Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.36    
    

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

(SEVENTH MEZZANINE LOAN)  

        THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement") is
made as of the 21st day of December, 2007, between JPMORGAN CHASE BANK, N.A., a banking association chartered under the laws of the United States of America, in its capacity as
collateral agent for the Seventh Mezzanine Noteholders (hereinafter defined) ("Prior Mezzanine Lender"), having an address at 270 Park Avenue, New York,
New York 10017-2014, and HCP MEZZANINE LENDER, LLC, a Delaware limited liability company ("New Mezzanine Lender"), having an address
at c/o HCP, Inc., 3760 Kilroy Airport Way, Suite 300, Long Beach, California 90806. 

RECITALS:  

        WHEREAS, pursuant to that certain Loan Agreement, dated as of December 21, 2007, made by and among JPMORGAN
CHASE BANK, N.A., a banking association chartered under the laws of the United States of America ("JPMorgan"), in its capacity as collateral agent for
the Mortgage Noteholders (hereinafter defined) (in such capacity, the "Mortgage Loan Collateral Agent"), and the parties listed on  Schedule 1 attached
hereto (collectively, the "Mortgage Borrower"), and HCR MANORCARE MARYLAND
PROPERTIES, LLC, a Delaware limited liability company (as amended, supplemented or otherwise modified from time to time, the "Mortgage Loan
Agreement"), JPMorgan, COLUMN FINANCIAL, INC., a Delaware corporation ("Column"), and BANK OF AMERICA, N.A., a national
banking association ("BofA", and together with JPMorgan and Column, the "Mortgage Noteholders"), made a
loan in the original principal amount of $3,000,000,000.00 (the "Mortgage Loan") to Mortgage Borrower; 

        WHEREAS, pursuant to that certain Loan Agreement (First Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the First Mezzanine Noteholders (hereinafter defined) (in such capacity, the "First Mezzanine Loan Collateral
Agent"), and HCR I-A PROPERTIES, LLC, a Delaware limited liability company, and HCR I-B PROPERTIES, LLC, a Delaware limited liability
company (collectively, the "First Mezzanine Borrower"), JPMorgan, Column and BofA (collectively, the "First
Mezzanine Noteholders") made a loan in the original principal amount of $100,000,000.00 to First Mezzanine Borrower (the "First Mezzanine
Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Second Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the Second Mezzanine Noteholders (hereinafter defined) (in such capacity, the "Second Mezzanine Loan Collateral
Agent"), and HCR II PROPERTIES, LLC, a Delaware limited liability company (the "Second Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Second Mezzanine Noteholders") made a loan in the original principal amount of $250,000,000.00 to Second Mezzanine
Borrower (the "Second Mezzanine Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Third Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the Third Mezzanine Noteholders (hereinafter defined) (in such capacity, the "Third Mezzanine Loan Collateral
Agent"), and HCR III PROPERTIES, LLC, a Delaware limited liability company (the "Third Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Third Mezzanine Noteholders") made a loan in the original principal amount of $250,000,000.00 to Third Mezzanine
Borrower (the "Third Mezzanine Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Fourth Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the Fourth Mezzanine Noteholders (hereinafter defined) (in such capacity, the "Fourth Mezzanine Loan Collateral
Agent"), and HCR IV PROPERTIES, LLC, a Delaware limited liability company (the "Fourth Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Fourth Mezzanine  

 

 Noteholders") made a loan in the original principal amount of $250,000,000.00 to Fourth Mezzanine Borrower (the "Fourth Mezzanine
Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Fifth Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the Fifth Mezzanine Noteholders (hereinafter defined) (in such capacity, the "Fifth Mezzanine Loan Collateral
Agent"), and HCR V PROPERTIES, LLC, a Delaware limited liability company (the "Fifth Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Fifth Mezzanine Noteholders") made a loan in the original principal amount of $250,000,000.00 to Fifth Mezzanine
Borrower (the "Fifth Mezzanine Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Sixth Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and among
JPMorgan, in its capacity as collateral agent for the Sixth Mezzanine Noteholders (hereinafter defined) (in such capacity, the "Sixth Mezzanine Loan Collateral
Agent"), and HCR VI PROPERTIES, LLC, a Delaware limited liability company (the "Sixth Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Sixth Mezzanine Noteholders") made a loan in the original principal amount of $250,000,000.00 to Sixth Mezzanine
Borrower (the "Sixth Mezzanine Loan"); 

        WHEREAS, pursuant to that certain Loan Agreement (Seventh Mezzanine Loan), of even date with the Mortgage Loan Agreement, made by and
among Prior Mezzanine Lender and HCR VII PROPERTIES, LLC, a Delaware limited liability company (the "Seventh Mezzanine Borrower"), JPMorgan,
Column and BofA (collectively, the "Seventh Mezzanine Noteholders") made a loan in the original principal amount of $250,000,000.00 to Seventh Mezzanine
Borrower (the "Seventh Mezzanine Loan"); 

        WHEREAS, pursuant to that certain Credit Agreement of even date with the Mortgage Loan Agreement (the "Corporate
Loan Agreement") made by and among JPMorgan, in its capacity as administrative agent and collateral agent (in such capacity, the "Corporate Loan
Collateral Agent"), MANORCARE, INC., a Delaware corporation, and HCR HEALTHCARE, LLC, a Delaware limited liability company (collectively, the
"Corporate Loan Borrower"), the several banks and other financial institutions or entities from time to time parties thereto (the
"Corporate Lenders"), and JPMorgan, Column and BofA as Joint Lead Arrangers and Joint Bookrunners (as each such term is defined in the Corporate Loan
Agreement) made a loan in the original principal amount of $900,000,000.00 to Corporate Borrower (the "Corporate Loan"); 

        WHEREAS, Mortgage Loan Collateral Agent, First Mezzanine Loan Collateral Agent, Second Mezzanine Loan Collateral Agent, Third Mezzanine
Loan Collateral Agent, Fourth Mezzanine Loan Collateral Agent, Fifth Mezzanine Loan Collateral Agent, Sixth Mezzanine Loan Collateral Agent and Prior Mezzanine Lender entered into that certain
Intercreditor Agreement, of even date with the Mortgage Loan Agreement (the "CMBS Loan Intercreditor Agreement"); 

        WHEREAS, Mortgage Loan Collateral Agent, First Mezzanine Loan Collateral Agent, Second Mezzanine Loan Collateral Agent, Third Mezzanine
Loan Collateral Agent, Fourth Mezzanine Loan Collateral Agent, Fifth Mezzanine Loan Collateral Agent, Sixth Mezzanine Loan Collateral Agent, Prior Mezzanine Lender and Corporate Loan Collateral Agent
entered into that certain Intercreditor Agreement, of even date with the Mortgage Loan Agreement (the "Corporate Loan Intercreditor Agreement", and
together with the CMBS Loan Intercreditor Agreement, collectively, the "Intercreditor Agreements"); 

        WHEREAS, pursuant to that certain Omnibus Assignment (Seventh Mezzanine Loan), of even date herewith made by and between Prior Mezzanine
Lender and New Mezzanine Lender (the "Assignment"), Prior Mezzanine Lender has assigned all of Seventh Mezzanine Noteholders' right, title 

2

 

and
interest in and to the Seventh Mezzanine Loan and the Seventh Mezzanine Loan Documents to New Mezzanine Lender; and, 

        WHEREAS, New Mezzanine Lender is willing to accept the assignment and enter into the Intercreditor Agreements. 

        NOW, THEREFORE, in consideration of the covenants, agreements, representations and/or warranties of Prior Mezzanine Lender and New
Mezzanine Lender set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of Prior Mezzanine Lender and New Mezzanine Lender,
Prior Mezzanine Lender and New Mezzanine Lender do hereby agree as follows: 

        1.     Defined
terms are indicated herein by initial capital letters. Initially capitalized terms used but not defined herein shall have the meanings ascribed to such terms in
the CMBS Loan Intercreditor Agreement. 

        2.     Prior
Mezzanine Lender hereby assigns all of its right, title and interest in and to the Intercreditor Agreements to New Mezzanine Lender. 

        3.     New
Mezzanine Lender hereby represents that it is a "Qualified Transferee" as defined in the CMBS Loan Intercreditor Agreement. Future assignments of the Seventh
Mezzanine Loan shall be in accordance with the terms of the CMBS Loan Intercreditor Agreement. 

        4.     New
Mezzanine Lender hereby accepts the foregoing assignment of the Intercreditor Agreements and the other Seventh Mezzanine Loan Documents and hereby assumes and agrees
to fulfill, perform and discharge, from and after the date hereof, all of its various commitments, obligations and liabilities of Prior Mezzanine Lender under the Intercreditor Agreements accruing
from and after the date hereof, to the same effect as if New Mezzanine Lender had been the Prior Mezzanine Lender under the Intercreditor Agreements. 

        5.     Except
as set forth in the Assignment, the assignments contemplated herein are made without representation or warranty, express or implied and without recourse to the
Prior Mezzanine Lender in any manner whatsoever. 

        6.     This
Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and assigns. 

        7.     This
Agreement may be executed in counterparts, each of which shall be deemed an original and all of which, together, shall be deemed one agreement. 

        [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

3

  
        IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to by duly executed as of date first above written. 

	 	 	PRIOR MEZZANINE LENDER:
	

 	
 	
JPMORGAN CHASE BANK, N.A.,
 a national banking association chartered under the laws of the United States of America
	 	 	 	 
	 	 	 	 
	 	 	By:	

	 	 	 	Name:
	 	 	 	Title:

[SIGNATURES CONTINUE ON FOLLOWING PAGE]  

	 	 	NEW MEZZANINE LENDER:
	

 	
 	
HCP MEZZANINE LENDER, LLC,

a Delaware limited liability company
	 	 	 	 	 
	 	 	By:	HCP, INC.,

a Maryland corporation,

its Managing Member
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	By:	

	 	 	 	 	Name: Edward J. Henning
	 	 	 	 	Title: Executive Vice President

 

 

 
 

SCHEDULE 1
  
    MORTGAGE LOAN BORROWERS    
    

301
HCR Properties of Oklahoma City (Northwest), LLC

304 HCR Properties of Midwest City OK, LLC

306 HCR Properties of Oklahoma City (Southwest), LLC

307 HCR Properties of Tulsa OK, LLC

503 HCR Properties-Stratford Hall of Richmond VA, LLC

512 HCR Properties-Columbia SC, LLC

526 HCR Properties-Lexington SC, LLC

527 HCR Properties of Arlington VA, LLC

531 HCR Properties-West Ashley-Charleston SC, LLC

539 HCR Properties-Fair Oaks of Fairfax VA, LLC

553 HCR Properties-Imperial of Richmond VA, LLC

670 HCR Properties-Arden Courts of Annandale VA, LLC

4015 HCR Properties-Charleston of Hanahan SC, LLC

4031 HCR Properties-Oakmont of Union SC, LLC

4032 HCR Properties-Oakmont East-Greenville SC, LLC

4033 HCR Properties-Oakmont West-Greenville SC, LLC

4071 HCR Properties-Medical Care Center-Lynchburg VA, LLC

4074 HCR Properties of Alexandria VA, LLC

HCR ManorCare Maryland Properties II, LLC

HCR ManorCare Properties, LLC

HCR ManorCare West Virginia Properties, LLC 

NOTE:
all entities listed above are Delaware limited liability companies 

1

QuickLinks

Exhibit 10.36

SCHEDULE 1 MORTGAGE LOAN BORROWERSQuickLinks
 -- Click here to rapidly navigate through this document

 

 
 

Exhibit 10.37    
    

FORM OF OMNIBUS ASSIGNMENT
  (SEVENTH MEZZANINE LOAN)  

        THIS OMNIBUS ASSIGNMENT (this "Assignment"), made as of the
21st day of December, 2007, by JPMORGAN CHASE BANK, N.A., a banking association chartered under the laws of the United States of America, in its capacity as collateral agent for
itself and the Seventh Mezzanine Noteholders (as defined on Exhibit G-1, attached hereto and made a part hereof)
("Assignor"), having an address at 270 Park Avenue, New York, New York 10017-2014, to HCP MEZZANINE LENDER, LLC, a Delaware limited
liability company ("Assignee"), having an address at c/o HCP, Inc., 3760 Kilroy Airport Way, Suite 300, Long Beach, California 90806. 

        KNOW
ALL MEN BY THESE PRESENTS, that in consideration of the sum of TEN DOLLARS ($10.00) lawful money of the United States and other good and valuable consideration, to it in hand paid
at or before the delivery of these presents, Assignor transfers and sets over, without recourse and without covenant, representation or warranty in any respect (except as expressly provided herein),
and by these presents does grant, bargain, sell, assign, transfer and set over unto Assignee without recourse and without covenant, representation or warranty in any respect (except as expressly
provided herein), the Seventh Mezzanine Loan (hereinafter defined) (the "Loan") and the Seventh Mezzanine Loan Documents (hereinafter defined) (the
"Loan Documents) which were executed in connection with the Loan, and all of Seventh Mezzanine Noteholders' right, title and interest in, to and under
the Loan Documents, and all of Seventh Mezzanine Noteholders' right, title and interest, if any, in, to and under all other documents executed and/or delivered in connection with the Loan evidenced
and/or secured by the Loan Documents, including, without limitation, all of Seventh Mezzanine Noteholders' right, title and interest in any mezzanine loan policies, legal opinions delivered in
connection with the Loan Documents, certificates, collateral, certificates of deposit, letters of credit, performance bonds, demands, causes of action, all related certificates, bank accounts,
operating accounts, reserve accounts, escrow accounts and other accounts, opinions, financial statements of Seventh Mezzanine Borrower (as defined on  Schedule G-1, attached hereto and made a part
hereof) and any guarantors and any other collateral arising out of and/or executed
and/or delivered in or to or with respect to the Loan Documents, all rights and benefits of Seventh Mezzanine Noteholders related to the Loan Documents and such other documents, and all claims and
choses in action related to the Loan Documents and such documents and all of Seventh Mezzanine Noteholders' rights, title and interest in, to and under such claims and choses in action. 

        Assignor
represents and warrants that: 

	(a)
	Schedule A-2 represents a complete list of all material loan documents delivered by First Mezzanine Borrower (as
defined on Schedule A-1) in connection with the First Mezzanine Loan (as defined on  Schedule A-1) (collectively, the "First Mezzanine Loan Documents"),  Schedule B-2 represents a complete list of all material loan documents delivered by Second Mezzanine Borrower (as defined on
Schedule B-1) in connection with the Second Mezzanine Loan (as defined on  Schedule B-1) (collectively, the "Second
Mezzanine Loan Documents"),  Schedule C-2 represents a complete list of all material loan documents delivered by Third Mezzanine Borrower (as defined on  Schedule C-1) in connection with the Third Mezzanine Loan (as defined on  Schedule C-1) (collectively, the "Third Mezzanine Loan
Documents"),  Schedule D-2 represents a complete list of all material loan documents delivered by Fourth Mezzanine Borrower (as defined on  Schedule D-1) in connection with the Fourth Mezzanine Loan (as defined on
Schedule D-1) (collectively, the "Fourth Mezzanine Loan Documents"),  Schedule E-2 represents a
complete list of all material loan documents delivered by Fifth Mezzanine Borrower (as defined on  Schedule E-1) in connection with the Fifth Mezzanine Loan (as defined on  Schedule E-1) (collectively, the "Fifth Mezzanine Loan Documents"),  Schedule F-2 represents a complete list of
all material loan documents delivered by Sixth Mezzanine Borrower (as defined on  Schedule F-1) in connection with the Sixth Mezzanine Loan (as defined on  Schedule F-1) (collectively, the "Sixth Mezzanine Loan Documents"),

 

 Schedule G-2 represents a complete list of all material loan documents delivered by Seventh Mezzanine Borrower (as defined on  Schedule G-1) in
connection with the Seventh Mezzanine Loan (as defined on  Schedule G-1) (collectively, the "Seventh Mezzanine Loan Documents"), and  Schedule H-2 represents a complete list of all material loan documents delivered by Mortgage Borrower (as defined on  Schedule H-1) in connection with the
Mortgage Loan (as defined on
Schedule H-1) (collectively, the "Mortgage Loan Documents"); 

	(b)
	true
counterpart originals of the Seventh Mezzanine Loan Documents have been delivered by Assignor to Assignee;

	(c)
	true
and correct copies of the Mortgage Loan Documents, the First Mezzanine Loan Documents, the Second Mezzanine Loan Documents, the Third Mezzanine Loan Documents, the Fourth
Mezzanine Loan Documents, the Fifth Mezzanine Loan Documents, and the Sixth Mezzanine Loan Documents have been delivered by Assignor to Assignee;

	(c)
	Seventh
Mezzanine Noteholders currently own the Loan Documents and the related rights described above and that the Loan Documents and the related rights described above are not, and
have not been, pledged, nor assigned, to another party and are not otherwise encumbered or subject to any adverse claim as of the execution and delivery of this Assignment;

	(d)
	the
principal amount outstanding under the Seventh Mezzanine Loan as of the execution and delivery of this Assignment is $250,000,000.00;

	(e)
	the
Loan Documents have not been amended, modified, supplemented or restated;

	(f)
	to
Assignor's knowledge, there currently exists no monetary default and no material non-monetary default, or event which given the passage of time or giving of notice
would constitute a default, under any of the Loan Documents;

	(g)
	Assignor
is duly organized and is validly existing under the laws of the jurisdiction under which it was organized with full power to execute and deliver this Assignment;

	(h)
	all
actions necessary to authorize the execution, delivery, and performance of this Assignment on behalf of Seventh Mezzanine Noteholders have been duly taken, and all such actions
continue in full force and effect as of the date hereof;

	(i)
	no
consent, approval, authorization or order of, or registration or filing with, or notice to, any court or governmental agency or body having jurisdiction or regulatory authority
over Assignor is required for (x) Assignor's execution and delivery of this Assignment, (y) Assignor's transfer and assignment of the Loan, or (z) the consummation by Assignor of
the transactions contemplated by this Assignment or, to the extent so required, such consent, approval, authorization, order, registration, filing or notice has been obtained, made or given (as
applicable); and,

	(j)
	there
have been no waivers of any material provisions of the Loan Documents. 

        This
Assignment is being delivered subject to the Intercreditor Agreements, as defined in that certain Assignment and Assumption Agreement (Seventh Mezzanine Loan), of even date
herewith, made by and between Assignor and Assignee. 

        It
is hereby understood and agreed that any and all commitment and loan origination fees collected by Assignor are not being transferred hereby and that Seventh Mezzanine Noteholders
shall have the sole rights thereto. 

        TO
HAVE AND TO HOLD unto Assignee, its successors, and assigns forever. 

2

 

        Assignee
joins in this Assignment to evidence its consent hereto and to agree to, and hereby does, assume all of the obligations of Seventh Mezzanine Noteholders under the Loan Documents
to be observed and performed from and after the date hereof. 

        This
Assignment may be executed by one or more parties to this Assignment in any number of counterparts and all said counterparts taken together shall be deemed to constitute one and the
same instrument. 

        This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

3

  
        IN WITNESS WHEREOF, Assignor and Assignee have caused these presents to be duly executed as of the day and year first above written. 

	 	 	ASSIGNOR:
	

 	
 	
JPMORGAN CHASE BANK, N.A.,

a banking association chartered under the

laws of the United States of America
	

 	
 	

By:	
 	

 
	 	 	 	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	
[SIGNATURES CONTINUE ON FOLLOWING PAGE]

	 	 	ASSIGNEE:
	

 	
 	
HCP MEZZANINE LENDER, LLC,

a Delaware limited liability company
	

 	
 	

By:	
 	

HCP, INC.,

a Maryland corporation,

its Managing Member

	

 	
 	

 	
 	

By:	
 	

 
	 	 	 	 	 	 	

	 	 	 	 	 	 	Name: Edward J. Henning

Title: Executive Vice President

QuickLinks

Exhibit 10.37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]