into this Agreement or any other Loan Document (in which
case such General Taxes will be treated as Non-Excluded Taxes).

 

50

 

(b)           In addition, Borrower hereby agrees to pay any present or
future stamp, recording, documentary, excise, property or value-added taxes, or
similar taxes, charges or levies that arise from any payment made under or in
respect of this Agreement or any other Loan Document or from the execution,
delivery or registration of, any performance under, or otherwise with respect
to, this Agreement or any other Loan Document (collectively, “Other Taxes”).

 

(c)           Borrower hereby agrees to indemnify Lender for, and to
hold it harmless against, the full amount of Non-Excluded Taxes and Other
Taxes, and the full amount of General Taxes of any kind imposed by any
jurisdiction on amounts payable under this Section 2.2.9 imposed on
or paid by such Lender and any liability (including penalties, additions to
tax, interest and expenses) arising therefrom or with respect thereto. The indemnity
by Borrower provided for in this Section 2.2.9(c) shall apply and
be made whether or not the Non-Excluded Taxes or Other Taxes for which
indemnification hereunder is sought have been correctly or legally asserted.
Amounts payable by Borrower under the indemnity set forth in this Section 2.2.9(c)
shall be paid within ten (10) days from the date on which Lender makes written
demand therefor.

 

(d)           Within thirty (30) days after the date of any payment of
General Taxes, Borrower (or any Person making such payment on behalf of
Borrower) shall furnish to Lender for its own account a certified copy of the
original official receipt or such other evidence that is reasonably
satisfactory to Lender evidencing payment thereof. For purposes of subsection
(e) of this Section 2.2.9, the terms “United States” and
“United States person” shall have the meanings specified in Section 7701
of the Internal Revenue Code.

 

(e)           Each Lender (including for avoidance of doubt any
assignee, successor or participant) (a “Non-Exempt Lender”)
shall deliver or cause to be delivered to Borrower, but only if it is legally
able to do so, the following properly completed and duly executed documents:

 

(i)            in the case of a Lender that is not
a United States person, a complete and executed (x) U.S. Internal Revenue
Form W-8BEN with Part II completed if Lender is able to claim the
benefits of a tax treaty with the United States providing for a zero or reduced
rate of withholding (or any successor forms thereto), including all appropriate
attachments or (y) a U.S. Internal Revenue Service Form W-8ECI (or
any successor forms thereto); or

 

(ii)           in the case of a Lender that is an
individual, (x) a complete and executed U.S. Internal Revenue Service
Form W-8BEN (or any successor forms thereto) and a certificate
substantially in the form of Schedule 2.2.9 (a “Section 2.2.9
Certificate”) or (y) a complete and executed U.S. Internal
Revenue Service Form W-9 certifying that such Person is exempt from backup
withholding (or any successor forms thereto); or

 

(iii)          in the case of a Lender that is
organized under the laws of the United States, any State thereof, or the
District of Columbia, a complete and executed U.S. Internal Revenue Service
Form W-9 certifying that such Person is exempt from backup withholding (or
any successor forms thereto), including all appropriate attachments; or

 

51

 

(iv)          in the case of a Lender that
(x) is not organized under the laws of the United States, any State
thereof, or the District of Columbia and (y) is treated as a corporation
for U.S. federal income tax purposes, a complete and executed U.S. Internal
Revenue Service Form W-8BEN (or any successor forms thereto) and a
Section 2.2.9 Certificate; or

 

(v)           in the case of a Lender that
(A) is treated as a partnership or other non-corporate entity, and
(B) is not organized under the laws of the United States, any State
thereof, or the District of Columbia, (x)(i) a complete and executed U.S.
Internal Revenue Service Form W-8IMY (or any successor forms thereto)
(including all required documents and attachments) and (ii) a
Section 2.2.9 Certificate, and (y) without duplication, with respect
to each of its beneficial owners and the beneficial owners of such beneficial
owners looking through chains of owners to individuals or entities that are
treated as corporations for U.S. federal income tax purposes (all such owners, “beneficial owners”), the documents that would be required
by clause (i), (ii), (iii), (iv), (vi), (vii) and/or this clause (v) with
respect to each such beneficial owner if such beneficial owner were Lender, provided,
however, that no such documents will be required with respect to a
beneficial owner to the extent the actual Lender is determined to be in
compliance with the requirements for certification on behalf of its beneficial
owner as may be provided in applicable U.S. Treasury regulations, or the
requirements of this clause (v) are otherwise determined to be
unnecessary, all such determinations under this clause (v) to be made in
the sole discretion of Borrower, provided, however, that Lender
shall be provided an opportunity to establish such compliance as reasonable; or

 

(vi)          in the case of a Lender that is
disregarded for U.S. federal income tax purposes, the document that would be
required by clause (i), (ii), (iii), (iv), (v), (vii) and/or this clause
(vi) of this Section 2.2.9(e) with respect to its
beneficial owner if such beneficial owner were the Lender; or

 

(vii)         in the case of a Lender that
(A) is not a United States person and (B) is acting in the capacity
as an “intermediary” (as defined in U.S. Treasury Regulations), (x)(i) a U.S.
Internal Revenue Service Form W-8IMY (or any successor form thereto)
(including all required documents and attachments) and (ii) a
Section 2.2.9 Certificate, and (y) if the intermediary is a
“non-qualified intermediary” (as defined in U.S. Treasury Regulations), from
each person upon whose behalf the “non-qualified intermediary” is acting the
documents that would be required by clause (i), (ii), (iii), (iv), (v), (vi),
and/or this clause (vii) with respect to each such person if each such
person were Lender.

 

If the forms referred to in
clause (i)(x) above in this Section 2.2.9(e) that are
provided by a Lender at the time such Lender first becomes a party to this
Agreement or, with respect to a grant of a participation, the effective date
thereof, indicate a United States interest withholding tax rate in excess of
zero, withholding tax at such rate shall be treated as General Taxes other than
“Non-Excluded Taxes” (“Excluded Taxes”)
and shall not qualify as Non-Excluded Taxes unless and until such Lender
provides the appropriate form certifying that a lesser rate applies, whereupon
withholding tax at such lesser rate shall be considered Excluded Taxes solely
for the periods governed by such form. If, however, on the date a Person
becomes an assignee, successor or participant to this Agreement, Lender
transferor was entitled to

 

52

 

indemnification or
additional amounts under this Section 2.2.9, then the Lender
assignee, successor or participant shall be entitled to indemnification or
additional amounts to the extent (and only to the extent), that the Lender
transferor was entitled to such indemnification or additional amounts for
Non-Excluded Taxes, and the Lender assignee, successor or participant shall be
entitled to additional indemnification or additional amounts for any other or
additional Non-Excluded Taxes. In addition, a Lender shall, subject to Section 2.2.9(f),
upon written notice from Borrower promptly deliver such new forms as are
required by the relevant Governmental Authority to claim exemption from, or
reduction in the rate of, U.S. federal withholding tax upon the obsolescence or
invalidity of any form previously delivered by such Lender, but only if such
Lender is legally able to do so.

 

(f)            For any period with respect to which a Lender has failed
to provide Borrower with the appropriate form, certificate or other document
described in subsection (e) of this Section 2.2.9 (other than
if such failure is due to a change in any requirement of law (including any
applicable law, treaty, governmental rule, regulation, guideline or order), or
in the interpretation or application thereof, occurring after the date on which
a form, certificate or other document originally was required to be provided
and it is legally inadvisable or otherwise commercially disadvantageous for
such Lender to deliver such form, certificate or other document), such Lender
shall not be entitled to indemnification or additional amounts under subsection
(a) or (c) of this Section 2.2.9 with respect to
Non-Excluded Taxes imposed by the United States by reason of such failure; provided,
however, that should a Lender become subject to Non-Excluded Taxes
because of its failure to deliver a form, certificate or other document
required hereunder, Borrower shall take such steps as such Lender shall
reasonably request, to assist such Lender in recovering such Non-Excluded Taxes.

 

(g)           If a Lender receives a tax refund that is solely
attributable to any Non-Excluded Taxes as to which such Lender has received
additional amounts pursuant to Section 2.2.9(a) or
indemnification pursuant to Section 2.2.9(c), such Lender will pay
to the Borrower the amount that, in such Lender’s sole discretion, is solely
attributable to such Non-Excluded Taxes, net of all out-of-pocket expenses of
such Lender, and without interest; provided that (i) such Borrower, upon
the request of such Lender, as the case may be, agrees to repay the amount paid
over to such Borrower (plus any penalties, interest or other charges imposed by
the relevant Governmental Authority) to such Lender in the event such Lender is
required to repay such refund to such Governmental Authority and (ii) in
no event is any Lender required to arrange its Tax affairs to claim any refund.
This paragraph shall not under any circumstances require such Lender to make
available its tax returns (or any other information relating to its Taxes that
it deems confidential) to the Borrower or any other Person. Notwithstanding
anything contained herein to the contrary, in no event will any Lender be
required to pay any amount to the Borrower the payment of which would place
such Lender in a less favorable net after-Tax position than such Lender would
have been in if the additional amounts or indemnification giving rise to such
refund of Taxes had never been paid and the refund never been received.

 

(h)           The obligations of Borrower under this Section 2.2.9
shall survive the termination of this Agreement and the payment of the Loan and
all other amounts payable hereunder.

 

53

 

Section 2.3.           Loan Payment.

 

2.3.1.      Payments Generally. (a) Borrower
shall pay to Lender (i) on the Closing Date, an amount equal to interest
only on the outstanding principal balance of the Note from the Closing Date up
to and including (A) the eighth day of the calendar month in which the
Closing Date occurs or (B) if the Closing Date occurs subsequent to the
eighth day of the calendar month in which the Closing Date occurs, the eighth
day of the calendar month of the first month subsequent to the month in which
the Closing Date occurs, and (ii) on February 9, 2008 and on each
Payment Date thereafter up to and including the Maturity Date, Borrower shall
make a payment to Lender of interest accruing on the Note during the entire
Interest Period ending on such Payment Date.

 

(b)           For purposes of making payments hereunder, but not for
purposes of calculating interest accrual periods, if the day on which such
payment is due is not a Business Day, then amounts due on such date shall be
due on the immediately preceding Business Day. All amounts due pursuant to this
Agreement and the other Loan Documents shall be payable without setoff,
counterclaim, defense or any other deduction whatsoever.

 

2.3.2.      Payment on Maturity Date.
Borrower shall pay to Lender on the Maturity Date the outstanding principal
balance of the Loan, all accrued and unpaid interest and all other amounts due
hereunder and under the Note, the Pledge Agreement and the other Loan
Documents, including all interest that would accrue on the outstanding
principal balance of the Loan through and including the end of the Interest
Period in which the Maturity Date occurs (even if, in the event of an
acceleration of the Loan, such Interest Period extends beyond the Maturity
Date).

 

2.3.3.      Late Payment Charge.
If any principal, interest or any other sums due under the Loan Documents is
not paid by Borrower by the date on which it is due, Borrower shall pay to
Lender upon demand an amount equal to the lesser of three percent (3.0%) of
such unpaid sum or the maximum amount permitted by applicable law (such amount,
the “Late Payment Charge”) in order to
defray the expense incurred by Lender in handling and processing such
delinquent payment and to compensate Lender for the loss of the use of such
delinquent payment. Any such Late Payment Charge shall be secured by the Pledge
Agreement and the other Loan Documents to the extent permitted by applicable
law.

 

2.3.4.      Method and Place of
Payment. Except as otherwise specifically provided herein, all
payments and prepayments under this Agreement and the Note shall be made to Lender
not later than 2:00 p.m., New York City time, on the date when due and shall be
made in lawful money of the United States of America in immediately available
funds at Lender’s office or as otherwise directed by Lender, and any funds
received by Lender after such time shall, for all purposes hereof, be deemed to
have been paid on the next succeeding Business Day.

 

Section 2.4.           Prepayments.

 

2.4.1.      Voluntary Prepayments.
The outstanding principal amount of the Loan may be prepaid in whole or in part
only as expressly provided herein, and may not otherwise be prepaid. On any
date occurring after the Closing Date, upon not less than ten (10)

 

54

 

Business Days’ prior notice
to Lender, Borrower may prepay the Loan (a) in whole or (b) in part,
solely with respect to this clause (b), pursuant to (i) a Permitted
Release in accordance with Section 2.6 hereof (but only to the
extent that such prepayment (together with all prior prepayments made pursuant
to Permitted Releases, Affected Property Releases and Limited Cure Releases)
does not exceed the Permitted Release Threshold), (ii) pursuant to a
Limited Cure Release in accordance with Section 8.1(c) hereof
or (iii) pursuant to an Affected Property Release in accordance with Section 6.4(d) of
the Mortgage Loan Agreement; provided that (A) no Event of Default shall
be continuing (other than the Event of Default which is to be cured pursuant to
a Limited Cure Release); provided, however, that solely in
connection with a prepayment in whole of the Loan, the absence of an Event of
Default shall not be a precondition thereto so long as such prepayment complies
with all other applicable provisions hereof and (B) any prepayment in whole
pursuant to clause (a) hereof or any prepayment pursuant to clause
(b) hereof pursuant to a Permitted Release or a Limited Cure Release which
occurs prior to the Payment Date occurring in January, 2009 (the “Lockout Release Date”) shall include the Spread Maintenance
Premium. If a prepayment under this Section 2.4.1(a) is made (I) on
a Payment Date, then Borrower shall pay to Lender, simultaneously with such
prepayment, all interest on the principal balance of the Loan then being
prepaid accrued through the end of the Interest Period ending immediately prior
to such Payment Date or (II) on a day other than a Payment Date, then
Borrower shall pay to Lender, simultaneously with such prepayment, all interest
on the principal balance of the Loan then being prepaid which would have
accrued through the end of the Interest Period then in effect, notwithstanding
that such Interest Period extends beyond the date of such prepayment. Additionally,
in connection with any voluntary prepayment pursuant to this Section 2.4.1,
the Mortgage Loan and each Other Mezzanine Loan shall be simultaneously prepaid
ratably, or if such prepayment is in connection with the release of a Release
Property in accordance with Section 2.6 hereof, in an amount equal
to the Mortgage Release Amount and the Other Mezzanine Release Amount
applicable to such Release Property. Borrower acknowledges and agrees that in
connection with any prepayment under the Mortgage Loan or any Other Mezzanine
Loan, the Loan shall be simultaneously prepaid as provided in the Mortgage Loan
Agreement or the applicable Other Mezzanine Loan Agreement. Borrower shall have
the right, by notice to Lender, to revoke any notice of prepayment given
pursuant to this Section 2.4.1, provided that (i) such
notice is given not later than the date that is one (1) Business Day prior
to the date originally designated as the date of prepayment and
(ii) Borrower shall within ten (10) Business Days after demand pay to
Lender all reasonable costs and expenses incurred by Lender in connection with
the proposed prepayment and/or the revocation thereof, including, without
limitation, reasonable attorneys’ fees and disbursements.

 

2.4.2.      Liquidation Events.  (a) Subject to the
provisions of Section 2.4.1 hereof, in the event of (i) any
Casualty to all or any portion of the Properties, (ii) any Condemnation of
all or any portion of the Properties, (iii) a Transfer of all or any
portion of the Properties or any of the Senior Mezzanine Collateral,
(iv) any refinancing of the Properties or equity interests in Mortgage
Borrower and Maryland Owner or the Mortgage Loan or of any of the Senior
Mezzanine Collateral or of any Senior Mezzanine Loan in accordance with the
terms hereof, the Mortgage Loan Agreement and the applicable Senior Mezzanine
Loan Agreement, or (v) the receipt by Mortgage Borrower of any excess
proceeds realized under its owner’s title insurance policy after application of
such proceeds by Mortgage Borrower to cure any title defect (each, a “Liquidation Event”), Borrower shall authorize Lender to
apply one hundred percent (100%) of such Net Liquidation Proceeds After Debt
Service to the outstanding principal balance

 

55

 

of the Note, together with,
in the event that such Net Liquidation Proceeds After Debt Service are received
on or before a Payment Date, interest that would have accrued on such prepaid
amounts through and including the end of the Interest Period in which such
Payment Date occurs. Other than during the continuance of an Event of Default,
no prepayment premium or fee shall be due in connection with any prepayment
made pursuant to clauses (i) or (ii) of this Section 2.4.2.
The Allocated Loan Amount for the Individual Property with respect to which
such Net Liquidation Proceeds After Debt Service were paid shall be reduced in
an amount equal to such prepayment. Notwithstanding anything to the contrary
contained in this Section 2.4.2(a), Net Liquidation Proceeds After
Debt Service paid or received with respect to any of the events described in
clauses (i), (ii) or (iv) above shall be the result of a ratable
application of the proceeds from any such Liquidation Event (net of all amounts
permitted or required to be deducted therefrom in accordance with the
definition of “Net Liquidation Proceeds After Debt Service”) to the Mortgage
Loan and each Mezzanine Loan, while Net Liquidation Proceeds After Debt Service
paid with respect to any Liquidation Event described in clause (iii) or (v) or
otherwise following a foreclosure sale or other disposition of the Property in
connection with realization thereon following a Mortgage Loan Event of Default,
shall be the result of the sequential application of such proceeds (net of all
amounts permitted or required to be deducted therefrom in accordance with the
definition of “Net Liquidation Proceeds After Debt Service”) to the Mortgage
Loan and each Mezzanine Loan. Any Net Liquidation Proceeds After Debt Service
in excess of the Debt shall be paid as directed by Borrower.

 

(b)           Borrower shall reasonably promptly notify Lender of any
Liquidation Event once Borrower has knowledge of such event; provided, however,
that Borrower’s obligation to so notify Lender with respect to a Casualty shall
only be with respect to a Casualty, the Net Proceeds of which would reasonably
be expected to exceed $500,000. Borrower shall be deemed to have knowledge of
(i) a sale (other than a foreclosure sale) of the Property or the Senior
Mezzanine Collateral on the date on which a contract of sale for such sale is
entered into, and a foreclosure sale, on the date notice of such foreclosure
sale is given, and (ii) a refinancing of the Property or the Mortgage Loan
or of any Senior Mezzanine Collateral or any Senior Mezzanine Loan, on the date
on which a commitment for such refinancing has been entered into. The provisions
of this Section 2.4.2 shall not be construed to contravene in any
manner the restrictions and other provisions (including, without limitation,
any provision relating to the application of proceeds thereof) regarding
refinancing of the Mortgage Loan, any Senior Mezzanine Loan, Transfer of the
Property or any Senior Mezzanine Collateral, substitution or release of any
Individual Property or the application of Net Liquidation Proceeds After Debt
Service set forth in this Agreement, the other Loan Documents, the applicable
Senior Mezzanine Loan Documents or the Mortgage Loan Documents.

 

2.4.3.      Prepayments After Event of Default.  If, on or prior
to the Lockout Release Date, payment of all or any part of the Debt is tendered
by Borrower or otherwise recovered by Lender (including through application of
any Reserve Funds) during the continuance of an Event of Default, such tender
or recovery shall (a) include interest accruing through and including the
end of the Interest Period in which such payment occurs and (b) be deemed
a voluntary prepayment by Borrower in violation of the prohibition against
prepayment set forth in Section 2.4.1 and Borrower shall pay, in
addition to the Debt, an amount equal to the Spread Maintenance Premium.

 

56

 

2.4.4.      Mandatory Prepayment. On the first (1st) Payment Date occurring
after the fourth (4th) anniversary
of the Closing Date (the “Mandatory Prepayment Date”),
Borrower shall be required to prepay in whole the Debt, unless Borrower shall
have satisfied each of the following terms and conditions on or prior to the
Mandatory Prepayment Date:

 

(a)           no Event of Default shall be continuing on the Mandatory
Prepayment Date;

 

(b)           if the Interest Rate Cap Agreement is scheduled to mature
on or prior to the Mandatory Prepayment Date, Borrower shall obtain and deliver
to Lender not later than the first day following the Mandatory Prepayment Date
(provided that the form of such Replacement Interest Rate Cap shall have
been delivered to Lender not later than ten (10) Business Days prior to
the first day following the Mandatory Prepayment Date), one or more Replacement
Interest Rate Cap Agreements at the Strike Price from an Acceptable
Counterparty, which Replacement Interest Rate Cap Agreements shall be effective
commencing on the first day following the Mandatory Prepayment Date and shall
have a maturity date not earlier than the Maturity Date;

 

(c)           the Debt Service Coverage Ratio for the trailing twelve
(12) full calendar months as of the date immediately preceding the Mandatory
Prepayment Date shall not be less than 1.45:1.00, provided that Borrower
shall have the right on the Mandatory Prepayment Date to repay a portion of the
Loan on a pro rata basis with the Mortgage Loan and each Other Mezzanine Loan
based on the respective original principal amounts of the Loan, the Mortgage
Loan and each Other Mezzanine Loan in an amount necessary to cause the
foregoing Debt Service Coverage Ratio requirement to be satisfied;

 

(d)           Borrower shall have delivered to Lender as of the
Mandatory Prepayment Date an Officer’s Certificate in form reasonably
acceptable to Lender certifying that each of the representations and warranties
of Borrower contained in the Loan Documents is true, complete and correct in all
material respects as of the date of such Officer’s Certificate to the extent
such representations and warranties are not matters which by their nature can
no longer be true and correct as a result of the passage of time or are no
longer true and correct as a result of factual circumstances or events that
have occurred subsequently, provided such circumstances and events that
have occurred subsequently do not constitute a Default or an Event of Default
that is continuing;

 

(e)           (i) Each of Mortgage Borrower and Maryland Owner,
First Mezzanine Borrower, Second Mezzanine Borrower and Third Mezzanine
Borrower shall have contemporaneously extended the term of the Mortgage Loan,
the First Mezzanine Loan, the Second Mezzanine Loan and the Third Mezzanine
Loan, respectively, and (ii) each of the Fourth Mezzanine Borrower, the
Fifth Mezzanine Borrower and the Sixth Mezzanine Borrower shall have satisfied
the conditions set forth in Section 2.4.4 of the Fourth Mezzanine Loan
Agreement, the Fifth Mezzanine Loan Agreement and the Sixth Mezzanine Loan
Agreement, respectively, such that they are not required to repay their
respective Mezzanine Loan; and

 

(f)            Borrower shall have paid to Lender all reasonable costs
incurred by Lender in connection with the requirements set forth in this Section 2.4.4
(including reasonable

 

57

 

attorneys’ fees) excluding
any Spread Maintenance Premium, prepayment penalty or breakage fees which might
otherwise be due.

 

Section 2.5.           Substitution of Properties. Borrower may
cause Mortgage Borrower and Maryland Owner to obtain the release of one or more
Individual Properties from the Lien of the Mortgage thereon and the release of
Mortgage Borrower’s and/or Maryland Owner’s obligations under the Mortgage Loan
Documents with respect to such Individual Property (other than those expressly
stated to survive) (each such Individual Property, a “Substituted
Property”), by substituting therefor one or more properties (such
properties, individually and collectively as the context requires, “Substitute Property”), upon the satisfaction of each of the
following conditions:

 

(a)           After giving effect to the proposed substitution, no Event
of Default shall be continuing;

 

(b)           Lender shall have received at least thirty (30) days’
prior notice requesting the substitution and identifying the Substitute
Property and the Substituted Property;

 

(c)           All conditions to the substitution set forth in
Section 2.5 of the Mortgage Loan Agreement and each Senior Mezzanine Loan
Agreement shall have been satisfied and Lender shall have received evidence
that all such conditions shall have been satisfied; provided that such
evidence shall in all cases consist of the identical evidence or documentation
provided to Mortgage Lender and each Senior Mezzanine Lender in satisfaction of
such conditions;

 

(d)           Lender shall have received an Officer’s Certificate
stating that (i) no Event of Default shall have occurred and be
continuing, (ii) each of the representations and warranties contained in
this Agreement and the other Loan Documents shall be true and correct in all
material respects with respect to the Substitute Property Borrower and the
Substitute Property as of the applicable Substitution Effective Date (on a pro
forma basis giving effect to the proposed substitution) and (iii) that all
of the conditions of this Section 2.5 shall have been satisfied or
waived;

 

(e)           Lender shall have received such certified organizational
documents, good standing certificates, qualifications to do business,
resolutions and consents for the Substitute Property Borrower and the
Substitute Property Operator in connection with the substitution as are
requested by Mortgage Lender pursuant to Section 2.5(o) of the
Mortgage Loan Agreement;

 

(f)            Lender shall have received such lien, credit, bankruptcy,
litigation and judgment searches with respect to the Substitute Property, the
Substitute Property Borrower, the Substitute Property Operator, any former
owner and/or operator of the Substitute Property and any direct or indirect
owner thereof as are provided to Mortgage Lender pursuant to
Section 2.5(w) of the Mortgage Loan Agreement;

 

(g)           Lender shall have received a mezzanine loan or similar
endorsement (to the extent available, and if not available, a form of “comfort
letter” in substantially the form delivered at closing, if available) to each
owner’s Title Insurance Policy insuring such Substitute Property as of the
Substitution Effective Date. Lender also shall have received copies of paid
receipts or a closing statement showing that all premiums in respect of such
endorsements and

 

58

 

Title Insurance Policies
have been paid or will be paid at closing of the purchase of the Substitute
Property;

 

(h)           Lender shall have received from Borrower a copy of each
document, agreement, financial statement, amendment, instrument, report,
appraisal, opinion, survey, study or other communication delivered by Mortgage
Borrower to Mortgage Lender in connection with such Substitution pursuant to
Section 2.5 of the Mortgage Loan Agreement;

 

(i)            Intentionally omitted;

 

(j)            Lender shall have received the
following opinions of Borrower’s counsel: (i) copies of First Mezzanine
Borrower’s counsel’s opinion as to the perfection and enforceability of the
pledge of the ownership interests in the Substitute Property Borrower, (ii) copies
of an opinion or opinions of counsel admitted in New York and Delaware opining
as to such matters with respect to the Substitute Property Borrower and the
documents and instruments delivered with respect to the substitution and with
such qualifications and assumptions as the opinions with respect to the
Property delivered at the closing of the Mortgage Loan, which opinions and the
counsel issuing the same would be acceptable to a prudent lender originating
commercial mortgage loans for securitization similar to the Mortgage Loan,
(iii) copies of so-called “Special Delaware” opinions with respect to the
Substitute Property Borrower and the Substitute Property Operator issued by
counsel admitted to practice in Delaware and with such qualifications and
assumptions as the “Special Delaware” opinions with respect to Mortgage
Borrower, Maryland Owner and Operator delivered at the closing of the Mortgage
Loan, which opinions and counsel issuing the same shall otherwise be acceptable
to the Rating Agencies, (iv) copies of an opinion of counsel with respect
to such health care regulatory matters as are required by the Rating Agencies
with respect to the Mortgage Loan, (v) copies of an opinion of counsel
which would be acceptable to a prudent lender originating commercial mortgage
loans for securitizations similar to the Mortgage Loan, and if after a
Securitization of the Mortgage Loan, acceptable to the Rating Agencies, opining
that subjecting the Substitute Property to the Lien of the related Substitute
Property Lien Documents and the execution and delivery of the related Loan
Documents does not and will not affect or impair the ability of Mortgage Lender
to enforce its remedies under all of the Mortgage Loan Documents or to realize
the benefits of the cross-collateralization provided for thereunder,
(vi) if required by the Rating Agencies under the Mortgage Loan, an
Additional True-Lease Opinion of counsel acceptable to the Rating Agencies
under the Mortgage Loan, (vii) copies of an opinion of counsel acceptable
to the Rating Agencies under the Mortgage Loan that the substitution does not
constitute a “significant modification” of the Mortgage Loan under
Section 1001 of the Code or otherwise cause a tax to be imposed on a
“prohibited transaction” by any REMIC Trust and (viii) an update of the
Insolvency Opinion indicating that the substitution does not affect the
opinions set forth therein (it being agreed that any opinions contemplated by
this paragraph which cover the same matters as opinions delivered on the Closing
Date shall be of similar form and substance as those delivered on the Closing
Date);

 

(k)           Lender shall have received with respect to the Substitute
Property Borrower and the Substitute Property, as applicable, (i) annual
operating statements for the three (3) years immediately prior to the
Substitution Effective Date, (ii) financial statements for the most
current completed Fiscal Year in accordance with the requirements of Section 5.1.11

 

59

 

hereof, (iii) a current
operating statement and (iv) an Officer’s Certificate certifying that each
of the foregoing presents fairly the financial condition and the results of
operations of the Substitute Property Borrower and the Substitute Property and
that there has been no material adverse change in the financial condition of
the Substitute Property;

 

(l)            Following the substitution of a Substituted Property in
exchange for a Substitute Property in accordance with this Section 2.5,
Lender shall adjust (if applicable) the amounts thereafter required to be
deposited by Borrower into the Reserve Funds to reflect amounts required solely
for the remaining Individual Properties and the Substitute Property after
giving effect to such substitution, unless such deposits have been made by
Mortgage Borrower and Maryland Owner or any Senior Mezzanine Borrower pursuant
to the Mortgage Loan Documents or the applicable Senior Mezzanine Loan
Documents, in which case the making of such deposits shall be waived hereunder;

 

(m)          Borrower shall have caused to be paid or reimbursed Lender
for all costs and expenses incurred by Lender (including, without limitation,
reasonable attorneys fees and disbursements) in connection with the release and
substitution and Borrower shall have caused to be paid all recording charges,
filing fees, taxes or other expenses (including, without limitation, mortgage
and intangibles taxes and documentary stamp taxes) payable in connection with
the substitution. Borrower shall have caused to be paid all costs and expenses and
fees of the Rating Agencies incurred by Mortgage Borrower and Maryland Owner in
connection with the substitution; and

 

(n)           such substitution shall not result in any breach of or
noncompliance with any applicable REIT Representations and Covenants.

 

Upon satisfaction or waiver
of the foregoing conditions precedent, the Allocated Loan Amount of the
Substitute Property shall be equal to the Allocated Loan Amount of the
Substituted Property (and, if there is more than one Substitute Property, the
Allocated Loan Amount of the Substituted Property shall be allocable to each
such Substitute Property on a pro rata basis according to the Appraised Value
thereof) (such date, the “Substitution Effective
Date”).

 

Section 2.6.          Release of Collateral.
No repayment or prepayment of all or any portion of the Note (other than
repayment in full of the Debt in accordance with the terms hereof) shall cause,
give rise to a right to require, or otherwise result in, the release of any
Lien of the Pledge Agreement in the Collateral, or any portion thereof.

 

2.6.1.      Release of Individual Property. After the
Closing Date, Borrower may cause or permit Mortgage Borrower and Maryland Owner
to obtain the release of an Individual Property from the Lien of the Mortgage
thereon (each such Individual Property, a “Release Property”)
and the release of Mortgage Borrower’s obligations under the Mortgage Loan
Documents (and, if applicable, the release of the Maryland Owner from the
Indemnity Guaranty) with respect to such Release Property, upon the
satisfaction of each of the following conditions:

 

(a)           Such release is either (i) a Permitted Release,
(ii) a Limited Cure Release effectuated in accordance with Section 8.1(c) hereof,
(iii) an Affected Property Release

 

60

 

effectuated in accordance
with Section 6.4(d) of the Mortgage Loan Agreement or
(iv) an Unlicensed Facility Release in accordance with Section 5.1.28
hereof;

 

(b)           After giving effect to the proposed release, no Event of
Default shall be continuing;

 

(c)           (i) In the case of a Limited Cure Release, Borrower
shall have paid to Lender the applicable Limited Cure Release Amount and the
Spread Maintenance Premium, if applicable; provided, however,
that such Limited Cure Release, when aggregated with all prior Permitted
Releases, Limited Cure Releases, Unlicensed Facility Releases and Affected
Property Releases and all concurrent Permitted Releases, Limited Cure Releases,
Unlicensed Facility Releases and Affected Property Releases shall not exceed
the Permitted Release Threshold; and (ii) in the case of an Unlicensed
Facility Release, Borrower shall have paid to Lender the applicable Unlicensed
Facility Release Amount; provided, however, that such Unlicensed
Facility Release, when aggregated with all prior Permitted Releases, Limited
Cure Releases, Unlicensed Facility Releases and Affected Property Releases and
all concurrent Permitted Releases, Limited Cure Releases, Unlicensed Facility
Releases and Affected Property Releases, shall not exceed the Permitted Release
Threshold;

 

(d)           In the case of an Affected Property Release, Borrower
shall have paid to Lender the applicable Affected Property Release Amount; provided,
that Borrower shall receive a credit against such Affected Property Release
Amount in the amount of the Net Liquidation Proceeds After Debt Service held by
Lender corresponding to the Individual Property to which such Affected Property
Release relates;

 

(e)           In the case of a Permitted Release, Borrower shall have
paid to Lender (i) the applicable Permitted Release Amount and
(ii) the Spread Maintenance Premium, if applicable; provided, that
such Permitted Release, when aggregated with all prior Permitted Releases,
Limited Cure Releases, Unlicensed Facility Releases and Affected Property Releases
and all concurrent Permitted Releases, Limited Cure Releases, Unlicensed
Facility Releases and Affected Property Releases, shall not exceed the
Permitted Release Threshold (the Release Amounts paid by Borrower pursuant to subsections
(c), and (d) above and this subsection (e) are
collectively the “Loan Release Payments”);

 

(f)            Intentionally omitted;

 

(g)           Either (i) the Release Property shall be conveyed or
(ii) the ownership interests in the Mortgage Borrower or Maryland Owner
owning such Release Property shall be Transferred (but not Pledged), in either
case, to a Person other than a Borrower, Mortgage Borrower, Maryland Owner, an
Other Mezzanine Borrower, Master Tenant or an Operator;

 

(h)           The Release Amount paid to Lender in connection with any
such release shall be applied to reduce the Allocated Loan Amount of the
Release Property to zero, but shall not be applied to reduce the Allocated Loan
Amounts of any Individual Properties remaining subject to the Lien of a
Mortgage immediately following such release;

 

(i)            Concurrently with the payment of the Loan Release
Payments, Mortgage Borrower shall make a partial prepayment of the Mortgage
Loan equal to the Mortgage Release

 

61

 

Amount applicable to such
Release Property and each Other Mezzanine Borrower shall make a partial
prepayment of its respective Other Mezzanine Loan equal to the Other Mezzanine
Release Amount applicable to such Release Property, together in each case with
any related interest, costs and expenses and all other amounts payable under
the Mortgage Loan Documents or related Other Mezzanine Loan Documents in
connection with such prepayment, including, to the extent such prepayment is
made on a date other than a Payment Date, interest which would have accrued on
the outstanding principal balance of the Mortgage Loan or such Mezzanine Loan
to the next Payment Date;

 

(j)            (i) Mortgage Borrower and Maryland Owner shall have
satisfied all of the terms and conditions contained in Section 2.6.1 and
2.6.2 of the Mortgage Loan Agreement required for the release of any such
Individual Property and (ii) each Senior Mezzanine Borrower shall have
satisfied all of the terms and conditions contained in Section 2.6.1 and
2.6.2 of the applicable Senior Mezzanine Loan Agreement required for the
release of any such Individual Property.

 

(k)           Borrower shall have caused to be paid or reimbursed Lender
for all reasonable out-of-pocket costs and expenses incurred by Lender
(including, without limitation, reasonable attorneys’ fees and disbursements)
in connection with any release effectuated pursuant to this Section 2.6.1,
and Borrower shall have caused to be paid all reasonable third-party costs and
expenses incurred in connection with any such release, including but not
limited to, any charges incurred in connection with the release of any Liens.

 

(l)            such release shall not result in any breach of or
noncompliance with any applicable REIT Representations and Covenants.

 

2.6.2.      Release on Payment.
Lender shall, upon the written request and at the sole cost and expense
(including reasonable attorneys’ fees and disbursements) of Borrower, upon
payment in full of all principal and interest due on the Loan and all other
amounts due and payable under the Loan Documents in accordance with the terms
and provisions of the Note and this Agreement, release the Lien of the Pledge
Agreement on the Collateral. Upon request of Borrower and at Borrower’s sole
cost and expense (including reasonable attorneys’ fees and disbursements),
Lender agrees to cooperate to provide assignments without representation or
warranty and without recourse in lieu of the aforementioned releases.

 

2.6.3.      Release of Reserve Funds.
In connection with a release of a Release Property pursuant to this Section 2.6,
Lender will cause a portion of the Reserve Funds (other than Low DSCR Reserve
Funds) or a reduction to any Letters of Credit delivered to Lender in lieu of
such Reserve Funds in accordance with Section 7.6 hereof by an
amount, as determined by Lender in its reasonable discretion, equal to the
undisbursed portion thereof allocable to such Release Property. Following the
release of a Release Property in accordance with Section 2.6.1,
Lender shall adjust (if applicable) the amounts thereafter required to be
deposited by Borrower into the Reserve Funds (other than the Low DSCR Reserve
Funds) to reflect amounts required solely for the remaining Individual
Properties after giving effect to such release.

 

62

 

Section 2.7.           Cash Management.

 

2.7.1.      Operator Accounts; Rent Instruction.            (a) Borrower shall cause
Mortgage Borrower and Maryland Owner to establish and maintain a segregated
Eligible Account for the purpose of depositing all payments of Rents payable
pursuant to the Master Lease, which Eligible Account shall be in the name of
Borrower Agent under the Mortgage Loan Agreement.

 

(b)           Borrower hereby represents and warrants that the Rent
Instruction directs Master Tenant to deposit all Rents payable under the Master
Lease directly into the Mortgage Cash Management Account.

 

(c)           Borrower hereby covenants and agrees to cause Mortgage
Borrower and Maryland Owner to deposit directly into the Mortgage Cash
Management Account any payments of Rents in respect of the Master Lease
received by Mortgage Borrower, notwithstanding Subsection (b) above,
within one (1) Business Day of receipt.

 

2.7.2.      Mortgage Cash Management Account.           (a) Borrower shall cause Mortgage
Borrower and Maryland Owner to establish and maintain the Mortgage Cash
Management Account and the Mortgage Sub-accounts with Mortgage Lender in
accordance with Section 2.7.3 of the Mortgage Loan Agreement for the
benefit of Mortgage Lender, each of which Accounts shall be under the sole
dominion and control of Mortgage Lender. Borrower shall not cause or permit
Mortgage Borrower in any way to alter or modify the Mortgage Cash Management
Account and will notify Lender of the account number thereof. Borrower shall
direct or cause Mortgage Borrower and Maryland Owner to direct that all cash
distributions from the Mortgage Cash Management Account to be paid to Mortgage
Borrower in accordance with the Mortgage Cash Management Agreement (including
the Net Liquidation Proceeds After Debt Service) be deposited into the First
Mezzanine Deposit Account maintained in accordance with the Cash Management
Agreement.

 

(b)           All funds on deposit in the Accounts during the
continuance of an Event of Default may be applied by Lender in such order and
priority as Lender shall determine.

 

2.7.3.      Senior Mezzanine Cash
Management Account. (a)      Borrower
shall cause Senior Mezzanine Borrower to establish and maintain Senior Cash
Management Accounts and the sub-accounts established thereunder as Eligible
Accounts in accordance with Section 2.7.3 of the applicable Senior
Mezzanine Loan Agreement for the benefit of the applicable Senior Mezzanine
Lender, each of which Accounts shall be under the sole dominion and control of
the applicable Senior Mezzanine Lender. Borrower shall not cause or permit Senior
Mezzanine Borrower in any way to materially alter or modify the applicable
Senior Mezzanine Deposit Account and will notify Lender of the account number
thereof. Borrower shall direct or cause Senior Mezzanine Borrower to direct
that all cash distributions from the applicable Senior Mezzanine Deposit
Account be paid in accordance with the applicable Senior Mezzanine Deposit
Agreement (including the Net Liquidation Proceeds After Debt Service) to the
Seventh Mezzanine Deposit Account.

 

(b)           The insufficiency of funds on deposit in the Senior
Mezzanine Deposit Account shall not relieve Borrower from the obligation to
make any payments, as and when due,

 

63

 

pursuant to this Agreement
and the other Loan Documents, and such obligations shall be separate and
independent, and not conditioned on any event or circumstance whatsoever

 

2.7.4.      Debt Service Account. (a) During the term of
the Loan, Borrower shall establish and maintain a segregated Eligible Account
(the “Seventh Mezzanine Deposit Account”)
for the benefit of Lender, which Seventh Mezzanine Deposit Account shall be
under the sole dominion and control of Lender. The Seventh Mezzanine Deposit
Account shall be entitled “HCR VII Properties, LLC, for the benefit of JPMorgan
Chase Bank, N.A., as Lender, pursuant to Loan Agreement (Seventh Mezzanine
Loan) dated as of December 21, 2007 - Seventh Mezzanine Deposit Account”.

 

(b)           All funds on deposit in the Accounts shall be applied as
provided in Section 3(c) of the Cash Management Agreement.

 

(c)           The insufficiency of funds on deposit in the Seventh
Mezzanine Deposit Account shall not relieve Borrower from the obligation to
make any payments, as and when due pursuant to this Agreement and the other
Loan Documents, and such obligations shall be separate and independent, and not
conditioned on any event or circumstance whatsoever.

 

(d)           Borrower hereby grants to Lender a first priority security
interest in the Seventh Mezzanine Deposit Account and the Seventh Mezzanine
Sub-accounts and all deposits at any time contained therein and the proceeds
thereof and will take all actions necessary to maintain in favor of Lender a
perfected first priority security interest in such Accounts, including, without
limitation, executing and filing UCC-1 Financing Statements and continuations
thereof. Borrower will not in any way alter or modify the Seventh Mezzanine
Deposit Account or the Seventh Mezzanine Sub-accounts. Lender shall have the
sole right to make withdrawals from the Accounts and all costs and expenses for
establishing and maintaining the Accounts shall be paid by Borrower.

 

2.7.5.      Payments Received Under
the Cash Management Agreement. Notwithstanding anything to the
contrary contained in this Agreement and the other Loan Documents, and provided
no Event of Default has occurred and is continuing, Borrower’s obligations with
respect to the payment of the monthly Debt Service and amounts due for the
Reserve Funds and any other payment reserves established pursuant to this Agreement
or any other Loan Document shall be deemed satisfied to the extent sufficient
amounts are deposited in the Seventh Mezzanine Deposit Account established
pursuant to the Cash Management Agreement to satisfy such obligations on the
dates each such payment is required, regardless of whether any of such amounts
are so applied by Lender.

 

III.           INTENTIONALLY OMITTED

 

64

 

IV.           REPRESENTATIONS AND WARRANTIES

 

Section 4.1.           Borrower Representations. Borrower
represents and warrants as of the Closing Date that:

 

4.1.1.      Organization.      Borrower has
been duly organized and is validly existing and in good standing with requisite
power and authority to own its property and assets and to transact the
businesses in which it is now engaged. Borrower is duly qualified to do
business and is in good standing in each jurisdiction where it is required to
be so qualified in connection with its properties, businesses and operations,
except where the failure to be so qualified would not reasonably be expected to
have, or does have, a Material Adverse Effect. Borrower possesses all rights,
licenses, permits and authorizations, governmental or otherwise, necessary to
entitle it to own its property and assets and to transact the businesses in
which it is now engaged, and the sole business of Borrower is the ownership and
management of the Collateral. The ownership interests of Borrower as of the
Closing Date are as set forth on the organizational chart attached hereto as Schedule
4.1.1.

 

4.1.2.      Proceedings.      Borrower has
taken all necessary action to authorize the execution, delivery and performance
of this Agreement and the other Loan Documents. This Agreement and such other
Loan Documents have been duly executed and delivered by or on behalf of
Borrower and constitute legal, valid and binding obligations of Borrower
enforceable against Borrower in accordance with their respective terms, subject
only to applicable bankruptcy, insolvency and similar laws affecting rights of
creditors generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in
equity or at law).

 

4.1.3.      No Conflicts.      The execution,
delivery and performance of this Agreement and the other Loan Documents by
Borrower (to which it is a party) will not (a) conflict with, or result in
a breach of any of the terms or provisions of or constitute a default under, or
result in the creation or imposition of any lien, charge or encumbrance (other
than pursuant to the Loan Documents) upon any of the property or assets of
Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan
agreement, partnership agreement, management agreement or other agreement or
instrument to which Borrower is a party or by which any of Borrower’s property
or assets is subject, except in each case as would not reasonably be expected
to have, and does not have, a Material Adverse Effect, nor (b) will such
action result in any violation of the provisions of any statute or any order,
rule or regulation of any Governmental Authority or Health Care Authority
having jurisdiction over Borrower or any of Borrower’s properties or assets,
and any material consent, approval, authorization, order, registration or qualification
of or with any such Governmental Authority or Health Care Authority required
for the execution, delivery and performance by Borrower of this Agreement or
any other Loan Documents has been obtained and is in full force and effect.

 

4.1.4.      Litigation.      Except as
specified on Schedule 4.1.4, there are no actions, suits or proceedings
at law or in equity by or before any Governmental Authority or Health Care
Authority or other agency now pending or to Borrower’s knowledge threatened in
writing against or affecting Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Principal, Master Tenant, any Operator, Guarantor,
the Collateral, any Senior Mezzanine

 

65

 

Collateral or any Individual
Property, which actions, suits or proceedings, if determined against Borrower,
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Principal, Master
Tenant, any Operator, Guarantor, the Collateral, any Senior Mezzanine
Collateral or any Individual Property, would reasonably be expected to have,
and do not have, a Material Adverse Effect.

 

4.1.5.      Agreements.      Borrower is not
a party to any agreement or instrument or subject to any restriction which
would reasonably be expected to have, or does have, a Material Adverse Effect.
None of Mortgage Borrower, Maryland Owner or Borrower is in default in any
material respect in the performance, observance or fulfillment of any of the
obligations, covenants or conditions contained in any material agreement or
instrument to which it is a party or by which Borrower, Senior Mezzanine
Borrower, Mortgage Borrower or Maryland Owner, the Collateral, any Senior
Mezzanine Collateral or any Individual Property is bound, except in each case
as would not reasonably be expected to have, and does not have, a Material
Adverse Effect. None of Borrower, Senior Mezzanine Borrower, Mortgage Borrower
or Maryland Owner has any material financial obligation under any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to
which it is a party or by which Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, the Collateral, any Senior Mezzanine Collateral or
the Properties, are otherwise bound, other than (a) obligations incurred
in the ordinary course of the operation of the Collateral, any Senior Mezzanine
Collateral or the Properties as permitted pursuant to clause (s) of
the definition of “Special Purpose Entity (Borrower)” set forth in Section 1.1
hereof and (b) obligations under the Loan Documents and the Mortgage Loan
Documents.

 

4.1.6.      Title.      Borrower is the
record and beneficial owner of, and has good and marketable title to the
Collateral, free and clear of any Liens whatsoever except the Liens created
pursuant to the Loan Documents in favor of Lender. The Pledge Agreement,
together with the delivery of the Collateral and any Uniform Commercial Code
financing statements required to be filed in connection therewith, will create
a valid first priority Lien on the Collateral, all in accordance with the terms
thereof. Borrower’s delivery of the certificates evidencing the Pledged
Securities (as such term is defined in the Pledge Agreement), as set forth in
Section 12 of the Pledge Agreement, to Lender, and Lender’s continued
possession thereof, shall create in favor of the Lender a valid perfected first
priority security interest in the Pledged Securities and the proceeds thereof.

 

4.1.7.      Solvency.      Borrower has
(a) not entered into the Loan or executed the Note, this Agreement or any
other Loan Documents with the actual intent to hinder, delay or defraud any
creditor and (b) received reasonably equivalent value in exchange for its
obligations under such Loan Documents. The fair saleable value of Borrower’s
assets exceeds and will, immediately following the making of the Loan, exceed
Borrower’s total liabilities, including subordinated, unliquidated, disputed
and contingent liabilities. The fair saleable value of Borrower’s assets is and
will, immediately following the making of the Loan, be greater than Borrower’s
probable liabilities, including the maximum amount of its contingent
liabilities on its debts as such debts become absolute and matured. Borrower’s
assets do not and, immediately following the making of the Loan will not,
constitute unreasonably small capital to carry out its business as conducted or
as proposed to be conducted. Borrower does not intend to, nor believes that it
will, incur debt and liabilities (including contingent liabilities and other
commitments)

 

66

 

beyond its ability to pay
such debt and liabilities as they mature (taking into account the timing and
amounts of cash to be received by Borrower and the amounts to be payable on or
in respect of obligations of Borrower). No petition in bankruptcy has been
filed against any of Borrower, Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner or any constituent Person, and none of Borrower, Senior
Mezzanine Borrower, Mortgage Borrower or Maryland Owner nor any constituent
Person has ever made an assignment for the benefit of creditors or taken
advantage of any insolvency act for the benefit of debtors. None of Borrower,
Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner or any of its
respective constituent Persons is contemplating either the filing of a petition
by it under any state or federal bankruptcy or insolvency laws or the
liquidation of all or a major portion of Borrower’s, Senior Mezzanine
Borrower’s, Mortgage Borrower’s or Maryland Owner’s assets or properties, and
none of Borrower, Senior Mezzanine Borrower, Mortgage Borrower or Maryland
Owner has any knowledge of any Person contemplating the filing of any such
petition against it or such constituent Persons.

 

4.1.8.      Full and Accurate Disclosure.      No statement of
fact made by Borrower in this Agreement or in any of the other Loan Documents
when taken as a whole contains any untrue statement of a material fact or omits
to state any material fact necessary to make statements contained herein or
therein not misleading in any material respect. There is no material fact
presently known to Borrower, Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner which has not been disclosed to Lender which would reasonably be
expected to have, or does have, a Material Adverse Effect.

 

4.1.9.      No Plan Assets.      Borrower does
not sponsor, nor is it obligated to contribute to, or is itself an “employee
benefit plan,” as defined in Section 3(3) of ERISA, subject to Title
I of ERISA or Section 4975 of the Code, and none of the assets of Borrower
constitutes or will constitute “plan assets” of one or more such plans within
the meaning of 29 C.F.R. Section 2510.3-101 as amended by
Section 3(42) of ERISA. In addition, (a) Borrower is not a “governmental
plan” within the meaning of Section 3(32) of ERISA and
(b) transactions by or with Borrower are not subject to any state or other
statute, regulation or other restriction regulating investments of, or
fiduciary obligations with respect to, governmental plans within the meaning of
Section 3(32) of ERISA which is similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code and which prohibit
or otherwise restrict the transactions contemplated by this Agreement,
including but not limited to, the exercise by Lender of any of its rights under
the Loan Documents.

 

4.1.10.    Compliance.      Except as may
be specified in the Title Insurance Policies, the Surveys, the Physical
Condition Reports, letters from the applicable municipality or other
Governmental Authority or Health Care Authority, third party zoning reports or
environmental reports and as would not reasonably be expected to have, and does
not have, a Material Adverse Effect, (i) Borrower, Mortgage Borrower,
Maryland Owner, the Collateral, the Senior Mezzanine Collateral and the
Properties (including the use thereof) comply in all respects with all
applicable Legal Requirements and Health Care Requirements, including building
and zoning ordinances and codes and (ii) none of Borrower, Senior
Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Master Tenant or
Operator is in default or violation of any order, writ, injunction, decree or
demand of any Governmental Authority or Health Care Authority. Each of
Borrower, Senior Mezzanine Borrower, Mortgage Borrower and Maryland Owner is in

 

67

 

 

compliance with Prescribed
Laws. Notwithstanding the foregoing, Borrower hereby makes no representation
set forth in the immediately preceding sentence with respect to (i) any
Person owning a direct or indirect interest in Borrower which is publicly traded
stock and (ii) any Person holding an interest in Carlyle or any Affiliate
of Carlyle (whether directly or indirectly) which can be transferred without
notification to or consent of Carlyle or any of its Affiliates which it
directly or indirectly controls and of which Carlyle or any of its Affiliates
which it directly or indirectly controls does not have knowledge. There has not
been committed by Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Master Tenant or Operator, any act or omission affording the
federal government or any other Governmental Authority or Health Care Authority
the right of forfeiture as against any Individual Property or any part thereof
or any monies paid in performance of Borrower’s, Senior Mezzanine Borrower’s,
Mortgage Borrower’s or Maryland Owner’s obligations under any of the Loan
Documents and, to Borrower’s, Senior Mezzanine Borrower’s, Mortgage Borrower’s
and Maryland Owner’s knowledge, there has not been committed by any other
Person in occupancy of or involved with the operation or use of the Properties,
any act or omission which would be reasonably likely to afford the federal
government or any other Governmental Authority or Health Care Authority any
such right of forfeiture. For purposes of the Section 4.1.10 only,
Borrower’s, Senior Mezzanine Borrower’s, Mortgage Borrower’s and Maryland
Owner’s knowledge shall be limited to the actual knowledge of the Chief
Executive Officer, Chief Financial Officer and Chief Legal Officer of Manor
Care.

 

4.1.11.           Financial
Information. To Borrower’s knowledge,
all financial data, including the statements of cash flow and income and
operating expense, that have been delivered to Lender by or on behalf of, and
at the direction of, Borrower and its Affiliates in connection with the Loan
(a) are true and correct in all material respects, (b) accurately
represent the financial condition or results of operation of the Collateral,
the Senior Mezzanine Collateral and the Properties as of the date of such
reports, and (c) to the extent prepared or audited by an independent
certified public accounting firm, have been prepared in accordance with GAAP
throughout the periods covered, except as disclosed therein.

 

4.1.12.           Condemnation. No
Condemnation or other similar proceeding has been commenced or, to Borrower’s
knowledge, is threatened in writing with respect to all or any material portion
of any Individual Property.

 

4.1.13.           Federal
Reserve Regulations. No part of the proceeds of
the Loan will be used for the purpose of purchasing or acquiring any “margin
stock” within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System or for any other purpose which would be inconsistent
with such Regulation U or any other Regulations of such Board of Governors, or
for any purposes prohibited by Legal Requirements or by the terms and
conditions of this Agreement or the other Loan Documents.

 

4.1.14.           Mortgage
Loan Representations. All of the representations
and warranties contained in the Mortgage Loan Documents are hereby incorporated
into this Agreement and deemed made hereunder by Borrower and, as the context
may require, on behalf of Mortgage Borrower and Maryland Owner, as and when
made thereunder and shall remain incorporated without regard to any waiver,
amendment or other modification thereof by the

 

68

 

Mortgage Lender or to
whether the related Mortgage Loan Document has been terminated, unless
otherwise consented to in writing by Lender.

 

4.1.15.           Not
a Foreign Person. Borrower is not a “foreign
person” within the meaning of §1445(f)(3) of the Code.

 

4.1.16.           Senior
Mezzanine Loan Representations. All of the representations and
warranties contained in the Senior Mezzanine Loan Documents are hereby
incorporated into this Agreement and deemed made hereunder by Borrower and, as
the context may require, on behalf of each Senior Mezzanine Borrower, as and
when made thereunder and shall remain incorporated without regard to any
waiver, amendment or other modification thereof by the Senior Mezzanine Lender
or to whether the related Senior Mezzanine Loan Document has been repaid or
otherwise terminated, unless otherwise consented to in writing by Lender.

 

4.1.17.           Intentionally
Omitted.

 

4.1.18.           Enforceability. The Loan Documents
are not subject to any right of rescission, set-off, counterclaim or defense by
Borrower, Principal or Guarantor, including the defense of usury, nor would the
operation of any of the terms of the Loan Documents, or the exercise of any
right thereunder, render the Loan Documents unenforceable (subject to
principles of equity and bankruptcy, insolvency and other laws generally
affecting creditors’ rights and the enforcement of debtors’ obligations), and
Borrower, Principal and Guarantor have not asserted any right of rescission,
set-off, counterclaim or defense with respect thereto.

 

4.1.19.           No
Prior Assignment. There are no prior
assignments other than pursuant to the Loan Documents or the Mortgage Loan
Documents of (a) the Master Lease or (b) the Operating Lease or any
portion of the Rents due and payable or to become due and payable which are
presently outstanding. There are no prior assignments of the Collateral which
are presently outstanding except in accordance with the Loan Documents or the Mortgage
Loan Documents.

 

4.1.20.           Insurance. Borrower has
obtained and has delivered to Lender certified copies of the Policies
reflecting the insurance coverages, amounts and other requirements set forth in
the Mortgage Loan Agreement. To Borrower’s knowledge, no claims have been made
or are currently pending, outstanding or otherwise remain unsatisfied under any
such Policy except as set forth on Schedule 4.1.20 or as would not
reasonably be expected to have, and does not have, a Material Adverse Effect,
and neither Borrower nor any other Person, has done, by act or omission,
anything which would impair the coverage of any such Policy.

 

4.1.21.           Use
of Properties. Each Individual Property is
used as a skilled nursing facility or as an assisted living facility (as set
forth on Schedule I) and other appurtenant and related uses.

 

4.1.22.           Intentionally
Omitted.

 

4.1.23.           No
Contractual Obligations. Other than as provided in
or contemplated by the Loan Documents: (x) as of the date of this
Agreement, Borrower is not subject to any Contractual Obligations and has not
entered into any agreement, instrument or

 

69

 

undertaking by which it or
its assets are bound, nor has incurred any Indebtedness other than as permitted
pursuant to the definition of “Special Purpose Entity (Borrower)” herein; and
(y) prior to the date of this Agreement, Borrower has not entered into any
Contractual Obligation, or any agreement, instrument or undertaking by which it
or its assets are bound or incurred any Indebtedness other than as permitted
pursuant to the definition of “Special Purpose Entity (Borrower)” herein.

 

4.1.24.           Affiliates. Effective as
of the consummation of the transactions contemplated by this Agreement, the
sole member of Borrower is HCR Properties, LLC which owns one hundred percent
(100%) of the outstanding limited liability company membership interests in
Borrower. Borrower does not have any subsidiaries except as set forth in Schedule
4.1.1.

 

4.1.25.           Intentionally
Omitted.

 

4.1.26.           Leases. The Master
Lease and Operating Lease (together with any certificates and notifications
entered into in connection therewith) provided to Lender on the Closing Date
are true, correct, accurate and complete copies of such documents and constitute
the entire agreement between the parties thereto with respect to the subject
matter therein and there are no written agreements modifying, amending,
supplementing or restating such documents. Except as set forth on Schedule
4.1.26, to Borrower’s knowledge, the Properties are not subject to any
Leases other than the Master Lease, the Operating Lease, Non-Material Leases
and residency agreements with residents of the Facilities, and each of the
Master Lease and the Operating Lease is a “true lease” for all purposes of the
Bankruptcy Code (including Section 365(d) and 502(b)(6) thereof)
and applicable Legal Requirements, and none of the Master Lease or the
Operating Lease or any Non-Material Lease constitutes a financing or conveys
any interest in the Properties other than the leasehold interest therein
demised thereby. Mortgage Borrower (other than Maryland Borrower) and Maryland
Owner are the owners and lessors of landlord’s interest in the Master Lease.
Except as set forth on Schedule 4.1.26, to Borrower’s knowledge, no
Person has any possessory interest in any Individual Property or right to
occupy the same except under and pursuant to the provisions of the Master Lease
and the Operating Lease and except for the occupancy and related residency
rights of residents at the Facilities and any Non-Material Lease. The Master
Lease and each Operating Lease is in full force and effect and there are no
events of default thereunder by (a) in the case of the Master Lease,
either Mortgage Borrower (other than Maryland Borrower) and Maryland Owner or
Master Tenant or (b) in the case of each Operating Lease, either the
Master Tenant or the applicable Operator, and there are no conditions that,
with the passage of time or the giving of notice, or both, would constitute a
material default thereunder. No Rent under the Master Lease or any Operating
Lease has been paid more than one (1) month in advance of its due date,
and no Rents or charges under the Master Lease or any Operating Lease have been
waived, released or otherwise discharged or compromised. There has been no
prior Transfer of the Master Lease or any Operating Lease or of the Rents
thereunder. Master Tenant has not assigned the Master Lease and has not sublet
all or any portion of any Individual Property except pursuant to the Operating
Lease. Neither Master Tenant, nor to Borrower’s or Master Tenant’s knowledge,
any other Person, has a right or option pursuant to the Master Lease or
otherwise to purchase all or any part of any Individual Property, except as expressly
provided in the Master Lease upon the occurrence of a Casualty or Condemnation.
No Operator has assigned its Operating Lease and,

 

70

 

other than pursuant to a
Non-Material Lease, sublet all or any portion of any Individual Property except
to residents of the applicable Facility, and the Operators do not hold any
Individual Property under assignment and no Person (except the Operator, its
employees and residents of the applicable Facility and, in the case of any
Non-Material Lease, the tenant thereunder) occupies any Individual Property. No
Operator, nor to Borrower’s knowledge any other Person, has a right or option
pursuant to such Operating Lease or otherwise to purchase all or any part of
any Individual Property, except as may be expressly provided in the Operating
Lease upon the occurrence of a Casualty or Condemnation.

 

4.1.27.           South
Carolina Management Agreement. Each South Carolina Management
Agreement provided to Lender on the Closing Date are true, correct, accurate
and complete copies of such documents and constitute the entire agreement
between the parties thereto with respect to the subject matter thereof and
there are no written agreements modifying, amending, supplementing or restating
such documents. Master Tenant is the owner of the manager’s interest under each
South Carolina Management Agreement. Each South Carolina Management Agreement
is in full force and effect and there are no events of default thereunder by
Master Tenant or South Carolina Operator. No management fee or other charges
under any South Carolina Management Agreement has been paid more than one
(1) month in advance of its due date, and no management fees or other
charges under any South Carolina Management Agreement have been waived,
released or otherwise discharged or compromised. There has been no prior sale,
encumbrance, pledge, assignment, hypothecation, grant of a security interest in
or other transfer or disposition of the interest of Master Tenant or the
applicable South Carolina Operator under any South Carolina Management
Agreement.

 

4.1.28.           Principal
Place of Business; State of Organization. Borrower’s (a) principal
place of business (or such other location where its books and records are
located) as of the date hereof and (b) jurisdiction of organization as of
the date hereof, is as set forth on Schedule 4.1.28 hereto.

 

4.1.29.           Filing
and Recording Taxes. All transfer taxes, stock
transfer stamps, intangible taxes or other amounts in the nature of transfer
taxes required to be paid by any Person under applicable Legal Requirements
currently in effect in connection with the creation or transfer of the
Collateral to Borrower have been paid. All material state, county and municipal
recording, stamp, intangible or other similar tax required to be paid by any
Person under applicable Legal Requirements and applicable Health Care
Requirements currently in effect in connection with the execution, delivery,
recordation, filing, registration, perfection or enforcement of any of the Loan
Documents, including the Pledge Agreement, have been paid or will be paid at
Closing.

 

4.1.30.           Special
Purpose Entity/Separateness. (a) Borrower hereby
represents and warrants that (i) Borrower is a Special Purpose Entity
(Borrower), (ii) each of Mortgage Borrower and Maryland Owner is a Special
Purpose Entity (as defined in the Mortgage Loan Agreement),
(iii) Principal is a Special Purpose Entity, (iv) Master Tenant is a
Special Purpose Entity, (v) Operator is a Special Purpose Entity and
(vi) HCR IV Healthcare, LLC is in compliance with all provisions of its
organizational documents, including all provisions relating to its status as a
special purpose bankruptcy remote entity.

 

71

 

(b)                                 The representations,
warranties and covenants set forth in Section 4.1.30(a) shall survive
for so long as any amount remains due and payable to Lender under this
Agreement or any other Loan Document.

 

(c)                                  All of the
assumptions made in the Insolvency Opinion, including any exhibits attached
thereto, are true and correct in all material respects and any assumptions made
in any Additional Insolvency Opinion required to be delivered in connection
with the Loan Documents, including any schedules and/or exhibits attached thereto,
will have been and shall be true and correct in all material respects. Borrower
has complied and will comply with, Principal has complied, Master Tenant has
complied and Borrower will cause Master Tenant to comply with, Operator has
complied and Borrower will cause Operator to comply with, each Senior Mezzanine
Borrower has complied with, and Borrower will cause each Senior Mezzanine
Borrower to comply with, and Mortgage Borrower has complied with, and Borrower
will cause Mortgage Borrower to comply with, all of the material assumptions
made with respect to such entity in the Insolvency Opinion. Borrower,
Principal, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Master
Tenant and Operator will have complied and will comply with all of the material
assumptions made with respect to such entity in any Additional Insolvency
Opinion. Each entity other than Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Principal, Master Tenant and Operator with respect to
which an assumption shall be made in any Additional Insolvency Opinion will
have complied and will comply with all of the material assumptions made with
respect to it in any Additional Insolvency Opinion.

 

(d)                                 All of the
assumptions made in the Solvency Certificate, including any schedules and/or
exhibits attached thereto, are true and correct in all material respects.

 

(e)                                  Other than
Carlyle Partners V MC, L.P., a Delaware limited partnership, no stockholder of
Guarantor, and none of the equity holders in any stockholder of Guarantor,
together with the affiliates of such equity holders who are also equity holders
of any stockholder of Guarantor, holds more than a forty-nine percent (49%)
direct or indirect interest in Borrower.

 

4.1.31.           O&M
Agreements. The O&M Agreement required
by Lender is in full force and effect and there is no default thereunder by any
party thereto and no event has occurred that, with the passage of time and/or
the giving of notice or both would constitute a material default thereunder.

 

4.1.32.           Illegal
Activity. No portion of any
Individual Property, any Senior Mezzanine Collateral or of the Collateral has
been or will be pursuant to the Closing hereunder purchased with proceeds of
any illegal activity by Guarantor or any of its Affiliates.

 

4.1.33.           No
Change in Facts or Circumstances; Disclosure. All
information submitted by or on behalf of, and at the direction of, Borrower to
Lender with respect to Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Principal, Master Tenant, Operator, Guarantor, any of the
Collateral, any of the Senior Mezzanine Collateral or any Individual Property
and in all financial statements, certificates and other documents submitted in
connection with the Loan or in satisfaction of the terms thereof and all
statements of fact made by Borrower in this Agreement or in any other Loan
Document, are accurate and

 

72

 

correct in all material
respects. There has been no material adverse change in any condition, fact,
circumstance or event that would make any such information inaccurate,
incomplete or otherwise misleading in any material respect or that could
reasonably be expected to have a Material Adverse Effect. Borrower has
disclosed to Lender all material facts and has not failed to disclose any
material fact that could cause any material Provided Information or representation
or warranty made herein to be materially misleading.

 

4.1.34.           Investment
Company Act. Borrower is not (a) an
“investment company” or a company “controlled” by an “investment company,”
within the meaning of the Investment Company Act of 1940, as amended; or
(b) subject to any other federal or state law or regulation which purports
to restrict or regulate its ability to borrow money.

 

4.1.35.           Embargoed
Person. At all times throughout the
term of the Loan, including after giving effect to any Transfers permitted
pursuant to the Loan Documents, (a) none of the funds or other assets of
Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Principal, Master Tenant, Operator and Guarantor constitute property of, or are
beneficially owned, directly or indirectly, by any person, entity or government
subject to trade restrictions under U.S. law, including Prescribed Laws, and
any Executive Orders or regulations promulgated thereunder, including, but not
limited to, those related to Specially Designated Nationals and Specially
Designated Global Terrorists, with the result that the investment in Borrower,
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Principal, Master
Tenant, Operator or Guarantor, as applicable (whether directly or indirectly),
is prohibited by law or the Loan made by Lender is in violation of law (“Embargoed Person”); (b) no Embargoed Person has any
interest of any nature whatsoever in Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Principal, Master Tenant, Operator or
Guarantor, as applicable, with the result that the investment in Borrower,
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Principal, Master
Tenant, Operator or Guarantor, as applicable (whether directly or indirectly),
is prohibited by law or the Loan is in violation of law; and (c) none of
the funds of Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland
Owner, Principal, Master Tenant, Operator or Guarantor, as applicable, have
been derived from any unlawful activity with the result that the investment in
Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Principal, Master Tenant, Operator or Guarantor, as applicable (whether
directly or indirectly), is prohibited by law or the Loan is in violation of
law. Notwithstanding the foregoing, Borrower hereby makes no representation set
forth in Section 4.1.35 with respect to (i) any Person owning
a direct or indirect interest in Borrower which is publicly traded stock and
(ii) any Person holding an interest in Carlyle or any Affiliate of Carlyle
(whether directly or indirectly) which can be transferred without notification
to or consent of Carlyle or any of its Affiliates which it directly or
indirectly controls and of which Carlyle or any of its Affiliates which it
directly or indirectly controls does not have knowledge.

 

4.1.36.           Certain
Financial Representations. As of the Closing Date and
the consummation of the Merger, Guarantor shall have received Equity Capital
representing not less than nineteen percent (19%) of the pro forma
capitalization of Guarantor.

 

4.1.37.           Corporate
Loan; Reorganization Documents. The Corporate Loan has been
made substantially in accordance with the terms and conditions of the Corporate
Loan

 

73

 

Documents. Borrower has
caused to be delivered to Lender true and correct copies of the Corporate Loan
Documents and the Reorganization Documents, and Borrower hereby represents and
warrants to Lender that there are no other agreements (of any material nature)
with respect to, directly or indirectly, the Corporate Loan or Reorganization
Documents which have not been disclosed to Lender in writing.

 

4.1.38.           Merger. The Merger has
been consummated substantially in accordance with the terms and conditions of
the Merger Agreement.

 

4.1.39.           Ground
Lease. Borrower hereby represents and warrants to Lender
the following with respect to each Ground Lease except as set forth in Schedule
4.1.39 or as amended by estoppels delivered to Lender by the applicable
ground lessors:

 

(a)                                  Recording;
Modification. Each Ground Lease (or a
memorandum thereof) has been duly recorded. Each Ground Lease permits the
interest of Mortgage Borrower to be encumbered by a mortgage and/or the
applicable ground lessor has approved and consented to the encumbrance of the
applicable Individual Property by the Mortgage thereon. There have not been any
amendments or modifications to the terms of the related Ground Lease since
recordation of such Ground Lease (or a memorandum thereof), with the exception
of written instruments which have been recorded or estoppels delivered in
connection with the Loan. No Ground Lease may be terminated, surrendered or
materially amended without the prior written consent of Mortgage Lender; provided
that no ground lessor shall be prevented from exercising its remedies in
accordance with the applicable Ground Lease if the obligations of the
applicable Borrower under the applicable Ground Lease are not performed as
provided in such Ground Lease.

 

(b)                                 No
Liens. Except for the Permitted Encumbrances and other
encumbrances of record, Mortgage Borrower’s interest in no Ground Lease is
subject to any Liens or encumbrances superior to, or of equal priority with,
the Mortgage other than the ground lessor’s related fee interest.

 

(c)                                  Ground
Lease Assignable. Mortgage Borrower’s
interest in each Ground Lease is assignable without the consent of the
applicable ground lessor to Mortgage Lender, the purchaser at any foreclosure
sale or the transferee under a deed or assignment in lieu of foreclosure in
connection with the foreclosure of the Lien of the Mortgage or transfer of
Mortgage Borrower’s leasehold estate by deed or assignment in lieu of
foreclosure. Thereafter, each Ground Lease is further assignable by such
transferee and its successors and assigns without the consent of the applicable
ground lessor.

 

(d)                                 Default. As of the date
hereof, each Ground Lease is in full force and effect and no default has
occurred under any Ground Lease and there is no existing condition which, but
for the passage of time or the giving of notice or both, could result in a
default under the terms of any Ground Lease.

 

(e)                                  Notice. Each Ground
Lease requires the applicable ground lessor to give notice of any default by
Mortgage Borrower to Lender prior to exercising its remedies thereunder.

 

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(f)                                    Cure. Mortgage
Lender is permitted the opportunity (including, where necessary, sufficient
time to gain possession of the interest of Mortgage Borrower under each Ground
Lease) to cure any default under any Ground Lease, which is curable after the
receipt of notice of any default before the applicable ground lessor thereunder
may terminate the Ground Lease.

 

(g)                                 Term. Each Ground
Lease has a term which extends not less than ten (10) years beyond the
Maturity Date.

 

(h)                                 New
Lease. Each Ground Lease requires the applicable ground
lessor to enter into a new lease upon termination of such Ground Lease for any
reason, including rejection or disaffirmation of the Ground Lease in a
bankruptcy proceeding.

 

(i)                                     Insurance
Proceeds. Under the terms of each
Ground Lease and the Mortgage, taken together, any related insurance and
condemnation proceeds that are paid or awarded with respect to the leasehold
interest will be applied either to the repair or restoration of all or part of
the applicable Individual Property, with Lender having the right to hold and
disburse the proceeds as the repair or restoration progresses, or to the
payment of the outstanding principal balance of the Loan together with any
accrued interest thereon.

 

(j)                                     Subleasing. No Ground
Lease imposes any restrictions on subleasing.

 

4.1.40.           Employment
Contract. Paul Ormond, Manor Care’s
Chief Executive Officer, has, in connection with the Merger, entered into an
amendment to his existing employment contract with Manor Care, which employment
contract (as amended) is in full force and effect.

 

Section 4.2.                                Health
Care Representations. All of the representations
and warranties contained in Section 4.2 of the Mortgage Loan
Agreement are as of the date hereof true and correct.

 

Section 4.3.                                Survival
of Representations. Borrower agrees that all of
the representations and warranties of Borrower set forth in Section 4.1,
Section 4.2 and elsewhere in this Agreement and in the other Loan
Documents shall survive for so long as any amount remains owing to Lender under
this Agreement or any of the other Loan Documents by Borrower. All
representations, warranties, covenants and agreements made in this Agreement or
in the other Loan Documents by Borrower shall be deemed to have been relied
upon by Lender notwithstanding any investigation heretofore or hereafter made
by Lender or on its behalf.

 

V.                                    BORROWER
COVENANTS

 

Section 5.1.                                Affirmative
Covenants. From the date hereof and
until payment and performance in full of the Debt, Borrower hereby covenants
and agrees with Lender that:

 

5.1.1.                  Existence;
Compliance with Legal Requirements. Borrower shall do or cause
Mortgage Borrower, Maryland Owner, Master Tenant and Operator to do all things

 

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reasonably necessary to
preserve, renew and keep in full force and effect its existence, rights,
licenses, permits and franchises and comply with all Prescribed Laws and to
comply with all other material Legal Requirements of all Governmental
Authorities and material Health Care Requirements and Environmental Laws
applicable to Mortgage Borrower, Maryland Owner, Master Tenant, Operator and
the Properties, in the case of all Legal Requirements other than Prescribed
Laws and Healthcare Requirements, except as would not reasonably be expected to
have, and does not have, a Material Adverse Effect. Borrower shall use
commercially reasonable efforts to cause Mortgage Borrower, Maryland Owner,
Master Tenant and the Operator to keep and maintain in full force and effect
all Licenses and all Health Care Licenses necessary for the operation of the
Facility on each Individual Property and as are otherwise necessary for the
operation of each Individual Property as currently operated, except as would
not reasonably be expected to have, and does not have, a Material Adverse
Effect. There shall never be committed by Borrower and Borrower shall not
permit Mortgage Borrower, Master Tenant, Operator or knowingly permit, and
shall use commercially reasonable efforts to prevent, any other Person in
occupancy of or involved with the operation or use of the Properties from
committing any act or omission affording the federal government or any state or
local government the right of forfeiture against any Individual Property or any
part thereof or any monies paid in performance of Mortgage Borrower’s or
Maryland Owner’s obligations under any of the Mortgage Loan Documents. Borrower
hereby covenants and agrees not to commit, permit or suffer to exist any act or
omission affording such right of forfeiture. Borrower shall at all times cause
to be taken all such actions as may be reasonably necessary to maintain,
preserve and protect all franchises and trade names (except as provided in the
Master Lease and the Operating Lease) used in or useful to its business and
preserve all the remainder of Mortgage Borrower’s and Maryland Owner’s property
used or useful in the conduct of its business and shall keep or shall cause
Master Tenant and the Operator to keep the Properties in good working order and
repair (reasonable wear and tear excepted), and from time to time make, or
cause to be made, all reasonably necessary repairs, renewals, replacements,
betterments and improvements thereto, all as more fully provided in the
Mortgages, in each case except as would not reasonably be expected to have, and
does not have, a Material Adverse Effect. After prior notice to Lender (which
notice shall not be required with respect to contests of Health Care
Requirements which if not complied with would not reasonably be expected to
have a Material Adverse Effect), Borrower, Senior Mezzanine Borrower or
Mortgage Borrower and Maryland Owner, at their sole cost and expense, may
contest or permit the Master Tenant or Operator to contest by appropriate
proceedings promptly initiated and conducted in good faith and with due
diligence and otherwise in accordance with any contract or agreement to which
Mortgage Borrower or Maryland Owner is a party and in accordance with all
material Legal Requirements, the validity of any Legal Requirement or Health
Care Requirement, the applicability of any Legal Requirement or Health Care
Requirement to Borrower, Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner, Master Tenant or Operator, the Collateral, the Senior Mezzanine
Collateral or any Individual Property or any alleged violation of any Legal
Requirement; provided that (a) no Event of Default has occurred and
is continuing; (b) such proceeding shall be permitted under and be
conducted in accordance with the provisions of any instrument to which
Borrower, any Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner is
subject and shall not constitute an event of default thereunder and such
proceeding shall be conducted in accordance with all applicable material Legal
Requirements and all material Health Care Requirements; (c) no Individual
Property nor any part thereof or interest therein will be in imminent danger of

 

76

 

being sold, forfeited,
terminated, cancelled or lost; (d) Borrower shall promptly upon final
determination thereof cause compliance in all material respects with any such
Legal Requirement or any such Health Care Requirement determined to be valid or
applicable or cure any violation of any Legal Requirement or Health Care
Requirement; (e) such proceeding shall not exacerbate the enforcement of
the contested Legal Requirement or Health Care Requirement, as the case may be,
against Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
the Collateral, any Senior Mezzanine Collateral and any Individual Property;
and (f) Borrower shall, or shall cause Master Tenant and Operator to,
furnish such security as may be required in the proceeding, to insure
compliance with such Legal Requirement or such Health Care Requirement, together
with all interest and penalties payable in connection therewith.

 

5.1.2.                  Taxes
and Other Charges. (a) Borrower shall pay
all Taxes and Other Charges now or hereafter levied or assessed or imposed
against the Properties or any part thereof before the same become delinquent; provided,
however, Borrower’s obligation to directly pay Taxes shall be suspended
for so long as Borrower complies with the terms and provisions of Section 7.2
hereof. Borrower will deliver to Lender receipts for payment or other evidence
satisfactory to Lender that the Taxes and Other Charges have been so paid or
are not then due and payable no later than ten (10) days prior to the date
on which the Taxes and/or Other Charges would otherwise be delinquent if not
paid; provided, however, Borrower is required to furnish such
receipts for payment of Taxes in the event that such Taxes have been paid by
Lender pursuant to Section 7.2 hereof. Borrower shall not suffer
and shall promptly cause to be paid and discharged any Lien or charge
whatsoever which may be or become a Lien or charge against the Properties, and
shall promptly pay (or cause the Master Tenant and/or the applicable Operator
to promptly pay) for all utility services provided to the Properties. After
prior notice to Lender, Borrower, at its sole cost and expense, may contest (or
cause Mortgage Borrower and Maryland Owner to contest) by appropriate legal
proceeding, promptly initiated and conducted in good faith and with due
diligence, the amount or validity or application in whole or in part of any
Taxes or Other Charges, provided that (a) no Event of Default has
occurred and is continuing; (b) such proceeding shall be permitted under
and be conducted in accordance with the provisions of any other instrument to
which Borrower is subject and shall not constitute a default thereunder and
such proceeding shall be conducted in accordance with all applicable material
Legal Requirements; (c) no Collateral, Senior Mezzanine Collateral or
Individual Property (nor any part thereof or interest therein) will be in
imminent danger of being sold, forfeited, terminated, cancelled or lost;
(d) Borrower shall promptly upon final determination thereof pay the
amount of any such Taxes or Other Charges, together with all costs, interest
and penalties which may be payable in connection therewith; (e) such
proceeding shall suspend the collection of such contested Taxes or Other
Charges from the applicable Individual Property; and (f) Borrower shall
furnish such security as may be required in the proceeding to insure the
payment of any such Taxes or Other Charges, together with all interest and
penalties thereon. Lender may pay over any such cash deposit or part thereof
held by Lender to the claimant entitled thereto at any time when, in the
judgment of Lender, the entitlement of such claimant is established or any
Individual Property (or part thereof or interest therein) shall be in danger of
being sold, forfeited, terminated, cancelled or lost or there shall be any
danger of the Lien of any Mortgage being subordinated to any such related Lien.

 

(b)                                 Notwithstanding
anything to the contrary contained in this Section 5.1.2, Borrower’s
obligations under clause (a) of this Section 5.1.2 shall be
waived so long as

 

77

 

Mortgage Borrower and
Maryland Owner are in material compliance with their material obligations under
Section 5.1.2 of the Mortgage Loan Agreement.

 

5.1.3.                  Litigation. Borrower shall
give prompt notice to Lender (after Borrower receives notice thereof) of any
litigation or governmental proceedings pending or to Borrower’s knowledge,
threatened in writing against Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Principal, Master Tenant, Guarantor or Operator which
would reasonably be expected to have a Material Adverse Effect.

 

5.1.4.                  Access
to Properties. Upon prior notice to
Borrower (except during the continuance of an Event of Default, in which event
no prior notice shall be required), Lender and its agents shall have the right
to enter and inspect the Property at all reasonable times and during regular
business hours, and Borrower shall cause Master Tenant and Operator to permit
such access by Lender (subject to the rights of tenants, subtenants and
residents). All such inspections shall be at Borrower’s expense, except that,
unless an Event of Default is then continuing, any inspections in excess of one
per calendar year shall be at Lender’s expense.

 

5.1.5.                  Notice
of Event of Default. Borrower shall promptly
advise Lender of any matter or occurrence which could reasonably be expected to
have a Material Adverse Effect, or of the occurrence of any Event of Default of
which Borrower has knowledge.

 

5.1.6.                  Cooperate
in Legal Proceedings. Lender has the right to
appear in any material action or proceeding which could reasonably be expected
to have, or does have, a material adverse effect, brought with respect to
Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Guarantor, Master Tenant, Operator, the Collateral, the Senior Mezzanine
Collateral or the Property, and Borrower shall cooperate with Lender in the
defense of any action or proceeding brought with respect to the Property or the
Collateral. Lender has the further right to bring any action or proceeding, in
the name and on behalf of Borrower, which Lender, in its reasonable discretion,
decides should be brought to protect its interest in the Collateral; provided
that Lender shall notify Borrower at least ten (10) days prior to Lender
instituting any such action that it intends to bring such action (unless
(a) an Event of Default has occurred and is continuing or (b) the
provision of such notice by Lender would materially prejudice Lender’s rights
or materially adversely affect Lender’s interest in the Property or Lender’s
rights and remedies under the Loan Documents, in either of which events such
notice shall not be required), and Lender shall endeavor to provide Borrower
and its legal counsel reasonable periodic status as to any such action brought
by Lender and, provided that no Event of Default is continuing, Lender shall
endeavor to cooperate with Borrower and its legal counsel with respect to the
defense by Lender of any such action. Borrower shall cooperate with Lender with
respect to any proceedings before any court, board or other Governmental
Authority or Health Care Authority which may in any way affect the rights of
Lender hereunder or any rights obtained by Lender under any of the other Loan
Documents and, in connection therewith, permit Lender, at its election, to
participate in any such proceedings.

 

5.1.7.                  Special
Purpose Entity/Separateness. Borrower hereby covenants
that until payment in full of the Debt, (i) Borrower shall continue to be
a Special Purpose Entity, (ii) Borrower shall cause each of Senior
Mezzanine Borrower, Mortgage Borrower and Maryland Owner to continue to be a
Special Purpose Entity (as defined in the Mortgage Loan Agreement),

 

78

 

(iii) Principal shall
continue to be a Special Purpose Entity, (iv) Master Tenant shall continue
to be a Special Purpose Entity, (v) Operator shall continue to be a
Special Purpose Entity and (vi) HCR IV Healthcare, LLC shall continue to
be in compliance with all provisions of its organizational documents, including
all provisions relating to its status as a special purpose bankruptcy remote
entity. Borrower shall cause Mortgage Borrower and Maryland Owner to appoint
the Independent Directors (Operator) of each Operator as contemplated by
paragraphs (e) and (f) of the definition of “Special Purpose Entity
(Operator)” within ten (10) days after the Closing Date and shall give
Lender prompt notice thereof. Notwithstanding anything to the contrary
contained herein, the fact that such Independent Directors (Operator) shall not
have been appointed prior to such date shall not constitute a breach of
representation or other default hereunder.

 

5.1.8.                  REIT
Protection Covenants. Notwithstanding anything to
the contrary contained in this Agreement, at all times during which a REIT
Lender holds an interest in the Loan:

 

(a)                                  Each of the
Senior Mezzanine Borrowers, Mortgage Borrowers and Maryland Owner
(collectively, the “Collateral Entities”)
and the Borrower shall be entities whose separate existence from the ultimate
owner of the Borrower is disregarded for Federal income tax purposes. Borrower
shall not, and Borrower shall not permit any of the Collateral Entities to,
elect or to take any other action that would cause such Person to be classified
as either a partnership or an association taxable as a corporation for Federal
income tax purposes;

 

(b)                                 The Borrower
shall not, directly or indirectly, own interests in any Persons, including
through subsidiaries of the Borrower, other than the Collateral Entities;

 

(c)                                  Intentionally
omitted;

 

(d)                                 Intentionally
omitted;

 

(e)                                  Intentionally
omitted;

 

(f)                                    The Master
Lease, the Operating Lease, any New Lease and any Non-Material Lease shall
satisfy the following requirements:

 

(i)                                     Rents payable
under each such Lease shall not be based in whole or in part on the income or
profits of any Person;

 

(ii)                                  As of the date
any such Lease was or is entered into or modified, Rents payable under each
such Lease shall be set at a fair market rental amount or formula, and the
landlord under each such Lease shall have a reasonable expectation that the
lessee under each such Lease will be able to make the payments required by each
such Lease;

 

(iii)                               Intentionally
omitted;

 

(iv)                              No services or
amenities shall be provided to tenants under any such Lease, other than
services that are both (1) customarily furnished or rendered by or on
behalf of landlords in connection with the rental of real property of a similar
class in the

 

79

 

geographic areas in which
the Property is located and (2) customarily furnished or rendered in
connection with the rental of space for occupancy only (as opposed to rendered
primarily for the convenience of the tenant); and

 

(v)                                 Notwithstanding
anything contained in the foregoing clauses (f)(i)-(iv) to the contrary,
the requirements set forth in clauses (i)-(iv) above shall only apply to
Non-Material Leases (including any Non-Material Leases that are New Leases) to
the extent the Rents from all such Non-Material Leases, in the aggregate,
exceed 4% of the sum of all subrents received by Master Tenant under the
subleases under the Master Lease;

 

(g)                                 Intentionally
omitted;

 

(h)                                 The Borrower
shall not, in the aggregate, own (i) more than $100,000 of assets, other
than the Collateral as of the Closing Date or any real properties acquired in
the future, Improvements associated with such real properties, cash, bank
time deposits, all amounts on deposit in the Accounts under the Cash Management
Agreement and any Letters of Credit delivered to Lender in accordance with
Article VII hereof, goodwill or receivables which arise in the ordinary
course of its rental business (e.g., Rents paid pursuant to the Master Lease),
and (ii) any stock, evidence of Indebtedness, or other “securities” as
such term is defined in the Investment Company Act of 1940 (other than
interests in the Collateral Entities);

 

(i)                                     Each of the
Collateral Entities shall not, in the aggregate, own (i) more than
$100,000 of assets, other than the Collateral owned by such Collateral Entity
as of the Closing Date (which, in the case of the Senior Mezzanine Borrowers
constitutes an indirect interest in the Properties, and in the case of the
Mortgage Borrowers (other than the Maryland Borrower) and Maryland Owner,
constitutes its ownership interest in the Properties) or any real properties
acquired in the future, Improvements associated with such real properties,
cash, bank time deposits, all amounts on deposit in the Accounts under the Cash
Management Agreement and any Letters of Credit delivered to Lender in
accordance with Article VII hereof, goodwill or receivables which arise in
the ordinary course of its rental business (e.g., Rents paid pursuant to the
Master Lease), and (ii) any stock, evidence of Indebtedness, or other
“securities” as such term is defined in the Investment Company Act of 1940; and

 

(j)                                     The Borrower
and the Collateral Entities shall not, in the aggregate, derive more than
$100,000 of income in any calendar year other than from Rents, interest on bank
time deposits, and from Permitted Investments.

 

5.1.9.                  Further
Assurances. Borrower shall, or shall cause
Mortgage Borrower, Maryland Owner, Guarantor, Master Tenant and Operator to, at
Borrower’s sole cost and expense:

 

(a)                                  furnish to
Lender all instruments, documents, boundary surveys, footing or foundation
surveys, certificates, plans and specifications, appraisals, title and other
insurance reports and agreements, and each and every other document,
certificate, agreement and instrument, in each case, which are required to be
furnished by Borrower, Mortgage Borrower, Maryland Owner, Guarantor, Master
Tenant and Operator pursuant to the terms of the Loan Documents or which are
reasonably requested by Lender in connection therewith; and

 

80

 

(b)                                 execute and
deliver to Lender such documents, instruments, conveyances, certificates,
assignments and other writings, and do such other acts necessary or desirable,
to evidence, preserve, perfect and/or protect the collateral at any time
securing or intended to secure the obligations of Borrower under the Loan
Documents, as Lender may reasonably require.

 

5.1.10.           Disregarded
Entities. Each of Borrower, Mortgage
Borrower, Maryland Owner and the Other Mezzanine Borrowers (as used in this Section 5.1.10,
the “Disregarded Entities”) shall be
entities whose separate existence from the first corporation treated as such
for Federal income tax purposes above the Disregarded Entities in the vertical
chain of ownership of such entities is disregarded for Federal income tax
purposes.

 

5.1.11.           Financial
Reporting. (a) Borrower will keep
and maintain or will cause to be kept and maintained on a Fiscal Year basis, in
accordance with GAAP, proper and accurate books, records and accounts
reflecting all of the material financial affairs of Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, Master Tenant and Operator and all
items of income and expense in connection with the operation on an individual
basis of the Properties and the Collateral. During a Trigger Period or during
the continuance of an Event of Default, Lender shall have the right from time
to time at all times during normal business hours upon reasonable notice to
examine such books, records and accounts (including, without limitation,
Medicare and Medicaid cost reports) at the office of Borrower or any other
Person maintaining such books, records and accounts and to make such copies or
extracts thereof as Lender shall desire. After the occurrence of an Event of
Default, Borrower shall pay any reasonable costs and expenses incurred by
Lender to examine Borrower’s, Senior Mezzanine Borrower’s, Mortgage Borrower’s,
Maryland Owner’s, Master Tenant’s and Operator’s accounting records with
respect to the Properties (including, without limitation, Medicare and Medicaid
cost reports), the Senior Mezzanine Collateral and the Collateral, as Lender
shall reasonably determine to be necessary or appropriate in the protection of
Lender’s interest. Borrower shall have the right to have a responsible officer
present at any such inspection.

 

(b)                                 Subject to the
other provisions of this Section 5.1.11(b), Borrower will furnish
or cause to be furnished to Lender annually, within ninety (90) days following
the end of each Fiscal Year of Borrower, commencing with the Fiscal Year ending
on December 31, 2008, a complete copy of Senior Mezzanine Borrower’s,
Mortgage Borrower’s, Borrower’s, Maryland Owner’s, Master Tenant’s and
Operator’s annual financial statements audited by a Pre-Approved Accounting
Firm or other independent certified public accountant reasonably acceptable to
Lender in accordance with GAAP covering the Properties for such Fiscal Year,
containing statements of profit and loss for Mortgage Borrower, Maryland Owner,
Master Tenant and Operator, a balance sheet for Mortgage Borrower, Master
Tenant and Operator and a statement of cash flow for Mortgage Borrower,
Maryland Owner, Master Tenant and Operator (collectively, the “Audited Financial Statements”). For the avoidance of doubt, it
is agreed that for purposes of this Section 5.1.11 in no event
shall it be required that Audited Financial Statements be furnished to Lender
on an Individual Property by Individual Property basis, and the financial
information and statements for each of the entities constituting Mortgage
Borrower (and Maryland Owner shall be included therein) shall be prepared on a
consolidated basis and the Audited Financial Statements for each entity
constituting Operator shall be prepared on a consolidated basis, in each case
together with a combining schedule containing the EBITDA of each Individual
Property. Mortgage Borrower’s, Maryland Owner’s, Master Tenant’s and

 

81

 

Operator’s annual financial
statements shall be accompanied by (i) an opinion of a Pre-Approved
Accounting Firm or other independent certified public accountant reasonably
acceptable to Lender, and (ii) an Officer’s Certificate (A) of
Borrower certifying that as of the date thereof whether there exists an Event
of Default under the Loan Documents, executed and delivered by, or applicable
to, Borrower, and if such Event of Default exists, the nature thereof, the
period of time it has existed and the action then being taken to remedy the
same and (B) of Master Tenant certifying that as of the date thereof
whether there exists an event of default under the Master Lease, and if such
event of default exists, the nature thereof, the period of time it has existed
and the action then being taken to remedy the same. Notwithstanding anything to
the contrary contained herein, as to financial statements as described above
(or elsewhere in this Article V including in subparagraphs
(c) and (d) below) which pertain to the actual operations of the
Facilities as run by Master Tenant or Operator, Borrower may cause to be
substituted statements or certificates prepared by Master Tenant or Operator,
respectively, or their respective independent certified public accountant for
such statements required to be provided by Borrower herein, which statements
may be certified by Master Tenant or Operator, as applicable, in lieu of by
Borrower and which statements may take the form of, contain such information as
required by, and have such due dates as the statements required to be provided
by Master Tenant under the Master Lease or Operator under the Operating Lease,
as applicable.

 

(c)                                  Borrower will
furnish, or cause to be furnished, to Lender within forty-five (45) days after
the end of each calendar quarter of each Fiscal Year, commencing with the
calendar quarter ending on March 31, 2008, the following items,
accompanied by an Officer’s Certificate stating that such items fairly and
correctly reflect in all material respects of the financial condition and
results of the operations of Mortgage Borrower, Maryland Owner, Master Tenant
and Operator and the Properties on a combined basis, together with a combining
schedule containing the EBITDA of each Individual Property and which items
shall be subject to year end audit and any changes that may result therefrom: (i) quarterly
and year-to-date operating statements (including Capital Expenditures) prepared
for each calendar quarter, noting Net Operating Income, Gross Income from
Operations, and Operating Expenses (not including any contributions to the
Replacement Reserve Account), and, upon Lender’s reasonable request, other
information necessary and sufficient to fairly represent the financial position
and results of operation of the Properties during such calendar quarter, all in
form reasonably satisfactory to Lender and in the form set forth on Schedule
5.1.11(c); (ii) a calculation reflecting the annual and quarterly Debt
Service Coverage Ratio and annual and quarterly Operating Cash Flow Coverage
Ratio for the immediately preceding twelve (12) month period as of the last day
of such quarter and (iii) a Net Cash Flow Schedule.

 

(d)                                 At Lender’s
request, Borrower will furnish, or cause to be furnished, prior to the last
Securitization of the Mortgage Loan, to Lender within thirty (30) days after
the end of each calendar month beginning with January 2008, monthly and
year-to-date operating statements (including Capital Expenditures) prepared for
each calendar month, noting Net Operating Income, Gross Income from Operations,
and Operating Expenses (not including any contributions to the Replacement
Reserve Account), accompanied by an Officer’s Certificate stating that such
items are a true, correct, accurate, and complete compilation in all material
respects of the financial condition and results of the operations of Mortgage
Borrower, Maryland Owner, Master Tenant and Operator and the Properties on an
individual and a combined basis,

 

82

 

together with a combining
schedule which details the EBITDA of each Individual Property and which items
shall be subject to year-end audit and any changes that may result therefrom.

 

(e)                                  The operating
statements delivered pursuant to Section 5.1.11(d) shall be in
substantially the same form as those delivered pursuant to Section 5.1.11(c).

 

(f)                                    Commencing in
calendar year 2008, during a Trigger Period, Borrower shall cause Mortgage
Borrower and Maryland Owner to submit to Lender for Lender’s approval, which
approval shall not be unreasonably withheld (provided, that Lender shall
only have such approval right to the extent it is maintaining the Low DSCR
General Reserve Account), a quarterly budget for capital expenditures (the “Quarterly CapEx Budget”) not later than thirty (30) days
prior to the commencement of such calendar quarter in the form attached hereto
as Schedule 5.1.11(f) (each Quarterly CapEx Budget approved by
Lender (provided, that Lender shall only have such approval right to the
extent it is maintaining the Low DSCR General Reserve Account), an “Approved Quarterly CapEx Budget”). In the event that Lender
objects to a proposed Quarterly CapEx Budget submitted by Mortgage Borrower and
Maryland Owner hereunder, Lender shall advise Borrower of such objections
within fifteen (15) days after receipt thereof (and shall deliver to Borrower a
reasonably detailed description of such objections) and Borrower shall promptly
cause Mortgage Borrower and Maryland Owner to revise such Quarterly CapEx
Budget and resubmit the same to Lender. Lender shall advise Borrower of any
objections to such revised Quarterly CapEx Budget within ten (10) days
after receipt thereof (and shall deliver to Borrower a reasonably detailed
description of such objections), and Borrower shall cause Mortgage Borrower and
Maryland Owner to promptly revise the same in accordance with the process
described in this clause (f) until Lender shall approve the
Quarterly CapEx Budget. During any period for which Lender has not approved a
Quarterly CapEx Budget, Borrower shall not have the right to cause Mortgage
Borrower and Maryland Owner to expend any Low DSCR General Reserve Funds for
Capital Expenditures other than as necessary to comply with Legal Requirements
and Health Care Requirements or to complete any alterations previously approved
by Lender pursuant to Section 5.1.23 or to restore damage from any
Casualty to the extent of any Net Proceeds Deficiency.

 

(g)                                 Any reports,
statements or other information required to be delivered under this Agreement
shall, at Borrower’s option, be delivered (i) in paper form (except for
any financial reports, statements or information), (ii) on compact discs
or digital video discs or (iii) in electronic form and prepared using a
Microsoft Office product such as Word, Access or Excel for Windows (which files
may be prepared using a spreadsheet program and saved as word processing
files). The form of the reports, statements or other information required to be
furnished by Master Tenant and Operator under the Master Lease and Operating
Lease, respectively, shall be in such form specified above. At Lender’s
request, Borrower shall, and shall cause Mortgage Borrower and Maryland Owner
to, reasonably cooperate, with Lender in helping Lender understand the reports,
statements and other information delivered pursuant to this Agreement,
including, without limitation, explanations thereof to enable Lender to effect
compliance with laws, rules and regulations applicable to Lender.

 

5.1.12.           Business
and Operations. Borrower will, and will
cause Mortgage Borrower, Maryland Owner, Master Tenant and Operator to,
continue to engage in the businesses presently conducted by it consistent with
past practices as and to the extent the same

 

83

 

are necessary for the
ownership, maintenance, management, leasing and operation of the Properties.
Each of Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Master Tenant and Operator will qualify to do business and will remain in good
standing under the laws of each jurisdiction as and to the extent the same are
required for the ownership, maintenance, management and operation of the
Properties, except in each case as would not reasonably be expected to have,
and does not have, a Material Adverse Effect.

 

5.1.13.           Title
to the Properties. Borrower shall cause
Mortgage Borrower and Maryland Owner to warrant and defend (a) the title
to each Individual Property and every part thereof, subject only to Liens
permitted under the Mortgage Loan Agreement (including Permitted Encumbrances
thereunder) and (b) the validity and priority of the Liens of the
Mortgages and the Assignments of Leases, subject only to Liens permitted under
the Mortgage Loan Agreement (including Permitted Encumbrances thereunder), in
each case against the claims of all Persons whomsoever. Borrower shall cause
Senior Mezzanine Borrower to warrant and defend (a) the title to the
applicable Senior Mezzanine Collateral, subject only to Liens pemitted under
the applicable Senior Mezzanine Loan Agreement and (b) the validity and
priority of the Liens of the Pledge Agreement (as defined in the applicable
Senior Mezzanine Loan Agreement), in each case against the claims of all
Persons whomsoever. Borrower shall warrant and defend (a) title to the
Collateral, subject only to Liens permitted hereunder and (b) the validity
and priority of the Liens of the Pledge Agreement, in each case against the
claims of all Persons whomsoever. Borrower shall reimburse Lender for any
losses, costs, damages or expenses (including reasonable attorneys’ fees and
court costs) incurred by Lender if an interest in the Collateral, other than as
permitted hereunder, is claimed by another Person.

 

5.1.14.           Costs
of Enforcement. In the event (a) of
the exercise by Lender of any or all of its rights or remedies under the Pledge
Agreement or any other Loan Documents as and when permitted thereby or
(b) of the bankruptcy, insolvency, rehabilitation or other similar
proceeding in respect of Borrower, Senior Mezzanine Borrower, Mortgage Borrower
or Maryland Owner or any of their respective constituent Persons or an
assignment by Borrower, Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner or any of their respective constituent Persons for the benefit
of its creditors, Borrower, Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner, their respective successors or assigns, shall be chargeable
with and agrees to pay all costs of collection and defense, including
reasonable attorneys’ fees and costs, incurred by Lender, Borrower, Senior
Mezzanine Borrower, Mortgage Borrower or Maryland Owner in connection therewith
and in connection with any appellate proceeding or post-judgment action
involved therein, together with all required service or use taxes.

 

5.1.15.           Estoppel
Statement. (a) After request by
Lender, Borrower shall, within ten (10) days, furnish Lender with an
Officer’s Certificate setting forth (i) the original principal amount of
the Loan, (ii) the unpaid principal amount of the Loan, (iii) the
Applicable Interest Rate of the Loan, (iv) the date installments of
interest and/or principal were last paid, (v) any offsets or defenses to
the payment of the Debt, if any, (vi) that the Note, this Agreement, the
Pledge Agreement and the other Loan Documents are valid, legal and binding
obligations and have not been modified or if modified, giving particulars of
such modification and (vii) such other factual matters that are reasonably
requested by Lender.

 

84

 

(b)                                 Borrower shall
cause to be delivered to Lender, within ten (10) days of Lender’s request,
tenant estoppel certificates from Master Tenant in form and substance
reasonably satisfactory to Lender.

 

(c)                                  Borrower shall
cause to be delivered to Lender, within ten (10) days of Lender’s request,
tenant estoppel certificates from each Operator in form and substance
reasonably satisfactory to Lender.

 

(d)                                 After request
by Borrower, Lender shall, within ten (10) days, furnish Borrower with a
certificate setting forth the items provided for in clauses (i) through
(iv) of Section 5.1.15(a) and whether there is any
outstanding notice of default given by Lender. After request by Borrower,
Lender shall direct Mortgage Lender, to furnish Borrower, within ten
(10) days of such request, a certificate setting forth the items provided
for in clauses (i) through (iv) of Section 5.1.15(a) of
the Mortgage Loan Agreement and whether there is any outstanding notice of
default given by Mortgage Lender. After request by Borrower, Lender shall
direct Senior Mezzanine Lender, to furnish Borrower, within ten (10) days
of such request, a certificate setting forth the items provided for in clauses
(i) through (iv) of Section 5.1.15 of the applicable
Senior Mezzanine Loan Agreement and whether there is any outstanding notice of
default given by the applicable Senior Mezzanine Lender.

 

5.1.16.           Performance
by Borrower. Borrower shall observe,
perform and fulfill each and every covenant, term and provision of each Loan
Document executed and delivered by, or applicable to it, and shall pay when due
all costs, fees and expenses as required thereunder. Borrower shall not enter
into or otherwise suffer or permit any amendment, waiver, supplement,
termination or other modification of any Loan Document executed and delivered
by, or applicable to it without the prior consent of Lender.

 

5.1.17.           Loan
Proceeds. Borrower shall use the
proceeds of the Loan received by it on the Closing Date only for the purposes
set forth in Section 2.1.4.

 

5.1.18.           Ground
Lease. Borrower shall cause Mortgage Borrower, at its sole
cost and expense, to promptly and timely perform and observe in all material
respects all the material terms, covenants and conditions required to be
performed and observed by Mortgage Borrower as lessee under each Ground Lease
(including, but not limited to, the payment of all rent, additional rent,
percentage rent and other charges required to be paid under each Ground Lease)
and to timely perform, observe and be in compliance with the covenants set
forth in Section 5.1.18 of the Mortgage Loan Agreement.

 

5.1.19.           Required
Repairs. Borrower shall cause
Mortgage Borrower and Maryland Owner to comply with the covenants set forth in
Section 5.1.19 of the Mortgage Loan Agreement.

 

5.1.20.           South Carolina Management
Agreement. Borrower shall cause each South
Carolina Mortgage Borrower to comply with the covenant set forth in section
5.1.20 of the Mortgage Loan Agreement.

 

5.1.21.           No
Joint Assessment. Borrower shall not cause or
permit Mortgage Borrower or Maryland Owner to suffer or permit (except with
respect to any of the Properties for

 

85

 

which same exists as of the
date hereof) or initiate the joint assessment of any Individual Property
(a) with any other real property constituting a tax lot separate from such
Individual Property and which is not itself included among the Properties, and
(b) which constitutes real property with any portion of such Individual
Property which may be deemed to constitute personal property, or any other
procedure whereby the lien of any taxes which may be levied against such
personal property shall be assessed or levied or charged to such real property
portion of the Individual Property.

 

5.1.22.           Leases. Borrower shall
not execute (or permit Mortgage Borrower or Maryland Owner to execute) any
Lease for all or any portion of any Individual Property (a “New Lease”), except for the Master Lease, the Operating
Lease and any Non-Material Lease, without Lender’s prior written consent, which
consent shall not be unreasonably withheld, conditioned or delayed. Borrower
shall cause to be performed at all times promptly and faithfully in all
material respects and subject to any grace and cure periods set forth therein,
if any, all of the material covenants, conditions and agreements contained in
the Master Lease, now or hereafter existing, on the part of the landlord and
tenant thereunder to be kept and performed. Borrower shall not permit Mortgage
Borrower or Maryland Owner to do or cause to be done or to be suffered to be
done any act that would reasonably be expected to result in a default by
Mortgage Borrower or Maryland Owner under the Master Lease, a default by Master
Tenant under any Operating Lease or permit the Master Tenant or the Operator
thereunder to withhold any payment of Rent and, shall not assign, sublet or
otherwise Transfer, except for Permitted Encumbrances, or permit the
assignment, sublet or other Transfer of, the Master Lease or the Operating
Lease or any Rents thereunder or other payments. Borrower, at no cost or expense
to Lender, shall cause to be performed and observed each and every material
condition and covenant under the Master Lease to be performed or observed by
the landlord thereunder and enforce (short of termination) the performance and
observance by Master Tenant of each and every material condition and covenant
under the Master Lease to be performed or observed by the tenant thereunder,
and shall, through the exercise of its rights under the Master Lease, cause the
Master Tenant to enforce (short of termination) the performance and observance
by the Operator of each and every material covenant and condition under the
Operating Lease to be performed by the tenant thereunder. Borrower shall not,
without the prior written consent of Lender, permit the modification,
amendment, supplement or restatement of the Master Lease or the Operating Lease
(provided, however, that an Operating Lease may be terminated and/or
surrendered and the Master Lease may be amended to reflect same solely in
connection with a Permitted Release, Unlicensed Facility Release, Affected
Property Release, Limited Cure Release or substitution of an Individual
Property pursuant to Sections 2.6, 5.1.28, 6.4(d), 8.1(c) and 2.5 of the
Mortgage Loan Agreement, respectively and pursuant to Sections 2.6, 5.1.33,
8.1(c) and 2.5 hereof), or permit the termination or surrender
of the Master Lease or the Operating Lease, or permit the release or waiver of
the Master Tenant or the Operator from the performance or observance of any
material obligation or condition under the Leases (other than Non-Material
Leases), and at all times during the term of the Loan, and each Operator shall
guaranty the payment obligations of each other Operator under its respective
Operating Lease. Except with respect to occupancy or residency agreements for
residents at the Facilities and Non-Material Leases, Borrower shall not permit
the prepayment of any rents under the Leases for more than one (1) month
prior to the due date thereof. Notwithstanding the foregoing, Lender shall not
unreasonably withhold its consent to any modification, amendment or waiver of
any provision of an Operating Lease or the Master Lease as may be reasonably
necessary to comply with the requirements of this

 

86

 

Agreement, any other Loan
Document or any Mortgage Loan Document, any Legal Requirement or Health Care
Requirement, or that makes the provisions of the Operating Lease and/or the
Master Lease consistent with the provisions of this Agreement, any other Loan
Document or any Mortgage Loan Document. Notwithstanding anything contained in
this Section 5.1.22 to the contrary, (a) Lender’s consent to
any material amendment, modification, supplement or restatement of the Master
Lease shall also be conditioned on (1) the delivery by Borrower of an
Additional Insolvency Opinion and an Additional True-Lease Opinion acceptable
to Lender and (2) the satisfaction of the applicable REIT Representations
and Covenants related to Leases, and (b) Lender’s consent to (i) any
New Lease other than Non-Material Leases, (ii) any assignment of any Lease
(or of any interest therein) or (iii) any material amendment, material
modification, material supplement or material restatement of any Lease (other
than Non-Material Leases) shall also be conditioned on (1) the delivery by
Borrower of an Additional Insolvency Opinion and an Additional True-Lease
Opinion acceptable to Lender and (2) the satisfaction of the applicable
REIT Representations and Covenants related to Leases.

 

5.1.23.           Alterations. (a) Borrower
shall obtain Lender’s prior consent to any alterations to any Improvements,
which consent shall not be unreasonably withheld, conditioned or delayed.
Notwithstanding the foregoing, Lender’s consent shall not be required in connection
with any alterations (i) that are permitted to be made by Operator under
the Operating Lease without Borrower’s consent (or if Borrower does not have
any discretion to withhold such consent under the terms of the Operating Lease)
and (ii) that could not reasonably be expected to have a Material Adverse
Effect; provided that, in all cases, such alterations (A) do not
adversely affect any structural component of any Improvements or any HVAC
system or other building system such as electrical, plumbing and vertical
transport contained in any Improvements and the aggregate cost thereof does not
exceed, with respect to any Individual Property, the greater of (i) Five
Million Dollars ($5,000,000.00) and (ii) five percent (5%) of the
Allocated Loan Amount (as defined in the Mortgage Loan Agreement) for such
Individual Property, or (B) are performed in connection with the
Restoration of an Individual Property after the occurrence of a Casualty in
accordance with the terms and provisions of this Agreement, the Senior
Mezzanine Loan Agreement and the Mortgage Loan Agreement. If the total unpaid
amounts due and payable with respect to alterations to the Improvements at any
Individual Property (other than such amounts already reserved pursuant to Article VI,
and amounts to be paid or reimbursed by tenants under the Leases (other than
the Master Lease or any Operating Lease) (the “Remaining
Costs”)) shall at any time exceed the Individual Property Threshold
Amount, or in the event that the Remaining Costs do not exceed the Individual
Property Threshold Amount but the Remaining Costs in respect of all alterations
to the Improvements at the Property (in the aggregate and calculated including
the Remaining Costs under such Individual Property (such amount, the “Aggregate Remaining Costs”)) shall at any time exceed the
Aggregate Property Threshold Amount (the Individual Property Threshold Amount
or the Aggregate Property Threshold Amount, as applicable, the “Threshold Amount”), Borrower shall promptly deliver to
Lender as security for the payment of such amounts and as additional security
for Borrower’s obligations under the Loan Documents any of the following (the “Alteration Security”): (A) cash, (B) U.S.
Obligations, or (C) other securities having a rating acceptable to Lender.
Such security shall be in an amount equal to the excess of the Remaining Costs
or the Aggregate Remaining Costs, as applicable, over the applicable Threshold
Amount and, provided no Event of Default shall occurred and be continuing,
Lender shall disburse, from time to time (but not more than once in any
calendar month, a portion of such security consisting of cash to pay or

 

87

 

reimburse Borrower, at
Borrower’s request, for the payment of costs and expenses incurred in respect
of such alterations, as evidenced by an Officer’s Certificate of Borrower.
Provided no Event of Default shall be continuing, at such time as Lender shall have
determined in its reasonable discretion that the remaining total unpaid amounts
due and payable with respect to an alteration is less than the applicable
Threshold Amount, Lender shall promptly return to Borrower any portion of the
Alteration Security with respect to such alteration (if any) then remaining on
deposit with Lender. Borrower shall be relieved of any obligation to deliver an
Alteration Security in accordance with this Section 5.1.23(a) so
long as Mortgage Borrower has complied with its identical obligations set forth
in Section 5.1.23(a) of the Mortgage Loan Agreement, or
alternatively, any Senior Mezzanine Borrower has complied with its identical
obligations set forth in Section 5.1.23(a) of the applicable Senior
Mezzanine Loan Agreement.

 

(b)           With respect to any alteration proposed by Borrower which
requires Lender’s prior approval pursuant to Section 5.1.23(a),
Borrower shall deliver to Lender detailed plans, specifications and a budget
for the proposed alteration, together with all materials, financial statements
and any other information (and in such detail) as reasonably requested by
Lender in order to evaluate such proposed alteration. Any proposed alteration
which is approved by Lender hereunder shall only extend to the proposed alteration
as detailed in the plans and specifications and in the financial and other
information with respect thereto delivered to Lender in accordance with this Section 5.1.23(b),
subject to immaterial modifications, and Borrower shall be required to resubmit
to Lender for its approval in accordance with this Section 5.1.23
any proposed alteration which does not satisfy the foregoing condition, which
re-submittal shall indicate the changes from the plans and specifications
and/or the financial or other information with respect to the proposed
alteration delivered to Lender in connection with this Section 5.1.23.

 

5.1.24.    Certain Further Covenants. Borrower further
covenants and agrees with Lender as follows:

 

(a)           The operations conducted or to be conducted at each
Facility shall at all times, at a minimum, be conducted in a manner consistent
with material Health Care Requirements and, in connection therewith, Borrower
covenants that:

 

(i)            Intentionally Omitted;

 

(ii)           each Facility will be operated in
compliance with applicable material Legal Requirements and material Health Care
Requirements relating thereto and all Health Care Licenses except as would not
reasonably be expected to have, and does not have, a Material Adverse Effect,
and except as provided in the next sentence, without reduction in the number of
licensed beds or units or beds or units authorized for use in Medicare or
Medicaid reimbursement programs, managed care company, insurance company, or
other third-party payor reimbursement programs. In addition, for so long as
(A) no Event of Default is continuing, and (B) the Operator is wholly
owned and controlled by Manor Care and Manor Care’s current management team or
a management team with a substantially equivalent level of experience is in
place, the restriction under this clause (ii) on reducing beds and units
shall not apply except that, during the continuance of a Trigger Period, if
clauses (A) and (B) above are satisfied, such

 

88

 

restriction shall apply,
provided, however, that Operator shall have the right to so reduce beds and
units by an amount of not more than 5% of the aggregate number of beds or more
than 5% of the aggregate number of units in all Facilities; and

 

(iii)          the Facilities will be operated in a
manner that will not result in a material reduction, suspension, denial or
elimination of reimbursement for services from, or material recoupment by,
Medicare or Medicaid, or any managed care company, insurance company, or other
third-party payor except as would not reasonably be expected to have, and does
not have, a Material Adverse Effect.

 

(b)           Except as permitted under the Master Lease or Operating
Lease or otherwise permitted hereunder, Borrower shall not permit Mortgage
Borrower or Maryland Owner to (without Lender’s prior written consent) assign
or transfer, except to Master Tenant or Operator, or permit Master Tenant or
any Operator to assign or transfer any of its interest in any Health Care
Licenses or reimbursement contracts (including rights to payment thereunder),
including any Medicare, Medicaid, managed care company, insurance company, or
other material third-party payor agreements, pertaining to Mortgage Borrower,
Maryland Owner, Master Tenant or Operator or any Facility, except in each case
to a de  minimis extent.

 

(c)           Borrower shall or shall direct Master Tenant and Operator
to (and shall enforce Master Tenant’s or Operator’s respective obligations
under the Master Lease and Operating Lease to) (i) during the continuance
of an Event of Default or a Trigger Period, furnish Lender, within thirty (30)
days of the receipt by Borrower from Mortgage Borrower and Maryland Owner (or
Master Tenant or Operator, as the case may be), of the annual Medicaid
reimbursement rate sheets and the Medicare published rates, and any amendments
thereto, and (ii) file all required Medicare or Medicaid cost reports on
or prior to the date such reports are due.

 

(d)           Borrower shall not permit Mortgage Borrower, Maryland
Owner, Master Tenant, Operator or any Facility to, other than in the normal
course of business, change the terms of any of the Medicare, Medicaid, or
material third-party payor programs or its normal billing payment or
reimbursement policies and related procedures, including the amount and timing
of finance charges, fees and write-offs, in each case in any material respect.

 

(e)           If, with respect to any Facility, Mortgage Borrower,
Maryland Owner, Master Tenant or Operator shall receive a notice of the
termination or decertification of any Medicare, Medicaid or third party payor
contract or provider agreement, then Borrower shall promptly deliver (or cause
Mortgage Borrower and Maryland Owner to deliver) to Lender a copy thereof and,
with respect to such Facility, Borrower shall direct Master Tenant and Operator
to (and shall enforce Master Tenant’s and Operator’s respective obligations
under the Master Lease and Operating Lease to) furnish Lender, within ten
(10) Business Days of receipt but at least five (5) days prior to the
earliest date on which Mortgage Borrower and Maryland Owner (or Master Tenant
and Operator, as the case may be) is required to take any action with respect
thereto, a copy of any Medicare, Medicaid or other licensing or accreditation
or ranking agency or entity survey, report, warning letter or notice and any
statement of deficiencies that resulted in such termination or decertification
and within the time period required by the particular agency for furnishing a
plan of correction also furnish or cause to be furnished to Lender a copy of
the

 

89

 

plan of correction generated
from such survey, report, warning letter or notice for Operator and any
subsequent correspondence related thereto. In all events, Borrower shall direct
Master Tenant and Operator to (and shall enforce Master Tenant’s and Operator’s
respective obligations under the Master Lease and Operating Lease to) correct
or cause to be corrected any deficiency, the curing of which is a condition of
continued licensure or of full participation in Medicare or Medicaid or a care
program offered by an insurance company, managed care company or other
third-party payor by the date required for cure by such agency or entity (plus
extensions granted by such agency or entity).

 

(f)            Borrower shall direct Master Tenant and Operator to (and
shall enforce Master Tenant’s and Operator’s respective obligations under the
Master Lease and Operating Lease to) furnish Lender, promptly after receipt
thereof by Borrower (or Master Tenant or Operator, as the case may be), any
other notices or charges issued relating to the non-compliance by Mortgage
Borrower or Maryland Owner (or Master Tenant or Operator, as the case may be)
with any Health Care Authority, insurance company, managed care company or
other third-party payor Legal Requirements or Health Care Requirements, Health
Care Licenses, certificates, authorizations or approvals which would reasonably
be expected to, or do, have a Material Adverse Effect.

 

(g)           Borrower shall furnish Lender, within ten (10) days of
receipt by Mortgage Borrower or Maryland Owner, any and all notices (regardless
of form) from any Health Care Authority that Mortgage Borrower’s, Maryland
Owner’s, Master Tenant’s or Operator’s license, or Medicare or Medicaid
certification by any Health Care Authority, is being revoked or suspended or to
materially fine, materially penalize or impose remedies of a material nature
upon Mortgage Borrower, Maryland Owner, Master Tenant or Operator.

 

(h)           No Health Care License with respect to a Facility shall be
(i) transferred to any location other than the applicable Facility except
in each case to a de minimis extent or
(ii) pledged as collateral security (other than any pledge as collateral
security to Corporate Loan Lender which pledge is subject to the interests of
(A) the landlord under the Operating Lease and (B) Mortgage Lender
under the Mortgage Loan, including the Liens and security interests of the
Mortgage Loan Documents). The preceding sentence shall not preclude a Facility
from transferring a Health Care License to a replacement facility in accordance
with Legal Requirements and Health Care Requirements and in doing so such
Facility will meet any Loan Document requirements and Mortgage Loan Document
requirements.

 

(i)            Except as would not reasonably be expected to have, and
does not have, a Material Adverse Effect, no Tenant, Operator or Facility shall
take any action to rescind, withdraw, revoke, amend, modify, supplement or
otherwise alter the nature, tenor or scope of any Health Care License or
applicable provider payment program participation.

 

Certain covenants contained
in this Section 5.1.24 are subject to a Material Adverse Effect
qualifier. If Borrower shall become aware of any material event, condition or
omission that would have constituted a breach of any such covenant if same were
not subject to a Material Adverse Effect qualifier, then Borrower shall cause
Mortgage Borrower or Maryland Owner to commence promptly in the ordinary course
of business and diligently pursue to completion the cure of such event,
condition or omission in all material respects.

 

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5.1.25.    South Carolina Conditions. Borrower
shall use commercially reasonable efforts to cause to be satisfied the South
Carolina Conditions within one (1) year of the Closing Date (as such
period may be extended by Lender in its reasonable discretion so long as
Borrower or Mortgage Borrower is diligently proceeding in good faith to so
satisfy the South Carolina Conditions). Borrower shall cause Mortgage Borrower
or Maryland Owner to in writing keep Lender apprised of the status of the
efforts to satisfy the South Carolina Conditions.

 

5.1.26.    Zoning Compliance. Borrower
shall cause Mortgage Borrower and Maryland Owner to (i) use commercially
reasonable efforts to remedy all zoning and related matters and violations set
forth on Schedule 5.1.26 as expeditiously as is commercially reasonable,
and (ii) furnish Lender with reasonably satisfactory evidence of the
foregoing, all in a commercially reasonable manner.

 

5.1.27.    Replacements. Borrower
shall cause Mortgage Borrower and Maryland Owner to spend on Replacements with
respect to each Facility, in each calendar year, an amount equal to $300
multiplied by the aggregate number of beds at the applicable Facility.

 

5.1.28.    Mortgage Loan Reserve Funds. (a) Borrower
shall cause Mortgage Borrower to deposit and maintain each of the Mortgage Loan
Reserve Funds in accordance with the terms of the Mortgage Loan Agreement as
more particularly set forth in Article VII of the Mortgage Loan
Agreement and to perform and comply with all the terms and provisions relating
thereto. Borrower grants to Lender a first-priority perfected security interest
in Borrower’s interest in each of the Mortgage Loan Reserve Funds, if any,
subject to the prior rights of Mortgage Lender, and any and all monies now or
hereafter deposited in each Mortgage Loan Reserve Fund as additional security
for payment of the Debt to the extent Borrower has an interest in same. Subject
to the qualifications regarding Mortgage Lender’s interest in the Mortgage Loan
Reserve Funds, if any, until expended or applied in accordance with the
Mortgage Loan Documents or the Loan Documents, Borrower’s interest in the Mortgage
Loan Reserve Funds, if any, shall constitute additional security for the Debt
and, during the continuance of an Event of Default, Lender may, in addition to
any and all other remedies available to Lender but subject to all prior rights
of Mortgage Lender with respect thereto, apply any sums then present in any or
all of the Mortgage Loan Reserve Funds to the payment of the Debt in any order
in its sole discretion.

 

(b)           Borrower shall cause Senior Mezzanine Borrower to deposit
and maintain each of the Senior Mezzanine Loan Reserve Funds as more
particularly set forth in Article VII of each Senior Mezzanine Loan
Agreement and to perform and comply with all the terms and provisions relating
thereto. Borrower grants to Lender a first-priority perfected security interest
in Borrower’s interest in each of the Senior Mezzanine Loan Reserve Funds, if
any, subject to the prior rights of Senior Mezzanine Lender, and any and all
monies now or hereafter deposited in each Senior Mezzanine Loan Reserve Fund as
additional security for payment of the Debt to the extent Borrower has an
interest in same. Subject to the qualifications regarding Senior Mezzanine
Lender’s interest in the Senior Mezzanine Loan Reserve Funds, if any, until
expended or applied in accordance with the Senior Mezzanine Loan Documents or
the Loan Documents, Borrower’s interest in the Senior Mezzanine Loan Reserve
Funds, if any, shall constitute additional security for the Debt and, during
the continuance of an Event of Default, Lender may, in addition to any and all
other remedies available to Lender, but subject to all prior

 

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rights of Senior Mezzanine
Lender, apply any sums then present in any or all of the Senior Mezzanine Loan
Reserve Funds to the payment of the Debt in any order in its sole discretion.

 

5.1.29.    Notices. Borrower shall give notice
to Lender as follows:

 

(a)           of any event of default (taking into account all
applicable notice, grace and cure periods) under any Contractual Obligation of
Borrower, or, to the knowledge of Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Principal or Guarantor that could reasonably be
expected to have a Material Adverse Effect on Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, the ability of Borrower to perform
under the Loan Documents, the ability of Senior Mezzanine Borrower to perform
under the Senior Mezzanine Loan Documents, the ability of Mortgage Borrower and
Maryland Owner to perform under the Mortgage Loan Documents, the rights and
remedies of Lender under the Loan Documents, the rights and remedies of Senior
Mezzanine Borrower under the Senior Mezzanine Loan Documents or the rights and
remedies of Mortgage Borrower and Maryland Owner under the Mortgage Loan
Documents;

 

(b)           of any Senior Mezzanine Loan Event of Default or any
Mortgage Loan

Event of Default;

 

(c)           of any requests (and provide Lender any documentation with
respect to such request) by Mortgage Borrower for disbursements of (or increases
in) any of the Mortgage Reserves or of a release of Net Proceeds; and

 

(d)           of any notice sent by or to Mortgage Borrower or Maryland
Owner under the Mortgage Cash Management Agreement, including, without
limitation, each disbursement instruction.

 

5.1.30.    Special Distributions. On each date on
which amounts are required to be disbursed to the Seventh Mezzanine Deposit
Account pursuant to the terms of the Cash Management Agreement or are required
to be paid to Lender under any of the Loan Documents, Borrower shall exercise
its rights under the Sixth Mezzanine Borrower Company Agreement to cause Sixth
Mezzanine Borrower to make to Borrower a distribution in an aggregate amount
such that Lender shall receive the amount required to be disbursed to the Seventh
Mezzanine Deposit Account or otherwise paid to Lender on such date; provided,
such distribution does not violate the provisions of the Mortgage Loan
Agreement.

 

5.1.31.    Curing. Lender shall have the right,
but shall not have the obligation, to exercise Borrower’s rights, if any, under
the Sixth Mezzanine Borrower Company Agreement (a) after prior notice, to
cure an Event of Default under the Sixth Mezzanine Loan Agreement and
(b) to satisfy any Liens, claims or judgments against the Property (except
for Liens permitted by the Mortgage Loan Documents) or any Senior Mezzanine
Collateral, in the case of either (a) or (b) unless Borrower, Senior
Mezzanine Borrower or Mortgage Borrower shall be diligently pursuing remedies
to cure to Lender’ s reasonable satisfaction. Borrower shall reimburse Lender
on demand for any and all costs paid by Lender in connection with curing any
such Senior Mezzanine Loan Event of Default or Mortgage Loan Event of Default
or satisfying any such Liens, claims or judgments against any of the Senior
Mezzanine Collateral or the Property.

 

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5.1.32.    Mortgage Borrower Covenants. Borrower shall
cause Mortgage Borrower to comply with all obligations with which Mortgage
Borrower has covenanted to comply under the Mortgage Loan Agreement and all
other Mortgage Loan Documents (including, without limitation, those certain
affirmative and negative covenants set forth in Article V of the Mortgage
Loan Agreement, regardless of whether the Mortgage Loan has been repaid and
satisfied in full or otherwise terminated) unless otherwise consented to in
writing by Lender; provided, that in no event shall a breach of this Section 5.1.32
provide Lender an independent right to declare an Event of Default hereunder
prior to the time when Mortgage Lender would have the right to declare a
Mortgage Loan Event of Default with regard to the breach or default under the
Mortgage Loan Agreement which gave rise to such non-compliance under this Section 5.1.32.

 

5.1.33     Unlicensed Facilities. In the event that
(A)(i) any Health Care License reasonably necessary for the operation of
the Facility in question shall not be issued to the Operator that is the tenant
under the Operating Lease relating to such Facility, or (ii) any Health
Care License referred to in clause (i) above shall be terminated or
revoked or otherwise become ineffective pursuant to a final judgment or determination
of any administrative or judicial reconsideration, appeal, challenge or other
proceeding relating to the initial issuance of the applicable Health Care
License, and (B) as a result thereof, the applicable Facility shall be
closed or placed in a receivership or trusteeship or other similar mechanism
(which is not subject to appeal) or on account thereof the applicable Operator
is permanently prevented from receiving payments from patients, residents, any
third party payor, Medicare or Medicaid with respect to such Facility, then
Borrower shall, within ninety (90) days after the occurrence of the foregoing,
make a prepayment of the Loan in an amount equal to the Allocated Loan Amount
for such Individual Property (the “Unlicensed Facility
Release Amount”), cause Mortgage Borrower and Maryland Owner to
obtain the release of such Individual Property from the Lien of the Mortgage
thereon in accordance with Section 2.6 of the Mortgage Loan Agreement
(each such release, an “Unlicensed Facility
Release”) and comply with the applicable provisions of Section 2.6
hereof.

 

5.1.34.    Supplemental Health Care Opinions. Borrower
shall, by no later than January 31, 2008, (i) deliver to Lender, with
respect to each State in which an Individual Property is located, a legal
opinion (the “Required Opinion”) in form and substance and rendered by counsel reasonably
acceptable to Lender, opining that the execution and delivery by HCR Manor Care
Services, Inc. (“HMS”), and each
Operator operating a Facility in such State of the Corporate Services
Agreement, and the performance by HMS and each such Operator thereunder does
not violate any Health Care Requirements, or (ii) comply with the
provisions of the second sentence of this Section 5.1.34. In the
event that Borrower shall fail not deliver to Lender any of such Required
Opinion by January 31, 2008, then Borrower shall promptly cause to be
amended such Corporate Services Agreement (with respect to each applicable
State for which Lender has not received the Required Opinion) to provide that
the compensation thereunder is not based upon a percentage of revenue, net
revenue, earnings or similar compensation structure, but based upon a fixed
dollar amount which is fair and reasonable pursuant to Health Care
Requirements. If, subsequent to January 31, 2008, Borrower shall deliver a
Required Opinion which was not previously delivered with respect to a State,
then Borrower may cause Mortgage Borrower and Maryland Owner to amend the
Corporate Services

 

93

 

Agreement to provide for
such compensation which is permissible pursuant to such Required Opinion.

 

5.1.35.    Senior Mezzanine Borrower Covenants. Borrower shall
cause Senior Mezzanine Borrower to comply with all obligations with which
Senior Mezzanine Borrower has covenanted to comply under the applicable Senior
Mezzanine Loan Agreement and all other applicable Senior Mezzanine Loan
Documents (including, without limitation, those certain affirmative and
negative covenants set forth in Article V of the applicable Senior
Mezzanine Loan Agreement, regardless of whether such Senior Mezzanine Loan has
been repaid and satisfied in full or otherwise terminated) unless otherwise
consented to in writing by Lender; provided, that in no event shall a
breach of this Section 5.1.35 provide Lender an independent right
to declare an Event of Default hereunder prior to the time when Senior
Mezzanine Lender would have the right to declare a Senior Mezzanine Loan Event
of Default with regard to the breach or default under the applicable Senior
Mezzanine Loan Agreement which gave rise to such non-compliance under this Section 5.1.35.

 

Section 5.2.           Negative Covenants. Borrower
covenants and agrees with Lender that it will not do, directly or indirectly,
any of the following:

 

5.2.1.      Operation of Properties. (a) Borrower
shall not, without Lender’s prior consent: (i) permit to be surrendered,
terminated or canceled the Master Lease or, unless in connection with a
Permitted Release, Unlicensed Facility Release, Affected Property Release or
Limited Cure Release of an Individual Property in accordance with Section 2.6,
5.1.28, 6.4(d) or 8.1(c) of the Mortgage Loan Agreement and
Section 2.6, 5.1.33 or 8.1(c) of this Agreement, or the
substitution of an Individual Property in accordance with Section 2.5 of
the Mortgage Loan Agreement and Section 2.5 of this Agreement, any of the
Operating Leases; (ii) reduce or consent to the reduction of (or permit
the reduction or the consent to the reduction) of the term of the Master Lease
or any of the Operating Leases; (ii) permit the reduction or the consent
to the reduction of the term of the Master Lease or any of the Operating
Leases; (iii) permit to be decreased or the consent to the decrease of the
amount of any rent or other charges payable under the Master Lease or, unless
in connection with a Permitted Release, Unlicensed Facility Release, Affected
Property Release or Limited Cure Release of an Individual Property in
accordance with Section 2.6, 5.1.28, 6.4(d) or 8.1(c) of the
Mortgage Loan Agreement and Section 2.6, 5.1.33 or 8.1(c) of
this Agreement, or the substitution of an Individual Property in accordance
with Section 2.5 of the Mortgage Loan Agreement and Section 2.5
of this Agreement, any of the Operating Leases; (iv) permit other than
pursuant to the Corporate Loan, any Master Tenant or, Operator to, further
Transfer, convey, assign, sell, mortgage, encumber, pledge, hypothecate, grant
a security interest in, grant an option or options with respect to, or
otherwise dispose of (directly or indirectly, voluntarily or involuntarily, by
operation of law or otherwise, whether or not for consideration) the Security
Agreement (as defined in the Collateral Assignment of Security Agreement (as
defined in the Mortgage Loan Agreement)) or the Collateral (as defined in the
Collateral Assignment of Security Agreement (as defined in the Mortgage Loan
Agreement)), or (v) otherwise permit to be modified, changed,
supplemented, altered, amended, waived or released any of the material rights
and remedies of Mortgage Borrower, Maryland Owner, Master Tenant or any
Operator under any of the Leases (other than Non-Material Leases) other than
any amendment of the Master Lease to release an Individual Property therefrom
on account of a Permitted Release, Unlicensed Facility Release, Affected
Property Release or Limited Cure

 

94

 

Release of an Individual
Property in accordance with Section 2.6, 5.1.28, 6.4(d) or
8.1(c) of the Mortgage Loan Agreement and Section 2.6, 5.1.33 or
8.1(c) of this Agreement (provided that Lender shall not
unreasonably withhold its consent to any modification, change, supplement,
alteration, amendment, waiver or release of the Operating Lease as may be
reasonably necessary to comply with the requirements of this Agreement or any
other Loan Document, Mortgage Loan Document or any Health Care Requirements).

 

(b)           Borrower shall not permit to be entered into any agreement
for the management of the Properties (or any portion thereof) without Lender’s
prior written consent (which consent of Lender shall not be unreasonably withheld).

 

(c)           During the continuance of an Event of Default, Borrower
shall not exercise any rights, make any decisions, grant any approvals or
otherwise take any action under the Master Lease or any Operating Lease or any
management agreement without, in each instance, the prior written consent of
Lender, which consent may be withheld in Lender’s sole discretion.

 

(d)           Borrower shall not permit South Carolina Mortgage Borrower
to, without Lender’s prior consent: (i) surrender, terminate or cancel (or
permit to be surrendered, terminated or canceled) any South Carolina Management
Agreement; (ii) reduce or consent to the reduction of (or permit the
reduction or the consent to the reduction of) the term of any South Carolina
Management Agreement; (iii) decrease or consent to any decrease (or permit
to be decreased or the consent to the decrease) of the amount of any management
fees or other charges payable under any South Carolina Management Agreement;
(iv) further convey, assign, sell, encumber, pledge, hypothecate, grant a
security interest in, or otherwise transfer or dispose of (directly or
indirectly, voluntarily or involuntarily, by operation of law or otherwise,
whether or not for consideration) its interest under any South Carolina
Management Agreement or any portion thereof; or (v) otherwise modify,
change, supplement, alter or amend, or waive or release (or permit to be
modified, changed, supplemented, altered, amended, waived or released) in any
material respect any of the rights and remedies of Master Tenant, or any South
Carolina Operator, under any South Carolina Management Agreement (provided that
Lender shall not unreasonably withhold its consent to any modification, change,
supplement, alteration, amendment, waiver or release of any South Carolina Management
Agreement as may be reasonably necessary to comply with the requirements of
this Agreement or any other Loan Document or any Health Care Requirements).

 

5.2.2.      Liens. Borrower
shall not cause or permit any Senior Mezzanine Borrower, Mortgage Borrower or
Maryland Owner to create, incur, assume or suffer to exist any Lien on any
portion of any Individual Property, any of the Senior Mezzanine Collateral or
any of the Collateral or permit any such action to be taken, except:

 

(a)           Permitted Encumbrances;

 

(b)           Liens created by or permitted pursuant to the Loan
Documents, the Senior Mezzanine Loan Documents or the Mortgage Loan Documents;

 

(c)           Liens for Taxes or Other Charges not yet due and payable;
and

 

95

 

(d)           Solely as relates to the Personal Property, the Corporate
Loan.

 

5.2.3.      Dissolution. Borrower shall not, nor
shall it permit Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Master Tenant or Operator to, (a) engage in any dissolution, liquidation
or consolidation or merger with or into any other Person, (b) engage in
any business activity not related to (i) in the case of Borrower,
ownership of the Collateral, (ii) in the case of Senior Mezzanine
Borrower, ownership of the Senior Mezzanine Collateral, (iii) in the case
of Mortgage Borrower or Maryland Owner, the ownership and operation of the
Properties and (iv) in the case of Master Tenant and Operator, the leasing
and operation of the Properties and guaranties of obligations under the
Corporate Loan, (c) Transfer, lease or sell, in one transaction or any
combination of transactions, its assets or all or substantially all of its
properties or assets (except to the extent expressly pennitted by the Loan
Documents), (d) modify, amend, waive or terminate its organizational
documents in any material respect or its qualification and good standing in any
jurisdiction or (e) cause or permit the Principal to (i) dissolve,
wind up or liquidate or take any action, or omit to take an action, as a result
of which the Principal would be dissolved, wound up or liquidated in whole or
in part, or (ii) amend, modify, waive or terminate the certificate of formation
of the Principal in any material respect, in each case, without obtaining the
prior consent of Lender.

 

5.2.4.      Change in Business. Borrower shall not permit,
allow or otherwise cause Mortgage Borrower (other than Maryland Borrower) and
Maryland Owner to enter into any line of business other than the ownership and
operation of the Properties, or make any material change in the scope or nature
of its business or activities incidental thereto or undertake or participate in
activities other than the continuance of its present business consistent with
past practices. Borrower shall not permit, allow or otherwise cause Senior
Mezzanine Borrower to enter into any line of business other than the ownership
and operation of the Senior Mezzanine Collateral, or make any change in the
scope or nature of its business or activities incidental thereto or undertake
or participate in activities other than the continuance of its present business.
Borrower shall not enter into any line of business other than the ownership of
the Collateral, or make any material change in the scope or nature of its
business or activities incidental thereto or undertake or participate in
activities other than the continuance of its present business. Borrower shall
not permit Maryland Borrower to enter into any line of business other than its
current line of business, or make any material change in the scope or nature of
its business or activities incidental thereto or undertake or participate in
activities other than the continuance of its present business consistent with
past practices.

 

5.2.5.      Debt Cancellation. Borrower shall not, nor
shall it permit Senior  Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, Master Tenant or Operator to,
cancel or otherwise forgive or release any claim or debt owed to it by any
Person, except in the ordinary course of its business in accordance with past
practices.

 

5.2.6.      Zoning. Borrower shall not initiate
or consent to or permit Mortgage Borrower and Maryland Owner to initiate or
consent to any zoning reclassification of all or any portion of any Individual
Property or seek any variance under any existing zoning ordinance or use or
permit the use of all or any portion of any Individual Property in any manner
that could result in such use becoming a non-conforming use under any zoning
ordinance or any other applicable land use law, rule or regulation,
without the prior written consent of Lender.

 

96

 

5.2.7.      Ground Lease. (a) Borrower shall not
permit any Leasehold Borrower, without Lender’s prior written consent, to fail
to exercise any option or right to renew or extend the term of the applicable
Ground Lease in accordance with the terms of such Ground Lease, and shall give
immediate notice to Lender thereof and shall execute, acknowledge, deliver and
record any document requested by Lender to evidence the Lien of the Mortgage on
such extended or renewed lease term.

 

(b)           Borrower shall not permit any Leasehold Borrower to waive,
excuse, or in any way release or discharge the ground lessor under any Ground
Lease of or from such ground lessor’s material obligations, covenants and/or
conditions under the related Ground Lease without the prior written consent of
Lender.

 

(c)           Borrower shall not permit any Leasehold Borrower to,
without Lender’s prior written consent, surrender, terminate, forfeit, or
suffer or permit the surrender, termination or forfeiture of, or change,
modify, amend, supplement or restate, any Ground Lease. Consent to one change,
modification, amendment, supplement or restatement shall not be deemed to be a
waiver of the right to require consent to other, future or successive changes,
modifications, amendments, supplements or restatements. Any acquisition of
ground lessor’s interest in any Ground Lease by Mortgage Borrower, Maryland
Owner or any Affiliate thereof shall be accomplished by Mortgage Borrower or
Maryland Owner in such a manner so as to avoid a merger of the interests of
ground lessor and ground lessee in such Ground Lease, unless consent to such
merger is granted by Lender.

 

(d)           Borrower shall not permit any Leasehold Borrower to fail
to pay any rent, additional rent or other charge payable under any Ground Lease
as and when such rent or other charge is due (unless waived in writing by the
ground lessor under such Ground Lease).

 

(e)           Borrower shall not permit to occur any event of default
(beyond any applicable notice, grace or cure periods) by any Leasehold
Borrower, as tenant under the related Ground Lease, in the observance or
performance of any term, covenant or condition of such Ground Lease on the part
of such Leasehold Borrower, to be observed or performed (unless waived in
writing by the ground lessor under such Ground Lease).

 

5.2.8.      Principal Place of Business and Organization. Borrower shall
not (nor shall Borrower permit Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Master Tenant or any Operator) to change its principal place of
business (or such other location where its books and records are located) set
forth on Schedule 4.1.28, without, in each instance, first giving Lender
ten (10) days’ prior notice. Borrower shall not (nor shall Borrower permit
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Master Tenant or
any Operator) to change the place of its organization as set forth on Schedule
4.1.28, without, in each instance, the consent of Lender (which consent
shall not be unreasonably withheld). Upon Lender’ s request, Borrower shall
deliver additional financing statements, security agreements and other
instruments which may be necessary to effectively evidence or perfect Lender’ s
security interest in the Collateral as a result of any such change of place of
organization.

 

5.2.9.      ERISA. (a) Borrower shall not
engage in any transaction which would cause any obligation, or action taken or
to be taken, hereunder (or the exercise by Lender of any

 

97

 

of its rights under the
Note, this Agreement or the other Loan Documents) to be a non-exempt (under a
statutory or administrative class exemption) prohibited transaction under
ERISA.

 

(b)           Borrower further covenants and agrees to deliver to Lender
such certifications or other evidence from time to time throughout the term of
the Loan, as reasonably requested by Lender, that (i) Borrower is not an
“employee benefit plan” as defined in Section 3(3) of ERISA that is
subject to Title I of ERISA, a “plan” within the meaning of Section 4975
of the Code that is subject to Section 4975 of the Code, or a
“governmental plan” within the meaning of Section 3(32) of ERISA;
(ii) the transactions by or with Borrower contemplated by this Agreement
are not subject to any state statute similar to the provisions of Section 406
of ERISA or Section 4975 of the Code; and (iii) Borrower’s assets
constitute “plan assets” of any plan subject to Section 406 of ERISA or
Section 4975 of the Code.

 

5.2.10.    Transfers. (a) Borrower
acknowledges that Lender has examined and relied on the experience of Borrower
and that of its members and principals and (if Borrower is a trust) beneficial
owners in owning the Collateral in agreeing to make the Loan, and will continue
to rely on Borrower’s ownership of the Collateral as a means of maintaining the
value of the Collateral as security for repayment of the Debt and the
performance of the obligations contained in the Loan Documents. Borrower
acknowledges that Lender has a valid interest in maintaining the value of the
Collateral so as to ensure that, should Borrower default in the repayment of
the Debt or the performance of the obligations contained in the Loan Documents,
Lender can recover the Debt by a sale of the Collateral.

 

(b)           Without the prior consent of Lender and except to the
extent otherwise set forth in this Section 5.2.10 or in connection
with the release of a Release Property subject to and in accordance with, as
applicable, Section 2.6 or Section 8.1(c) hereof
(and, as applicable, Section 2.6, 6.4(d) or 8.1(c) of the
Mortgage Loan Agreement), Borrower shall not, nor shall it permit any
Restricted Party to, (i) sell, convey, mortgage, grant, bargain, encumber,
pledge, assign, sublet, grant a security interest in, grant options with
respect to, or otherwise transfer, exchange or dispose of (directly or
indirectly, voluntarily or involuntarily, by operation of law or otherwise, and
whether or not for consideration or of record) any of the Collateral, any of
the Senior Mezzanine Collateral, any Individual Property or any part thereof or
any legal or beneficial interest therein or, except as may be expressly
permitted under and in accordance with Section 5.1.22 hereof, any
Lease of any part thereof or any legal or beneficial interest therein,
(ii) permit a Sale or, other than as contemplated by the Loan, the Other
Mezzanine Loans or the Corporate Loan, a Pledge of an interest in any
Restricted Party or (iii) except for Permitted Encumbrances, mortgage,
hypothecate or otherwise encumber the leasehold interest in any Operating Lease
(collectively, a “Transfer”),
other than pursuant to Leases of space in the Improvements and Non-Material
Leases to tenants in accordance with the provisions of Section 5.1.22.

 

(c)           A Transfer shall include, but not be limited to,
(i) an installment sales agreement wherein Borrower, Senior Mezzanine
Borrower, Mortgage Borrower or Maryland Owner agrees to sell the Collateral,
any of the Senior Mezzanine Collateral or an Individual Property, as
applicable, or any part thereof, for a price to be paid in installments;
(ii) an agreement by Mortgage Borrower or Maryland Owner leasing all or a
substantial part of an Individual Property for other than actual occupancy by a
space tenant thereunder or a sale,

 

98

 

assignment or other transfer
of, or the grant of a security interest in, Mortgage Borrower’s or Maryland
Owner’s right, title and interest in and to any Leases or any Rents;
(iii) if a Restricted Party is a corporation, any merger, consolidation or
Sale or Pledge of such corporation’s stock or the creation or issuance of new
stock; (iv) if a Restricted Party is a limited or general partnership or
joint venture, any merger or consolidation or the change, removal, resignation
or addition of a general partner or the Sale or Pledge of the partnership
interest of any general partner or any profits or proceeds relating to such
partnership interest, or the Sale or Pledge of limited partnership interests or
any profits or proceeds relating to such limited partnership interest or the
creation or issuance of new limited partnership interests; (v) if a
Restricted Party is a limited liability company, any merger or consolidation or
the change, removal, resignation or addition of a managing member or non-member
manager (or if no managing member, any member) or the Sale or Pledge of the
membership interest of a managing member (or if no managing member, any member)
or any profits or proceeds relating to such membership interest, or the Sale or
Pledge of non-managing membership interests or the creation or issuance of new
non-managing membership interests; or (vi) if a Restricted Party is a
trust or nominee trust, any merger, consolidation or the Sale or Pledge of the
legal or beneficial interest in a Restricted Party or the creation or issuance
of new legal or beneficial interests.

 

(d)           Notwithstanding the provisions of this Section 5.2.10,
the following Transfers shall not be deemed to be a Transfer; provided
that any such Transfer is a complete conveyance of the related interest and not
a Pledge (other than as expressly set forth below), encumbrance or other
Transfer of such interest

 

(i)            the Transfer, in one or a series of
transactions, of not more than forty-nine percent (49%) of the direct or
indirect interests in a Restricted Party; provided, however, that
(A) no such Transfers shall result in the change of control in the
Restricted Party, and (B) as a condition to each such Transfer,
(I) Lender shall receive not less than thirty (30) days’ prior notice of
such proposed Transfer and (II) at all times, Carlyle and/or one or more
Affiliates of Carlyle shall continue to own, directly or indirectly, at least a
fifty-one percent (51%) interest in Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Master Tenant and Operator;

 

(ii)           the Pledge of any direct or indirect
interests in any Operator, Master Tenant or any direct or indirect equity
holder in the Operator and/or in HCR Properties, LLC in favor of Corporate Loan
Lender as security for the Corporate Loan as same may have been refinanced
subject to the provisions of Section 5.2.12, and any Transfer which
occurs as the result of the exercise of remedies by Corporate Loan Lender in
accordance with the Corporate Loan or the holders of any indebtedness used to
refinance the Corporate Loan, subject to the provisions of Section 5.2.12;
provided, however, that it shall be a condition to a Transfer to
any Person pursuant to a foreclosure on such Pledge or other sale or assignment
thereof that (A) Mortgage Borrower and Maryland Owner shall have obtained
and delivered to Lender prior written confirmation from the applicable Rating
Agencies that such Transfer shall not cause a downgrade, withdrawal or
qualification of the ratings of any Securities or any class thereof issued upon
the Securitization of the Mortgage Loan, (B) no Event of Default shall
then be continuing, (C) none of Lender, Senior Mezzanine Lender or
Mortgage Lender shall have commenced an Enforcement Action under the Loan
Documents, the applicable Senior

 

99

 

Mezzanine
Loan Documents or the Mortgage Loan Documents, (D) no Bankruptcy Action
shall have occurred with respect to Borrower, Senior Mezzanine Borrower,
Mortgage Borrower or Maryland Owner, (E) no event shall have occurred or
would reasonably be expected to occur as a result thereof, which would be
reasonably expected to have, or has, a Material Adverse Effect, and
(F) the new Operator shall be a Qualified Operator approved by Lender,
which approval shall not be unreasonably withheld, conditioned or delayed; and

 

(iii)          any Transfer which occurs as the
result of the exercise of remedies by Lender or any Other Mezzanine Lender in
accordance with the Loan or any Other Mezzanine Loan.

 

With respect to each of the
Transfers set forth in clauses (i) through (iii) above,
(A) if after giving effect to any such Transfer and all prior Transfers,
more than forty-nine percent (49%) in the aggregate of the direct or indirect
interests of Borrower are owned by any Person and its Affiliates that owned
less than forty-nine percent (49%) of the direct or indirect interests in
Borrower as of the Closing Date, it shall be an additional condition to such
Transfer that Lender receives an Additional Insolvency Opinion reasonably
acceptable to Lender, (B) in the event that such Transfer renders an
assumption in the True Lease Opinion untrue, it shall be an additional
condition to such Transfer that Lender receives an Additional True Lease
Opinion regarding such Transfer reasonably acceptable to Lender, and
(C) if a Securitization of the Mortgage Loan shall have occurred, in the
event that such Transfer (I) is of more than forty-nine percent (49%) in
the aggregate of the direct or indirect interests in Borrower or
(II) results in a Person other than Carlyle controlling HCR Healthcare,
LLC or any direct or indirect subsidiary thereof, it shall be an additional
condition to such Transfer that (1) Borrower shall have caused Mortgage
Borrower and Maryland Owner to have obtained and delivered to Lender prior
written confirmation from the applicable Rating Agencies that such Transfer
will not cause a downgrade, withdrawal or qualification of the then-current
ratings of the Securities or any class thereof; and shall have obtained each
Designated Mezzanine Lender’s consent thereto, which consent shall not be
unreasonably withheld, and, (2) if one or more Operators are replaced as a
result of such Transfer, that each such replacement Operator shall be a
Qualified Operator.

 

Notwithstanding any
provision hereof to the contrary, this Section 5.2.10 shall not
prohibit or restrict (i) any Transfer of any interest in Guarantor or any
Transfer of any interests in or assets of any Affiliate of Guarantor (other
than any direct or indirect subsidiary of HCR Properties, LLC or HCR
Healthcare, LLC), (ii) any Transfer of any equity interests in any
Restricted Party (other than Borrower, Maryland Owner, Mezzanine Borrower,
Master Tenant, or Operator), or (iii) any merger or consolidation of any
Restricted Party (other than Borrower, Maryland Owner, Mezzanine Borrower,
Master Tenant or Operator), so long as, after giving effect to such Transfer,
merger or consolidation, (A) Carlyle and/or one or more Affiliates of
Carlyle shall continue to have a Controlling Equity Interest in Guarantor,
Manor Care, HCR Properties, LLC and HCR Healthcare, LLC, and (B) 100% of
the equity interests of each of HCR VII Properties, LLC, HCR II Healthcare,
LLC, Borrower, Maryland Owner, Mezzanine Borrower, Principal, Master Tenant and
Operator are owned by HCR Properties, LLC or HCR Healthcare, LLC, and Guarantor
controls Manor Care, HCR Properties, LLC and HCR Healthcare, LLC. For the
purposes of this paragraph, a “Controlling Equity Interest” in Guarantor or a
subsidiary of Guarantor means (1) if the equity securities of neither
Guarantor nor

 

100

 

any direct or indirect
parent of Guarantor are traded on a national securities exchange, ownership,
directly or indirectly, of at least fifty-one percent (51%) of the equity and
voting interests of Guarantor (or such direct or indirect parent) or such
subsidiary, as applicable, and (2) if the equity securities of either
Guarantor or any direct or indirect parent of Guarantor are traded on a national
securities exchange, ownership, directly or indirectly, of at least 30% of the
equity and voting interests of Guarantor (or such direct or indirect parent) or
such subsidiary, as applicable, and the possession of the power to direct and
cause the direction of the voting rights associated with such interests,
provided that no Person (other than Carlyle or an Affiliate of Carlyle) then
holds a greater percentage of the equity or voting interests in Guarantor (or
such direct or indirect parent) or such subsidiary, as applicable. For purposes
of this paragraph “control” shall mean the direct or indirect power to direct
and cause the direction of the management and policies of a Person whether
through ownership of voting securities, beneficial interest, by contract or
otherwise. For the avoidance of doubt, no prohibited Transfer of equity
interests in any direct or indirect subsidiary of HCR Properties, LLC or HCR
Healthcare, LLC shall be deemed to have occurred solely by virtue of a Transfer
that is otherwise permitted hereunder of direct or indirect equity interests in
HCR Properties, LLC or HCR Healthcare, LLC.

 

Nothing contained herein
shall be deemed to prohibit Corporate Loan Lender from syndicating or otherwise
transferring its rights under the Corporate Loan. In addition, nothing
contained herein shall be deemed to prohibit additional borrowings or the
refinancing of all or a portion of the Corporate Loan (without increasing the
principal amount thereof other than as permitted under Section 5.2.12);
provided that, at Lender’s request, Corporate Loan Lender, each Other
Mezzanine Lender, Mortgage Lender and Lender shall have entered into an
intercreditor agreement with Lender in form and substance reasonably acceptable
to Lender, Mortgage Lender and each Other Mezzanine Lender prior to a
Securitization, and, if a Securitization shall have occurred, acceptable to the
Rating Agencies and reasonably acceptable to Mortgage Lender and each
Designated Mezzanine Lender.

 

Notwithstanding anything
contained in this Section 5.2.10(d) to the contrary, a direct
Transfer of any direct ownership interests in any Senior Mezzanine Borrower,
any Mortgage Borrower or Maryland Owner shall not be permitted.

 

(e)           No consent to any assumption of the Loan shall occur on or
before the Payment Date occurring in December 2008. Thereafter, Lender
shall not unreasonably withhold its consent to the one-time Transfer (provided
that any such Transfer is a complete conveyance of the related interest and not
a Pledge) of (i) all of the Properties or (ii) one hundred percent
(100%) of the ownership interests in each Borrower (in a single transaction); provided
that each of the following conditions are satisfied:

 

(i)            (1) such sale has been approved
or deemed approved under the Mortgage Loan Documents and all conditions set
forth in the Mortgage Loan Documents relating thereto have been satisfied,
without waiver or modification and (2) such sale has been approved or
deemed approved under the Senior Mezzanine Loan Documents and all conditions
set forth in the Senior Mezzanine Loan Documents relating thereto have been
satisfied, without waiver or modification, and in each case Lender shall have
received evidence that all such conditions shall have been satisfied; provided
that such evidence

 

101

 

shall in all cases consist
of the identical evidence or documentation provided to Mortgage Lender or
Senior Mezzanine Lender in satisfaction of such conditions;

 

(ii)           no Event of Default shall be continuing;

 

(iii)          the proposed transferee(s) or
grantee(s) (“Transferee(s)”)
shall be (A) a reputable Person of good character, (B) either
(I) a Qualified Transferee or (II) another creditworthy Person, with
sufficient financial worth considering the obligations assumed and undertaken,
and in either such case as evidenced by financial statements and other
information reasonably requested by Lender, and (C) shall have an
organizational structure reasonably acceptable to Lender;

 

(iv)          the Transferee(s) shall have
sufficient experience in the ownership and management of properties similar to
the Properties, and such Transferee(s)’ operating tenant or property manager,
as the case may be, shall be a Qualified Operator unless the Qualified Operator
is otherwise approved pursuant to this Section 5.2.10(e), and in
each case, Lender shall be provided with reasonable evidence thereof (and
Lender reserves the right to approve the Transferee(s) without approving
the substitution of the operating tenant or property manager); provided
that, so long as the Master Lease and Operating Lease is in force and effect
and the current Master Tenant and Operator shall continue to be the tenant
thereunder, the condition with respect to the Master Tenant and Operator set
forth in this clause (iii) shall be deemed to have been satisfied
in all respects;

 

(v)           the Transferee(s) shall have, if
it (they) shall be the grantees of the real property portion of the Properties,
executed and delivered to Lender an assumption agreement in form and substance
acceptable to Lender (which agreement shall contain in substance the provisions
of Section 9.3 hereof) evidencing such Transferee’s agreement to
abide by and be bound by the terms of the Note, this Agreement and the other
Loan Documents after the date of the assumption, together with such title
insurance endorsements as may be requested by Lender;

 

(vi)          the Transferee (i) shall assume
(1)(A) the Mortgage Loan and the Mortgage Loan Documents and (B) all
the agreements of Mortgage Borrower and Maryland Owner under the Mortgage Loan
Documents and (2)(A) each Senior Mezzanine Loan and the Senior Mezzanine
Loan Documents and (B) all the agreements of Senior Mezzanine Borrower
under the Senior Mezzanine Loan Documents, (ii) shall be a
bankruptcy-remote Single Purpose Entity, and (iii) shall otherwise have a
legal and ownership structure that is (A) substantially the same as
Mortgage Borrower and Maryland Owner or (B) at least as favorable to
Lender, as determined by Lender in its reasonable discretion, as the legal and
ownership structure of Mortgage Borrower and Maryland Owner

 

(vii)         without limiting any other provisions
of this Section 5.2.10, aIl of the entities which own interests in
the Transferee similar to the interests in Mortgage Borrower and Maryland Owner
owned by Borrower (the “Mezzanine Entities”)
(i) shall assume (a) each Senior Mezzanine Loan and all of the
agreements of Senior Mezzanine Borrower under the Senior Mezzanine Loan
Documents and (b) the Loan and all the

 

102

 

agreements of Borrower under
the Loan Documents (and without limiting the foregoing, all of the ownership
interests in the Transferee, all payments thereon and all proceeds thereof
shall be pledged to Lender on terms no less favorable than the pledge of the
Collateral under the Pledge Agreement), (ii) shall each be a
bankruptcy-remote Single Purpose Entity, (iii) shall otherwise have a
legal and ownership structure that is (A) substantially the same as
Borrower or (B) at least as favorable to Lender, as determined by Lender
in its reasonable discretion, as the legal and ownership structure of Borrower.
Borrower and each Mezzanine Entity shall enter into a pledge agreement and
pledge its equity ownership in the entity directly owned by it and deliver to
Lender a UCC Title Insurance Policy with respect thereto;

 

(viii)        Borrower shall have delivered to Lender
an Additional Insolvency Opinion and Additional True Lease Opinion reflecting
the proposed Transfer reasonably satisfactory in form and substance to Lender;

 

(ix)           Transferee(s) shall comply with
the representations and covenants set forth in Section 5.2.9
hereof;

 

(x)            There shall be no then-existing
breach of any applicable REIT Representations and Covenants;

 

(xi)           Lender shall have received
(a) an assumption fee equal to 0.25% of the principal amount of the Debt
on the date of such assumption and (b) the payment of, or reimbursement
for, all costs and expenses incurred by Lender in connection with such
assumption (including the cost of any third party reports and reasonable legal
fees and disbursements);

 

(xii)          prior to any release of the Guarantor,
a substitute Person reasonably acceptable to each Designated Mezzanine Lender
shall have executed and delivered a replacement guaranty and environmental indemnity
covering the period from and after the effective date of the assumption and
substantially in the form of the Guaranty and the Environmental Indemnity,
whereupon Guarantor shall be released from its obligations under the Guaranty
and Environmental Indemnity other than with respect to matters which first
occurred or matters or events which first arose prior to the effective date of
the assumption;

 

(xiii)         Borrower shall have delivered to Lender
evidence reasonably satisfactory to Lender of any required approval or consent
of any Health Care Authorities that have direct or indirect authority or
oversight over Borrower, the Properties, or the operations conducted on the
Properties to the change in the owner and operator of the Properties and each
Facility operated thereon;

 

(xiv)        Neither the Transferee nor any Affiliate
of the Transferee, shall have, within the seven (7) years immediately
preceding such Transfer, (A) been subject to any material, uncured event
of default in connection with a loan financing which resulted in any material
indebtedness held by Lender or any other secondary market or institutional
lender of similar size and with similar operations as Lender or (B) the
subject of a

 

103

 

proceeding under the
Bankruptcy Code; and none of the principals which Control or own a material
direct or indirect equity interest in the Transferee shall have ever been
convicted of, or plead guilty to or no contest with respect to, a felony
involving moral turpitude.

 

(f)            Lender shall not be required to demonstrate any actual
impairment of its security or any increased risk of default hereunder in order
to declare the Debt immediately due and payable upon a Transfer without
Lender’s consent. This provision shall apply to every Transfer regardless of
whether voluntary or not, or whether or not Lender has consented to any
previous Transfer.

 

5.2.11.    Certain Agreements Relating to the Merger. Borrower shall
not, without the prior written consent of Lender (which consent shall not be
unreasonably withheld), permit the modification, amendment, supplementing or
restatement of the Reorganization Documents, except to the extent the same
would not be reasonably expected to have, and does not have, a Material Adverse
Effect.

 

5.2.12.    Certain Financial Covenants. Borrower shall
not, and shall not permit Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Operator, Master Tenant or Guarantor to cause or permit the
Corporate Loan to be modified, amended or restated to be increased to, or to be
refinanced in an amount greater than, the sum of $900,000,000 plus an amount
equal to the additional indebtedness for borrowed money which the borrower
under the Corporate Loan is permitted to incur under the Corporate Loan Documents
as in effect on the date hereof, including, without limitation, incremental
amounts incurred under Section 2.27 of the Corporate Loan Agreement.

 

5.2.13.    Limitations on Distributions. Following the
occurrence and during the occurrence of an Event of Default, Borrower shall not
make any distributions to its partners or members, as applicable.

 

5.2.14.    Other Limitations. Prior to the payment in full
of the Debt, neither Borrower nor any of its Affiliates shall, without the
prior written consent of Lender (which may be furnished or withheld in its
reasonable discretion), give its consent or approval to any of the following
actions or items:

 

(a)           except as permitted under the Loan Documents, the Senior
Mezzanine Loan Documents or the Mortgage Loan Documents or otherwise permitted
by Lender herein, (i) any refinance of the Mortgage Loan or any Senior
Mezzanine Loan, (ii) any prepayment in full or in part of the Mortgage
Loan or any Senior Mezzanine Loan, (iii) any Transfer of any or all of the
Property or any Senior Mezzanine Collateral or any portion thereof, or
(iv) any action in connection with or in furtherance of the foregoing;

 

(b)           any material modification, amendment, consolidation,
spread, restatement, waiver or termination of any of the Mortgage Loan Documents
or the Senior Mezzanine Loan Documents or the Master Lease not otherwise
permitted hereunder, under the Senior Mezzanine Loan Documents or under the
Mortgage Loan Documents;

 

104

 

(c)           except as permitted under the Loan Documents, the Senior
Mezzanine Loan Documents or the Mortgage Loan Documents or otherwise permitted
by Lender herein, creating, incurring, assuming, or suffering to exist any
additional Liens on any portion of the Property, except for Permitted
Encumbrances;

 

(d)           the distribution to the partners, members or shareholders
of any Senior Mezzanine Borrower, Mortgage Borrower or Maryland Owner of
property other than cash; and

 

(e)           except as expressly permitted by the Mortgage Loan
Documents, any determination to restore any Individual Property after a
Casualty or Condemnation.

 

5.2.15.    Contractual Obligations. Other than the
Loan Documents and other than as permitted under the definition of Special
Purpose Entity (Borrower), the Borrower Company Agreement, the Sixth Mezzanine
Borrower Company Agreement (and the initial equity interests in Borrower issued
pursuant thereto), neither Borrower nor any of its assets shall be subject to
any Contractual Obligations, and Borrower shall not enter into any agreement,
instrument or undertaking by which it or its assets are bound, except in each
case for such liabilities, not material in the aggregate, that are incidental
to its activities as a regular member, of any Senior Mezzanine Borrower,
Mortgage Borrower or Maryland Owner.

 

5.2.16.    Limitation on Securities Issuances. Borrower shall
not, and shall not permit any of Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Operator or Master Tenant to, issue any membership interests or
other securities other than those that have been issued as of the date hereof.

 

5.2.17.    Refinancing. Borrower shall not consent
to or permit a refinancing of the Mortgage Loan or any Other Mezzanine Loan
(other than in connection with the simultaneous refinancing of the Loan, the
Mortgage Loan and each of the Other Mezzanine Loans in their entirety and in
accordance with the terms and provisions of the Loan Documents, the Mortgage
Loan Documents and the Other Mezzanine Loan Documents, respectively), unless it
obtains the prior consent of Lender, which consent may be given or withheld by
Lender in its sole discretion.

 

VI.          INSURANCE; CASUALTY; CONDEMNATION

 

Section 6.1.           Insurance. (a) Borrower
shall cause Mortgage Borrower to maintain at all times during the term of the
Loan the Policies required under Section 6.1 of the Mortgage Loan
Agreement, including, without limitation, meeting all insurer requirements
thereunder. In addition, Borrower shall cause Lender to be named as an
additional insured under each of the Policies described in Sections 6.1(a)(ii),
(ix) and (xii) of the Mortgage Loan Agreement. In addition, Borrower
shall cause Lender to be named as a named insured together with Mortgage
Lender, as their interest may appear, under the Policies required under Sections
6.1(a)(i), (iv), (v), (vii) and (x) of the Mortgage Loan Agreement.
Borrower shall also cause all insurance policies required under this Section 6.1
to provide for at least thirty (30) days prior notice to Lender in the event of
policy cancellation or material changes. Borrower shall provide Lender with
evidence of all such insurance required hereunder on or before the date on
which Mortgage Borrower is required to provide such evidence to Mortgage
Lender.

 

105

 

(b)           If at any time Lender is not in receipt of written
evidence that all insurance required hereunder is in full force and effect,
Lender shall have the right, after notice to Borrower, Mortgage Borrower and
Maryland Owner to take such action as Lender deems necessary to protect its
interest in the Properties, including the obtaining of such insurance coverage
as Lender in its reasonable discretion deems appropriate. All premiums incurred
by Lender in connection with such action or in obtaining such insurance and
keeping it in effect shall be paid by Borrower to Lender within ten
(10) days of demand and shall bear interest at the Default Rate.

 

Section 6.2.           Casualty. If the
Individual Property shall be damaged or destroyed, in whole or in part, by fire
or other casualty (a “Casualty”),
Borrower shall cause (with respect to a Casualty with respect to which the Net
Proceeds would reasonably be expected to exceed $500,000) Mortgage Borrower and
Maryland Owner to give reasonably prompt notice of such damage to Lender and
shall, or shall cause Mortgage Borrower and Maryland Owner to reasonably
promptly commence and diligently prosecute the completion of the Restoration of
the Individual Property as nearly as possible to the condition the Individual
Property was in immediately prior to such Casualty, with such alterations as
may be reasonably approved by Lender and otherwise in accordance with
Section 6.4 of the Mortgage Loan Agreement; provided, however,
in the event that Net Proceeds are not made available by Mortgage Lender for
restoration (A) Borrower and Mortgage Borrower and Maryland Owner shall
not be required to repair or restore the Individual Property as set forth
above, provided that Borrower shall cause Mortgage Borrower and Maryland
Owner to take, at its own expense, such steps as may be reasonably required to
put and maintain the Improvements in a safe and secure condition;
(B) Borrower or Mortgage Borrower and Maryland Owner may, at its or their
own expense, make such  alterations and
repairs to the Improvements as Borrower and Mortgage Borrower and Maryland
Owner may desire to restore the Improvements to a functioning skilled nursing
facility or assisted living facility in compliance with all applicable material
Legal Requirements and material Health Care Requirements; (C) Lender shall
waive any defaults hereunder based on the physical condition of the
Improvements unless and until Borrower or Mortgage Borrower and Maryland Owner
shall restore the same as set forth in the foregoing clause (B); and (D) Borrower
shall permit Mortgage Borrower and Maryland Owner to obtain a release of the
Individual Property from the lien of the Mortgage subject to and in accordance
with Section 2.6.1 hereof and Section 2.6.1 of the Mortgage
Loan Agreement. Borrower shall pay or cause Mortgage Borrower and Maryland
Owner to pay, all costs of such Restoration whether or not such costs axe
covered by insurance. Lender may after notice to Borrower, but shall not be
obligated to, make proof of loss if not made reasonably promptly by Borrower or
Mortgage Borrower and Maryland Owner. In the event of a Casualty where the loss
does not exceed the Restoration Threshold, Mortgage Borrower and Maryland Owner
may settle and adjust such claim; provided that (a) no Event of
Default has occurred and is continuing and (b) such adjustment is carried
out in a commercially reasonable manner. In the event of a Casualty where the
loss exceeds the Restoration Threshold (or if below the Restoration Threshold,
if such adjustment is not carried out in a commercially reasonable manner) or
if an Event of Default then exists, Mortgage Borrower and Maryland Owner may
settle and adjust such claim only with the consent of Lender. In addition,
Lender may participate in any such settlement or adjustment discussions with
any insurance companies with respect to any Casualty in which the loss exceeds
the Restoration Threshold and Borrower shall deliver to Lender all instruments
required by Lender to permit such participation. Notwithstanding anything
contained herein to the contrary,

 

106

 

if, following a Casualty, in
the event that Net Proceeds therefor are not made available by Mortgage Lender
for restoration of the affected Individual Property, and Mortgage Borrower and
Maryland Owner have received a “Rejectable Offer”, under and as defined in the
Master Lease, from the Operator of the affected Individual Property, Mortgage
Lender shall make such Net Proceeds available to Mortgage Borrower and Maryland
Owner (in the event that such Rejectable Offer is not accepted, but the
applicable Individual Property is to be released from the Mortgage Loan and the
related Operating Lease is to be terminated), or, at Mortgage Borrower’s and
Maryland Owner’s direction, to the applicable Operator (in the event that the
Rejectable Offer is accepted and the affected Individual Property is to be sold
to the related Operator).

 

Section 6.3.           Condemnation. Borrower shall
reasonably promptly give Lender notice of the commencement or of any threatened
in writing proceeding for the Condemnation of any Individual Property and shall
cause Mortgage Borrower and Maryland Owner to deliver to Lender copies of any
and all papers served by any Governmental Authority in connection with such
proceedings. Lender may participate in any such proceedings, and Borrower shall
from time to time deliver to Lender all instruments requested by it to permit
such participation; provided, however, that in the event
of a Condemnation with respect to an Individual Property where the amount of
the taking does not exceed the Restoration Threshold, Mortgage Borrower and
Maryland Owner may settle and compromise such Condemnation without Lender’s
participation so long as (a) no Event of Default is continuing and (b) such
settlement is carried out in a commercially reasonable and timely manner.
Borrower shall cause Mortgage Borrower and Maryland Owner, at its or their
expense, to diligently prosecute any such proceedings, and shall consult with
Lender, its attorneys and experts, and cooperate with them in the carrying on
or defense of any such proceedings. Notwithstanding any taking by any public or
quasi-public authority through Condemnation or otherwise (including any
transfer made in lieu of or in anticipation of the exercise of such taking),
Borrower shall continue to pay the Debt at the time and in the manner provided
for its payment in the Note and in the Loan Agreement and the Debt shall not be
reduced until the Net Liquidation Proceeds After Debt Service have been actually
received and applied by Lender, after the deduction of expenses of collection,
to the reduction or discharge of the Debt. Lender shall not be limited to the
interest paid on the Award by the condemning authority but shall be entitled to
receive out of the Net Liquidation Proceeds After Debt Service at the rate or
rates provided herein or in the Note. If any Individual Property or any portion
thereof is taken by a condemning authority, Borrower shall cause Mortgage
Borrower and Mortgage Owner to reasonably promptly commence and diligently
prosecute the Restoration of the applicable Individual Property and otherwise
comply with the provisions of Section 6.4 of the Mortgage Loan Agreement.

 

Section 6.4.           Restoration. Borrower shall,
or shall cause Mortgage Borrower to, deliver to Lender all reports, plans,
specifications, documents and other materials that are delivered to Mortgage
Lender under Section 6.4 of the Mortgage Loan Agreement in connection with
the Restoration of the Property after a Casualty or Condemnation.

 

107

 

VII.         RESERVE FUNDS

 

Section 7.1.           Low DSCR Reserve Funds.

 

7.1.1.      Deposits. During the continuance of a
Trigger Period, Lender shall have the right (i) to deposit all Low DSCR
Interest Floor Reserve Funds into an account created for such purpose under the
Cash Management Agreement (the “Low DSCR Interest Floor
Reserve Account”), and (ii) to deposit all Low DSCR General
Reserve Funds into an account created for such purpose under the Cash
Management Agreement (the “Low DSCR General Reserve
Account”), which Low DSCR Interest Floor Reserve Funds and Low DSCR
General Reserve Funds shall constitute additional collateral for the Debt.

 

7.1.2.      Disbursements of Low DSCR Reserve Funds. Upon the
expiration of a Trigger Period, Lender shall disburse any funds remaining in
the Low DSCR General Reserve Account to Borrower. Borrower shall use all Low
DSCR Interest Floor Reserve Funds, if any, on deposit in the Low DSCR Interest
Floor Reserve Account solely to make distributions (through each intermediate
parent) to Manor Care, solely for contribution by Manor Care to HCR Healthcare,
LLC to be used solely to fund the current obligations of HCR Healthcare, LLC
under those certain interest rate hedge instruments sold by HCR Healthcare, LLC
in the aggregate notional amount of the Mortgage Loan and the Mezzanine Loans,
with respect to a LIBOR floor in the amounts provided for under
Section 3(c)(v) of the Cash Management Agreement. In addition,
provided that no Event of Default is then continuing, Lender shall, if so directed
by Borrower, disburse Low DSCR General Reserve Funds to Borrower solely to pay
the costs of Capital Expenditures at the Properties in accordance with an
Approved Quarterly CapEx Budget that are otherwise permitted under the Loan
Documents. Any request for disbursement from the Low DSCR General Reserve
Account shall be accompanied by an Officer’s Certificate with such supporting
materials as shall be reasonably satisfactory to Lender to establish that
Borrower is entitled to such disbursement and certifying that such funds have
been or will be applied solely to pay for Capital Expenditures pursuant to an
Approved Quarterly CapEx Budget.

 

Section 7.2.           Tax and Insurance Reserve Funds.

 

7.2.1.      Deposits. (a) On the Closing
Date, Borrower shall deposit with Lender the sum of $11,226,054.04, and
thereafter on each Payment Date, Borrower shall pay or cause Master Tenant and
Operator to pay to Lender (a) one-twelfth of the Taxes that Lender
estimates in its reasonable discretion based on the history of Taxes assessed
against the applicable Individual Property (including for this purpose, with
respect to each Individual Property listed on Schedule 4.1.16, the
entire tax lot of which such Individual Property is a part), will be payable
during the next ensuing twelve (12) months in order to accumulate with Lender
sufficient funds to pay all such Taxes at least thirty (30) days prior to their
respective due dates, and (b) one-twelfth of the Insurance Premiums that
Lender estimates in its reasonable discretion based on the history of Insurance
Premiums for the relevant individual Property, will be payable for the renewal
of the coverage afforded by the Policies upon the expiration thereof in order
to accumulate with Lender sufficient funds to pay all such Insurance Premiums
at least thirty (30) days prior to the expiration of the Policies. Amounts so
deposited in (a) and (b) àbove shall be referred to herein as the
“Tax and Insurance Reserve Funds” and the account in which such amounts are
held shall be referred to herein as the “Tax and Insurance Reserve Account.”
Lender will apply the full extent of Tax and Insurance Reserve Funds to
payments of Taxes and Insurance Premiums required to be made by Borrower
pursuant to Section 5.1.2 hereof and under the Mortgages. In making
any payment relating to the Tax and Insurance Reserve Funds, Lender may do so
according to any bill, statement or estimate procured from the appropriate
public

 

108

 

office (with respect to
Taxes) or insurer or agent (with respect to Insurance Premiums), without
inquiry into the accuracy of such bill, statement or estimate or into the
validity of any tax, assessment, sale, forfeiture, tax lien or title or claim
thereof. If the amount of the Tax and Insurance Reserve Funds shall exceed the
amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2
hereof, Lender shall, in its sole discretion, either return any excess to
Borrower or credit such excess against future payments to be made to the Tax
and Insurance Reserve Account hereunder. Any amount remaining in the Tax and
Insurance Reserve Account after the Debt has been paid in full shall be
promptly returned to Borrower. In allocating such excess, Lender may deal with
the Person shown on the records of Lender to be the owner of the Properties. If
at any time Lender reasonably determines based upon invoices for the current or
previous Tax periods that the Tax and Insurance Reserve Funds are not or will
not be sufficient to pay Taxes and Insurance Premiums by the dates set forth in
(a) and (b) above, Lender shall notify Borrower in writing of such
determination and Borrower shall increase its monthly payments to Lender by the
amount that Lender estimates as provided above is sufficient to make up the
deficiency at least thirty (30) days prior to the due date of the Taxes and/or
thirty (30) days prior to expiration of the Policies, as the case may be;
provided, however, that notwithstanding the foregoing, Borrower shall not be
required to pay any such additional amounts until five (5) Business Days
after Lender shall have given written notice of the additional amount due.

 

(b)           Borrower shall have the right, exercisable on thirty (30)
days’ notice to Lender, in lieu of making monthly deposits hereunder on account
of Taxes, to (i) deposit with Lender Tax and Insurance Reserve Funds in an
amount estimated by Lender from time to time in accordance with the standards
set forth in clause (a) above, to be sufficient to pay one-half (1/2) of
the Taxes assessed against the Properties in the ensuing twelve (12) month
period, which deposit shall serve as additional security for Borrower’s
obligations under the Loan Documents. In the event that Borrower shall make
such election, then (i) Borrower shall have no obligation to make any
further monthly deposits on account of Taxes, but shall instead have the
obligation to within ten (10) Business Days of request by Lender, increase
the amount on deposit to cover any increase in Lender’s estimate as aforesaid
in the amount of Taxes that will be payable over the ensuing twelve (12) month
period, and (ii) Lender shall have no obligation to apply or release any
Tax and Insurance Reserve Funds to or for the payment of Taxes, and all Taxes
shall thereafter be paid by Borrower with other funds of Borrower.

 

7.2.2.      Waiver of Tax and Insurance Escrow. Without
limiting any provision of Section 5.1.2 or Section 8.l
(a)(iii) hereof, Borrower shall be relieved of its obligation to make
the deposits to the Tax and Insurance Reserve Account in respect of Taxes and
Insurance Premiums under Section 7.2.1 above and generally of all
of its obligations and rights under this Section 7.2 (and Lender
shall have no corresponding obligation to apply any of the Tax and Insurance
Funds to the payment of Taxes and Insurance Premiums), unless (i) Lender
has received notice of the non-payment of all Taxes and Insurance Premiums by
Mortgage Borrower and Maryland Owner or, alternatively, (ii) in the case
where Senior Mezzanine Borrower has established and is maintaining the Tax and
Insurance Reserve Account, Lender has received notice of the non-payment of all
Taxes and Insurance Premiums by such Senior Mezzanine Borrower.

 

109

 

Section 7.3.           Intentionally Omitted.

 

7.3.1.      Deposits. (a) Borrower shall pay
to Lender on the Closing Date an amount equal to one-fourth (1/4) of the
product of the following: (i) $300.00, multiplied by (ii) the
aggregate number of beds at the Facilities as adjusted by Lender annually based
on the then aggregate number of beds at the Facilities (the “Replacement Reserve Deposit”), which amount is reasonably
estimated by Lender in its sole discretion to be due for replacements and
repairs required to be made to the Properties during the calendar year
(collectively, the “Replacements”).
Amounts so deposited shall be referred to herein as the “Replacement
Reserve Funds” and the account in which
such amounts are held shall be referred to herein as the “Replacement
Reserve Account”. In lieu of delivering Replacement Reserve Funds,
Borrower and Maryland Owner shall have the right pursuant to Section 7.6
to deliver a Letter of Credit in an amount equal to the Replacement Reserve
Deposit. Except as specified in Section 7.3.1(b), Borrower
acknowledges that Lender shall have no obligation to disburse any portion of
the Replacement Reserve Funds which shall be held by Lender during the entire
term of the Loan subject to Section 7.5.

 

(b)           In the event that with respect to any calendar year
commencing with 2008, (i) Borrower shall expend on Replacements more than
the Required Annual Replacement Expenditure, (ii) Borrower shall deliver
to Lender an Officer’s Certificate certifying the total amount expended during
such year for Replacements, with a breakdown by Individual Property, and
(iii) no Event of Default shall then be continuing, then the amount of the
Replacement Reserve Deposit for the immediately succeeding calendar year shall
be reduced by an amount equal to one-fourth (1/4) of the amount by which such expenditures
exceeded the Required Annual Replacement Expenditure. Within thirty (30) days
after the end of each subsequent calendar year, Borrower shall deliver to
Lender the Officer’s Certificate described in clause (ii) above, and
Lender shall, based on Borrower’s expenditure for Replacements for such
calendar year, adjust (i.e., increase or decrease) the amount of the
Replacement Reserve Deposit so that it shall be equal to one-fourth (1/4) of
the Required Annual Replacement Expenditure minus one-fourth (1/4) of the
amount (if any) by which the expenditures for Replacements for the calendar
year in question exceeded the Required Annual Replacement Expenditure for the
calendar year in question. Within ten (10) Business Days after Lender
shall have so adjusted the amount of the Replacement Reserve Deposit,
(A) if Replacement Reserve Funds are then being held in the Replacement
Reserve Account, Lender shall release to Borrower any excess Replacement
Reserve Funds as so calculated then being held in the Replacement Reserve
Account, or Borrower shall deliver to Lender an amount equal to any deficiency
in the amount of the Replacement Reserve Funds then being held in the
Replacement Reserve Account, as applicable, and (B) if a Letter of Credit
is then being held by Lender in lieu of Replacement Reserve Funds, Borrower
shall deliver to Lender a replacement Letter of Credit in an amount equal to
the recalculated amount of the Replacement Reserve Deposit and Lender shall
return to Borrower the existing Letter of Credit. Notwithstanding the
foregoing, Borrower shall not be entitled to any reduction in the amount of the
Replacement Reserve Deposit unless at the time in question the conditions set
forth in clauses (i) and (iii) above are satisfied.

 

7.3.2.      Waiver of Replacement Reserve Account. Borrower shall
be relieved of its obligation to make any deposits of the Replacement Reserve
Funds under Section 7.3.1 above and generally of all of its
obligations and rights under this Section 7.3 (and Lender shall

 

110

 

have no corresponding
obligation to apply any of the Replacement Reserve Funds to the payment of any
Replacements), unless (i) Lender has received notice of the non-payment of
all Replacement Reserve Funds by Mortgage Borrower and Maryland Owner or,
alternatively, (ii) in the case where Senior Mezzanine Borrower has
established and is maintaining the Replacement Reserve Account, notice of the
non-payment of all Replacement Reserve Funds by such Senior Mezzanine Borrower.

 

Section 7.4.          Intentionally Omitted.

 

Section 7.5.          Reserve Funds, Generally. (a) Borrower
grants to Lender a first-priority, perfected security interest in the Reserve
Funds and any and all monies now or hereafter deposited in the Reserve Accounts
as additional security for payment of the Debt. Until expended or applied in
accordance herewith, the Reserve Funds shall constitute additional security for
the Debt. During the continuance of an Event of Default, Lender may, in
addition to any and all other rights and remedies available to Lender, apply
any sums then present in any or all of the Reserve Funds to the purpose for
which such Reserves were intended or to the payment of the Debt in any order in
its sole discretion. The Reserve Funds shall not constitute trust funds and may
be commingled with other monies held by Lender.

 

(b)           Borrower shall not, without obtaining the prior consent of
Lender, further pledge, assign or grant any security interest in the Reserve
Funds or any portion thereof or the monies deposited in the Reserve Accounts or
any portion thereof or permit any lien or encumbrance to attach thereto, or any
levy to be made thereon, or any UCC-1 Financing Statements, except those naming
Lender as the secured party, to be filed with respect thereto.

 

(c)           The Reserve Funds shall be held in Eligible Accounts and
shall bear interest at a money market rate selected by Lender and may be
invested in Permitted Investments (as defined in the Cash Management Agreement)
pursuant to the Cash Management Agreement. All interest or other earnings on
the Reserve Funds (other than the Replacement Reserve Funds and the Low DSCR
Reserve Funds) shall be paid to Lender. All interest or other earnings on the
Replacement Reserve Funds and the Low DSCR Reserve Funds shall be added to and
become a part of such Reserve Fund, and shall be disbursed in the same manner
as other monies deposited in such Reserve Fund. Lender shall have the right to
direct the investment of all sums on deposit in the Tax and Insurance Reserve Account
in Permitted Investments and except during the continuance of an Event of
Default Borrower shall have the right to direct the investment of all sums on
deposit in the Replacement Reserve Account and the Low DSCR General Reserve
Account in Permitted Investments provided (i) such investments are then
regularly offered for accounts of this size, category and type, (ii) such
investments are permitted by applicable federal, state and local rules,
regulations and laws, and (iii) the maturity date of the Permitted
Investment is not later than the date on which the applicable Reserve Funds are
required for payment of an obligation for which such Reserve Fund was created.
During the continuance of an Event of Default, Lender shall have the right to
direct the investment of all sums on deposit in the Replacement Reserve
Account, the Low DSCR Interest Floor Reserve Account and the Low DSCR General
Reserve Account in Permitted Investments. Borrower shall be responsible for
payment of any federal, state or local income or other tax applicable to the
interest or income earned on the Reserve Funds. No other investments of the
sums on deposit in the Reserve Funds shall be permitted except as set forth in
this Section 7.5. Borrower shall bear all reasonable costs

 

111

 

associated with the
investment of the sums in the account in Permitted Investments. Such costs
shall be deducted from the income or earnings on such investment, if any, and
to the extent such income or earnings shall not be sufficient to pay such
costs, such costs shall be paid by Borrower reasonably promptly on demand by
Lender. Lender shall have no liability for the rate of return earned or losses
incurred on the investment of the sums in Permitted Investments other than
losses resulting from Lender’s or any Servicer’s gross negligence or willful
misconduct.

 

(d)           Borrower shall indemnify Lender and hold Lender harmless
from and against any and all actions, suits, claims, demands, liabilities,
losses, damages, obligations and costs and expenses (including reasonable
attorneys fees and disbursements) arising from or in any way connected with the
Reserve Funds or the performance of the obligations for which the Reserve Funds
were established, except arising by reason of Lender’s or any Servicer’s gross
negligence or willful misconduct.

 

(e)           Upon payment of the Loan in full all amounts held in the
Reserve Accounts (including interest earned thereon except as otherwise
expressly provided herein) shall be paid to Borrower.

 

Section 7.6.           Letters of Credit.

 

7.6.1.      Delivery of Letters of Credit. (a) In
lieu of making the payments to any of the Reserve Funds (other than the Tax and
Insurance Reserve Funds and Low DSCR Reserve Funds), Borrower may deliver to
Lender a Letter of Credit in accordance with the provisions of this Section 7.6.
Additionally, Borrower may deliver to Lender a Letter of Credit in accordance
with the provisions of this Section 7.6 in lieu of deposits
previously made to the Replacement Reserve Funds. The aggregate amount of any
Letter of Credit and cash on deposit with respect to the Replacement Reserve
Funds shall at all times be at least equal to the aggregate amount which
Borrower is required to have on deposit in such Reserve Fund pursuant to this
Agreement.

 

(b)           Borrower shall give Lender no less than thirty (30) days’
notice of Borrower’s election to deliver a Letter of Credit and Borrower shall
pay to Lender all of Lender’s reasonable out-of-pocket costs and expenses in
connection therewith. Borrower shall not be entitled to draw from (or to
require Lender to draw from) any such Letter of Credit. Upon thirty (30) days’
notice to Lender and not more frequently than once each calendar quarter,
(i) Borrower may replace any Letter of Credit with a cash deposit to the
applicable Reserve Fund, or (ii) reduce the face amount of any Letter of
Credit (by delivery to Lender of a substitute Letter of Credit or an amendment
to the existing Letter of Credit then held by Lender, in either case, in form and
substance reasonably satisfactory to Lender) by an amount such that the face
amount of the Letter of Credit (as so substituted or amended), when taken
together with any cash Reserve Funds on deposit in the applicable Reserve
Account, is, in Lender’s reasonable discretion, sufficient for the purposes for
which such Reserve Account was established.

 

(c)           Subject to Section 7.7, in the event that
Lender shall draw on a Letter of Credit delivered under this Section 7.6,
Lender shall apply the proceeds thereof in the manner provided hereunder for
the application of the Reserve Funds in lieu of which the applicable Letter of
Credit was delivered.

 

112

 

Section 7.7.           Provisions Regarding Letters of
Credit.

 

7.7.1.      Security for Debt. Each Letter of Credit
delivered under this Agreement shall be additional security for the payment of
the Debt. During the continuance of an Event of Default, Lender shall have the
right, at its option, to draw on any Letter of Credit and to apply all or any
part thereof to the payment of the items for which such Letter of Credit was
established or to apply each such Letter of Credit to payment of the Debt in
such order, proportion or priority as Lender may determine in its sole and
absolute discretion. Unless the Loan is paid in full on the Maturity Date, any
such Letter of Credit may be applied to reduce the Debt.

 

7.7.2.      Additional Rights of Lender. In addition to
any other right Lender may have to draw upon a Letter of Credit pursuant to the
terms and conditions of this Agreement, Lender shall have the additional rights
to draw in full any Letter of Credit: (a) with respect to any evergreen
Letter of Credit, if Lender has received a notice from the issuing bank that
the Letter of Credit will not be renewed and a substitute Letter of Credit is
not provided at least thirty (30) days prior to the date on which the
outstanding Letter of Credit is scheduled to expire; (b) with respect to
any Letter of Credit with a stated expiration date, if Lender has not received
a notice from the issuing bank that it has renewed the Letter of Credit at
least thirty (30) days prior to the date on which such Letter of Credit is
scheduled to expire and a substitute Letter of Credit is not provided at least
thirty (30) days prior to the date on which the outstanding Letter of Credit is
scheduled to expire; (c) upon receipt of notice from the issuing bank that
the Letter of Credit will be terminated (except if the termination of such
Letter of Credit is permitted pursuant to the terms and conditions of this
Agreement or a substitute Letter of Credit is provided); or (d) if the
bank issuing the Letter of Credit shall cease to be an Eligible Institution.
Notwithstanding anything to the contrary contained in the above, Lender is not
obligated to draw any Letter of Credit upon the happening of an event specified
in (a), (b), (c) or (d) above and shall not be liable for any losses
sustained by Borrower due to the insolvency of the bank issuing the Letter of
Credit if Lender has not drawn the Letter of Credit.

 

Section 7.8.           Transfer of Reserve Funds Under
Mortgage Loan. If each of Mortgage Lender and each Senior
Mezzanine Lender waives (other than any waivers specifically set forth in the
Mortgage Loan Agreement or in any Senior Mezzanine Loan Agreement as of the
Closing Date thereof) any reserves or escrow accounts required in accordance
with the terms of the Mortgage Loan Agreement, which reserves or escrow
accounts are also required in accordance with the terms of this Article VII,
or if the Mortgage Loan or any Senior Mezzanine Loan is refinanced or paid off
in full (without a prepayment of the Loan) and Reserve Funds that are required
hereunder are not required under the new mortgage loan, if any, then Borrower
shall cause any amounts that would have been deposited into any reserves or
escrow accounts in accordance with the terms of the Mortgage Loan Agreement to
be transferred to and deposited with Lender in accordance with the terms of
this Article VII (and Borrower shall enter into a cash management
agreement for the benefit of Lender substantially similar to the arrangement
entered into at the time of the closing of the Mortgage Loan).

 

113

 

VIII.        DEFAULTS

 

Section 8.1.           Event of Default. (a) Each
of the following events shall constitute an event of default hereunder (an “Event of Default”):

 

(i)            if any payment on account of
principal or interest or in respect of the Reserve Funds (other than the
Replacement Reserve) under the Loan shall not be paid on or prior to the date
on which such payment is due hereunder;

 

(ii)           if any payment on account of the Debt
(other than on account of principal or interest or in respect of the Reserve
Funds (other than the Replacement Reserve) under the Loan) or other amount due
under the Loan Documents is not paid on or prior to that date which is ten
(10) Business Days after such payment is due in accordance with its
obligations under the Loan Documents and Lender shall have given notice
thereof; provided, however, that a monthly or other invoice delivered by
Servicer in the ordinary course consistent with its normal and customary
practices, regardless of whether same complies with the notice provisions
hereof shall constitute notice for all purposes of this Section 8.1(a)(ii);

 

(iii)          subject to the provisions of Section 7.2,
if any of the Taxes or Other Charges are not paid prior to the date that same
would be deemed delinquent (except to the extent (a) Lender, any Senior
Mezzanine Lender or Mortgage Lender is obligated to disburse Tax and Insurance
Reserve Funds to pay for such Taxes pursuant to Section 7.2 hereof,
(b) Lender, any Senior Mezzanine Lender or Mortgage Lender has sufficient
Tax and Insurance Reserve Funds in the Tax and Insurance Reserve Account for
such payment to make such payment, (c) no other Event of Default shall be
continuing and (d) Lender, any Senior Mezzanine Lender or Mortgage Lender
fails to make such payment and Lender’s, Senior Mezzanine Lender’s or Mortgage
Lender’s access to the Tax and Insurance Reserve Funds has not otherwise been
constrained or restricted in any manner by Borrower, Senior Mezzanine Borrower,
Mortgage Borrower or Maryland Owner);

 

(iv)          if the Policies are not kept in full
force and effect (except to the extent (a) such default is due solely to the
failure to pay the premiums for such Policies, (b) Lender, any Senior Mezzanine
Lender or Mortgage Lender is obligated to disburse Tax and Insurance Reserve
Funds to pay for such premiums pursuant to Section 7.2 hereof,
(c) Lender, any Senior Mezzanine Lender or Mortgage Lender has sufficient
Tax and Insurance Reserve Funds in the Tax and Insurance Reserve Account for
such payment to make such payment, (d) no other Event of Default shall be
continuing and (e) Lender, any Senior Mezzanine Lender or Mortgage Lender
fails to make such payment and Lender’s, Senior Mezzanine Lender’s or Mortgage
Lender’s access to the Tax and Insurance Reserve Funds has not been constrained
or restricted in any manner), or if, within fifteen (15) days after request
from Lender, certified copies of the Policies are not delivered to Lender;

 

(v)           if Borrower or Principal Transfers
any portion of the Collateral in violation of the provisions of this Agreement
or the Pledge Agreement;

 

114

 

(vi)          if any representation or warranty made
by Borrower herein or in any other Loan Document, or in any report,
certificate, financial statement or other instrument, agreement or document
furnished to Lender shall have been false or misleading in any material respect
as of the date the representation or warranty was made; provided, however,
that if Borrower is able to establish (with Borrower having the burden of
proof) that same did not result from Borrower’s gross negligence or willful or
intentional misconduct, then Borrower shall have a period of thirty (30) days
to cure same, which period shall commence upon the date that Borrower first
received notice that such representation or a warranty was false or misleading,
it being agreed, however, that no such cure shall affect the obligations under Section 10.13
or any other provision of the Loan Documents of any Indemnifying Person to
indemnify any Indemnified Person with respect to any matter relating to such
representation or warranty;

 

(vii)         if Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Principal, any Guarantor, Master Tenant or
any Requisite Operator shall make an assignment for the benefit of creditors;

 

(viii)        if a receiver, liquidator or trustee
shall be appointed for Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Principal, Guarantor, Master Tenant or Requisite Operators, or
if Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Principal, Guarantor, Master Tenant or Requisite Operators shall be adjudicated
a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or
arrangement pursuant to federal bankruptcy law, or any similar federal or state
law, shall be filed by or against, consented to, or acquiesced in by, Borrower,
Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Principal,
Guarantor, Master Tenant or Requisite Operators, or if any proceeding for the
dissolution or liquidation of Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Principal, Guarantor, Master Tenant or Requisite
Operators shall be instituted; provided, however, if such
appointment, adjudication, petition or proceeding was involuntary and not
consented to by Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Principal, Guarantor, Master Tenant or Requisite Operators,
upon the same not being discharged, stayed or dismissed within ninety (90)
days;

 

(ix)           if Borrower attempts to assign its
rights under this Agreement or any of the other Loan Documents or any interest
herein or therein in contravention of the Loan Documents;

 

(x)            if Borrower breaches any of its
respective negative covenants contained in Section 5.2 (other than Section 5.2.6,
with respect to which clause (xvi) below shall apply, and other than Sections
5.2.1(b), 5.2.8, 5.2.11 and 5.2.12, with respect to which Borrower
shall have a period of ten (10) days to cure same, which period shall
commence on the date Lender gives Borrower notice of such breach) or Section 5.1.19
or intentionally breaches any representation, warranty or covenant contained in
Section 4.1.30 or 5.1.7 hereof;

 

(xi)           with respect to any term, covenant or
provision set forth herein which specifically contains a notice requirement or
grace period, if Borrower shall be in default

 

115

 

under such term, covenant or
condition after the giving of such notice or the expiration of such grace
period;

 

(xii)          if any of the material assumptions
contained in (A) the Insolvency Opinion or any Additional Insolvency
Opinion or (B) the True-Lease Opinion or any Additional True-Lease Opinion
delivered to Lender in connection with the Loan is or shall become untrue in
any material respect;

 

(xiii)         Intentionally Omitted;

 

(xiv)        if (A) Master Tenant shall fail in
the payment of (i) any fixed or base rent set forth in or made payable
pursuant to the Master Lease or (ii) any additional rent set forth in or
made payable pursuant to the Master Lease within thirty (30) days of the date
such rent or other charge is payable after the expiration of any notice and
grace period provided for under the Master Lease, (B) [Intentionally
Omitted], (C) if any one or more of the events referred to in the Master
Lease shall occur which would cause the Master Lease to terminate without
notice or action by the Master Tenant under the Master Lease or which would
entitle the Master Tenant to terminate the Master Lease and the term thereof by
giving notice to Mortgage Borrower, as landlord thereunder, other than a
termination arising from a casualty or condemnation with respect to which
Lender elects to apply any Insurance Proceeds or Award to the principal balance
of the Loan instead of making the same available for Restoration, (D) if
the Master Lease shall be surrendered or the Master Lease shall be terminated
or canceled for any reason or under any circumstances whatsoever, except with
the consent of Lender or (E) if any of the material terms, covenants or conditions
of the Master Lease or any South Carolina Management Agreement shall in any
manner be modified, changed, supplemented, altered, restated or amended without
the consent of Lender;

 

(xv)         if Borrower fails to comply with the
covenants as to Prescribed Laws set forth in Section 5.1.1 hereof;

 

(xvi)        if Borrower shall continue to be in
default under any of the other terms, covenants or conditions of this Agreement
or any other Loan Document not specified in clauses (i) to (xv) above
or (xvii) to (xxiii) below, for ten (10) Business
Days after notice to Borrower from Lender, in the case of any default which can
be cured by the payment of a sum of money, or for thirty (30) days after notice
from Lender in the case of any other default; provided, however,
that if such non-monetary default is susceptible of cure but cannot reasonably
be cured within such thirty (30) day period and provided further that Borrower
shall have commenced to cure such default within such thirty (30) day period
and thereafter diligently and expeditiously proceeds to cure the same, such
thirty (30) day period shall be extended for such time as is reasonably
necessary for Borrower in the exercise of due diligence to cure such default,
such additional period not to exceed one hundred fifty (150) days;

 

(xvii)       Intentionally Omitted;

 

116

 

(xviii)      if there shall be material default under
any of the other Loan Documents beyond the applicable notice, grace and/or cure
periods set forth in such documents, whether as to Borrower, Guarantor or the
Collateral, or if no express notice, grace or cure period shall be set forth
therein then the notice, grace and/or cure period set forth in clause (xvi) above
shall apply;

 

(xix)         Intentionally Omitted;

 

(xx)          Intentionally Omitted;

 

(xxi)         if Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner or any Facility violates any applicable
Health Care Requirement and shall fail to correct, within the time deadlines
set by any Health Care Authority, managed care company, insurance company or
other third-party payor any deficiency, if such violation or deficiency would
reasonably be expected to have, or does have a Material Adverse Effect;

 

(xxii)        any Borrower Entity (as defined under
the Mortgage Loan Agreement) or Maryland Owner shall revoke or modify the Rent
Instruction or any other instruction or agreement governing the direction of
payments by Master Tenant to Mortgage Borrower and Maryland Owner, without in
each instance the prior written consent of Lender;

 

(xxiii)       if the Liens created pursuant to any Loan
Document shall cease to be a fully perfected enforceable first priority
security interest; or

 

(xxiv)       a Mortgage Loan Event of Default or
Senior Mezzanine Loan Event of Default shall occur and be continuing.

 

(b)       During the continuance of an Event of
Default (other than an Event of Default described in clause (vii) or
(viii) above) and at any time thereafter, in addition to any other
rights or remedies available to it pursuant to this Agreement and the other
Loan Documents or at law or in equity, Lender may take such action, without
notice or demand, that Lender deems advisable to protect and enforce its rights
against Borrower and in and to all or any of the Collateral, including
declaring the Debt to be immediately due and payable, and Lender may enforce or
avail itself of any or all rights or remedies provided in the Loan Documents
against Borrower and any or all of the Collateral, including all rights or
remedies available at law or in equity; and during the continuance of any Event
of Default described in clause (vii) or (viii) above,
the Debt and all other obligations of Borrower hereunder and under the other
Loan Documents shall immediately and automatically become due and payable,
without notice or demand, and Borrower hereby expressly waives any such notice
or demand, anything contained herein or in any other Loan Document to the
contrary notwithstanding.

 

(c)       Notwithstanding anything to the contrary
contained in this Agreement, a default under clause (a)(xxi) above
or a default under Section 5.1.24 or a default under the
Environmental Indemnity consisting of an Individual Property having an adverse
environmental condition that is not permitted under the Environmental Indemnity
(as opposed to any other default hereunder including, without limitation, the
failure or refusal of any indemnitor thereunder to comply with its obligations
relating to the indemnification of Lender or any other

 

117

 

Person) (a “Limited Cure Default”)
shall not, in each instance, constitute an Event of Default hereunder in the
event that Borrower, in accordance with Section 2.6 hereof
(including the satisfaction of all conditions therein contained other than
those which by their express terms are applicable only to a Permitted Release
or an Affected Property Release), obtains or causes to be obtained the release
of the Individual Property subject to the Operating Lease with such Affected
Operator from the Lien of the Mortgage thereon within forty-five (45) days of
such Limited Cure Default (each such release, a “Limited Cure
Release”), except that (A) the Release Amount for each such
Individual Property shall be equal to one hundred twenty-five percent (125%) of
the Allocated Loan Amount for such Individual Property (such amount, the “Limited Cure Release Amount”), and (B) in the event
that the Lockout Release Date shall not have occurred, Borrower shall pay the
Spread Maintenance Premium. In no event shall Borrower be entitled to more than
thirty-three (33) Limited Cure Releases under this Section 8.1(c) during
the term of the Loan. Provided that Borrower shall effect or cause to be
effected a Limited Cure Release in accordance with this subsection (c),
in no event shall the Limited Cure Default subject to such Limited Cure Release
constitute an independent Event of Default under Subsection (a)(xiii) hereof.

 

Section 8.2.           Remedies.    (a) During
the continuance of an Event of Default, all or any one or more of the rights,
powers, privileges and other remedies available to Lender against Borrower
under this Agreement or any of the other Loan Documents executed and delivered
by, or applicable to, Borrower or at law or in equity may be exercised by
Lender at any time and from time to time, whether or not all or any of the Debt
shall be declared due and payable, and whether or not Lender shall have
commenced any foreclosure proceeding or other action for the enforcement of its
rights and remedies under any of the Loan Documents with respect to all or any
of the Collateral. Any such actions taken by Lender shall be cumulative and
concurrent and may be pursued independently, singularly, successively, together
or otherwise, at such time and in such order as Lender may determine in its
sole discretion, to the fullest extent permitted by law, without impairing or
otherwise affecting the other rights and remedies of Lender permitted by law,
equity or contract or as set forth herein or in the other Loan Documents.
Without limiting the generality of the foregoing, Borrower agrees that if an
Event of Default is continuing (i) Lender is not subject to any “one
action” or “election of remedies” law or rule, and (ii) all liens and
other rights, remedies or privileges provided to Lender shall remain in full
force and effect until Lender has exhausted all of its remedies against the
Collateral and the Collateral has been foreclosed, sold and/or otherwise
realized upon in satisfaction of the Debt or the Debt has been paid in full.

 

(b)           With
respect to Borrower and the Collateral, nothing contained herein or in any
other Loan Document shall be construed as requiring Lender to resort to any
portion of the Collateral for the satisfaction of any of the Debt in preference
or priority to any other portion of the Collateral and Lender may seek
satisfaction out of all of the Collateral or any part thereof, in its absolute
discretion in respect of the Debt. In addition, Lender shall have the right
from time to time to partially foreclose upon the Collateral in any manner and
for any amounts secured by the Pledge Agreement then due and payable as
determined by Lender in its sole discretion including the following
circumstances: (i) in the event Borrower defaults beyond any applicable
grace period in the payment of one or more scheduled payments of principal and
interest, Lender may foreclose upon the Collateral to recover such delinquent
payments, or (ii) in the event Lender elects to accelerate less than the
entire outstanding principal balance of the Loan, Lender may foreclose upon the
Collateral to recover so much of the principal balance of the Loan as

 

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Lender may accelerate and such other sums secured by
the Collateral as Lender may elect. Notwithstanding one or more partial
foreclosures, the Collateral shall remain subject to the Pledge Agreement and
the other Loan Documents to secure payment of sums secured by the Collateral
and not previously recovered.

 

(c)           Lender
shall have the right from time to time to sever the Note and the other Loan
Documents into one or more separate notes, pledges and other security documents
(the “Severed Loan Documents”) in such
denominations as Lender shall determine in its sole discretion for purposes of
evidencing and enforcing its rights and remedies provided hereunder. Borrower
shall execute and deliver to Lender from time to time, promptly after the
request of Lender, a severance agreement and such other documents as Lender
shall request in order to effect the severance described in the preceding
sentence, all in form and substance reasonably satisfactory to Lender. Borrower
hereby absolutely and irrevocably appoints Lender as its true and lawful
attorney, coupled with an interest, in its name and stead to make and execute
all documents necessary or desirable to effect the aforesaid severance,
Borrower ratifying all that its said attorney shall do by virtue thereof. Except
as may be required in connection with a Securitization pursuant to Section 9.1
hereof, (i) Borrower shall not be obligated to pay any costs or expenses
incurred in connection with the preparation, execution, recording or filing of
the Severed Loan Documents, (ii) the Severed Loan Documents shall not contain
any representations, warranties or covenants not contained in the Loan
Documents and any such representations and warranties contained in the Severed
Loan Documents will be given by Borrower only as of the Closing Date,
(iii) the economic effect and the other terms of the Severed Loan Documents
shall not materially reduce the rights of Borrower under the Loan Documents or
materially increase the obligations of Borrower under the Loan Documents or any
other party obligated in any manner to Lender pursuant to the Loan Documents,
(iv) the total loan amount under the Severed Loan Documents shall equal
the amount of the Loan immediately prior to the creation of the Severed Loan
Documents and (v) the weighted average interest rate spread under the
Severed Loan Documents shall on the date created equal the interest rate which
was applicable to the Loan immediately prior to the creation of the Severed
Loan Documents (other than during the continuance of an Event of Default).

 

(d)           Any
amounts recovered from the Collateral after an Event of Default may be applied
by Lender toward the payment of any interest and/or principal of the Loan
and/or any other amounts due under the Loan Documents in such order, priority
and proportions as Lender in its sole discretion shall determine.

 

(e)           During
the continuance of an Event of Default, Lender may, but without any obligation
to do so and without notice to or demand on Borrower and without releasing
Borrower from any obligation hereunder or being deemed to have cured any Event
of Default hereunder, make, do or perform any obligation of Borrower hereunder
in such manner and to such extent as Lender may deem necessary. Borrower shall
cause Mortgage Borrower and Maryland Owner to permit Lender to enter upon the
Property for such purposes, or appear in, defend, or bring any action or
proceeding to protect its interest in the Collateral for such purposes, and the
cost and expense thereof (including reasonable attorneys’ fees to the extent
permitted by law), with interest as provided in this Section 8.2,
shall constitute a portion of the Debt and shall be due and payable to Lender
upon demand. All such costs and expenses incurred by Lender in remedying such
Event of Default or such failed payment or act or in appearing in,

 

119

 

defending, or bringing any action or proceeding shall
bear interest at the Default Rate, for the period after such cost or expense
was paid until the date of payment to Lender. All such costs and expenses paid
by Lender together with interest thereon calculated at the Default Rate shall
be deemed to constitute a portion of the Debt and be secured by the liens,
claims and security interests provided to Lender under the Loan Documents and
shall be immediately due and payable upon demand by Lender therefor.

 

Section 8.3.           Remedies Cumulative; Waivers.    The rights, powers and remedies of Lender
under this Agreement shall unless prohibited by applicable law be cumulative
and not exclusive of any other right, power or remedy which Lender may have
against Borrower pursuant to this Agreement or the other Loan Documents, or
existing at law or in equity or otherwise. Unless prohibited by applicable law,
Lender’s rights, powers and remedies may be pursued singularly, concurrently or
otherwise, at such time and in such order as Lender may determine in Lender’s
sole discretion. No delay or omission to exercise any remedy, right or power
accruing upon an Event of Default shall impair any such remedy, right or power
or shall be construed as a waiver thereof, but any such remedy, right or power
may be exercised from time to time and as often as may be deemed expedient. A
waiver of one Default or Event of Default with respect to Borrower shall not be
construed to be a waiver of any subsequent Default or Event of Default by
Borrower or to impair any remedy, right or power consequent thereon.

 

IX.           SPECIAL
PROVISIONS

 

Section 9.1.           Sale
of Notes and Securitization.  (a) Borrower acknowledges and agrees that Lender
may sell all or any portion of the Loan and the Loan Documents, or issue one or
more participations therein, or consummate one or more private or public
securitizations of rated single- or multi-class securities (the “Securities”) secured by or evidencing ownership interests in
all or any portion of the Loan and the Loan Documents or a pool of assets that
include the Loan and the Loan Documents (such sales, participations and/or
securitizations, collectively, a “Securitization”).
At the request of Lender, and to the extent not already required to be provided
by Borrower under this Agreement, Borrower shall use reasonable efforts to
provide information which may be reasonably required by Lender and/or mezzanine
lenders in order to satisfy the market standards to which Lender customarily
adheres or which may be required by the Rating Agencies in connection with any
such Securitization including:

 

(i)            use commercially reasonable efforts
to provide or cause to be provided additional and/or updated Provided
Information, together with appropriate verification and/or consents related to the
Provided Information, through letters of auditors or opinions of counsel of
independent attorneys reasonably acceptable to Lender and the Rating Agencies;

 

(ii)           assist in preparing descriptive
materials of the Loan, the Loan Documents, the Properties, the Master Lease,
the Operating Lease, Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Operator, Mortgagor and Guarantor for presentations to any or
all of the Rating Agencies, and work with, and if requested, supervise,
third-party service providers engaged by Borrower, the Principal and their

 

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respective Affiliates to obtain, collect, and deliver
information requested or required by Lender or the Rating Agencies;

 

(iii)          (x) deliver updated opinions of
counsel as to non-consolidation, true lease, due execution and enforceability
with respect to the opinions of counsel delivered at closing, and (y) use
commercially reasonable efforts to deliver a so-called “l0b-5” opinion, which
opinion shall be limited to the matters outlined on Schedule 9.l(a)(iii) and
for which the recipient will be an underwriter, placement agent or an initial
purchaser in connection with a Securitization;

 

(iv)          if reasonably requested by Lender or
if requested by any Rating Agency, use commercially reasonable efforts to
deliver such additional tenant estoppel letters with respect to the Master
Lease and the Operating Leases, which estoppel letters shall be reasonably
satisfactory to the Rating Agencies;

 

(v)           make such representations and
warranties as of the closing date of the Securitization with respect to the
Collateral, the Senior Mezzanine Collateral, Properties, Borrower, Senior
Mezzanine Borrower, Mortgage Borrower, Maryland Owner, Guarantor, the Principal,
Master Tenant and Operator, the Master Lease, the Operating Lease and the Loan
Documents as may be reasonably requested by Lender or the Rating Agencies and
consistent with the facts covered by such representations and warranties as
they exist on the date thereof, including the representations and warranties
made in the Loan Documents, subject to the terms of the applicable Loan
Documents;

 

(vi)          execute such amendments to the Loan
Documents as may be reasonably requested by Lender or the Rating Agencies to
effect the Securitization and/or deliver one or more new component notes to
replace the original note or modify the original note to reflect multiple
components of the Loan (and such new notes or modified note shall have the same
initial weighted average coupon of the original note, but such new notes or
modified note may change the interest rate of the Loan), all in accordance with
Section 9.5 hereof, and modify the Cash Management Agreement with
respect to the newly created components such that the pricing and marketability
of the Securities and the size of each class of Securities and the rating
assigned to each such class by the Rating Agencies shall provide the most
favorable rating levels and achieve the optimum rating levels for the Loan,
provided that nothing contained in this Agreement shall require Borrower,
whether in connection with a Securitization or otherwise, to execute or deliver
documents in substitution for any Loan Documents or representing new or
additional documents, which, in any case, shall adversely affect in any way any
of the obligations, rights or remedies of Borrower, Principal or Guarantor
under this Agreement or the other Loan Documents, including the economic terms
thereof;

 

(vii)         if requested by Lender, review any
information specific to the Properties (as opposed to property generally), the
Senior Mezzanine Collateral, the Collateral, Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, Principal, the Guarantor, Master
Tenant, Operator, the Loan Documents and the Loan which is contained in a
preliminary or final private placement memorandum, prospectus, prospectus
supplement (including any amendment or supplement to either thereof), or

 

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other disclosure document to be used by Lender or any
Affiliate thereof relating specifically to the Loan (as opposed to Loans in
general); and

 

(viii)        supply to Lender such documentation,
financial statements and reports in form and substance required in order to
comply with any applicable securities laws (as reasonably determined by, and
requested in correspondence from, Lender’s counsel).

 

(b)           If,
at the time one or more Disclosure Documents are being prepared for a
Securitization, Lender expects that Borrower alone or Borrower and one or more
Affiliates of Borrower, Mortgage Borrower, Maryland Owner, Master Tenant and
Operator collectively, or the Property alone or the Property and Related
Properties collectively, will be a Significant Obligor, Borrower shall furnish
and cause Master Tenant and Operator to furnish to Lender upon request
(i) the selected financial data or, if applicable, Net Operating Income,
required under Item 1112(b)(l) of Regulation AB, if Lender expects that
the principal amount of the Loan together with any Related Loans as of the
cut-off date for such Securitization may, or if the principal amount of the
Loan together with any Related Loans as of the cut-off date for such
Securitization and at any time during which the Loan and any Related Loans are
included in a Securitization does, equal or exceed ten percent (10%) (but less
than twenty percent (20%)) of the aggregate principal amount of all mortgage
loans included or expected to be included, as applicable, in the Securitization
or (ii) the financial statements required under Item 1112(b)(2) of
Regulation AB, if Lender expects that the principal amount of the Loan together
with any Related Loans as of the cut-off date for such Securitization may, or
if the principal amount of the Loan together with any Related Loans as of the
cut-off date for such Securitization and at any time during which the Loan and
any Related Loans are included in a Securitization does, equal or exceed twenty
percent (20%) of the aggregate principal amount of all mortgage loans included
or expected to be included, as applicable, in the Securitization. Such
financial data or financial statements shall be furnished to Lender
(A) within fifteen (15) days after notice from Lender in connection with
the preparation of Disclosure Documents for the Securitization, (B) not
sooner than twenty-eight (28) days or later than thirty (30) days after the end
of each fiscal quarter of Borrower and (C) not later than seventy-three
(73) days after the end of each fiscal year of Borrower; provided,  however,
that Borrower shall not be obligated to furnish financial data or financial
statements pursuant to clauses (B) or (C) of this sentence with
respect to any period for which a filing pursuant to the Exchange Act in
connection with or relating to the Securitization (an “Exchange Act
Filing”) is not required.

 

(c)           All
financial data and financial statements provided by Borrower hereunder pursuant
to Section 9.1(b) above shall be prepared in accordance
with GAAP, and shall meet the requirements of Regulation AB and other
applicable legal requirements in the event the provisions of Section 9.1(b) shall
apply. All annual financial statements referred to in Sections 9.1(b)(ii) above
shall be audited by a Pre-approved Auditor or such other independent accountants
of Borrower reasonably acceptable to Lender in accordance with Regulation AB
and all other applicable legal requirements, shall be accompanied by the
manually executed report of the independent accountants thereon, which report
shall meet the requirements of Regulation AB and all other applicable legal
requirements, and shall be further accompanied by a manually executed written
consent of the independent accountants, in form and substance reasonably
acceptable to Lender, to the inclusion of such financial statements in any
Disclosure Document and any Exchange Act Filing and to the use of the name of
such independent accountants and the

 

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reference to such independent accountants as “experts”
in any Disclosure Document and Exchange Act Filing, all of which shall be
provided at the same time as the related financial statements are required to
be provided. All financial data and financial statements (audited or unaudited)
provided by Borrower under Section 9.1(b) above shall be
accompanied by an Officer’s Certificate, which certification shall state that
such financial statements meet the requirements set forth in the first sentence
of this Section 9.1(c).

 

(d)           If
requested by Lender, Borrower shall use commercially reasonable efforts to
provide Lender, promptly upon request, with any other or additional financial
statements, or financial, statistical or operating information, as Lender shall
reasonably determine to be required pursuant to Regulation AB or any amendment,
modification or replacement thereto or other legal requirements in connection
with any Disclosure Document or any Exchange Act Filing or as shall otherwise
be requested by Lender.

 

(e)           In
the event Lender reasonably determines, in connection with a Securitization,
that the financial data and financial statements required in order to comply
with Regulation AB or any amendment, modification or replacement thereto or other
legal requirements are other than as provided herein, then notwithstanding the
provisions of Section 9.1(b) and (c) hereof,
Lender may request, and Borrower shall use commercially reasonable efforts to
promptly provide, such other financial statements as Lender reasonably
determines to be necessary or appropriate for such compliance.

 

(f)            Borrower
agrees that Lender may disclose information regarding the Collateral, the
Properties and Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland
Owner, Master Tenant, Guarantor and Operator that is provided to Lender
pursuant to Section 5.1.11 and this Section in connection with
the Securitization to such parties requesting such information in connection
with such Securitization.

 

(g)           Borrower
shall deliver, in connection with any Securitization, (i) one or more
Officer’s Certificates certifying as to the accuracy of all representations
made by Borrower in the Loan Documents as of the date of the closing of such
Securitization in all relevant jurisdictions or indicating any exceptions to
such representations and warranties, and (ii) certificates of the relevant
Governmental Authorities in all relevant jurisdictions indicating the good
standing and qualification to do business of Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, Master Tenant, Operator and Principal
as of the date of the Securitization if available in such jurisdiction.

 

(h)           With
respect to (i) the period prior to and including the Closing Date, Borrower,
and (ii) the period subsequent to the Closing Date, Lender, shall be
responsible for all costs and expenses incurred by Borrower and Lender in
connection with Borrower’s complying with its obligations under this Section 9.1
and under Section 9.2 below (including legal fees and costs
incurred by Borrower and Lender and the fees and expenses of the Rating
Agencies). For the avoidance of doubt, all costs and expenses incurred by
Borrower in connection with its indemnification and defense obligations under Section 9.2
shall be borne solely by Borrower.

 

Section 9.2.           Securitization
Indemnification.    (a) Borrower understands that certain of the
Provided Information may be included in Disclosure Documents in connection

 

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with the Securitization and may also be included in
filings with the Securities and Exchange Commission pursuant to the Securities
Act of 1933, as amended (the “Securities Act”),
or the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or provided or made available to investors
or prospective investors in the Securities, the Rating Agencies, and service
providers relating to the Securitization. In the event that the Disclosure
Document is required to be revised prior to the sale of all Securities,
Borrower will cooperate with the holder of the Note in updating the Disclosure
Document by providing all current information necessary to keep the Disclosure
Document with respect to the Loan accurate and complete in all material
respects.

 

(b)           The
Indemnifying Persons agree to provide, in connection with the Securitization,
an indemnification agreement (the “Indemnification Agreement”)
(i) certifying that (A) the Indemnifying Persons have carefully
examined the Disclosure Documents, including the sections entitled “Risk
Factors,” “Special Consideration”, “Description of the Collateral,”
“Description of the Mezzanine Loans,” “The Borrower” and “Certain Legal Aspects
of the Mezzanine Loans” and (B) such sections and such other information
in the Disclosure Documents (only to the extent such information includes any
Provided Information or any information specific to the Loan, the Loan
Documents, Borrower, Mortgage Borrower, Maryland Owner, the Collateral, the
Property, Master Tenant, Operator, Guarantor and the Master Lease and the
Operating Lease) (collectively with the Provided Information, the “Covered Disclosure Information”) do not contain any untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements made, in the light of the circumstances under which
they were made, not misleading, (ii) jointly and severally indemnifying
Lender, JPMorgan, CS, BofA, or any Affiliate of Lender, JPMorgan, CS or BofA
that has filed any registration statement relating to the Securitization or has
acted as the sponsor or depositor in connection with the Securitization, or any
Affiliate of Lender, JPMorgan, CS or BofA that acts as an underwriter,
placement agent or initial purchaser of Securities issued in the
Securitization, any other co-underwriters, co-placement agents or co-initial
purchasers of Securities issued in the Securitization, and each of their
respective officers, directors, partners, employees, representatives, agents
and Affiliates and each Person or entity who controls any such Person within
the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act (collectively, the “Indemnified Persons”),
for any losses, claims, damages, liabilities, costs or expenses (including
reasonable legal fees and expenses for enforcement of these obligations
(collectively, the “Liabilities”))
to which any such Indemnified Person may become subject insofar as the
Liabilities arise out of or are based upon any untrue statement or alleged
untrue statement of any material fact contained in the Covered Disclosure
Information or arise out of or are based upon the omission or alleged omission
to state in the Covered Disclosure Information a material fact required to be
stated therein or necessary in order to make the statements in the Covered
Disclosure Information, in light of the circumstances under which they were
made, not misleading and (iii) agreeing to reimburse each Indemnified
Person for any reasonable legal fees or other expenses incurred by such
Indemnified Person, as they are incurred, in connection with investigating or
defending the Liabilities. This indemnity agreement will be in addition to any
liability which Borrower may otherwise have pursuant to the Loan Documents or
applicable law. Moreover, the Indemnification provided for in clauses
(ii) and (iii) above shall be effective whether or not an
Indemnification Agreement is provided.

 

(c)           In
connection with filings under the Exchange Act, the Indemnifying Persons
jointly and severally agree to indemnify (i) the Indemnified Persons for
Liabilities to

 

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which any such Indemnified Person may become subject
insofar as the Liabilities arise out of or are based upon any untrue statement
or alleged untrue statement of any material fact in the Covered Disclosure
Information, or the omission or alleged omission to state in the Covered
Disclosure Information a material fact required to be stated therein or
necessary in order to make the statements in the Covered Disclosure
Information, in light of the circumstances under which they were made, not
misleading and (ii) reimburse each Indemnified Person for any reasonable
legal fees or other expenses incurred by such Indemnified Persons, as they are
incurred, in connection with defending or investigating the Liabilities.

 

(d)           Promptly
after receipt by an Indemnified Person of notice of any claim or the
commencement of any action, the Indemnified Person shall, if a claim in respect
thereof is to be made against any Indemnifying Person, notify such Indemnifying
Person in writing of the claim or the commencement of that action; provided,
however, that the failure to notify such Indemnifying Person shall not
relieve it from any liability which it may have under the indemnification
provisions of this Section 9.2 except to the extent that it has
been materially prejudiced by such failure and, provided,  further,
that the failure to notify such Indemnifying Person shall not relieve it from
any liability which it may have to an Indemnified Person otherwise than under
the provisions of this Section 9.2. If any such claim or action
shall be brought against an Indemnified Person, and it shall notify any
Indemnifying Person thereof, such Indemnifying Person shall be entitled to
participate therein and, to the extent that it wishes, assume the defense
thereof with counsel reasonably satisfactory to the Indemnified Person and
shall have the right to negotiate and enter into and/or consent to any
settlement, subject to the prior approval of Lender and, if different, the
Indemnified Person. After notice from any Indemnifying Person to the
Indemnified Person of its election to assume the defense of such claim or
action, such Indemnifying Person shall not be liable to the Indemnified Person
for any legal or other expenses subsequently incurred by the Indemnified Person
in connection with the defense thereof except as provided in the following
sentence; provided, however, if the defendants in any such action
include both an Indemnifying Person, on the one hand, and one or more
Indemnified Persons on the other hand, and an Indemnified Person shall have
reasonably concluded that there are any legal defenses available to it and/or
other Indemnified Persons that are different or in addition to those available
to the Indemnifying Person, the Indemnified Person or Persons shall have the
right to select separate counsel to assert such legal defenses and to otherwise
participate in the defense of such action on behalf of such Indemnified Person
or Persons. The Indemnified Person shall instruct its counsel to maintain
reasonably detailed billing records for fees and disbursements for which such
Indemnified Person is seeking reimbursement hereunder and shall submit copies
of such detailed billing records to substantiate that such counsel’s fees and
disbursements are solely related to the defense of a claim for which the
Indemnifying Person is required hereunder to indemnify such Indemnified Person.
No Indemnifying Person shall be liable for the expenses of more than one
(1) such separate counsel unless such Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are
different from or additional to those available to another Indemnified Person.

 

(e)           Without
the prior consent of Lender, JPMorgan, CS and BofA (in each case which consent
shall not be unreasonably withheld), no Indemnifying Person shall settle or
compromise or consent to the entry of any judgment in any pending or threatened
claim, action, suit or proceeding in respect of which indemnification may be
sought hereunder (whether or not

 

125

 

any Indemnified Person is an actual or potential party
to such claim, action, suit or proceeding) unless the Indemnifying Person shall
have given Lender, JPMorgan, CS and BofA, as applicable, reasonable prior
notice thereof and shall have obtained an unconditional release of each
Indemnified Person hereunder from all liability arising out of such claim,
action, suit or proceedings. As long as an Indemnifying Person has complied
with its obligations to defend and indemnify hereunder, such Indemnifying Person
shall not be liable for any settlement made by any Indemnified Person without
the consent of such Indemnifying Person (which consent shall not be
unreasonably withheld).

 

(f)            The
Indemnifying Persons agree that if any indemnification or reimbursement sought
pursuant to this Section 9.2 is finally judicially determined to be
unavailable for any reason or is insufficient to hold any Indemnified Person harmless
(with respect only to the Liabilities that are the subject of this Section 9.2),
then the Indemnifying Persons, on the one hand, and such Indemnified Person, on
the other hand, shall contribute to the Liabilities for which such
indemnification or reimbursement is held unavailable or is insufficient:
(i) in such proportion as is appropriate to reflect the relative benefits
to the Indemnifying Persons, on the one hand, and such Indemnified Person, on
the other hand, from the transactions to which such indemnification or
reimbursement relates; or (ii) if the allocation provided by clause
(i) above is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause
(i) but also the relative faults of the Indemnifying Persons, on the one
hand, and all Indemnified Persons, on the other hand, as well as any other
equitable considerations. Notwithstanding the provisions of this Section 9.2,
(A) no party found liable for a fraudulent misrepresentation shall be
entitled to contribution from any other party who is not also found liable for
such fraudulent misrepresentation, and (B) the Indemnifying Persons agree
that in no event shall the amount to be contributed by the Indemnified Persons
collectively pursuant to this paragraph exceed the amount of the proceeds
actually received by the Indemnified Persons in connection with the sale of the
Loan or portion thereof pursuant to the Securitization.

 

(g)           The
Indemnifying Persons agree that the indemnification, contribution and reimbursement
obligations set forth in this Section 9.2 shall apply whether or
not any Indemnified Person is a formal party to any lawsuits, claims or other
proceedings. The Indemnifying Persons further agree that the Indemnified
Persons are intended third party beneficiaries under this Section 9.2.

 

(h)           The
liabilities and obligations of the Indemnified Persons and the Indemnifying
Persons under this Section 9.2 shall survive the termination of
this Agreement and the satisfaction and discharge of the Debt.

 

(i)            Notwithstanding
anything to the contrary contained herein, Borrower shall not have any
obligation to act as depositor with respect to the Loan or an issuer or
registrant with respect to the Securities issued in any Securitization.

 

Section 9.3.           Exculpation.     (a) Subject
to the qualifications below, Lender shall not enforce any of the liabilities or
obligations of Borrower, Principal or Guarantor (except as set forth in the
Guaranty and the Environmental Indemnity), or any other Restricted Party or an
Affiliate of any one of the foregoing (collectively, the “Exculpated
Parties” and,

 

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individually, an “Exculpated Party”)
to perform and observe the obligations contained in the Note, this Agreement,
the Pledge Agreement or any of the other Loan Documents (including, solely in
the case of Borrower, any indemnification agreement delivered pursuant to Section 9.2(b) hereof),
by any action or proceeding wherein a money judgment shall be sought against
Borrower or any other Exculpated Party, except that Lender may bring a foreclosure
action, an action for specific performance or any other appropriate action or
proceeding to enable Lender to enforce and realize upon its interest under the
Note, this Agreement, the Pledge Agreement and the other Loan Documents, and in
the Collateral or any other collateral given to Lender pursuant to the Loan
Documents; provided, however, that, except as specifically
provided herein, any judgment in any such action or proceeding shall be
enforceable against Borrower or any other Exculpated Party only to the extent
of the interest of Borrower or of such Exculpated Party, as the case may be, in
the Collateral and in any other collateral given to Lender, and Lender, by
accepting the Note, this Agreement, the Pledge Agreement and the other Loan
Documents, agrees that it shall not sue for, seek or demand any deficiency
judgment against Borrower or any Exculpated Party in any such action or
proceeding under, or by reason of, or in connection with, the Note, this
Agreement, the Pledge Agreement or the other Loan Documents. The provisions of
this Section shall not, however, (i) constitute a waiver, release or
impairment of any obligation evidenced or secured by any of the Loan Documents;
(ii) impair the right of Lender to name Borrower as a party defendant in any
action or suit for foreclosure and sale under any of the Pledge Agreement;
(iii) affect the validity or enforceability of or any Guaranty made in
connection with the Loan or any of the rights and remedies of Lender
thereunder; (iv) impair the right of Lender to obtain the appointment of a
receiver; (v) intentionally omitted; (vi) constitute a prohibition
against Lender to seek a deficiency judgment against Borrower in order to fully
realize the security granted by the Pledge Agreement or to commence any other
appropriate action or proceeding in order for Lender to exercise its remedies
against all of the Collateral; or (vii) constitute a waiver of the right
of Lender to enforce the liability and obligation of Borrower, by money
judgment or otherwise, to the extent of any loss, damage, cost, expense,
liability, claim or other obligation incurred by Lender (including reasonable
attorneys’ fees and disbursements reasonably incurred) arising out of or in
connection with any of the following:

 

(A)          fraud or intentional misrepresentation
by Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Operator, Master Tenant or Guarantor in connection with the Loan;

 

(B)           damage to the Properties caused by
actual, physical waste by Borrower, Senior Mezzanine Borrower, Mortgage
Borrower, Maryland Owner, Operator or Master Tenant or the gross negligence or
willful misconduct of Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Operator or Master Tenant;

 

(C)           the breach of any representation,
warranty, covenant or indemnification provision in the Environmental Indemnity
or in the Pledge Agreement concerning any environmental laws, hazardous
substances and asbestos and any indemnification of Lender with respect thereto
in either document;

 

127

 

(D)          the removal or disposal of any portion
of the Properties, the Senior Mezzanine Collateral or the Collateral after and
during the continuation of an Event of Default, a Senior Mezzanine Loan Event of
Default or a Mortgage Loan Event of Default;

 

(E)           the misappropriation or conversion by
Borrower, Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner,
Operator or Master Tenant of (I) any Insurance Proceeds paid by reason of
any Casualty, (II) any Awards received in connection with a Condemnation,
(III) any Rents following and during the continuation of an Event of
Default, (IV) any Rents paid more than one (1) month in advance,
(V) any Net Liquidation Proceeds After Debt Service or (VI) any amounts
disbursed from the Low DSCR Interest Floor Reserve Account such that they are
not used or applied for the express purposes set forth in Section 7.1.2;

 

(F)           if any or all of the limited
liability companies constituting Borrower fails to (i) maintain its status
as a Special Purpose Entity, as required by, and in accordance with, the terms
and provisions of this Agreement or (ii) cause Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Principal, Operator or Master Tenant to
maintain its status as a Special Purpose Entity, each as required by, and in
accordance with, the terms and provisions of the applicable Senior Mezzanine
Loan Agreement or the Mortgage Loan Agreement or the Leases (in each case
except with respect to the obligation to remain solvent, maintain adequate
capital and pay its debts as they become due (unless funds are available to pay
such debts, and Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Operator, Principal or Master Tenant, as applicable, fails to
do so));

 

(G)           any amounts actually received by
(i) Senior Mezzanine Borrower, Mortgage Borrower, Maryland Owner, or
Master Tenant that are not deposited into the applicable Senior Mezzanine
Deposit Account or the Mortgage Cash Management Account to the extent required
to be so deposited pursuant to the applicable Senior Mezzanine Loan Agreement
or the Mortgage Loan Agreement or under the Rent Instruction, the Leases, the
applicable Senior Mezzanine Cash Management Agreement or under the Mortgage
Cash Management Agreement or (ii) Borrower that are not deposited into the
Seventh Mezzanine Deposit Account to the extent required to be so deposited
pursuant to any Loan Document;

 

(H)          if any or all of the limited liability
companies constituting Borrower, Senior Mezzanine Borrower, Mortgage Borrower
or Maryland Owner fails to obtain Lender’s prior consent to any Indebtedness
for borrowed money or voluntary Liens encumbering the Collateral not otherwise
permitted by any Loan Document; and

 

(I)            any breach of any representation,
warranty or covenant in Section 4(b) or (c) of the Pledge Agreement.

 

128

 

(b)           Notwithstanding
anything to the contrary in this Agreement, the Note or any of the Loan
Documents, (i) Lender shall not be deemed to have waived any right which
Lender may have under Section 506(a), 506(b), 1111(b) or any other
provisions of the Bankruptcy Code to file a claim for the full amount of the
Debt secured by the Pledge Agreement or to require that all collateral shall
continue to secure all of the Debt owing to Lender in accordance with the Loan
Documents, and (ii) the Debt shall be fully recourse to Borrower
(A) in the event of: (I) any or all of the limited liability
companies constituting Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Requisite Operators, Master Tenant or Guarantor filing a
voluntary petition under the Bankruptcy Code or any other Federal or state
bankruptcy or insolvency law; (II) any or all of the limited liability
companies constituting Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Requisite Operator, Master Tenant or Guarantor filing an answer
consenting to or soliciting or causing to be solicited or otherwise acquiescing
in or joining in any involuntary petition filed against it, by any other Person
under the Bankruptcy Code or any other Federal or state bankruptcy or
insolvency law, or soliciting or causing to be solicited petitioning creditors
for any involuntary petition from any Person; (III) any or all of the
limited liability companies constituting Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Requisite Operators, Master Tenant or
Guarantor consenting to or acquiescing in or joining in an application for the
appointment of a custodian, receiver, trustee, or examiner for any of the
limited liability companies constituting Borrower, Senior Mezzanine Borrower,
Mortgage Borrower, Maryland Owner, Requisite Operator, Master Tenant or
Guarantor or any portion of the Properties; or (IV) any or all of the
limited liability companies constituting Borrower, Mortgage Borrower, Senior
Mezzanine Borrower, Maryland Owner, Requisite Operators, Master Tenant or
Guarantor making an assignment for the benefit of creditors, or admitting, in
writing or in any legal proceeding, its insolvency or inability to pay its
debts as they become due; (B) Intentionally Omitted; (C) if any or
all of the limited liability companies constituting Borrower, Senior Mezzanine
Borrower, Mortgage Borrower, Maryland Owner, Operator or Master Tenant fails to
obtain Lender’s prior consent to any Transfer as required by this Agreement or
the Mortgages; or (D) if upon the occurrence and during the continuance of
an Event of Default and Lender exercises its remedies on account thereof and
accelerates the Loan, Borrower, Senior Mezzanine Borrower, Mortgage Borrower,
Maryland Owner, Master Tenant, Operator, Guarantor or any other Restricted
Party or any Affiliate thereof interferes in any manner with the exercise of
any of the rights, powers, privileges and other remedies available to Lender or
Servicer under the Loan Documents or otherwise fails to cooperate (in each case
at no cost to Guarantor) to enable Lender to obtain the benefit of, including
without limitation, the transfer to Lender or its qualified designee, or
cooperation in each case with Lender with respect to the reissuance to Lender
or its designee, of all material Health Care Licenses. As used herein “Requisite Operators” shall mean more than 10 individual
Operators in the aggregate over the term of this Loan, and shall include in the
aggregate all individual Operators that were subject to all subclauses of
clause (A) above.

 

Section 9.4.           Servicer.   At the option of Lender, the Loan may be
serviced by a servicer/trustee (the “Servicer”)
selected by Lender, from time to time, and Lender may delegate all or any
portion of its responsibilities under this Agreement and the other Loan
Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Lender and Servicer. Borrower
shall be responsible for any reasonable set-up fees or other initial costs
relating to or arising under the Servicing Agreement; provided, however,
that

 

129

 

Borrower shall not be responsible for the monthly
servicing fee due to the Servicer under the Servicing Agreement.

 

Section 9.5.           Component
Notes.   (a) Lender, without in any way limiting Lender’s
other rights hereunder, in its sole and absolute discretion, shall have the
right at any time to require Borrower to execute and deliver “component” notes
(including senior and junior notes), which notes, subject to the provisions
hereof, may be paid in such order of priority as may be designated by Lender; provided
that, (i) the aggregate principal amount of such “component” notes shall
equal the outstanding principal balance of the Loan immediately prior to the
creation of such “component” notes, (ii) the weighted average interest
rate spread of all such “component” notes shall on the date created equal the
weighted average interest rate spread which was applicable to the Loan
immediately prior to the creation of such “component” notes (other than during
the continuance of an Event of Default due to the application of a principal
payment), (iii) the aggregate of the debt service payments on all such
“component” notes shall on the date created equal the debt service payment
which was due under the Loan immediately prior to the creation of such component
notes and (iv) the other terms and provisions of each of the “component”
notes shall be identical in substance and substantially similar in form to the
Loan Documents. Except during the continuance of an Event of Default, all
amounts applied to repayment of principal hereunder shall be applied pro rata
and pari passu against the portions of the Debt evidenced by the various
“component” notes. Borrower shall cooperate with all reasonable requests of
Lender in order to establish the “component” notes and shall execute and
deliver such documents as shall reasonably be required by Lender and any Rating
Agency in connection therewith, all in form and substance reasonably
satisfactory to Lender and satisfactory to any Rating Agency, provided
that such documents are in form and substance substantially similar to the Loan
Documents including the severance of security documents if requested. In the
event Borrower fails to execute and deliver such documents to Lender within ten
(10) days following such request by Lender, Borrower hereby absolutely and
irrevocably appoints Lender as its true and lawful attorney, coupled with an
interest, in its name and stead to make and execute all such documents
necessary or desirable to effect such transactions, Borrower ratifying all that
such attorney shall do by virtue thereof. Upon issuance of the “component”
notes, the original Note(s) shall be returned to Borrower.

 

(b)           With
respect to (i) the period prior to and including the Closing Date, Borrower,
and (ii) the period subsequent to the Closing Date, Lender, shall be
responsible for all costs and expenses incurred by Borrower and Lender in
connection with Borrower’s complying with its obligations under this Section 9.5
(including legal fees and costs incurred by Borrower and Lender).

 

(c)           It
shall be an Event of Default under this Agreement, the Note and the other Loan
Documents if Borrower fails to comply with any of the terms, covenants or
conditions of this Section 9.5 after the expiration of thirty (30)
days notice thereof or such shorter period of time as may be requested by
Lender due to Lender’s then current anticipated schedule of any sale,
assignment or participation of the Loan (which shorter period of time shall in
no event be less than ten (10) days), which notice shall contain all
documentation Borrower is being asked to execute and deliver.

 

130

 

Section 9.6.           Mezzanine
Loans.    (a) Lender, without in any way limiting Lender’s
other rights hereunder, in its sole and absolute discretion, shall have the
right at any time to create one or more mezzanine loans (and to reallocate the
Release Amounts among the Loan and the mezzanine loan(s) on a pro rata
basis); provided that (i) the aggregate principal amount of the
Loan and such mezzanine loan(s) shall equal the outstanding principal
balance of the Loan immediately prior to the creation of such mezzanine
loan(s), (ii) the weighted average interest rate spread of the Loan and
all such mezzanine loan(s) shall on the date created equal the weighted
average interest rate spread which was applicable to the Loan immediately prior
to the creation of such mezzanine loan(s) (other than during the
continuance of an Event of Default due to the application of a principal
payment) and (iii) the aggregate of the debt service payments on the Loan
and all such mezzanine loan(s) shall on the date created equal the debt
service payment which was due under the Loan immediately prior to the creation
of such mezzanine loan(s). Except during the continuance of an Event of
Default, all amounts applied to repayment of principal shall be applied pro
rata and pari passu to the Loan and such mezzanine loans. Each of Borrower
shall cooperate with all reasonable requests of Lender in order to establish
such mezzanine loan(s) and shall execute and deliver such documents as
shall reasonably be required by Lender and any Rating Agency in connection
therewith, all in form and substance substantially similar to the applicable
Loan Documents and reasonably satisfactory to Lender and satisfactory to any
Rating Agency, including the severance of security documents if requested.
Additionally, Borrower shall cause the formation of one or more
special-purpose, bankruptcy-remote entities as required by Lender in order to
serve as the borrower under any such mezzanine loan(s), and the applicable
organizational documents of Borrower shall be amended and modified as necessary
or required in the formation of any such new mezzanine borrower. Further, in
connection with any such new mezzanine loan(s), Borrower shall deliver to
Lender opinions of legal counsel with respect to due execution, authority and
enforceability of such mezzanine loan(s) and the Loan Documents, as
amended, an Additional Insolvency Opinion for the Loan, a substantive
non-consolidation opinion with respect to any such mezzanine loan(s) and
such other opinions as are reasonably requested by Lender, each as reasonably
acceptable to Lender and/or the Rating Agencies. Borrower shall also deliver an
Eagle-9 (or similar) title insurance policy with respect to the collateral to
be pledged in connection with any such mezzanine loan(s), an endorsement to the
owner’s title insurance policy and such other agreements and documents as are
reasonably requested by Lender. In the event Borrower fails to execute and
deliver such documents to Lender within thirty (30) days following such request
by Lender or such shorter period of time as may be requested by Lender due to
Lender’s then current anticipated schedule of any Securitization, Borrower
hereby absolutely and irrevocably appoints Lender as its true and lawful
attorney, coupled with an interest, in its name and stead to make and execute
all documents necessary or desirable to effect such transactions, each of
Borrower ratifying all that such attorney shall do by virtue thereof.

 

(b)           With
respect to (i) the period prior to and including the Closing Date, Borrower,
and (ii) the period subsequent to the Closing Date, Lender, shall be
responsible for all costs and expenses incurred by Borrower and Lender in
connection with Borrower’s complying with its obligations under this Section 9.6
(including legal fees and costs incurred by Borrower and Lender).

 

(c)           It
shall be an Event of Default under this Agreement, the Note and the other Loan
Documents if Borrower fails to comply with any of the terms, covenants or

 

131

 

conditions of this Section 9.6 after the
expiration of thirty (30) days notice thereof or such shorter period of time as
may be requested by Lender due to Lender’s then current anticipated schedule of
any sale, assignment or participation of the Loan (which shorter period of time
shall in no event be less than ten (10) days), which notice shall contain
all documentation Borrower is being asked to execute and deliver.

 

Section 9.7.           Administration
of Bankruptcy Claims.    In the event that the Mortgage Loan is no
longer outstanding, Borrower and Lender agree that, with respect to the Master
Lease and each Operating Lease with respect to the Properties, each Borrower
hereby transfers, and shall cause Mortgage Borrower and Maryland Owner to
transfer, to Lender, in the event of any proceeding involving Master Tenant or
any Operator under the Bankruptcy Code or any similar proceeding, all of such
Borrower’s, Senior Mezzanine Borrower’s, Mortgage Borrower’s and Maryland
Owner’s rights to (a) file any proof of such claims, (b) cast any
votes relating to any claims of such Borrower, Senior Mezzanine Borrower,
Mortgage Borrower or Maryland Owner against Master Tenant or such Operator, as
the case may be, in such proceedings, (c) collect and receive any
dividends payable with respect to such claims, (d) take any action or
commence any proceeding to collect such claims, (e) file any motion for relief
from the stay imposed under Section 362(a) of the Bankruptcy Code or
any similar statute, (f) file any motion to compel Master Tenant or such
Operator to assume or reject the applicable Leases under the Bankruptcy Code or
any similar statute, or (g) take any other actions to collect or protect
such claims, and Lender shall use commercially reasonable efforts to enforce
and exercise such rights. Borrower agrees that Lender shall be the sole party
permitted to participate in the administration of the estate of Master Tenant
or Operator under any proceeding under the Bankruptcy Code or any similar
statute with respect any such claims.

 

Section 9.8.           Uncross
of Properties. 

 

If pursuant to Section 9.8 of the Mortgage Loan
Agreement any Affected Property is uncrossed from the Mortgage Loan with the
consent of Mortgage Lender as required thereunder (a “Property
Uncross”), Borrower shall cause Mortgage Borrower and Maryland Owner
to cooperate with (a) Mortgage Lender in connection with the obligations
of Mortgage Borrower with respect to such Property Uncross and (b) Lender
in connection with any corresponding uncrossing or severing of a pro rata
portion of the Loan and/or such other modifications to the Loan as Lender may
reasonably require in connection with any Property Uncross, in each case at no
cost or expense to Borrower.

 

X.            MISCELLANEOUS

 

Section 10.1.        Survival.    This Agreement and all covenants,
agreements, representations and warranties made herein and in the certificates
delivered pursuant hereto shall survive the making by Lender of the Loan and
the execution and delivery to Lender of the Note, and shall continue in full
force and effect so long as all or any of the Debt is outstanding and unpaid
unless a longer period is expressly set forth herein or in the other Loan
Documents. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the legal representatives, successors
and assigns of such party. All covenants, promises and agreements in this Agreement,
by or on behalf of Borrower, shall inure to the benefit of the legal
representatives, successors and assigns of Lender.

 

132

 

Section 10.2.        Lender’s
Discretion.    Whenever
pursuant to this Agreement, Lender exercises any right given to it to approve
or disapprove, or any arrangement or term is to be satisfactory to Lender, the
decision of Lender to approve or disapprove or to decide whether arrangements
or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole discretion of Lender and shall be
final and conclusive absent manifest error. Whenever this Agreement expressly
provides that Lender may not withhold its consent or its approval of an
arrangement or term, such provisions shall also be deemed to prohibit Lender
from delaying or conditioning such consent or approval.

 

Section 10.3.        Governing
Law.        (A) THIS
AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER
AND ACCEPTED BY BORROWER IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN
DELIVERED PURSUANT HERETO WERE DISBURSED FROM TILE STATE OF NEW YORK, WHICH
STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO
THE UDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING,
WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION,
VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS
AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF
CONFLICTS OF LAWS OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL
TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS
AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN
DOCUMENTS (EXCEPT THAT THE CREATION OF A SECURITY INTEREST IN ALL PERSONAL
PROPERTY (INCLUDING WITHOUT LIMITATION THE ACCOUNTS) SHALL BE GOVERNED BY
ARTICLE 9 OF THE UCC AS IN EFFECT IN THE STATE OF NEW YORK AND THE
PERFECTION AND PRIORITY OF WHICH SHALL BE GOVERNED BY THE LAW OF THE
JURISDICTION APPLICABLE THERETO IN ACCORDANCE WITH SECTIONS 9-301 THROUGH 9-307
OF THE UCC AS IN EFFECT IN THE STATE OF NEW YORK) SHALL BE GOVERNED BY AND
CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE INDIVIDUAL
PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT
PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL
GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND
ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH OF LENDER AND BORROWER HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION
GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS
AGREEMENT, THE NOTE AND, THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND
CONSTRUED IN

 

133

 

ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL
OBLIGATIONS LAW.

 

(B)          ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR
BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS
MAY AT ANY SUCH PARTY’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT
IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW AND EACH PARTY WAIVES ANY OBJECTIONS WHICH
IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF
ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH PARTY HEREBY IRREVOCABLY SUBMITS
TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.
BORROWER DOES HEREBY DESIGNATE AND APPOINT:

 

	
   

  	
  CT Corporation System

  	
   

  
	
   

  	
  111 Eighth Avenue

  	
   

  
	
   

  	
  New York, New York 10011

  	
   

  

 

AS ITS AUTHORIZED AGENT TO ACCEPT
AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE
SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN
NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID
ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE
MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF
PROCESS UPON SUCH PARTY IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF
NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS
OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME
TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW
YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND
ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW
YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.

 

Section 10.4.        Modification, Waiver in Writing. No
modification, amendment, extension, discharge, termination or waiver of any
provision of this Agreement, or of the Note, or of any other Loan Document, nor
consent to any departure by Borrower therefrom, shall in any event be effective
unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only
in the specific instance, and for the purpose, for which given. Except as
otherwise expressly provided herein, no notice to, or demand on Borrower, shall
entitle Borrower or Lender to any other or future notice or demand in the same,
similar or other circumstances.

 

134

 

Section 10.5.        Delay Not a Waiver. Neither
any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any
right, power, remedy or privilege hereunder, or under the Note or under any
other Loan Document, or any other instrument given as security therefor, shall
operate as or constitute a waiver thereof, nor shall a single or partial
exercise thereof preclude any other future exercise, or the exercise of any
other right, power, remedy or privilege. In particular, and not by way of
limitation, by accepting payment after the due date of any amount payable under
this Agreement, the Note or any other Loan Document, Lender shall not be deemed
to have waived any right either to require prompt payment of all other amounts
due under this Agreement, the Note or the other Loan Documents, or to declare a
default for failure to effect prompt payment of any such other amount.

 

Section 10.6.        Notices. All
notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective
for all purposes if hand delivered or sent by (a) certified or registered
United States mail, postage prepaid, return receipt requested or
(b) expedited prepaid delivery service, either commercial or United States
Postal Service, with proof of attempted delivery, addressed as follows (or at
such other address and Person as shall be designated from time to time by any
party hereto, as the case may be, in a notice to the other parties hereto in
the manner provided for in this Section 10.6):

 

	
  If to Lender:

  	
  JPMorgan Chase Bank, N.A.

  
	
   

  	
  c/o Centerline Servicing
  Inc.

  
	
   

  	
  5221 N. O’Connor Blvd.,
  Suite 600

  
	
   

  	
  Irving, Texas 75039

  
	
   

  	
  Attention: John Roach

  
	
   

  	
  Senior Vice President,
  Asset Management

  
	
   

  	
   

  
	
  and:

  	
  Column
  Financial, Inc.

  
	
   

  	
  11 Madison Avenue

  
	
   

  	
  New York, New York 10010

  
	
   

  	
  Attention: Susana
  Iannicelli

  
	
   

  	
   

  
	
  with a copy to:

  	
  Column
  Financial, Inc.

  
	
   

  	
  One Madison Avenue

  
	
   

  	
  New York, New York 10019

  
	
   

  	
  Legal and Compliance
  Department

  
	
   

  	
  Attention: Casey
  McCutcheon, Esq.

  
	
   

  	
   

  
	
  and:

  	
  Bank of America, N.A.

  
	
   

  	
  Capital Markets Servicing
  Group

  
	
   

  	
  900 West Trade Street,
  Suite 650

  
	
   

  	
  Mail Code: NC1-026-06-0l

  
	
   

  	
  Charlotte, North Carolina
  28255

  
	
   

  	
  Telephone: (866) 531-0957

  

 

135

 

	
  with a copy to: 

  	
  Cadwalader,
  Wickersham & Taft LLP

  
	
   

  	
  One World Financial Center

  
	
   

  	
  New York, New York 10281

  
	
   

  	
  Attention: Fredric L.
  Altschuler, Esq. and

  
	
   

  	
  Steven M.
  Herman, Esq.

  
	
   

  	
   

  
	
  If to Borrower:

  	
  HCR VII Properties, LLC

  
	
   

  	
  333 N. Summit Street

  
	
   

  	
  Toledo, Ohio 43604

  
	
   

  	
  Attention: Chief Legal
  Officer

  
	
   

  	
   

  
	
  with a copy to:

  	
  HCR VII Properties, LLC

  
	
   

  	
  333 N. Summit Street

  
	
   

  	
  Toledo, Ohio 43604

  
	
   

  	
  Attention: Chief Financial
  Officer

  
	
   

  	
   

  
	
  and:

  	
  Latham & Watkins
  LLP

  
	
   

  	
  885 Third Avenue

  
	
   

  	
  New York, New York 10022

  
	
   

  	
  Attention:
  James I. Hisiger, Esq.

  

 

A notice shall be deemed to
have been given: (i) in the case of hand delivery, at the time of delivery
on a Business Day, or if not a Business Day, the next succeeding Business Day;
(ii) in the case of registered or certified mail, three (3) Business
Days after transmittal; or (iii) in the case of expedited prepaid
delivery, upon the first Business Day subsequent to transmittal.

 

Section 10.7.        Trial by Jury. EACH PARTY
HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY
JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH
RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY
CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS
WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH
PARTY, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE
AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH PARTY IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE
EVIDENCE OF THIS WAIVER BY EACH PARTY.

 

Section 10.8.        Headings. The
Article and/or Section headings and the Table of Contents in this
Agreement or in any other Loan Document are included herein and therein for
convenience of reference only and shall not constitute a part of this Agreement
or any other Loan Document for any other purpose.

 

Section 10.9.        Severability. Wherever
possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law,

 

136

 

such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of
this Agreement.

 

Section 10.10.      Preferences. Upon the
occurrence and during the continuance of an Event of Default, Lender shall have
the continuing and exclusive right to apply or reverse and reapply any and all
payments by Borrower to any portion of the obligations of Borrower hereunder.
To the extent Borrower makes a payment or payments to Lender, which payment or
proceeds or any part thereof are subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid to a trustee,
receiver or any other party under any bankruptcy law, state or federal law,
common law or equitable cause, then, to the extent of such payment or proceeds
received, the obligations hereunder or part thereof intended to be satisfied
shall be revived and continue in full force and effect, as if such payment or
proceeds had not been received by Lender.

 

Section 10.11.      Waiver of Notice. Borrower
hereby expressly waives, and shall not be entitled to, any notices of any
nature whatsoever from Lender except with respect to matters for which this
Agreement or the other Loan Documents specifically and expressly provide for
the giving of notice by Lender to Borrower and except with respect to matters
for which Borrower is not, pursuant to applicable Legal Requirements, permitted
to waive the giving of notice.

 

Section 10.12.      Remedies of Borrower. In the event
that a claim or adjudication is made that Lender or its agents have acted
unreasonably or unreasonably delayed acting in any case where by law or under
this Agreement or the other Loan Documents, Lender or such agent, as the case
may be, has an obligation to act reasonably or promptly, Borrower agrees that
neither Lender nor its agents shall be liable for any monetary damages, and
Borrower’s sole remedies shall be limited to commencing an action seeking
injunctive relief or declaratory judgment. The parties hereto agree that any
action or proceeding to determine whether Lender has acted reasonably shall be
determined by an action seeking declaratory judgment.

 

Section 10.13.      Expenses; Indemnity.
(a) Borrower covenants and agrees to pay or, if Borrower fails to pay, to
reimburse Lender within ten (10) Business Days of demand therefor by
Lender for all reasonable costs and expenses (including reasonable attorneys’
fees and disbursements) incurred by Lender in connection with (i) the
preparation, negotiation, execution and delivery of this Agreement and the
other Loan Documents and the consummation of the transactions contemplated
hereby and thereby and all the costs of furnishing all opinions by counsel for
Borrower (including any opinions requested by Lender as to any legal matters
arising under this Agreement or the other Loan Documents with respect to the
Collateral); (ii) Borrower’s ongoing performance of and compliance with
Borrower’s respective agreements and covenants contained in this Agreement and
the other Loan Documents on its part to be performed or complied with after the
Closing Date, including confirming compliance with environmental, healthcare
and insurance requirements; (iii) Lender’s ongoing performance and
compliance with all agreements and conditions contained in this Agreement and
the other Loan Documents on its part to be performed or complied with after the
Closing Date; (iv) the negotiation, preparation, execution, delivery and
administration of any consents, amendments, waivers or other modifications to
this Agreement and the other Loan Documents and any other

 

137

 

documents or matters
reasonably requested by Lender; (v) securing Borrower’s compliance with
any requests made pursuant to the provisions of this Agreement; (vi) the
filing and recording fees and expenses, title insurance and reasonable fees and
expenses of counsel for providing to Lender all required legal opinions, and
other similar expenses incurred in creating and perfecting the Liens in favor
of Lender pursuant to this Agreement and the other Loan Documents;
(vii) enforcing or preserving any rights, either in response to third
party claims or in prosecuting or defending any action or proceeding or other
litigation, in each case against, under or affecting Borrower, this Agreement,
the other Loan Documents, the Collateral, or any other security given for the
Loan; and (viii) enforcing any obligations of or collecting any payments due
from Borrower under this Agreement, the other Loan Documents or with respect to
the Collateral or in connection with any refinancing or restructuring of the
credit arrangements provided under this Agreement in the nature of a “work-out”
or of any insolvency or bankruptcy proceedings; provided, however,
that Borrower shall not be liable for the payment of any such costs and
expenses to the extent the same arise by reason of the gross negligence,
illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due
and payable to Lender may be paid from any amounts in the First Mezzanine
Deposit Account. For the avoidance of doubt, nothing in this Section 10.13(a) is
intended to obligate Borrower to pay any costs or expenses which Lender is
expressly obligated to pay under Section 9.5, 9.6 or 9.8
or any other provision of this Agreement as well as any other costs incurred
after the Closing Date relating to a Securitization.

 

(b)           Borrower shall indemnify, defend and hold Lender harmless
from and against any and all other liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, claims, costs, expenses and disbursements
of any kind or nature whatsoever (including, the reasonable fees and
disbursements of counsel for Lender), that may be imposed on, incurred by, or
asserted against Lender in any manner relating to or arising out of
(i) any breach by Borrower of its obligations under, or any material
misrepresentation by Borrower contained in, this Agreement or the other Loan
Documents, (ii) the use or intended use of the proceeds of the Loan,
(iii) all paid and unpaid liability claims, including Medicare and
Medicaid claims, in connection with the Properties and any other prior
liability of the Prior Owners, (iv) the Interest Rate Cap Agreement or any
of the duties, responsibilities or obligations of Borrower thereunder, (v) the
Leases or any of the duties, responsibilities or obligations of Mortgage
Borrower, Master Tenant or any Operator thereunder or (vi) the
transactions contemplated by the Cash Management Agreement (collectively, the “Indemnified Liabilities”); provided, however,
that Borrower shall not have any obligation to Lender hereunder to the extent
that such Indemnified Liabilities arise from the gross negligence, illegal
acts, fraud or willful misconduct of Lender. To the extent that the undertaking
to indemnify, defend and hold harmless set forth in the preceding sentence may
be unenforceable because it violates any law or public policy, Borrower shall
pay the maximum portion that it is permitted to pay and satisfy under
applicable law to the payment and satisfaction of all Indemnified Liabilities
incurred by Lender.

 

(c)           Borrower covenants and agrees to pay for or, if Borrower
fails to pay, to reimburse Lender for (other than pursuant to
Section 10.13(a)), any fees and expenses incurred by any Rating Agency
in connection with any Rating Agency review of the Loan, the Loan Documents or
any transaction contemplated thereby or any consent, approval, waiver or
confirmation obtained from such Rating Agency pursuant to the terms and
conditions of this Agreement or any other Loan Document and Lender shall be
entitled to require payment of such

 

138

 

fees and expenses as a
condition precedent to the obtaining of any such consent, approval, waiver or
confirmation.

 

Section 10.14.      Schedules Incorporated. The Schedules
annexed hereto are hereby incorporated herein as a part of this Agreement with
the same effect as if set forth in the body hereof.

 

Section 10.15.      Offsets, Counterclaims and Defenses. Any assignee
of Lender’s interest in and to this Agreement, the Note and the other Loan
Documents shall take the same free and clear of all offsets, counterclaims or
defenses which are unrelated to such documents which Borrower may otherwise
have against any assignor of such documents, and no such unrelated counterclaim
or defense shall be interposed or asserted by Borrower in any action or
proceeding brought by any such assignee upon such documents and any such right
to interpose or assert any such unrelated offset, counterclaim or defense in
any such action or proceeding is hereby expressly waived by Borrower.

 

Section 10.16.      No Joint Venture or Partnership; No
Third Party Beneficiaries. (a) Borrower and
Lender intend that the relationships created hereunder and under the other Loan
Documents be solely that of borrower and lender. Nothing herein or therein is
intended to create a joint venture, partnership, tenancy-in-common, or joint
tenancy relationship between Borrower and Lender nor to grant Lender any
interest in the Properties other than that of mortgagee, beneficiary or lender.

 

(b)           This Agreement and the other Loan Documents are solely for
the benefit of Lender and Borrower, and nothing contained in this Agreement or
the other Loan Documents shall be deemed to confer upon anyone other than
Lender and Borrower any right to insist upon or to enforce the performance or
observance of any of the obligations contained herein or therein. All conditions
to the obligations of Lender to make the Loan hereunder are imposed solely and
exclusively for the benefit of Lender and no other Person shall have standing
to require satisfaction of such conditions in accordance with their terms or be
entitled to assume that Lender will refuse to make the Loan in the absence of
strict compliance with any or all thereof and no other Person shall under any
circumstances be deemed to be a beneficiary of such conditions, any or all of
which may be freely waived in whole or in part by Lender if, in Lender’s sole
discretion, Lender deems it advisable or desirable to do so.

 

Section 10.17.      Publicity. All news
releases, publicity or advertising by Borrower or its Affiliates through any
media intended to reach the general public which refers to the Loan Documents
or the financing evidenced by the Loan Documents, Lender, Column, BofA or any
of their respective Affiliates shall be subject to the prior reasonable
approval of Lender. All news releases, publicity or advertising by Lender or
its Affiliates which refers to Carlyle and Affiliates of Carlyle other than
Manor Care and Manor Care’s direct and indirect Subsidiaries, shall, except as
specified in the next succeeding sentence, be subject to the prior reasonable
approval of Borrower. For the avoidance of doubt, the mere identification by
Lender or Borrower of the Carlyle Group as the sponsor of Borrower in any such
release, publicity or advertising shall not require Borrower’s or Lender’s
consent.

 

139

 

Section 10.18.      Cross-Default, Cross-Collateralization;
Waiver of Marshalling of Assets. (a) Borrower
acknowledges that Lender has made the Loan to Borrower upon the security of its
collective interest in the Collateral and in reliance upon the aggregate of the
Collateral taken together being of greater value as collateral security than
the sum of each Borrower’s Collateral taken separately. Borrower agrees that
portions of the Collateral cross-collateralize and cross-default with other portions
of the Collateral so that (i) an Event of Default constitutes an Event of
Default with respect to each Borrower’s pledge of Collateral under the Pledge
Agreement which secures the Note; (ii) an Event of Default that is
continuing under the Note or this Loan Agreement shall constitute an Event of
Default under the Pledge Agreement; (iii) the Pledge Agreement shall
constitute security for the Note as if a single blanket lien were placed on all
of the Collateral as security for the Note; and (iv) such cross-collateralization
shall in no event be deemed to constitute a fraudulent conveyance.

 

(b)           To the fullest extent permitted by law, Borrower, for
itself and its successors and assigns, waives all rights to a marshalling of
the assets of Borrower, Borrower’s members and others with interests in
Borrower, and of the Collateral, or to a sale in inverse order of alienation in
the event of foreclosure upon the Collateral, and agrees not to assert any
right under any laws pertaining to the marshalling of assets, the sale in
inverse order of alienation, homestead exemption, the administration of estates
of decedents, or any other matters whatsoever to defeat, reduce or affect the
right of Lender under the Loan Documents to a sale of the Collateral for the
collection of the Debt without any prior or different resort for collection or
of the right of Lender to the payment of the Debt out of the net proceeds of
the Collateral in preference to every other claimant whatsoever. In addition,
Borrower, for itself and its successors and assigns, waives in the event of
foreclosure upon any or all of the Collateral, any equitable right otherwise
available to Borrower which would require the separate sale of any portion of
the Collateral or require Lender to exhaust its remedies against any portion of
the Collateral before proceeding against any other portion of the Collateral;
and further in the event of such foreclosure Borrower does each hereby
expressly consent to and authorize, at the option of Lender, the foreclosure and
sale either separately or together with any of the Collateral.

 

Section 10.19.      Waiver of Counterclaim. Borrower
hereby waives the right to assert a counterclaim, other than a compulsory
counterclaim, in any action or proceeding brought against it by Lender or its
agents. 

 

Section 10.20.      Conflict; Construction of Documents;
Reliance. In the event of any conflict between the provisions
of this Loan Agreement and any of the other Loan Documents, the provisions of
this Loan Agreement shall control. The parties hereto acknowledge that they
were represented by competent counsel in connection with the negotiation,
drafting and execution of the Loan Documents and that such Loan Documents shall
not be subject to the principle of construing their meaning against the party
which drafted same. Borrower acknowledges that, with respect to the Loan,
Borrower shall rely solely on its own judgment and advisors in entering into
the Loan without relying in any manner on any statements, representations or
recommendations of Lender or any parent, subsidiary or Affiliate of Lender.
Lender shall not be subject to any limitation whatsoever in the exercise of any
rights or remedies available to it under any of the Loan Documents or any other
agreements or instruments which govern the Loan by virtue of the ownership by
it or any parent, subsidiary or Affiliate of Lender of any equity interest any
of them may acquire in Borrower, and Borrower

 

140

 

hereby irrevocably waives
the right to raise any defense or take any action on the basis of the foregoing
with respect to Lender’s exercise of any such rights or remedies. Borrower
acknowledges that Lender engages in the business of real estate financings and
other real estate transactions and investments which may be viewed as adverse
to or competitive with the business of Borrower or its Affiliates.

 

Section 10.21.      Brokers and Financial Advisors. Borrower
hereby represents that it has dealt with no advisors, brokers, underwriters,
placement agents, agents or finders in connection with the transactions
contemplated by this Agreement other than Lender, JPMorgan, CS and BofA and
their respective Affiliates. Borrower hereby agrees to indemnify, defend and
hold Lender harmless from and against any and all claims, liabilities, costs
and expenses of any kind (including Lender’s reasonable attorneys’ fees and
expenses) in any way relating to or arising from a breach of the representation
set forth in this Section 10.21. The provisions of this Section 10.21
shall survive the expiration and termination of this Agreement and the payment
of the Debt.

 

Section 10.22.      Prior Agreements. This Agreement
and the other Loan Documents contain the entire agreement of the parties hereto
and thereto in respect of the transactions contemplated hereby and thereby, and
all prior agreements among or between such parties, whether oral or written,
including the Commitment Letter dated July 2, 2007 among Borrower, Lender,
JPMorgan Securities Inc., Column, Credit Suisse Securities (USA) LLC, Credit
Suisse Cayman Islands Branch, BofA, Bank of America Securities LLC and Mergerco
are superseded by the terms of this Agreement and the other Loan Documents.

 

Section 10.23.      Authority to File. In connection
with this Agreement and the transactions contemplated hereby, Borrower does
hereby authorize Lender to file with the Secretary of State of the State of
Delaware, the “all assets” UCC-1 Financing Statement attached hereto as Schedule
10.23, which UCC-1 Financing Statement names the Borrower as debtor and
Lender as secured party.

 

Section 10.24.      Agent’s Register. Lender, in its
capacity as collateral agent (the “Registrar”),
and, solely for this purpose, as non-fiduciary agent of Borrower, shall, at no
cost to Borrower, maintain a register (the “Agent’s
Register”) showing the names and addresses of the Noteholders and
the principal amount of the Loan (and the stated interest thereon (the “Registered Loan”)) held by the Noteholders from time to
time. The entries in Agent’s Register shall be conclusive, in the absence of
manifest error, and Borrower, Maryland Owner, Lender and the other Noteholders
shall treat each Person whose name is recorded in Agent’s Register as the owner
the Note for all purposes of this Agreement and the other Loan Documents,
notwithstanding any notice to the contrary. Any assignment of the Note shall be
effective only upon appropriate entries with respect thereto being made in the
Agent’s Register. The Agent’s Register shall be available for inspection by
Borrower or any Noteholder at any reasonable time and from time to time upon
reasonable prior notice. A Registered Loan (and the registered note, if any,
evidencing the same) may be assigned or sold in whole or in part only by
registration of such assignment or sale on the Agent’s Register, which
registration the Registrar shall effect immediately upon receipt of assignment
documentation. Any assignment or sale of all or part of such Registered Loan
(and the registered note, if any evidencing the same) may be effected only by
registration of such assignment or sale on the Agent’s Register, together with
the surrender of

 

141

 

the registered note, if any,
evidencing the same duly endorsed by (or accompanied by a written instrument of
assignment or sale duly executed by) the holder of such registered note,
whereupon, at the request of the designated assignee(s) or transferee(s),
one or more new registered notes in the same aggregate principal amount shall
be issued to the designated assignee(s) or transferee(s). Prior to the
registration of assignment or sale of any Registered Loan (and the registered
note, if any, evidencing the same), Borrower shall treat the Person in whose
name such Registered Loan (and the registered note, if any evidencing the same)
is registered as the owner thereof for the purpose of receiving all payments
thereon and for all other purposes.

 

Section 10.25.      Disclosure. Borrower
authorizes Lender and each other Noteholder to disclose to any participant or
assignee of Lender or such Noteholder and any prospective participant or
assignee of Lender or such other Noteholder and the Rating Agencies and their
respective counsel, any and all financial and other information in Lender’s or
such other Noteholder’s possession concerning any Restricted Party and their
respective Affiliates which has been delivered by or on behalf of and at the
direction of such Restricted Party or otherwise obtained in connection with the
Loan, together with any or all of the Loan Documents and any reports, studies,
appraisals or other matters provided or obtained by Lender or such other
Noteholder in connection with the Loan. Notwithstanding any provision hereof to
the contrary (including any confidentiality obligations between Borrower and
its Affiliates, on the one hand, and Lender and its Affiliates on the other hand),
Borrower, and its subsidiaries and Affiliates that are a party to the Master
Lease and the subleases thereunder acknowledge and agree that, to the extent
necessary to comply with any applicable law or any rule or regulation
(including accounting rules and regulations) promulgated by any
governmental authority, Lender (including its Affiliates, successors and
assigns) shall be entitled to publicly disclose (i) any information
relating to the Loan, the Collateral, the Senior Mezzanine Collateral, the
Properties, the Borrower, the Senior Mezzanine Borrower, the Mortgage Borrower,
its subsidiaries and its Affiliates that are a party to the Master Lease and
the subleases thereunder required by applicable law, rule or regulation
(including accounting rules and regulations) as the same may be amended
from time to time, and (ii) metrics relating to the Loan, the Collateral,
the Senior Mezzanine Collateral and the Properties of the type described on Schedule
10.25 attached hereto or any substantially similar information relating to
the Loan, the Collateral, the Senior Mezzanine Collateral and the Properties
(collectively, the “Public Information”)
to the extent such information is in Lender’s possession; provided, however,
that, (x) except as expressly permitted above, this provision shall not
permit public disclosure of any financial statements of Borrower or its
Affiliates or any information other than the Public Information and (y) this
sentence shall not obligate Borrower and its Affiliates to provide any
information or complete any property appraisals not otherwise required by the
Loan Agreement.

 

Section 10.26.      Pledges. For the
avoidance of doubt, the parties to this Agreement acknowledge that Lender and
each Noteholder is expressly permitted to pledge, hypothecate and create
security interests in the Loan and the Note, including, without limitation, to
any Federal Reserve Bank or other central bank or similar institution in accordance
with applicable law.

 

Section 10.27.      Lender; Collateral Agent. The parties
hereto acknowledge and agree that notwithstanding anything contained in this
Agreement or in any other Loan Document

 

142

 

to the contrary,
(a) the Noteholders are advancing the Loan to Borrower hereunder, and
Lender is acting in the capacity as collateral agent for the Noteholders for
all purposes under the Loan Documents, and (b) any statement in any Loan
Document to the effect that Lender is making or advancing the Loan shall be
construed to mean that the Noteholders are making or advancing the Loan.

 

Section 10.28.      Certain Additional Rights of Lender
(VCOC). Notwithstanding anything to the contrary contained
in this Agreement, Lender shall have:

 

(a)           the right to periodically consult with and offer advice to
Borrower’s management regarding the significant business activities and
business and financial developments of Borrower; provided, however,
that any such consultations shall not be binding on Borrower and provided,
further, that such consultations shall not include discussions of
environmental compliance programs or disposal of hazardous substances;

 

(b)           the right, subject to and in accordance with the terms of
this Agreement, to examine the books and records of Borrower at any reasonable
times upon reasonable notice;

 

(c)           the right, subject to and in accordance with the terms of
this Agreement, including, without limitation, Section 5.1.11
hereof, to receive quarterly and year-end financial reports, including balance
sheets, statements of income, shareholder’s equity and cash flow, a management
report and schedules of outstanding indebtedness;

 

(d)           subject to and in accordance with the Mortgage Loan
Agreement, the right, without restricting any other rights of Lender under this
Agreement (including any similar right), to approve any acquisition by Mortgage
Borrower of any other significant property (other than personal property
required for the day to day operation of the Property); and

 

(e)           the rights described above may be exercised by any entity
which owns and controls, directly or indirectly, substantially all of the
interests in Lender.

 

Section 10.29.      Lost Note. In the event
that the Note shall be lost or destroyed, or Lender shall otherwise be unable
to locate same, then Borrower shall, within five (5) Business Days after
request, at no cost to Borrower, execute and deliver to Lender a replacement
Note or Notes in the same form as the original Note, and such replacement Note
or Notes shall, for all purposes of the Loan Documents, constitute the “Note”.
In such event, Lender shall deliver to Borrower a lost note affidavit and
indemnification in customary form.

 

Section 10.30.      Maryland Owner. The parties
acknowledge and agree that Maryland Owner is not a Borrower hereunder and is
not an obligor of the Debt.

 

Section 10.31.      Tax Election.
Notwithstanding anything to the contrary contained herein, HCR IV Healthcare,
LLC shall have the right, at its option, to elect to be taxed as a corporation.

 

143

 

XI.           OKLAHOMA FACILITIES

 

Section 11.1.    Definitions. For purposes
of this Article Xl:

 

“Four Seasons” shall mean
Four Seasons Nursing Center, Inc., a Delaware corporation and a direct
wholly owned subsidiary of HCR Healthcare, LLC.

 

“Oklahoma Conditions” shall mean
that (a) all Oklahoma CONs and Oklahoma Licenses shall have been issued;
(b) all Oklahoma Sub-Subleases shall have been terminated and Four Seasons
shall have surrendered possession of the Oklahoma Facilities to the Oklahoma
Operators; (c) all agreements entered into between the Receiver and
Affiliates of Borrower and Maryland Owner shall have been terminated;
(d) all Oklahoma Operators shall have entered into all necessary
agreements to receive all payments from Government Payor and all applicable
private payor entities with respect to the Oklahoma Facilities; and
(e) all Oklahoma Operators shall have taken all steps necessary to
terminate and confirm the termination of, all rights of the Receiver with
respect to the Oklahoma Facilities and all such rights of the Receiver shall
have terminated.

 

“Oklahoma Facilities” shall mean,
individually and collectively, as the context requires, each of ManorCare
Health Services - Northwest located at 5301 North Brookline, Oklahoma City,
Oklahoma; ManorCare Health Services - Southwest located at 5600 South Walker,
Oklahoma City, Oklahoma; ManorCare Health Services - Midwest located at 2900
Parklawn Drive, Midwest City, Oklahoma; and ManorCare Health Services - Tulsa
located at 2425 South Memorial Drive, Tulsa, Oklahoma.

 

“Oklahoma Operators” shall mean,
individually and collectively, as the context requires, each of Manor Care of
Midwest City OK, LLC, Manor Care of Oklahoma City (Northwest), LLC, Manor Care
of Oklahoma City (Southwest), LLC, and Manor Care of Tulsa OK, LLC.

 

“Oklahoma Order Appointing
Receiver” shall mean that certain order dated December 20,
2007 and entered by the District Court of Oklahoma County, State of Oklahoma,
appointing the Receiver as receiver of the Oklahoma Facilities.

 

“Oklahoma Sub-Subleases” shall mean
those four (4) certain subleases dated as of the date hereof entered into
by each of the Oklahoma Operators, as sublandlords thereunder, in each case
with Four Seasons, as subtenant.

 

“Receiver” shall mean
Healing Solutions, LLC, an Oklahoma limited liability company in which Marissa
Lane (or her successor) is the managing member, as appointed receiver of the
Oklahoma Facilities by the District Court of Oklahoma County, State of Oklahoma
pursuant to the Oklahoma Order Appointing Receiver.

 

Section 11.2.    Representations and Warranties. Borrower
represents and warrants as of the Closing Date that: 

 

(a)           Borrower has caused Mortgage Borrower and Maryland Owner
to deliver to Lender true and complete copies of (i) the Oklahoma Order
Appointing Receiver; and (ii) the

 

144

 

Verified Unopposed Petition
for Appointment of Receiver filed by HCR Manor Care Services, Inc. in
connection therewith. Other than an Oath of the Receiver and a Receiver’s Bond,
no additional pleadings were filed in connection with the Oklahoma Order
Appointing Receiver. There are no written agreements or orders modifying,
amending, supplementing or restating such order or verified petition.

 

(b)           The Receiver is the holder of the initial licenses needed
to continue operations of the Oklahoma Facilities while proceedings on
applications for certificates of need (collectively, the “Oklahoma
CONs”) and licenses for the ownership and operation of the Oklahoma
Facilities (collectively, the “Oklahoma Licenses”)
submitted by the Oklahoma Operators are pending before the Oklahoma State
Department of Health (the “Oklahoma DOH”).
Appointment of the Receiver will enable the Oklahoma Facilities to continue to
provide resident care in compliance with Oklahoma law while the proceedings in
the Oklahoma DOH for approval of the Oklahoma CONs and issuance of the Oklahoma
Licenses are completed. Under Oklahoma law, the Oklahoma DOH will have the
ability to issue the Oklahoma CONs and the Oklahoma Licenses on or about
December 21, 2007, and Borrower and Maryland Owner expect that same will
be issued on or about said date, and have no reason to expect any unreasonable
delay in said issuance. Upon the issuance of the Oklahoma CONs and the Oklahoma
Licenses, Borrower shall cause Mortgage Borrower and Maryland Owner to cause
the filing of all pleadings necessary to terminate the receivership.

 

(c)           The Oklahoma Sub-Subleases (together with any certificates
and notifications entered into in connection therewith) provided to Lender on
the Closing Date are true, correct, accurate and complete copies of such
documents and constitute the entire agreement between the parties thereto with
respect to the subject matter thereof and there are no written agreements
modifying, amending, supplementing or restating such documents. No Rent under
the Oklahoma Sub-Subleases has been paid more than one (1) month in
advance of its due date, and no Rents or charges under the Oklahoma
Sub-Subleases have been waived, released or otherwise discharged or
compromised. There has been no prior Transfer of the Oklahoma Sub-Subleases or
of the Rents thereunder. Neither any Oklahoma Operator nor Four Seasons has
assigned its respective interest under any Oklahoma Sub-Sublease, nor, other
than pursuant to a Non-Material Lease, sublet all or any portion of any
Oklahoma Facility except to residents of the applicable Oklahoma Facility. No
Operator, nor to Borrower’s, Mortgage Borrower’s, Maryland Owner’s or Master
Tenant’s knowledge any other Person, has a right or option pursuant to any
Oklahoma Sub-Sublease or otherwise to purchase all or any part of any Oklahoma
Facility.

 

Section 11.3.    Covenants. Borrower
hereby covenants and agrees with Lender that: Borrower shall cause Mortgage
Borrower and Maryland Owner to use commercially reasonable efforts to cause the
Oklahoma Conditions to be satisfied as soon as reasonably practicable. Borrower
shall keep Lender apprised of the status of Mortgage Borrower’s and Maryland
Owner’s efforts to satisfy the Oklahoma Conditions. Within ten (10) days
after the satisfaction of the Oklahoma Conditions, Borrower shall give Lender
notice thereof; and

 

(b)           Borrower shall not permit Mortgage Borrower or Maryland
Owner to take or allow to exist, or suffer or permit to be taken or exist, any
action or state of facts with respect to any Oklahoma Sub-Sublease which, under
the terms of this Agreement, it would be prohibited

 

145

 

from taking or allowing to
exist, or suffering or permitting to be taken or exist, as applicable, with
respect to any Operating Lease subject in each case to the rights of the
Receiver.

 

Section 11.4.    Relationship to Other Provisions.
Notwithstanding anything to the contrary contained in this Agreement or in any
other Loan Document, neither the existence of the state of facts recited in
this Article XI, nor the taking of any action required or expressly permitted
under this Article XI, shall in and of itself constitute a breach of any
representation or warranty contained elsewhere in this Agreement or in any
other Loan Document, or a breach or violation of any other term of this
Agreement or any other Loan Document or otherwise constitute a default
hereunder or thereunder.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

146

 

IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed by their duly
authorized representatives, all as of the day and year first above written.

 

	
   

  	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HCR VII PROPERTIES, LLC,

  
	
   

  	
   

  	
  a Delaware limited
  liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE]

 

 

	
   

  	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JPMORGAN CHASE BANK, N.A.,

  
	
   

  	
   

  	
  a banking association
  chartered under the laws of the United States of America 

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  

 

 

SCHEDULE
I

 

MORTGAGE BORROWERS, INDIVIDUAL PROPERTIES,

INDIVIDUAL LEASEHOLD PROPERTIES, TYPE OF FACILITY AND

ALLOCATED LOAN AMOUNTS

 

(attached
hereto)

 

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-001

  	
   

  	
  498

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Tucson)

  3705 North Swan Road

  Tucson, Arizona

  	
   

  	
  SNF

  	
   

  	
  $

  	
  163,567.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-002

  	
   

  	
  378

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Citrus Heights)

  7807 Upland Way

  Citrus Heights, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,574,280.87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-003

  	
   

  	
  381

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Tice Valley

  1975 Tice Valley Boulevard

  Walnut Creek, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  606,422.50

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-004

  	
   

  	
  387

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Fountain Valley)

  11680 Warner Avenue

  Fountain Valley, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  539,269.02

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-005

  	
   

  	
  471

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Sunnyvale)

  1150 Tilton Drive

  Sunnyvale, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,725,019.67

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-006

  	
   

  	
  478

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Hemet)

  1717 West Stetson Avenue

  Hemet, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,298,002.77

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-007

  	
   

  	
  479

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Walnut Creek)

  1226 Rossmoor Parkway

  Walnut Creek, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,624,534.13

  	
   

  

 

(1)         NOTE: Mortgage Borrowers in
shaded cells are the Leasehold Mortgage Borrowers only with respect to the
corresponding Individual Property

(2)         NOTE: Individual Properties
in shaded cells are the Individual Leasehold Properties

(3)         SNF = skilled nursing
facility; ALF = assisted living facility.

 

1

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-008

  	
   

  	
  489

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Palm Desert)

  74-350 Country Club Drive

  Palm Desert, California

  	
   

  	
  SNF

  	
   

  	
  $

  	
  629,987.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-011

  	
   

  	
  374

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Denver

  290 South Monaco Parkway

  Denver, Colorado

  	
   

  	
  SNF

  	
   

  	
  $

  	
  457,689.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-012

  	
   

  	
  398

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Boulder

  2800 Palo Parkway

  Boulder, Colorado

  	
   

  	
  SNF

  	
   

  	
  $

  	
  967,660.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-013

  	
   

  	
  360

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of
  Farmington

  45 South Road

  Farmington, Connecticut

  	
   

  	
  ALF

  	
   

  	
  $

  	
  436,638.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-014

  	
   

  	
  637

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of
  Hamden

  153 Leeder Hill Drive

  Hamden, Connecticut

  	
   

  	
  ALF

  	
   

  	
  $

  	
  290,398.35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-015

  	
   

  	
  686

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of
  Avon

  100 Fisher Drive

  Avon, Connecticut

  	
   

  	
  ALF

  	
   

  	
  $

  	
  700,087.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-016 

  	
   

  	
  349

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of
  Wilmington

  700 1/2 Foulk Road

  Wilmington, Delaware

  	
   

  	
  ALF

  	
   

  	
  $

  	
   785,588.58 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  532

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Wilmington

  700 Foulk Road

  Wilmington, Delaware

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-017

  	
   

  	
  488

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Pike Creek

  5651 Limestone Road

  Wilmington, Delaware

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,571,277.31

  	
   

  

 

2

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-019

  	
   

  	
  332

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Palm Harbor

  2895 Tampa Road

  Palm Harbor, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  497,263.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-020 

  	
   

  	
  333

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Delray Beach

  16150 Jog Road

  Delray Beach, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,543,583.10 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  438

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Delray Beach)

  16200 Jog Road

  Delray Beach, Florida

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-021

  	
   

  	
  336

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Sarasota

  5509 Swift Road

  Sarasota, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  474,666.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-022 

  	
   

  	
  345

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of West Palm Beach

  2330 Village Boulevard

  West Palm Beach, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,077,409.23 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  493

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - West Palm Beach

  2300 Village Boulevard

  West Palm Beach, Florida

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-023

  	
   

  	
  371

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Seminole

  9300 Antilles Drive

  Seminole, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  267,114.73

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-024

  	
   

  	
  373

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Largo

  300 Highland Avenue

  Largo, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  331,935.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-025

  	
   

  	
  386

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Palm Harbor

  2851 Tampa Road

  Palm Harbor, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,473,482.83

  	
   

  

 

3

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-026

  	
   

  	
  420

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare
  Nursing & Rehabilitation Center (Naples)

  3601 Lakewood Boulevard

  Naples, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  816,463.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-028

  	
   

  	
  442

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Venice)

  1450 East Venice

  Venice, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  877,966.46

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-029

  	
   

  	
  443

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Carrollwood

  3030 West Bearss Avenue

  Tampa, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  969,951.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-030

  	
   

  	
  449

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of Lely
  Palms

  6125 Rattlesnake Hammock Road

  Naples, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  265,076.58

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-031

  	
   

  	
  454

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Heartland Health Care
  Center of South Jacksonville

  3648 University Boulevard South

  Jacksonville, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  799,511.03

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-033

  	
   

  	
  511

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare at Lely Palms

  1000 Lely Palms Drive

  Naples, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  771,473.53

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-034

  	
   

  	
  533

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Dunedin

  870 Patricia Avenue

  Dunedin, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  981,405.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-035

  	
   

  	
  534

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services - Sarasota

  5511 Swift Road 

  Sarasota, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,340,154.73

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-036

  	
   

  	
  535

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Boca Raton)

  375 N.W. 51st Street

  Boca Raton, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  943,835.27

  	
   

  

 

4

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-037

  	
   

  	
  536

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Boynton Beach

  3001 South Congress Avenue

  Boynton Beach, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,078,537.99

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-038

  	
   

  	
  537

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Plantation)

  6931 West Sunrise Boulevard

  Plantation, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  910,847.07

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-040

  	
   

  	
  3161

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Kendall

  9400 S.W. 137th Avenue

  Kendall, Florida

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  949,333.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-041

  	
   

  	
  3171

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Brooksville

  575 Lamar Avenue

  Brooksville, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  34,665.45

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-042

  	
   

  	
  3181

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Zephyrhills

  38220 Henry Drive

  Zephyrhills, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  722,537.99

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-043

  	
   

  	
  3191

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Tamarac

  5901 N.W. 79th Avenue

  Tamarac, Florida

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  766,522.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-044

  	
   

  	
  4092

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Boynton Beach

  3600 Old Boynton Road

  Boynton Beach, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  670,306.30

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-045

  	
   

  	
  4095

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Jacksonville

  8495 Normandy Boulevard

  Jacksonville, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  388,530.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-046

  	
   

  	
  4096

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Orange Park

  570 Wells Road

  Orange Park, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  510,862.28

  	
   

  

 

5

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-047

  	
   

  	
  4097

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Miami Lakes

  5725 N.W. 186th Street

  Hialeah, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,569,582.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-048

  	
   

  	
  4098

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Fort Myers

  1600 Matthew Drive

  Fort Myers, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  915,428.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-049

  	
   

  	
  4206

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Prosperity Oaks

  11375 Prosperity Farms Road

  Palm Beach Gardens, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  680,844.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-050

  	
   

  	
  4227

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Kensington Manor

  3250 12th Street

  Sarasota, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  230,809.73

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-051

  	
   

  	
  4266

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHC & Rehabilitation Center of Boca Raton

  7225 Boca Del Mar Drive

  Boca Raton, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  683,736.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-052

  	
   

  	
  4268

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care & Rehabilitation
  Center (Sarasota)

  5401 Sawyer Road

  Sarasota, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  432,602.42

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-053

  	
   

  	
  4296

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Lauderhill

  2599 N.W. 55th Avenue

  Lauderhill, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  350,192.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-054

  	
   

  	
  5434

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Ft. Myers

  15950 McGregor Boulevard

  Fort Myers, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  460,005.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-055

  	
   

  	
  5467

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Fort Myers)

  13881 Eagle Ridge Drive

  Fort Myers, Florida

  	
   

  	
  SNF

  	
   

  	
  $

  	
  948,942.84

  	
   

  

 

6

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-056

  	
   

  	
  5639

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Tampa

  14950 Casey Road

  Tampa, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  492,993.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-057

  	
   

  	
  5665

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Winter Springs

  1057 Willa Springs Drive

  Winter Springs, Florida

  	
   

  	
  ALF

  	
   

  	
  $

  	
  557,137.77

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-058

  	
   

  	
  429

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Rehabilitation Center - Marietta

  4360 Johnson Ferry Place

  Marietta, Georgia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  957,122.34

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-059

  	
   

  	
  614

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Rehabilitation Center - Decatur

  2722 North Decatur Road

  Decatur, Georgia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,115,192.01

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-060 

  	
   

  	
  356

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of South Holland

  2045 East 170th Street

  South Holland, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  476,499.40 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-061  

  	
   

  	
  357

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Palos Heights

  7880 West College Drive

  Palos Heights, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  2,732,540.92

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  441

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Palos Heights East

  7850 West College Drive

  Palos Heights, Illinois

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-062 

  	
   

  	
  359

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Elk Grove

  1940 Nerge Road

  Elk Grove Village, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  2,346,301.52

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  473

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Elk Grove Village

  1920 Nerge Road

  Elk Grove Village, Illinois

  	
   

  	
  SNF

  	
   

  

 

7

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-063

  	
   

  	
  388

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - South Holland

  2145 East 170th Street

  South Holland, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,335,595.36

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-064

  	
   

  	
  401

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Normal

  510 Broadway

  Normal, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,130,769.84

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-065

  	
   

  	
  402

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Peoria

  5600 Glen Elm Drive

  Peoria, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,468,901.09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-066

  	
   

  	
  403

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Decatur

  444 West Harrison Avenue

  Decatur, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  963,536.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-067

  	
   

  	
  405

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Naperville

  200 Martin Avenue

  Naperville, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  924,133.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-068

  	
   

  	
  406

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Kankakee

  900 West River Place

  Kankakee, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  597,457.07

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-069

  	
   

  	
  407

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Wilmette

  432 Poplar Drive

  Wilmette, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  21,761.35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-070

  	
   

  	
  430

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Champaign

  309 East Springfield Avenue

  Champaign, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  594,707.88

  	
   

  

 

8

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-071

  	
   

  	
  433

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Northbrook

  3240 Milwaukee Avenue

  Northbrook, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
   1,288,839.29 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  487

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Northbrook

  3300 Milwaukee Avenue

  Northbrook, Illinois

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-072

  	
   

  	
  440

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Libertyville

  1500 South Milwaukee

  Libertyville, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  454,965.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-074

  	
   

  	
  458

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Oak Lawn East

  9401 South Kostner Avenue

  Oak Lawn, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,184,375.98

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-075

  	
   

  	
  465

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Elgin

  180 South State Street

  Elgin, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  21,946.07

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-076

  	
   

  	
  468

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Hinsdale

  600 West Ogden Avenue

  Hinsdale, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  3,781,105.04

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-077

  	
   

  	
  469

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Oak Lawn West

  6300 West 95th Street

  Oak Lawn, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,453,781.30

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-079

  	
   

  	
  483

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Palos Heights West

  11860 Southwest Highway

  Palos Heights, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,304,033.44

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-081

  	
   

  	
  518

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Westmont

  512 East Ogden Avenue

  Westmont, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,375,433.91

  	
   

  

 

9

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-082

  	
   

  	
  522

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Rolling Meadows

  4225 Kirchoff Road

  Rolling Meadows, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  462,296.09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-083

  	
   

  	
  605

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Glen Ellyn

  2 South 706 Park Boulevard

  Glen Ellyn, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  782,558.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-084

  	
   

  	
  606

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Geneva

  2388 Bricher Road

  Geneva, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  776,144.13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-085

  	
   

  	
  628

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Hazel Crest

  3701 West 183rd Street

  Hazel Crest, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
  166,272.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-086

  	
   

  	
  3061

  	
   

  	
  HCR ManorCare. Properties, LLC

  	
   

  	
  HHCC - Galesburg

  280 East Losey Street

  Galesburg, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  256,311.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-087

  	
   

  	
  3071

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Macomb

  8 Doctors Lane

  Macomb, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  481,081.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-088

  	
   

  	
  3081

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Moline

  833 Sixteenth Avenue

  Moline, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,992,266.07

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-089

  	
   

  	
  3201

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Canton

  2081 North Main Street

  Canton, Illinois

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  306,975.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-090

  	
   

  	
  3211

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Henry

  1650 Indian TN Road - P.O. Box 215

  Henry, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  743,155.92

  	
   

  

 

10

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-091

  	
   

  	
  3221

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Paxton

  1001 East Pells Street

  Paxton, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  697,338.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-092

  	
   

  	
  4094

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Homewood

  940 Maple Avenue

  Homewood, Illinois

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,153,388.29

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-093 

  	
   

  	
  542 / 510

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Riverview

  500 Centennial Drive

  East Peoria, Illinois

  	
   

  	
  ALF

  	
   

  	
  $

  	
   1,486,769.24 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Riverview Senior Living Community

  500 Centennial Drive

  East Peoria, Illinois

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-096

  	
   

  	
  421

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Anderson)

  1345 North Madison Avenue

  Anderson, Indiana

  	
   

  	
  SNF

  	
   

  	
  $

  	
  117,934.78

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-097

  	
   

  	
  470

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Indy South)

  8549 South Madison Avenue

  Indianapolis, Indiana

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,265,930.82

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-098

  	
   

  	
  4019

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Prestwick

  445 South County Road 525 East

  Avon, Indiana

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,126,646.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-099 

  	
   

  	
  541 / 507

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Assisted Living at Summer Trace

  12999 North Pennsylvania Street

  Carmel, Indiana

  	
   

  	
  ALF

  	
   

  	
  $

  	
   849,451.79 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Summer Trace

  12999 North Pennsylvania Street

  Carmel, Indiana

  	
   

  	
  SNF

  	
   

  

 

11

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-101

  	
   

  	
  415

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Waterloo)

  201 West Ridgeway Avenue

  Waterloo, Iowa

  	
   

  	
  SNF

  	
   

  	
  $

  	
  520,483.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-102

  	
   

  	
  418

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Cedar Rapids)

  1940 1st Avenue N.E.

  Cedar Rapids, Iowa

  	
   

  	
  SNF

  	
   

  	
  $

  	
  815,547.12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-103

  	
   

  	
  423

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Davenport)

  815 East Locust Street

  Davenport, Iowa

  	
   

  	
  SNF

  	
   

  	
  $

  	
  873,735.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-104

  	
   

  	
  455

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Dubuque)

  901 West Third Street

  Dubuque, Iowa

  	
   

  	
  SNF

  	
   

  	
  $

  	
  533,762.15

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-105

  	
   

  	
  624

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - West Des Moines

  5010 Grand Ridge Drive

  West Des Moines, Iowa

  	
   

  	
  SNF

  	
   

  	
  $

  	
  969,629.96

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-106

  	
   

  	
  376

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services

  2515 S.W. Wanamaker

  Topeka, Kansas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  566,759.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-107

  	
   

  	
  484

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Overland Park)

  5211 West 103rd Street

  Overland Park, Kansas

  	
   

  	
  SNF / ALR

  	
   

  	
  $

  	
  1,178,877.88

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-108

  	
   

  	
  486

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Wichita)

  7101 East 21st North

  Wichita, Kansas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  275,413.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-109

  	
   

  	
  682

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Louisville

  10451 Linn Station Road

  Louisville, Kentucky

  	
   

  	
  ALF

  	
   

  	
  $

  	
  106,521.86

  	
   

  

 

12

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-110

  	
   

  	
  4055

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Christopher East Health
  Care Center

  4200 Browns Lane

  Louisville, Kentucky

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,424,435.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-111 

  	
   

  	
  344

  	
   

  	
  HCR ManorCare Maryland

  Properties II,  LLC

  	
   

  	
  Arden Courts of Pikesville

  8909 Reisterstown Road

  Pikesville, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
   611,171.59  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  519

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Springhouse of Pikesville

  8911 Reisterstown Road

  Pikesville, Maryland

  	
   

  	
  ALF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-113 

  	
   

  	
  353

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Arden Courts of Potomac

  10718 Potomac Tennis Lane

  Potomac, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
   2,670,557.96

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  538

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Potomac

  10714 Potomac Tennis Lane

  Potomac, Maryland

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-114

  	
   

  	
  461

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Springhouse of Bethesda

  4925 Battery Lane

  Bethesda, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
  649,230.27

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-115 

  	
   

  	
  462

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Springhouse of Silver Spring

  2201 Colston Drive

  Silver Spring, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
  428,849.46 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-116 

  	
   

  	
  490

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Silver Spring

  2501 Musgrove Road

  Silver Spring, Maryland

  	
   

  	
  SNF

  	
   

  	
  $ 

  	
  1,093,199.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  352

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Arden Courts of Silver Spring

  2505 Musgrove Road

  Silver Spring, Maryland

  	
   

  	
  ALF

  	
   

  

 

13

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-117

  	
   

  	
  501

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Wheaton

  11901 Georgia Avenue

  Wheaton, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  412,813.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-118

  	
   

  	
  505

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Towson

  509 East Joppa Road

  Towson, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  511,778.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-119

  	
   

  	
  506

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Roland Park

  4669 Falls Road

  Baltimore, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  394,028.32

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-120

  	
   

  	
  509

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Ruxton

  7001 North Charles Street

  Towson, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  378,442.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-122

  	
   

  	
  523

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Bethesda

  6530 Democracy Boulevard

  Bethesda, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  508,571.36

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-123

  	
   

  	
  524

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Chevy Chase

  8700 Jones Mill Road

  Chevy Chase, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,126,187.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-124

  	
   

  	
  525

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Rossville

  6600 Ridge Road

  Baltimore, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  863,593.71

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-125

  	
   

  	
  529

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Largo

  600 Largo Road

  Upper Marlboro, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  605,049.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-127

  	
   

  	
  627

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Woodbridge Valley

  1525 North Rolling Road

  Catonsville, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  759,191.79

  	
   

  

 

14

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-128

  	
   

  	
  629

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Arden Courts of Kensington

  4301 Knowles Avenue

  Kensington, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
  859,073.42

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-129

  	
   

  	
  636

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  Arden Courts of Towson

  8101 Bellona Avenue

  Towson, Maryland

  	
   

  	
  ALF

  	
   

  	
  $

  	
  699,629.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-130

  	
   

  	
  4056

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  ManorCare Health Services - Dulaney

  111  West Road

  Towson, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  319,776.71

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-131

  	
   

  	
  4066

  	
   

  	
  HCR ManorCare Maryland

  Properties II, LLC

  	
   

  	
  HHCC - Hyattsville

  6500 Riggs Road

  Hyattsville, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  817,837.88

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-132

  	
   

  	
  4079

  	
   

  	
  HCR ManorCare Maryland 

  Properties II, LLC

  	
   

  	
  HHCC - Adelphi

  1801 Metzerott Road

  Adelphi, Maryland

  	
   

  	
  SNF

  	
   

  	
  $

  	
  177,445.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-133

  	
   

  	
  355

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts Assisted Living Facility (Sterling
  Heights)

  11095 Fourteen Mile Road

  Sterling Heights, Michigan

  	
   

  	
  ALF

  	
   

  	
  $

  	
  530,105.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-134

  	
   

  	
  437

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Kingsford)

  1225 Woodward Avenue

  Kingsford, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  878,774.95

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-135

  	
   

  	
  621

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Oakland

  925 West South Boulevard

  Troy, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  957,886.82

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-136

  	
   

  	
  625

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Canton

  7025 Lilley Road

  Canton, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,665,329.27

  	
   

  

 

15

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-138

  	
   

  	
  4040

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Plymouth Court

  105 Haggerty Road

  Plymouth, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,112,378.27

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-139

  	
   

  	
  4041

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Dorvin

  29270 Morlock Street

  Livonia, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  727,604.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-140

  	
   

  	
  4042

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - University

  28550 Five Mile Road

  Livonia, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,051,930.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-141

  	
   

  	
  4043

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Dearborn Heights

  26001 Ford Road

  Dearborn Heights, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,130,053.59

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-142

  	
   

  	
  4044

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Allen Park

  9150 Allen Road

  Allen Park, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,666,201.41

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-143

  	
   

  	
  4059

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Georgian Bloomfield

  2975 North Adams Road

  Bloomfield Hills, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,147,312.35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-144

  	
   

  	
  4060

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Georgian East

  21401 Mack Avenue

  Grosse Pointe, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  843,691.32

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-145

  	
   

  	
  4201

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Holland

  493 West 32nd Street

  Holland, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  335,382.23

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-146

  	
   

  	
  4202

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Greenview

  1700 Leonard Street, N.E.

  Grand Rapids, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  345,003.91

  	
   

  

 

16

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-147

  	
   

  	
  4203

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Knollview

  1061 West Hackley Avenue

  Muskegon, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  471,320.64

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-148

  	
   

  	
  4204

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Kalamazoo

  3625 West Michigan Avenue

  Kalamazoo, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  431,598.64

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-149

  	
   

  	
  4205

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Grand Rapids

  2320 East Beltline, S.E.

  Grand Rapids, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  720,705.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-150

  	
   

  	
  4208

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Briarwood

  3011 North Center Road

  Flint, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,419,959.24

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-151

  	
   

  	
  4210

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Battle Creek

  200 Roosevelt Avenue East

  Battle Creek, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  220,460.08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-152

  	
   

  	
  4211

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Jackson

  434 West North Street

  Jackson, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  229,942.53

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-153

  	
   

  	
  4214

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Crestview

  625 36th S.W.

  Wyoming, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  534,229.08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-154

  	
   

  	
  4215

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Three Rivers

  517 Erie Street South

  Three Rivers, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  720,311.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-155

  	
   

  	
  4216

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Hampton

  800 Mulholland Street

  Bay City, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  474,826.28

  	
   

  

 

17

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-156

  	
   

  	
  4217

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Ionia

  814 East Lincoln Avenue

  Ionia, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  627,560.08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-157 

  	
   

  	
  4219

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Fostrian Court Assisted Living

  540 Sunnyside Drive

  Flushing, Michigan

  	
   

  	
  ALF

  	
   

  	
  $

  	
   1,669,287.43

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4027

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Fostrian

  640 Sunnyside Drive

  Flushing, Michigan

  	
   

  	
  SNF

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-158

  	
   

  	
  4220

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Saginaw

  2901 Galaxy Drive

  Saginaw, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  107,336.96

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-159

  	
   

  	
  4224

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Whitehall

  916 East Lewis Street

  Whitehall, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  380,283.21

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-160

  	
   

  	
  4262

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Ann Arbor

  4701 East Huron River Drive

  Ann Arbor, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,018,285.65

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-161

  	
   

  	
  5350

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Bingham Farms

  24005 West 13 Mile Road

  Bingham Farms, Michigan

  	
   

  	
  ALF

  	
   

  	
  $

  	
  444,885.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-162

  	
   

  	
  5642

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Livonia

  32500 Seven Mile Road

  Livonia, Michigan

  	
   

  	
  ALF

  	
   

  	
  $

  	
  463,670.60

  	
   

  

 

18

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-163 

  	
   

  	
  413 /4135

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Heartland - West
  Bloomfield

  6950 Farmington Road

  West Bloomfield, Michigan

  	
   

  	
  SNF

  	
   

  	
  $

  	
   783,016.79 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  The Court at West
  Bloomfield

  6950 Farmington Road

  West Bloomfield, Michigan

  	
   

  	
  ALF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-164 

  	
   

  	
  408

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Springfield)

  2915 South Fremont

  Springfield, Missouri

  	
   

  	
  SNF

  	
   

  	
  $

  	
  355,541.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-165

  	
   

  	
  448

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Florissant)

  1200 Graham Road

  Florissant, Missouri

  	
   

  	
  SNF

  	
   

  	
  $

  	
  412,813.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-166

  	
   

  	
  3091

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Heartland of Willow Lane

  416 South High Street

  Butler, Missouri

  	
   

  	
  SNF

  	
   

  	
  $

  	
  168,120.56

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-167

  	
   

  	
  377

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health
  Services (Reno)

  3101 Plumas Street

  Reno, Nevada

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,692,405.67

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-168

  	
   

  	
  362

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Arden Courts of Wayne

  800 Hamburg Turnpike

  Wayne, New Jersey

  	
   

  	
  ALF

  	
   

  	
  $

  	
  580,504.73

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-169

  	
   

  	
  364

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Arden Courts of West
  Orange

  510 Prospect Avenue

  West Orange, New Jersey

  	
   

  	
  ALF

  	
   

  	
  $

  	
  635,943.37

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-170

  	
   

  	
  365

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  Arden Courts of Cherry
  Hill

  2700 Chapel Avenue

  Cherry Hill, New Jersey

  	
   

  	
  ALF

  	
   

  	
  $

  	
  564,468.64

  	
   

  

 

19

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-171

  	
   

  	
  504

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Cherry Hill)

  1412 Marlton Pike

  Cherry Hill, New Jersey

  	
   

  	
  SNF

  	
   

  	
  $

  	
  201,895.57

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-172

  	
   

  	
  545

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (West Deptford)

  550 Jessup Road

  Paulsboro, New Jersey

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,431,330.98

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-173

  	
   

  	
  551

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Mountainside

  1180 Route 22 West

  Mountainside, New Jersey

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,371,478.34

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-174

  	
   

  	
  623

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Voorhees

  1086 Dumont Circle

  Voorhees, New Jersey

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,189,415.92

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-175

  	
   

  	
  641

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Whippany

  18 Eden Lane

  Whippany, New Jersey

  	
   

  	
  ALF

  	
   

  	
  $

  	
  371,577.88

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-176

  	
   

  	
  4062

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - New Providence

  144 Gales Drive

  New Providence, New Jersey

  	
   

  	
  SNF

  	
   

  	
  $

  	
  604,480.91

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-177

  	
   

  	
  528

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Pinehurst

  205 Rattlesnake Trail

  Pinehurst, North Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  667,234.04

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-178

  	
   

  	
  417

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Minot)

  600 South Main Street

  Minot, North Dakota

  	
   

  	
  SNF

  	
   

  	
  $

  	
  758,275.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-179

  	
   

  	
  426

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Fargo)

  1315 South University Drive

  Fargo, North Dakota

  	
   

  	
  SNF

  	
   

  	
  $

  	
  884,731.14

  	
   

  

 

20

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-180

  	
   

  	
  346

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Westlake

  28400 Center Ridge Road

  Westlake, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  405,482.72

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-181

  	
   

  	
  450

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Barberton

  85 Third Street, S.E.

  Barberton, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  807,300.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-182

  	
   

  	
  451

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Euclid Beach

  16101 Euclid Beach Boulevard

  Cleveland, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  665,266.36

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-183

  	
   

  	
  452

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Mayfield Heights

  6757 Mayfield Road

  Mayfield Heights, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  872,818.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-184

  	
   

  	
  453

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Rocky River

  4102 Rocky River Drive

  Cleveland, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  685,884.13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-185

  	
   

  	
  456

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Oregon

  3953 Navarre Avenue

  Oregon, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  692,756.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-186

  	
   

  	
  457

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Madeira

  5970 Kenwood Road

  Madeira, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  311,557.28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-187

  	
   

  	
  466

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Westerville

  140 Old County Line Road

  Westerville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,099,932.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-188

  	
   

  	
  513

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Mt. Airy

  2250 Banning Road

  Cincinnati, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  187,850.87

  	
   

  

 

21

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-189

  	
   

  	
  514

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health Services - North Olmsted

  23225 Lorain Road

  North Olmsted, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  529,189.13

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-190

  	
   

  	
  516

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health Services - Willoughby

  37603 Euclid Avenue

  Willoughby, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,270,970.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-191

  	
   

  	
  517

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health Services - Akron

  1211 West Market Street

  Akron, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  630,903.70

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-192

  	
   

  	
  521

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health Services - Belden Village

  5005 Higbee Avenue, N.W.

  Canton, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  404,108.21

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-193

  	
   

  	
  622

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  ManorCare Health Services - Parma

  9055 West Sprague Road

  Parma, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,255,850.92

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-194

  	
   

  	
  626

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Heartland of Marion

  400 Barks Road West

  Marion, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,420,794.29

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-195

  	
   

  	
  668

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Arden Courts of Anderson Township

  6870 Clough Pike

  Cincinnati, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  600,206.03

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-196

  	
   

  	
  678

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Arden Courts of Kenwood

  4580 East Galbraith Road

  Kenwood, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  641,441.58

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-197

  	
   

  	
  3231

  	
   

  	
  HCR ManorCare Properties,
  LLC

  	
   

  	
  Heartland - Fairfield

  7820 Pleasantville Road

  Pleasantville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  274,903.64

  	
   

  

 

22

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-198

  	
   

  	
  3241

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Greenville

  243 Marion Drive

  Greenville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  537,894.67

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-199

  	
   

  	
  3251

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Jackson

  8668 State Route #93

  Jackson, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  288,648.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-200

  	
   

  	
  3271

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Urbana

  741 East Water Street

  Urbana, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  120,041.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-201

  	
   

  	
  4018

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Holly Glen

  4293 Monroe Street

  Toledo, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  435,388.48

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-202

  	
   

  	
  4024

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Centerburg

  212 Fairview Avenue - P.O. Box 720

  Centerburg, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  54,347.83

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-203

  	
   

  	
  4026

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Mentor

  8200 Mentor Hills Drive

  Mentor, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,018,215.29

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-204

  	
   

  	
  4030

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Indian Lake (Rehabilitation Center)

  14442 U.S. Highway 33 West

  Lakeview, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  133,564.67

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-205

  	
   

  	
  4036

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Oak Pavilion

  510 Oak Street

  Cincinnati, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  184,782.61

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-206

  	
   

  	
  4038

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Wauseon

  303 West Leggett Street

  Wauseon, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  374,180.89

  	
   

  

 

23

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-207

  	
   

  	
  4103

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Bucyrus

  1170 West Mansfield Street

  Bucyrus, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  669,848.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-208

  	
   

  	
  4105

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Kettering

  3313 Wilmington Pike

  Kettering, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,119,751.89

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-209

  	
   

  	
  4107

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Marietta

  5001 State Route 60

  Marietta, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  563,552.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-210

  	
   

  	
  4119

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Portsmouth

  20 Easter Drive

  Portsmouth, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  980,755.81

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-211

  	
   

  	
  4120

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Chillicothe

  1058 Columbus Street

  Chillicothe, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  823,623.55

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-212

  	
   

  	
  4127

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Hillsboro

  1141 Northview Drive

  Hillsboro, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  771,058.08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-213

  	
   

  	
  4132

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Eaton

  515 South Maple Street

  Eaton, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  320,720.87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-214

  	
   

  	
  4137

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland - Lansing

  68222 Commercial Drive

  Bridgeport, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  462,663.23

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-215

  	
   

  	
  4138

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Marysville

  755 South Plum Street

  Marysville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  494,368.21

  	
   

  

 

24

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-216

  	
   

  	
  4140

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Springfield

  2615 Derr Road

  Springfield, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  298,590.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-217

  	
   

  	
  4141

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland - Victorian Village

  920 Thurber Drive - West

  Columbus, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  311,557.28

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-218

  	
   

  	
  4146

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland - Beavercreek

  1974 North Fairfield Road

  Dayton, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,126,018.91

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-219

  	
   

  	
  4147

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Piqua

  275 Kienle Drive

  Piqua, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  467,131.76

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-220

  	
   

  	
  4148

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Riverview

  7743 County Road 1

  South Point, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  945,466.87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-221

  	
   

  	
  4149

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Bellefontaine

  221 North School Street

  Bellefontaine, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  510,404.08

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-222

  	
   

  	
  4150

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Waterville

  8885 Browning Drive

  Waterville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  198,268.22

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-223

  	
   

  	
  5313

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Parma

  9205 Sprague Road

  Parma, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  591,042.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-224

  	
   

  	
  5323

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Bainbridge

  8100 East Washington Street

  Chagrin Falls, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  627,696.25

  	
   

  

 

25

 

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-225

  	
   

  	
  5358

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Akron

  171 North Cleveland Massillon Road

  Akron, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  366,537.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-226

  	
   

  	
  5613

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Centerville

  1001 East Alex-Bell Road

  Centerville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,449,661.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-227

  	
   

  	
  3151/ 3152

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Miamisburg (SNF)

  450 Oak Ridge Boulevard

  Miamisburg, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,117,482.77 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Miamisburg (ALF)

  450 Oak Ridge Boulevard

  Miamisburg, Ohio

  	
   

  	
  ALF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-228

  	
   

  	
  4115

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Perrysburg Commons

  10542 Fremont Pike

  Perrysburg, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,664,255.30 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4104

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Perrysburg

  10540 Fremont Pike

  Perrysburg, Ohio

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-229

  	
   

  	
  4122

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  The Village At Westerville NC

  1060 Eastwind Drive

  Westerville, Ohio

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,571,531.74 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  4125

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  The Village At Westerville RC

  215 Huber Village Boulevard

  Westerville, Ohio

  	
   

  	
  ALF

  	
   

  	
   

  

 

26

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-230

  	
   

  	
  540 / 502 

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Woodridge (ALF)

  3801 Woodridge Boulevard

  Fairfield, Ohio

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,131,686.09 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of Woodridge (SNF)

  3801 Woodridge Boulevard

  Fairfield, Ohio

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-231

  	
   

  	
  301

  	
   

  	
  301 HCR Properties of Oklahoma

  City (Northwest), LLC

  	
   

  	
  ManorCare Health Services - Northwest

  5301 North Brookline

  Oklahoma City, Oklahoma

  	
   

  	
  SNF

  	
   

  	
  $

  	
  115,917.72

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-232

  	
   

  	
  304

  	
   

  	
  304 HCR Properties of Midwest

  City OK, LLC

  	
   

  	
  ManorCare Health Services - Midwest

  2900 Parklawn Drive

  Midwest City, Oklahoma

  	
   

  	
  SNF

  	
   

  	
  $

  	
  586,918.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-233

  	
   

  	
  306

  	
   

  	
  306 HCR Properties of Oklahoma

  City (Southwest), LLC

  	
   

  	
  ManorCare Health Services - Southwest

  5600 South Walker

  Oklahoma City, Oklahoma

  	
   

  	
  SNF

  	
   

  	
  $

  	
  87,969.02

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-234

  	
   

  	
  307

  	
   

  	
  307 HCR Properties of

  Tulsa OK, LLC

  	
   

  	
  ManorCare Health Services - Tulsa

  2425 South Memorial Drive

  Tulsa, Oklahoma

  	
   

  	
  SNF

  	
   

  	
  $

  	
  142,033.42

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-235

  	
   

  	
  322

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Warminster 

  779 West County Line Road

  Hatboro, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  692,863.57

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-236

  	
   

  	
  338

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Huntingdon Valley

  3430 Huntingdon Pike

  Huntingdon Valley, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  736,791.57

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-237

  	
   

  	
  339

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - North Hills

  1105 Perry Highway

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,060,855.42

  	
   

  

 

27

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-238

  	
   

  	
  343

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Monroeville

  120 Wyngate Drive

  Monroeville, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  356,000.05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-239

  	
   

  	
  347

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of North Hills

  1125 Perry Highway

  Pittsburgh, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  375,243.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-240

  	
   

  	
  354

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Yardley

  493 Stony Hill Road

  Yardley, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,618,539.52 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  485

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Yardley

  1480 Oxford Valley Road

  Yardley, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-241

  	
   

  	
  366

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Allentown

  5151 Hamilton Boulevard

  Allentown, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  405,940.92

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-242

  	
   

  	
  367

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of King of Prussia

  620 West Valley Forge Road

  King of Prussia, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  1,215,531.68 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  397

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - King of Prussia

  600 West Valley Forge Road

  King of Prussia, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-243

  	
   

  	
  372

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Carlisle

  940 Walnut Bottom Road

  Carlisle, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  580,046.30

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-245

  	
   

  	
  481

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Allentown

  1265 Cedar Crest Boulevard

  Allentown, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,263,494.15

  	
   

  

 

28

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-246

  	
   

  	
  482

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Green Tree

  1848 Greentree Road

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  927,799.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-248

  	
   

  	
  492

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - McMurray

  113 West McMurray Road

  McMurray, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  677,021.89

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-249

  	
   

  	
  494

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Lansdale

  640 Bethlehem Pike

  Montgomeryville, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  903,094.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-250

  	
   

  	
  499

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Monroeville

  885 MacBeth Drive

  Monroeville, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  737,831.32

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-251

  	
   

  	
  547

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Bethel Park

  60 Highland Road

  Bethel Park, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  567,334.91

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-252

  	
   

  	
  554

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Dallastown

  100 West Queen Street

  Dallastown, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,299,835.27

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-253

  	
   

  	
  555

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Bethlehem 2021

  2021 Westgate Drive

  Bethlehem, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,957,395.59  

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  573

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Bethlehem 2029

  2029 Westgate Drive

  Bethlehem, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-254

  	
   

  	
  556

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Chambersburg

  1070 Stouffer Avenue

  Chambersburg, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,170,630.87

  	
   

  

 

29

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-255

  	
   

  	
  558

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Jersey Shore

  1008 Thompson Street

  Jersey Shore, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  668,015.54

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-256

  	
   

  	
  559

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Kingston

  200 Second Avenue

  Kingston, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  969,172.04

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-257

  	
   

  	
  561

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Lebanon

  900 Tuck Street

  Lebanon, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,100,906.03

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-258

  	
   

  	
  562

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Laureldale

  2125 Elizabeth Avenue

  Laureldale, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,796,036.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-259

  	
   

  	
  565

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Pottstown

  724 North Charlotte Street

  Pottstown, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,207,742.77

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-260

  	
   

  	
  566

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Pottsville

  420 Pulaski Drive

  Pottsville, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  677,178.97

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-261

  	
   

  	
  567

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Sunbury

  800 Court Street - Circle Drive

  Sunbury, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  584,484.33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-262

  	
   

  	
  568

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - West Reading North SNF

  425 Buttonwood Street

  West Reading, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  799,743.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-263

  	
   

  	
  569

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Lancaster

  100 Abbeyville Road

  Lancaster, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,058,397.74

  	
   

  

 

30

 

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-264

  	
   

  	
  570

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Williamsport North

  300 Leader Drive

  Williamsport, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  853,834.67 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  571

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Williamsport South

  101 Leader Drive

  Williamsport, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-266

  	
   

  	
  572

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Yeadon

  14 Lincoln Avenue

  Yeadon, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  496,176.96

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-268

  	
   

  	
  574

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Easton

  2600 Northampton Street

  Easton, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  2,112,295.63

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-269

  	
   

  	
  575

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Old Orchard Health Care Center

  4100 Freemansburg Avenue

  Easton, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,861,180.05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-270

  	
   

  	
  576

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Sinking Spring

  3000 Windmill Road

  Sinking Spring, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,651,355.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-271

  	
   

  	
  580

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - York North

  1770 Barley Road

  York, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,358,890.63

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-272

  	
   

  	
  581

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - York South

  200 Pauline Drive

  York, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  679,927.93

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-273

  	
   

  	
  582

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Elizabethtown

  320 South Market Street

  Elizabethtown, Pennsylvania

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  632,376.99

  	
   

  

 

31

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-274

  	
   

  	
  583

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Camp Hill

  1700 Market Street

  Camp Hill, Pennsylvania

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  1,302,399.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-275

  	
   

  	
  585

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Kingston Court

  2400 Kingston Court

  York, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,033,171.81

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-276

  	
   

  	
  586

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Devon Manor

  235 Lancaster Avenue

  Devon, Pennsylvania

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  502,302.78

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-277

  	
   

  	
  680

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Linden Village MCHS (Lebanon)

  100 Tuck Court

  Lebanon, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  324,844.18

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-278

  	
   

  	
  684

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Susquehanna

  2625 Ailanthus Lane

  Harrisburg, Pennsylvania

  	
   

  	
  ALF

  	
   

  	
  $

  	
  536,520.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-279

  	
   

  	
  4063

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Hampton House

  1548 Sans Souci Parkway

  Wilkes-Barre, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  645,402.14

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-280

  	
   

  	
  4073

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center (Pittsburgh)

  550 South Negley Avenue

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  189,225.16

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-281

  	
   

  	
  4082

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Shadyside Nursing & Rehabilitation Center

  5609 Fifth Avenue

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  11,392.47

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-282

  	
   

  	
  4085

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Sky Vue Terrace

  2170 Rhine Street

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  58,423.91

  	
   

  

 

32

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-283

  	
   

  	
  4087

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Twinbrook Medical Center

  3805 Field St. Lawrence Park

  Erie, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  661,848.68

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-284

  	
   

  	
  4088

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Wallingford Nursing & Rehabilitation Center

  115 South Providence Road

  Wallingford, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  980,661.35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-285

  	
   

  	
  4207

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Donahoe Manor

  136 Donahoe Manor Road

  Bedford, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  372,486.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-286

  	
   

  	
  5587

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Whitehall Borough

  505 Weyman Road

  Pittsburgh, Pennsylvania

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,124,607.34

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-287

  	
   

  	
  5658

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Jefferson Hills

  380 Wray Large Road

  Jefferson Hills, Pennsylvania

  	
   

  	
  .ALF

  	
   

  	
  $

  	
  311,369.79

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-288

  	
   

  	
  512

  	
   

  	
  512 HCR Properties-Columbia SC ,

  LLC

  	
   

  	
  Heartland of Columbia Rehabilitation &
  Nursing Center

  2601 Forest Drive

  Columbia, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  350,960.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-289

  	
   

  	
  526

  	
   

  	
  526 HCR Properties-Lexington SC,

  LLC

  	
   

  	
  Heartland of Lexington Rehabilitation &
  Nursing Center

  2416 Sunset Boulevard

  West Columbia, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  83,813.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-290

  	
   

  	
  531

  	
   

  	
  531 HCR Properties-West

  Ashley-Charleston SC, LLC

  	
   

  	
  Heartland of West Ashley Rehabilitation &
  Nursing Center

  1137 Sam Rittenberg Boulevard

  Charleston, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  684,509.84

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-291

  	
   

  	
  4015

  	
   

  	
  4015 HCR Properties-Charleston of

  Hanahan SC, LLC

  	
   

  	
  HHCC - Charleston

  1800 Eagle Landing Boulevard

  Hanahan, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  632,981.61

  	
   

  

 

33

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-292

  	
   

  	
  4031

  	
   

  	
  4031 HCR Properties-Oakmont of

  Union SC, LLC

  	
   

  	
  Oakmont of Union (Nursing)

  709 Rice Avenue

  Union, South Carolina

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  607,160.86

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-293

  	
   

  	
  4032

  	
   

  	
  4032 HCR Properties-Oakmont

  East-Greenville SC, LLC

  	
   

  	
  Oakmont East

  601 Sulphur Springs Road

  Greenville, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  724,831.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-294

  	
   

  	
  4033

  	
   

  	
  4033 HCR Properties-Oakmont

  West-Greenville SC, LLC

  	
   

  	
  Oakmont of Union (Residential Care)

  600 Sulphur Springs Road

  Greenville, South Carolina

  	
   

  	
  SNF

  	
   

  	
  $

  	
  738,475.80

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-295

  	
   

  	
  412

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services

  400 8th Avenue N.W.

  Aberdeen, South Dakota

  	
   

  	
  SNF

  	
   

  	
  $

  	
  821,045.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-296

  	
   

  	
  308

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Dallas)

  3326 Burgoyne

  Dallas, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  122,554.35

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-297

  	
   

  	
  311

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Ft Worth NRH)

  7625 Glenview Drive

  Fort Worth, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  312,015.33

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-298

  	
   

  	
  312

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Ft Worth NW)

  2129 Skyline Drive

  Fort Worth, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  126,455.60

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-299

  	
   

  	
  316

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (San Antonio North)

  7703 Briaridge

  San Antonio, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  326,218.86

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-300

  	
   

  	
  340

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Webster)

  750 West Texas Avenue

  Webster, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  108,128.80

  	
   

  

 

34

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-301

  	
   

  	
  508

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Sharpview)

  7505 Bellerive

  Houston, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  492,993.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-302

  	
   

  	
  652

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Austin

  11630 Four Iron Drive

  Austin, Texas

  	
   

  	
  ALF

  	
   

  	
  $

  	
  567,675.87

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-303

  	
   

  	
  664

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of San Antonio

  15290 Huebner Road

  San Antonio, Texas

  	
   

  	
  ALF

  	
   

  	
  $

  	
  618,991.09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-304

  	
   

  	
  3031

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - West Houston

  2939 Woodland Park Drive

  Houston, Texas

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  220,484.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-305

  	
   

  	
  3041

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland of San Antonio

  One Heartland Drive

  San Antonio, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  901,683.64

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-306

  	
   

  	
  3281

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Willowbrook

  13631 Ardfield Drive

  Houston, Texas

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  798,136.58

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-307

  	
   

  	
  4065

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Holiday Nursing Center

  280 Moffett Drive, Highway 87N (P.O. Box 1865)

  Center, Texas

  	
   

  	
  SNF

  	
   

  	
  $

  	
  137,451.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-308

  	
   

  	
  4279

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center (Bedford)

  2001 Forest Ridge Drive

  Bedford, Texas

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  188,464.17

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-309

  	
   

  	
  4282

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center (Austin)

  11406 Rustic Rock Drive

  Austin, Texas

  	
   

  	
  SNF / ALF

  	
   

  	
  $

  	
  679,028.29

  	
   

  

 

35

 

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-310

  	
   

  	
  5644

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Richardson

  410 Buckingham Road

  Richardson, Texas

  	
   

  	
  ALF

  	
   

  	
  $

  	
  535,603.75

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-311

  	
   

  	
  5654

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Arden Courts of Arlington

  1501 N.E. Green Oaks Boulevard

  Arlington, Texas

  	
   

  	
  ALF

  	
   

  	
  $

  	
  218,548.26

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-312

  	
   

  	
  370

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - South Ogden

  5540 South 1050 East

  South Ogden, Utah

  	
   

  	
  SNF

  	
   

  	
  $

  	
  542,476.20

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-314

  	
   

  	
  527

  	
   

  	
  527 HCR Properties of Arlington

  VA, LLC

  	
   

  	
  ManorCare Health Services - Arlington

  550 South Carlin Springs Road

  Arlington, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  953,915.11

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-315 

  	
   

  	
  539

  	
   

  	
  539 HCR Properties-Fair Oaks of

  Fairfax VA, LLC 

  	
   

  	
  ManorCare Health Services - Fair Oaks

  12475 Lee Jackson Memorial Highway

  Fairfax, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,787,789.08 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  369

  	
   

  	
   

  	
  Arden Courts of Fair Oaks

  12469 Lee Jackson Memorial Highway

  Fairfax, Virginia

  	
   

  	
  ALF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-316

  	
   

  	
  553

  	
   

  	
  553 HCR Properties-Imperial of

  Richmond VA, LLC

  	
   

  	
  ManorCare Health Services - Imperial

  1719 Bellevue Avenue

  Richmond, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,035,011.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-317

  	
   

  	
  670

  	
   

  	
  670 HCR Properties-Arden Courts

  of Annandale VA, LLC

  	
   

  	
  Arden Courts of Annandale

  7104 Braddock Road

  Annandale, Virginia

  	
   

  	
  ALF

  	
   

  	
  $

  	
  789,889.40

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-318

  	
   

  	
  4071

  	
   

  	
  4071 HCR Properties-Medical Care

  Center-Lynchburg VA, LLC

  	
   

  	
  Medical Care Center

  2200 Landover Place

  Lynchburg, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  608,532.77

  	
   

  

 

36

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-319

  	
   

  	
  4074

  	
   

  	
  4074 HCR Properties of Alexandria

  VA, LLC

  	
   

  	
  ManorCare Health
  Services - Alexandria

  1510 Collingwood Road

  Alexandria, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  508,113.32

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-320 

  	
   

  	
  503 / 515

  	
   

  	
  503 HCR Properties-Stratford Hall 

  of Richmond VA, LLC

  	
   

  	
  ManorCare Health
  Services - Stratford Hall (SNF)

  2125 Hilliard Road

  Richmond, Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,055,745.31 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ManorCare Health
  Services - Stratford Hall (ALF)

  2125 Hilliard Road

  Richmond, Virginia

  	
   

  	
  ALF

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-321
  

  	
   

  	
  476

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Lynnwood)

  3701 188th Street, S.W.

  Lynnwood, Washington

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,505,554.95

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-322

  	
   

  	
  544

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Spokane)

  North 6025 Assembly

  Spokane, Washington

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,416,256.05

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-323

  	
   

  	
  548

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Tacoma)

  5601 South Orchard Street

  Tacoma, Washington

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,366,270.27

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-324

  	
   

  	
  552

  	
   

  	
  HCR ManorCare
  Properties, LLC

  	
   

  	
  ManorCare Health
  Services (Gig Harbor)

  3309 45th Street Court, N.W.

  Gig Harbor, Washington

  	
   

  	
  SNF

  	
   

  	
  $

  	
  701,003.91

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-325

  	
   

  	
  4010

  	
   

  	
  HCR ManorCare West
  Virginia

  Properties, LLC

  	
   

  	
  Heartland of Keyser

  135 Southern Drive

  Keyser, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  742,882.66

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-326

  	
   

  	
  4011

  	
   

  	
  HCR ManorCare West
  Virginia

  Properties, LLC

  	
   

  	
  Heartland of Rainelle

  606 Pennsylvania Avenue

  Rainelle, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  376,137.27

  	
   

  

 

37

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-327

  	
   

  	
  4106

  	
   

  	
  HCR ManorCare West Virginia

  Properties, LLC

  	
   

  	
  Heartland of Clarksburg

  100 Parkway Drive

  Clarksburg, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  437,554.84

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-328

  	
   

  	
  4108

  	
   

  	
  HCR ManorCare West Virginia

  Properties, LLC

  	
   

  	
  Heartland of Beckley

  100 Heartland Drive

  Beckley, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  202,512.23

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-329

  	
   

  	
  4118

  	
   

  	
  HCR ManorCare West Virginia

  Properties, LLC

  	
   

  	
  Heartland of Preston County

  300 Miller Road

  Kingwood, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  678,391.88

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-330

  	
   

  	
  4124

  	
   

  	
  HCR ManorCare West Virginia

  Properties, LLC

  	
   

  	
  Heartland of Martinsburg

  209 Clover Street

  Martinsburg, West Virginia

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,028,580.38

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-331

  	
   

  	
  419

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - East

  600 South Webster Avenue

  Green Bay, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  408,231.74

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-332

  	
   

  	
  435

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - West

  1760 Shawano Avenue

  Green Bay, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  1,105,112.12

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-333

  	
   

  	
  444

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services (Fond du Lac)

  265 South National Avenue

  Fond du Lac, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  462,296.09

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-334

  	
   

  	
  3111

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Platteville

  1300 North Water Street

  Platteville, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  668,185.57

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-335

  	
   

  	
  3121

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  ManorCare Health Services - Shawano

  1436 South Lincoln Street

  Shawano, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  685,426.09

  	
   

  

 

38

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Mortgage Borrower(1)

  	
   

  	
  Individual Property(2)

  	
   

  	
  Type of

  Facility(3)

  	
   

  	
  Allocated Loan

  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-336

  	
   

  	
  3131

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  Heartland Health Care Center - Washington Manor

  3100 Washington Road

  Kenosha, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  960,942.68

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-337

  	
   

  	
  4078

  	
   

  	
  HCR ManorCare Properties, LLC

  	
   

  	
  HHCC - Pewaukee

  N26W23977 Watertown Road

  Waukesha, Wisconsin

  	
   

  	
  SNF

  	
   

  	
  $

  	
  944,751.74

  	
   

  

 

39

 

SCHEDULE II

 

GROUND LEASES

 

(attached hereto)

 

 

GROUND LEASE DESCRIPTION

(Turbo-001)

 

Ground Lease,
dated as of July 16, 1999, made by and between MANOR CARE OF
ARIZONA, INC., a Delaware corporation (“Manorcare
Landlord”), and MANOR CARE HEALTH SERVICES OF ARIZONA, INC., a
Delaware corporation (“Manorcare  Tenant”), recorded in the Office of the Pima County,
Arizona, Recorder (the “Office”) on
August 16, 1999, in Docket 11111, at Page 55; as modified by that
certain:

 

A.                         Assignment
and Assumption of Lease, dated as of December 1, 2006, made by and between
PITA GENERAL CORPORATION, an Illinois corporation (“Pita
Landlord”), successor-in-interest to Manorcare Landlord, and BREA
TUCSON LLC, a Delaware limited liability company (“BREA
Landlord”), recorded in the Office on December 12, 2006, in
Docket 12949, at Page 3413; as further modified by that certain:

 

B.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
MANORCARE HEALTH SERVICES, INC., a Delaware corporation,
successor-by-merger with Manorcare Tenant, as assignor, and HCR MANORCARE
PROPERTIES, LLC, a Delaware limited liability company, as assignee, intended to
be recorded in the Office.

 

1

 

GROUND LEASE DESCRIPTION

(Turbo-030)

 

Agreement of
Lease, dated as of September 22, 1982, made by and between NAPLES
RETIREMENT, INC., a Florida not for profit corporation (“Naples
Landlord”) and RETIREMENT CORPORATION OF AMERICA, a Florida
corporation (“Retirement  Tenant”),
recorded among the Official Records of Collier County, Florida (the “Records”) on February 22, 1983, in Official Records
Book 1008, at Page 1132; as modified by that certain:

 

A.                         Assignment
of Lease, dated January 21, 1983, made by and between Naples Landlord,
Retirement Tenant, and BEVERLY ENTERPRISES, a California corporation (“Beverly Tenant”), recorded in the Records on March 18,
1983, in Official Records Book 1012, at Page 405; which lease was
subsequently modified by to that certain:

 

B.                           Lease
Modification Agreement, dated as of March 1, 1983, made by and between
Naples Landlord and Beverly Tenant, recorded among the Records on March 23,
1984, in Official Records Book 1073, at Page 235; as further modified by
that certain:

 

C.                           First
Amendment to Lease, dated as of September 22, 1982, and effective as of
March 1, 1983, made by and between Naples Landlord and Beverly Tenant,
recorded among the Records on March 23, 1984, in Official Records Book
1073, at Page 251; which lease was subsequently modified pursuant to that
certain:

 

D.                          Assignment
and Assumption of Agreement, dated as of October 30, 1987, made by BEVERLY
CALIFORNIA CORPORATION, a California corporation (“Beverly
California Tenant”), successor to Beverly Tenant, and BEVERLY
ENTERPRISES - FLORIDA, INC., a California corporation (“Beverly Florida Tenant”), recorded among the Records on
May 13, 1988, in Official Records Book 1349, at Page 1078; which
lease was subsequently modified pursuant to that certain:

 

E.                            Assignment
and Assumption Agreement, dated as of September 30, 1995, made by and
among Beverly Florida Tenant, MANOR CARE OF BOYNTON BEACH, INC., a Florida
corporation (“ManorCare Tenant”), and Naples
Landlord, recorded among the Records on October 3, 1995, in Official
Records Book 2105, at Page 0747; as further modified by that certain:

 

F.                            unrecorded
Lease Assignment, dated September 30, 2006, from ManorCare Tenant to
MANORCARE HEALTH SERVICES, INC.; as further modified by that certain:

 

G.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
MANORCARE HEALTH SERVICES, INC., a Delaware corporation, successor-by-merger
with Manorcare Tenant, as assignor, and HCR MANORCARE PROPERTIES, LLC, a
Delaware limited liability company, as assignee, intended to be recorded in the
Records.

 

2

 

GROUND LEASE DESCRIPTION

(Turbo-035)

 

Ground Lease,
dated as of September 28, 1999, made by and between MANOR CARE OF
SARASOTA, INC., a Florida corporation (“Manorcare
Landlord”), and MANORCARE HEALTH SERVICES OF BOYNTON
BEACH, INC., a Florida corporation (“Manorcare Tenant”),
recorded among the Official Records of Sarasota County, Florida (the “Records”), on November 8, 1999, as Instrument Number
1999149787; as modified by that certain:

 

A.                         Assignment
and Assumption of Lease, dated as of December 1, 2006, made by and between
Manorcare Landlord’s interest in such lease was subsequently transferred to
PITA GENERAL CORPORATION, an Illinois corporation (“Pita
Landlord”), successor-in- interest to Manorcare Landlord, and to
BREA SARASOTA LLC, a Delaware limited liability company, recorded among the
Records on December 12, 2006, as Instrument Number 2006216301; as further
modified by that certain:

 

B.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
MANORCARE HEALTH SERVICES, INC., a Delaware corporation, successor-by-
merger with Manorcare Tenant, as assignor, and HCR MANORCARE PROPERTIES, LLC, a
Delaware limited liability company,. as assignee, intended to be recorded in
the Records.

 

3

 

GROUND LEASE DESCRIPTION

(Turbo-168)

 

Ground Lease,
dated as of July 16, 1999, made by and between MANORCARE HEALTH SERVICES, INC.,
a Delaware corporation (“Manorcare Landlord”),
and LEADER NURSING & REHABILITATION CENTER OF GLOUCESTER, INC., a
Maryland corporation (“Leader Tenant”),
recorded in the Passaic County, New Jersey, Register’s Office (the “Office”), on August 25, 1999, in Book S162, at
Page 102; as modified by that certain:

 

A.                         Assignment
and Assumption of Lease, dated as of December 1, 2006, made by and between
PITA GENERAL CORPORATION, an Illinois corporation (“Pita
Landlord”), successor-in-interest to Manorcare Landlord, and BREA
WAYNE LLC, a Delaware limited liability company (“BREA
Landlord”), recorded in the Office on December 27, 2006, in
Book D1362, at Page 59, as Instrument Number 2006112423; as further
modified by that certain:

 

B.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
Leader Tenant, as assignor, to LEADER OF GLOUCESTER PROPERTY, LLC, a Delaware
limited liability company (“Leader Assignee Tenant”),
as assignee, intended to be recorded in the Office.

 

4

 

GROUND LEASE DESCRIPTION

(Turbo-169)

 

Ground Lease,
dated as of July 16, 1999, made by and between MANORCARE HEALTH
SERVICES, INC., a Delaware corporation (“Manorcare
Landlord”), and LEADER NURSING & REHABILITATION CENTER OF
GLOUCESTER, INC., a Maryland corporation (“Leader
Tenant”), recorded in the Essex County, New Jersey, Register’s
Office, on September 1, 1999, in Book 5636, at Page 0777; as modified
by that certain:

 

A.                         Assignment
and Assumption of Lease, dated as of December 1, 2006, made by and between
PITA GENERAL CORPORATION, an Illinois corporation (“Pita
Landlord”), successor-in-interest to Manorcare Landlord, and BREA
WEST ORANGE LLC, a Delaware limited liability company, recorded in the Office
on January 16, 2007, in Book 12019, at Page 5789, as Instrument
Number 7006823; as further modified by that certain:

 

B.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
Leader Tenant, as assignor, to LEADER OF GLOUCESTER PROPERTY, LLC, a Delaware
limited liability company (“Leader Assignee Tenant”),
as assignee, intended, to be recorded in the Office.

 

5

 

GROUND LEASE DESCRIPTION

(Turbo-167)

 

Ground Lease,
dated as of July 16, 1999, made by and between MANORCARE HEALTH SERVICES, INC.,
a Delaware corporation (“Manorcare Landlord”),
and MANOR CARE PROPERTIES, INC., a Delaware corporation (“Manorcare Tenant”), recorded in the Office of the Washoe
County, Nevada, Recorder (the “Office”), on
August 25, 1999, as Instrument Number 2374074; as modified by that
certain:

 

A.                         Assignment
and Assumption of Lease, dated as of December 1, 2006, made by and between
PITA GENERAL CORPORATION, an Illinois corporation (“Pita
Landlord”) successor-in-interest to Manorcare Landlord, and BREA
RENO LLC, a Delaware limited liability company, recorded in the Office on
December 13, 2006, as Document Number 3474699; as further modified by that
certain:

 

B.                           Assignment
and Assumption of Ground Lease, effective as of December 21, 2007, made by
MANORCARE HEALTH SERVICES, INC., a Delaware corporation, successor-by-
merger with Manorcare Tenant, as assignor, and HCR MANORCARE PROPERTIES, LLC, a
Delaware limited liability company, as assignee, intended to be recorded in the
Office.

 

6

 

SCHEDULE III

 

OPERATORS

 

(attached hereto)

 

 

OPERATOR AND FACILITY

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Tucson)

  	
   

  	
   

  
	
  Turbo-001

  	
   

  	
  498

  	
   

  	
  3705 North Swan Road

  	
   

  	
  Manor Care of Tucson AZ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Tucson, Arizona

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Citrus Heights)

  	
   

  	
   

  
	
  Turbo-002

  	
   

  	
  378

  	
   

  	
  7807 Upland Way

  	
   

  	
  Manor Care of Citrus Heights CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Citrus Heights, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Tice Valley

  	
   

  	
   

  
	
  Turbo-003

  	
   

  	
  381

  	
   

  	
  1975 Tice Valley Boulevard

  	
   

  	
  Manor Care-Tice Valley CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Walnut Creek, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Fountain Valley)

  	
   

  	
   

  
	
  Turbo-004

  	
   

  	
  387

  	
   

  	
  11680 Warner Avenue

  	
   

  	
  Manor Care of Fountain Valley CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Fountain Valley, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Sunnyvale)

  	
   

  	
   

  
	
  Turbo-005

  	
   

  	
  471

  	
   

  	
  1150 Tilton Drive

  	
   

  	
  Manor Care of Sunnyvale CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Sunnyvale, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Hemet)

  	
   

  	
   

  
	
  Turbo-006

  	
   

  	
  478

  	
   

  	
  1717 West Stetson Avenue

  	
   

  	
  Manor Care of Hemet CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Hemet, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Walnut Creek)

  	
   

  	
   

  
	
  Turbo-007

  	
   

  	
  479

  	
   

  	
  1226 Rossmoor Parkway

  	
   

  	
  Manor Care of Walnut Creek CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Walnut Creek, California

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Palm Desert)

  	
   

  	
   

  
	
  Turbo-008

  	
   

  	
  489

  	
   

  	
  74-350 Country Club Drive

  	
   

  	
  Manor Care of Palm Desert CA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Palm Desert, California

  	
   

  	
   

  

 

1

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Denver

  	
   

  	
   

  
	
  Turbo-011 

  	
   

  	
  374

  	
   

  	
  290 South Monaco Parkway

  	
   

  	
  Manor Care of Denver CO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Denver, Colorado

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Boulder

  	
   

  	
   

  
	
  Turbo-012 

  	
   

  	
  398

  	
   

  	
  2800 Palo Parkway

  	
   

  	
  Manor Care of Boulder CO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Boulder, Colorado

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Farmington

  	
   

  	
   

  
	
  Turbo-013

  	
   

  	
  360

  	
   

  	
  45 South Road

  	
   

  	
  Arden Courts of Farmington CT, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Farmington, Connecticut

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Hamden

  	
   

  	
   

  
	
  Turbo-014

  	
   

  	
  637

  	
   

  	
  153 Leeder Hill Drive

  	
   

  	
  Arden Courts of Hamden CT, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Hamden, Connecticut

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Avon

  	
   

  	
   

  
	
  Turbo-015

  	
   

  	
  686

  	
   

  	
  100 Fisher Drive

  	
   

  	
  Arden Courts of Avon CT, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Avon, Connecticut

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Wilmington

  	
   

  	
   

  
	
   

  	
   

  	
  349

  	
   

  	
  700 1/2 Foulk Road

  	
   

  	
  Arden Courts of Wilmington DE, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Wilmington, Delaware

  	
   

  	
   

  
	
  Turbo-016

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Wilmington

  	
   

  	
   

  
	
   

  	
   

  	
  532

  	
   

  	
  700 Foulk Road

  	
   

  	
  Manor Care of Wilmington DE, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Wilmington, Delaware

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Pike Creek

  	
   

  	
   

  
	
  Turbo-017

  	
   

  	
  488

  	
   

  	
  5651 Limestone Road

  	
   

  	
  Manor Care-Pike Creek of Wilmington DE, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Wilmington, Delaware

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Palm Harbor

  	
   

  	
   

  
	
  Turbo-019

  	
   

  	
  332

  	
   

  	
  2895 Tampa Road

  	
   

  	
  Arden Courts of Palm Harbor FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Palm Harbor, Florida

  	
   

  	
   

  

 

2

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Delray Beach

  	
   

  	
   

  
	
   

  	
   

  	
  333

  	
   

  	
  16150 Jog Road

  	
   

  	
  Arden Courts of Delray Beach FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Delray Beach, Florida

  	
   

  	
   

  
	
  Turbo-020

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Delray Beach)

  	
   

  	
   

  
	
   

  	
   

  	
  438

  	
   

  	
  16200 Jog Road

  	
   

  	
  Manor Care of Delray Beach FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Delray Beach, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Sarasota

  	
   

  	
   

  
	
  Turbo-021

  	
   

  	
  336

  	
   

  	
  5509 Swift Road

  	
   

  	
  Arden Courts of Sarasota FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Sarasota, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of West Palm Beach

  	
   

  	
   

  
	
   

  	
   

  	
  345

  	
   

  	
  2330 Village Boulevard

  	
   

  	
  Arden Courts of W. Palm Beach FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  West Palm Beach, Florida

  	
   

  	
   

  
	
  Turbo-022

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - West Palm Beach

  	
   

  	
   

  
	
   

  	
   

  	
  493

  	
   

  	
  2300 Village Boulevard

  	
   

  	
  Manor Care of W. Palm Beach FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  West Palm Beach, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Seminole

  	
   

  	
   

  
	
  Turbo-023

  	
   

  	
  371

  	
   

  	
  9300 Antilles Drive

  	
   

  	
  Arden Courts of Seminole FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Seminole, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Largo

  	
   

  	
   

  
	
  Turbo-024

  	
   

  	
  373

  	
   

  	
  300 Highland Avenue

  	
   

  	
  Arden Courts of Largo FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Largo, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Palm Harbor

  	
   

  	
   

  
	
  Turbo-025

  	
   

  	
  386

  	
   

  	
  2851 Tampa Road

  	
   

  	
  Manor Care of Palm Harbor FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Palm Harbor, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Nursing & Rehabilitation Center (Naples)

  	
   

  	
   

  
	
  Turbo-026

  	
   

  	
  420

  	
   

  	
  3601 Lakewood Boulevard

  	
   

  	
  Manor Care of Naples FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Naples, Florida

  	
   

  	
   

  

 

3

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Venice)

  	
   

  	
   

  
	
  Turbo-028

  	
   

  	
  442

  	
   

  	
  1450 East Venice

  	
   

  	
  Manor Care of Venice FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Venice, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Carrollwood

  	
   

  	
   

  
	
  Turbo-029

  	
   

  	
  443

  	
   

  	
  3030 West Bearss Avenue

  	
   

  	
  Manor Care-Carrollwood of Tampa FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Tampa, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Lely Palms

  	
   

  	
   

  
	
  Turbo-030

  	
   

  	
  449

  	
   

  	
  6125 Rattlesnake Hammock Road

  	
   

  	
  Arden Courts-Lely Palms of Naples FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Naples, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center of South Jacksonville

  	
   

  	
   

  
	
  Turbo-031

  	
   

  	
  454

  	
   

  	
  3648 University Boulevard South

  	
   

  	
  Heartland-South Jacksonville of Jacksonville FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Jacksonville, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare at Lely Palms

  	
   

  	
   

  
	
  Turbo-033

  	
   

  	
  511

  	
   

  	
  1000 Lely Palms Drive

  	
   

  	
  Manor Care-Lely Palms of Naples FL (SH), LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Naples, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Dunedin

  	
   

  	
   

  
	
  Turbo-034

  	
   

  	
  533

  	
   

  	
  870 Patricia Avenue

  	
   

  	
  Manor Care of Dunedin FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Dunedin, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Sarasota

  	
   

  	
   

  
	
  Turbo-035

  	
   

  	
  534

  	
   

  	
  5511 Swift Road

  	
   

  	
  Manor Care Nursing Center of Sarasota FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Sarasota, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Boca Raton)

  	
   

  	
   

  
	
  Turbo-036

  	
   

  	
  535

  	
   

  	
  375 N.W. 51st Street

  	
   

  	
  Manor Care of Boca Raton FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Boca Raton, Florida

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Boynton Beach

  	
   

  	
   

  
	
  Turbo-037

  	
   

  	
  536

  	
   

  	
  3001 South Congress Avenue

  	
   

  	
  Manor Care of Boynton Beach FL, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Boynton Beach, Florida

  	
   

  	
   

  

 

4

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Plantation)

  	
   

  	
   

  	
   

  
	
  Turbo-038

  	
   

  	
  537

  	
   

  	
  6931 West Sunrise Boulevard

  	
   

  	
  Manor Care of Plantation FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Plantation, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Kendall

  	
   

  	
   

  	
   

  
	
  Turbo-040

  	
   

  	
  3161

  	
   

  	
  9400 S.W. 137th Avenue

  	
   

  	
  Heartland of Kendall FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Kendall, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland of Brooksville

  	
   

  	
   

  	
   

  
	
  Turbo-041

  	
   

  	
  3171

  	
   

  	
  575 Lamar Avenue

  	
   

  	
  Heartland of Brooksville FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Brooksville, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland of Zephyrhills

  	
   

  	
   

  	
   

  
	
  Turbo-042

  	
   

  	
  3181

  	
   

  	
  38220 Henry Drive

  	
   

  	
  Heartland of Zephyrhills FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Zephyrhills, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland of Tamarac

  	
   

  	
   

  	
   

  
	
  Turbo-043

  	
   

  	
  3191

  	
   

  	
  5901 N.W. 79th Avenue

  	
   

  	
  Heartland of Tamarac FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Tamarac, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Boynton Beach

  	
   

  	
   

  	
   

  
	
  Turbo-044

  	
   

  	
  4092

  	
   

  	
  3600 Old Boynton Road

  	
   

  	
  Heartland of Boynton Beach FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Boynton Beach, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Jacksonville

  	
   

  	
   

  	
   

  
	
  Turbo-045

  	
   

  	
  4095

  	
   

  	
  8495 Normandy Boulevard

  	
   

  	
  Heartland of Jacksonville FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Jacksonville, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Orange Park

  	
   

  	
   

  	
   

  
	
  Turbo-046

  	
   

  	
  4096

  	
   

  	
  570 Wells Road

  	
   

  	
  Heartland of Orange Park FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Orange Park, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Miami Lakes

  	
   

  	
   

  	
   

  
	
  Turbo-047

  	
   

  	
  4097

  	
   

  	
  5725 N.W. 186th Street

  	
   

  	
  Heartland-Miami Lakes of Hialeah FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Hialeah, Florida

  	
   

  	
   

  	
   

  

 

5

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Fort Myers

  	
   

  	
   

  	
   

  
	
  Turbo-048

  	
   

  	
  4098

  	
   

  	
  1600 Matthew Drive

  	
   

  	
  Heartland of Fort Myers FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fort Myers, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-049

  	
   

  	
  4206

  	
   

  	
  HHCC - Prosperity Oaks

  11375 Prosperity Farms Road

  Palm Beach Gardens, Florida

  	
   

  	
  Heartland-Prosperity Oaks of Palm Beach Gardens FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Kensington Manor

  	
   

  	
   

  	
   

  
	
  Turbo-050

  	
   

  	
  4227

  	
   

  	
  3250 12th Street

  	
   

  	
  Kensington Manor-Sarasota FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Sarasota, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHC & Rehabilitation Center of Boca Raton

  	
   

  	
   

  	
   

  
	
  Turbo-051

  	
   

  	
  4266

  	
   

  	
  7225 Boca Del Mar Drive

  	
   

  	
  Heartland of Boca Raton FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Boca Raton, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-052

  	
   

  	
  4268

  	
   

  	
  Heartland Health Care & Rehabilitation Center (Sarasota)

  5401 Sawyer Road

  Sarasota, Florida

  	
   

  	
  Heartland of Sarasota FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Lauderhill

  	
   

  	
   

  	
   

  
	
  Turbo-053

  	
   

  	
  4296

  	
   

  	
  2599 N.W. 55th Avenue

  	
   

  	
  Heartland of Lauderhill FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Lauderhill, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Ft. Myers

  	
   

  	
   

  	
   

  
	
  Turbo-054

  	
   

  	
  5434

  	
   

  	
  15950 McGregor Boulevard

  	
   

  	
  Arden Courts of Ft. Myers FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fort Myers, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Fort Myers)

  	
   

  	
   

  	
   

  
	
  Turbo-055

  	
   

  	
  5467

  	
   

  	
  13881 Eagle Ridge Drive

  	
   

  	
  Manor Care of Ft. Myers FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fort Myers, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Tampa

  	
   

  	
   

  	
   

  
	
  Turbo-056

  	
   

  	
  5639

  	
   

  	
  14950 Casey Road

  	
   

  	
  Arden Courts of Tampa FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Tampa, Florida

  	
   

  	
   

  	
   

  

 

6

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Winter Springs

  	
   

  	
   

  	
   

  
	
  Turbo-057

  	
   

  	
  5665

  	
   

  	
  1057 Willa Springs Drive

  	
   

  	
  Arden Courts of Winter Springs FL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Winter Springs, Florida

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Rehabilitation Center - Marietta

  	
   

  	
   

  	
   

  
	
  Turbo-058

  	
   

  	
  429

  	
   

  	
  4360 Johnson Ferry Place

  	
   

  	
  Manor Care of Marietta GA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Marietta, Georgia

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-059 

  	
   

  	
  614

  	
   

  	
  ManorCare Rehabilitation Center - Decatur

  2722 North Decatur Road

  Decatur, Georgia

  	
   

  	
  Manor Care Rehabilitation Center of Decatur GA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of South Holland

  	
   

  	
   

  	
   

  
	
  Turbo-060 

  	
   

  	
  356

  	
   

  	
  2045 East 170th Street

  	
   

  	
  Arden Courts of South Holland IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  South Holland, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Palos Heights

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  357

  	
   

  	
  7880 West College Drive

  	
   

  	
  Arden Courts of Palos Heights IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Palos Heights, Illinois

  	
   

  	
   

  	
   

  
	
  Turbo-061

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Palos Heights East

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  441

  	
   

  	
  7850 West College Drive

  	
   

  	
  Manor Care of Palos Heights IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Palos Heights, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Elk Grove

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  359

  	
   

  	
  1940 Nerge Road

  	
   

  	
  Arden Courts of Elk Grove Village IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Elk Grove Village, Illinois

  	
   

  	
   

  	
   

  
	
  Turbo-062

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Elk Grove Village

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  473

  	
   

  	
  1920 Nerge Road

  	
   

  	
  Manor Care of Elk Grove Village IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Elk Grove Village, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - South Holland

  	
   

  	
   

  	
   

  
	
  Turbo-063

  	
   

  	
  388

  	
   

  	
  2145 East 170th Street

  	
   

  	
  Manor Care of South Holland IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  South Holland, Illinois

  	
   

  	
   

  	
   

  

 

7

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Normal

  	
   

  	
   

  	
   

  
	
  Turbo-064 

  	
   

  	
  401

  	
   

  	
  510 Broadway

  	
   

  	
  Heartland of Normal IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Normal, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Peoria

  	
   

  	
   

  	
   

  
	
  Turbo-065

  	
   

  	
  402

  	
   

  	
  5600 Glen Elm Drive

  	
   

  	
  Heartland of Peoria IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Peoria, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Decatur

  	
   

  	
   

  	
   

  
	
  Turbo-066 

  	
   

  	
  403

  	
   

  	
  444 West Harrison Avenue

  	
   

  	
  Heartland of Decatur IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Decatur, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Naperville

  	
   

  	
   

  	
   

  
	
  Turbo-067 

  	
   

  	
  405

  	
   

  	
  200 Martin Avenue

  	
   

  	
  Manor Care of Naperville IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Naperville, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Kankakee

  	
   

  	
   

  	
   

  
	
  Turbo-068 

  	
   

  	
  406

  	
   

  	
  900 West River Place

  	
   

  	
  Manor Care of Kankakee IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Kankakee, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Wilmette

  	
   

  	
   

  	
   

  
	
  Turbo-069 

  	
   

  	
  407

  	
   

  	
  432 Poplar Drive

  	
   

  	
  Manor Care of Wilmette IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Wilmette, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Champaign

  	
   

  	
   

  	
   

  
	
  Turbo-070 

  	
   

  	
  430

  	
   

  	
  309 East Springfield Avenue

  	
   

  	
  Heartland of Champaign IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Champaign, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Northbrook

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  433

  	
   

  	
  3240 Milwaukee Avenue

  	
   

  	
  Arden Courts of Northbrook IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Northbrook, Illinois

  	
   

  	
   

  	
   

  
	
  Turbo-071

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Northbrook

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  487

  	
   

  	
  3300 Milwaukee Avenue

  	
   

  	
  Manor Care of Northbrook IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Northbrook, Illinois

  	
   

  	
   

  	
   

  

 

8

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Libertyville

  	
   

  	
   

  	
   

  
	
  Turbo-072

  	
   

  	
  440

  	
   

  	
  1500 South Milwaukee

  	
   

  	
  Manor Care of Libertyville IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Libertyville, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Oak Lawn East

  	
   

  	
   

  	
   

  
	
  Turbo-074

  	
   

  	
  458

  	
   

  	
  9401 South Kostner Avenue

  	
   

  	
  Manor Care of Oak Lawn (East) IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Oak Lawn, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Elgin

  	
   

  	
   

  	
   

  
	
  Turbo-075

  	
   

  	
  465

  	
   

  	
  180 South State Street

  	
   

  	
  Manor Care of Elgin IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Elgin, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Hinsdale

  	
   

  	
   

  	
   

  
	
  Turbo-076

  	
   

  	
  468

  	
   

  	
  600 West Ogden Avenue

  	
   

  	
  Manor Care of Hinsdale IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Hinsdale, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Oak Lawn West

  	
   

  	
   

  	
   

  
	
  Turbo-077

  	
   

  	
  469

  	
   

  	
  6300 West 95th Street

  	
   

  	
  Manor Care of Oak Lawn (West) IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Oak Lawn, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Palos Heights West

  	
   

  	
   

  	
   

  
	
  Turbo-079

  	
   

  	
  483

  	
   

  	
  11860 Southwest Highway

  	
   

  	
  Manor Care of Palos Heights (West) IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Palos Heights, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Westmont

  	
   

  	
   

  	
   

  
	
  Turbo-081

  	
   

  	
  518

  	
   

  	
  512 East Ogden Avenue

  	
   

  	
  Manor Care of Westmont IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Westmont, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Rolling Meadows

  	
   

  	
   

  	
   

  
	
  Turbo-082

  	
   

  	
  522

  	
   

  	
  4225 Kirchoff Road

  	
   

  	
  Manor Care of Rolling Meadows IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Rolling Meadows, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Glen Ellyn

  	
   

  	
   

  	
   

  
	
  Turbo-083

  	
   

  	
  605

  	
   

  	
  2 South 706 Park Boulevard

  	
   

  	
  Arden Courts of Glen Ellyn IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Glen Ellyn, Illinois

  	
   

  	
   

  	
   

  

 

9

 

 

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Geneva

  	
   

  	
   

  	
   

  
	
  Turbo-084

  	
   

  	
  606

  	
   

  	
  2388 Bricher Road

  	
   

  	
  Arden Courts of Geneva IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Geneva, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Hazel Crest

  	
   

  	
   

  	
   

  
	
  Turbo-085

  	
   

  	
  628

  	
   

  	
  3701 West 183rd Street

  	
   

  	
  Arden Courts of Hazel Crest IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Hazel Crest, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Galesburg

  	
   

  	
   

  	
   

  
	
  Turbo-086

  	
   

  	
  3061

  	
   

  	
  280 East Losey Street

  	
   

  	
  Heartland of Galesburg IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Galesburg, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Macomb

  	
   

  	
   

  	
   

  
	
  Turbo-087

  	
   

  	
  3071

  	
   

  	
  8 Doctors Lane

  	
   

  	
  Heartland of Macomb IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Macomb, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Moline

  	
   

  	
   

  	
   

  
	
  Turbo-088

  	
   

  	
  3081

  	
   

  	
  833 Sixteenth Avenue

  	
   

  	
  Heartland of Moline IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Moline, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Canton

  	
   

  	
   

  	
   

  
	
  Turbo-089

  	
   

  	
  3201

  	
   

  	
  2081 North Main Street

  	
   

  	
  Heartland of Canton IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Canton, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Henry

  	
   

  	
   

  	
   

  
	
  Turbo-090

  	
   

  	
  3211

  	
   

  	
  1650 Indian TN Road - P.O. Box 215

  	
   

  	
  Heartland of Henry IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Henry, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Paxton

  	
   

  	
   

  	
   

  
	
  Turbo-091

  	
   

  	
  3221

  	
   

  	
  1001 East Pells Street

  	
   

  	
  Heartland of Paxton IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Paxton, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Homewood

  	
   

  	
   

  	
   

  
	
  Turbo-092

  	
   

  	
  4094

  	
   

  	
  940 Maple Avenue

  	
   

  	
  Manor Care of Homewood IL, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Homewood, Illinois

  	
   

  	
   

  	
   

  

 

10

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland Health Care Center - Riverview

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  500 Centennial Drive

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  East Peoria, Illinois

  	
   

  	
   

  	
   

  
	
  Turbo-093 

  	
   

  	
  542/510

  	
   

  	
   

  	
   

  	
  Heartland-Riverview of East Peoria IL (SNF), LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Riverview Senior Living Community

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  500 Centennial Drive

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  East Peoria, Illinois

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Anderson)

  	
   

  	
   

  	
   

  
	
  Turbo-096 

  	
   

  	
  421

  	
   

  	
  1345 North Madison Avenue

  	
   

  	
  Manor Care of Anderson IN, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Anderson, Indiana

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Indy South)

  	
   

  	
   

  	
   

  
	
  Turbo-097 

  	
   

  	
  470

  	
   

  	
  8549 South Madison Avenue

  	
   

  	
  Manor Care of Indy (South) IN, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Indianapolis, Indiana

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC - Prestwick

  	
   

  	
   

  	
   

  
	
  Turbo-098 

  	
   

  	
  4019

  	
   

  	
  445 South County Road 525 East

  	
   

  	
  Heartland-Prestwick IN, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Avon, Indiana

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Assisted Living at Summer Trace

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12999 North Pennsylvania Street

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Carmel, Indiana

  	
   

  	
   

  	
   

  
	
  Turbo-099 

  	
   

  	
  541/507

  	
   

  	
   

  	
   

  	
  Manor Care-Summer Trace of Carmel IN, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Summer Trace

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  12999 North Pennsylvania Street

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Carmel, Indiana

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Waterloo)

  	
   

  	
   

  	
   

  
	
  Turbo-101 

  	
   

  	
  415

  	
   

  	
  201 West Ridgeway Avenue

  	
   

  	
  Manor Care of Waterloo IA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Waterloo, Iowa

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Cedar Rapids)

  	
   

  	
   

  	
   

  
	
  Turbo-102 

  	
   

  	
  418

  	
   

  	
  1940 1st Avenue N.E.

  	
   

  	
  Manor Care of Cedar Rapids IA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Cedar Rapids, Iowa

  	
   

  	
   

  	
   

  

 

11

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Davenport)

  	
   

  	
   

  	
   

  
	
  Turbo-103

  	
   

  	
  423

  	
   

  	
  815 East Locust Street

  	
   

  	
  Manor Care of Davenport IA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Davenport, Iowa

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Dubuque)

  	
   

  	
   

  	
   

  
	
  Turbo-104

  	
   

  	
  455

  	
   

  	
  901 West Third Street

  	
   

  	
  Manor Care of Dubuque IA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Dubuque, Iowa

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - West Des Moines

  	
   

  	
   

  	
   

  
	
  Turbo-105

  	
   

  	
  624

  	
   

  	
  5010 Grand Ridge Drive

  	
   

  	
  Manor Care of West Des Moines IA, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  West Des Moines, Iowa

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services

  	
   

  	
   

  	
   

  
	
  Turbo-106

  	
   

  	
  376

  	
   

  	
  2515 S.W. Wanamaker

  	
   

  	
  Manor Care of Topeka KS, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Topeka, Kansas

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Overland Park)

  	
   

  	
   

  	
   

  
	
  Turbo-107

  	
   

  	
  484

  	
   

  	
  5211 West 103rd Street

  	
   

  	
  Manor Care of Overland Park KS, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Overland Park, Kansas

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services (Wichita)

  	
   

  	
   

  	
   

  
	
  Turbo-108

  	
   

  	
  486

  	
   

  	
  7101 East 21st North

  	
   

  	
  Manor Care of Wichita KS, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Wichita, Kansas

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Louisville

  	
   

  	
   

  	
   

  
	
  Turbo-109

  	
   

  	
  682

  	
   

  	
  10451 Linn Station Road

  	
   

  	
  Arden Courts of Louisville KY, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Louisville, Kentucky

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-110 

  	
   

  	
  4055

  	
   

  	
  Christopher East Health Care Center

  4200 Browns Lane

  Louisville, Kentucky

  	
   

  	
  Christopher East Health Care Center of Louisville KY, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Pikesville

  	
   

  	
   

  	
   

  
	
  Turbo-111

  	
   

  	
  344

  	
   

  	
  8909 Reisterstown Road

  	
   

  	
  Arden Courts of Pikesville MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Pikesville, Maryland

  	
   

  	
   

  	
   

  

 

12

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse of Pikesville

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  519

  	
   

  	
  8911 Reisterstown Road

  	
   

  	
  Springhouse of Pikesville MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Pikesville, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Potomac

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  353

  	
   

  	
  10718 Potomac Tennis Lane

  	
   

  	
  Arden Courts of Potomac MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Potomac, Maryland

  	
   

  	
   

  	
   

  
	
  Turbo-113

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Potomac

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  538

  	
   

  	
  10714 Potomac Tennis Lane

  	
   

  	
  Manor Care of Potomac MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Potomac, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse of Bethesda

  	
   

  	
   

  	
   

  
	
  Turbo-114

  	
   

  	
   461

  	
   

  	
  4925 Battery Lane

  	
   

  	
  Springhouse of Bethesda MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Bethesda, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse of Silver Spring

  	
   

  	
   

  	
   

  
	
  Turbo-115

  	
   

  	
   462

  	
   

  	
  2201 Colston Drive

  	
   

  	
  Springhouse of Silver Spring MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Silver Spring, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Silver Spring

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  490

  	
   

  	
  2501 Musgrove Road

  	
   

  	
  Manor Care of Silver Spring MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Silver Spring, Maryland

  	
   

  	
   

  	
   

  
	
  Turbo-116

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Silver Spring

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  352

  	
   

  	
  2505 Musgrove Road

  	
   

  	
  Arden Courts of Silver Spring MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Silver Spring, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Wheaton

  	
   

  	
   

  	
   

  
	
  Turbo-117

  	
   

  	
   501

  	
   

  	
  11901 Georgia Avenue

  	
   

  	
  Manor Care of Wheaton MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Wheaton, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Towson

  	
   

  	
   

  	
   

  
	
  Turbo-118

  	
   

  	
   505

  	
   

  	
  509 East Joppa Road

  	
   

  	
  Manor Care of Towson, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Towson, Maryland

  	
   

  	
   

  	
   

  

 

13

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Roland Park

  	
   

  	
   

  	
   

  
	
  Turbo-119

  	
   

  	
  506

  	
   

  	
  4669 Falls Road

  	
   

  	
  Manor Care-Roland Park MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Baltimore, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Ruxton

  	
   

  	
   

  	
   

  
	
  Turbo-120

  	
   

  	
  509

  	
   

  	
  7001 North Charles Street

  	
   

  	
  Manor Care-Ruxton MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Towson, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Bethesda

  	
   

  	
   

  	
   

  
	
  Turbo-122

  	
   

  	
  523

  	
   

  	
  6530 Democracy Boulevard

  	
   

  	
  Manor Care of Bethesda MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Bethesda, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Chevy Chase

  	
   

  	
   

  	
   

  
	
  Turbo-123

  	
   

  	
  524

  	
   

  	
  8700 Jones Mill Road

  	
   

  	
  Manor Care of Chevy Chase MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Chevy Chase, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Rossville

  	
   

  	
   

  	
   

  
	
  Turbo-124

  	
   

  	
  525

  	
   

  	
  6600 Ridge Road

  	
   

  	
  Manor Care-Rossville MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Baltimore, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Largo

  	
   

  	
   

  	
   

  
	
  Turbo-125

  	
   

  	
  529

  	
   

  	
  600 Largo Road

  	
   

  	
  Manor Care-Largo MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Upper Marlboro, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare Health Services - Woodbridge Valley

  	
   

  	
   

  	
   

  
	
  Turbo-127

  	
   

  	
  627

  	
   

  	
  1525 North Rolling Road

  	
   

  	
  Manor Care-Woodbridge Valley MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Catonsville, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Kensington

  	
   

  	
   

  	
   

  
	
  Turbo-128

  	
   

  	
  629

  	
   

  	
  4301 Knowles Avenue

  	
   

  	
  Arden Courts of Kensington MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Kensington, Maryland

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden Courts of Towson

  	
   

  	
   

  	
   

  
	
  Turbo-129

  	
   

  	
  636

  	
   

  	
  8101 Bellona Avenue

  	
   

  	
  Arden Courts of Towson MD, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Towson, Maryland

  	
   

  	
   

  	
   

  

 

14

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-130 

  	
   

  	
  4056

  	
   

  	
  ManorCare Health Services - Dulaney

  111 West Road

  Towson, Maryland

  	
   

  	
  Manor Care-Dulaney MD, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-131 

  	
   

  	
  4066

  	
   

  	
  HHCC - Hyattsville

  6500 Riggs Road

  Hyattsville, Maryland

  	
   

  	
  Heartland of Hyattsville MD, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-132 

  	
   

  	
  4079

  	
   

  	
  HHCC - Adelphi

  1801 Metzerott Road

  Adelphi, Maryland

  	
   

  	
  Heartland of Adelphi MD, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-133 

  	
   

  	
  355

  	
   

  	
  Arden Courts Assisted Living Facility (Sterling Heights)

  11095 Fourteen Mile Road

  Sterling Heights, Michigan

  	
   

  	
  Arden Courts of Sterling Heights MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-134 

  	
   

  	
  437

  	
   

  	
  ManorCare Health Services (Kingsford)

  1225 Woodward Avenue

  Kingsford, Michigan

  	
   

  	
  Manor Care of Kingsford MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-135 

  	
   

  	
  621

  	
   

  	
  HHCC - Oakland

  925 West South Boulevard

  Troy, Michigan

  	
   

  	
  Heartland-Oakland MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-136 

  	
   

  	
  625

  	
   

  	
  HHCC - Canton

  7025 Lilley Road

  Canton, Michigan

  	
   

  	
  Heartland of Canton MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-138 

  	
   

  	
  4040

  	
   

  	
  HHCC - Plymouth Court

  105 Haggerty Road

  Plymouth, Michigan

  	
   

  	
  Heartland-Plymouth Court MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-139 

  	
   

  	
  4041

  	
   

  	
  HHCC - Dorvin

  29270 Morlock Street

  Livonia, Michigan

  	
   

  	
  Heartland-Dorvin of Livonia MI, LLCt

  

 

15

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-140 

  	
   

  	
  4042

  	
   

  	
  HHCC - University

  28550 Five Mile Road

  Livonia, Michigan

  	
   

  	
  Heartland-University of Livonia MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-141 

  	
   

  	
  4043

  	
   

  	
  HHCC - Dearborn Heights

  26001 Ford Road

  Dearborn Heights, Michigan

  	
   

  	
  Heartland of Dearborn Heights MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-142 

  	
   

  	
  4044

  	
   

  	
  HHCC - Allen Park

  9150 Allen Road

  Allen Park, Michigan

  	
   

  	
  Heartland of Allen Park MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-143 

  	
   

  	
  4059

  	
   

  	
  HHCC - Georgian Bloomfield

  2975 North Adams Road

  Bloomfield Hills, Michigan

  	
   

  	
  Heartland-Georgian Bloomfield of Bloomfield Hills MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-144 

  	
   

  	
  4060

  	
   

  	
  HHCC - Georgian East

  21401 Mack Avenue

  Grosse Pointe, Michigan

  	
   

  	
  Heartland-Georgian East of Grosse Pointe MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-145 

  	
   

  	
  4201

  	
   

  	
  Heartland of Holland

  493 West 32nd Street

  Holland, Michigan

  	
   

  	
  Heartland of Holland MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-146 

  	
   

  	
  4202

  	
   

  	
  HHCC - Greenview

  1700 Leonard Street, N.E.

  Grand Rapids, Michigan

  	
   

  	
  Heartland-Greenview MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-147 

  	
   

  	
  4203

  	
   

  	
  HHCC - Knollview

  1061 West Hackley Avenue

  Muskegon, Michigan

  	
   

  	
  Heartland-Knollview MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-148 

  	
   

  	
  4204

  	
   

  	
  HHCC - Kalamazoo

  3625 West Michigan Avenue

  Kalamazoo, Michigan

  	
   

  	
  Heartland of Kalamazoo MI, LLC

  

 

16

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-149 

  	
   

  	
  4205

  	
   

  	
  HHCC - Grand Rapids

  2320 East Beltline, S.E.

  Grand Rapids, Michigan

  	
   

  	
  Heartland of Grand Rapids MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-150 

  	
   

  	
  4208

  	
   

  	
  HHCC - Briarwood

  3011 North Center Road

  Flint, Michigan

  	
   

  	
  Heartland-Briarwood MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-151 

  	
   

  	
  4210

  	
   

  	
  HHCC - Battle Creek

  200 Roosevelt Avenue East

  Battle Creek, Michigan

  	
   

  	
  Heartland of Battle Creek MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-152 

  	
   

  	
  4211

  	
   

  	
  HHCC - Jackson

  434 West North Street

  Jackson, Michigan

  	
   

  	
  Heartland of Jackson MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-153 

  	
   

  	
  4214

  	
   

  	
  HHCC - Crestview

  625 36th S.W.

  Wyoming, Michigan

  	
   

  	
  Heartland-Crestview MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-154 

  	
   

  	
  4215

  	
   

  	
  HHCC - Three Rivers

  517 Erie Street South

  Three Rivers, Michigan

  	
   

  	
  Heartland of Three Rivers MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-155 

  	
   

  	
  4216

  	
   

  	
  HHCC - Hampton

  800 Mulholland Street

  Bay City, Michigan

  	
   

  	
  Heartland-Hampton of Bay City MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-156 

  	
   

  	
  4217

  	
   

  	
  HHCC - Ionia

  814 East Lincoln Avenue

  Ionia, Michigan

  	
   

  	
  Heartland of Ionia MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-157 

  	
   

  	
  4219

  	
   

  	
  Fostrian Court Assisted Living

  540 Sunnyside Drive

  Flushing, Michigan

  	
   

  	
  Heartland-Fostrian of Flushing MI, LLC

  

 

17

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4027

  	
   

  	
  HHCC - Fostrian

  640 Sunnyside Drive

  Flushing, Michigan

  	
   

  	
  Fostrian Courts Assisted Living-Flushing MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-158 

  	
   

  	
  4220

  	
   

  	
  HHCC - Saginaw

  2901 Galaxy Drive

  Saginaw, Michigan

  	
   

  	
  Heartland of Saginaw MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-159 

  	
   

  	
  4224

  	
   

  	
  HHCC - Whitehall

  916 East Lewis Street

  Whitehall, Michigan

  	
   

  	
  Heartland of Whitehall MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-160 

  	
   

  	
  4262

  	
   

  	
  HHCC - Ann Arbor

  4701 East Huron River Drive

  Ann Arbor, Michigan

  	
   

  	
  Heartland of Ann Arbor MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-161 

  	
   

  	
  5350

  	
   

  	
  Arden Courts of Bingham Farms

  24005 West 13 Mile Road

  Bingham Farms, Michigan

  	
   

  	
  Arden Courts of Bingham Farms MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-162 

  	
   

  	
  5642

  	
   

  	
  Arden Courts of Livonia

  32500 Seven Mile Road

  Livonia, Michigan

  	
   

  	
  Arden Courts of Livonia MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland - West Bloomfield

  6950 Farmington Road

  West Bloomfield, Michigan

  	
   

  	
   

  
	
  Turbo-163 

  	
   

  	
  413/4135

  	
   

  	
   

  	
   

  	
  Heartland of West Bloomfield MI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  The Court at West Bloomfield

  6950 Farmington Road

  West Bloomfield, Michigan

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-164 

  	
   

  	
  408

  	
   

  	
  ManorCare Health Services (Springfield)

  2915 South Fremont

  Springfield, Missouri

  	
   

  	
  Manor Care of Springfield MO, LLC

  

 

18

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-165 

  	
   

  	
  448

  	
   

  	
  ManorCare Health Services (Florissant)

  1200 Graham Road

  Florissant, Missouri

  	
   

  	
  Manor Care of Florissant MO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-166 

  	
   

  	
  3091

  	
   

  	
  Heartland of Willow Lane

  416 South High Street

  Butler, Missouri

  	
   

  	
  Heartland-Willow Lane of Butler MO, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-167 

  	
   

  	
  377

  	
   

  	
  ManorCare Health Services (Reno)

  3101 Plumas Street,

  Reno, Nevada

  	
   

  	
  Manor Care of Reno NV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-168 

  	
   

  	
  362

  	
   

  	
  Arden Courts of Wayne

  800 Hamburg Turnpike

  Wayne, New Jersey

  	
   

  	
  Arden Courts of Wayne NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-169 

  	
   

  	
  364

  	
   

  	
  Arden Courts of West Orange

  510 Prospect Avenue

  West Orange, New Jersey

  	
   

  	
  Arden Courts of W. Orange NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-170 

  	
   

  	
  365

  	
   

  	
  Arden Courts of Cherry Hill

  2700 Chapel Avenue

  Cherry Hill, New Jersey

  	
   

  	
  Arden Courts of Cherry Hill NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-171 

  	
   

  	
  504

  	
   

  	
  ManorCare Health Services (Cherry Hill)

  1412 Marlton Pike

  Cherry Hill, New Jersey

  	
   

  	
  Manor Care of Cherry Hill NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-172 

  	
   

  	
  545

  	
   

  	
  ManorCare Health Services (West Deptford)

  550 Jessup Road

  Paulsboro, New Jersey

  	
   

  	
  Manor Care-West Deptford of Paulsboro NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-173 

  	
   

  	
  551

  	
   

  	
  ManorCare Health Services - Mountainside

  1180 Route 22 West

  Mountainside, New Jersey

  	
   

  	
  Manor Care of Mountainside NJ, LLC

  

 

19

 

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-174
  

  	
   

  	
  623

  	
   

  	
  ManorCare Health Services - Voorhees

  1086 Dumont Circle

  Voorhees, New Jersey

  	
   

  	
  Manor Care of Voorhees NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-175
  

  	
   

  	
  641

  	
   

  	
  Arden Courts of Whippany

  18 Eden Lane

  Whippany, New Jersey

  	
   

  	
  Arden Courts of Whippany NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-176
  

  	
   

  	
  4062

  	
   

  	
  ManorCare Health Services - New Providence

  144 Gales Drive

  New Providence, New Jersey

  	
   

  	
  Manor Care of New Providence NJ, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-177
  

  	
   

  	
  528

  	
   

  	
  ManorCare Health Services - Pinehurst

  205 Rattlesnake Trail

  Pinehurst, North Carolina

  	
   

  	
  Manor Care of Pinehurst NC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-178
  

  	
   

  	
  417

  	
   

  	
  ManorCare Health Services (Minot)

  600 South Main Street

  Minot, North Dakota

  	
   

  	
  Manor Care of Minot ND, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-179
  

  	
   

  	
  426

  	
   

  	
  ManorCare Health Services (Fargo)

  1315 South University Drive

  Fargo, North Dakota

  	
   

  	
  Manor Care of Fargo ND, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-180
  

  	
   

  	
  346

  	
   

  	
  Arden Courts of Westlake

  28400 Center Ridge Road

  Westlake, Ohio

  	
   

  	
  Arden Courts of Westlake OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-181
  

  	
   

  	
  450

  	
   

  	
  ManorCare Health Services - Barberton

  85 Third Street, S.E.

  Barberton, Ohio

  	
   

  	
  Manor Care of Barberton OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-182
  

  	
   

  	
  451

  	
   

  	
  ManorCare Health Services - Euclid Beach

  16101 Euclid Beach Boulevard

  Cleveland, Ohio

  	
   

  	
  Manor Care-Euclid Beach of Cleveland OH, LLC

  

 

20

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-183
  

  	
   

  	
  452

  	
   

  	
  ManorCare
  Health Services - Mayfield Heights

  6757
  Mayfield Road

  Mayfield
  Heights, Ohio

  	
   

  	
  Manor
  Care of Mayfield Heights OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-184
  

  	
   

  	
  453

  	
   

  	
  ManorCare
  Health Services - Rocky River

  4102
  Rocky River Drive

  Cleveland,
  Ohio

  	
   

  	
  Manor
  Care-Rocky River of Cleveland OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-185
  

  	
   

  	
  456

  	
   

  	
  Heartland
  of Oregon

  3953
  Navarre Avenue

  Oregon,
  Ohio

  	
   

  	
  Heartland
  of Oregon OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-186
  

  	
   

  	
  457

  	
   

  	
  Heartland
  of Madeira

  5970
  Kenwood Road

  Madeira,
  Ohio

  	
   

  	
  Heartland
  of Madeira OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-187
  

  	
   

  	
  466

  	
   

  	
  ManorCare
  Health Services - Westerville

  140
  Old County Line Road

  Westerville,
  Ohio

  	
   

  	
  Manor
  Care of Westerville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-188
  

  	
   

  	
  513

  	
   

  	
  Heartland
  of Mt. Airy

  2250
  Banning Road

  Cincinnati,
  Ohio

  	
   

  	
  Heartland-Mt.
  Airy of Cincinnati OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-189
  

  	
   

  	
  514

  	
   

  	
  ManorCare
  Health Services - North Olmsted

  23225
  Lorain Road

  North
  Olmsted, Ohio

  	
   

  	
  Manor
  Care of North Olmsted OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-190
  

  	
   

  	
  516

  	
   

  	
  ManorCare
  Health Services - Willoughby

  37603
  Euclid Avenue

  Willoughby,
  Ohio

  	
   

  	
  Manor
  Care of Willoughby OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-191
  

  	
   

  	
  517

  	
   

  	
  ManorCare
  Health Services - Akron

  1211
  West Market Street

  Akron,
  Ohio

  	
   

  	
  Manor
  Care of Akron OH, LLC

  

 

21

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-192
  

  	
   

  	
  521

  	
   

  	
  ManorCare
  Health Services - Belden Village

  5005
  Higbee Avenue, N.W.

  Canton,
  Ohio

  	
   

  	
  Manor
  Care-Belden Village of Canton OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-193
  

  	
   

  	
  622

  	
   

  	
  ManorCare
  Health Services - Parma

  9055
  West Sprague Road

  Parma,
  Ohio

  	
   

  	
  Manor
  Care of Parma OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-194
  

  	
   

  	
  626

  	
   

  	
  Heartland
  of Marion

  400
  Barks Road West

  Marion,
  Ohio

  	
   

  	
  Heartland
  of Marion OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-195
  

  	
   

  	
  668

  	
   

  	
  Arden
  Courts of Anderson Township

  6870
  Clough Pike

  Cincinnati,
  Ohio

  	
   

  	
  Arden
  Courts-Anderson of Cincinnati OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-196
  

  	
   

  	
  678

  	
   

  	
  Arden
  Courts of Kenwood

  4580
  East Galbraith Road

  Kenwood,
  Ohio

  	
   

  	
  Arden
  Courts of Kenwood OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-197
  

  	
   

  	
  3231

  	
   

  	
  Heartland
  - Fairfield

  7820
  Pleasantville Road

  Pleasantville,
  Ohio

  	
   

  	
  Heartland-Fairfield
  of Pleasantville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-198
  

  	
   

  	
  3241

  	
   

  	
  Heartland
  of Greenville

  243
  Marion Drive

  Greenville,
  Ohio

  	
   

  	
  Heartland
  of Greenville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-199
  

  	
   

  	
  3251

  	
   

  	
  Heartland
  of Jackson

  8668
  State Route #93

  Jackson,
  Ohio

  	
   

  	
  Heartland
  of Jackson OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-200
  

  	
   

  	
  3271

  	
   

  	
  Heartland
  of Urbana

  741
  East Water Street

  Urbana,
  Ohio

  	
   

  	
  Heartland
  of Urbana OH, LLC

  

 

22

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-201
  

  	
   

  	
  4018

  	
   

  	
  Heartland
  of Holly Glen

  4293
  Monroe Street

  Toledo,
  Ohio

  	
   

  	
  Heartland-Holly
  Glen of Toledo OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-202
  

  	
   

  	
  4024

  	
   

  	
  Heartland
  of Centerburg

  212
  Fairview Avenue - P.O. Box 720

  Centerburg,
  Ohio

  	
   

  	
  Heartland
  of Centerburg OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-203
  

  	
   

  	
  4026

  	
   

  	
  Heartland
  of Mentor

  8200
  Mentor Hills Drive

  Mentor,
  Ohio

  	
   

  	
  Heartland
  of Mentor OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-204
  

  	
   

  	
  4030

  	
   

  	
  Heartland
  of Indian Lake (Rehabilitation Center)

  14442
  U.S. Highway 33 West

  Lakeview,
  Ohio

  	
   

  	
  Heartland-Indian
  Lake of Lakeview OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-205
  

  	
   

  	
  4036

  	
   

  	
  Heartland
  of Oak Pavilion

  510
  Oak Street

  Cincinnati,
  Ohio

  	
   

  	
  Heartland-Oak
  Pavilion of Cincinnati OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-206
  

  	
   

  	
  4038

  	
   

  	
  Heartland
  of Wauseon

  303
  West Leggett Street

  Wauseon,
  Ohio

  	
   

  	
  Heartland
  of Wauseon OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-207
  

  	
   

  	
  4103

  	
   

  	
  Heartland
  of Bucyrus

  1170
  West Mansfield Street

  Bucyrus,
  Ohio

  	
   

  	
  Heartland
  of Bucyrus OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-208
  

  	
   

  	
  4105

  	
   

  	
  Heartland
  of Kettering

  3313
  Wilmington Pike

  Kettering,
  Ohio

  	
   

  	
  Heartland
  of Kettering OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-209
  

  	
   

  	
  4107

  	
   

  	
  Heartland
  of Marietta

  5001
  State Route 60

  Marietta,
  Ohio

  	
   

  	
  Heartland
  of Marietta OH, LLC

  

 

23

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-210
  

  	
   

  	
  4119

  	
   

  	
  Heartland
  of Portsmouth

  20
  Easter Drive

  Portsmouth,
  Ohio

  	
   

  	
  Heartland
  of Portsmouth OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-211
  

  	
   

  	
  4120

  	
   

  	
  Heartland
  of Chillicothe

  1058
  Columbus Street

  Chillicothe,
  Ohio

  	
   

  	
  Heartland
  of Chillicothe OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-212
  

  	
   

  	
  4127

  	
   

  	
  Heartland
  of Hillsboro

  1141
  Northview Drive

  Hillsboro,
  Ohio

  	
   

  	
  Heartland
  of Hillsboro OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-213
  

  	
   

  	
  4132

  	
   

  	
  Heartland
  of Eaton

  515
  South Maple Street

  Eaton,
  Ohio

  	
   

  	
  Heartland
  of Eaton OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-214
  

  	
   

  	
  4137

  	
   

  	
  Heartland
  - Lansing

  68222
  Commercial Drive

  Bridgeport,
  Ohio

  	
   

  	
  Heartland-Lansing
  of Bridgeport OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-215
  

  	
   

  	
  4138

  	
   

  	
  Heartland
  of Marysville

  755
  South Plum Street

  Marysville,
  Ohio

  	
   

  	
  Heartland
  of Marysville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-216
  

  	
   

  	
  4140

  	
   

  	
  Heartland
  of Springfield

  2615
  Derr Road

  Springfield,
  Ohio

  	
   

  	
  Heartland
  of Springfield OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-217
  

  	
   

  	
  4141

  	
   

  	
  Heartland
  - Victorian Village

  920
  Thurber Drive - West

  Columbus,
  Ohio

  	
   

  	
  Heartland-Victorian
  Village of Columbus OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-218
  

  	
   

  	
  4146

  	
   

  	
  Heartland
  - Beavercreek

  1974
  North Fairfield Road

  Dayton,
  Ohio

  	
   

  	
  Heartland-Beavercreek
  of Dayton OH, LLC

  

 

24

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-219
  

  	
   

  	
  4147

  	
   

  	
  Heartland
  of Piqua

  275
  Kienle Drive

  Piqua,
  Ohio

  	
   

  	
  Heartland
  of Piqua OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-220
  

  	
   

  	
  4148

  	
   

  	
  Heartland
  of Riverview

  7743
  County Road 1

  South
  Point, Ohio

  	
   

  	
  Heartland-Riverview
  of South Point OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-221
  

  	
   

  	
  4149

  	
   

  	
  Heartland
  of Bellefontaine

  221
  North School Street

  Bellefontaine,
  Ohio

  	
   

  	
  Heartland
  of Bellefontaine OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-222
  

  	
   

  	
  4150

  	
   

  	
  Heartland
  of Waterville

  8885
  Browning Drive

  Waterville,
  Ohio

  	
   

  	
  Heartland
  of Waterville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-223
  

  	
   

  	
  5313

  	
   

  	
  Arden
  Courts of Parma

  9205
  Sprague Road

  Parma,
  Ohio

  	
   

  	
  Arden
  Courts of Parma OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-224
  

  	
   

  	
  5323

  	
   

  	
  Arden
  Courts of Bainbridge

  8100 East Washington Street

  Chagrin
  Falls, Ohio

  	
   

  	
  Arden
  Courts-Bainbridge of Chagrin Falls OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-225
  

  	
   

  	
  5358

  	
   

  	
  Arden
  Courts of Akron

  171
  North Cleveland Massillon Road

  Akron,
  Ohio

  	
   

  	
  Arden
  Courts of Akron OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-226
  

  	
   

  	
  5613

  	
   

  	
  Heartland
  of Centerville

  1001
  East Alex-Bell Road

  Centerville,
  Ohio

  	
   

  	
  Heartland
  of Centerville OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-227
  

  	
   

  	
  3151 / 3152

  	
   

  	
  Heartland
  of Miamisburg (SNF)

  450
  Oak Ridge Boulevard

  Miamisburg,
  Ohio

  	
   

  	
  Heartland
  of Miamisburg OH, LLC

  

 

25

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Miamisburg (ALF)

  450
  Oak Ridge Boulevard

  Miamisburg,
  Ohio

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4115

  	
   

  	
  Perrysburg
  Commons

  10542
  Fremont Pike

  Perrysburg,
  Ohio

  	
   

  	
  Perrysburg
  Commons Senior Housing-Perrysburg OH, LLC

  
	
  Turbo-228

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4104

  	
   

  	
  Heartland
  of Perrysburg

  10540
  Fremont Pike

  Perrysburg,
  Ohio

  	
   

  	
  Heartland
  of Perrysburg OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4122

  	
   

  	
  The
  Village At Westerville NC

  1060
  Eastwind Drive

  Westerville,
  Ohio

  	
   

  	
  Heartland
  Village of Westerville OH (NC), LLC

  
	
  Turbo-229

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4125

  	
   

  	
  The
  Village At Westerville RC

  215
  Huber Village Boulevard

  Westerville,
  Ohio

  	
   

  	
  Heartland
  Village of Westerville OH (RC), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Woodridge (ALF)

  3801
  Woodridge Boulevard

  Fairfield,
  Ohio

  	
   

  	
   

  
	
  Turbo-230

  	
   

  	
  540 / 502

  	
   

  	
   

  	
   

  	
  Heartland-Woodridge
  of Fairfield OH, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Woodridge (SNF)

  3801
  Woodridge Boulevard

  Fairfield,
  Ohio

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-231
  

  	
   

  	
  301

  	
   

  	
  ManorCare
  Health Services - Northwest

  5301
  North Brookline

  Oklahoma
  City, Oklahoma

  	
   

  	
  Manor
  Care of Oklahoma City (Northwest), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-232
  

  	
   

  	
  304

  	
   

  	
  ManorCare
  Health Services - Midwest

  2900
  Parklawn Drive

  Midwest
  City, Oklahoma

  	
   

  	
  Manor
  Care of Midwest City OK, LLC

  

 

26

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-233
  

  	
   

  	
  306

  	
   

  	
  ManorCare
  Health Services - Southwest

  5600
  South Walker

  Oklahoma
  City, Oklahoma

  	
   

  	
  Manor
  Care of Oklahoma City (Southwest), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-234
  

  	
   

  	
  307

  	
   

  	
  ManorCare
  Health Services - Tulsa

  2425
  South Memorial Drive

  Tulsa,
  Oklahoma

  	
   

  	
  Manor
  Care of Tulsa OK, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-235
  

  	
   

  	
  322

  	
   

  	
  Arden
  Courts of Warminster

  779
  West County Line Road

  Hatboro,
  Pennsylvania

  	
   

  	
  Arden
  Courts-Warminster of Hatboro PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-236
  

  	
   

  	
  338

  	
   

  	
  ManorCare
  Health Services - Huntingdon Valley

  3430
  Huntingdon Pike

  Huntingdon
  Valley, Pennsylvania

  	
   

  	
  Manor
  Care of Huntingdon Valley PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-237
  

  	
   

  	
  339

  	
   

  	
  ManorCare
  Health Services - North Hills

  1105
  Perry Highway

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Manor
  Care-North Hills of Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-238
  

  	
   

  	
  343

  	
   

  	
  Arden
  Courts of Monroeville

  120
  Wyngate Drive

  Monroeville,
  Pennsylvania

  	
   

  	
  Arden
  Courts of Monroeville PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-239
  

  	
   

  	
  347

  	
   

  	
  Arden
  Courts of North Hills

  1125
  Perry Highway

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Arden
  Courts-North Hills of Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  354

  	
   

  	
  Arden
  Courts of Yardley

  493
  Stony Hill Road

  Yardley,
  Pennsylvania

  	
   

  	
  Arden
  Courts of Yardley PA, LLC

  
	
  Turbo-240

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  485

  	
   

  	
  ManorCare
  Health Services - Yardley

  1480
  Oxford Valley Road

  Yardley,
  Pennsylvania

  	
   

  	
  Manor
  Care of Yardley PA, LLC

  

 

27

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-241
  

  	
   

  	
  366

  	
   

  	
  Arden
  Courts of Allentown

  5151
  Hamilton Boulevard

  Allentown,
  Pennsylvania

  	
   

  	
  Arden
  Courts of Allentown PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  367

  	
   

  	
  Arden
  Courts of King of Prussia

  620
  West Valley Forge Road

  King
  of Prussia, Pennsylvania

  	
   

  	
  Arden
  Courts of King of Prussia PA, LLC

  
	
  Turbo-242

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  397

  	
   

  	
  ManorCare
  Health Services - King of Prussia

  600
  West Valley Forge Road

  King
  of Prussia, Pennsylvania

  	
   

  	
  Manor
  Care of King of Prussia PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-243
  

  	
   

  	
  372

  	
   

  	
  ManorCare
  Health Services - Carlisle

  940
  Walnut Bottom Road

  Carlisle,
  Pennsylvania

  	
   

  	
  Manor
  Care of Carlisle PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-245
  

  	
   

  	
  481

  	
   

  	
  ManorCare
  Health Services - Allentown

  1265
  Cedar Crest Boulevard

  Allentown,
  Pennsylvania

  	
   

  	
  Manor
  Care of Allentown PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-246
  

  	
   

  	
  482

  	
   

  	
  ManorCare
  Health Services - Green Tree

  1848
  Greentree Road

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Manor
  Care-Greentree of Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-248
  

  	
   

  	
  492

  	
   

  	
  ManorCare
  Health Services - McMurray

  113
  West McMurray Road

  McMurray,
  Pennsylvania

  	
   

  	
  Manor
  Care of McMurray PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-249
  

  	
   

  	
  494

  	
   

  	
  ManorCare
  Health Services - Lansdale

  640
  Bethlehem Pike

  Montgomeryville,
  Pennsylvania

  	
   

  	
  Manor
  Care-Lansdale of Montgomeryville PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-250
  

  	
   

  	
  499

  	
   

  	
  ManorCare
  Health Services - Monroeville

  885
  MacBeth Drive

  Monroeville,
  Pennsylvania

  	
   

  	
  Manor
  Care of Monroeville PA, LLC

  

 

28

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-251
  

  	
   

  	
  547

  	
   

  	
  ManorCare
  Health Services - Bethel Park

  60
  Highland Road

  Bethel
  Park, Pennsylvania

  	
   

  	
  Manor
  Care of Bethel Park PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-252
  

  	
   

  	
  554

  	
   

  	
  ManorCare
  Health Services - Dallastown

  100
  West Queen Street

  Dallastown,
  Pennsylvania

  	
   

  	
  Manor
  Care of Dallastown PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  555

  	
   

  	
  ManorCare
  Health Services - Bethlehem 2021

  2021
  Westgate Drive

  Bethlehem,
  Pennsylvania

  	
   

  	
  Manor
  Care of Bethlehem PA (2021), LLC

  
	
  Turbo-253

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  573

  	
   

  	
  ManorCare
  Health Services - Bethlehem 2029

  2029
  Westgate Drive

  Bethlehem,
  Pennsylvania

  	
   

  	
  Manor
  Care of Bethlehem PA (2029), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-254
  

  	
   

  	
  556

  	
   

  	
  ManorCare
  Health Services - Chambersburg

  1070
  Stouffer Avenue

  Chambersburg,
  Pennsylvania

  	
   

  	
  Manor
  Care of Chambersburg PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-255
  

  	
   

  	
  558

  	
   

  	
  ManorCare
  Health Services - Jersey Shore

  1008
  Thompson Street

  Jersey
  Shore, Pennsylvania

  	
   

  	
  Manor
  Care of Jersey Shore PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-256
  

  	
   

  	
  559

  	
   

  	
  ManorCare
  Health Services - Kingston

  200
  Second Avenue

  Kingston,
  Pennsylvania

  	
   

  	
  Manor
  Care of Kingston PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-257
  

  	
   

  	
  561

  	
   

  	
  ManorCare
  Health Services - Lebanon

  900
  Tuck Street

  Lebanon,
  Pennsylvania

  	
   

  	
  Manor
  Care of Lebanon PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-258
  

  	
   

  	
  562

  	
   

  	
  ManorCare
  Health Services - Laureldale

  2125
  Elizabeth Avenue

  Laureldale,
  Pennsylvania

  	
   

  	
  Manor
  Care of Laureldale PA, LLC

  

 

29

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-259
  

  	
   

  	
  565

  	
   

  	
  ManorCare
  Health Services - Pottstown

  724
  North Charlotte Street

  Pottstown,
  Pennsylvania

  	
   

  	
  Manor
  Care of Pottstown PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-260
  

  	
   

  	
  566

  	
   

  	
  ManorCare
  Health Services - Pottsville

  420
  Pulaski Drive

  Pottsville,
  Pennsylvania

  	
   

  	
  Manor
  Care of Pottsville PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-261
  

  	
   

  	
  567

  	
   

  	
  ManorCare
  Health Services - Sunbury

  800
  Court Street-Circle Drive

  Sunbury,
  Pennsylvania

  	
   

  	
  Manor
  Care of Sunbury PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-262
  

  	
   

  	
  568

  	
   

  	
  ManorCare
  Health Services - West Reading North SNF

  425
  Buttonwood Street

  West
  Reading, Pennsylvania

  	
   

  	
  Manor
  Care of West Reading PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-263
  

  	
   

  	
  569

  	
   

  	
  ManorCare
  Health Services - Lancaster

  100
  Abbeyville Road

  Lancaster,
  Pennsylvania

  	
   

  	
  Manor
  Care of Lancaster PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  570

  	
   

  	
  ManorCare
  Health Services - Williamsport North

  300
  Leader Drive

  Williamsport,
  Pennsylvania

  	
   

  	
  Manor
  Care of Williamsport PA (North), LLC

  
	
  Turbo-264

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  571

  	
   

  	
  ManorCare
  Health Services - Williamsport South

  101
  Leader Drive

  Williamsport,
  Pennsylvania

  	
   

  	
  Manor
  Care of Williamsport PA (South), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-266
  

  	
   

  	
  572

  	
   

  	
  ManorCare
  Health Services - Yeadon

  14
  Lincoln Avenue

  Yeadon,
  Pennsylvania

  	
   

  	
  Manor
  Care of Yeadon PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-268
  

  	
   

  	
  574

  	
   

  	
  ManorCare
  Health Services - Easton

  2600
  Northampton Street

  Easton,
  Pennsylvania

  	
   

  	
  Manor
  Care of Easton PA, LLC

  

 

30

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-269
  

  	
   

  	
  575

  	
   

  	
  Old
  Orchard Health Care Center

  4100
  Freemansburg Avenue

  Easton,
  Pennsylvania

  	
   

  	
  Old
  Orchard Health Care Center-Easton PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-270
  

  	
   

  	
  576

  	
   

  	
  ManorCare
  Health Services - Sinking Spring

  3000
  Windmill Road

  Sinking
  Spring, Pennsylvania

  	
   

  	
  Manor
  Care of Sinking Spring PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-271
  

  	
   

  	
  580

  	
   

  	
  ManorCare
  Health Services - York North

  1770
  Barley Road

  York,
  Pennsylvania

  	
   

  	
  Manor
  Care of York PA (North), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-272
  

  	
   

  	
  581

  	
   

  	
  ManorCare
  Health Services - York South

  200
  Pauline Drive

  York,
  Pennsylvania

  	
   

  	
  Manor
  Care of York PA (South), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-273
  

  	
   

  	
  582

  	
   

  	
  ManorCare
  Health Services - Elizabethtown

  320
  South Market Street

  Elizabethtown,
  Pennsylvania

  	
   

  	
  Manor
  Care of Elizabethtown PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-274
  

  	
   

  	
  583

  	
   

  	
  ManorCare
  Health Services - Camp Hill

  1700
  Market Street

  Camp
  Hill, Pennsylvania

  	
   

  	
  Manor
  Care of Camp Hill PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-275
  

  	
   

  	
  585

  	
   

  	
  ManorCare
  Health Services - Kingston Court

  2400
  Kingston Court

  York,
  Pennsylvania

  	
   

  	
  Manor
  Care-Kingston Court of York PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-276
  

  	
   

  	
  586

  	
   

  	
  Devon
  Manor

  235
  Lancaster Avenue

  Devon,
  Pennsylvania

  	
   

  	
  Devon
  Manor-Devon PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-277
  

  	
   

  	
  680

  	
   

  	
  Linden
  Village MCHS (Lebanon)

  100
  Tuck Court

  Lebanon,
  Pennsylvania

  	
   

  	
  Manor
  Care-Linden Village of Lebanon PA, LLC

  

 

31

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-278
  

  	
   

  	
  684

  	
   

  	
  Arden
  Courts of Susquehanna

  2625
  Ailanthus Lane

  Harrisburg,
  Pennsylvania

  	
   

  	
  Arden
  Courts-Susquehanna of Harrisburg PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-279
  

  	
   

  	
  4063

  	
   

  	
  Hampton
  House

  1548
  Sans Souci Parkway

  Wilkes-Barre,
  Pennsylvania

  	
   

  	
  Hampton
  House-Wilkes-Barre PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-280
  

  	
   

  	
  4073

  	
   

  	
  Heartland
  Health Care Center (Pittsburgh)

  550
  South Negley Avenue

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Heartland
  of Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-281
  

  	
   

  	
  4082

  	
   

  	
  Shadyside
  Nursing & Rehabilitation Center

  5609
  Fifth Avenue

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Shadyside
  Nursing and Rehabilitation Center-Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-282
  

  	
   

  	
  4085

  	
   

  	
  Sky
  Vue Terrace

  2170
  Rhine Street

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Sky
  Vue Terrace-Pittsburgh PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-283
  

  	
   

  	
  4087

  	
   

  	
  Twinbrook
  Medical Center

  3805
  Field St. Lawrence Park

  Erie,
  Pennsylvania

  	
   

  	
  Twinbrook
  Medical Center-Erie PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-284
  

  	
   

  	
  4088

  	
   

  	
  Wallingford
  Nursing & Rehabilitation Center

  115
  South Providence Road

  Wallingford,
  Pennsylvania

  	
   

  	
  Wallingford
  Nursing and Rehabilitation Center-Wallingford PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-285
  

  	
   

  	
  4207

  	
   

  	
  Donahoe
  Manor

  136
  Donahoe Manor Road

  Bedford,
  Pennsylvania

  	
   

  	
  Donahoe
  Manor-Bedford PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-286
  

  	
   

  	
  5587

  	
   

  	
  ManorCare
  Health Services - Whitehall Borough

  505
  Weyman Road

  Pittsburgh,
  Pennsylvania

  	
   

  	
  Whitehall
  Borough-Pittsburgh PA, LLC

  

 

32

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-287
  

  	
   

  	
  5658

  	
   

  	
  Arden
  Courts of Jefferson Hills

  380
  Wray Large Road

  Jefferson
  Hills, Pennsylvania

  	
   

  	
  Arden
  Courts of Jefferson Hills PA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-288
  

  	
   

  	
  512

  	
   

  	
  Heartland
  of Columbia Rehabilitation & Nursing Center

  2601
  Forest Drive

  Columbia,
  South Carolina

  	
   

  	
  Columbia
  Rehabilitation and Nursing Center-Columbia SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-289
  

  	
   

  	
  526

  	
   

  	
  Heartland
  of Lexington Rehabilitation & Nursing Center

  2416
  Sunset Boulevard

  West
  Columbia, South Carolina

  	
   

  	
  Lexington
  Rehabilitation and Nursing Center-Lexington SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-290
  

  	
   

  	
  531

  	
   

  	
  Heartland
  of West Ashley Rehabilitation & Nursing Center

  1137
  Sam Rittenberg Boulevard

  Charleston,
  South Carolina

  	
   

  	
  West
  Ashley Rehabilitation and Nursing Center-Charleston SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-291
  

  	
   

  	
  4015

  	
   

  	
  HHCC
  - Charleston

  1800
  Eagle Landing Boulevard

  Hanahan,
  South Carolina

  	
   

  	
  Heartland-Charleston
  of Hanahan SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-292
  

  	
   

  	
  4031

  	
   

  	
  Oakmont
  of Union (Nursing)

  709
  Rice Avenue

  Union,
  South Carolina

  	
   

  	
  Oakmont
  of Union SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-293
  

  	
   

  	
  4032

  	
   

  	
  Oakmont
  East

  601
  Sulphur Springs Road

  Greenville,
  South Carolina

  	
   

  	
  Oakmont
  East-Greenville SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-294
  

  	
   

  	
  4033

  	
   

  	
  Oakmont
  of Union (Residential Care)

  600
  Sulphur Springs Road

  Greenville,
  South Carolina

  	
   

  	
  Oakmont
  West-Greenville SC, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-295
  

  	
   

  	
  412

  	
   

  	
  ManorCare
  Health Services

  400
  8th Avenue N.W.

  Aberdeen,
  South Dakota

  	
   

  	
  Manor
  Care of Aberdeen SD, LLC

  

 

33

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-296
  

  	
   

  	
  308

  	
   

  	
  ManorCare
  Health Services (Dallas)

  3326
  Burgoyne

  Dallas,
  Texas

  	
   

  	
  Manor
  Care of Dallas TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-297
  

  	
   

  	
  311

  	
   

  	
  ManorCare
  Health Services (Ft Worth NRH)

  7625
  Glenview Drive

  Fort
  Worth, Texas

  	
   

  	
  Manor
  Care of Fort Worth TX (NRH), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-298
  

  	
   

  	
  312

  	
   

  	
  ManorCare
  Health Services (Ft Worth NW)

  2129
  Skyline Drive

  Fort
  Worth, Texas

  	
   

  	
  Manor
  Care of Fort Worth TX (NW), LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-299
  

  	
   

  	
  316

  	
   

  	
  ManorCare
  Health Services (San Antonio North)

  7703
  Briaridge

  San
  Antonio, Texas

  	
   

  	
  Manor
  Care of San Antonio (North) TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-300
  

  	
   

  	
  340

  	
   

  	
  ManorCare
  Health Services (Webster)

  750
  West Texas Avenue

  Webster,
  Texas

  	
   

  	
  Manor
  Care of Webster TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-301
  

  	
   

  	
  508

  	
   

  	
  ManorCare
  Health Services (Sharpview)

  7505
  Bellerive

  Houston,
  Texas

  	
   

  	
  Manor
  Care-Sharpview of Houston TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-302
  

  	
   

  	
  652

  	
   

  	
  Arden
  Courts of Austin

  11630
  Four Iron Drive

  Austin,
  Texas

  	
   

  	
  Arden
  Courts of Austin TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-303
  

  	
   

  	
  664

  	
   

  	
  Arden
  Courts of San Antonio

  15290
  Huebner Road

  San
  Antonio, Texas

  	
   

  	
  Arden
  Courts of San Antonio TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-304
  

  	
   

  	
  3031

  	
   

  	
  HHCC
  - West Houston

  2939
  Woodland Park Drive

  Houston,
  Texas

  	
   

  	
  Heartland
  of West Houston TX, LLC

  

 

34

 

	
  TURBO

  	
   

  	
  Facility

  	
   

  	
   

  	
   

  	
   

  
	
  Number

  	
   

  	
  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-305
  

  	
   

  	
  3041

  	
   

  	
  Heartland
  of San Antonio

  One
  Heartland Drive

  San
  Antonio, Texas

  	
   

  	
  Heartland
  of San Antonio TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-306
  

  	
   

  	
  3281

  	
   

  	
  HHCC
  - Willowbrook

  13631
  Ardfield Drive

  Houston,
  Texas

  	
   

  	
  Heartland-Willowbrook
  of Houston TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-307
  

  	
   

  	
  4065

  	
   

  	
  Holiday
  Nursing Center

  280
  Moffett Drive, Highway 87N (P.O. Box 1865)

  Center,
  Texas

  	
   

  	
  Holiday
  Nursing Center-Center TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-308
  

  	
   

  	
  4279

  	
   

  	
  Heartland
  Health Care Center (Bedford)

  2001
  Forest Ridge Drive

  Bedford,
  Texas

  	
   

  	
  Heartland
  of Bedford TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-309
  

  	
   

  	
  4282

  	
   

  	
  Heartland
  Health Care Center (Austin)

  11406
  Rustic Rock Drive

  Austin,
  Texas

  	
   

  	
  Heartland
  of Austin TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-310
  

  	
   

  	
  5644

  	
   

  	
  Arden
  Courts of Richardson

  410
  Buckingham Road

  Richardson,
  Texas

  	
   

  	
  Arden
  Courts of Richardson TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-311
  

  	
   

  	
  5654

  	
   

  	
  Arden
  Courts of Arlington

  1501
  N.E. Green Oaks Boulevard

  Arlington,
  Texas

  	
   

  	
  Arden
  Courts of Arlington TX, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-312
  

  	
   

  	
  370

  	
   

  	
  ManorCare
  Health Services - South Ogden

  5540
  South 1050 East

  South
  Ogden, Utah

  	
   

  	
  Manor
  Care of South Ogden UT, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Turbo-314
  

  	
   

  	
  527

  	
   

  	
  ManorCare
  Health Services - Arlington

  550
  South Carlin Springs Road

  Arlington,
  Virginia

  	
   

  	
  Manor
  Care of Arlington VA, LLC

  

 

35

 

	
  TURBO

  Number

  	
   

  	
  Facility
  

  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Fair Oaks

  	
   

  	
   

  
	
   

  	
   

  	
  539

  	
   

  	
  12475
  Lee Jackson Memorial Highway

  	
   

  	
  Manor
  Care-Fair Oaks of Fairfax VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Fairfax,
  Virginia

  	
   

  	
   

  
	
  Turbo-315

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Fair Oaks

  	
   

  	
   

  
	
   

  	
   

  	
  369

  	
   

  	
  12469
  Lee Jackson Memorial Highway

  	
   

  	
  Arden
  Courts-Fair Oaks of Fairfax VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Fairfax,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Imperial

  	
   

  	
   

  
	
  Turbo-316

  	
   

  	
  553

  	
   

  	
  1719
  Bellevue Avenue

  	
   

  	
  Manor
  Care-Imperial of Richmond VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Richmond,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Annandale

  	
   

  	
   

  
	
  Turbo-317

  	
   

  	
  670

  	
   

  	
  7104
  Braddock Road

  	
   

  	
  Arden
  Courts of Annandale VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Annandale,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Medical
  Care Center

  	
   

  	
   

  
	
  Turbo-318

  	
   

  	
  4071

  	
   

  	
  2200
  Landover Place

  	
   

  	
  Medical
  Care Center-Lynchburg VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Lynchburg,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Alexandria

  	
   

  	
   

  
	
  Turbo-319

  	
   

  	
  4074

  	
   

  	
  1510
  Collingwood Road

  	
   

  	
  Manor
  Care of Alexandria VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Alexandria,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Stratford Hall (SNF)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  2125
  Hilliard Road

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Richmond,
  Virginia

  	
   

  	
   

  
	
  Turbo-320

  	
   

  	
  503
  / 515

  	
   

  	
   

  	
   

  	
  Manor
  Care-Stratford Hall of Richmond VA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Stratford Hall (ALF)

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  2125
  Hilliard Road

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Richmond,
  Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services (Lynnwood)

  	
   

  	
   

  
	
  Turbo-321

  	
   

  	
  476

  	
   

  	
  3701
  188th Street, S.W.

  	
   

  	
  Manor
  Care of Lynwood WA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Lynnwood,
  Washington

  	
   

  	
   

  

 

36

 

	
  TURBO

  Number

  	
   

  	
  Facility
  

  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services (Spokane)

  	
   

  	
   

  
	
  Turbo-322

  	
   

  	
  544

  	
   

  	
  North
  6025 Assembly

  	
   

  	
  Manor
  Care of Spokane WA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Spokane,
  Washington

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services (Tacoma)

  	
   

  	
   

  
	
  Turbo-323

  	
   

  	
  548

  	
   

  	
  5601
  South Orchard Street

  	
   

  	
  Manor
  Care of Tacoma WA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Tacoma,
  Washington

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services (Gig Harbor)

  	
   

  	
   

  
	
  Turbo-324

  	
   

  	
  552

  	
   

  	
  3309
  45th Street Court, N.W.

  	
   

  	
  Manor
  Care of Gig Harbor WA, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Gig
  Harbor, Washington

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Keyser

  	
   

  	
   

  
	
  Turbo-325

  	
   

  	
  4010

  	
   

  	
  135
  Southern Drive

  	
   

  	
  Heartland
  of Keyser WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Keyser,
  West Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Rainelle

  	
   

  	
   

  
	
  Turbo-326

  	
   

  	
  4011

  	
   

  	
  606
  Pennsylvania Avenue

  	
   

  	
  Heartland
  of Rainelle WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Rainelle,
  West Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Clarksburg

  	
   

  	
   

  
	
  Turbo-327

  	
   

  	
  4106

  	
   

  	
  100
  Parkway Drive

  	
   

  	
  Heartland
  of Clarksburg WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Clarksburg,
  West Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Beckley

  	
   

  	
   

  
	
  Turbo-328

  	
   

  	
  4108

  	
   

  	
  100
  Heartland Drive

  	
   

  	
  Heartland
  of Beckley WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Beckley,
  West Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Preston County

  	
   

  	
   

  
	
  Turbo-329

  	
   

  	
  4118

  	
   

  	
  300
  Miller Road

  	
   

  	
  Heartland-Preston
  County of Kingwood WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Kingwood,
  West Virginia

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Martinsburg

  	
   

  	
   

  
	
  Turbo-330

  	
   

  	
  4124

  	
   

  	
  209
  Clover Street

  	
   

  	
  Heartland
  of Martinsburg WV, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Martinsburg,
  West Virginia

  	
   

  	
   

  

 

37

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Facility

  	
   

  	
  Operator

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - East

  	
   

  	
   

  
	
  Turbo-331

  	
   

  	
  419

  	
   

  	
  600
  South Webster Avenue

  	
   

  	
  Manor
  Care of Green Bay WI (East), LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Green
  Bay, Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - West

  	
   

  	
   

  
	
  Turbo-332

  	
   

  	
  435

  	
   

  	
  1760
  Shawano Avenue

  	
   

  	
  Manor
  Care of Green Bay WI (West), LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Green
  Bay, Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services (Fond du Lac)

  	
   

  	
   

  
	
  Turbo-333

  	
   

  	
  444

  	
   

  	
  265
  South National Avenue

  	
   

  	
  Manor
  Care of Fond Du Lac WI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Fond
  du Lac, Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC
  - Platteville

  	
   

  	
   

  
	
  Turbo-334

  	
   

  	
  3111

  	
   

  	
  1300
  North Water Street

  	
   

  	
  Heartland
  of Platteville WI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Platteville,
  Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Shawano

  	
   

  	
   

  
	
  Turbo-335

  	
   

  	
  3121

  	
   

  	
  1436
  South Lincoln Street

  	
   

  	
  Manor
  Care of Shawano WI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Shawano,
  Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  Health Care Center - Washington Manor

  	
   

  	
   

  
	
  Turbo-336

  	
   

  	
  3131

  	
   

  	
  3100
  Washington Road

  	
   

  	
  Heartland-Washington
  Manor of Kenosha WI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Kenosha,
  Wisconsin

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC
  - Pewaukee

  	
   

  	
   

  
	
  Turbo-337

  	
   

  	
  4078

  	
   

  	
  N26W23977
  Watertown Road

  	
   

  	
  Heartland-Pewaukee
  of Waukesha WI, LLC

  
	
   

  	
   

  	
   

  	
   

  	
  Waukesha,
  Wisconsin

  	
   

  	
   

  

 

38

 

SCHEDULE
IV

 

MARYLAND
PROPERTIES

 

(attached
hereto)

 

 

MARYLAND
PROPERTIES

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Facility

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Pikesville

  
	
   

  	
   

  	
  344

  	
   

  	
  8909
  Reisterstown Road

  
	
   

  	
   

  	
   

  	
   

  	
  Pikesville,
  Maryland

  
	
  Turbo-111

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse
  of Pikesville

  
	
   

  	
   

  	
  519

  	
   

  	
  8911
  Reisterstown Road

  
	
   

  	
   

  	
   

  	
   

  	
  Pikesville,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Potomac

  
	
   

  	
   

  	
  353

  	
   

  	
  10718
  Potomac Tennis Lane

  
	
   

  	
   

  	
   

  	
   

  	
  Potomac,
  Maryland

  
	
  Turbo-113

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Potomac

  
	
   

  	
   

  	
  538

  	
   

  	
  10714
  Potomac Tennis Lane

  
	
   

  	
   

  	
   

  	
   

  	
  Potomac,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse
  of Bethesda

  
	
  Turbo-114

  	
   

  	
  461

  	
   

  	
  4925
  Battery Lane

  
	
   

  	
   

  	
   

  	
   

  	
  Bethesda,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Springhouse
  of Silver Spring

  
	
  Turbo-115

  	
   

  	
  462

  	
   

  	
  2201
  Colston Drive

  
	
   

  	
   

  	
   

  	
   

  	
  Silver
  Spring, Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Silver Spring

  
	
   

  	
   

  	
  490

  	
   

  	
  2501
  Musgrove Road

  
	
   

  	
   

  	
   

  	
   

  	
  Silver
  Spring, Maryland

  
	
  Turbo-116

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Silver Spring

  
	
   

  	
   

  	
  352

  	
   

  	
  2505
  Musgrove Road

  
	
   

  	
   

  	
   

  	
   

  	
  Silver
  Spring, Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Wheaton

  
	
  Turbo-117

  	
   

  	
  501

  	
   

  	
  11901
  Georgia Avenue

  
	
   

  	
   

  	
   

  	
   

  	
  Wheaton,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Towson

  
	
  Turbo-118

  	
   

  	
  505

  	
   

  	
  509
  East Joppa Road

  
	
   

  	
   

  	
   

  	
   

  	
  Towson,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Roland Park

  
	
  Turbo-119

  	
   

  	
  506

  	
   

  	
  4669
  Falls Road

  
	
   

  	
   

  	
   

  	
   

  	
  Baltimore,
  Maryland

  

 

1

 

	
  TURBO

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Facility

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Ruxton

  
	
  Turbo-120

  	
   

  	
  509

  	
   

  	
  7001
  North Charles Street

  
	
   

  	
   

  	
   

  	
   

  	
  Towson,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Bethesda

  
	
  Turbo-122

  	
   

  	
  523

  	
   

  	
  6530
  Democracy Boulevard

  
	
   

  	
   

  	
   

  	
   

  	
  Bethesda,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Chevy Chase

  
	
  Turbo-123

  	
   

  	
  524

  	
   

  	
  8700
  Jones Mill Road

  
	
   

  	
   

  	
   

  	
   

  	
  Chevy
  Chase, Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Rossville

  
	
  Turbo-124

  	
   

  	
  525

  	
   

  	
  6600
  Ridge Road

  
	
   

  	
   

  	
   

  	
   

  	
  Baltimore,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Largo

  
	
  Turbo-125

  	
   

  	
  529

  	
   

  	
  600
  Largo Road

  
	
   

  	
   

  	
   

  	
   

  	
  Upper
  Marlboro, Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Woodbridge Valley

  
	
  Turbo-127

  	
   

  	
  627

  	
   

  	
  1525
  North Rolling Road

  
	
   

  	
   

  	
   

  	
   

  	
  Catonsville,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Kensington

  
	
  Turbo-128

  	
   

  	
  629

  	
   

  	
  4301
  Knowles Avenue

  
	
   

  	
   

  	
   

  	
   

  	
  Kensington,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Arden
  Courts of Towson

  
	
  Turbo-129

  	
   

  	
  636

  	
   

  	
  8101
  Bellona Avenue

  
	
   

  	
   

  	
   

  	
   

  	
  Towson,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ManorCare
  Health Services - Dulaney

  
	
  Turbo-130

  	
   

  	
  4056

  	
   

  	
  111
  West Road

  
	
   

  	
   

  	
   

  	
   

  	
  Towson,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC
  - Hyattsville

  
	
  Turbo-131

  	
   

  	
  4066

  	
   

  	
  6500
  Riggs Road

  
	
   

  	
   

  	
   

  	
   

  	
  Hyattsville,
  Maryland

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC
  - Adelphi

  
	
  Turbo-132

  	
   

  	
  4079

  	
   

  	
  1801
  Metzerott Road

  
	
   

  	
   

  	
   

  	
   

  	
  Adelphi,
  Maryland

  

 

2

 

SCHEDULE
V

 

SOUTH
CAROLINA PROPERTY

 

(attached
hereto)

 

 

SOUTH
CAROLINA PROPERTIES

 

	
  TURBO 

  Number

  	
   

  	
  Facility

  Number

  	
   

  	
  Facility

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Columbia Rehabilitation & Nursing Center

  
	
  Turbo-288

  	
   

  	
  512

  	
   

  	
  2601
  Forest Drive

  
	
   

  	
   

  	
   

  	
   

  	
  Columbia,
  South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of Lexington Rehabilitation & Nursing Center

  
	
  Turbo-289

  	
   

  	
  526

  	
   

  	
  2416
  Sunset Boulevard

  
	
   

  	
   

  	
   

  	
   

  	
  West
  Columbia, South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Heartland
  of West Ashley Rehabilitation & Nursing Center

  
	
  Turbo-290

  	
   

  	
  531

  	
   

  	
  1137
  Sam Rittenberg Boulevard

  
	
   

  	
   

  	
   

  	
   

  	
  Charleston,
  South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  HHCC
  - Charleston

  
	
  Turbo-291

  	
   

  	
  4015

  	
   

  	
  1800
  Eagle Landing Boulevard

  
	
   

  	
   

  	
   

  	
   

  	
  Hanahan,
  South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Oakmont
  of Union (Nursing)

  
	
  Turbo-292

  	
   

  	
  4031

  	
   

  	
  709
  Rice Avenue

  
	
   

  	
   

  	
   

  	
   

  	
  Union,
  South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Oakmont
  East

  
	
  Turbo-293

  	
   

  	
  4032

  	
   

  	
  601
  Sulphur Springs Road

  
	
   

  	
   

  	
   

  	
   

  	
  Greenville,
  South Carolina

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Oakmont
  of Union (Residential Care)

  
	
  Turbo-294

  	
   

  	
  4033

  	
   

  	
  600
  Sulphur Springs Road

  
	
   

  	
   

  	
   

  	
   

  	
  Greenville,
  South Carolina

  

 

1

 

SCHEDULE
2.2.9

 

FORM OF
SECTION 2.2.9 CERTIFICATE

 

(attached
hereto)

 

 

FORM OF
SECTION 2.2.9 CERTIFICATE

 

Reference is hereby made to
that certain Loan Agreement (Seventh Mezzanine Loan), dated as of December 21,
2007, between HCR VII PROPERTIES, LLC, a Delaware limited liability company
(the “Borrower”) and JPMORGAN CHASE BANK,
N.A., a banking association chartered under the laws of the United States of
America (in its capacity as collateral agent, for itself and any other
Noteholder (as defined therein) (the “Lender”) (the “Agreement”). Pursuant to the provisions of Section 2.2.9 of
the Agreement, the undersigned hereby certifies that:

 

1.     It is a      
natural individual person,         treated
as a corporation for U.S. federal income tax purposes,         
disregarded for federal income tax purposes (in which case a copy of this
Section 2.2.9 Certificate is attached in respect of its sole beneficial owner),
or          treated as a partnership
for U.S. federal income tax purposes (one must be checked).

 

2.     It is the beneficial owner
of amounts received pursuant to the Agreement.

 

3.     It is not a bank, as such
term is used in section 881(c)(3)(A) of the Internal Revenue Code of 1986, as
amended (the “Code”), or the Agreement
is not, with respect to the undersigned, a loan agreement entered into in the
ordinary course of its trade or business, within the meaning of such section.

 

4.     It is not a 10-percent
shareholder of Borrower within the meaning of section  871(h)(3) or 881(c)(3)(B) of the Code.

 

5.     It is not a controlled
foreign corporation that is related to Borrower within the meaning of section
881(c)(3)(C) of the Code.

 

6.     Amounts paid to it under the
Loan Documents (as defined in the Agreement) are not effectively connected with
its conduct of a trade or business in the United States.

 

	
   

  	
   

  	
   

  	
  [NAME OF UNDERSIGNED]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
  Date:

  	
   

  	
  ,

  	
   

  	
   

  	
   

  	
   

  
							

 

 

SCHEDULE
4.1.1

 

ORGANIZATIONAL
STRUCTURE CHART

 

(attached
hereto)

 

 

 

 

SCHEDULE
4.1.4

 

LITIGATION

 

None.

 

 

SCHEDULE
4.1.16

 

EXCEPTIONS
TO SEPARATE TAX LOTS

 

(attached
hereto)

 

 

EXCEPTIONS
TO SEPARATE TAX LOTS

 

Turbo-030 (Facility 449 (Naples,
FL)): the portion of the property that is leased is part of a larger tract of
land (some of which is not included in the CMBS Portfolio), and accordingly the
tax parcel covers more property than the leased portion included in the CMBS.

 

Turbo-035 (Facility 534
(Sarasota, FL)): the portion of the property that is leased is part
of a larger tract of land (some of which is not included in the CMBS Portfolio),
and accordingly the tax parcel covers more property than the leased portion
included in the CMBS.

 

Turbo-167 (Facility 377 (Reno,
NV)): the portion of the property that is leased is part of a larger tract
of land (some of which is not included in the CMBS Portfolio), and accordingly
the tax parcel covers more property than the leased portion included in the
CMBS.

 

 

SCHEDULE
4.1.20

 

INSURANCE
CLAIMS

 

None.

 

 

SCHEDULE
4.1.26

 

LEASES

 

None.

 

 

SCHEDULE
4.1.28

 

PRINCIPAL
PLACE OF BUSINESS 

AND JURISDICTION OF ORGANIZATION

 

(attached
hereto)

 

 

BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  VII Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

1

 

SIXTH
MEZZANINE BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  VI Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

2

 

FIFTH MEZZANINE
BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  V Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

3

 

FOURTH MEZZANINE BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  IV Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

4

 

THIRD
MEZZANINE BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  III Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

5

 

SECOND
MEZZANINE BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  II Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

6

 

FIRST
MEZZANINE BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  I-A Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HCR
  I-B Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

7

 

MORTGAGE
BORROWER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  301
  HCR Properties of Oklahoma City (Northwest), LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  304
  HCR Properties of Midwest City OK, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  306
  HCR Properties of Oklahoma City (Southwest), LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  307
  HCR Properties of Tulsa OK, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  503
  HCR Properties-Stratford Hall of Richmond VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  512
  HCR Properties-Columbia SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  526
  HCR Properties-Lexington SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  527
  HCR Properties of Arlington VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  531
  HCR Properties-West Ashley-Charleston SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  539
  HCR Properties-Fair Oaks of Fairfax VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  553
  HCR Properties-Imperial of Richmond VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

8

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  670
  HCR Properties-Arden Courts of Annandale VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4015
  HCR Properties-Charleston of Hanahan SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4031
  HCR Properties-Oakmont of Union SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4032
  HCR Properties-Oakmont East-Greenville SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4033
  HCR Properties-Oakmont West-Greenville SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4071
  HCR Properties-Medical Care Center-Lynchburg VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4074
  HCR Properties of Alexandria VA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HCR
  ManorCare Maryland Properties II, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HCR
  ManorCare Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  HCR
  ManorCare West Virginia Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

9

 

MARYLAND
OWNER

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  ManorCare Maryland Properties, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

10

 

 

MASTER TENANT

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  HCR
  III Healthcare, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

11

 

OPERATORS

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Arden
  Courts of Akron OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Allentown PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Annandale VA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Arlington TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Austin TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Avon CT, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Bingham Farms MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Cherry Hill NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Delray Beach FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Elk Grove Village IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Farmington CT, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

12

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Arden
  Courts of Ft. Myers FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Geneva IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Glen Ellyn IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Hamden CT, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Hazel Crest IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Jefferson Hills PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Kensington MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Kenwood OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of King of Prussia PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Largo FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Livonia MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Louisville KY, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Monroeville PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

13

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Arden
  Courts of Northbrook IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Palm Harbor FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Palos Heights IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Parma OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Pikesville MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Potomac MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Richardson TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of San Antonio TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Sarasota FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Seminole FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Silver Spring MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of South Holland IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Sterling Heights MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

14

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Arden
  Courts of Tampa FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Towson MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of W. Orange NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of W. Palm Beach FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Wayne NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Westlake OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Whippany NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Wilmington DE, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Winter Springs FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts of Yardley PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-Anderson of Cincinnati OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-Bainbridge of Chagrin Falls OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-Fair Oaks of Fairfax VA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

15

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Arden
  Courts-Lely Palms of Naples FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-North Hills of Pittsburgh PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-Susquehanna of Harrisburg PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Arden
  Courts-Warminster of Hatboro PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Christopher
  East Health Care Center of Louisville KY, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Columbia
  Rehabilitation and Nursing Center-Columbia SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Devon
  Manor-Devon PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Donahoe
  Manor-Bedford PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fostrian
  Courts Assisted Living-Flushing MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Hampton
  House-Wilkes-Barre PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Adelphi MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Allen Park MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Ann Arbor MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

16

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of Austin TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Battle Creek MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Beckley WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Bedford TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Bellefontaine OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Boca Raton FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Boynton Beach FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Brooksville FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Bucyrus OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Canton IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Canton MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Centerburg OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Centerville OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

17

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of Champaign IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Chillicothe OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Clarksburg WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Dearborn Heights MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Decatur IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Eaton OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Fort Myers FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Galesburg IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Grand Rapids MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Greenville OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Henry IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Hillsboro OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Holland MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

18

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of Hyattsville MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Ionia MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Jackson MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Jackson OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Jacksonville FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Kalamazoo MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Kendall FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Kettering OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Keyser WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Lauderhill FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Macomb IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Madeira OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Marietta OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

19

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of Marion OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Martinsburg WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Marysville OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Mentor OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Miamisburg OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Moline IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Normal IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Orange Park FL, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  
	
   

  	
   

  	
   

  	
   

  	
  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Oregon OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Paxton IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Peoria IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Perrysburg OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Piqua OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

20

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of Pittsburgh PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Platteville WI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Portsmouth OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Rainelle WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Saginaw MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of San Antonio TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Sarasota FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Springfield OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Tamarac FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Three Rivers MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Urbana OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Waterville OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Wauseon OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

21

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland
  of West Bloomfield MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of West Houston TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Whitehall MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  of Zephyrhills FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  Village of Westerville OH (NC), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland
  Village of Westerville OH (RC), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Beavercreek
  of Dayton OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Briarwood
  MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Charleston
  of Hanahan SC, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Crestview
  MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Dorvin
  of Livonia MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Fairfield
  of Pleasantville OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Fostrian
  of Flushing MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

22

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland-Georgian
  Bloomfield of Bloomfield Hills MI, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Georgian
  East of Grosse Pointe MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Greenview
  MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Hampton
  of Bay City MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Holly
  Glen of Toledo OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Indian
  Lake of Lakeview OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Knollview
  MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Lansing
  of Bridgeport OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Miami
  Lakes of Hialeah FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Mt.
  Airy of Cincinnati OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Oak
  Pavilion of Cincinnati OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Oakland
  MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Pewaukee
  of Waukesha WI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

23

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Heartland-Plymouth
  Court MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Preston
  County of Kingwood WV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Prestwick
  IN, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Prosperity
  Oaks of Palm Beach Gardens FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Riverview
  of East Peoria IL (SNF), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Riverview
  of South Point OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-South
  Jacksonville of Jacksonville FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-University
  of Livonia MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Victorian
  Village of Columbus OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Washington
  Manor of Kenosha WI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Willow
  Lane of Butler MO, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Willowbrook
  of Houston TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Heartland-Woodridge
  of Fairfield OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

24

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Holiday
  Nursing Center-Center TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kensington
  Manor-Sarasota FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Lexington
  Rehabilitation and Nursing Center-Lexington SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Summer Trace of Carmel IN, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care- Lely Palms of Naples FL (SH), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care Nursing Center of Sarasota FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Aberdeen SD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Akron OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Alexandria VA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Allentown PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Anderson IN, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Arlington VA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Barberton OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

25

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of Bethel Park PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Bethesda MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Bethlehem PA (2021), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Bethlehem PA (2029), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Boca Raton FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Boulder CO, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Boynton Beach FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Camp Hill PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Carlisle PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Cedar Rapids IA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Chambersburg PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Cherry Hill NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Chevy Chase MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street 

  Toledo, Ohio 43604 

  

 

26

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of Citrus Heights CA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Dallas TX, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Dallastown PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Davenport IA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Delray Beach FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Denver CO, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Dubuque IA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Dunedin FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Easton PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Elgin IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Elizabethtown PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Elk Grove Village IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Fargo ND, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

27

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of Florissant MO, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Fond Du Lac WI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Fort Worth TX (NRH), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Fort Worth TX (NW), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Fountain Valley CA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Ft. Myers FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Gig Harbor WA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Green Bay WI (East), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Green Bay WI (West), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Hemet CA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Hinsdale IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Homewood IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Huntingdon Valley PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

28

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of Indy (South) IN, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Jersey Shore PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Kankakee IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of King of Prussia PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Kingsford MI, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Kingston PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Lancaster PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Laureldale PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Lebanon PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Libertyville IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Lynwood WA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Marietta GA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Mayfield Heights OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

29

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of McMurray PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Midwest City OK, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Minot ND, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Monroeville PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Mountainside NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Naperville IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Naples FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of New Providence NJ, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of North Olmsted OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Northbrook IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Oak Lawn (East) IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Oak Lawn (West) IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Oklahoma City (Northwest), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

30

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
  Manor
  Care of Oklahoma City (Southwest), LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Overland Park KS, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Palm Desert CA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Palm Harbor FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Palos Heights (West) IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Palos Heights IL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Parma OH, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Pinehurst NC, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Plantation FL, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Potomac MD, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Pottstown PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Pottsville PA, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Reno NV, LLC 

  	
   

  	
  Delaware
  

  	
   

  	
  333
  North Summit Street

  Toledo, Ohio 43604 

  

 

31

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Rolling Meadows IL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of San Antonio (North) TX, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Shawano WI, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Silver Spring MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Sinking Spring PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of South Holland IL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of South Ogden UT, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Spokane WA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Springfield MO, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Sunbury PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Sunnyvale CA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Tacoma WA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Topeka KS, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

32

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Towson, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Tucson AZ, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Tulsa OK, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Venice FL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Voorhees NJ, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of W. Palm Beach FL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Walnut Creek CA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Waterloo IA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Webster TX, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of West Des Moines IA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of West Reading PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Westerville OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Westmont IL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

33

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Wheaton MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Wichita KS, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Williamsport PA (North), LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Williamsport PA (South), LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Willoughby OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Wilmette IL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Wilmington DE, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Yardley PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of Yeadon PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of York PA (North), LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care of York PA (South), LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care Rehabilitation Center of Decatur GA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Belden Village of Canton OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

34

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Carrollwood of Tampa FL, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Dulaney MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Euclid Beach of Cleveland OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Fair Oaks of Fairfax VA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Greentree of Pittsburgh PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Imperial of Richmond VA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Kingston Court of York PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Lansdale of Montgomeryville PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Largo MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Linden Village of Lebanon PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-North Hills of Pittsburgh PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Pike Creek of Wilmington DE, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Rocky River of Cleveland OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

35

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Roland Park MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Rossville MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Ruxton MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Sharpview of Houston TX, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Stratford Hall of Richmond VA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Tice Valley CA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-West Deptford of Paulsboro NJ, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Manor
  Care-Woodbridge Valley MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Medical
  Care Center-Lynchburg VA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Oakmont
  East-Greenville SC, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Oakmont
  of Union SC, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Oakmont
  West-Greenville SC, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Old
  Orchard Health Care Center-Easton PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

36

 

	
  Entity

  	
   

  	
  State
  of Formation

  	
   

  	
  Principal
  Place of Business

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Perrysburg
  Commons Senior Housing-Perrysburg OH, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Shadyside
  Nursing and Rehabilitation Center-Pittsburgh PA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sky
  Vue Terrace-Pittsburgh PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Springhouse
  of Bethesda MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Springhouse
  of Pikesville MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Springhouse
  of Silver Spring MD, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Twinbrook
  Medical Center-Erie PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wallingford
  Nursing and Rehabilitation  Center-Wallingford
  PA, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  West
  Ashley Rehabilitation and Nursing Center-Charleston SC, LLC

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Whitehall
  Borough-Pittsburgh PA, LLC 

  	
   

  	
  Delaware

  	
   

  	
  333
  North Summit Street

  Toledo,
  Ohio 43604

  

 

37

 

SCHEDULE
4.1.39

 

EXCEPTIONS
WITH RESPECT TO GROUND LEASES

 

(attached
hereto)

 

 

 

EXCEPTIONS
WITH RESPECT TO GROUND LEASES

 

The following are exceptions
to the representations and warranties set forth in Section 4.1.39 of the
Loan Agreement:

 

I.             Tucson, Arizona

 

4.1.39(i):  The Ground Lease is silent as to whether
Lender has the right to hold and disburse the proceeds of any insurance and
condemnation proceeds with respect to the leasehold interest as the repair or
restoration progresses.

 

II.            Naples, Florida

 

4.1.39(c):  Borrower may not assign or transfer its
interest under the Ground Lease to any party, without the written consent of
Lessor; which consent will not be unreasonably withheld or conditioned.

 

4.1.39(j):  Lessee may not sublease without the prior
written consent of the ground lessor; which consent is not to be unreasonably
withheld, provided that the facility will be operated at a comparable level of
service and cost.

 

III.           Sarasota, Florida

 

4.1.39(i):  The Ground Lease is silent as to whether
Lender has the right to hold and disburse the proceeds of any insurance and
condemnation proceeds with respect to the leasehold interest as the repair or
restoration progresses.

 

IV.           Reno, Nevada

 

4.1.39(i):  The Ground Lease is silent as to whether
Lender has the right to hold and disburse the proceeds of any insurance and
condemnation proceeds with respect to the leasehold interest as the repair or
restoration progresses.

 

V.            Wayne, New Jersey

 

4.1.39(i):  The Ground Lease is silent as to whether
Lender has the right to hold and disburse the proceeds of any insurance and
condemnation proceeds with respect to the leasehold interest as the repair or
restoration progresses.

 

VI.           West Orange, New Jersey

 

4.1.39(i):  The Ground Lease is silent as to whether
Lender has the right to hold and disburse the proceeds of any insurance and
condemnation proceeds with respect to the leasehold interest as the repair or
restoration progresses.

 

1

 

SCHEDULE
5.1.11(c)

 

FORM OF
FINANCIAL REPORTS

 

(attached
hereto)

 

 

	
   

  	
   

  	
  Current Year

  	
   

  	
  Prior Year

  	
   

  
	
   

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  
	
  Patient
  Days

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Private

  	
   

  	
  438,421

  	
   

  	
  1,307,750

  	
   

  	
  476,082

  	
   

  	
  1,398,923

  	
   

  
	
  AL &
  RC

  	
   

  	
  419,235

  	
   

  	
  1,240,052

  	
   

  	
  419,772

  	
   

  	
  1,236,732

  	
   

  
	
  Medicaid

  	
   

  	
  1,415,216

  	
   

  	
  4,162,407

  	
   

  	
  1,436,923

  	
   

  	
  4,299,926

  	
   

  
	
  Medicare

  	
   

  	
  745,942

  	
   

  	
  2,265,713

  	
   

  	
  743,422

  	
   

  	
  2,238,460

  	
   

  
	
  Hospice

  	
   

  	
  117,296

  	
   

  	
  360,665

  	
   

  	
  122,904

  	
   

  	
  329,753

  	
   

  
	
  VA

  	
   

  	
  11,247

  	
   

  	
  30,602

  	
   

  	
  9,079

  	
   

  	
  27,333

  	
   

  
	
  Insurance

  	
   

  	
  253,539

  	
   

  	
  740,660

  	
   

  	
  215,621

  	
   

  	
  642,556

  	
   

  
	
  Total

  	
   

  	
  3,400,896

  	
   

  	
  10,107,849

  	
   

  	
  3,423,803

  	
   

  	
  10,173,683

  	
   

  
	
  Avg
  Occupancy

  	
   

  	
  36,966.26

  	
   

  	
  37,025.09

  	
   

  	
  37,215.25

  	
   

  	
  37,266.24

  	
   

  
	
  Revenues

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Private

  	
   

  	
  90,972,637

  	
   

  	
  272,068,716

  	
   

  	
  95,861,001

  	
   

  	
  280,774,108

  	
   

  
	
  AL
  & RC

  	
   

  	
  53,986,048

  	
   

  	
  159,881,644

  	
   

  	
  51,652,048

  	
   

  	
  152,351,873

  	
   

  
	
  Medicaid

  	
   

  	
  227,474,721

  	
   

  	
  674,052,867

  	
   

  	
  220,150,848

  	
   

  	
  654,881,304

  	
   

  
	
  Medicare
  A

  	
   

  	
  311,589,602

  	
   

  	
  933,869,491

  	
   

  	
  284,823,135

  	
   

  	
  851,318,073

  	
   

  
	
  Medicare
  B

  	
   

  	
  12,773,646

  	
   

  	
  37,452,404

  	
   

  	
  12,748,844

  	
   

  	
  33,933,136

  	
   

  
	
  Hospice &
  VA

  	
   

  	
  19,752,569

  	
   

  	
  60,077,734

  	
   

  	
  20,529,932

  	
   

  	
  54,454,473

  	
   

  
	
  Insurance

  	
   

  	
  89,322,046

  	
   

  	
  255,440,889

  	
   

  	
  70,898,270

  	
   

  	
  208,450,767

  	
   

  
	
  Other

  	
   

  	
  3,600,964

  	
   

  	
  9,483,499

  	
   

  	
  2,352,871

  	
   

  	
  7,320,993

  	
   

  
	
  Gross
  Income

  	
   

  	
  809,472,234

  	
   

  	
  2,402,327,244

  	
   

  	
  759,016,947

  	
   

  	
  2,243,484,727

  	
   

  
	
  Expenses

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Nursing

  	
   

  	
  269,414,917

  	
   

  	
  794,652,318

  	
   

  	
  256,356,372

  	
   

  	
  761,962,193

  	
   

  
	
  Dietary

  	
   

  	
  51,784,510

  	
   

  	
  151,908,742

  	
   

  	
  49,041,674

  	
   

  	
  145,121,389

  	
   

  
	
  Utilities

  	
   

  	
  16,311,163

  	
   

  	
  50,169,891

  	
   

  	
  15,845,028

  	
   

  	
  48,238,440

  	
   

  
	
  Maintenance

  	
   

  	
  13,952,712

  	
   

  	
  41,914,286

  	
   

  	
  13,613,331

  	
   

  	
  39,524,630

  	
   

  
	
  Laundry

  	
   

  	
  6,703,501

  	
   

  	
  20,633,014

  	
   

  	
  7,302,701

  	
   

  	
  21,428,616

  	
   

  
	
  Housekeeping

  	
   

  	
  16,320,903

  	
   

  	
  48,213,393

  	
   

  	
  15,190,411

  	
   

  	
  45,704,489

  	
   

  
	
  Activities

  	
   

  	
  8,733,120

  	
   

  	
  26,189,873

  	
   

  	
  8,965,163

  	
   

  	
  26,962,953

  	
   

  
	
  Administration

  	
   

  	
  91,102,329

  	
   

  	
  277,481,571

  	
   

  	
  86,066,307

  	
   

  	
  255,116,682

  	
   

  

 

 

	
   

  	
   

  	
  Current Year

  	
   

  	
  Prior Year

  	
   

  
	
   

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  
	
  Ancillary

  	
   

  	
  140,905,854

  	
   

  	
  411,173,151

  	
   

  	
  123,635,746

  	
   

  	
  363,727,324

  	
   

  
	
  Other

  	
   

  	
  16,355,157

  	
   

  	
  49,243,466

  	
   

  	
  15,281,666

  	
   

  	
  45,712,439

  	
   

  
	
  P/L
  G/L Insurance

  	
   

  	
  14,833,157

  	
   

  	
  42,393,725

  	
   

  	
  17,297,322

  	
   

  	
  52,160,485

  	
   

  
	
  Other
  Insurance

  	
   

  	
  572,390

  	
   

  	
  1,717,172

  	
   

  	
  572,390

  	
   

  	
  1,717,172

  	
   

  
	
  Real
  Estate Taxes

  	
   

  	
  9,106,388

  	
   

  	
  27,319,163

  	
   

  	
  9,478,597

  	
   

  	
  27,457,898

  	
   

  
	
  Other
  Taxes

  	
   

  	
  761,512

  	
   

  	
  1,844,912

  	
   

  	
  761,512

  	
   

  	
  1,844,912

  	
   

  
	
  Lease
  Payments

  	
   

  	
  368,760

  	
   

  	
  1,130,448

  	
   

  	
  378,579

  	
   

  	
  1,162,951

  	
   

  
	
  Operating
  Expenses

  	
   

  	
  657,226,372

  	
   

  	
  1,945,985,126

  	
   

  	
  619,786,801

  	
   

  	
  1,837,842,573

  	
   

  
	
  Operating
  Income

  	
   

  	
  152,245,862

  	
   

  	
  456,342,119

  	
   

  	
  139,230,146

  	
   

  	
  405,642,153

  	
   

  
	
  Management
  fees

  	
   

  	
  102,030,604

  	
   

  	
  316,466,350

  	
   

  	
  95,347,754

  	
   

  	
  275,445,098

  	
   

  
	
  Net
  Operating Income

  	
   

  	
  50,215,258

  	
   

  	
  139,875,769

  	
   

  	
  43,882,392

  	
   

  	
  130,197,055

  	
   

  
	
  Depr/Amort

  	
   

  	
  35,600,425

  	
   

  	
  106,824,374

  	
   

  	
  34,885,279

  	
   

  	
  103,176,696

  	
   

  
	
  Interest

  	
   

  	
  2,203,971

  	
   

  	
  6,705,668

  	
   

  	
  2,162,700

  	
   

  	
  6,481,202

  	
   

  
	
  Jt
  Venture/Other lnc/(Loss)

  	
   

  	
  ––

  	
   

  	
  (368,209

  	
  )

  	
  (66,787

  	
  )

  	
  (44,820

  	
  )

  
	
  Pre
  Tax Income

  	
   

  	
  12,410,862

  	
   

  	
  25,977,518

  	
   

  	
  6,767,627

  	
   

  	
  20,494,337

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Net
  Cash Flow Schedule

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Operating
  Income

  	
   

  	
  152,245,862

  	
   

  	
  456,342,119

  	
   

  	
  139,230,146

  	
   

  	
  405,642,153

  	
   

  
	
  Management
  fees *

  	
   

  	
  31,892,561

  	
   

  	
  94,660,448

  	
   

  	
  29,831,319

  	
   

  	
  88,210,639

  	
   

  
	
  Capital
  @ 300/bed

  	
   

  	
  3,272,850

  	
   

  	
  9,818,550

  	
   

  	
  3,272,850

  	
   

  	
  9,818,550

  	
   

  
	
  Net
  Cash Flow

  	
   

  	
  117,080,451

  	
   

  	
  351,863,121

  	
   

  	
  106,125,977

  	
   

  	
  307,612,964

  	
   

  

 

*Gross
Income less bad debt expense * 4%

 

	
  Other
  Information

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bad
  Debt Expense

  	
   

  	
  12,158,217

  	
   

  	
  35,816,055

  	
   

  	
  13,233,973

  	
   

  	
  38,218,741

  	
   

  
	
  Days
  in Period

  	
   

  	
  92

  	
   

  	
  273

  	
   

  	
  92

  	
   

  	
  273

  	
   

  

 

 

	
   

  	
   

  	
  Current Year

  	
   

  	
  Prior Year

  	
   

  
	
   

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  	
  QUARTER

  	
   

  	
  YTD

  	
   

  
	
  License Beds

  	
   

  	
  42,000

  	
   

  	
  42,000

  	
   

  	
  42,000

  	
   

  	
  42,000

  	
   

  
	
  Available Beds

  	
   

  	
  41,638

  	
   

  	
  41,638

  	
   

  	
  41,638

  	
   

  	
  41,638

  	
   

  

 

 

SCHEDULE 5.1.11(f)

 

FORM OF QUARTERLY CAPEX BUDGET

 

(attached hereto)

 

 

Quarterly CapEx Budget

 

	
  Facility

  	
   

  	
  Amount

  	
   

  	
  Project Description

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

 

SCHEDULE 5.1.26

 

ZONING MATTERS

 

(attached hereto)

 

 

ZONING MATTERS

 

1.               Manor Care Health Services - San Antonio
North, 7703 Briaridge Drive, San Antonio, Texas (Turbo 299): Non-conforming  use; register as "legal
non-conforming"  with the City of
San Antonio and  provide evidence of
registration. 

 

2.               MCHS Sunnyvale, 1150 Tilton Drive,
Sunnyvale, California (Turbo 005): Non-conforming 
site, add 2  parking spaces. 

 

3.               MCHS Denver, 290 S Monaco Pkwy, Denver,
Colorado (Turbo 011):
Non-conforming  site, add 1  parking space. 

 

4.               Manor Care Rehabilitation Center, 2722
North Decatur Road, Decatur, Georgia (Turbo 059): Non- conforming site, add 11 parking
spaces, or as many parking spaces as shall be required by the jurisdiction in
order to comply with zoning requirements. 

 

5.               Springhouse MCHS (Silver Spring), 2201
Colston Drive, Silver Spring, Maryland (Turbo 115): Non- conforming site, add 1 parking
space. 

 

6.               HHCC Adelphi, 1801 Metzerott Road, Adelphi,
Maryland (Turbo 132):
Non-conforming  site, add 5  parking spaces

 

7.               MCHS - Dallastown #554, 100 West Queen
Street, Dallastown, Pennsylvania (Turbo 252): Non- conforming site, add 3 parking spaces. 

 

8.               Arden Courts MCHS (Fair Oaks) #369, 12469
Lee Jackson Memorial Highway, Fairfax, Virginia (Turbo 313): Non-conforming  site, add 2 parking spaces. 

 

9.               MCHS - Fair Oaks (SNF) #539, 12475 Lee
Jackson Memorial Highway, Fairfax, Virginia (Turbo 315): Non-conforming  site, add 2 parking spaces. 

 

10.         MCHS - Alexandria #4074,  1510 Collingwood Road, Alexandria, Virginia
(Turbo 319): Non-
conforming site, add 20 parking spaces. 

 

11.         Heartland of Preston County, 300 Miller
Road, Kingwood, West Virginia (Turbo 329): Non- conforming site, add 10 parking spaces. 

 

12.         Heartland of Martinsburg, 209 Clover St.,
Martinsburg, West Virginia (Turbo 330): Non-conforming 
site, add 1 HC parking space. 

 

13.         MCHS - Palm Harbor, 2851 Tampa Road, Palm
Harbor, Florida (Turbo 025): Fire code violations. Cure and remove of record. 

 

1

 

14.         MCHS West Palm Beach, 2300 Village
Boulevard, West Palm Beach, Florida (Turbo 032): Building code violations.  Cure and remove of record. 

 

15.         Arden Courts of Tampa, 14950 Casey Road,
Tampa,  Florida (Turbo 056): Building code violations. Cure and
remove of record. 

 

16.         MCHS - Marietta, 4360 Johnson Ferry
Place, Marietta, Georgia (Turbo 058): Fire code violations. Cure and remove of record. 

 

17.         HHCC 
- Moline, 833 16th Avenue, Moline, Illinois (Turbo 088): Active permits awaiting final  inspection. 
Cure and remove of record. 

 

18.         Christopher East Health Care Center, 4200
Browns Lane, Louisville, Kentucky (Turbo 110): Fire code violations.  Cure and remove of record. 

 

19.         Manor Care Health Services - Springfield,
2915 South Fremont, Springfield, Missouri (Turbo 164): Fire code violations.  Cure and remove of record. 

 

20.         Arden Courts MCHS (Fair Oaks) #369, 12469
Lee Jackson Memorial Highway, Fairfax, Virginia (Turbo 313): Building code violations.  Cure and remove of record. 

 

21.         MCHS - Stratford Hall, 2125 Hilliard
Road, Richmond, Virginia (Turbo 320): Zoning code violations. Cure and remove of record. 

 

22.         MCHS - Mountainside, 1180 Route 22 West,
Mountainside, New Jersey (Turbo 173): Provide a copy of the original certificate of
occupancy. 

 

23.         Heartland of Marietta, 5001 State Route
60, Muskingum Township,  Ohio (Turbo 209): Provide a copy of the original
certificate of occupancy. 

 

24.         Manor Care Health Services - San Antonio
North, 7703 Briaridge Drive, San Antonio, Texas (Turbo 299): Apply for a certificate of occupancy
and provide a copy. 

 

2

 

SCHEDULE 9.1(a)(iii)

 

MATTERS COVERED BY l0b-5 OPINION

 

Any and all
sections of and descriptions contained in the applicable offering materials
relating to any Provided Information or any information regarding any of
Borrower, Maryland Owner, Master Tenant, Operator, Guarantor or any of their
respective Affiliates, the Properties and Health Care Requirements or
regulatory matters (excluding financial and statistical information).

 

 

SCHEDULE 10.23

 

FINANCING STATEMENT

 

(attached hereto)

 

 

UCC
FINANCING STATEMENT

FOLLOW
INSTRUCTIONS (front and back) CAREFULLY

A.
NAME & PHONE OF CONTACT AT FILER [optional]

 

B.
SEND ACKNOWLEDGMENT TO: (Name and Address)

 

Steven M. Herman, Esq.

CADWALADER, WICKERSHAM & TAFT LLP

One World Financial Center

New York, New York 10281

 

THE ABOVE SPACE IS FOR FILING OFFICE
USE
ONLY                   

1. DEBTOR’S EXACT FULL
LEGAL NAME - insert only one debtor name (1a or 1b) - do not abbreviate
or combine names

	
   

  OR

  	
  1a. ORGANIZATION’S NAME  

  HCR VII PROPERTIES, LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1b. INDIVIDUAL’S LAST
  NAME

  	
  FIRST NAME

  	
  MIDDLE NAME

  	
  SUFFIX

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1c. MAILING ADDRESS

  333 North Summit Street

  	
  CITY

  Toledo

  	
  STATE

  OH

  	
  POSTAL CODE

  43604

  	
  COUNTRY

  USA

  
	
  1d SEE INSTRUCTIONS

  	
  ADD’L INFO RE
  ORGANIZATION DEBTOR

  	
  1e. TYPE OF ORGANIZATION

  limited liability company

  	
  1f. JURISDICTION OF
  ORGANIZATION

  Delaware

  	
  1g. ORGANIZATIONAL ID #,
  if any

   

  DE4444813                                                    o  NONE 

  
	
   

  
	
  2.
  ADDITIONAL DEBTOR’S EXACT FULL LEGAL NAME - insert only one debtor
  name (2a or 2b) - do not abbreviate or combine names

  
	
   

  OR

  	
  2a. ORGANIZATION’S NAME

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2b. INDIVIDUAL’S LAST
  NAME

  	
  FIRST NAME

  	
  MIDDLE NAME

  	
  SUFFIX

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2c.
  MAILING ADDRESS

  	
  CITY

  	
  STATE

  	
  POSTAL CODE

  	
  COUNTRY

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2d. SEE INSTRUCTIONS

  	
  ADD’L INFO RE
  ORGANIZATION DEBTOR

  	
  2e. TYPE OF
  ORGANIZATION 

  	
  2f. JURISDICTION OF
  ORGANIZATION

  	
  2g. ORGANIZATIONAL ID #,
  if any

  

                                                                        o  NONE 

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3. SECURED PARTY’S NAME
  (or NAME of TOTAL ASSIGNEE of ASSIGNOR S/P) - insert only one secured
  party name (3a or 3b)

  
	
   

  OR

  	
  3a. ORGANIZATION’S NAME 

  JPMORGAN
  CHASE BANK, N.A., as collateral agent

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3b. INDIVIDUAL’S LAST
  NAME

  	
  FIRST NAME

  	
  MIDDLE NAME

  	
  SUFFIX

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3c. MAILING ADDRESS

  270 Park Avenue

  	
  CITY

  New
  York

  	
  STATE

  NY

  	
  POSTAL CODE

  10017-2014

  	
  COUNTRY

  USA

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
										

4. This FINANCING
STATEMENT covers the following collateral:

 

All
assets of debtor, whether now owned or hereafter acquired.

 

	
  5. ALTERNATIVE
  DESIGNATION [if applicable] o LESSEE/LESSOR  o CONSIGNEE/CONSIGNOR  o BAILEE/BAILOR  o SELLER/BUYER  o AG. LIEN  o NON-UCC FILING

  
	
   

  
	
  6. o This FINANCING STATEMENT is to be filed
  [for record] (or recorded) in the REAL ESTATE RECORDS. Attach
  Addendum      [if applicable]

  	
   

  	
  7.
  Check to REQUEST SEARCH REPORT(S) on Debtor(s) [ADDITIONAL FEE]
           [optional]

  	
   

  	
  o All Debtors

  	
   

  	
  o Debtor 1

  	
   

  	
  o Debtor 2

  

 

8. OPTIONAL FILER
REFERENCE DATA

  (49797.102) Seventh Mezzanine Loan

 

FILING
OFFICE COPY —
UCC FINANCING STATEMENT (FORM UCC1) (REV. 05/22/02)

 

 

 

SCHEDULE 10.25

 

PORTFOLIO METRICS

 

(attached hereto)

 

 

PORTFOLIO
METRICS

 

	
  1.

  	
  Portfolio metrics

  
	
   

  	
  a.

  	
  Property count

  
	
   

  	
  b.

  	
  Location (number of
  states)

  
	
   

  	
  c.

  	
  Investment

  
	
   

  	
  d.

  	
  Beds/units

  
	
   

  	
  e.

  	
  Square feet

  
	
   

  	
  f.

  	
  Portfolio occupancy

  
	
   

  	
  g.

  	
  Portfolio age

  
	
   

  	
   

  	
   

  
	
  2.

  	
  Credit metrics

  
	
   

  	
  a.

  	
  Loan pricing (coupon and
  yield-to-maturity)

  
	
   

  	
  b.

  	
  Term

  
	
   

  	
  c.

  	
  Loan-to-value

  
	
   

  	
  d.

  	
  Debt service coverage

  
	
   

  	
   

  	
   

  
	
  3.

  	
  Quality mix of portfolio

  
	
   

  	
  a.

  	
  Private pay

  
	
   

  	
  b.

  	
  Medicare

  
	
   

  	
  c.

  	
  Medicaid

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]