Document:

Exhibit 10.9  

No. 07-0004261,

07-0024261,

07-0034261,

07-0044261 

THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT AND PERFORMANCE  

        THIS THIRD AMENDED AND RESTATED GUARANTY OF PAYMENT AND PERFORMANCE dated as of the 29th day of December, 2006 (the "Guaranty") is made by THE ENSIGN
GROUP, INC., a Delaware corporation ("Guarantor"), in favor of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, "GECC" and as agent for Lenders,
"Agent"), as Agent. 

RECITALS  

        A.    Financial Accommodations.    SKY HOLDINGS AZ LLC, TERRACE HOLDINGS AZ LLC, ENSIGN HIGHLAND LLC, VALLEY HEALTH
HOLDINGS LLC, PLAZA HEALTH HOLDINGS LLC, RILLITO HOLDINGS LLC, MOUNTAINVIEW COMMUNITYCARE LLC, MEADOWBROOK HEALTH ASSOCIATES LLC, CEDAR AVENUE HOLDINGS LLC and GRANADA INVESTMENTS LLC, each a Nevada
limited liability company, (each a "Borrower" and collectively the "Borrowers") are concurrently herewith entering into that certain Third Amended and Restated Loan Agreement (as it may be amended
from time to time, the "Loan Agreement") of even date herewith among Borrowers, Agent, GECC and the other financial institutions who are or hereafter become parties to the Loan Agreement as a Lender
(together with GECC, collectively or individually, as the context may require, ("Lender"), pursuant to which Lender shall extend financial accommodations to Borrowers. The Loan (as defined in the Loan
Agreement) is an amendment and restatement of an existing loan facility made by GECC to certain of the Borrowers (the "Existing Loan"). In connection with the Existing Loan, Guarantor executed that
certain Second Amended and
Restated Guaranty of Payment and Performance dated as of June 30, 2006 in favor of Agent (the "Existing Guaranty"). This Guaranty restates and supersedes the Existing Guaranty in its entirety. 

        B.    Inducement.    To induce Lender and Agent to enter into the Loan Agreement and to induce Lender to extend to
Borrowers the financial accommodations set forth in the Loan Agreement, Guarantor has agreed to enter into this Guaranty, Guarantor acknowledging that without this Guaranty, Lender would be unwilling
to make the Loan (as defined in this Loan Agreement). 

AGREEMENTS  

        NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Guarantor hereby agrees as follows: 

        1.    DEFINED TERMS.    All capitalized terms used herein and not otherwise defined shall have the meanings assigned
to such terms in the Loan Agreement. 

        2.    THE GUARANTY    

        2.1.    Guaranty of Obligations.    Guarantor unconditionally and absolutely guarantees to Lender and Agent the full
and prompt payment and performance when due, whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter, of the indebtedness, liabilities and obligations of
every kind and nature of Borrowers to Lender and Agent arising under or in any way relating to the Loan Agreement or any of the other Loan Documents, howsoever created, incurred or evidenced, whether
direct or indirect, absolute or contingent, now or hereafter existing, due or to become due, and howsoever owned, held or acquired by Lender and/or Agent including but not limited to repayment of the
Loan, the Make Whole Breakage 

 

Amount
and the Prepayment Premium (collectively, the "Obligations"). Without limitation to the foregoing, the Obligations shall include (a) all attorneys' and paralegals' fees, including the
cost of in-house attorneys and paralegals, costs and expenses and all court costs and costs of appeal incurred by Lender or Agent in collecting any amount due Lender or Agent under this
Guaranty or in prosecuting any action against any Borrower, Guarantor or any other guarantor with respect to all or any part of the Obligations (collectively, the "Enforcement Costs"), and
(b) all interest, fees, costs and expenses due Lender and/or Agent after the filing of a bankruptcy petition by or against any Borrower regardless of whether such amounts can be collected
during the pendency of the bankruptcy proceedings. 

        2.2.    Continuing Guaranty; Guaranty of Payment.    This Guaranty is a continuing guaranty of the Obligations, and
Guarantor agrees that the obligations of Guarantor to Lender and Agent hereunder shall be primary obligations, shall not be subject to any counterclaim, set-off, abatement, deferment or
defense based upon any claim that Guarantor may have against Lender, Agent, any Borrower or any other Person. Guarantor shall be regarded, and shall be in the same position, as the principal debtors
with respect to the Obligations. Guarantor agrees that any notice or directive given at any time to Agent or Lender which is inconsistent with the first sentence of this Section 2.2 shall be
null and void and may be ignored by Agent and Lender, and, in addition, may not be pleaded or introduced as evidence in any litigation relating to this Guaranty for the reason that such pleading or
introduction would be at variance with the written terms of this Guaranty, unless Agent and Lender have specifically agreed otherwise in writing. 

        2.3.    Liability of Guarantor Not Affected.    This Guaranty shall remain in full force and effect without regard to,
and shall not be released, discharged or affected in any way by any circumstances or condition, including, without limitation: 

        (a)   the
attempt or the absence of any attempt by Lender or Agent to obtain payment or performance by any Borrower or any other guarantor (this being a guaranty of payment
and performance and not of collection); 

        (b)   Lender's
or Agent's delay in enforcing or absence of action to enforce Guarantor's obligations hereunder or of any other party under the Loan Documents, or any prior
partial exercise by Lender or Agent of any right or remedy hereunder or under any of the other Loan Documents; 

        (c)   the
fact that Borrowers are not liable for the payment or performance of the Obligations, or any portion thereof, for any reason whatsoever, Guarantor being liable for
the Obligations notwithstanding that Borrowers may not be; 

        (d)   any
renewal, extension, substitution, modification, settlement, compromise, replacement of or indulgence with respect to, the Obligations, all of which Agent is hereby
authorized to make; 

        (e)   any
sale, exchange, release, surrender or other disposition of, or realization upon, any collateral securing the Obligations, or any amendment, waiver, settlement or
compromise of any guaranties of the Obligations, or any other obligation of any Person with respect to the Loan Documents; 

        (f)    the
acceptance by Lender or Agent of any additional security for the Obligations; 

        (g)   the
lack of genuineness, validity, regularity or enforceability of or Lender's or Agent's amendment, waiver or consent with respect to, any provision of any instrument
evidencing, securing or otherwise relating to the Obligations, or any part thereof, including without limitation, the other Loan Documents; 

2

 

        (h)   the
existence, value or condition of, or the failure by Lender or Agent to take any steps to perfect, maintain, or enforce, Lender's or Agent's security interests or
remedies under the Loan Documents, or to preserve Lender's or Agent's rights to or protect any security or collateral, for the Obligations; 

        (i)    any
voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit of creditors, composition, receivership,
liquidation, marshalling of assets and liabilities or similar event or proceedings with respect to any Borrower or any other Person, as applicable, or any of their respective properties (each, an
"Insolvency Proceeding"), or any action taken by Lender, Agent, any trustee or receiver or by any court in any such proceeding; 

        (i)    the
failure by Lender or Agent to file or enforce a claim against the estate (either in an Insolvency Proceeding or other proceeding) of any Borrower or any other
Person; 

        (k)   in
any proceeding under Title 11 of the United States Code (11 U.S.C. Section 101 et seq.), as amended (the "Bankruptcy Code"): (i) any election by Lender
or Agent under Section 1111 (b) (2) of the Bankruptcy Code, (ii) any borrowing or grant of a security interest by any Borrower as debtor-in-possession
under Section 364 of the Bankruptcy Code, (iii) the inability of Lender or Agent to enforce the Obligations against any Borrower by application of the automatic stay provisions of
Section 362 of the Bankruptcy Code, or (iv) the disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of Lender's or Agent's claim(s) against any Borrower
for repayment of the Obligations; 

        (j)    the
failure of Guarantor to receive notice of any intended disposition of the collateral for the Obligations; 

        (m)  any
merger or consolidation of any Borrower into or with any other entity, or any sale, lease or transfer of any of the assets of any Borrower to any other Person; 

        (n)   any
change in the ownership of any Borrower, or any change in the relationship between any Borrower and Guarantor or any termination of any such relationship; 

        (o)   the
death, incapacity, insanity, disability, dissolution or other change in status of any Borrower, 

        (p)   the
making of additional loans to Borrowers, the increase or reduction of the maximum principal amount of the Obligations, the increase or reduction in the interest rate
provided in the Notes, or any other modification, amendment, release or waiver of the terms of the Loan Documents; 

        (q)   the
absence, impairment or loss of any right of reimbursement or subrogation or other right or remedy of Guarantor; and 

        (r)   any
other action or circumstance which might otherwise constitute a legal or equitable discharge or defense of any Borrower, or any other guarantor. 

        Guarantor
hereby expressly waives and surrenders any defense to its liability under this Guaranty based upon any of the foregoing acts, omissions, agreements, waivers or matters, whether
or not Guarantor had notice or knowledge of same, It is the purpose and intent of this Guaranty that the obligations of Guarantor hereunder shall be absolute and unconditional under any and all
circumstances. 

3

 

        2.4.    Rights of Agent.    Agent is hereby authorized, without notice to or demand of Guarantor and without affecting
the liability of Guarantor hereunder, to take any of the following actions from time to time: 

        (a)   increase
or decrease the amount of, or renew, extend, accelerate or otherwise change the time, place or terms for payment of, or other terms relating to, the
Obligations, or otherwise modify, amend or
change the terms of any promissory note or other agreement evidencing, securing or otherwise relating to any of the Obligations, including, without limitation, the making of additional advances
thereunder; 

        (b)   accept
and apply any payments on or recoveries against the Obligations from any source, and any proceeds of any security therefor, to the Obligations in such manner,
order and priority as Agent may elect in Agent's sole discretion; 

        (c)   take,
hold, sell, exchange, dispose of, release or otherwise dispose of all or any property pledged, mortgaged or conveyed, or in which Agent or Lender has been granted
a lien, as security for the Obligations or the payment of this Guaranty; 

        (d)   settle,
release, compromise, collect or otherwise liquidate the Obligations or any portion thereof; 

        (e)   accept,
hold, substitute, add or release any other guaranty or endorsements of the Obligations; 

        (f)    take
any action under or in respect of the Loan Documents in the exercise of any remedy, power or privilege contained therein or available to Agent or Lender at law,
equity or otherwise, or waive or refrain from exercising any such remedies, powers or privileges; 

        (g)   amend
or modify, in any manner whatsoever, the Loan Documents; 

        (h)   extend
or waive the time for any Person's performance of, or compliance with, any term, covenant or agreement on its part to be performed or observed under the Loan
Documents, or waive such performance or compliance or consent to a failure of, or departure from, such performance or compliance; 

        (i)    release
anyone who may be liable in any manner for the payment of any amounts owed by any Borrower or Loan Party to Agent or Lender; 

        (l)    modify
or terminate the terms of any intercreditor or subordination agreement pursuant to which claims of other creditors of any Guarantor, Borrower or Loan Party are
subordinated to the claims of Agent and Lender; and 

        (k)   at
any time after maturity of the Obligations, appropriate and apply toward payment of the Obligations (i) any indebtedness due or to become due from Lender or
Agent to Guarantor, and (ii) any moneys, credits, or other property belonging to Guarantor at any time held by or coming into the possession of Lender, Agent or any affiliates thereof, whether
for deposit or otherwise; 

and
Agent and Lender shall not incur any liability to Guarantor as a result thereof, and no such action shall impair or release the Obligations of Guarantor under this Guaranty. 

        2.5.    Subordination.    All indebtedness now or hereafter owing by any Borrower to Guarantor for borrowed money or
otherwise is hereby subordinated to the payment of the Obligations, and, subsequent to any monetary default or any Event of Default hereunder or under any of the other Loan Documents, Guarantor shall
not accept payment of all or any portion of such subordinated indebtedness until satisfaction in full of the Obligations. All security interests, liens and encumbrances which Guarantor now or
hereafter may have upon any of the assets of Borrowers, 

4

 

or
any one of them, are hereby subordinated to all security interests, liens and encumbrances heretofore, now or hereafter granted to Agent, for the benefit of Lender and Agent, pursuant to any of the
Loan Documents. 

        3.    GUARANTOR'S ADDITIONAL WAIVERS    

        3.1.    Statutes of Limitation.    Guarantor irrevocably waives all statutes of limitation as a defense to any action
or proceeding brought against Guarantor, any Borrower or any Loan Party by Lender or Agent, to the fullest extent permitted by law. 

        3.2.    Election of Remedies.    If Agent may, under applicable law, proceeds to realize benefits under any of the
Loan Documents giving Agent and/or Lender a lien upon any collateral owned by any Borrower or other Loan Party, either by judicial foreclosure or by non-judicial sale or enforcement, Agent
may, at its sole option, determine which of such remedies or rights it may pursue without affecting any of Agent's or Lender's rights and remedies under this Guaranty. If, in the exercise of any of
Agent's or Lender's rights and remedies against any Borrower or any other Person liable with respect to the Obligations, Agent or Lender shall forfeit any of its rights or remedies, including its
right to enter a deficiency judgment against any Borrower, whether because of any applicable laws pertaining to "election of remedies" or the like, Guarantor hereby consents to such action by Agent
and/or Lender, as applicable, and waives any claim or defense based upon such action, even if such action by Agent or Lender shall result in a full or partial loss of any rights of subrogation which
Guarantor might otherwise have had but for such action by Agent or Lender. In the event Agent or Lender shall bid at any foreclosure or trustee's sale or at any private sale permitted by law or the
Loan Documents, Agent or Lender may bid all or less than the amount of the Obligations and the amount of such bid need not be paid by Agent or Lender but shall be credited against the Obligations. The
amount of the successful
bid at any such sale shall be conclusively deemed to be the fair market value of the collateral, notwithstanding any present or future law or court decision or ruling that may have the effect of
reducing the amount of any deficiency claim to which Agent and Lender might otherwise be entitled but for such bidding at any such sale. Any election of remedies which results in the denial or
impairment of the right of Agent or Lender to seek a deficiency judgment against any Borrower shall not impair Guarantor's obligation to pay the full amount of the Obligations, and Guarantor hereby
irrevocably waives any defense based upon an election of remedies made by Lender or Agent or any other election afforded to Lender or Agent pursuant to applicable law, including, without limitation,
(a) any election to proceed by judicial or nonjudicial foreclosure or by Uniform Commercial Code sale or by deed or assignment in lieu thereof, or any election of remedies which destroys or
otherwise impairs the subrogation rights of the Guarantor or the rights of the Guarantor to proceed against any Borrower or any other Person for reimbursement, or both, (b) the waiver by Lender
or Agent, either by action or inaction of Lender or Agent or by operation of law, of a deficiency judgment against any Borrower, and (c) any election pursuant to an Insolvency Proceeding. 

        3.3.    Rights of Subrogation and Other Rights.    Guarantor hereby: 

        (a)   expressly
and irrevocably waives, on behalf of itself and its successors and assigns (including any surety) (i) any and all rights at law or in equity to seek
subrogation, contribution, indemnification or any other form of reimbursement or repayment from any Borrower or any other Person now or hereafter primarily or secondarily liable for any of the
Obligations for any disbursements made by any Guarantor under or in connection with this Guaranty, (ii) all claims of any kind or type against any Borrower as a result of any payment made by
Guarantor to Lender or Agent, and (iii) any right to participate in any security now or hereafter held by Lender or Agent. In furtherance, and not in limitation, of the foregoing, Guarantor
agrees that any payment to Lender or Agent pursuant to this Guaranty shall be 

5

 

deemed
a contribution to the capital of Borrowers or other obligated party and shall not constitute Guarantor a creditor of Borrowers or such other party. 

        (b)   further
acknowledges and agrees that (i) this waiver is intended to benefit Agent and Lender and shall not limit or otherwise affect Guarantor's liability
hereunder or the enforceability of this Guaranty (ii) Agent, Lender and their respective successors and assigns are intended third party beneficiaries of the waivers and agreements set forth in
this Section 3.3 and their rights under this Section 3.3 shall survive payment in full of the Obligations, and (iii) to the extent the waiver of its rights of subrogation as set
forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation Guarantor may have against any Borrower or against any collateral or
security for any of the Obligations shall be junior and subordinate to any rights Lender or Agent may have against Borrowers and to all right, title and interest Lender or Agent may have in such
collateral or security. 

        3.4.    Demands and Notices.    Guarantor irrevocably waives all presentments, demands for performance, protests,
notices of protest, notices of dishonor, notice of acceleration to Borrowers, any other Person or any other party with respect to the Loan or the Retained Liabilities, notices of acceptance of this
Guaranty and of the existence, creation or incurring of new or additional Obligations, notices of defaults by Borrowers or any other Person liable for the Obligations and demands and notices of every
kind that may be required to be given by any statute or rule or law. 

        3.5.    Borrower Information.    Guarantor irrevocably waives (a) any duty of Lender or Agent to advise
Guarantor of any facts that may now or hereafter be known to Lender or Agent regarding Borrowers regardless of whether Agent or Lender has reason to believe that any such facts materially increase the
risk beyond that which Guarantor intends to assume or has reason to believe that such facts are unknown to Guarantor, Guarantor acknowledging that Guarantor is fully responsible for being and keeping
informed of the financial conditions and affairs of Borrowers, and (b) any defense based on any claim that Guarantor's obligations exceed or are more burdensome than those of Borrowers, or any
of them. 

        3.6.    Limitation of Liability.    Guarantor irrevocably waives any impairment, modification, change, release or
limitation of the liability of, or stay of actions or lien enforcement proceedings against, any Borrower, their property, or their estate in bankruptcy, resulting from the operation of any provision
of the state or federal bankruptcy laws, or from the decision of any court. 

        3.7.    Lack of Diligence.    Guarantor irrevocably waives any and all claims or defenses based upon lack of diligence
in: (a) collection of any Obligations; (b) protection of any collateral or other security for the Indebtedness or Obligations; or (c) realization upon any collateral or under any
of the other Loan Documents. 

        3.8.    Other Defenses.    Guarantor irrevocably waives any other defenses, setoffs or counterclaims which may be
available to any Borrower and any and all other defenses now or at any time hereafter available to Guarantor (including without limitation those given to sureties) at law or in equity, including but
not limited to any defenses based upon: 

        (a)   the
incapacity, lack of authority, death or disability of any Borrower, any other Person; 

        (b)   the
failure of Agent or Lender to commence an action against any Borrower or any other Person or to proceed against or exhaust any security held by Agent at any time or
to pursue any other remedy whatsoever at any time; 

        (c)   the
consideration for this Guaranty; 

6

 

        (d)   any
acts or omissions of Agent or Lender which vary, increase or decrease the risk of Guarantor; 

        (e)   the
application by Borrower of the proceeds of the Loan for purposes other than the purposes represented by Borrowers to Agent or intended or understood by Agent or
Guarantor; 

        (f)    any
statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in any other aspects more burdensome than that of a
principal; 

        (g)   Agent's
or Lender's election, in any proceeding instituted under the Bankruptcy Code, of the application of Section 111(b)(2) of the Bankruptcy Code or any
successor statute; and 

        (h)   any
borrowing or any grant of a security interest under Section 364 of the Bankruptcy Code. 

        It
is agreed among Guarantor, Agent and Lender that the waivers set forth in this Guaranty (both in this Section and elsewhere) are of the essence of the transaction contemplated by the
Loan Documents and that, but for this Guaranty and such waivers, Agent and Lender would decline to enter into the Loan Agreement. 

        3.9.    California Provisions.    Guarantor hereby waives, to the maximum extent permitted by California Civil Code
Section 2856 and/or other applicable law, all suretyship rights and defenses which might otherwise be available to Guarantor under or pursuant to California Civil Code Sections 2787 through
2855 inclusive. 

        (a)   Guarantor
hereby waives all rights and defenses that Guarantor may have because the Borrowers' debt is secured by real property. This means, among other things: 

        (i)    Agent
may collect from Guarantor without first foreclosing on any real or personal property collateral pledged by the Borrowers; 

        (ii)   If
Agent forecloses on any real property collateral pledged by the Borrowers: 

        (A)  The
amount of the debt may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale
price. 

        (B)  Agent
may collect from Guarantor even if Agent, by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrowers. 

        This
is an unconditional and irrevocable waiver of any rights and defenses Guarantor may have because the Borrowers' debt is secured by real property, These rights and defenses include,
but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure. 

        (b)   Guarantor
hereby waives all rights and defenses arising out of an election of remedies by Agent or Lender, even though that election of remedies, such as non judicial
foreclosure with respect to security for a guaranteed obligation, has destroyed Guarantor's rights of subrogation and reimbursement against Borrowers by the operation of Section 580d of the
California Code of Civil Procedure or otherwise. 

        Without
limiting the generality of the foregoing, Guarantor hereby expressly: (a) waives any and all benefits which might otherwise be available to it under California Civil Code
Sections 2809, 2810, 2819, 2839, 2845 through 2847, 2849, 2850, 2899 and 3433, and California Code of Civil Procedure Sections 580a, 580b, 580d and 726, or any similar statutes of other 

7

 

states;
(b) acknowledges that Section 2856 of the California Civil Code authorizes and validates waivers of a guarantor's rights of subrogation and reimbursement and certain other rights
and defenses available to Guarantor under California law; and (c) waives all rights of subrogation, reimbursement, indemnification and contribution and all other rights and defenses that are or
may become available by reason of Sections 2787 to 2855, inclusive, of the California Civil Code. 

        3.10.    Arizona Provisions.    Without limiting the generality of the foregoing or any other provision hereof,
Guarantor further expressly waives, to the extent permitted by law, (i) the benefits of any statutory or other provision limiting the liability of a surety, including without limitation, any
and all rights and defenses which might otherwise be available to Guarantor under Arizona Revised Statutes Section 12-1641 et seq. and Rule 17(f) of the Arizona Rules of
Civil Procedure; and (b) the benefits of any statutory provision limiting the right of Lenders or Agent to recover a deficiency judgment, or to otherwise proceed against any person or entity
obligated for payment of the indebtedness, after any foreclosure or trustee's sale of any security for the indebtedness, including
without limitation the benefits to Guarantor of Arizona Revised Statutes Sections 33-814 and 12-1566. 

        4.    REPRESENTATIONS, WARRANTIES AND COVENANTS.    Guarantor represents, warrants and covenants to Lender and Agent
as follows: 

        4.1.    Organization.    Guarantor is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware with its principal place of business at 27101 Puerta Real, Suite 450, Mission Viejo, California 92691. Guarantor indirectly owns one hundred percent (100%) of the
membership interests in each Borrower clear of all liens, claims and encumbrances. Guarantor has full right, power and authority to execute the Loan Documents to which it is a party on its own behalf. 

        4.2.    Governing Documents.    A true, complete and correct copy of the articles of incorporation and
by-laws creating and governing Guarantor and any amendments thereto and all other documents creating and governing Guarantor (collectively, the "Guarantor Documents") have been furnished
to Agent. The Guarantor Documents constitute the entire agreement among the shareholders of Guarantor and are binding upon and enforceable against each of the shareholders in accordance with their
terms. There are no other agreements, oral or written, among any of the shareholders with respect to Guarantor or any Borrower. No breach exists under any of the Guarantor Documents and no condition
exists which, with the giving of notice or the passage of time would constitute a breach under any of the Guarantor Documents. 

        4.3.    Existence.    Guarantor shall preserve and keep in full force and effect its existence, entity status,
franchises, rights and privileges under the laws of its state of formation. Guarantor shall not wind up, liquidate, dissolve, reorganize, merge, or consolidate with or into, or convey, sell, assign,
transfer, lease or otherwise dispose of all or substantially all of its assets, or acquire all or substantially all of the assets of the business of any Person, or permit any subsidiary or Affiliate
of Borrower to do so. Guarantor shall not amend or terminate or permit the amendment or termination of the Guarantor Documents or any Borrower's membership agreement without the prior written consent
of Agent. Guarantor shall not change its name, identity, or organizational structure, the location of its chief executive office or Guarantor place of business or its state of organization unless
Agent has been notified in writing in advance. Guarantor shall maintain its separateness as an entity, including maintaining separate books, records, and accounts and observing corporate and/or
partnership formalities independent of any other entity, shall pay its obligations with its own funds and shall not commingle funds or assets with those of any other Person. 

8

 

        4.4.    Financial Statements.    All financial statements and other financial information furnished or to be furnished
to Lender or Agent (a) are or will be true and correct in all material respects and do or will fairly represent the financial condition of Guarantor (including all contingent liabilities), and
(b) were or
will be prepared in accordance with generally accepted accounting principles, consistently applied. There has been no material adverse change in Guarantor's financial condition since the dates of the
statements most recently furnished Lender or Agent. 

        4.5.    No Defaults.    There is no existing event of default, and no event has occurred which with the passage of
time and/or the giving of notice will constitute an event of default, under any agreement to which Guarantor is a party, which event of default could reasonably be expected to have a material adverse
effect on Guarantor's ability to perform the Obligations under this Guaranty, and neither the execution and delivery of this Guaranty nor compliance with the terms and provisions hereof will violate
any presently existing provision of law or any presently existing regulation, order, writ, injunction or decree of any court or governmental department, commission, board, bureau, agency or
instrumentality, or constitute a default under, any agreement to which Guarantor is a party or by which Guarantor or its property is bound. 

        4.6.    No Litigation.    There are no actions, suits or proceedings pending or threatened against Guarantor before
any court or any governmental, administrative, regulatory, adjudicatory or arbitrational body or agency of any kind which, if decided adversely, could reasonably be expected to adversely affect
performance by Guarantor of Guarantor's obligations pursuant to and as contemplated by the terms and provisions of this Guaranty. 

        4.7.    Accuracy.    Neither this Guaranty nor any document, financial statement, credit information, certificate or
statement heretofore furnished or required herein to be furnished to Lender or Agent by Guarantor contains any untrue statement of fact or omits to state a fact material to this Guaranty. 

        4.8.    No Defenses.    As of the date of this Guaranty, Guarantor's obligations under this Guaranty are not subject
to any offsets or defenses against Agent or Lender of any kind. 

        5.    COVENANTS    

        5.1.    No Defenses.    Guarantor agrees that its obligations under this Guaranty shall not be subject to any
counterclaims, offsets or defenses against Agent or Lender of any kind which may arise in the future. 

        5.2.    Determination of Compliance by Agent.    Agent shall determine, in its reasonable discretion, whether
Guarantor has complied with each of the foregoing covenants in this Section 5. 

        5.3.    Financial Information.    Guarantor hereby covenants and agrees to deliver to Agent all financial statements
and other financial information required to be delivered by Borrowers under the Loan Agreement with respect to Guarantor. 

        6.    EVENTS OF DEFAULT.    Upon the occurrence of any of the following events, Agent may, without notice to Borrowers
or Guarantor, declare any or all of the Obligations, whether or not then due, immediately due and payable, and Agent shall be entitled to all available remedies under the Loan Documents, at law or in
equity as a result thereof. 

        6.1.    Default by Borrower.    Borrowers shall default in the payment or performance of any of the Obligations
guaranteed hereby, after giving effect to any applicable notice and cure provisions set forth in the Loan Documents. 

9

  

        6.2.    Failure to Perform.    Guarantor fails to perform any of its obligations under this Guaranty or any agreement
under which security is given herefor or any other breach of this Guaranty occurs, or this Guaranty is revoked or terminated by Guarantor, or any representation or warranty made or given by Guarantor
to Lender or Agent proves to be false or misleading in any material respect. 

        6.3.    Insolvency Proceeding.    The making by Guarantor of any assignment for the benefit of creditors, or a trustee
or receiver being appointed for Guarantor or for any property of Guarantor, or Guarantor becoming insolvent or the subject of any Insolvency Proceeding and, in the case of such a proceeding being
commenced against Guarantor, such proceeding is not dismissed within thirty (30) days following the commencement date thereof. 

        6.4.    Event of Default Under Other Loans.    The occurrence of a default which continues beyond any applicable
notice and cure periods under any documents evidencing or securing or otherwise pertaining to any indebtedness of Guarantor for borrowed money. 

        6.5.    Dissolution, Merger, Etc.    Guarantor dissolves or liquidates, or merges or consolidates with another entity,
or sells, assigns, conveys, transfers or otherwise disposes of or leases all or substantially all of Guarantor's assets, or the business of Guarantor is suspended or terminated for any reason. 

        6.6.    Event of Default under Loan Documents.    The occurrence of an "Event of Default" under any of the other Loan
Documents. 

        7.    MISCELLANEOUS    

        7.1.    Reserved.    

        7.2.    Revival and Reinstatement.    This Guaranty shall remain in full force and effect and continue to be effective
should any petition be filed by or against any Borrower or any Loan Party for liquidation or reorganization, should any Borrower or any Loan Party become insolvent or make an assignment for the
benefit of creditors or should a receiver or trustee be appointed for all or any significant part of such Borrower or Loan Party's assets. This Guaranty shall continue to be effective or be
reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is,
pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by Agent or Lender, whether as a "voidable preference", "fraudulent conveyance", or otherwise, all
as though such payment or performance had not been made to Agent or Lender in the first place. 1n the event that any payment of any Obligation, or any part thereof, is rescinded, reduced, restored or
returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

        7.3.    No Marshaling.    Neither Lender nor Agent has any obligation to marshal any assets in favor of Guarantor, or
against or in payment of (a) any of the Obligations, or (b) any other obligation owed to Lender or Agent by Guarantor, Borrowers or any other Person. 

        7.4.    No Modification, Waiver or Release Without Writing.    Except as may otherwise be expressly set forth herein,
this Guaranty may not be modified, amended, revised, revoked, terminated, changed or varied in any way whatsoever, nor shall any waiver of any of the provisions of this Guaranty be binding upon Lender
or Agent, except as expressly set forth in a writing duly executed by Agent. No waiver by Lender or Agent of any default shall operate as a waiver of any other default or the same default on a future
occasion, and no action by Lender or Agent permitted hereunder shall in any way affect or impair Lender's or Agent's rights or the obligations of Guarantor under this Guaranty. 

10

 

        7.5.    Assignment; Successors and Assigns.    Guarantor may not assign Guarantor's obligations or liability under
this Guaranty. Subject to the preceding sentence, this Guaranty shall be binding upon the parties hereto and their respective heirs, executors, successors, representatives and assigns and shall inure
to the benefit of the parties hereto and their respective successors and assigns. Lender or Agent may, without notice to anyone, sell or assign the Obligations, the Notes or other Loan Documents or
any part thereof, or grant participations therein, and in any such event each and every assignee or holder of, or participant in, all or any of the Obligations shall have the right to enforce this
Guaranty, by suit or otherwise for the benefit of such assignee, holder, or participant, as fully as if herein by name specifically given such right, but Agent shall have an unimpaired right, prior
and superior to that of any such assignee, holder or participant, to enforce this Guaranty for the benefit of Lender and Agent. 

        7.6.    Integration.    This Guaranty is the entire agreement of Guarantor with respect to the subject matter of this
Guaranty, provided that this Guaranty shall not in any way limit or abrogate the obligations of Guarantor under the other Loan Documents, including, without limitation, the Environmental Indemnity of
even date herewith. 

        7.7.    Rights Cumulative.    All of Lender's rights under this Guaranty and the other Loan Documents are cumulative.
The exercise of any one right does not exclude the exercise of any other right given in this Guaranty or the other Loan Documents or any other right of Lender or Agent not set forth in this Guaranty
or the other Loan Documents. 

        7.8.    Severability.    Whenever possible each provision of this Guaranty shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty. 

        7.9.    Material Inducement; Consideration.    Guarantor acknowledges and agrees that Lender and Agent are
specifically relying upon the representations, warranties, agreements and waivers contained herein and that such representations, warranties, agreements and waivers constitute a material inducement to
Lender and Agent to accept this Guaranty and to enter into the Loan Agreement and the transaction contemplated therein. Guarantor further acknowledges that it expects to benefit from Lender's and
Agent's extension of financing accommodations to Borrowers because of its relationship to Borrowers, and that it is executing this Guaranty in consideration of that anticipated benefit. 

        7.10.    Indemnification.    Guarantor agrees to indemnify, pay and hold Lender and Agent and their respective
officers, directors, employees, agents, and attorneys (collectively called the "Indemnitees") harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the fees and disbursements of counsel for such Indemnitees in connection with any investigative,
administrative or judicial proceeding commenced or threatened, whether or not such Indemnitee shall be designated a party thereto) that may be imposed on, incurred by, or asserted against that
Indemnitee, in any manner relating to or arising out of this Guaranty, the Loan, the Loan Documents or the exercise of any right or remedy hereunder or under the other documents pertaining to the
Obligations (the "Indemnified Liabilities"); provided that Guarantor shall have no obligation to an Indemnitee under this subsection with respect to Indemnified Liabilities arising from the gross
negligence or willful misconduct of that Indemnitee as determined by a court of competent jurisdiction. To the extent that the undertaking to indemnify, pay and hold harmless set forth in the
preceding sentence may be unenforceable because it is violative of any law or public policy, Guarantor shall contribute the maximum portion that it is permitted to pay 

11

 

and
satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or any of them. 

        7.11.    Counterparts,    This Guaranty may be executed in counterparts, each of which shall be deemed an original,
but all of which, when taken together, shall be deemed one and the same agreement. 

        7.12.    Governing Law.    This Guaranty shall be governed by and construed in accordance with the internal laws of
the State of Illinois, without regard to conflicts of law provisions. 

        7.13.    Assignment of Rights in Insolvency Proceedings.    In the event any Insolvency Proceeding is instituted by or
against any Borrower, whether voluntary or involuntary, Agent shall have the right to: (a) file claims in any such proceeding on behalf of Guarantor; and (b) vote Guarantor's claims in
any such proceeding. 

        7.14.    Time of Essence.    Time is of the essence in this Guaranty. 

        7.15.    Joint and Several Liability.    The Obligations of Guarantors hereunder shall be joint and several
Obligations of each Guarantor, if more than one, and of each Guarantor's heirs, personal representatives, successors and assigns. 

        7.16.    VENUE.    GUARANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE
COUNTY OF COOK, STATE OF ILLINOIS AND IRREVOCABLY AGREES THAT, SUBJECT TO AGENT'S ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS GUARANTY SHALL BE LITIGATED IN SUCH COURTS.
GUARANTOR EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. GUARANTOR HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND
AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON GUARANTOR BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO GUARANTOR, AT THE ADDRESS SET FORTH IN THE LOAN AGREEMENT AND
SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. 

        7.17.    WAIVER OF JURY TRIAL.    GUARANTOR, AND BY THEIR ACCEPTANCE OF THIS GUARANTY, LENDER AND AGENT, HEREBY WAIVE
THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS GUARANTY AND THE BUSINESS RELATIONSHIP THAT IS BEING ESTABLISHED. THIS
WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY GUARANTOR, AND BY THEIR ACCEPTANCE OF THIS GUARANTY, LENDER AND AGENT. LENDER, AGENT AND GUARANTOR ACKNOWLEDGE THAT NEITHER LENDER, AGENT NOR
ANY PERSON ACTING ON BEHALF OF LENDER OR AGENT HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT.
GUARANTY, AGENT AND LENDER ACKNOWLEDGE THAT TH1S WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT GUARANTOR, AGENT AND LENDER HAVE ALREADY RELIED ON THIS WAIVER IN ENTERING
INTO THIS AGREEMENT AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. GUARANTOR, AGENT AND LENDER FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR
HAVE HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS AGREEMENT AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL. 

12

 

        7.18.    WAIVERS.    THE WAIVERS SET FORTH IN THIS GUARANTY (INCLUDING, WITHOUT LIMITATION, SECTIONS 7.17 AND 7.18
ABOVE) ARE KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY GUARANTOR, AND GUARANTOR ACKNOWLEDGES THAT NEITHER LENDER, AGENT NOR ANY PERSON ACTING ON BEHALF OF IT, HAS MADE ANY REPRESENTATIONS OF
FACT TO INDUCE THESE WAIVERS OR IN ANY WAY TO MODIFY OR NULLIFY THEIR EFFECT. GUARANTOR FURTHER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED (OR HAS HAD THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING
OF THIS GUARANTY AND IN THE MAKING OF THESE WAIVERS BY INDEPENDENT LEGAL COUNSEL, SELECTED OF ITS OWN FREE WILL, AND THAT IT HAS HAD THE OPPORTUNITY TO DISCUSS THESE WAIVERS WITH COUNSEL. 

[Signatures
appear on the following page.] 

13

 

        The
undersigned has duly executed this Guaranty. as of the date and year first above written. 

	 	 	GUARANTOR:
	

 	
 	

THE ENSIGN GROUP, INC., a Delaware
	

 	
 	

By:	

 
	 	 	 	
 Name: Christophor R. Christensen

Its: President

        Agent
hereby consents and agrees to the terms of this Guaranty. 

	 	 	AGENT:
	

 	
 	

GENERAL ELECTRIC CAPITAL

CORPORATION a Delaware corporation
	

 	
 	

By:	

 
	 	 	 	
 Name:

Its:

Signature
Page to Third Amended and Restated Guaranty of Payment and Performance 

14Exhibit 10.10  

THIS
DOCUMENT PREPARED

UNDER THE ASSISTANCE OF AN

ATTORNEY LICENSED IN THE

STATE OF ARIZONA AND AFTER 

RECORDING
RETURN TO:

Jami L. Brodey, Esq.

Goldberg, Kohn, Bell, Black,

Rosenbloom & Moritz, Ltd.

55 East Monroe Street

Suite 3700

Chicago, Illinois 60603 

SPACE ABOVE THIS LINE FOR RECORDER'S USE  

Loan No. 07-0004261  

AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS,

SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT

([NAME OF FACILITY], County of Maricopa, State of Arizona)  

        This AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT (this "Deed of
Trust") is made as of this 30 day of June, 2006, between [NAME OF GRANTOR], a Nevada limited liability company
("Grantor"), whose mailing address is c/o Ensign Facility Services, Inc., 27101 Puerta Real, Suite 450, Mission Viejo, California 92691 unto
CHICAGO TITLE INSURANCE COMPANY ("Trustee"), whose mailing address is 1201 South Alma School Road, #6550, Mesa, Arizona 85210-2011 for the
benefit of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, "GECC"), whose mailing address is 2 Bethesda Metro
Center, Suite 600, Bethesda, Maryland 20814, as agent (GECC in its capacity as agent, "Agent") for Lenders (as such term is defined in the Loan
Agreement referred to below). 

RECITALS  

        A.    On
or about December 3, 2004, Grantor, certain Affiliates of Grantor (the "Existing Borrowers"), GECC and Agent
entered into a certain Amended and Restated Loan Agreement, pursuant to which the lenders thereunder agreed to make a loan (the "Existing Loan") to the
Existing Borrowers. The Existing Loan is secured by, among other things, that certain Deed of Trust, Assignment of Rents, Security Agreement and Fixture Financing Statement dated as of
[ORIGINAL DEED OF TRUST DATE]made by Grantor for the benefit of Agent and recorded on [DATE OF RECORDING] in the Official Records of the Maricopa County
Recorder as Document No. [ORIGINAL DOCUMENT NUMBER], [AMENDMENT REFERENCE] [AMENDMENT DOCUMENT NUMBER] (as amended, the
"Original Deed of Trust"). This Deed of Trust amends and restates, in its entirety, the Original Deed of Trust. 

        B.    Concurrently
herewith, Lender has agreed, subject to the terms and conditions of that certain Second Amended and Restated Loan Agreement dated of even date herewith (said
Loan Agreement, as amended from time to time being hereinafter referred to as the "Loan Agreement"), executed by and among Grantor, certain Affiliates
of Grantor (together with Grantor, the "Borrower Parties"), GECC and the other financial institutions who are or hereafter become parties to the Loan
Agreement (together with GECC, collectively or individually, as the context may require, as "Lender") and Agent, to amend and restate the terms of the
Existing Loan and to make additional advances (the Existing Loan, as amended and restated, together with the additional advances to be made pursuant to the Loan Agreement are collectively referred to
herein as the "Loan") to Borrower Parties. The Loan is 

evidenced
by that certain Consolidated, Amended and Restated Promissory Note of even date herewith in the original principal amount of Forty Seven Million Seven Hundred Ninety Five Thousand and No/100
Dollars ($47,795,000.00) (which note, together with all notes issued in full or partial replacements thereof, or in substitution or exchange therefor, and all amendments thereto, are hereinafter
collectively referred to as the "Note") providing for monthly payments as set forth in the Loan Agreement, with the balance thereof, due and payable on
June 29, 2016 (said date, any later date to which the maturity date may be extended in accordance with the Loan Agreement, or any earlier date on which the entire unpaid principal amount shall
be paid or required to be paid in full, whether by prepayment, acceleration or otherwise is hereinafter called the "Maturity Date"). The terms and
provisions of the Loan Agreement and the Note are hereby incorporated by reference in this Deed of Trust. Capitalized terms used but not defined herein shall have the meaning provided in the Loan
Agreement. 

        C.    Lender
and Agent wish to secure: (i) the payment of the Note, together with all interest, premiums, the Make Whole Breakage Amount, the Prepayment Premium (as such
terms are defined in the Loan Agreement) and other amounts, if any, due in accordance with the terms of the Note, as well as the payment of any additional indebtedness accruing to Lender or Agent on
account of any future payments, advances or expenditures made by Lender or Agent pursuant to the Note, the Loan Agreement or this Deed of Trust or any of the other Loan Documents (hereinafter
defined); (ii) the performance of each and every covenant, condition, and agreement contained in the Note, the Loan Agreement, this Deed of Trust, those certain Deeds of Trust, Assignments of
Rents, Security Agreements and Fixture Financing Statements (or documents of similar title) executed by the other Borrower Parties (as amended from time to time), the Environmental Indemnity (as
defined in the Loan Agreement) and that certain Second Amended and Restated Guaranty of Payment and Performance of even date herewith made by Guarantor (as defined in the Loan Agreement) in favor of
Agent and any other documents evidencing or securing the Loan or executed in connection therewith (such documents together with any modifications, renewals, extensions or replacements thereof are
collectively referred to as the "Loan Documents"); (iii) the payment and performance of any and all other debts, claims, obligations, demands,
monies, liabilities and indebtedness of any kind or nature now or hereafter owing, arising, due or payable from Borrower Parties or Guarantor to Lender or Agent in connection with the Loan; and
(iv) the payment of all amounts due from Master Tenants, Guarantor and the other borrowers under and in accordance with the terms of the Accounts Receivable Loan Documents and the performance
of each and every covenant, condition, and agreement contained therein. All payment obligations of Borrower Parties or Guarantor to Lender or Agent with respect to the Loan or under any of the Loan
Documents and all payment obligations of Master Tenants, Guarantor and the other borrowers thereunder to GECC under the Accounts Receivable Loan Documents are hereinafter sometimes collectively
referred to as the "Indebtedness," and all other obligations of Borrower Parties or Guarantor to Agent with respect to the Loan or under any of the Loan
Documents and all other obligations of Master Tenants, Guarantor and the other borrowers thereunder to GECC under the Accounts Receivable Loan Documents are hereinafter sometimes collectively referred
to as the "Obligations". 

        NOW,
THEREFORE, TO SECURE the repayment of the Indebtedness and the performance of the Obligations, and also in consideration of the sum of Ten and No/100 Dollars ($10.00), the receipt
of which is acknowledged by Grantor, Grantor by these presents irrevocably grants, bargains, sells, assigns, releases, transfers, pledges, conveys and warrants specially unto Trustee, its successors
and assigns forever, in trust, with power of sale, for the benefit and security of Agent and Lender, all right, title, and interest of Grantor in and to the fee simple estates in the following
described property and all proceeds thereof (which property is hereinafter sometimes collectively referred to as the "Property"): 

        A.    The
real estate described on Exhibit A attached hereto (the
"Land"); 

        B.    All
of the following (collectively, the "Improvements"): all buildings, improvements and fixtures now or in the future
located or to be constructed on the Land; to the extent not owned by tenants of the Property, all machinery, appliances, equipment, furniture, fixtures and all other personal property of every kind or
nature located in or on, or attached to, or used or to be used in connection 

with
the Land, buildings, improvements or fixtures; all building materials and goods procured for use or in connection with the foregoing; and all additions, substitutions and replacements to any of
the foregoing; 

        C.    To
the extent assignable by Grantor, all plans, specifications, architectural renderings, drawings, soil test reports, other reports of examination or analysis of the
Land or the Improvements; 

        D.    All
easements, rights-of-way, water courses, mineral rights, water rights, air rights and appurtenances in any way belonging, relating or
appertaining to any of the Land or Improvements, or which hereafter shall in any way belong, relate or be appurtenant thereto (collectively,
"Appurtenances"); 

        E.    Subject
to the rights of Agent under Section 6 hereof, all leases, master leases, subleases, licenses, patient and resident care agreements and other agreements
with regard to the use or occupancy of all or any portion of the Land and/or the Improvements, including without limitation that certain Long-Term Care Facility Lease Agreement dated as of
[FACILITY LEASE AGREEMENT DATE] by and between [NAME OF MASTER TENANT], a Nevada limited liability company ("Master
Tenant") and Grantor (the "Master Lease"), service agreements which include an occupancy agreement and all guaranties,
amendments, extensions and renewals of any such lease, license or agreement, now or hereafter entered into (collectively, the "Leases") and all rents,
incomes, receipts, prepayments, security deposits, termination payments, royalties, profits, issues and revenues, prepayment of the same including without limitation, lease termination, cancellation
or similar fees, and all other amounts of any nature now due or which may become due or to which Grantor may now or shall hereafter become entitled or which it may demand or claim and arising or
accruing directly or indirectly from the Leases or from the Land and/or Improvements from time to time (collectively, the "Rents"), reserving to
Grantor, however, so long as no Event of Default has occurred, the right to receive and apply the Rents in accordance with the terms and conditions of Section 6 of this Deed of Trust; 

        F.     To
the extent assignable by Grantor, all claims, demands, judgments, insurance proceeds, refunds, reserves, deposits, rights of action, awards of damages, compensation,
settlements and other rights to the payment of money hereafter made resulting from or relating to (i) the taking of the Land or the Improvements or any part thereof under the power of eminent
domain, (ii) any damage (whether caused by such taking, by casualty or otherwise) to the Land, Improvements, Appurtenances or other Property or any part thereof, or (iii) the ownership
or operation of the Property; 

        G.    To
the extent assignable by Grantor, all management contracts, permits, certificates, licenses, approvals, contracts, purchase and sale agreements, purchase options,
entitlements, development rights and authorizations, however characterized, issued or in any way furnished for the acquisition, construction, development, operation and use of the Land, Improvements
and/or Leases, including building permits, environmental certificates, licenses, certificates of operation, warranties and guaranties; 

        H.    All
of the following types of collateral, as defined in the Uniform Commercial Code as in effect from time to time in the State of Illinois (the Illinois Uniform
Commercial Code being referred to as the "UCC", unless the context requires a reference to the Uniform Commercial Code in effect in another state):
accounts, contract rights, general intangibles, chattel paper, documents, instruments, inventory, goods, equipment, investment property, deposit accounts, letter of credit rights, commercial tort
claims, healthcare insurance receivables and all books and records relating to the foregoing; provided that Grantor will cooperate with Agent in obtaining "control" as defined in the UCC, with respect
to collateral consisting of deposit accounts, investment property, letter of credit rights and electronic chattel paper; 

        I.     Any
monies on deposit with or for the benefit of Agent, including deposits for the payment of real estate taxes, insurance premiums and any cash collateral account; 

        J.     All
proceeds, products, replacements, additions, substitutions, renewals and accessions of and to the Land, Improvements, Appurtenances or any other property of the types
described in the preceding granting clauses; and 

        K.    Any
and all after-acquired right, title or interest of Grantor in and to any property of the types described in the preceding granting clauses. 

        TO
HAVE AND TO HOLD the Property and all parts thereof together with the rents, issues, profits and proceeds thereof, unto Trustee to its own proper use, benefit, and advantage forever,
subject, however, to the terms, covenants, and conditions herein. 

        It
is the intention of Grantor and Agent that this Deed of Trust shall, for all purposes, be deemed to be a Real Property Deed of Trust within the meaning of Arizona Revised Statutes
("A.R.S.") §§ 33-801 through 33-821 (the "Arizona Deed of Trust
Act"). For purposes of the Arizona Deed of Trust Act, Grantor shall be the "Trustor," Agent shall be the "Beneficiary" and Chicago Title Insurance Company shall be the
"Trustee." Agent
and Trustee shall have all rights, benefits and remedies conferred upon beneficiaries and trustees respectively by the Arizona Deed of Trust Act. The Property, including without limitation, the Land,
Improvements, Appurtenances and Leases shall constitute "Trust Property" pursuant to A.R.S. §33-801. 

        Grantor
covenants and agrees with Agent as follows: 

        1.    Payment of Indebtedness; Performance of Obligations.    Grantor shall promptly pay when
due the Indebtedness and shall promptly perform all Obligations. 

        2.    Taxes and Other Obligations; Insurance and Condemnation Proceeds.    

        (a)   Grantor
shall pay or cause to be paid, when due, and before any interest, collection fees or penalties shall accrue, all Taxes in accordance with Section 7.3 of
the Loan Agreement. 

        (b)   Should
Grantor fail to make any of such payments, Agent may, at its option and at the expense of Grantor, pay the amounts due for the account of Grantor. Upon the
request of Agent, Grantor shall immediately furnish to Agent copies of all notices of amounts due and receipts evidencing payment. Grantor shall promptly notify Agent of any lien on all or any part of
the Property and shall promptly discharge any unpermitted lien or encumbrance. 

        (c)   Insurance
and condemnation proceeds shall be paid and applied in accordance with Section 3.2 and 3.3 of the Loan Agreement. 

        3.    Preservation and Maintenance of Property.    Grantor shall: (a) not commit waste
or permit impairment or deterioration of the Property; (b) not abandon the Property; (c) keep the Property (or cause the Property to be kept) in good repair and restore or repair
promptly, in a good and workmanlike manner, all or any part of the Property to the equivalent of its -original condition as of the date of this Deed of Trust, or such other condition as Agent may
approve in writing, upon any damage or loss thereto; (d) comply (or cause compliance) in all material respects with all laws, ordinances, regulations and requirements of any governmental body
applicable to the Property and (e) give notice in writing to Agent of and, unless otherwise directed in writing by Agent, appear in and defend any action or proceeding purporting to affect the
Property, the security granted by the Loan Documents or the rights or powers of Agent. Neither Grantor nor any tenant or other person shall remove, demolish or alter any Improvement on the Land except
when incident to the replacement of fixtures, equipment, machinery and appliances with items of like kind. 

        4.    Protection of Agent's and/or Lender's Security.    If (a) Grantor fails to pay
the Indebtedness or to perform the Obligations, (b) any action or proceeding is commenced which affects or could affect the Property or Trustee's or Lender's interest therein, including any
loss, damage, cost, expense or liability incurred by Trustee, Agent or Lender with respect to (i) any environmental matters relating to the Property or (ii) the preparation of the
commencement or defense of any action or proceeding or any threatened action or proceeding affecting the Loan Documents or the Property, then Agent, at Agent's option, may make such appearances,
disburse such sums and take such action as Agent deems necessary, in its sole discretion, to protect the Property or Agent's or Lender's interest therein, 

including
entry upon the Property to take such actions Agent determines appropriate to preserve, protect or restore the Property. Any amounts disbursed by Agent or Lender pursuant to this  Section 4
(including attorneys' fees, costs and expenses), together with interest thereon at the "Default
Rate" (defined in the Note) from the date of disbursement, shall become additional Indebtedness of Grantor secured by the lien of this Deed of Trust and the other Loan
Documents and shall be due and payable on demand. Nothing contained in this Section 4 shall require Agent or Lender to incur any expense or take
any action hereunder. 

        5.    Warranty of Title; Actions.    Except as disclosed in the exceptions to title in the
title policy approved by Agent issued by Chicago Title Insurance Company insuring the priority of this Deed of Trust, Grantor shall warrant, and hereby does warrant, that Grantor owns marketable and
fee simple title to the Property, free and clear of all liens and encumbrances. Grantor shall appear in and defend any claim or any action or other proceeding purporting to affect title or other
interests relating to any part of the Property, the security of this Deed of Trust or the rights of Agent or Lender, and give Agent prompt written notice of any such claim, action or proceeding. Agent
may, at the expense of Grantor, appear in and defend any such claim, action or proceeding and any claim, action or other proceeding asserted or brought against Agent or Lender in connection with or
relating to any part of the Property or this Deed of Trust or involving the priority, validity or enforceability of any Loan Document. 

        6.    Assignment of Rents.    

        (a)   To
facilitate the payment and performance of the Indebtedness and Obligations, Grantor absolutely and unconditionally assigns and transfers to Agent, for the benefit of
Agent and Lender, all of Grantor's right, title and interest in and to (i) the Leases, (ii) the Rents and the immediate and continuing right to collect and receive all of the Rents, and
(iii) any and all rights and claims of any kind that Grantor may have now or in the future against any present or future tenant (including Master Tenant), subtenant or occupant of the Property
(a "Tenant"). In furtherance of this assignment, and not in lieu thereof, promptly upon request by Agent, Grantor agrees to execute and deliver such
further assignments as Agent may from time to time require. 

        (b)   All
of the Rents and all proceeds payable under any policy of insurance covering loss of rents resulting from untenantability caused by damage to any part of the
Property, together with any and all rights that Grantor may have against any Tenant under the Leases or any subtenants or occupants of any part of the Property and any award made hereafter to Grantor
in any court proceedings involving any of the Tenants or in any bankruptcy, insolvency, or reorganization proceedings in any state or federal court, and all payments by Tenants in lieu of Rent, are
hereby absolutely and unconditionally assigned to Agent, for the benefit of Agent and Lender, to be applied by Agent in accordance with the terms of the Loan Agreement. It is understood and agreed by
the parties that this assignment of the Leases and Rents is intended to be and is a present, absolute, and unconditional assignment from Grantor to Agent, and not merely the passing of a security
interest, and shall, immediately upon execution, give Agent the right to collect the Rents and to apply them in payment of the Indebtedness. Such assignment and grant shall continue in effect until
the Indebtedness is paid in full. Subject to the provisions set forth herein and, so long as there shall not have occurred an Event of Default which is continuing, Grantor shall have a license,
without joinder of Agent, to enforce the Leases subject to the terms of the Loan Documents, and to collect the Rents as they come due (but not more than one (1) month in advance and excluding
any lease termination, cancellation or similar payments which Grantor agrees shall be held in trust and turned over to Agent to be applied to the Indebtedness in accordance with the terms of the Loan
Agreement) and to retain, use and enjoy the same. The Rents shall be held by Grantor in trust, to be applied first to the payment of all impositions, levies, taxes, assessments and other charges upon
the Property, second to maintenance of insurance policies upon the Property required hereby, third to the expenses of Property operations, including maintenance and repairs required hereby (other than
payment of fees to Affiliates of Grantor), fourth to the payment of that portion of the Indebtedness then due and payable, and fifth, the balance, if any, to or as directed by Grantor. Grantor shall
deliver such other Rents to Agent as are necessary for the payment of the Indebtedness as such sums become due. If an Event of Default has occurred, Grantor's right to collect 

and
secure the Rents shall cease and Agent shall have the sole right, with or without taking possession of the Property to collect all Rents. 

        (c)   Grantor
hereby irrevocably appoints Agent its true and lawful attorney-in-fact, with full power of substitution and with full power of
substitution and with full power for Agent in its own name and capacity or in the name and capacity of Grantor to demand and collect any and all Rents and to file any claim or take any other action or
proceeding and make any settlement regarding the Leases. All Tenants are hereby expressly authorized and directed to pay to Agent, or to such nominee as Agent may designate in a writing delivered to
such Tenants, all amounts due Grantor pursuant to the Leases. All Tenants are expressly relieved of all duty, liability or obligation to Grantor in respect of all payments so made to Agent or such
nominee. 

        (d)   After
an Event of Default, Agent may, at any time without notice, either in person, by agent or by a receiver appointed by a court, and without regard to the adequacy of
any security for the Indebtedness and the Obligations and without regard to solvency of Grantor: 

          (i)  Enter
upon, take possession of and manage the Property, or any part thereof, for the purpose of collecting the Rents in its own name sue for or otherwise collect the
Rents, including those past due and unpaid, and apply the same, less costs and expenses of operation and collection, including reasonable attorney's fees, upon the Indebtedness and in such order as
Agent may so determine; 

         (ii)  Dispossess
by the usual summary proceedings any Tenant defaulting in the payment thereof to Grantor, lease the Property or any party thereof, repair, restore, and
improve the Property; 

        (iii)  Apply
the Rent after payment of Property expenses as determined by Agent to the Indebtedness in accordance with the terms of the Loan Agreement; and 

        (iv)  Apply
to any court of competent jurisdiction for specific performance of this Deed of Trust, an injunction against the violation hereof and/or the appointment of a
receiver. 

        (e)   The
collection of Rents, or the entering upon and taking possession of the Property, or the application thereof as aforesaid, shall note cure or waive any Event of
Default or notice of an Event of Default hereunder or invalidate any act done in response to such Event of Default pr pursuant to such notice of an Event of Default. In the event Grantor, as lessor
under the Leases, shall fail to perform and fulfill in any material respect any material term, covenant, condition, or provision in the Leases, on its part to be performed or fulfilled, at the time
and in the manner in the Leases provided, or if the Grantor shall suffer or permit to occur any breach or default under the provisions of the Leases, or any of them, and such default shall give the
Tenant thereunder the right to terminate its Lease or otherwise shall continue for a period of thirty (30) days following the giving of written notice of such default to Grantor, then and in
any such event, such breach or default shall constitute an Event of Default. 

        (f)    In
the event Grantor fails to perform any Lease covenant, Agent may, at its option, upon prior notice to Grantor (except in the event of an emergency) perform any Lease
covenant for and on behalf of Grantor, and all monies expended in so doing shall be chargeable to Grantor and added to the Indebtedness and shall be immediately due and payable. 

        (g)   Grantor
hereby covenants and agrees as follows: 

          (i)  This
Deed of Trust transfers to Agent all of Grantor's right, title, and interest in any security deposits held by Grantor, provided that Grantor shall have the right
to retain and apply the security deposit so long as no Event of Default has occurred under this Deed of Trust or the Loan Documents. Agent shall have no obligation to any Tenant with respect to its
security deposit unless and until Agent comes into possession of the deposit. 

         (ii)  Agent
may assign its right, title and interest in the Leases, Rents and other Property, and any subsequent assignee shall have all of the rights and powers provided to
Agent by this Deed of Trust. 

        (iii)  Grantor
shall not without the prior written consent of Agent: (a) perform any act or execute any other instrument which might interfere with the exercise of
Agent's or Lender's rights hereunder; (b) execute any assignment, pledge or hypothecation of Rents or any of the Leases; or (c) suffer or permit any of the Leases to become subordinate
to any lien other than the lien of this Deed of Trust. 

        (h)   This
Deed of Trust shall not be deemed to impose upon Agent or Lender any of the obligations or duties of the landlord or Grantor provided in any Lease. Grantor hereby
acknowledges and agrees: (i) Grantor is and will remain liable under the Leases to the same extent as though this Deed of Trust had not been made; and (ii) Agent has not by this Deed of
Trust assumed any of the obligations of Grantor under the Leases, except as to such obligations which arise after such time as Agent shall have assumed actual ownership or control of the Property.
This Deed of Trust shall not make Agent responsible for the control, care, management, or repair of the Property or any personal property or for the carrying out of any of the terms of the Leases
unless and until Agent takes possession or actual control of the Property. Agent and Lender shall not be liable in any way for any injury or damage to person or property sustained by any person or
persons, firm, or corporation in or about the Property absent gross negligence or willful misconduct by such Person. 

        (i)    In
the event any Tenant should be the subject of any proceeding under the Federal Bankruptcy Code or any other federal, state, or local statute which provides for the
possible termination or rejection of any Lease, Grantor covenants and agrees no settlement for damages shall be made without the prior written consent of Agent, which consent shall not be unreasonably
withheld or delayed, and any check in payment of damages for rejection of any Lease will be made payable both to Grantor and Agent. Grantor hereby assigns any such payment to Agent and further
covenants and agrees that it will duly endorse to the order of Agent any such check. 

        (j)    After
an Event of Default, then, without notice to, or the consent of, Grantor, Agent shall be entitled to exercise all of the rights and remedies contained in this Deed
of Trust or in any other Loan Document or otherwise available at law or in equity including, without limitation, the right to do any one or more of the following: 

          (i)  To
enter upon, take possession of and manage the Property for the purpose of collecting the Rents; 

         (ii)  Dispossess
by the usual summary proceedings any Tenant defaulting in the payment thereof to Grantor; 

        (iii)  Lease
the Property or any part thereof; 

        (iv)  Repair,
restore, and improve the Property; 

         (v)  Apply
the Rents after payment of Property expenses as determined by Agent to the Indebtedness and the Obligations in such order as Agent may determine; and 

        (vi)  Apply
to any court of competent jurisdiction for specific performance of this Deed of Trust, an injunction against the violation hereof and/or the appointment of a
receiver. 

        (k)   Grantor
hereby agrees to indemnify Agent and Lender to hold Agent and Lender harmless from any liability, loss or damages including, without limitation, reasonable
attorney's fees, costs and expenses which may or might be incurred by Agent under the Leases or by reason of this Deed of Trust, and from any and all claims and demands which may be asserted against
Agent or Lender by reason of any term, covenant or agreement contained in any of the Leases, except for any such liability, loss or damage resulting solely from Agent's or Lender's gross negligence or
willful misconduct. 

        (l)    The assignment of Leases and Rents set forth in this Section 6 and the granting clauses of this Deed of Trust shall run with the land and be good and valid
against Grantor or those claiming by, under or through Grantor, from the date hereof and such assignment shall continue to be operative during the foreclosure or any other proceeding taken to enforce
this Deed of Trust. In the event of a sale or foreclosure which shall result in a deficiency, such assignment shall stand as security during the redemption period of the payment of such deficiency.
Agent shall be permitted, at its sole option, to exercise remedies under such assignment separately from remedies exercised against other portions of the Property. 

        7.    Statements by Grantor.    Grantor shall within ten (10) days after Agent's
request, furnish Agent with a written statement, duly acknowledged, setting forth the sums, according to Grantor's books and records, secured by the Loan Documents and any right of
set-off, counterclaim or other defense which exists against such sums and the Obligations. 

        8.    No Additional Liens, Encumbrances or Indebtedness.    Grantor covenants not to execute
any mortgage, deed of trust, security agreement, assignment of leases and rents or other agreement granting a lien (except the liens granted to Agent by the Loan Documents) against or encumbrance on
the Property or take or fail to take any other action which would result in a lien against the Property or the interest of Grantor (or Guarantor) in the Property without the prior written consent of
Agent; provided, however, Grantor may in good faith, by appropriate proceeding, contest the validity or amount of any asserted lien in accordance with the terms of the Loan Agreement and pending such
contest, Grantor shall not be deemed to be in default hereunder. 

        9.    Grantor and Lien Not Released.    Without affecting the liability of Grantor for any of
the Indebtedness or the Obligations, or any other person liable for the payment of the Indebtedness or the performance of any Obligations, and without affecting the lien or charge of this Deed of
Trust as security for the payment of the Indebtedness, Agent may, from time to time and without notice to any junior lien holder or holder of any right or other interest in and to the Property:
(a) release any person liable for payment of all or any portion of the Indebtedness or performance of the Obligations; (b) waive or modify any provision of this Deed of Trust or the
other Loan Documents or grant other indulgences; (c) release all or any part of the Property; (d) take additional security for any obligation herein mentioned; (e) subordinate the
lien or charge of this Deed of Trust; (f) consent to the granting of any easement; or (g) consent to any map, plat or plan of the Property. 

        10.    Uniform Commercial Code Security Agreement.    

        (a)   This
Deed of Trust shall cover, and the Property shall include, all property now or hereafter affixed or attached to the Land, which to the fullest extent permitted by
law, shall be deemed fixtures and a part of the Land. In addition, this Deed of Trust shall constitute a security agreement pursuant to the UCC for any portion of the Property which, under applicable
law, may be subject to a security interest pursuant to the UCC (such portion of the Property is hereinafter called the "Personal Property") and Grantor
hereby grants to Agent, for the benefit of Agent and Lender, a security interest in the Personal Property. Agent shall have all of the rights and remedies of a secured party under the UCC as well as
all other rights and remedies available at law or in equity. 

        (b)   Grantor
hereby authorizes Agent to file any financing statements, as well as extensions, renewals and amendments thereof, and reproductions of this Deed of Trust, all in
such form as Agent may require to perfect a security interest with respect to the Personal Property. Grantor hereby authorizes and empowers Agent and irrevocably appoints Agent its agent and
attorney-in-fact to execute and file, on Grantor's behalf, all financing statements and refilings and continuations thereof as Agent deems necessary or advisable to create,
preserve and protect such lien. Grantor shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and
expenses of any record searches for financing statements as Agent may reasonably require. 

        (c)   Grantor
shall not, without the prior written consent of Agent, sell, assign, transfer, encumber, remove or permit to be removed from the Property any of the Personal
Property. So long as no Event 

of
Default exists, Grantor may sell or otherwise dispose of the Personal Property when obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Property, but only
upon replacing the same with other Personal Property at least equal in value and utility to the disposed Personal Property. Any replacement or substituted Personal Property shall be subject to the
security interest granted herein. 

        (d)   To
the extent permitted by law, Grantor, Lender and Agent agree that with respect to all items of Personal Property which are or will become fixtures on the Land, this
Deed of Trust, upon recording or registration in the real estate records of the proper office, shall constitute a "fixture filing" within the meaning of the UCC, generally, and specifically under
A.R.S. §§ 47-9334 and 47-9502.B and C of the UCC, as amended or recodified from time to time. 

        (e)   After
an Event of Default, Agent may exercise in respect of the Personal Property, in addition to all other rights and remedies provided for herein or otherwise
available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Personal Property) and also may: (i) require Grantor to,
and Grantor hereby agrees that it will, at its expense and upon request of Agent, forthwith assemble all or part of the Personal Property as directed by Agent and make it available to Agent at any
reasonable place or places designated by Agent; and (ii) without notice except as specified below, sell, lease or otherwise dispose of the Personal Property or any part thereof in one or more
parcels at public or private sale, and without the necessity of gathering at the place of sale of the property to be sold, at any of Agent's offices or elsewhere, at such time or times, for cash, on
credit or for future delivery, and at such price or prices and upon such other terms as Agent may deem commercially reasonable. 

        (f)    Grantor
agrees that, to the extent notice of sale shall be required by law, a reasonable authenticated notification of disposition shall be a notification given at least
ten (10) days prior to any such sale and such notice shall (i) describe Agent and Grantor, (ii) describe the Personal Property that is the subject of the intended disposition,
(iii) state the method of intended disposition, (iv) state that Grantor is entitled to an accounting of the Indebtedness and stating the charge, if any, for an accounting, and
(v) state the time and place of any public disposition or the time after which any private sale is to be made. Notwithstanding the foregoing, to the contrary, no notification need be given to
Grantor if it has authenticated after default a statement renouncing or modifying any right to notification of sale or other intended disposition. At any sale of the Personal Property, if permitted by
law, Agent may bid (which bid may be, in whole or in part, in the form of cancellation of indebtedness) for the purchase, lease, license or other disposition of the Personal Property or any portion
thereof for the account of Agent. Agent shall not be obligated to make any sale of Personal Property regardless of notice of sale having been given. Agent may disclaim any warranties that might arise
in connection with the sale, lease, license or other disposition of the Personal Property and have no obligation to provide any warranties at such time. Agent may adjourn any public or private sale
from time to time by announcement at the time and place fixed therefore, and such sale may, without further notice, be made at the time and place to which it was so adjourned. To the extent permitted
by law, Grantor hereby specifically waives all rights of redemption, stay or appraisal which it has or may have under any applicable law now existing or hereafter enacted. 

        (g)   After
an Event of Default, Agent or its agents or attorneys shall have the right without further notice or demand or legal process (unless the same shall be required by
applicable law), personally, or by its agents or attorneys, (i) to enter upon, occupy and use any premises owned or leased by Grantor or where the Personal Property is located (or is believed
to be located) for so long as such entry, occupancy and use is necessary, without any obligation to pay rent to Grantor, to render the Personal Property useable or saleable and to remove the Personal
Property or any part thereof therefrom to the premises of Agent or any agent of Agent for such time as Agent may desire in order to effectively collect or liquidate the Personal Property and use in
connection with such removal any and all services, supplies and other facilities of Grantor; (ii) to make copies of and have access to Grantor's original books and records, to obtain access to
Grantor's data processing equipment, computer hardware and software relating to the Personal Property and to use all of the foregoing and the information contained therein in any manner Agent deems
appropriate; and (iii) to notify postal authorities to 

change
the address for delivery of Grantor's mail to an address designated by Agent and to receive, open and dispose of all mail addressed to Grantor. 

        11.    Events of Default; Acceleration of Indebtedness.    The occurrence of any one or more
of the following events shall constitute an "Event of Default" under this Deed of Trust: 

        (a)   failure
of Borrower Parties to pay, within five (5) days after the due date, any of the Indebtedness, including any payment due under the Note, or Borrower
Parties' failure to pay the Loan at the Maturity Date, whether by acceleration or otherwise; or 

        (b)   failure
of Grantor to strictly comply with Section 8 (no additional liens) 6(f)(iii) (no interference with
Agent's liens on Leases and Rents) of this Deed of Trust; or 

        (c)   failure
of Borrower Parties to satisfy each and every Obligation not set forth in subsection (b) above, and the continuance of such failure for ten
(10) days after notice by Agent to Borrower Parties; provided, however, Borrower Parties shall have an additional thirty (30) days to cure such failure if (a) such Obligation
cannot by its nature reasonably be cured within ten (10) days; (b) such failure does not involve the failure to make payments on a monetary obligation; (c) if Borrower Parties
commence to cure such failure promptly after written notice thereof and thereafter diligently pursues the curing thereof, and (d) Borrower Parties provide Agent with security reasonably
satisfactory to Agent against any interruption of payment or impairment of collateral as a result of such continuing failure, Borrower Parties shall not be in default hereunder during such additional
thirty (30) day period of diligent curing; 

        (d)   Grantor
changes the state of its formation or its name without providing Agent thirty (30) days prior written notice; 

        (e)   the
occurrence of an Event of Default (as such term is defined in the applicable Loan Document) under any other Loan Document; or 

        (f)    any
default under, or termination of, the Master Lease. 

Upon
the occurrence of an Event of Default, at the option of Agent, the Indebtedness shall become immediately due and payable without notice to Grantor and Agent shall be entitled to all of the rights
and remedies provided in the Loan Documents or at law or in equity. Each remedy provided in the Loan Documents is distinct and cumulative to all other rights or remedies under the Loan Documents or
afforded by law or equity, and may be exercised concurrently, independently, or successively, in any order whatsoever. 

        12.    Entry; Certain Remedies; Foreclosure.    

        (a)   Upon
the occurrence of an Event of Default, Grantor, upon demand of Agent or Trustee, shall forthwith surrender to Agent the actual possession of the Property, or to the
extent permitted by law, Agent or a receiver appointed by a court of competent jurisdiction, may enter and take possession of all or any part of the Property, and may exclude Grantor and its agents
and employees wholly therefrom, and may have joint access with Grantor to the books, papers and accounts of Grantor. If Grantor shall for any reason fail to surrender or deliver the Property or any
part thereof after such demand by Agent, Agent or such receiver may obtain a judgment or decree conferring on Agent or such receiver, the right to immediate possession of the Property or requiring the
delivery of the Property to Agent or such receiver, and Grantor specifically consents to the entry of such judgment or decree. Upon every such entering upon or taking of possession, Agent or such
receiver may hold, store, use, operate, manage and control the Property and conduct the business thereof, and Agent or such receiver may take any action required by applicable law or which Agent or
such receiver believes necessary to enforce compliance with the environmental provisions contained herein or in the other Loan Documents, and negotiate with governmental authorities with respect to
the Property's environmental compliance and remedial measures in connection therewith. Agent and such receiver and their representatives shall have no liability for any loss, damage, injury, cost or
expense resulting from any action or omission which was taken or omitted in good faith. Neither the appointment of a receiver for the Property by any court at the request of Agent or by agreement with
Grantor nor the 

entering
into possession of all or any of the Property by such receiver shall constitute Agent a "mortgagee in possession" or otherwise make Agent responsible or liable in any manner with respect to
the Property or the occupancy, operation or use thereof. Grantor agrees that Agent shall have the absolute and unconditional right to the appointment of a receiver in any independent and/or separate
action brought by Agent regardless of whether Agent seeks any relief in such action other than the appointment of a receiver. 

        (b)   When
the Indebtedness or any part thereof shall become due, whether by acceleration or otherwise, Agent may, either with or without entry or taking possession as herein
provided or otherwise, proceed by suit or suits at law or in equity or by any other appropriate proceeding or remedy to: (i) enforce payment of the Note or the performance of any term,
covenant, condition or agreement of Grantor under any of the Loan Documents; (ii) cause the lien hereof to be foreclosed in the manner described below; (iii) exercise its rights under  Section 10 with respect to all or any portion of the Personal Property in accordance with the provisions of the UCC; provided Agent shall have no
obligation to clean up or otherwise prepare such Personal Property for sale nor marshal any Personal Property in favor of Grantor or any other secured party; and/or (iv) pursue any other right
or remedy available to it hereunder, or under or by the law and decisions of the State in which the Land is located. All rights, powers and remedies granted Agent herein, or otherwise available to
Agent, are for the sole benefit and protection of Agent, and Agent may exercise any such right, power or remedy at its option and in its sole and absolute discretion without any obligation to do so.
In addition, if, under the terms hereof, Agent is given two or more alternative courses of action, Agent may elect any alternative or combination of alternatives, at its option and in its sole and
absolute discretion. Agent may comply with any applicable state or federal law requirements in connection with a disposition of the Personal Property and compliance will not be considered adversely to
affect the commercial reasonableness of any sale of the Personal Property. Notwithstanding any statute or rule of law to the contrary, the failure to join any tenant or tenants of the Property as
party defendant or defendants in any foreclosure action or the failure of any such order or judgment to foreclose their rights shall not be asserted by Grantor as a defense in any civil action
instituted to collect (A) the Indebtedness, or any part thereof or (B) any deficiency remaining unpaid after foreclosure and sale of the Property. To the extent a notice of sale shall be
required by law for the sale or disposition of the Personal Property, a reasonable authenticated notification of disposition shall be notification given at least ten (10) days prior to any such
sale, provided however, that no notification need be given to Grantor if it has authenticated after default a statement renouncing or modifying any right to notification of sale or other intended
disposition. 

        (c)   In
furtherance and not in limitation of the foregoing, upon the occurrence of an Event of Default: 

          (i)  Agent
may give such notice of default and of election to cause the Property to be sold as may be required by law or as may be necessary to cause Trustee to exercise the
power of sale granted herein. Trustee shall then record and give such notice of trustee's sale as then required by law and, after the expiration of such time as may be required by law, may sell the
Property at the time and place specified in the notice of sale, as a whole or in separate parcels as directed by Agent, or by Grantor to the extent required by law, at public auction to the highest
bidder for cash in lawful money of the United States, payable at time of sale, all in accordance with applicable law. Trustee, from time to time, may postpone or continue the sale of all or any
portion of the Property by public declaration at the time and place last appointed for the sale. No other notice of the postponed sale shall be required except as required by applicable law. Upon any
sale, Trustee shall deliver its deed conveying the property sold, without any covenant or warranty, express or implied, to the purchaser or purchasers at the sale. The recitals in such deed of any
matters or facts shall be conclusive as to the accuracy thereof. Any person, including Agent, Trustee or Grantor, may purchase at the sale. 

         (ii)  Agent
may commence proceedings for foreclosure of this Deed of Trust in the manner provided by law for the foreclosure of a real property mortgage. 

        (iii)  In
any foreclosure proceeding, Grantor agrees that all property of every nature and description, whether real or personal, covered by this Deed of Trust, together with
all personal property used on or in connection with the Property or any business conducted thereon by Grantor and covered by separate security agreements, is encumbered as one unit, that this Deed of
Trust and such security interests, at Agent's option, may be foreclosed or sold in the same proceeding, and that all property encumbered (both realty and personalty), at Agent's option, may be sold as
such in one unit, subject to the provisions of applicable law. 

        (d)   Upon
the completion of any foreclosure or trustee's sale of all or a portion of the Property, Agent may commence an action to recover any of the Indebtedness and
Obligations that remains unpaid or unsatisfied. For purposes of this Deed of Trust the Indebtedness and Obligations shall be deemed to be paid or satisfied only to the extent that Agent actually
receives immediately available funds, to the extent of any credit bid by Agent at any foreclosure or trustee's sale of any of the Property, or to the extent agreed in writing by Agent. In any action
by Agent to recover a deficiency judgment for any balance due under the Note upon the foreclosure of this Deed of Trust or in any action to recover the Obligations secured hereby, and as a material
inducement to making the Loan evidenced by the Note, Grantor acknowledges and agrees that the successful bid amount made at any judicial or non-judicial foreclosure sale, if any, shall be
conclusively deemed to constitute the fair market value of the Property, that such bid amount shall be binding against Grantor in any proceeding seeking to determine or contest the fair market value
of the Property and that such bid amount shall be the preferred alternative means of determining and establishing the fair market value of the Property. Grantor hereby waives and relinquishes any
right to have the fair market value of the Property determined by a judge or jury in any action seeking a deficiency judgment or any action on the Obligations secured hereby, including, without
limitation, a hearing to determine fair market value pursuant to A.R.S., §§ 12-1566, 33-814, 33-725 or 33-727. 

        13.    Appointment of Receiver or Mortgagee in Possession.    If an Event of Default is
continuing or if Agent shall have accelerated the Indebtedness, Trustee, upon application to a court of competent jurisdiction, shall be entitled as a matter of strict right, without notice, and
without regard to the occupancy or value of any security for the Indebtedness or the insolvency of any party bound for its payment, to the appointment, at its option, of itself as mortgagee in
possession, or of a receiver to take possession of and to operate the Property, and to collect and apply the Rents. 

        14.    Expenditures and Expenses.    In any action to foreclose the lien hereof or otherwise
enforce Trustee's, Agent's or Lender's rights and remedies hereunder, there shall be allowed and included as additional Indebtedness all costs and expenses which may be paid or incurred by or on
behalf of Trustee, Agent or Lender, including without limitation, the costs of collection, enforcement, retaining, holding,
preparing for disposition, processing and disposing of the Personal Property, appraiser's fees, outlays for documentary and expert evidence, stenographic changes, publication costs and costs (which
may be estimated as the items to be expended after the entry of the decree) of procuring all such abstracts of title, title searches and examination, UCC record searches, title insurance policies, and
similar data and assurance with respect to title as Agent may deem to be reasonably necessary either to prosecute any foreclosure action or to evidence to the bidder at any sale pursuant thereto the
true condition of the title to or the value of the Property. All such costs and expenses, together with such other costs and expenses as may be incurred by Trustee, Agent or Lender in the protection
of the Property, maintenance of the lien of this Deed of Trust or in any workout or restructuring of the Loan including, attorneys' fees and costs in any negotiation, litigation or other proceeding
affecting this Deed of Trust, the Note, the other Loan Documents, the Property or the Personal Property, including probate, appellate, and bankruptcy proceedings and any post-judgment
proceedings to collect or enforce any judgment or order relating to this Deed of Trust or the other Loan Documents or in preparation for the commencement or defense of any action or proceeding or
threatened action or proceeding, shall be immediately due and payable to Agent, with interest thereon at the Default Rate, and shall be secured by this Deed of Trust. 

        15.    Application of Proceeds of Foreclosure Sale.    Unless otherwise required by applicable
law, the proceeds of any foreclosure sale of the Property shall be distributed and applied in the order of priority 

set
forth in the Note with the excess, if any, being applied, to any party entitled thereto as their rights may appear. Only with respect to the Personal Property and only to the extent required by
law, including A.R.S. § 47-9615 of the UCC (or any other then-applicable provision of the UCC), shall it be necessary for Agent to account for any surplus to
Grantor. To the extent permitted by applicable law, Grantor waives all claims, damages, and demands against Agent arising out of the disposition, repossession or retention of the Property. 

        16.    Future Advances.    This Deed of Trust is given to secure not only the existing
Indebtedness and Obligations, but also future advances (whether such advances are obligatory or are made at the option of Lender or Agent, or otherwise) made by Agent or Lender under the Loan
Agreement, the Note, this Deed of Trust or any of the other Loan Documents, to the same extent as if such future advances were made on the date of the execution of this Deed of Trust. It is the intent
hereof to secure payment of the Indebtedness whether the entire amount shall have been advanced to Borrower Parties at the date hereof, or at a later date, and to secure any other amount or amounts
that may be added to the Indebtedness or Obligations. The total amount of the Indebtedness and Obligations secured hereby may decrease or increase from time to time, but the total unpaid balance so
secured at any one time shall not exceed five (5) times the aggregate face amount of the Note in principal plus interest thereon and any disbursements made for the payment of taxes, levies, or
insurance on the Property with interest thereon. This Deed of Trust shall secure any and all additional or further monies which may be advanced by Lender or Agent to Borrower Parties after the date
hereof, which future advances of money, if made, may be evidenced by a note or notes executed by one or more Borrower Parties to Lender and Agent bearing such rate of interest and with such maturities
as shall be determined from time to time. Nothing herein contained shall be deemed an obligation on the part of Lender or Agent to make any future advances. 

        17.    Waiver of Statute of Limitations.    Grantor hereby waives the right to assert any
statute of limitations as a bar to the enforcement of the lien created by any of the Loan Documents or to any action brought to enforce the Note or any other obligation secured by any of the Loan
Documents. 

        18.    Waiver of Homestead and Redemption; Other Waivers and Agreements.    Grantor hereby
waives all right of homestead exemption in the Property. Grantor hereby waives all right of redemption on behalf of Grantor and on behalf of all other persons acquiring any interest or title in the
Property subsequent to the date of this Deed of Trust, except decree or judgment creditors of Grantor. 

        In
the event Grantor is deemed to have signed this Deed of Trust as a surety or accommodation party, or to have subjected its property to this Deed of Trust to secure the indebtedness of
another, to the extent permitted by applicable law, Grantor hereby expressly waives the benefits of any statutory provision limiting the liability of a surety, including without limitation, the
provisions of A.R.S. §§ 12-1641, et seq. and Rule 17(f) of the Arizona Rules of Civil Procedures, and any
defense arising by reason of any disability or other defense of Grantor or by reason of the cessation from any cause whatsoever of the liability of Grantor. 

        Grantor
further waives and agrees not to assert: (i) any right to require Agent to proceed against any guarantor, to proceed against or exhaust any other security for the
Indebtedness and Obligations secured hereby, to pursue any other remedy available to Agent, or to pursue any remedy in any particular order or manner; (ii) the benefits of any legal or
equitable doctrine or principle of marshalling; (iii) demand, diligence, presentment for payment, protest and demand, and notice of extension, dishonor, protest, demand and nonpayment, relating
to the indebtedness secured hereby; and (iv) any benefit of, and any right to participate in, any other security now or hereafter held by Agent. 

        Grantor
further agrees that at any time or from time to time, without liability therefor and without notice, without affecting personal liability of any person for the payment of the
indebtedness secured hereby, and without affecting the lien of this Deed of Trust upon the Property for the full amount of all amounts secured hereby, Agent, or Trustee at the direction of Agent, may
(i) reconvey all or any part of the Property, (ii) consent to the making of any map of plat thereof; (iii) join in granting any easement thereon or in creating any covenants or
conditions restricting use or occupancy thereof, or (iv) join in any extension agreement or in any agreement subordinating the lien or charge hereof. 

        19.    Governing Law; Severability.    This Deed of Trust shall be governed by and construed
in accordance with the internal laws of the State of Illinois except that the provisions of the laws of the jurisdiction in which the Land is located shall be applicable to the creation, perfection
and enforcement of the lien created by this Deed of Trust (excluding, however, the creation, attachment and grant of the security interest in Personal Property which shall be governed by the Illinois
UCC). The invalidity, illegality or
unenforceability of any provision of this Deed of Trust shall not affect or impair the validity, legality or enforceability of the remainder of this Deed of Trust, and to this end, the provisions of
this Deed of Trust are declared to be severable. 

        20.    Notice.    Notices shall be given under this Deed of Trust in conformity with the terms
and conditions of the Loan Agreement and in conformity with applicable law. 

        21.    Successors and Assigns Bound; Joint and Several Liability; Agents; Captions.    The
covenants and agreements contained in the Loan Documents shall bind, and the rights thereunder shall inure to, the respective successors and assigns of Agent, Lender and Grantor, subject to the
transfer restrictions set forth in the Loan Agreement. All covenants and agreements of Grantor and Borrower Parties shall be joint and several. In exercising any rights under the Loan Documents or
taking any actions provided for therein, Agent may act through its employees, agents or independent contractors as authorized by Agent. The captions and headings of the paragraphs of this Deed of
Trust are for convenience only and are not to be used to interpret or define the provisions hereof. 

        22.    Release.    Upon payment in full of all Indebtedness and the performance of all
Obligations or release of the Property pursuant to Section 2.10 of the Loan Agreement, Agent shall release this Deed of Trust. In such event, Agent shall, at the request of Grantor, deliver to
Grantor in recordable form, all such documents as shall be necessary to release the Property from the liens, security interests, conveyances, and assignments created or evidenced by this Deed of
Trust. The recitals in such reconveyance of any matters or facts shall be conclusive as to the accuracy thereof. The grantee in such reconveyance may be described as "the person or persons legally
entitled thereto". Grantor shall pay Agent's reasonable costs incurred in releasing or assigning this Deed of Trust and in preparing and filing any terminations or assignments of financing statements
related thereto, as a condition to Agent's obligation to deliver the same. 

        23.    Loss of Note.    Upon notice from Agent of the loss, theft, or destruction of the Note
(or any of them) and upon receipt of an affidavit of lost note and an indemnity reasonably satisfactory to Grantor from Agent, or in the case of mutilation of the Note (or any of them), upon surrender
of the mutilated Note, Grantor shall make and deliver a new note of like tenor in lieu of the then to be superseded Note (or any of them). Any one or more of the financial institutions which are or
become a party to the Loan Agreement as Lenders may from time to time be replaced and, accordingly, one or more of the Notes may from time to time be replaced, provided that the terms of the Notes
following such replacement, including the principal amount evidenced thereby, shall remain the same. As the indebtedness secured by this Deed of Trust shall remain the same, such replacement of the
Notes shall not be construed as a novation and shall not affect, diminish or abrogate Grantor's liability under this Deed of Trust or the priority of this Deed of Trust. 

        24.    Further Assurances.    Grantor agrees to execute any further documents, and to take any
further actions reasonably requested by Agent to evidence or perfect the security interests granted herein, to maintain the first priority of the security interests, and to effectuate the rights
specifically granted to Agent and Lender hereunder. 

        25.    Subrogation.    Agent is hereby subrogated (a) to the lien(s) of each and every
mortgage, deed of trust, lien or other encumbrance on all or any part of the Property which is fully or partially paid or satisfied out of the proceeds of the Indebtedness, and (b) to the
rights of the owner(s) and holder(s) of any such mortgage, deed of trust, lien or other encumbrance. The respective rights under and priorities of all such mortgages, deeds of trust, liens or other
encumbrances shall be preserved and shall pass to and be held by Agent as additional security for the Indebtedness, to the same extent as if such rights and priorities had been duly assigned by
separate instrument of assignment and notwithstanding that the same may have been cancelled and satisfied of record. Notwithstanding the foregoing, Agent agrees 

that
only the terms and provisions set forth in this Deed of Trust and the other Loan Documents shall govern and control Grantor's rights and obligations hereunder and thereunder. 

        26.    Time of Essence.    Time is of the essence of this Deed of Trust and the performance of
each of the covenants and agreement contained herein. 

        27.    Venue.    GRANTOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE COUNTY OF COOK, STATE OF ILLINOIS AND IRREVOCABLY AGREES THAT, SUBJECT TO AGENTS ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS DEED OF TRUST SHALL BE
LITIGATED IN SUCH COURTS. GRANTOR EXPRESSLY SUBMITS AND CONSENTS TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS. GRANTOR HEREBY WAIVES PERSONAL SERVICE OF
ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON GRANTOR BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO GRANTOR, AT THE ADDRESS SET FORTH IN
THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. 

        28.    Jury Trial Waiver.    GRANTOR, AND AGENT AND LENDER BY THEIR ACCEPTANCE OF THIS DEED OF
TRUST, HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS DEED OF TRUST AND THE BUSINESS RELATIONSHIP THAT IS
BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY GRANTOR, LENDER AND AGENT, AND GRANTOR ACKNOWLEDGES THAT NEITHER AGENT NOR LENDER, NOR ANY PERSON ACTING ON BEHALF OF
AGENT OR LENDER, HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. GRANTOR, LENDER AND AGENT
ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH OF THEM HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS DEED OF TRUST AND THAT EACH OF
THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. GRANTOR, LENDER AND AGENT FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR HAVE HAD
THE OPPORTUNITY TO BE REPRESENTED) IN THE SIGNING OF THIS DEED OF TRUST AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT LEGAL COUNSEL. 

        29.    Tenants' Financial Statements.    Grantor shall deliver to Agent, promptly upon its
receipt thereof, any and all financial statements and other reports, notices or documents delivered to Grantor by Tenants. 

        30.    Acceptance of Trust.    Trustee hereby accepts the trust created by this Deed of Trust,
upon the terms and subject to the conditions set forth herein, including the following: 

        (a)   Trustee
assumes no responsibility for and makes no warranties whatsoever as to (i) the description, identification or value of any or all of the Property,
(ii) the validity of Loan Documents, (iii) Grantor's present or future financial condition, or (iv) the validity or collectibility of the Note. 

        (b)   Trustee
(i) may exercise Trustee's powers and perform Trustee's duties hereunder by or through such attorneys or agents and servants as they shall appoint, and
(ii) shall not be answerable or liable (1) for the acts, negligence or default of any such attorney, agent or servant which they may so appoint, so long as they select them with
reasonable care, or (2) for any act or omission of Lender, or (3) for any other cause arising under this Deed of Trust or otherwise, except for Trustee's own willful misconduct. 

        (c)   Trustee,
in Trustee's discretion may consult with legal counsel to be selected and employed by them, and Trustee shall incur no liability to Grantor, Agent or any other
person by reason of anything 

done,
suffered to be done or omitted to be done by Trustee in accordance with the opinion of such counsel. 

        (d)   Trustee
shall not be under any obligation to sell any or all of the Property upon a default hereunder, or to take any other action authorized to be taken by Trustee in
the event of any default hereunder, except upon the written demand of Agent furnishing security or indemnity satisfactory to Trustee against costs, expenses, and liabilities incurred or which may be
incurred in selling the Property or taking such other action authorized to be taken by Trustee hereunder. 

        31.    Remedies Regarding Assignment of Rents.    In addition to, and not in limitation of,
any other remedy provided in or available under this instrument, during an Event of Default, Agent and Lenders shall have all the rights set forth in A.R.S. § 33-702B (as
amended, supplemented or supplanted) regarding enforcement of the assignment of rents contained herein. 

        32.    Realty Mortgage.    If this Deed of Trust should be or become ineffective as a deed of
trust, then this Deed of Trust shall be construed and enforced as a realty mortgage. 

        33.    Provisions Regarding Trustee.    

        (a)   Trustee
shall be entitled to reasonable compensation for all services rendered or expenses incurred in the administration or execution of the trusts hereby created and
Grantor hereby agrees to pay same, subject to all legal limitations. Trustee shall be indemnified, held harmless and reimbursed by Grantor for any liability, damage or expense, including attorneys'
fees and amounts paid in settlement, which Trustee may incur or sustain in the execution of this Deed of Trust or in the doing of any act which Trustee is required or permitted to do by the terms
hereof or by law. 

        (b)   Agent
may substitute Trustee hereunder from time to time by instrument in writing in any manner now or hereafter provided by law. Such writing shall be conclusive proof
of proper substitution of such successor Trustee or Trustees, who shall thereupon and without conveyance from the predecessor Trustee, succeed to all its title, estate, rights, powers and duties. 

        (c)   The
acceptance by Trustee of this trust shall be evidenced when this Deed of Trust, duly executed and acknowledged, is made a public record as provided by law. 

        (d)   The
trust created hereby is irrevocable by Grantor. 

        34.    No Merger.    No obligation of Grantor to pay fees or costs or to indemnify Lender
shall merge into any final judgment of foreclosure, it being the intent of the parties that such obligations shall survive foreclosure. 

        35.    Entire Agreement.    This Deed of Trust constitutes the entire agreement of the parties
with respect to the matters discussed herein. This Deed of Trust cannot be changed except by agreement, in writing, signed by Grantor and Agent. 

        36.    Limitation on Interest.    Grantor agrees to pay an effective rate of interest equal to
the rate stated in the documents evidencing the Indebtedness plus any additional rate, if any, resulting from any charge or fee in the nature of interest paid or to be paid by Grantor in connection
with the Indebtedness, or any benefit received or to be received by Agent, Lender or Trustee in connection with the Indebtedness. 

        37.    Community Facilities District.    Without obtaining the prior written consent of Agent,
Grantor shall not consent to, or vote in favor of, the inclusion of all or any part of the Property in any Community Facilities District formed pursuant to the Community Facilities District Act,
§§ 48-701, et seq., as amended from time to time. Grantor shall immediately give notice to Agent of any notification
or advice that Grantor may receive from any municipality or other third party of any intent or proposal to include all or any part of the Property in a Community Facilities District. Agent shall have
the right to file a written objection to the inclusion of all or any part of the Property in a Community Facilities District, either in its own name or in the name of Grantor, and to appear at,
and participate in, any hearing with respect to the formation of any such district. 

[Signatures appear on the following page.]

        IN WITNESS WHEREOF, Grantor has executed this Deed of Trust or has caused the same to be executed by its duly authorized representatives as of the date first above written 

	 	 	GRANTOR:
	

 	
 	

[NAME OF GRANTOR]

a Nevada limited liability company
	

 	
 	

By:	
 	

The Ensign Group, Inc., a Delaware corporation, its [MEMBER TYPE] member
	

 	
 	

 	
 	

By:	

/s/  GREGORY K. STAPLEY      

	 	 	 	 	Name:	Gregory K. Stapley
	 	 	 	 	Its:	[TITLE]
	

 	
 	
AGENT:
	

 	
 	

GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Agent
	

 	
 	

By:	
 	

/s/  JIM MCMAHON      

	 	 	Name:	 	Jim McMahon

	 	 	Title:	 	Duly Authorized Signatory

(Signature
Page to Deed of Trust ([NAME OF FACILITY], AZ)) 

	STATE OF CALIFORNIA	 	 
	

COUNTY OF ORANGE	
 	

  

Title of Document: Acknowledgment Certificate

        On
June 27, 2006, before me, YOLANDA VILLEGAS STAFF, a Notary Public in and for the above county, personally appeared GREGORY K. STAPLEY personally known to me, whose name is
subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument the person or the entity upon behalf of
which the person acted, executed the instrument. 

        WITNESS
my hand and seal. 

	My Commission Expires:	May 27, 2009
	 	/s/  YOLANDA VILLEGAS STAFF      
 NOTARY SIGNATURE
	

NOTARY SEAL	
 	

YOLANDA VILLEGAS STAFF

Commission # 1562875

Notary Public—California

San Mateo County

My Comm. Expires May 27, 2009

ACKNOWLEDGMENT  

	STATE OF IL	)	 
	 	)	SS
	COUNTY OF Cook	)	 

        On
this 28 of June, 2006, before me, the undersigned officer, personally appeared Jim McMahon, personally known to me, or proved to me on the basis of satisfactory evidence, and who
acknowledged that he is the VP of GENERAL ELECTRIC CAPITAL CORPORATION, and that as such officer, being duly authorized to do so pursuant to the company's bylaws or a resolution of its board of
directors, executed, subscribed and acknowledged the foregoing instrument for the purposes therein contained, by signing the name of the company by himself in his authorized capacity as such officer,
as his free and voluntary act and deed and the free and voluntary act and deed of the company. 

        IN
WITNESS WHEREOF, I hereunto set my hand and official seal. 

	[NOTARIAL SEAL]	 	/s/  CATHERINE M CARELLA      
 Notary Public
	

OFFICIAL SEAL	
 	

My Commission Expires:
	CATHERINE M CARELLA	 	 
	Notary Public—State of Illinois

My Commission Expires Jun 15, 2009	 	June 15, 2009

EXHIBIT A  

Legal Description  

DISCLOSURE PURSUANT TO

A.R.S. § 33-404  

        The following information is provided pursuant to A.R.S. § 33-404: 

        The
beneficiary under this Deed of Trust is acting pursuant to the authority granted to it under that certain Loan Agreement dated of even date herewith executed by and among Borrower
Parties and General Electric Capital Corporation, a Delaware corporation, and the other financial institutions who hereafter become parties to the Loan Agreement, for the benefit of the following, as
the Lenders. 

General
Electric Capital Corporation

2 Bethesda Metro Center, Suite 600, Bethesda, MD, 20814 

SCHEDULE OF MATERIAL DIFFERENCES  

	Name of Facility
 
	 	Name of Grantor
	 	Original Deed

of Trust Date
	 	Date of

Recording
	 	Original

Document Number
	 	Amendment

Reference
	 	Amendment

Document

Number
	 	Facility

Lease

Agreement

Date
	 	Name of

Master

Tenant
	 	Member Type
	 	Title

	Desert Terrace Nursing Center	 	Terrace Holdings AZ LLC	 	March 25, 2004	 	March 25, 2004	 	20040305689	 	*	 	20041424526	 	March 22, 2002	 	24th Street Healthcare Associates LLC	 	Managing	 	President
	

Desert Sky Nursing Home	
 	

Sky Holdings AZ LLC	
 	

March 25, 2004	
 	

March 25, 2004	
 	

20040305693	
 	

*	
 	

20041424528	
 	

March 22, 2002	
 	

Glendale Healthcare Associates LLC	
 	

Sole	
 	

President
	

Highland Manor Health and Rehabilitation Center	
 	

Ensign Highland LLC	
 	

March 25, 2004	
 	

March 25, 2004	
 	

20040305691	
 	

*	
 	

20041424530	
 	

November 1, 2001	
 	

Highland Healthcare LLC	
 	

Sole	
 	

Vice-President
	

North Mountain Medical and Rehabilitation Center	
 	

Valley Health Holdings LLC	
 	

December 3, 2004	
 	

December 3, 2004	
 	

20041424523	
 	

 	
 	

 	
 	

July 28, 2004	
 	

Radiant Hills Health Associates LLC	
 	

Sole and Managing	
 	

Vice-President

	*
	as
amended by that certain First Amendment to Deed of Trust, Assignment of Rents, Security Agreement and Fixture Financing Statement dated as of December 3, 2004 made by Grantor
for the benefit of Agent and recorded on December 3, 2004 in the Official Records of the Maricopa County Recorder as Document No.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00126-of-00352.parquet"}]]