Document:

exv10w67

Exhibit 10.67

CONTRACT TO SELL REAL ESTATE

     This Contract to Sell Real Estate (the “Contract”), made as of this 11th day of
October, 2011 (“Contract Date”) by and between: WESTERN DIAMOND LLC, a Nevada limited liability
company, and WESTERN LAND COMPANY, LLC, a Kentucky limited liability company, (hereinafter
“Sellers”) agree to sell, and WESTERN MINERAL DEVELOPMENT,
LLC, a Delaware limited liability company (“Buyer”), agrees to buy, a partial undivided interest
in that certain real property and coal reserves described in the Exhibit A attached hereto and
made a part hereof (the “Property”), subject to the exclusions and exceptions set forth thereon,
as further described below.

     1. Sale of Partial Undivided Interest in Property and Calculation of Purchase Price.
Sellers shall sell to Buyer a partial undivided interest in the Property equal to a fraction,
the
numerator of which shall be equal to the amount of the net proceeds received by Buyer and/or
its
parent companies or affiliates from the Offering (hereinafter defined) (the “Purchase Price”),
and
the denominator of which is a dollar amount the Parties agree represents the aggregate fair
market value of the Property (the “Purchased Interest”).

     2. Title. Sellers shall convey to Buyer title to the Property by Corporation Special
Warranty Deed; subject, however, to those (if any) rights-of-way, easements, leases, deed and
plat restrictions, partitions, severances, encumbrances, licenses, reservations and exceptions
which are of record on this Contract Date, and to all rights of persons in possession and to
physical conditions, encroachments and possessory rights which would be evident from an
inspection of the Property. Sellers shall have no obligation to furnish Buyer any evidence of
its
title to the Property. Buyer agrees that they will have their attorney conduct whatever
examination of title to the Property or purchase title insurance as Buyer deems necessary. The
cost of such title insurance or attorney’s opinion shall be at Buyer’s expense.

     3. Closing. This Contract shall be fulfilled, the sale closed and possession of the
property given, on or before ninety (90) days after Buyer and/or its parent companies or
affiliates
receives the net proceeds of the Offering (hereinafter defined) (the “Closing Date”), or at
such
date as the Parties shall mutually agree. The Closing shall not occur unless and until the
representations and warranties of the Parties are true and correct in all material respects as
of the
Closing Date.

     Upon closing this Contract each party shall have been deemed to have waived any and all
defects of performance hereunder by the other party, other than the payment of good funds, but
including defects of title.

     4. Closing Costs. Sellers and Buyer shall pay prorata the real estate taxes on the
Property due and payable for the 2011 tax year. Buyer shall pay all subsequent installments of
real estate taxes, any special assessments, title examination expenses of Buyer’s counsel, any
surveying expenses and deed recording fees.

     5. Risk of Loss or Damage. Sellers will, at Sellers’ expense, maintain such policies
of insurance on the Property and improvements thereon as are currently in force until the
Closing

 

 

Date. The risk of loss or damage to the Property or to any or all improvements
thereon between the Contract Date and Closing Date shall be on Sellers. The occurrence of any
loss or damage, whether substantial or insubstantial, shall not avoid, terminate, or impair
this Contract, nor entitle Buyer to any reduction in the Price.

     6. Condition of Property.

     a. The Property is sold “as is.” Sellers make no warranty that the above- referenced
land is either safe or suitable for the purposes for which it is intended to be used, or for
any other
purpose or use. The land may be unsuitable for reasons including but not limited to rough,
unnatural and unstable surfaces, inadequate subjacent or lateral support, circumstances
relating
to the environmental quality of the land, or other conditions arising out of the prior use of
the
land.

     b. Sellers agree to permit Buyer, its employees, servants, representatives or
contractors to enter upon the Property at a reasonable time and in a reasonable manner for the
purpose of performing such tests, borings, surveys, studies, sampling, inspections as the
Buyer
deems necessary; provided, however, such acts do not unreasonably interfere with the Sellers’
current use of the land or ongoing operations on the property.

     c. Buyer agrees to defend, indemnify and hold Sellers harmless from and against all
claims, liabilities, law suits, losses, damages, and expenses, including attorney’s fees,
arising
either directly or indirectly, out of actions, or omissions, taken by Buyer, their employees,
servants, representatives or contractors, pursuant to this agreement. The provisions of this
paragraph shall survive the expiration, termination or cancellation of the agreement and shall
apply to any action taken by any government agency after the Closing Date.

     7. Conditions Precedent. This Contract and the mutual obligations set forth herein
shall be expressly contingent on the consummation and closing of the offering of units
representing limited partner interests in Armstrong Resource Partners, L.P. pursuant to an
initial
public offering with FBR Capital Markets & Co. and Raymond James acting as the co-lead
underwriters (the “Offering”). Should the foregoing condition precedent not be satisfied by
no
later than March 1, 2012, then the Parties agree that this Contract shall be null and void,
and
none of the Parties shall owe any further obligations to the others hereunder.

     8. Ancillary Provisions of this Contract. This Contract and the attached Exhibit A
constitute the entire agreement between the Parties, supersede all representations, notices,
advertisements, bids, agreements, memoranda and correspondence between, by or for the Parties
relating to the Property, and shall be construed in accordance with the laws of the
Commonwealth of Kentucky. No amendment or modification of this Contract shall be binding
unless made in writing. Waiver by either party or performance by the other party of any of the
provisions of this Contract shall not be construed as a waiver of any further right to insist
upon
full performance of the terms of this Contract. No adjustment in the Purchase Price shall
later be
made for any variances in acreage from that set forth in the deeds described on Exhibit A; and
the Purchase Price shall be construed as a lump sum amount paid for the Property as described
in

2

 

Exhibit A. Each party shall be entitled to insist strictly upon the timeliness of
performance by the other Party of the other Party’s obligations.

     Each Party hereby indemnifies and holds harmless the other Party from all claims for
commissions, fees, expenses and liability of any broker, agent or finder, or person claiming to
such, by or through such indemnifying Party.

     Neither Party shall record this Contract. Neither Party shall assign this Contract, or any of
rights hereunder, without the prior written consent of the other Party, except to their affiliates,
subsidiaries or parent companies. Any such assignment or attempted or purported assignment shall be
void as to the other Party and, moreover, shall constitute a material breach of this Contract.

     If Sellers breach this Contract, Buyer’s remedy shall be limited to enforcing specifically
this Contract. If Buyer breaches this Contract, Sellers may recover Seller’s damages.

     If the parties do not execute this Contract contemporaneously, then the party first executing
and delivering this Contract to the other shall be deemed to have made an offer to enter into this
Contract which shall be irrevocable for a period of ninety (90) days following the date of such
execution. This offer may be accepted by the other party by executing this Contract and delivering
an executed copy to the first party.

     IN WITNESS WHEREOF, the Parties have executed this Contract as of the date first above
written, by their own hand and deed, and/or by their duly authorized representatives, each of
which represents, by signing this Contract, personally represents and guarantees his authority to
sign for the party indicated.

	 	 	 	 	 	 	 

	Western Diamond LLC

	 	 	 	Western Mineral Development, LLC
	 
	 	 	 	 	 	 
	/s/ Martin D. Wilson
 

By: Martin D. Wilson, Manager

	 	 
	 	/s/ Martin D. Wilson
 

By: Martin D. Wilson, Manager
	 	 

	 	 	 

	Western Land Company, LLC
	 	 
	 
	 	 
	/s/ Martin D. Wilson
 

By: Martin D. Wilson, Manager

	 	 

3

 

EXHIBIT A

     The Property shall mean all of the coal reserves and real property described in, and
conveyed, demised or otherwise granted in or under the following deeds and instruments, to Western
Land Company, LLC and/or Western Diamond LLC, subject to all rights-of-way, easements, leases,
deed and plat restrictions, partitions, severances, encumbrances, licenses, reservations,
conveyances and exceptions of record, and to all rights of persons in possession, and to physical
conditions, encroachments and possessory rights which would be evident from an inspection of the
property at such time, and further excluding any portion of the mineral reserves, mining rights,
surface property or other real property associated with Armstrong’s Parkway Mine.:

     (i) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC and Beaver Dam Coal Company to Western Diamond LLC, dated September 19, 2006, of
record in Deed Book 363, page 369, in the Office of the Ohio County Clerk;

     (ii) The Partial Assignment of Coal Mining Lease from Central States Coal
Reserves of Kentucky, LLC to Western Diamond LLC dated September 19, 2006, of record in Deed Book
363, page 428, in the Office of the Ohio County Clerk;

     (iii) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC and Beaver Dam Coal Company to Western Diamond LLC, dated September 19, 2006, of
record in Deed Book 363, page 414, in the Office of the Ohio County Clerk;

     (iv) The Corporation Special Warranty Deed from Beaver Dam Coal Company to
Western Diamond LLC, dated September 19, 2006, of record in Deed Book 363, page 393, in the Office
of the Ohio County Clerk;

     (v) The Corporation Special Warranty Deed from Beaver Dam Coal Company to
Western Diamond LLC, dated September 19, 2006, of record in Deed Book 363, page 403, in the Office
of the Ohio County Clerk;

     (vi) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 528, page 284, in
the Office of the Muhlenberg County Clerk, and the Deed of Confirmation between Central States
Coal Reserves of Kentucky, LLC, Western Diamond LLC and Armstrong Coal Reserves, Inc., dated
September 30, 2007, of record in Deed Book 531, page 205, in the Office of the Muhlenberg County
Clerk;

     (vii) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
and Beaver Dam Coal Company to Western Diamond LLC, dated May 31, 2007, of record in Deed Book 368,
page 17, in the Office of the Ohio County Clerk, and the Deed of Correction between Central States
Coal Reserves of Kentucky, LLC, Beaver Dam Coal Company, LLC and Western Diamond LLC, of record in
Deed Book 369, page 759, in the Office of the Ohio County Clerk;

 

 

     (viii) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States
Coal Reserves of Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of record in Deed Book
528, page 320, in the Office of the Muhlenberg County Clerk;

     (ix) The Partial Assignment and Assumption of Mineral Leasehold Estate from
Central States Coal Reserves of Kentucky, LLC to Western Diamond LLC, dated May 31, 2007, of
record in Deed Book 528, page 330, in the Office of the Muhlenberg County Clerk.

     (x) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC to Western Land Company, LLC, dated December 12, 2006, of record in Deed Book 524,
page 505, in the Office of the Muhlenberg County Clerk;

     (xi) The Corporation Special Warranty Deed from Central States Coal Reserves of
Kentucky, LLC and Beaver Dam Coal Company to Western Land Company, LLC, dated December 12, 2006,
of record in Deed Book 365, page 36, in the Office of the Ohio County Clerk;

     (xii) The Partial Assignment and Assumption of Mineral Leasehold Estate from Central States
Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20, 2006, of record in
Deed Book 524, page 523, in the Office of the Muhlenberg County Clerk, as amended and restated in
Deed Book 527, page 186, in the Office of the Muhlenberg County Clerk;

     (xiii) The Partial Assignment and Assumption of Surface and Mineral Leasehold Estate from
Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated November 20,
2006, of record in Deed Book 365, page 57, in the Office of the Muhlenberg County Clerk;

     (xiv) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky,
LLC, Beaver Dam Coal Company, Ohio County Coal Company, LLC and Grand Eagle Mining, Inc. to Western
Land Company, LLC, dated March 30, 2007, of record in Deed Book 367, page 1, in the Office of the
Ohio County Clerk;

     (xv) The Corporation Special Warranty Deed from Central States Coal Reserves of Kentucky, LLC
to Western Land Company, LLC, dated March 30, 2007, of record in Deed Book 527, page 118, in the
Office of the Muhlenberg County Clerk, as corrected by Deed of Correction dated September 30, 2007,
of record in Deed Book 531, page 213, in the Office of the Muhlenberg County Clerk; and

     (xvi) The Partial Assignment and Assumption of Surface and Mineral Leasehold Estate from
Central States Coal Reserves of Kentucky, LLC to Western Land Company, LLC, dated March 30, 2007,
of record in Deed Book 527, page 161, in the Office of the Muhlenberg County Clerk.ex10424leasecomboventas.htm

 

 

 

 

 

LEASE COMBINATION AGREEMENT AND AMENDMENT TO LEASE

 

BY

 

VENTAS REALTY, LIMITED PARTNERSHIP

AND

VENTAS FAIRWOOD, LLC

 

AS LANDLORD,

 

AND

 

SW ASSISTED LIVING, LLC,

SUMMERVILLE AT HERITAGE PLACE, LLC,

SUMMERVILLE AT BARRINGTON COURT LLC,

SUMMERVILLE AT ROSEVILLE GARDENS LLC,

SUMMERVILLE 17 LLC,

AND

SUMMERVILLE AT FAIRWOOD MANOR, LLC

AS TENANT

 

 

 

 

DATED AS OF ____June 29___________, 2011

 

676667

 

  

  

  

LEASE COMBINATION AGREEMENT AND AMENDMENT TO LEASE

 

THIS LEASE COMBINATION AGREEMENT AND AMENDMENT TO LEASE (hereinafter this “Amendment” ) is to be effective as of the 29th day of June, 2011 (the “Amendment Date”), and is by and among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (“Existing Landlord”), and VENTAS FAIRWOOD, LLC, a Delaware limited liability company (“Additional Landlord”; Existing Landlord and Additional Landlord are individually and collectively referred to herein as “Landlord”), each having an office at 10350 Ormsby Park Place, Suite 300, Louisville, Kentucky 40223, and each of the entities identified as “Tenant” on Attachment A-1 attached hereto (referred to herein individually and collectively as “Existing Tenants”), and the entity identified as “Tenant” on Attachment A-2 attached hereto (referred to herein as “Additional Tenant”; Existing Tenants and Additional Tenant are individually and collectively referred to herein as “Tenant”), each having an office at c/o Emeritus Corporation, 3131 Elliott Avenue, Suite 500, Seattle, Washington  98121.

 

RECITALS

 

A. Existing Landlord and Existing Tenants are parties to that certain Third Amended and Restated Master Lease Agreement dated as of July 25, 2008, as amended by that certain First Amendment to Master Lease dated as of December 19, 2008, that certain Lease Severance and Amendment Agreement dated as of June 24, 2009, and that certain Lease Severance and Amendment Agreement No. 2 dated as of October 21, 2009 (as the same may hereafter be amended, amended and restated, supplemented, modified, severed, renewed, extended or replaced, the “Master Lease”), demising certain real properties identified in the Lease.

 

B. Additional Landlord and Additional Tenant are parties to that certain Master Lease Agreement – Fairwood Manor, dated as of January 31, 2005 (as the same may have been or may hereafter be amended, amended and restated, supplemented, modified, severed, renewed, extended or replaced, the “Fairwood Lease”), demising that certain Facility located in Anaheim, California commonly known as Summerville at Fairwood Manor and sometimes referred to as Fairwood Manor (the “Additional Property”).

 

C. The Fairwood Lease is an “Other Lease” as such term is defined in the Master Lease.  Section 39 of the Master Lease, including, without limitation, Section 39.6 of the Master Lease, which was added by the Lease Severance and Amendment Agreement No. 2 dated as of October 21, 2009, provides that an Other Lease may be combined with the Master Lease upon election by the applicable landlords.

 

D. Additional Landlord’s previously existing financing with respect to the Fairwood Property has been paid in full and Existing Landlord and Additional Landlord now desire that the Master Lease and the Fairwood Lease be combined into a single lease as provided Section 39 of the Master Lease.

 

E. Landlord and Tenant desire to amend the Master Lease to reflect such lease combination, on the terms set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereby agree as follows:

 

1. Capitalized Terms.  All capitalized terms used herein and not defined herein shall have the meaning ascribed thereto in the Master Lease.

 

2. Lease Combination.  Effective as of the Amendment Date, the Master Lease and the Fairwood lease are hereby combined into a single Lease as provided in Section 39 of the Master Lease and Section 39 of the Fairwood Lease.  For purposes of each such Section 39 the Master Lease is the Section 39 Lease, the Fairwood Lease is the Combination Lease, and the Amendment Date is the Section 39 Date.

 

3. Assumption by Landlord.  Additional Landlord hereby joins in and agrees to be bound by the Master Lease as a Landlord thereunder and hereby assumes all of the obligations of a Landlord under the Master Lease arising from and after the Amendment Date.   As required under Section 39.6 of the Master Lease, Existing Landlord and Additional Landlord hereby agree that, without limitation of the release provisions of Section 31 of the Master Lease, Existing Landlord and Additional Landlord shall be jointly and severally liable for all obligations of the Landlord under the Master Lease arising or accruing on or after the Amendment Date, as provided in Section 1.3 of the Master Lease.

 

4. Assumption by Tenant.  Additional Tenant hereby joins in and agrees to be bound by the Master Lease as a Tenant thereunder and hereby assumes all of the obligations of a Tenant under the Master Lease, as applicable, arising from and after the Amendment Date.   Existing Tenant and Additional Tenant hereby agree that they shall be jointly and severally liable for all obligations of the Tenant under the Master Lease as provided in Section 1.3 of the Master Lease.  Further, and as provided in Section 39.2.5 of the Master Lease, Existing Tenants and Additional Tenant hereby acknowledge and agree that as Tenant under the Master Lease they shall be jointly and severally responsible for the payment, performance and satisfaction of all duties, obligations and liabilities arising under the Fairwood Lease that were not paid, performed and satisfied in full prior to the Amendment Date.

 

5. Modifications to Master Lease.

 

(a) Section 8.2.5.  Section 8.2.5 of the Master Lease is hereby amended to remove all references to the Fairwood Lease.

 

(b) Definitions.  The following definitions in Exhibit B to the Master Lease are hereby amended and restated to add or remove references to the Fairwood Lease, the Additional Property and the Additional Tenant, as applicable, as follows:

 

“Mentor Properties” shall mean those certain facilities commonly known as Summerville at South Windsor, located in South Windsor, Connecticut, Summerville at Heritage Place, located in Tracy, California, Barrington Court Alzheimer’s Residence, located in Danville, California, Somer Park Residence for Memory Impaired, located in Roseville, California, and Summerville at Fairwood Manor, located in Anaheim, California, as more fully set forth on Schedule 1 of this Lease, as such Schedule 1 is amended and restated by this Amendment.

 

“Mentor Tenants” shall mean collectively, SW Assisted Living, LLC, Summerville at Heritage Place, LLC, Summerville at Barrington Court LLC, Summerville at Roseville Gardens LLC, and Summerville at Fairwood Manor, LLC, each a Delaware limited liability company.

 

“Other Leases” shall mean the following that are from time to time in existence:  (i) the Whitehall Lease, the First New Lease, the Second New Lease, and (ii) any lease that is derivative from this Lease or any of the leases referenced in subsections (i) and (ii) above (e.g. a New Lease entered into (x) pursuant to Section 40 of this Lease or Section 40 of one of such other leases referenced in subsections (i) through (iii) above or (y) pursuant to Section 40 of a New Lease derived from a previously entered into New Lease).

 

“Portfolio Coverage Ratio” shall mean the ratio of (i) the Cash Flow for all of the Facilities under this Lease and all of the Facilities under the Other Leases (other than the Facility under the Whitehall Lease), for the applicable period; to (ii) Fixed Rent, and all other debt service and lease payments, relating to such Facilities under this Lease and the Other Leases (other than the Facility under the Whitehall Lease), for the applicable period (and, for the purpose of calculating the applicable Portfolio Coverage Ratio with respect to any period prior to the Commencement Date applicable to any Leased Property under this Lease or the aforesaid Other Leases, the Fixed Rent applicable to each such Leased Property for any period prior to the Commencement Date applicable to such Leased Property under this Lease or one of the aforesaid Other Leases shall be assumed to have accrued and been payable at the same annual rate of Fixed Rent that is applicable to such Leased Property as of its applicable Commencement Date under this Lease or one of the aforesaid Other Leases).

 

(c) Schedules and Exhibits.

 

	
1.  

	
Schedule 1 to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment B to this Amendment.

 

	
2.  

	
Schedule 3.1.2 to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment C to this Amendment.

 

	
3.  

	
Schedule 7.3 to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment D to this Amendment

 

	
4.  

	
Schedule 10.13 to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment E to this Amendment

 

	
5.  

	
Schedule 17.1.3 to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment F to this Amendment.

 

	
6.  

	
Exhibit A to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment G to this Amendment.

 

	
7.  

	
The legal description of the Additional Property, as set forth in Attachment H to this Amendment, is hereby added as Exhibit A-15 to the Master Lease.

 

	
8.  

	
Exhibit C to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment I to this Amendment.

 

	
9.  

	
Exhibit D to the Master Lease is hereby amended and restated in its entirety to read as set forth in Attachment J to this Amendment.

 

6. No Other Amendments.  Except as provided in this Amendment the Master Lease remains in full force and effect without modification.

 

7. Successors and Assigns.  This Amendment and the covenants and agreements herein contained shall be binding upon and inure to the benefit of Landlord and Tenant and their respective heirs, devisees, successors and assigns.

 

8. Integrated Agreement; Modifications; Waivers.  This Amendment constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior representations, understandings and agreements, whether written or oral, with respect to such subject matter.  Each of the parties hereto acknowledges that it has not relied upon, in entering into this Amendment, any representation, warranty, promise or condition not specifically set forth in this Amendment.  No supplement, modification or waiver of any provision of this Amendment shall be binding unless executed in writing by the party to be bound thereby.  No waiver of any of the provisions of this Amendment shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.

 

9. Headings and Captions.  The headings and captions of the paragraphs of this Amendment are for convenience of reference only and shall not affect the meaning or interpretation of this Amendment or any provision hereof.

 

10. Gender and Number.  As used in this Amendment, the neuter shall include the feminine and masculine, the singular shall include the plural, and the plural shall include the singular, except where expressly provided to the contrary.

 

11. Severability.  In the event that any paragraph, section, sentence, clause or phrase contained in this Amendment becomes or is held by any court of competent jurisdiction to be illegal, null or void or against public policy, the remaining paragraphs, sections, sentences, clauses or phrases contained in this Amendment shall not be affected thereby.

 

12. Counterparts.  This Amendment may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto were upon the same instrument.

 

 

[Signature pages follow]

 

676667-8

 

  

  

  

IN WITNESS WHEREOF, the parties hereto have executed these presents the day and year first above written.

 

	  	
LANDLORD:

VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership

By:Ventas, Inc., a Delaware corporation, as its general partner

By:     /s/  T. Richard Riney                                           

Name:      T. Richard Riney                                 

Title:        Executive Vice President, Chief Administrative Officer, General Counsel and Secretary

	  	
VENTAS FAIRWOOD, LLC, a Delaware limited liability company

By:                     /s/  T. Richard Riney                                                      

Name:                      T. Richard Riney                                            

Title:                        Vice President

676667                                                                  S-

 

  

  

  

TENANT:

SW ASSISTED LIVING, LLC

SUMMERVILLE AT BARRINGTON COURT LLC

SUMMERVILLE AT ROSEVILLE GARDENS LLC

Each of which entities is a Delaware limited liabilitycompany

By:           Summerville Senior Living, Inc., a Delaware

                                                                corporation, its Sole Member

By:           /s/  Eric Mendelsohn 

Name:            Eric Mendelsohn

Its:                  Senior Vice President Corporate

        Development

 

SUMMERVILLE 17 LLC

Each of which entities is a Delaware limited liabilitycompany

By:           Summerville Investors, LLC, a Delaware limited

liability company, each of their Sole Member

By:         Summerville Senior Living, Inc.,

a Delaware corporation,

its Sole Member

By:           /s/  Eric Mendelsohn                                                      

Name:            Eric Mendelsohn

Its:                  Senior Vice President Corporate

        Development

676667-8

 

  

  

  

SUMMERVILLE AT HERITAGE PLACE, LLC,

a Delaware limited liability company

By:           Summerville at Cobbco, Inc.,

a California corporation,

its Sole Member

By: _/s/  Eric Mendelsohn_________

Name:    Eric Mendelsohn

	
  

	
Title:

	
Senior Vice President Corporate Development

SUMMERVILLE AT FAIRWOOD MANOR, LLC

A Delaware limited liability company

 

 

By:           _/s/  Eric Mendelsohn 

Name:              Eric Mendelsohn 

	
  

	
Title:

	
Senior Vice President Corporate Development

 

676667-8

 

  

  

  

 ACKNOWLEDGEMENT AND REAFFIRMATION OF GUARANTORS

 

Capitalized terms used in this Acknowledgement and Reaffirmation of Guarantors shall have the meaning ascribed thereto in the foregoing Amendment.

 

Emeritus Corporation, a Washington Corporation (“Emeritus”) has executed and delivered (i) that certain Guaranty of Lease dated as of July 25, 2008, pursuant to which Emeritus has guaranteed the obligations of the Tenant under the Master Lease (the “Emeritus Master Lease Guaranty”); and (ii) and that certain Guaranty of Lease dated as of July 25, 2008, pursuant to which Emeritus has guaranteed the obligations of the Additional Tenant under the Fairwood Lease (the “Emeritus Fairwood Lease Guaranty”).

 

Summerville Senior Living, Inc., a Delaware corporation (“SSL”, and together with Emeritus each a “Guarantor” and collectively, “Guarantors”) has executed and delivered that certain Guaranty of Lease dated as of December 19, 2008, pursuant to which SSL has guaranteed the obligations of the Tenant under Master Lease (the “SSL Master Lease Guaranty”).

 

Each Guarantor hereby acknowledges the terms and conditions of the foregoing Amendment.  Emeritus hereby acknowledges and agrees that (i) the Emeritus Master Lease Guaranty remains in full force and effect and that its obligations under the Emeritus Master Lease Guaranty shall apply to the duties, liabilities and other obligations of Tenant under the Master Lease, as amended by the foregoing Amendment, including, without limitation, the duties, liabilities and other obligations of the Additional Tenant arising and accruing under the Master Lease from and after the Amendment Date; and (ii) that the Emeritus Fairwood Lease Guaranty remains in full force and effect and that its obligations under the Emeritus Fairwood Lease Guaranty shall continue to apply to the duties, liabilities and other obligations of Additional Tenant arising and accruing under the Fairwood Lease prior to the Amendment Date.

 

SSL hereby acknowledges and agrees that the SSL Master Lease Guaranty remains in full force and effect and that its obligations under the SSL Master Lease Guaranty shall apply to the duties, liabilities and other obligations of Tenant under the Master Lease, as amended by the foregoing Amendment, including, without limitation, the duties, liabilities and other obligations of the Additional Tenant arising and accruing under the Master Lease from and after the Amendment Date.

 

Although each of the Guarantors has been informed of the terms of the Amendment, each of the Guarantors understands and agrees that Landlord has no duty to so notify it or to seek this or any future acknowledgment, consent or reaffirmation, and nothing contained herein shall create or imply any such duty as to any transactions, past or future.

 

[SIGNATURES ON FOLLOWING PAGE]

 

676667-8

 

  

  

  

IN WITNESS WHEREOF, the undersigned have executed this Acknowledgement and Reaffirmation of Guarantors effective as of the Amendment Date.

 

 

EMERITUS CORPORATION,

 

a Washington corporation

 

 

By:  /s/  Eric Mendelsohn ____________

Name:   Eric Mendelsohn

Its:         Senior Vice President Corporate

Development

 

 

SUMMERVILLE SENIOR LIVING, 

INC., a Delaware corporation

By:__/s/  Eric Mendelsohn____________

Name:     Eric Mendelsohn

Its:           Senior Vice President Corporate

  Development

 

676667-8

 

  

  

  

ATTACHMENT A-1

 

Existing Tenants

 

	  	
Facility

	
Tenant

	
Landlord

	
 

1. 

 

	
Summerville at South Windsor

1715 Ellington Road

South Windsor, CT  06074

	
SW Assisted Living, LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
 

2. 

 

	
Summerville at Heritage Place

355 West Grant Line Road

Tracy, CA  95376

	
Summerville at Heritage Place, LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
 

3. 

 

	
Barrington Court Alzheimer’s Residence

400 W. El Pintado Road

Danville, CA  94526

	
Summerville at Barrington Court LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
 

4. 

 

	
Somer Park Residence for Memory Impaired

1 Somer Ridge Drive

Roseville, CA  95661

	
Summerville at Roseville Gardens LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
 

5. 

 

	
The Plaza at Deer Creek

2403 West Hillsboro Boulevard

Broward County

Deerfield Beach, FL 33442

	
Summerville 17 LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

 

 

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ATTACHMENT A-2

 

Additional Tenant

 

	
Facility

	
Tenant

	
Landlord

	
Summerville at Fairwood Manor

200 N. Dale

Anaheim, CA  92801

	
Summerville At Fairwood Manor, LLC, a Delaware limited liability company

	
Ventas Fairwood, LLC a Delaware limited liability company

 

 

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ATTACHMENT B

 

SCHEDULE 1

 

Facilities, Tenants and Landlords

 

	  	
Facility

	
Tenant

	
Landlord

	
Commencement Date

	
Initial Expiration Date

	
Purchase Option Dates

	
 

1. 

 

	
Summerville at South Windsor

1715 Ellington Road

South Windsor, CT  06074

	
SW Assisted Living, LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
July 29, 2004

	
September 30, 2019

	
October 1, 2011 – September 30, 2016*

	
 

2. 

 

	
Summerville at Heritage Place

355 West Grant Line Road

Tracy, CA  95376

	
Summerville at Heritage Place, LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
June 29, 2005

	
September 30, 2019

	
October 1, 2011 – September 30, 2016*

	
 

3. 

 

	
Barrington Court Alzheimer’s Residence

400 W. El Pintado Road

Danville, CA  94526

	
Summerville at Barrington Court LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
March 31, 2006

	
September 30, 2019

	
October 1, 2011 – September 30, 2016*

 

	
1.  

	 

 

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4. 

 

	
Somer Park Residence for Memory Impaired

1 Somer Ridge Drive

Roseville, CA  95661

	
Summerville at Roseville Gardens LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
March 31, 2006

	
September 30, 2019

	
October 1, 2011 – September 30, 2016*

	
 

5. 

 

	
The Plaza at Deer Creek

2403 West Hillsboro Boulevard

Broward County

Deerfield Beach, FL 33442

	
Summerville 17 LLC, a Delaware limited liability company

	
Ventas Realty, Limited Partnership, a Delaware limited partnership

	
August 1, 2005

	
July 31, 2020

	
N/A

	
 

6. 

 

	
Summerville at Fairwood Manor

200 N. Dale

Anaheim, CA  92801

	
Summerville At Fairwood Manor, LLC, a Delaware limited liability company

	
Ventas Fairwood, LLC a Delaware limited liability company

	
January 31, 2005

	
September 30, 2019

	
October 1, 2011 – September 30, 2016*

	
  

	
*The Option, if exercised by Tenant, must be exercised during the required time frame for exercise, and then closed, as to all (but not less than all) of the Mentor Properties per Sections 44.1 and 44.2.

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ATTACHMENT C

 

SCHEDULE 3.1.2

 

Fixed Rent Amounts and Rent Escalations

 

	 	 	
Facility

	 	
Annual Fixed Rent as of the Amendment Date

	 	 	
Monthly Fixed Rent as of the Amendment Date

	 	
Rent Escalation Date / commencement of Lease Year

	
Minimum Rent Escalation Amount

	 	 1.	 	
Summerville at South Windsor

	 	$	1,593,121.44	 	 	$	132,760.12	 	
October 1  (first Rent Escalation Date:  October 1, 2005)

	
Two percent (2%) through September 30, 2011, and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term

	 	 2.	 	
Summerville at Heritage Place

	 	$	1,539,664.92	 	 	$	128,305.41	 	
October 1  (first Rent Escalation Date:  October 1, 2005)

	
Two percent (2%) through September 30, 2011, and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term

	 	 3.	 	
Barrington Court Alzheimer’s Residence

	 	$	481,497.36	 	 	$	40,124.78	 	
October 1  (first Rent Escalation Date:  October 1, 2006)

	
Two percent (2%) through September 30, 2011, and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term

	 	 4.	 	
Somer Park Residence for Memory Impaired

	 	$	250,378.56	 	 	$	20,864.88	 	
October 1  (first Rent Escalation Date:  October 1, 2006)

	
Two percent (2%) through September 30, 2011, and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term

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	 	 5.	 	
The Plaza at Deer Creek

	 	$	1,206,674.40	 	 	$	100,556.20	 	
August 1  (first Rent Escalation Date:  August 1, 2006)

	
Two percent (2%) through July 31, 2012, and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term (except that the Minimum Rent Escalation Amount shall equal Five percent (5%) in the case of the first Lease Year of the first Extended Term)

	 	6.	 	
Summerville at Fairwood Manor

	 	$	1,093,018.80	 	 	$	91,084.90	 	
October 1 (first Rent Escalation Date October 1, 2005)

	
Two percent (2%) for Lease Years 1-7 (ending September 30, 2011), and Three percent (3%) thereafter through the remainder of the Initial Term and through any Extended Term

 

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ATTACHMENT D

 

SCHEDULE 7.3

 

Authorization Collateral

 

South Windsor

 

1.           Certificate of Occupancy issued by the Town of South Windsor, Connecticut

 

2.           Assisted Living Services Agency License issued by the State of Connecticut Department of Health

 

Heritage Place

 

1.           Certificate of Occupancy issued by the City of Tracy, California

 

2.           Residential Care Facility for the Elderly License issued by the California Department of Social Services – Community Care Licensing Division

 

Barrington Court

 

	
1.  

	
Certificate of Occupancy issued by the Town of Danville, California

 

	
2.  

	
Residential-Elderly License issued by the California Department of Social Services – Community Care Licensing Division

 

Somer Park

 

	
1.  

	
Business License Certificate from the City of Roseville, California for a Community Care facility

 

	
2.  

	
Residential-Elderly License issued by the California Department of Social Services – Community Care Licensing Division

 

The Plaza at Deer Creek

 

1.           Certificate(s) of Occupancy issued by the City of Deerfield Beach, Florida.

 

2.           Assisted Living Facility Standard License issued by Agency for Health Care Administration.

 

Summerville at Fairwood Manor:

 

1.           Certificate of Occupancy issued by the City of Anaheim, California

 

	
2.

	
Residential Care Facility for the Elderly License issued by the California Department of Social Services – Community Care Licensing Division

 

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ATTACHMENT E

 

SCHEDULE 10.13

 

Primary Intended Use

 

	
Facility

	
Primary

Intended Use

	
Licensed Beds

	
Units

	
Licensed AL Units

	
Licensed IL Units*

	
Licensed ALZ Units

	
Licensed Units**

	
Summerville at South Windsor

	
Assisted Living Facility

	
101

	
81

	
N/A

	
N/A

	
N/A

	
N/A

	
Summerville Heritage Place

	
Assisted Living Facility

	
160

	
131

	
N/A

	
N/A

	
N/A

	
N/A

	
Barrington Court Alzheimer’s Residence

	
Alzheimer’s Facility

	
42

	
22

	
N/A

	
N/A

	
N/A

	
N/A

	
Somer Place Residence for Memory Impaired

	
Alzheimer’s Facility

	
40

	
20

	
N/A

	
N/A

	
N/A

	
N/A

	
The Plaza at Deer Creek

	
Assisted Living Facility / Alzheimer’s Facility

	
N/A

	
N/A

	
110

	
0

	
17

	
127

	
Summerville at Fairwood Manor

	
Assisted Living Facility

	
127

	
117

	
________

	
_______

	
________

	
______

 

*IL Units are not licensed in Massachusetts; there are 125 unlicensed IL units at the Original Farm Pond Property

 

**Includes licensed AL, IL and ALZ units

 

 

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ATTACHMENT F

 

SCHEDULE 17.1.13

 

Licensed Beds / Licensed Units

 

Licensed Beds

 

	
Facility

	
Number of Licensed Beds

	
Summerville at South Windsor

	
                                                              85

	
Summerville Heritage Place

	
                                                            146

	
Barrington Court

	
                                                              42

	
Somer Park

	
                                                              40

	
Summerville at Fairwood Manor

	
                                                            127

	
Total

	
                                                            440

 

Licensed Units

 

	
Facility

 

	
Number of Licensed Units

	
The Plaza at Deer Creek

	
127

	
Total

	
127

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ATTACHMENT G

 

EXHIBIT A

 

Addresses of the Leased Properties

 

	
1.  

	
Summerville at South Windsor

	
  

	
1715 Ellington Road

	
  

	
South Windsor, CT  06074

	
2.  

	
Summerville at Heritage Place

355 West Grant Line Road

Tracy, CA  95376

	
3.  

	
Barrington Court Alzheimer’s Residence

400 W. El Pintado Road

Danville, CA  94526

	
4.  

	
Somer Park Residence for Memory Impaired

1 Somer Ridge Drive

Roseville, CA  95661

	
5.  

	
The Plaza at Deer Creek

2403 West Hillsboro Boulevard

Deerfield Beach, FL  33442

 

	
6.

	
Summerville at Fairwood Manor

200 N. Dale

Anaheim, CA  92801

 

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ATTACHMENT H

 

EXHIBIT A-15

 

Legal Description of Additional Property

 

All that certain real property situated in the County of Orange, State of California, described as follows:

 

Parcel 2, in the City of Anaheim, County of Orange, State of California, as shown on a map filed in Book 85, Page 32 of Parcel Maps, in the Office of the County Recorder of Orange County, California.

 

Assessor’s Parcel Number:  070-602-21

 

 

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ATTACHMENT I

 

Exhibit C

 

Base Year Patient Revenues under this Lease

 

	
Facility

	
Period

	 	
Allocated Base Year Patient Revenues

	 
	
Summerville at South Windsor

	
1/1/02-12/31/02

	 	$	3,718,408.00	 
	
Summerville at Heritage Place

	
1/1/02-12/31/02

	 	$	3,457,572.00	 
	
Barrington Court

	
7/1/01-12/31/04 Annualized

	 	$	1,056,030.00	 
	
Somer Park

	
7/1/01-12/31/04 Annualized

	 	$	966,840.00	 
	
The Plaza at Deer Creek

	
1/1/03-12/31/03

	 	$	3,043,166.00	 
	
Fairwood Manor

	
1/1/02-12/31/03

	 	$	2,434,414.00	 
	  	  	 	 	 	 
	
Total Base Year Patient Revenues under this Lease:

	  	 	$	14,676,430.00	 
	  	  	 	 	 	 

 

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ATTACHMENT J

 

Exhibit D

(Use the appropriate form, depending upon whether the Officer’s Certificate in question is being delivered in connection with the delivery of annual or quarterly financial statements)

[FOR USE WHEN DELIVERING ANNUAL FINANCIAL STATEMENTS]

 

OFFICER’S CERTIFICATE

 

 

The undersigned, _______________________________, as the of,,  and  (collectively, “Tenant”), hereby certifies to Ventas Realty, Limited Partnership and Ventas Fairwood, LLC (collectively, “Landlord”), pursuant to the terms of Section 25.4 of that certain Third Amended and Restated Master Lease Agreement (as amended from time to time, the “Lease”; capitalized terms shall have the same meaning herein as in the Lease) dated _______________ between Landlord and Tenant, as follows:

 

1.           The attached annual financial statements of Tenant, for the fiscal year ending ____________, 20___ (the “Fiscal Year”), have been prepared in accordance with GAAP and are complete and accurate to the best of Tenant’s knowledge and show the separate operations of each Leased Property, including, without limitation, (a) a breakdown of Patient Revenues and other revenues itemized by payor type and a reasonably detailed breakdown of Operating Expenses and (b) patient census information by payor type.

 

2.           Attached hereto as Attachment 1 is a statement in reasonable detail showing the calculation of Net Operating Income for each Facility for the Fiscal Year.

 

3.           Attached hereto as Attachment 2 is a schedule setting forth, for the Fiscal Year, the Coverage Ratio with respect to each Facility.

 

4.           The Portfolio Coverage Ratio under the Lease, as of the end of the Fiscal Year, equals _______________ to ____________________, based upon Cash Flow for all of the Facilities under the Lease and the Other Leases (other than the Whitehall Lease) for the Fiscal Year in the amount of $_________________ and Fixed Rent, and all other debt service and lease payments, relating to such Facilities, for the Fiscal Year, equal to $_________________.

 

5.           With respect to [Name of applicable Guarantor to be inserted; if there is more than one (1) Guarantor of the Lease, separate certifications shall be made in this certificate with respect to each Guarantor]:

 

[Subsection (a) and (b) or subsection (c) to be completed, depending upon which Guarantor Financial Tests are applicable]

 

	
  

	
As of the end of the fiscal year to which this certificate relates, the Fixed Charge Coverage Ratio of such Guarantor, determined as provided in the Lease and for the last fiscal quarter of such fiscal year, equals _________ to ________ and has continued to be equal to not less than 1.10 to 1.00 since the end of such fiscal quarter.

 

	
  

	
Since it became a Guarantor, such Guarantor has maintained unencumbered liquid assets (as defined in the Lease) with an aggregate fair market value not at any time less than Twenty Million Dollars ($20,000,000.00).

 

	
  

	
The Tangible Net Worth of such Guarantor, determined as provided in the Lease, is $______________ as of the date hereof.

 

676667-8

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed and delivered this Officer’s Certificate as of _______________, 20___.

 

 

 

, as                                            of,, and

 

 

STATE OF                                                      )

)

COUNTY OF                                                      )

 

The foregoing instrument was acknowledged before me this _________ day of, 20___, by ___________________, as the ___________________ of, a,, a , , a , and , a , on behalf of the aforesaid entities.

 

 

 

Notary Public

 

My Commission Expires:

 

 

ATTACHMENT 1

 

Net Operating Income

 

	
Facility

	 	
Operating Revenue

	 	 	
Operating Expenses

	 	 	
Net Operating Income

	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	
Total

	 	$	 	 	 	$	 	 	 	$	 	 

 

 

 

ATTACHMENT 2

 

Coverage Ratio

 

 

 

	
 

 

Facility

	 	
 

Cash Flow

	 	 	
Fixed Rent and Other Debt Service/Lease Payments

	 	 	
 

Coverage Ratio

	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	
Total

	 	$	 	 	 	$	 	 	 	$	 	 

 

 

[FOR USE WHEN DELIVERING QUARTERLY FINANCIAL STATEMENTS]

 

OFFICER’S CERTIFICATE

 

 

The undersigned, _______________________________, as the of,,  and  (collectively, “Tenant”), hereby certifies to Ventas Realty, Limited Partnership and Ventas Fairwood, LLC (collectively, “Landlord”), pursuant to the terms of Section 25.4 of that certain Third Amended and Restated Master Lease Agreement (as amended from time to time, the “Lease”; capitalized terms shall have the same meaning herein as in the Lease) dated _______________ between Landlord and Tenant, as follows:

 

1.           The attached quarterly financial statements of Tenant have been prepared in accordance with GAAP and are complete and accurate to the best of Tenant’s knowledge, subject to normal year end adjustments, and show the separate operations of each Leased Property, including, without limitation, (a) a breakdown of Patient Revenues and other revenues itemized by payor type and a reasonably detailed breakdown of Operating Expenses and (b) patient census information by payor type.

 

2.           Attached hereto as Attachment 1 is a statement in reasonable detail showing the calculation of Net Operating Income for each Facility for the preceding four fiscal quarters, the last of which fiscal quarters is the fiscal quarter as to which this certificate is being delivered (the “Current Fiscal Quarter”).

 

3.           Attached hereto as Attachment 2 is a schedule setting forth, for the twelve (12) month period ending as of the end of the Current Fiscal Quarter, the Coverage Ratio with respect to each Facility.

 

4.           The Portfolio Coverage Ratio under the Lease, for the twelve (12) month period ending as of the end of the Current Fiscal Quarter, equals _______________ to ____________________, based upon Cash Flow for all of the Facilities under the Lease and the Other Leases (other than the Whitehall Lease) for such period in the amount of $_________________ and Fixed Rent, and all other debt service and lease payments, relating to such Facilities, for such period, equal to $_________________.

 

5.           With respect to [Name of applicable Guarantor to be inserted; if there is more than one (1) Guarantor of the Lease, separate certifications shall be made in this certificate with respect to each Guarantor]:

 

[Subsection (a) and (b) or subsection (c) to be completed, depending upon which Guarantor Financial Tests are applicable]

 

	
  

	
As of the end of the fiscal quarter to which this certificate relates, the Fixed Charge Coverage Ratio of such Guarantor, determined as provided in the Lease and for such fiscal quarter, equals _________ to ________ and has continued to be equal to not less than 1.10 to 1.00 since the end of such fiscal quarter.

 

	
  

	
Since it became a Guarantor, such Guarantor has maintained unencumbered liquid assets (as defined in the Lease) with an aggregate fair market value not at any time less than Twenty Million Dollars ($20,000,000.00).

 

	
  

	
The Tangible Net Worth of such Guarantor, determined as provided in the Lease, is $______________ as of the date hereof.

 

676667-8

 

  

  

  

IN WITNESS WHEREOF, the undersigned has executed and delivered this Officer’s Certificate as of _______________, 20___.

 

 

, as                                            of,, and

 

 

STATE OF                                                      )

)

COUNTY OF                                                      )

 

The foregoing instrument was acknowledged before me this _________ day of, 20___, by ___________________, as the ___________________ of, a,, a , , a , and , a , on behalf of the aforesaid entities.

 

 

 

Notary Public

 

My Commission Expires:

 

 

ATTACHMENT 1

 

Net Operating Income

 

	
Facility

	 	
Operating Revenue

	 	 	
Operating Expenses

	 	 	
Net Operating Income

	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	
Total

	 	$	 	 	 	$	 	 	 	$	 	 

 

 

 

676667-8

 

  

  

  

ATTACHMENT 2

 

Coverage Ratio

 

 

 

	
 

 

Facility

	 	
 

Cash Flow

	 	 	
Fixed Rent and Other Debt Service/Lease Payments

	 	 	
 

Coverage Ratio

	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	  	 	$	 	 	 	$	 	 	 	$	 	 
	
Total

	 	$	 	 	 	$	 	 	 	$	 	 

 

 

 

676667-8

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