Document:

exv4w3

Exhibit 4.3

          AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT dated as of [          ], 2009 (the
“Agreement”) among AVIV REIT, INC., a Maryland corporation (including any successor entity,
the “Company”), AVIV HEALTHCARE PROPERTIES LIMITED PARTNERSHIP, a Delaware limited
partnership (the “Partnership”), and the INVESTORS (as herein defined).

          The Investors and the Partnership entered into a Registration Rights Agreement dated as of May
26, 2006 (the “Original Agreement”). The Company, the Partnership and the Investors deem
it to be in their respective best interests to amend and restate in its entirety the Original
Agreement to reflect the recapitalization of the Partnership to become an indirect subsidiary of
the Company and to set forth their rights in connection with public offerings and sales of common
stock, par value $0.01 per share, or other Securities of the Company.

          NOW, THEREFORE, in consideration of the premises and mutual covenants and obligations
hereinafter set forth, the Company, the Partnership and the Investors hereby agree as follows:

          Section 1. Definitions.

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

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

          “Co-Investor Shares” means any Securities held by JER Aviv Acquisition, LLC, Craig
Bernfield or any permitted successor to, or permitted assignee or permitted transferee of either of
them.

          “Commission” means the Securities and Exchange Commission or any other agency at the
time administering the Securities Act.

          “Common Stock” means the common stock, par value $0.01 per share, of the Company or
such other Securities of the Company into which such common stock may, at any time, be converted or
exchanged.

          “Control” means (including, with correlative meanings, “controlled by” and
“under common control with”), with respect to any Person, 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 ownership of voting securities, by contract or otherwise.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations of the Commission promulgated thereunder, all as the same
shall be in effect from time to time.

-1-

 

          “Governmental Entity” means any federal, state, municipal, foreign or other
government, governmental department, commission, administrative agency, board, bureau, agency or
instrumentality, or any private or public court or tribunal.

          “Initial Public Offering” means the Company’s proposed initial public offering of
Common Stock pursuant to a Registration Statement on Form S-11 (File No. 333-152039).

          “Investors” means the Persons identified on the signature pages hereto and includes
Zev Karkomi Revocable Trust and any Affiliate, spouse, lineal descendant of Zev Karkomi or Zev
Karkomi’s spouse, any brother or sister or any personal representative, estate or executor under
the will of Zev Karkomi or any trust established for the benefit of any one or more of the
foregoing, and any permitted successor to, or permitted assignee or permitted transferee of any
such Person under Section 14 of this Agreement.

          “Major Canadian Exchange” means any of the Toronto Stock Exchange, Montreal Stock
Exchange or the Vancouver Stock Exchange, as the case may be.

          “OP Units” means partnership units of the Operating Partnership.

          “Operating Partnership” means Aviv Healthcare Properties Operating Limited
Partnership, as successor to the Partnership.

          “Other Shares” means at any time those shares of Common Stock which do not constitute
Primary Shares or Registrable Shares hereunder; provided, however, that solely for
purposes of Section 2(b)(iii)(C) and Section 3(B) hereof, the term “Other Shares”
shall specifically exclude the Co-Investor Shares.

          “Partnership Agreement” means the First Amended and Restated Agreement of Limited
Partnership of the Operating Partnership, as filed with the Securities
and Exchange Commission as Exhibit 3.3 to the Company’s Registration Statement on Form S-11 (File
No. 333-152039).

          “Person” shall be construed as broadly as possible and shall include an individual or
natural person, a partnership (including a limited liability partnership), a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint venture, an
unincorporated organization or a Governmental Entity.

          “Primary Shares” means at any time any authorized but unissued Securities of the
Company or Securities held in the treasury of the Company.

          “Redemption Limitations” has the meaning specified in Section 7(a).

          “Registrable
Shares” means the shares of (a) Common Stock held by the Investors which
constitute Restricted Shares, (b) the shares of Common Stock that, at the election of the Company,
may be issued and delivered to the Investors in connection with their redemption of OP Units, and (c) the shares of Common Stock that may be issued and delivered to the Investors pursuant
to Section 7 hereof, which shares of Common Stock referenced in the preceding clauses (b)
and (c), as the case may be
upon such issuance and delivery, would be Restricted Shares. For purposes
of clarification and not limitation, holders of OP Units shall be deemed to be holders of the
number of Registrable Shares that, at the election of the Company, may be

-2-

 

issued and delivered to such holders if they were to redeem all such OP Units then
outstanding, and references to “outstanding” Registrable Shares shall be deemed to include such OP
Units that are then outstanding (it being understood that the Company shall not have any obligation
to register such OP Units under this Agreement prior to their redemption in exchange for shares of
Common Stock).

          “Restricted Shares” means shares of Common Stock held by any Investor at any time and
from time to time and any other Securities which by their terms are exercisable or exchangeable for
or convertible into shares of Common Stock which are held by such Investor. As to any particular
Restricted Shares, once issued, such Restricted Shares shall cease to be Restricted Shares when (i)
they have been registered under the Securities Act, the registration statement in connection
therewith has been declared effective and they have been disposed of pursuant to such effective
registration statement, (ii) they, together with all other Securities held by an Investor, are
eligible to be sold or distributed pursuant to Rule 144 in a single transaction by such Investor
without limitation, or (iii) they shall have ceased to be outstanding.

          “Rule 144” means Rule 144 promulgated under the Securities Act or any successor rule
thereto or any complementary rule thereto (such as Rule 144A).

          “Securities Act” means the Securities Act of 1933, as amended, or any successor
statute, and the rules and regulations of the Commission thereunder, all as the same shall be in
effect from time to time.

          “Security” has the meaning given to such term under Section 2 of the Securities Act.

          Section 2. Required Registration.

          (a) At any time on or after the date on which this Agreement becomes effective, if the
Investors holding at least a majority of Registrable Shares then outstanding shall request
that the Company effect the registration of Registrable Shares under the Securities Act,
the Company shall promptly use its commercially reasonable efforts to effect the
registration under the Securities Act of such Registrable Shares.

          (b) Notwithstanding anything contained in this Section 2 to the contrary, the
Company shall not be obligated to effect any registration under the Securities Act except
in accordance with the following provisions:

     (i) The Company shall not be obligated to file and cause to become
effective more than two registration statements initiated pursuant to
Section 2(a) above on Form S-11 promulgated under the Securities Act
(or any successor form thereto).

     (ii) (A) The Company may delay the filing or effectiveness of any
registration statement for a period of up to 90 days after the date of any
request for registration pursuant to Section 2(a), if at the time of
such request: (X) the Company is engaged, or has fixed plans to engage
within 15 days of the time of such request, in a firm commitment
underwritten

-3-

 

public offering of Primary Shares in which the holders of Registrable
Shares have been or will be permitted to include all the Registrable Shares
so requested to be registered pursuant to Section 3 or (Y) the
Company reasonably determines that such registration and offering would
interfere with, or require premature disclosure of, any material transaction
or material litigation involving the Company or any of its Subsidiaries;
provided, however, that the Company shall only be entitled
to invoke its rights under this Section 2(b)(ii) one time during any
twelve month period.

          (B) If the Company shall delay the filing or effectiveness of any registration
statement pursuant to Section 2(b)(ii)(A) and if the Investors requesting such
registration pursuant Section 2(a) shall within thirty calendar days after receipt
of the notice of postponement advise the Company in writing that they have determined to
withdraw such request for registration, then such request for registration shall be deemed
to be withdrawn and shall not be counted as a request for registration pursuant to
Section 2(a) hereof.

     (iii) With respect to any registration pursuant to this Section
2, the Company shall give notice of such registration to the Investors
who do not request registration hereunder and the Company may include in
such registration any Primary Shares or Other Shares; provided,
however, that, with respect to any underwritten offering, if the
managing underwriter advises the Company that the inclusion of all
Registrable Shares, Primary Shares and/or Other Shares proposed to be
included in such registration would interfere with the successful marketing
(including pricing) of the Registrable Shares proposed to be included in
such registration, then the number of Registrable Shares, Primary Shares
and/or Other Shares proposed to be included in such registration shall be
included in the following order:

          (A) first, the Registrable Shares and any Co-Investor Shares for which
registration has been requested (or, if necessary, such Registrable Shares and
Co-Investor Shares pro rata among the holders thereof based upon the number of
Registrable Shares and Co-Investor Shares requested to be registered by each such
holder);

          (B) second, the Primary Shares; and

          (C) third, the Other Shares.

     (iv) If the holders of Registrable Shares requesting to be included in
a registration pursuant to Section 2(a) so elect, the offering of
such Registrable Shares pursuant to such registration shall be in the form
of an underwritten offering. The holders of Registrable Shares requesting
such registration shall select one or more nationally recognized firms of
investment bankers reasonably acceptable to the Company to act as the

-4-

 

lead managing underwriter or underwriters in connection with such
offering.

     (v) At any time before the registration statement covering such
Registrable Shares becomes effective, the holders of a majority of such
shares may request the Company to withdraw or not to file the registration
statement. In that event, unless such request of withdrawal was made
pursuant to Section 2(b)(ii)(B) or caused by, or made in response
to, a material adverse effect or a similar event related to the business,
properties, condition, or operations of the Company not known (without
imputing the knowledge of any other Person to such holder) by the holders
initiating such request at the time their request was made, or other
material facts not known to such holders at the time their request was made,
the holders shall be deemed to have used one of their registration rights
under Section 2(a).

          Section 3. Piggyback Registration.

          If the Company at any time proposes for any reason to register Primary Shares or Other Shares
(including for the avoidance of doubt a registration of Co-Investor Shares) under the Securities
Act (other than on Form S-4 or Form S-8 promulgated under the Securities Act (or any successor
forms thereto)), it shall give written notice to the Investors of its intention to so register such
Primary Shares or Other Shares at least 30 days before the initial filing of the registration
statement related thereto and, upon the request, delivered to the Company within 20 days after
delivery of any such notice by the Company, of the Investors to include in such registration
Registrable Shares (which request shall specify the number of Registrable Shares proposed to be
included in such registration), the Company shall use its commercially reasonable efforts to cause
all such Registrable Shares to be included in such registration on the same terms and conditions as
the Securities otherwise being sold in such registration; provided, however, that
if the managing underwriter advises the Company that the inclusion of all Registrable Shares
requested to be included in such registration would interfere with the successful marketing
(including pricing) of the Primary Shares or Other Shares proposed to be registered by the Company,
then the number of Primary Shares, Registrable Shares and Other Shares proposed to be included in
such registration shall be included in the following order:

          (A) first, the Primary Shares;

          (B) second, the Registrable Shares and any Co-Investor Shares for which
registration has been requested (or, if necessary, such Registrable Shares and
Co-Investor Shares pro rata among the holders thereof based upon the number of
Registrable Shares and Co-Investor Shares requested to be registered by each such
holder); and

          (C) third, the Other Shares.

          Section 4. Registrations on Form S-3.

-5-

 

          Anything contained in Section 2 to the contrary notwithstanding, at such time as the
Company shall have qualified for the use of 
Form S-3 promulgated under the Securities Act or any
successor form thereto, the holders of Registrable Shares shall have the right to request an
unlimited number of registrations of Registrable Shares on Form S-3 (which may, at such holders’
request, be shelf registrations pursuant to Rule 415 promulgated under the Securities Act) or its
successor form, which request or requests shall (i) specify the number of Registrable Shares
intended to be sold or disposed of and the holders thereof, (ii) state whether the intended method
of disposition of such Registrable Shares is an underwritten offering or a shelf registration and
(iii) relate to Registrable Shares having an aggregate offering price of at least $1,000,000. A
requested registration on Form S-3 (or its successor form) in compliance with this Section
4 shall not count as a registration statement initiated pursuant to Section 2(a) but
shall otherwise be treated as a registration initiated pursuant to Section 2(b)(ii),
(iii), (iv) and (v). The effectiveness of any shelf registration pursuant
to Rule 415 or any similar rule or provision shall be maintained for a continuous period of not
less than 18 months, except as otherwise agreed by holders holding a majority of the Registrable
Shares included in such registration statement.

          Section 5. Holdback Agreement.

          Upon the effectiveness of this Agreement, each Investor agrees that he, she or it, shall not
sell publicly, make any short sale of, or otherwise dispose publicly of, any Restricted Shares
(other than sales or dispositions to its Affiliates and other than with respect to those Securities
included in such registration) without the prior written consent of the Company, for a period (the
“Lockup Period”) designated by the Company in writing to the Investors, which period shall
not last more than 180 days after the date on which this Agreement becomes effective;
provided, however, that (i) each holder of Co-Investor Shares must agree to a
Lockup Period of at least the same duration and on substantially similar terms, and (ii) all
parties subject to a Lockup Period shall only be released early from their obligations thereunder
on a pro rata basis.

          Section 6. Preparation and Filing.

          If and whenever the Company is under an obligation pursuant to the provisions of this
Agreement to effect the registration of any Registrable Shares, the Company shall, as expeditiously
as practicable:

          (a) use its commercially reasonable efforts to cause a registration statement that
registers such Registrable Shares to become and remain effective for a period of one year
or until all of such Registrable Shares have been disposed of (if earlier);

          (b) furnish, at least ten business days before filing a registration statement that
registers such Registrable Shares, a prospectus relating thereto or any amendments or
supplements relating to such a registration statement or prospectus, to one counsel
selected by the holders of Registrable Shares requesting such registration (the
“Investors’ Counsel”), copies of all such documents proposed to be filed (it being
understood that such ten-business-day period need not apply to successive drafts of the
same document proposed to be filed so long as such successive drafts are supplied to the

-6-

 

Investors’ Counsel in advance of the proposed filing by a period of time that is
customary and reasonable under the circumstances);

          (c) prepare and file with the Commission such amendments and supplements to such
registration statement and the prospectus used in connection therewith as may be necessary
to keep such registration statement effective for a period of one year or until all of such
Registrable Shares have been disposed of (if earlier) and to comply with the provisions of
the Securities Act with respect to the sale or other disposition of such Registrable
Shares;

          (d) notify in writing the Investors’ Counsel of the receipt by the Company of any
notification with respect to (i) any comments by the Commission with respect to such
registration statement or prospectus or any amendment or supplement thereto or any request
by the Commission for the amending or supplementing thereof or for additional information
with respect thereto, (ii) the issuance by the Commission of any stop order suspending the
effectiveness of such registration statement or prospectus or any amendment or supplement
thereto or the initiation or threatening of any proceeding for that purpose and (iii) the
suspension of the qualification of such Registrable Shares for sale in any jurisdiction or
the initiation or threatening of any proceeding for such purposes;

          (e) use its commercially reasonable efforts to register or qualify such Registrable
Shares under such other securities or blue sky laws of such jurisdictions as the holders of
Registrable Shares reasonably request and do any and all other acts and things which may be
reasonably necessary or advisable to enable the Investors to consummate the disposition in
such jurisdictions of the Registrable Shares owned by the Investors; provided,
however, that the Company will not be required to qualify generally to do business,
subject itself to general taxation or consent to general service of process in any
jurisdiction where it would not otherwise be required to do so but for this paragraph (e);

          (f) furnish to the Investors such number of copies of a summary prospectus, if any, or
other prospectus, including a preliminary prospectus, in conformity with the requirements
of the Securities Act, and such other documents as such Investors may reasonably request in
order to facilitate the public sale or other disposition of such Registrable Shares;

          (g) without limiting subsection (e) above, use its commercially reasonable efforts to
cause such Registrable Shares to be registered with or approved by such other governmental
agencies or authorities as may be necessary by virtue of the business and operations of the
Company to enable the Investors holding such Registrable Shares to consummate the
disposition of such Registrable Shares;

          (h) notify the Investors holding such Registrable Shares on a timely basis at any time
when a prospectus relating to such Registrable Shares or any document related thereto
includes an untrue statement of a material fact or omits to state a material fact required
to be stated therein or necessary to make the statements therein not

-7-

 

misleading in light of the circumstances then existing and, at the request of the
Investors prepare and furnish to such Investors a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as thereafter
delivered to the offerees of such shares, such prospectus shall not include an untrue
statement of a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading in light of the circumstances
then existing;

          (i) make available upon reasonable notice and during normal business hours, for
inspection by the Investors holding such Registrable Shares, any underwriter participating
in any disposition pursuant to such registration statement and any attorney, accountant or
other agent retained by the Investors or underwriter (collectively, the
“Inspectors”), all pertinent financial and other records, pertinent documents and
properties of the Company (collectively, the “Records”), as shall be reasonably
necessary to enable them to exercise their due diligence responsibility, and cause the
Company’s officers, directors and employees to supply all information (together with the
Records, the “Information”) reasonably requested by any such Inspector in
connection with such registration statement. Any of the Information which the Company
determines in good faith to be confidential, and of which determination the Inspectors are
so notified, shall not be disclosed by the Inspectors unless (i) the disclosure of such
Information is necessary to avoid or correct a material misstatement or omission in the
registration statement, (ii) the release of such Information is ordered pursuant to a
subpoena or other order from a court or governmental agency or authority of competent
jurisdiction, (iii) such Information has been made generally available to the public
through no breach of the nondisclosure obligations of the Inspectors or their Affiliates or
(iv) such disclosure is required to be made under applicable law;

          (j) use its commercially reasonable efforts to obtain from its independent certified
public accountants “cold comfort” letters in customary form and at customary times and
covering matters of the type customarily covered by cold comfort letters;

          (k) use its commercially reasonable efforts to obtain from its counsel an opinion or
opinions in customary form;

          (l) provide a transfer agent and registrar (which may be the same entity and which may
be the Company) for such Registrable Shares;

          (m) promptly issue to any underwriter to which the Investors holding such Registrable
Shares may sell shares in such offering certificates evidencing such Registrable Shares;

          (n) list such Registrable Shares on any national securities exchange (including the
New York Stock Exchange, the Nasdaq Stock Market or the American Stock Exchange) or a Major
Canadian Exchange;

          (o) otherwise use its commercially reasonable efforts to comply with all applicable
rules and regulations of the Commission and make available to its

-8-

 

securityholders, as soon as reasonably practicable, earnings statements covering a
period of 12 months beginning within three months after the effective date of the subject
registration statement; and

          (p) otherwise use its commercially reasonable efforts to take all other steps
necessary to effect the registration of such Registrable Shares contemplated hereby.

          Each holder of the Registrable Shares, upon receipt of any notice from the Company of any
event of the kind described in Section 6(h) hereof, shall forthwith discontinue disposition
of the Registrable Shares pursuant to the registration statement covering such Registrable Shares
until such holder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 6(h) hereof, and, if so directed by the Company, such holder shall deliver to the
Company all copies, other than permanent file copies then in such holder’s possession, of the
prospectus covering such Registrable Shares at the time of receipt of such notice.

          Section 7. Purchase of OP Units.

          (a) The Company’s obligations to facilitate the registration of Registrable Shares
hereunder shall apply notwithstanding one or both of (1) the requirement in Section 8.6(a)
of the Partnership Agreement that a redemption may be effected pursuant to such Section
only on or after the first anniversary of the Effective Date (as defined in the Partnership
Agreement) and (2) clause (ii) of the first sentence of Section 8.6(f) of the Partnership
Agreement (such limitations in the preceding phrases (i) and (ii), collectively, the
“Redemption Limitations”). If Registrable Shares are eligible to be sold pursuant
to a registration statement filed hereunder notwithstanding the Redemption Limitations, the
Company shall facilitate such sale by acquiring the underlying OP Units and exchanging such
OP Units for shares of Common Stock pursuant to Section 7(b) hereof.

          (b) If an Investor shall have requested the registration of Registrable Shares
pursuant to Section 2 or 3 hereof and the Company shall be obligated to
facilitate the sale of such Registrable Shares by exchanging OP Units for shares of Common
Stock pursuant to Section 7(a) hereof, the settlement date for such exchange shall
be such date as the Investor may reasonably request and the number of shares of Common
Stock to be exchanged shall equal the REIT Shares Amount as determined pursuant to Section
8.6(b) of the Partnership Agreement, mutatis mutandis, with the settlement date or
dates reasonably requested by the
Investor from time to time pursuant hereto considered the Specified Redemption Date (as defined in the
Partnership Agreement) for purposes of such determination.

          Section 8. Expenses.

          All expenses incurred by the Company and the Investors in complying with their obligations
pursuant to this Agreement and in connection with the registration and disposition of Registrable
Shares, including, without limitation, all registration and filing fees (including all expenses
incident to filing with the Financial Industry Regulatory Authority), reasonable fees and expenses
of complying with securities and blue sky laws, printing expenses, fees and expenses of the
Company’s counsel and accountants and fees and expenses of the Investors’

-9-

 

Counsel shall be paid by the Company; provided, however, that all underwriting
discounts, selling commissions applicable to the Registrable Shares, Primary Shares and Other
Shares shall be borne by the holders selling such Registrable Shares, Primary Shares and Other
Shares, in proportion to the number of Registrable Shares, Primary Shares and Other Shares sold by
each such holder.

          Section 9. Indemnification.

          (a) In connection with any registration of any Registrable Shares under the Securities
Act pursuant to this Agreement, the Company shall indemnify and hold harmless each holder
of Registrable Shares, each of such holder’s officers, directors, employees, members,
partners, and advisors and their respective Affiliates, each underwriter, broker or any
other person acting on behalf of any holder of Registrable Shares and each other Person, if
any, who controls any of the foregoing Persons within the meaning of the Securities Act
against any losses, claims, damages, liabilities, or actions joint or several (or actions
in respect thereof), to which any of the foregoing persons may become subject under the
Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or are based upon an untrue statement or allegedly
untrue statement of a material fact contained in the registration statement under which
such Registrable Shares were registered under the Securities Act, any preliminary
prospectus or final prospectus contained therein or otherwise filed with the Commission or
any free writing prospectus that the Company has filed, or is required to file, pursuant to
Rule 433(d) of the Securities Act, or, in any case, any amendment or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein not
misleading or, with respect to any prospectus, necessary to make the statements therein in
light of the circumstances under which they were made not misleading, or any violation by
the Company of the Securities Act or state securities or blue sky laws applicable to the
Company or relating to action or inaction required of the Company in connection with such
registration or qualification under such state securities or blue sky laws; and shall
reimburse such Persons for any legal or other expenses reasonably incurred by any of them
in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company shall not be liable in any such
case to the extent that any such loss, claim, damage, liability or action (including any
legal or other expenses incurred) arises out of or is based upon an untrue statement or
allegedly untrue statement or omission or alleged omission made in said registration
statement, preliminary prospectus, final prospectus, amendment, supplement or document
incident to registration or qualification of any Registrable Shares in reliance upon and in
conformity with written information furnished to the Company by the holders of Registrable
Shares (with respect to which such indemnity is sought) specifically for use in the
preparation thereof.

          (b) In connection with any registration of Registrable Shares under the Securities Act
pursuant to this Agreement, each holder of Registrable Shares shall severally (based on the
percentage of all Registrable Shares, Primary Shares and Other Shares included in such
registration that were owned by such holder) and not jointly and severally indemnify and
hold harmless (in the same manner and to the same extent as set

-10-

 

forth in Section 9(a)) the Company, each director and officer of the Company
who shall sign such registration statement, each underwriter, broker or other person acting
on behalf of the holders of Registrable Shares and each person who controls any of the
foregoing persons within the meaning of the Securities Act with respect to any statement or
omission from such registration statement, any preliminary prospectus or final prospectus
contained therein or otherwise filed with the Commission or any free writing prospectus
that the Company has filed, or is required to file, pursuant to Rule 433(d) of the
Securities Act, or, in any case, any amendment or supplement thereto or any document
incident to registration or qualification of any Registrable Shares, if such statement or
omission was made in reliance upon and in conformity with written information furnished to
the Company or such underwriter by such holder of Registrable Shares specifically for use
in connection with the preparation of such registration statement, preliminary prospectus,
final prospectus, amendment, supplement or document; provided, however,
that the maximum amount of liability in respect of such indemnification shall be limited,
in the case of each holder of Registrable Shares, to an amount equal to the net proceeds
actually received by such holder from the sale of Registrable Shares effected pursuant to
such registration.

          (c) Promptly after receipt by an indemnified party of notice of the commencement of
any action involving a claim referred to in this Section 9, such indemnified party
will, if a claim in respect thereof is made against an indemnifying party, give written
notice to the latter of the commencement of such action. The failure of any indemnified
party to notify an indemnifying party of any such action shall not (unless such failure
shall have a material adverse effect on the indemnifying party) relieve the indemnifying
party from any liability in respect of such action that it may have to such indemnified
party hereunder. In case any such action is brought against an indemnified party, the
indemnifying party will be entitled to participate in and to assume the defense thereof,
jointly with any other indemnifying party similarly notified to the extent that it may
wish, with counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying party to such indemnified party of its election so to assume the defense
thereof, the indemnifying party shall not be responsible for any legal or other expenses
subsequently incurred by the indemnified party in connection with the defense thereof;
provided, however, that if any indemnified party shall have reasonably
concluded that there may be one or more legal or equitable defenses available to such
indemnified party which are additional to or conflict with those available to the
indemnifying party, or that such claim or litigation involves or could have an effect upon
matters beyond the scope of the indemnity agreement provided hereunder, the indemnifying
party shall not have the right to assume the defense of such action on behalf of such
indemnified party (but shall have the right to participate therein with counsel of its
choice) and such indemnifying party shall reimburse such indemnified party and any Person
controlling such indemnified party for that portion of the fees and expenses of any counsel
retained by the indemnified party which is reasonably related to the matters covered by the
indemnity agreement provided hereunder. If the indemnifying party is not entitled to, or
elects not to, assume the defense of a claim, it will not be obligated to pay the fees and
expenses of more than one counsel with respect to such claim.

-11-

 

          (d) If the indemnification provided for hereunder is held by a court of competent
jurisdiction to be unavailable to an indemnified party with respect to any loss, claim,
damage, liability or action referred to herein, then the indemnifying party, in lieu of
indemnifying such indemnified party hereunder, shall contribute to the amounts paid or
payable by such indemnified party as a result of such loss, claim, damage, liability or
action in such proportion as is appropriate to reflect the relative fault of the
indemnifying party on the one hand and of the indemnified party on the other in connection
with the statements or omissions which resulted in such loss, claim, damage, liability or
action as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and of the indemnified party shall be determined by reference to, among
other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by
the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or
omission. The parties agree that it would not be just and equitable if contribution
pursuant hereto were determined by pro rata allocation or by any other
method or allocation which does not take account of the equitable considerations referred
to herein. No person guilty or liable of fraudulent misrepresentation shall be entitled to
contribution from any person.

          Section 10. Investors’ Obligations.

          It shall be a condition precedent to the obligations of the Company to take any action
pursuant to this Agreement with respect to the Registrable Shares of any Investor that such
Investor shall:

          (a) Furnish to the Company such written information regarding such Investor and the
distribution proposed by such Investor as the Company may reasonably request in writing and
as shall be reasonably required in connection with any registration referred to in this
Agreement and shall cooperate with the Company in preparing such registration; and

          (b) Agree, with respect to a particular offering, to sell their Registrable Shares to
the underwriters at the same price and on substantially the same terms and conditions as
the Company or the other Persons on whose behalf the registration statement was being filed
have agreed to sell their Securities.

          Section 11. Exchange Act Compliance.

          From the date on which this Agreement becomes effective, the Company shall comply with all of
the reporting requirements of the Exchange Act applicable to it and shall comply with all other
public information reporting requirements of the Commission which are conditions to the
availability of Rule 144. The Company shall reasonably cooperate with the Investors in supplying
such information as may be reasonably necessary for the Investors to complete and file any
information reporting forms presently or hereafter required by the Commission as a condition to the
availability of Rule 144.

          Section 12. No Conflict of Rights; Future Rights.

-12-

 

          (a) Except as set forth in Section 3 hereof in respect of Co-Investor Shares, the
Company shall not, after the date hereof, grant any registration rights which conflict with or
impair the rights granted to the Investors hereby. Except as set forth in Section 3 hereof
in respect of Co-Investor Shares, if at any time following the date hereof, the Company shall grant
to any present or future securityholder of the Company rights to in any manner cause or participate
in any registration statement of the Company that, in the judgment of the Investors, are superior
to or conflict with the rights granted to the Investors hereby such grant shall be null, void and
ultra vires. Notwithstanding anything to the contrary contained in this Section 12, the
Company may provide registration rights to the holders of the Co-Investor Shares that are
substantially similar to the rights provided herein to the Investors.

          (b) As of the date of this Agreement, no Person other than the Investors has rights, and no
Person other than the Investors is the beneficiary of any agreement, understanding or arrangement
with respect to the provision of rights by the Company, with respect to the registration under
federal or state securities laws of the issuance or sale of the Common Stock or other securities of
the Company, the Operating Partnership or any other Affiliate of the Company, except that the
holders of any Co-Investor Shares have and will continue to have substantially similar registration
rights.

          Section 13. Termination.

          This Agreement shall terminate and be of no further force or effect upon the date at which
there shall no longer be any Registrable Shares, including any Registrable Shares that may, at the
election of the Company, be issued and delivered to the Investors in connection with the redemption
of OP Units, outstanding.

          Section 14. Benefits of Agreement; Third Party
Beneficiaries.

          Except as provided herein, this Agreement shall bind and inure to the benefit of the Company,
the Investors and subject to Section 15, the respective successors and assigns of the
Company and the Investors. The managing underwriter(s) in connection with the Initial Public
Offering are intended third party beneficiaries of the agreements of the Persons contained in
Section 5.

          Section 15. Assignment.

          Each Investor may assign its rights hereunder to any purchaser or transferee of Registrable
Shares; provided, however, that such purchaser or transferee shall, as a condition
to the effectiveness of such assignment, be required to execute a counterpart to this Agreement
agreeing to be treated as an Investor whereupon such purchaser or transferee shall have the
benefits of, and shall be subject to the restrictions contained in, this Agreement as if such
purchaser or transferee was originally included in the definition of an Investor herein and had
originally been a party hereto. The Company may not assign any rights hereunder without the
consent of the Investors, except by operation of Law.

          Section 16. Entire Agreement; Amendment and Restatement; Effectiveness.

-13-

 

          This Agreement, and the other writings referred to herein or delivered pursuant hereto,
contain the entire agreement among the parties hereto with respect to the subject matter hereof and
supersede all prior and contemporaneous arrangements or understandings with respect thereto,
including the Original Agreement, and shall become effective immediately upon the consummation of
the Initial Public Offering (after which time the Partnership shall have no further obligations
under this Agreement or the Original Agreement).

          Section 17. Notices.

          All notices, requests, consents and other communications hereunder to any party shall be
deemed to be sufficient if contained in a written instrument delivered in person or sent by
facsimile, electronic mail nationally-recognized overnight courier or first class registered or
certified mail, return receipt requested, postage prepaid, addressed to such party at the address
set forth below or such other address as may hereafter be designated in writing by such party to
the other parties:

	 	(i)	 	if to the Company or the Partnership, to:
	 
	 	 	 	Aviv REIT, Inc.

303 West Madison Street, Suite 2400

Chicago, IL 60606

Attn: Sam Kovitz

Telephone: 312-855-0930

Facsimile: 312-855-1684

Email: skovitz@avivam.com
	 
	 	 	 	with a copy (which shall not constitute notice) to:
	 
	 	 	 	Sidley Austin LLP

One South Dearborn

Chicago, IL 60603

Attention: Steve Sutherland

Telephone: 312-853-7000

Facsimile: 312-853-7036

E-mail: ssutherland@sidley.com; and
	 
	 	(ii)	 	to Investor:
	 
	 	 	 	[Contact information to be provided]

          All such notices, requests, consents and other communications shall be deemed to have been
delivered (a) in the case of personal delivery or delivery by facsimile or electronic mail, on the
date of such delivery assuming such date is a business day, and if such date is not a business day
on the date that is the business day immediately subsequent to such date, (b) in the case of
dispatch by nationally-recognized overnight courier, on the next business day following such
dispatch and (c) in the case of mailing, on the third business day after the posting thereof.

          Section 18. Modifications; Amendments; Waivers.

-14-

 

          The terms and provisions of this Agreement may not be modified or amended except pursuant to a
writing signed by the Company, and by the Investors holding at least a majority of all Registrable
Shares then outstanding. Any waiver of any provision of this Agreement requested by any party
hereto must be granted in advance, in writing by the party granting such waiver; provided,
however, that the holders of a majority of all then outstanding Registrable Shares may
grant a waiver on behalf of all Investors.

          Section 19. Counterparts; Facsimile Signatures.

          This Agreement may be executed in any number of original or facsimile counterparts, and each
such counterpart hereof shall be deemed to be an original instrument, but all such counterparts
together shall constitute but one agreement.

          Section 20. Headings.

          The headings of the various sections of this Agreement have been inserted for convenience of
reference only and shall not be deemed to be a part of this Agreement.

          Section 21. Governing Law; Consent to Jurisdiction and Venue;
 Waiver of Jury Trial.

          This Agreement shall be governed by and construed in accordance with the laws of the State of
New York, without giving effect to any law or rule that would cause the laws of any jurisdiction
other than the State of New York to be applied.

          EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

          Section 22. Severability.

          It is the desire and intent of the parties that the provisions of this Agreement be enforced
to the fullest extent permissible under the law and public policies applied in each jurisdiction in
which enforcement is sought. Accordingly, in the event that any provision of this Agreement would
be held in any jurisdiction to be invalid, prohibited or unenforceable for any reason, such
provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any
other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn
so as not be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such
jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other jurisdiction.

* * * *

-15-

 

          IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Registration
Rights Agreement on the date first written above.

	 	 	 	 	 
	 	AVIV REIT, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Craig M. Bernfield 	 
	 	 	Title:  	Chief Executive Officer and President 	 
	 
	 	AVIV HEALTHCARE PROPERTIES 
LIMITED PARTNERSHIP

 	 
	 	By:  	Aviv Healthcare, L.L.C., its General Partner
 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Craig M. Bernfield 	 
	 	 	Title:  	Manager 	 
	 
	 	INVESTORS:

ZEV KARKOMI REVOCABLE TRUST

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:exv10w5

Exhibit 10.5

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION
AGREEMENT is made and entered into this ___ day of                     , 2009
(“Agreement”), by and between Aviv REIT, Inc., a Maryland corporation (the “Company”), and                                         (“Indemnitee”).

     WHEREAS, at the request of the Company, Indemnitee has agreed to serve as a [director]
[officer] of the Company and may, therefore, be subjected to claims, suits or proceedings arising
as a result of his service or employment; and

     WHEREAS, as an inducement to Indemnitee to serve as such [director] [officer], the Company has
agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any
such claims, suits or proceedings, to the maximum extent permitted by law; and

     WHEREAS, the parties by this Agreement desire to set forth their agreement regarding
indemnification and advance of expenses;

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

     Section 1. Definitions. For purposes of this Agreement:

     (a) “Change in Control” means the occurrence of a “change in the ownership,” a “change in the
effective control” or a “change in the ownership of a substantial portion of the assets” of the
Company occurring after the Effective Date, as determined in accordance with this Section 1(a). In
determining whether an event shall be considered a “change in the ownership,” a “change in the
effective control” or a “change in the ownership of a substantial portion of the assets” of the
Company, the following provisions shall apply:

     (i) A “change in the ownership” of the Company shall occur on the date on which any one
person, or more than one person acting as a group, acquires ownership of stock of the
Company that, together with stock held by such person or group, constitutes more than 50% of
the total fair market value or total voting power of the stock of the Company, as determined
in accordance with Treasury Regulation § 1.409A-3(i)(5)(v). If a person or group is
considered either to own more than 50% of the total fair market value or total voting power
of the stock of the Company, or to have effective control of the Company within the meaning
of clause (ii) of this Section 1(a), and such person or group acquires additional stock of
the Company, the acquisition of additional stock by such person or group shall not be
considered to cause a “change in the ownership” of the Company.

     (ii) A “change in the effective control” of the Company shall occur on either of the
following dates:

     (A) The date on which any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month period ending on the

 

 

date of the most recent acquisition by such person or persons) ownership of stock of the
Company possessing 30% or more of the total voting power of the stock of the
Company, as determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vi).
If a person or group is considered to possess 30% or more of the total voting power
of the stock of the Company, and such person or group acquires additional stock of
the Company, the acquisition of additional stock by such person or group shall not
be considered to cause a “change in the effective control” of the Company; or

     (B) The date on which a majority of the members of the Board is replaced during
any 12-month period by directors whose appointment or election is not endorsed by a
majority of the members of the Board before the date of the appointment or election,
as determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vi).

     (iii) A “change in the ownership of a substantial portion of the assets” of the Company
shall occur on the date on which any one person, or more than one person acting as a group,
acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the Company that have a total gross fair
market value equal to or more than 40% of the total gross fair market value of all of the
assets of the Company immediately before such acquisition or acquisitions, as determined in
accordance with Treasury Regulation § 1.409A-3(i)(5)(vii). A transfer of assets shall not be
treated as a “change in the ownership of a substantial portion of the assets” when such
transfer is made to an entity that is controlled by the shareholders of the Company, as
determined in accordance with Treasury Regulation § 1.409A-3(i)(5)(vii)(B).

     (b) “Corporate Status” means the status of a person who is or was a director, trustee,
officer, employee or agent of the Company or of any other corporation, partnership, limited
liability company, joint venture, trust, employee benefit plan or other enterprise for which such
person is or was serving at the request of the Company.

     (c) “Disinterested Director” means a director of the Company who is not and was not a party to
the Proceeding in respect of which indemnification is sought by Indemnitee.

     (d) “Effective Date” means the date set forth in the first paragraph of this Agreement.

     (e) “Expenses” shall include all reasonable and out-of-pocket attorneys’ fees, retainers,
court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees, and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness
in a Proceeding.

     (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither is, nor in the past five years has been, retained to
represent: (i) the Company or Indemnitee in any matter material to either such party,

-2-

 

or (ii) any
other party to or witness in the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who,
under the applicable standards of professional conduct then prevailing, would have a conflict of
interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s
rights under this Agreement. If a Change in Control has not occurred, Independent Counsel shall be
selected by the Board of Directors, with the approval of Indemnitee, which approval will not be
unreasonably withheld. If a Change in Control has occurred, Independent Counsel shall be selected
by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably
withheld.

     (g) “Proceeding” includes any threatened, pending or completed action, suit, arbitration,
alternate dispute resolution mechanism, investigation, administrative hearing or any other
proceeding, whether civil, criminal, administrative or investigative (including on appeal),
including those pending or completed on or before the Effective Date, unless otherwise specifically
agreed in writing by the Company and Indemnitee.

     Section 2. Services by Indemnitee. In consideration of the Company’s covenants and
commitments hereunder, Indemnitee will serve as a [director] [officer] of the Company. However,
this Agreement shall not impose any obligation on Indemnitee or the Company to continue
Indemnitee’s service to the Company beyond any period otherwise required by law or by other
agreements or commitments of the parties, if any.

     Section 3. Indemnification — General. The Company shall indemnify, and advance
Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent
permitted by Maryland law in effect on the date hereof and as amended from time to time; provided,
however, that no change in Maryland law shall have the effect of reducing the benefits available to
Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of
Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in
the other sections of this Agreement, including any additional indemnification permitted by Section
2-418(g) of the Maryland General Corporation Law (“MGCL”).

     Section 4. Proceedings Other Than Proceedings by or in the Right of the Company.
Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by
reason of his Corporate Status, he is, or is threatened to be, made a party to or a witness in any
threatened, pending, or completed Proceeding, other than a Proceeding by or in the right of the
Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments,
penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred
by him or on his behalf in connection with a Proceeding by reason of his Corporate Status unless it
is established that (i) the act or omission of Indemnitee was material to the matter giving rise to
the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate
dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or
services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to
believe that his conduct was unlawful.

     Section 5. Proceedings by or in the Right of the Company. Indemnitee shall be
entitled to the rights of indemnification provided in this Section 5 if, by reason of his Corporate
Status, he is, or is threatened to be, made a party to or a witness in any threatened, pending or

-3-

 

completed Proceeding brought by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement
and all Expenses actually and reasonably incurred by him or on his behalf in connection with such
Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the
matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of
active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit
in money, property or services.

     Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this
Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as
the court shall require, may order indemnification in the following circumstances:

     (a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the
MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover
the Expenses of securing such reimbursement; or

     (b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in
view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of
conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of
an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such
indemnification as the court shall deem proper. However, indemnification with respect to any
Proceeding by or in the right of the Company or in which liability shall have been adjudged in the
circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses actually and
reasonably incurred by him or on his behalf in connection with a Proceeding.

     Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.
Notwithstanding any other provision of this Agreement, and without limiting any such provision, to
the extent that Indemnitee is, by reason of his Corporate Status, made a party to and is
successful, on the merits or otherwise, in the defense of any Proceeding, he shall be indemnified
for all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.
In addition to the rights of indemnification provided in Sections 4 and 5, if Indemnitee is not
wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify
Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by him or on his
behalf in connection with each successfully resolved claim, issue or matter, allocated on a
reasonable and proportionate basis. For purposes of this Section and without limitation, the
termination of any claim, issue or matter in such a Proceeding by dismissal, with or without
prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

     Section 8. Advance of Expenses. The Company shall, without requiring a preliminary
determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all
reasonable Expenses incurred by or on behalf of Indemnitee in connection with any
Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within
ten days after the receipt by the Company of a statement or statements from Indemnitee requesting
such advance or advances from time to time, whether prior to or after final disposition of such

-4-

 

Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by
Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee
of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the
Company as authorized by law and by this Agreement has been met and a written undertaking by or on
behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such
form as may be required under applicable law as in effect at the time of the execution thereof, to
reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters
in the Proceeding as to which it shall ultimately be established that the standard of conduct has
not been met. To the extent that Expenses advanced to Indemnitee do not relate to a specific
claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s
financial ability to repay such advanced Expenses and without any requirement to post security
therefor.

     Section 9. Procedure for Determination of Entitlement to Indemnification.

     (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a
written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon
receipt of such a request for indemnification, advise the Board of Directors in writing that
Indemnitee has requested indemnification.

     (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of
Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall
have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of
which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A)
by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum
consisting of Disinterested Directors (as herein defined), or (B) if a quorum of the Board of
Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such
quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the
Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a
majority of the members of the Board of Directors, by the stockholders of the Company. If it is so
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made
within ten days after such determination. Indemnitee shall cooperate with the person, persons or
entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any
documentation or information which is not privileged or otherwise protected from disclosure and
which is reasonably available to Indemnitee and reasonably necessary to such determination in the
discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B)
of this Section 9. Any Expenses incurred by Indemnitee in so cooperating with the person, persons
or entity making such
determination shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee
harmless therefrom.

-5-

 

     Section 10. Presumptions and Effect of Certain Proceedings.

     (a) In making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making of any determination contrary to that
presumption.

     (b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of
nolo contendere or its equivalent, or an entry of an order of probation prior to
judgment, does not create a presumption that Indemnitee did not meet the requisite standard of
conduct described herein for indemnification.

     Section 11. Remedies of Indemnitee.

     (a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is
not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made
pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 9(b) of this Agreement within 30 days after receipt by the
Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to
Section 7 of this Agreement within ten days after receipt by the Company of a written request
therefor, or (v) payment of indemnification is not made within ten days after a determination has
been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an
adjudication in an appropriate court located in the State of Maryland, or in any other court of
competent jurisdiction, of his entitlement to such indemnification or advance of Expenses.
Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration
Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in
arbitration within 180 days following the date on which Indemnitee first has the right to commence
such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall
not apply to a proceeding brought by Indemnitee to enforce his rights under Section 7 of this
Agreement.

     (b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the
Company shall have the burden of proving that Indemnitee is not entitled to indemnification or
advance of Expenses, as the case may be.

     (c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that
Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any
judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the
request for indemnification.

     (d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication
of or an award in arbitration to enforce his rights under, or to recover damages for

-6-

 

breach of,
this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified
by the Company for, any and all Expenses actually and reasonably incurred by him in such judicial
adjudication or arbitration. If it shall be determined in such judicial adjudication or
arbitration that Indemnitee is entitled to receive part but not all of the indemnification or
advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial
adjudication or arbitration shall be appropriately prorated.

     Section 12. Defense of the Underlying Proceeding.

     (a) Indemnitee shall notify the Company promptly upon being served with or receiving any
summons, citation, subpoena, complaint, indictment, information, notice, request or other document
relating to any Proceeding which may result in the right to indemnification or the advance of
Expenses hereunder; provided, however, that the failure to give any such notice shall not
disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to
indemnification or the advance of Expenses under this Agreement unless the Company’s ability to
defend in such Proceeding or to obtain proceeds under any insurance policy is materially and
adversely prejudiced thereby, and then only to the extent the Company is thereby actually so
prejudiced.

     (b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c)
below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise
to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any
such decision to defend within 15 calendar days following receipt of notice of any such Proceeding
under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee,
which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against
Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of
Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of
Indemnitee from all liability in respect of such Proceeding, which release shall be in form and
substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a
Proceeding brought by Indemnitee under Section 11 above or Section 19 below.

     (c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which
Indemnitee is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably
concludes, based upon an opinion of counsel approved by the Company, which approval shall not be
unreasonably withheld, that he may have separate defenses or counterclaims to assert with respect
to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee
reasonably concludes, based upon an opinion of counsel approved by the Company, which approval
shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential
conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to
assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be
represented by separate legal counsel of
Indemnitee’s choice, subject to the prior approval of the Company, which shall not be
unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply
with any of its obligations under this Agreement or in the event that the Company or any other
person takes any action to declare this Agreement void or unenforceable, or institutes any
Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to

-7-

 

Indemnitee
hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice, subject to the
prior approval of the Company, which shall not be unreasonably withheld, at the expense of the
Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter.

     Section 13. Non-Exclusivity; Survival of Rights; Subrogation.

     (a) The rights of indemnification and advance of Expenses as provided by this Agreement shall
not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under
applicable law, the Charter or Bylaws of the Company, any agreement (including any employment
agreement) or a resolution of the stockholders entitled to vote generally in the election of
directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this
Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this
Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status
prior to such amendment, alteration or repeal.

     (b) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

     Section 14. Insurance. The Company will use its reasonable best efforts to acquire
directors and officers liability insurance, on terms and conditions deemed appropriate by the Board
of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made
against Indemnitee for service as a director or officer of the Company and covering the Company for
any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made
against Indemnitee for service as a director or officer of the Company. Without in any way
limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any
payment by Indemnitee arising out of the amount of any deductible or retention and the amount of
any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the
previous sentence.

     Section 15. Coordination of Payments. The Company shall not be liable under this
Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as
Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such
payment under any insurance policy, contract, agreement or otherwise.

     Section 16. Indemnification for Expenses of a Witness. Notwithstanding any other
provision of this Agreement, to the extent that Indemnitee is or may be, by reason of his Corporate
Status, a witness in any Proceeding, whether instituted by the Company or any other
party, and to which Indemnitee is not a party but in which the Indemnitee receives a subpoena
to testify, he shall be advanced all reasonable Expenses and indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith.

     Section 17. Duration of Agreement; Binding Effect.

-8-

 

     (a) This Agreement shall continue in effect and shall survive any termination of Indemnitee’s
service as a director, trustee, officer, employee, or agent of the Company or of any other
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other enterprise which Indemnitee served at the request of the Company.

     (b) The indemnification and advance of Expenses provided by, or granted pursuant to, this
Agreement shall be binding upon and be enforceable by the parties hereto and their respective
successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company),
shall continue and survive any termination of this Agreement and any termination of Indemnitee’s
service as a director, trustee, officer, employee or agent of the Company or of any other
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or
other enterprise which such person is or was serving at the written request of the Company, and
shall inure to the benefit of Indemnitee and his spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

     (c) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part of the business
and/or assets of the Company, by written agreement in form and substance satisfactory to
Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform if no such succession had taken place.

     Section 18. Severability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation,
each portion of any section of this Agreement containing any such provision held to be invalid,
illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid,
illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

     Section 19. Exception to Right of Indemnification or Advance of Expenses.
Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to
indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought
by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this
Agreement, and then only to the extent in accordance with and as authorized by Section 11 of this
Agreement, or (b) the Company’s Bylaws, as amended, the Charter, a resolution of the stockholders
entitled to vote generally in the election of directors or of the Board of Directors or
an agreement approved by the Board of Directors to which the Company is a party expressly
provide otherwise.

     Section 20. Identical Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which
together shall constitute one and the same Agreement. One such counterpart signed by the party

-9-

 

against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement.

     Section 21. Headings. The headings of the paragraphs of this Agreement are inserted
for convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

     Section 22. Modification and Waiver. No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other
provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

     Section 23. Notices. All notices, requests, demands and other communications
hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand
and receipted for by the party to whom said notice or other communication shall have been directed,
or (ii) mailed by certified or registered mail with postage prepaid, on the third business day
after the date on which it is so mailed:

     (a) If to Indemnitee, to: The address set forth on the signature page hereto.

     (b) If to the Company to:

Aviv REIT, Inc.

303 West Madison Street

Suite 2400

Chicago, Illinois 60606

Attn: General Counsel

or to such other address as may have been furnished to Indemnitee by the Company or to the Company
by Indemnitee, as the case may be.

     Section 24. Governing Law. The parties agree that this Agreement shall be governed
by, and construed and enforced in accordance with, the laws of the State of Maryland, without
regard to its conflicts of laws rules.

     Section 25. Miscellaneous. Use of the masculine pronoun shall be deemed to include
usage of the feminine pronoun where appropriate.

[SIGNATURE PAGE FOLLOWS]

-10-

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written.

	 	 	 	 	 
	 	Aviv REIT, Inc.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	INDEMNITEE

 	 
	 	 	 
	 	Name:  	 	 
	 	Address: 	 

-11-

 

	 	 	 	 	 

EXHIBIT A

FORM OF UNDERTAKING TO REPAY EXPENSES ADVANCED

The Board of Directors of Aviv REIT, Inc.

Re: Undertaking to Repay Expenses Advanced

Ladies and Gentlemen:

     This undertaking
is being provided pursuant to that certain Indemnification Agreement dated
the ___ day of                     , 200___, by and between Aviv REIT, Inc., a Maryland corporation (the
“Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I
am entitled to advance of Expenses in connection with [Description of Proceeding] (the
“Proceeding”).

     Terms used herein and not otherwise defined shall have the meanings specified in the
Indemnification Agreement.

     I am subject to the Proceeding by reason of my status as a [a director] [an officer] of the
Company and by reason of alleged actions or omissions by me in such capacity. I hereby affirm my
good faith belief that at all times, insofar as I was involved as [a director] [an officer], in any
of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or
deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or
services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that
any act or omission by me was unlawful.

     In consideration of the advance of Expenses by the Company (the “Advanced Expenses”), I hereby
agree that if, in connection with the Proceeding, it is established that (1) an act or omission by
me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or
(b) was the result of active and deliberate dishonesty or (2) I actually received an improper
personal benefit in money, property or services or (3) in the case of any criminal proceeding, I
had reasonable cause to believe that the act or omission was unlawful, then I shall promptly
reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the
Proceeding as to which the foregoing findings have been established.

     IN WITNESS WHEREOF,
I have executed this Affirmation and Undertaking on this
___ day of
                    ,
200___.

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]