Document:

Supplemental Indenture

 EXHIBIT 4.10.3 
 SUPPLEMENTAL INDENTURE 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as
of November 21, 2006, by and among the entities listed on Annex A hereto (each, a “Guaranteeing Subsidiary” and collectively, the “Guaranteeing Subsidiaries”), Ventas Realty, Limited Partnership, a
Delaware limited partnership, and Ventas Capital Corporation, a Delaware corporation (collectively, the “Issuers”), the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee
under the Indenture referred to herein (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an Indenture dated as of
September 19, 2006 (the “Base Indenture”), as amended by the First Supplemental Indenture dated as of September 19, 2006 (the “First Supplemental Indenture” and, together with the Base Indenture, the
“Indenture”), providing for the issuance of 6 3/4% Senior Notes due 2017 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances each Guaranteeing Subsidiary shall
execute and deliver to the Trustee a supplemental indenture pursuant to which such Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations (as defined in the Indenture) under the Notes and the Indenture on the
terms and conditions set forth herein (a “Securities Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, each Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 2. AGREEMENT TO GUARANTEE. Each Guaranteeing Subsidiary hereby agrees as follows: 
 (a) Subject to Article 10 of the Indenture, such Guaranteeing Subsidiary hereby, jointly and severally with all other Guarantors,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the
Issuers hereunder or thereunder, that: 
 (i) the principal of, and premium, if any, and interest on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

 (ii) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly
and severally obligated to pay the same immediately. 
 (b) The obligations hereunder shall be unconditional, irrespective of
the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuers, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor, other than payment in full of all Obligations under the Notes. 
 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever. 
 (d) This Securities Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture, and such Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture.

 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors, or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid by either to the Trustee or such Holder, this Securities Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect. 
 (f) Such Guaranteeing Subsidiary shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 
 (g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the
purposes of this Securities Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such
obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Securities Guarantee. 
  

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 (h) The Guarantors shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of the Holders under this Securities Guarantee. 
 (i) In accordance with Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law or fraudulent conveyance law,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this
Securities Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guaranteeing Subsidiary under this Securities Guarantee will not constitute a fraudulent transfer or conveyance. 
 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary agrees that this Securities Guarantee shall remain in full force and effect notwithstanding any
failure to endorse on each Note a notation of such Securities Guarantee. 
 4. GUARANTEEING SUBSIDIARIES MAY CONSOLIDATE, ETC., ON CERTAIN
TERMS. 
 (a) No Guaranteeing Subsidiary may sell or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not such Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuers or another Guarantor unless: 
 (i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (ii) subject to Section 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger assumes all of the obligations of that Guaranteeing Subsidiary under the Indenture and this Securities Guarantee pursuant to a supplemental indenture in form and substance reasonably
satisfactory to the Trustee. 
 (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by
the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Securities Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and
conditions of the Indenture to be performed by the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary with the same effect as if it had been named herein as a Guaranteeing Subsidiary.
Such successor Person thereupon may cause to be signed any or all of the Securities Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have been signed by the Issuers and delivered to the
Trustee. All the Securities Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Securities Guarantees theretofore and thereafter issued in accordance with the terms of the Indenture as though
all of such Securities Guarantees had been issued at the date of the execution hereof. 
  

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 (c) Except as set forth in Articles 4 and 5 and Section 10.04
of the Indenture, and notwithstanding clauses (a) and (b) above, nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of a Guaranteeing Subsidiary with or into the Issuers or another
Guarantor, or shall prevent any sale or conveyance of the property of a Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuers or another Guarantor. 
 5. RELEASES. 
 (a) The
Securities Guarantee of a Guaranteeing Subsidiary shall be released, and any Person acquiring assets (including by way of merger or consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in
Section 10.05 of the Indenture shall not be required to assume the obligations of such Guaranteeing Subsidiary. The Securities Guarantee of a Guaranteeing Subsidiary shall also be released in accordance with the provisions of
Section 10.06 of the Indenture. Upon delivery by the Issuers to the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 or Section 10.06, as applicable,
of the Indenture have been complied with, the Trustee shall execute any documents reasonably required in order to evidence the release of a Guaranteeing Subsidiary from its obligations under this Securities Guarantee. 
 (b) Any Guaranteeing Subsidiary not released from its obligations under its Securities Guarantee shall remain liable for the full amount
of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 
 6. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the
Issuers or such Guaranteeing Subsidiary under the Notes, this Securities Guarantee, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of
the Commission that such a waiver is against public policy. 
 7. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 8. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. 
  

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 9. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 10. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or
sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Issuers. 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  

			
	 GUARANTEEING SUBSIDIARIES:

	
	VSCRE Holdings, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 United Rehab Realty Holding, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Martinsburg Realty, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Ontario Realty, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Medina Realty, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 6 

			
	BCC Washington Township Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	EC Lebanon Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	EC Hamilton Place Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	EC Timberlin Parc Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	EC Halcyon Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 7 

			
	BCC Altoona Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Altoona Realty GP, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Altoona Realty, LP
		
	By:	 	BCC Altoona Realty GP, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Reading Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Reading Realty GP, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 8 

			
	 BCC Reading Realty, LP

		
	By:	 	 BCC Reading Realty GP, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Berwick Realty, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Berwick Realty GP, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 BCC Berwick Realty, LP

		
	By:	 	 BCC Berwick Realty GP, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 9 

			
	BCC Lewistown Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Lewistown Realty GP, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC Lewistown Realty, LP
		
	By:	 	BCC Lewistown Realty GP, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC State College Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	BCC State College Realty GP, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 10 

			
	BCC State College Realty, LP
		
	By:	 	 BCC State College Realty GP, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	South Beaver Realty Holdings, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	BCC South Beaver Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Shippensburg Realty Holdings, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	BCC Shippensburg Realty, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 11 

			
	IPC (AP) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	AL (AP) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Allison Park Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Allison Park Nominee, LP
		
	By:	 	 Allison Park Nominee, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	IPC (HCN) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 12 

			
	AL (HCN) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Bloomsburg Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Bloomsburg Nominee, LP
		
	By:	 	 Bloomsburg Nominee, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Sagamore Hills Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 13 

			
	Sagamore Hills Nominee, LP
		
	By:	 	 Sagamore Hills Nominee, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Lebanon Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 Lebanon Nominee, LP

		
	By:	 	Lebanon Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 Saxonburg Nominee, LLC

		
	 By:
	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 14 

			
	Saxonburg Nominee, LP
		
	By:	 	Saxonburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Loyalsock Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Loyalsock Nominee, LP
		
	By:	 	Loyalsock Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	IPC (MT) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 15 

			
	AL (MT) Holding, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Lewisburg Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Lewisburg Nominee, LP
		
	By:	 	Lewisburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	Hendersonville Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 16 

			
	Hendersonville Nominee, LP
		
	By:	 	 Hendersonville Nominee, LLC, its General Partner

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Lima Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Lima Nominee, LP
		
	By:	 	Lima Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Kingsport Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 17 

			
	 Kingsport Nominee, LP

		
	By:	 	Kingsport Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 Xenia Nominee, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 Xenia Nominee, LP

		
	By:	 	Xenia Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	 Knoxville Nominee, LLC

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 18 

			
	Knoxville Nominee, LP
		
	By:	 	Knoxville Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Chippewa Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Chippewa Nominee, LP
		
	By:	 	Chippewa Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Dillsburg Nominee, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 19 

			
	Dillsburg Nominee, LP
		
	By:	 	Dillsburg Nominee, LLC, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary
	
	ISSUERS:
	
	Ventas Realty, Limited Partnership
		
	By:	 	Ventas, Inc., its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Ventas Capital Corporation
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	EXISTING GUARANTORS:
	
	Ventas, Inc.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 20 

			
	Ventas LP Realty, L.L.C.
		
	By:	 	Ventas, Inc., its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

			
	Ventas Healthcare Properties, Inc.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

			
	Ventas TRS, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President

  

			
	Ventas Framingham, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Ventas Management, LLC
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Secretary

  

 21 

			
	ElderTrust
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ElderTrust Operating Limited Partnership
		
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Capital Corp.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Berkshire Limited Partnership
		
	By:	 	ET Berkshire, LLC, its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 22 

			
	ET Berkshire, LLC
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	Cabot ALF, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	Cleveland ALF, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Heritage Woods, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 23 

			
	ET Sub-Highgate, L.P.
		
	By:	 	ET GENPAR, L.L.C., its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET GENPAR, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Sub-Lacey I, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 24 

			
	 ET Sub-Lehigh Limited Partnership

		
	By:	 	ET Lehigh, LLC, its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	 ET Lehigh, LLC

		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	 By:
	 	ElderTrust, its General Partner
		
	 By:
	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	 Title:
	 	Secretary

  

			
	 ET Sub-Lopatcong, L.L.C.

		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Pennsburg Manor Limited Partnership, L.L.P.
		
	By:	 	ET Pennsburg Finance, L.L.C., its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 25 

			
	ET Pennsburg Finance, L.L.C.
		
	By:	 	  

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Phillipsburg I, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Pleasant View, L.L.C.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

			
	ET Sub-Rittenhouse Limited Partnership, L.L.P.
		
	By:	 	ET GENPAR, L.L.C., its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 26 

			
	ET Sub-Riverview Ridge Limited Partnership, L.L.P.
		
	By:	 	ET GENPAR, L.L.C., its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Sub-Sanatoga Limited Partnership
		
	By:	 	ET Sanatoga, LLC, its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Sanatoga, LLC
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title	 	Secretary
	
	ET Sub-SMOB, L.L.C.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 27 

			
	Vernon ALF, L.L.C.
		
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Sub-Willowbrook Limited Partnership, L.L.P.
		
	By:	 	ET GENPAR, L.L.C., its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Sub-Wayne I Limited Partnership, L.L.P.
		
	By:	 	ET Wayne Finance, L.L.C., its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary
	
	ET Wayne Finance, L.L.C.
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 28 

			
	 ET Wayne Finance, Inc.

		
	 By:
	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	 Title:
	 	Chairman, Executive Vice President and Secretary
	
	 Ventas Sun LLC

		
	 By:
	 	 /s/ T. Richard Riney

	 Name
	 	: T. Richard Riney
	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 Ventas Cal Sun LLC

		
	 By:
	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 Ventas Provident, LLC

		
	 By:
	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary
	
	 PSLT GP, LLC

		
	 By:
	 	Ventas Provident, LLC, its Sole Member
		
	 By:
	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	 Title:
	 	Executive Vice President, General Counsel and Corporate Secretary

  

 29 

			
	PSLT OP, L.P.
		
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	 Name:
	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	PSLT-BLC Properties Holdings, LLC
		
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Arizona-EM, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 30 

			
	Brookdale Living Communities of California, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of California-RC, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of California-San Marcos, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 31 

			
	Brookdale Living Communities of Illinois-2960, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Illinois-II, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	BLC of California-San Marcos, L.P.
		
	By:	 	Brookdale Living Communities of California-San Marcos, LLC, its General Partner
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 32 

			
	 Brookdale Holdings, LLC

		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Indiana-OL, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Massachusetts-RB, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 33 

			
	 Brookdale Living Communities of Minnesota, LLC

		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of New York-GB, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	Brookdale Living Communities of Washington-PP, LLC
		
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 34 

			
	The Ponds of Pembroke Limited Partnership
		
	By:	 	Brookdale Holdings, LLC, its General Partner
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	River Oaks Partners
		
	By:	 	Brookdale Holdings, LLC, its General Partner
	By:	 	PSLT-BLC Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	PSLT-ALS Properties Holdings, LLC
		
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary

  

 35 

			
	 PSLT-ALS Properties I, LLC

		
	By:	 	PSLT-ALS Properties Holdings, LLC, its Sole Member
	By:	 	PSLT OP, L.P., its Sole Member
	By:	 	PSLT GP, LLC, its General Partner
	By:	 	Ventas Provident, LLC, its Sole Member
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Executive Vice President, General Counsel and Corporate Secretary
	
	ET Sub-Woodbridge, L.P.
		
	By:	 	ET GENPAR, L.L.C., its General Partner
	By:	 	ElderTrust Operating Limited Partnership, its Sole Member
	By:	 	ElderTrust, its General Partner
		
	By:	 	 /s/ T. Richard Riney

	Name:	 	T. Richard Riney
	Title:	 	Secretary

  

 36 

			
	TRUSTEE:
	
	U.S. Bank National Association
		
	By:	 	 /s/ Robert T. Jones

	Name:	 	Robert T. Jones
	Title:	 	Vice President & Trust Officer

  

 37 

 ANNEX A 
 GUARANTEEING SUBSIDIARIES 
  

			
	 Name
	  	 Place of Organization
or Formation

	 VSCRE Holdings, LLC
	  	Delaware
		
	 United Rehab Realty Holding, LLC
	  	Delaware
		
	 EC Lebanon Realty, LLC
	  	Delaware
		
	 EC Hamilton Place Realty, LLC
	  	Delaware
		
	 EC Timberlin Parc Realty, LLC
	  	Delaware
		
	 EC Halcyon Realty, LLC
	  	Delaware
		
	 BCC Martinsburg Realty, LLC
	  	Delaware
		
	 BCC Ontario Realty, LLC
	  	Delaware
		
	 BCC Medina Realty, LLC
	  	Delaware
		
	 BCC Washington Township Realty, LLC
	  	Delaware
		
	 BCC Altoona Realty, LLC
	  	Delaware
		
	 BCC Altoona Realty GP, LLC
	  	Delaware
		
	 BCC Altoona Realty, LP
	  	Delaware
		
	 BCC Reading Realty, LLC
	  	Delaware
		
	 BCC Reading Realty GP, LLC
	  	Delaware
		
	 BCC Reading Realty, LP
	  	Delaware
		
	 BCC Berwick Realty, LLC
	  	Delaware
		
	 BCC Berwick Realty GP, LLC
	  	Delaware
		
	 BCC Berwick Realty, LP
	  	Delaware
		
	 BCC Lewistown Realty, LLC
	  	Delaware
		
	 BCC Lewistown Realty GP, LLC
	  	Delaware
		
	 BCC Lewistown Realty, LP
	  	Delaware
		
	 BCC State College Realty, LLC
	  	Delaware
		
	 BCC State College Realty GP, LLC
	  	Delaware
		
	 BCC State College Realty, LP
	  	Delaware
		
	 South Beaver Realty Holdings, LLC
	  	Delaware
		
	 BCC South Beaver Realty, LLC
	  	Delaware
		
	 Shippensburg Realty Holdings, LLC
	  	Delaware

			
	 Name
	 	Place of Organization
or Formation
	 BCC Shippensburg Realty, LLC
	 	Delaware
		
	 IPC (AL) Holding, LLC
	 	Delaware
		
	 AL (AP) Holding, LLC
	 	Delaware
		
	 Allison Park Nominee, LLC
	 	Delaware
		
	 Allison Park Nominee, LP
	 	Delaware
		
	 IPC (HCN) Holding, LLC
	 	Delaware
		
	 AL (HCN) Holding, LLC
	 	Delaware
		
	 Bloomsburg Nominee, LLC
	 	Delaware
		
	 Sagamore Hills Nominee, LLC
	 	Delaware
		
	 Lebanon Nominee, LLC
	 	Delaware
		
	 Saxonburg Nominee, LLC
	 	Delaware
		
	 Loyalsock Nominee, LLC
	 	Delaware
		
	 Bloomsburg Nominee, LP
	 	Delaware
		
	 Sagamore Hills Nominee, LP
	 	Delaware
		
	 Lebanon Nominee, LP
	 	Delaware
		
	 Saxonburg Nominee, LP
	 	Delaware
		
	 Loyalsock Nominee, LP
	 	Delaware
		
	 IPC (MT) Holding, LLC
	 	Delaware
		
	 AL (MT) Holding, LLC
	 	Delaware
		
	 Lewisburg Nominee, LLC
	 	Delaware
		
	 Hendersonville Nominee, LLC
	 	Delaware
		
	 Lima Nominee, LLC
	 	Delaware
		
	 Kingsport Nominee, LLC
	 	Delaware
		
	 Xenia Nominee, LLC
	 	Delaware
		
	 Knoxville Nominee, LLC
	 	Delaware
		
	 Chippewa Nominee, LLC
	 	Delaware
		
	 Dillsburg Nominee, LLC
	 	Delaware
		
	 Lewisburg Nominee, LP
	 	Delaware
		
	 Hendersonville Nominee, LP
	 	Delaware
		
	 Lima Nominee, LP
	 	Delaware
		
	 Kingsport Nominee, LP
	 	Delaware

			
	 Name
	  	 Place of Organization
 or Formation

	 Xenia Nominee, LP
	  	Delaware
		
	 Knoxville Nominee, LP
	  	Delaware
		
	 Chippewa Nominee, LP
	  	Delaware
		
	 Dillsburg Nominee, LP
	  	DelawareLetter Agreement dated January 14, 2007

 Exhibit 10.4 
 EXECUTION COPY 
 January 14, 2007 
 Sunrise Senior Living, Inc. 
 7902 Westpark Drive 
 McLean, Virginia 22102 
 Attn: Mr. Thomas B. Newell

  

			
	 Re:	 	Agreements between Sunrise Senior Living, Inc. (“Sunrise”) and Sunrise
		 	Senior Living Real Estate Investment Trust (the “REIT”)

 Dear Tom: 
 In connection with our contemplated acquisition of the assets of the REIT, this letter will serve to memorialize our agreement with regard to the following matters: 
 1. Consent to Transactions. To the extent required under the existing agreements (including any ancillary or supplemental documents thereto)
between the REIT and Sunrise and their respective affiliates (the “Existing Agreements”), all of which Existing Agreements (to the knowledge of Sunrise and Ventas) are listed on Annex A hereto, Sunrise consents to (and waives any
preemptive rights or rights of first refusal under the Existing Agreements in respect of) Ventas’ acquisition of the REIT’s wholly-owned subsidiaries and assets (the “Acquisition”) pursuant to an Acquisition Agreement of even
date herewith which contemplates the general structure described below. 
 2. Structure of Acquisition. To effect the Acquisition,
Ventas will form a new subsidiary holding company (“HoldCo”) to hold one or more indirect Ventas subsidiaries which will acquire certain subsidiaries and assets of the REIT (including, without limitation, Sunrise REIT Canadian Holdings,
Inc. and two subsidiaries that own the interests in the Canadian properties). The REIT and its remaining (i.e., unacquired) subsidiaries will then be liquidated or otherwise reorganized, and ownership of the non-Canadian assets acquired by HoldCo
will be migrated out of Canada. For purposes of the Existing Agreements, after the closing under the Acquisition Agreement (the “Closing”), the appropriate subsidiaries of Holdco will be the successors to the REIT and its subsidiaries (and
all references to the REIT in the Existing Agreements shall be deemed to refer to such subsidiaries of Holdco), and except as provided herein, all of the Existing Agreements will continue to apply as between Sunrise (and its subsidiaries) and the
applicable direct and indirect subsidiaries of Holdco (as applicable under the Existing Agreements). Each of the appropriate direct and indirect subsidiaries of HoldCo (as necessary and applicable) will (x) expressly assume the obligations of
the REIT and its direct and indirect subsidiaries under each of the Existing Agreements to which it is a deemed successor but to which it is not a party; provided that obligations will not be assumed by entities that will have an interest in
SZR US Investments, Inc. after closing, and (y) execute any agreements with or in favor of third parties (e.g., non-recourse carve out guarantees, operating deficit guarantees to lenders, etc.) in replacement for such agreements previously made
by the REIT or any of its direct and indirect subsidiaries that are terminated in connection with the Closing, with the intent and effect of clauses (x) and (y) being to replicate the existing structure to the extent possible (and without
violating Ventas’s bonds) and not to improve or worsen either party’s position (from a credit perspective or otherwise) relative to the positions under the 

 
Existing Agreements. After the Closing, none of the obligations of the REIT or its affiliates under the Existing Agreements will be binding on Ventas or any
Ventas affiliate other than the direct and indirect subsidiaries of Holdco. Ventas may modify the structure of the transaction, but any such modification will not change the substance of the relationship between Ventas and Sunrise intended by this
paragraph. 
 3. Existing Agreement Modifications and Terminations. The Strategic Alliance Agreement, dated December 23, 2004,
will be and is hereby terminated upon the Closing, provided that certain provisions of that agreement as set forth in this letter will be incorporated by the parties into other definitive documentation to be entered into upon the Closing. The
Trademark Agreement, dated December 23, 2004, will be and is hereby terminated upon the Closing. The Existing Agreements’ requirements with regard to the REIT or its affiliates being domiciled in Canada, being traded on a Canadian stock
exchange or otherwise being linked to Canada will cease to apply upon the Closing. Between the signing of the Acquisition Agreement and the Closing, the Existing Agreements will not be amended without Ventas’ consent, which will not be
unreasonably withheld. Ventas shall be permitted to use the Sunrise name in the ordinary course (in its public filings, reports, etc.) in describing its Sunrise properties and its relationship with Sunrise. References in the Existing Agreements to
Canadian dollars, Canadian business days, Canadian GAAP and other Canadian matters will be changed to their US equivalents as appropriate to reflect the migration of the REIT out of Canada and into the US, except with regard to the Canadian
properties where Canadian concepts will continue to apply as appropriate. 
 4. Right to Appoint Trustees/Other. Upon the Closing,
Sunrise will and does hereby waive the right to appoint trustees or directors to the board of the REIT or any successor to the REIT, and Sunrise will have no further right to appoint board members to the board of Ventas or any affiliates of Ventas,
except that Sunrise will retain the right to seats on the boards of the existing joint ventures (the “JVs”) with the REIT or any successor to the REIT in accordance with the terms of the applicable JV agreements. Sunrise and Ventas agree
to delete the sentence in Section 6.1 of each of the JV agreements that states that the termination of the Strategic Alliance Agreement would terminate the Sunrise Member’s right to appoint an member of the Board of Managers of such JV.
Effective upon and from and after the Closing, Operating Policies (d) and (e) set forth in Schedule 6.1 or Schedule C (as applicable) to the JV agreements (relating to consolidated credit requirements and restrictions for the REIT and the
JVs) will apply only so as to restrict increased leverage at the JV entities themselves and their direct and indirect subsidiaries, and such provisions will not restrict Ventas’ member in the JV entity or any direct or indirect parent thereof
(including, without limitation, HoldCo or the direct HoldCo subsidiary level) from incurring indebtedness of any kind or amount so long as payment of the debt service on such indebtedness does not reduce Sunrise’s income from the JVs. In no
event shall such Operating Policies or any other restrictions or policies apply to Ventas itself or to any affiliate of Ventas that is not HoldCo or a direct or indirect subsidiary of HoldCo. Sunrise hereby confirms that the preferred distributions
to Sunrise relating to the waiver of certain debt restrictions in connection with the Bank of America credit facility will terminate to the extent of such preference upon repayment of such facility. 
 5. Right to Manage. After the termination of the Strategic Alliance Agreement at the Closing, none of Ventas, HoldCo or any other affiliate of
Ventas will be required to offer Sunrise or any affiliate of Sunrise the management of any assets not then managed by Sunrise. Similarly, HoldCo, Ventas and their respective affiliates will be permitted to manage, own, acquire or
develop assets without regard to the non-competition provisions contained in the Existing Agreements and such non-competition provisions will cease to apply. Sunrise and its affiliates will be permitted to manage, own, acquire or develop assets
without regard to the non-competition provisions contained in the Existing Agreements and such non-competition provisions will cease to apply, except that Sunrise will be required to give Ventas the right of first offer (“ROFO”) with
respect to any senior living property (the “Offered Property”) that Sunrise intends to develop within the non-compete radius determined in accordance with Section 9.1 of the Strategic Alliance Agreement surrounding any of the REIT
communities acquired by Ventas pursuant to the Acquisition Agreement (regardless of the occupancy level at such communities 

  

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and without cessation if certain occupancy levels are reached). The right of first offer will be made on Sunrise’s then-current forms generally utilized
for all Sunrise owners (with the mechanics of the ROFO to be consistent with the mechanics of the ROFO for the Canadian properties set forth in the Strategic Alliance Agreement, as modified by mutual agreement prior to Closing to reflect the
different circumstances) at Sunrise’s then-prevailing rates for development and management services, and may involve 100% ownership by Ventas or joint venture ownership with Sunrise. If Ventas elects not to acquire the Offered Property, Sunrise
will be entitled to sell the Offered Property to anyone it chooses, provided that Sunrise will re-offer the Offered Property to Ventas if Sunrise proposes to sell the Offered Property to a third party on terms materially (5% or more) less
advantageous to Sunrise than those contained in the original offer to Ventas. The above relates to the ROFO that will apply in the US; the ROFO with regard to Canadian properties will remain as set forth in the Strategic Alliance Agreement,
as modified pursuant to paragraph 11 below. 
 6. REIT Compliance. At any time and from time to time, Sunrise will cooperate with
Ventas to effectuate structural changes in the arrangements between Sunrise and Ventas that address Ventas’ U.S. REIT tax concerns, provided that Sunrise will not be required to take any action under this paragraph if such action (A) would
have an adverse impact on the aggregate amount of, or the manner in which Sunrise would be required to account for, Sunrise’s Management Fees (as defined in the Management Agreement) or distributions from the JVs unless Ventas agrees to bear
the cost of such impact, or (B) would cause Sunrise (acting reasonably) to have to change their accounting policies with respect to the JVs in a manner that is detrimental to Sunrise (unless Ventas agrees to bear the cost of such adverse
change) or to have to consolidate the JVs’ financial statements with Surnrise’s consolidated financial statements. For example, if requested by Ventas, Sunrise will cooperate with Ventas to modify the Existing Agreements in order for
Ventas to comply with the requirements of the IRS Tax Code of 1986, as amended (the “Code”) applicable to a REIT and a taxable REIT subsidiary, as applicable, including without limitation to accommodate (x) Ventas leasing one or more
of the properties acquired from the REIT to a third party lessee (reasonably acceptable to Sunrise in terms of its ability to obtain any required regulatory license) who would be the counterparty to the existing management agreements (as modified
hereby) with Sunrise and (y) Ventas subsequently unwinding such third party leases and directly or indirectly entering into the management agreements with Sunrise on the same terms as the existing management agreements (as modified hereby). In
the case of (x) above, Ventas or an appropriate subsidiary would also agree to replace any lessee whose conduct would permit Sunrise to terminate the management agreement for the leased facility or whose tenancy is otherwise terminated by
lessee or Ventas, so that the manager’s rights under the management agreement would be unaffected by the existence of the lease structure. Also in the case of (x) above, Ventas or an appropriate subsidiary would guarantee the obligations
of the lessee under the management agreement to the maximum extent consistent with Ventas’ REIT status in Ventas’s reasonable opinion. Furthermore, Ventas agrees to make Sunrise whole for (i) any third party costs incurred by Sunrise
or the facilities, and (ii) any one time or recurring charges assessed against Sunrise, the JVs or the facilities (e.g., real property transfer tax), in either case in connection with the implementation or unwinding of any structural changes
made to accommodate Ventas’s US REIT tax concerns. Without limiting the generality of the foregoing, (A) Sunrise will advise Ventas as promptly as practicable (but in any event prior to doing so) if Sunrise enters into an agreement to
acquire or be acquired or is acquired (in each case by any form of Transfer, as defined in the JV Agreements) by any tenant of Ventas named in Annex B hereto (as Annex B may be supplemented by Ventas from time to time by written notice
to Sunrise); (B) Sunrise will reasonably cooperate and provide Ventas such other information with regard to Sunrise-managed properties owned in whole or in part by Ventas or related matters as Ventas may reasonably request from time to time in
connection with the verification or protection of its REIT qualification; (C) Sunrise will use its reasonable best efforts to qualify and maintain qualification as an “eligible independent contractor” for REIT purposes, and
(D) if requested by Ventas, Sunrise will cooperate reasonably with Ventas and will exercise reasonable efforts to try to find solutions or “workarounds” to any issues that any of the foregoing matters disclosed to Ventas or any other
matters might create in respect of Ventas’ REIT qualification. 
  

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 7. Transfers. Ventas agrees that the underlying management agreements and/or JV agreements will be
amended to reflect that REIT properties and Ventas’ interest in the JV’s may only be transferred to entities that are a “Qualified Transferee”. Ventas will accept the economic terms of all management agreements and venture
documentation “as is” other than as discussed in this letter. The term “Qualified Transferee” means a real estate investment trust, a bank, saving and loan association, investment bank, insurance company, trust company,
commercial credit corporation, pension plan, pension fund or pension advisory firm, real estate investor, mutual fund, United States government entity or plan, investment company, money management firm or “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended, or an institutional “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended or other investor which has total
assets (in name or under management) in excess of Twenty Five Million Dollars (US$25,000,000), or any subsidiary or entity sponsored or controlled by any of any of the foregoing, that (i) is not an individual, entity, managing partner or
managing member in any entity that manages at least 20 retirement communities that are competitive properties with Sunrise’s communities (without regard to whether the retirement communities actually compete with any of Sunrise’s
communities), (ii) is not an entity, or a majority investor in any entity, listed as one of the top 20 largest managers on the then most recent “50 Largest Seniors Housing Managers” list maintained by the American Seniors Housing
Association, (iii) has not been, and is not directly affiliated with any one or more persons who have been, convicted of a felony involving turpitude in any state or federal court, and (iv) is not an “enemy” or supporter of an
“enemy” of the United States (as described in such Section 8.1(e) of the JV agreements); provided, however, that the following shall qualify as Qualified Transferees notwithstanding any provision to the contrary above : (1) any
direct or indirect owner of a Sunrise community or an interest in a joint venture with Sunrise in a Sunrise community (with regard to whom Sunrise has not declared a default under existing contractual arrangements), and (2) any “financial
buyer or investor” that meets the above $25 million asset test and is only a passive investor in retirement communities; and provided further that the foregoing provisions will be applied reasonably and in good faith. This will confirm that,
under the Existing Agreements (as amended hereby): (1) there will be no prohibition on Sunrise or Ventas entering into change of control transactions, business combinations, sales of substantially all assets or similar transactions, and any
such transactions will not affect the parties’ rights or obligations under the Existing Agreements, and (2) Holdco will be permitted to Transfer its direct or indirect interests in the JVs to Qualified Transferees (including transferring
its interest to a joint venture with a Qualified Transferees) without Sunrise’s consent (but subject to the “tag along” rights set forth in the JV agreements, to the extent applicable, and the final sentence of Section 8.1(a) of
the JV agreements). 
 8. Employees. Provided there is no resulting incremental cost to Sunrise or the REIT facilities or that Ventas
agrees to reimburse Sunrise or the REIT facilities for any such incremental cost, after the Closing, Sunrise and Ventas will provide for and will cause the REIT’s current non-management employees in Canada to be employed from and after Closing
(so that upon Closing such persons will not be employed by the REIT) by an entity or entities unrelated to Ventas and will reasonably cooperate to develop a structure whereby (A) the adverse tax impact to the parties and the properties from
such structural change will be minimized, and (B) the current economics under the Canadian management agreements will not be changed. 
 9. Expected ANOI. The parties acknowledge and agree that (i) Expected ANOI in 2008 for the REIT’s facilities that are part of the Arcapita portfolio will not be less than US$48 million, and (ii) the management fee
under the management agreements for the REIT’s facilities that are part of the Arcapita portfolio in 2007 will be 6%. 
  

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 10. Financial Reports. Sunrise acknowledges that financial reports and other information from
Sunrise must be included in Ventas’s public disclosure documents in order for Ventas to comply with its reporting and certification obligations as a NYSE public company and REIT. Sunrise and Ventas will memorialize and implement, and Sunrise
will comply with and perform from and after the Closing, customary reporting requirements, procedures, systems and arrangements that will enable Ventas to accurately and timely comply with its reporting and certification obligations under all laws,
rules and regulations applicable to Ventas as a publicly traded real estate investment trust, and will implement a system to allow Ventas to do control testing for SOX certification purposes. To facilitate the foregoing, (i) Sunrise’s
financial reports to be provided to Ventas will be provided no later than the 20th day of each calendar month; (ii) Ventas will have the right to audit (and will be provided electronic access to) the books and records of the REIT properties at
each property, and corporate headquarters (as applicable); (iii) Sunrise will maintain consistent and SOX- compliant accounting controls, procedures and systems at all Ventas properties; and (iv) if Ventas so requests, and Ventas’s
cost and expense, Sunrise will timely provide for Sunrise’s auditors to provide Ventas with SAS 70 reports. 
 11. Pipeline.
Ventas will have a right of first offer to acquire properties developed by Sunrise or its affiliates anywhere in Canada on the terms set forth in the Strategic Alliance Agreement except that Sunrise and Ventas will negotiate in good faith to
restructure the existing mezzanine loan program and related puts and calls and Sunrise guaranty obligations in a manner satisfactory to both companies. Until such restructuring, the existing provisions will stay in place. Sunrise confirms that
(i) Holdco or its affiliates will succeed to the REIT’s rights under the Existing Agreements to purchase the Staten Island and Sandy, Utah properties at the prices stated in the Fixed Price Acquisition Agreements for such properties,
provided that the Staten Island price may be increased, as agreed to by the parties, by $750,000, and (ii) the right to purchase the Purchased Interest (as defined in the applicable Existing Agreement) in such properties has been duly exercised
by affiliates of the REIT. Ventas agrees (a) to accept the Staten Island property without set-off or escrow of purchase price or other imposition of costs on Sunrise for or with respect to the alleged deficiencies set forth on Annex C hereto
(currently estimated by the REIT to cost $300,000 to remedy), and (b) that the temporary certificate of occupancy that has been issued for the Staten Island property will satisfy the certificate of occupancy closing condition in the Fixed Price
Acquisition Agreement for that property. Sunrise hereby confirms that the REIT’s rights of first offer in respect of communities in Monterey CA, Gilbert AZ, Burlingame CA, Dollard des Ormeaux, QU and Torrence CA will continue to apply and inure
to the benefit of HoldCo after the Closing in accordance with the terms of the March 23, 2006 letter agreement (the “Letter Agreement”) between Sunrise and the REIT in connection therewith. Ventas hereby acknowledges that the
Fullerton, CA and Braintree, MA properties were offered to the REIT in accordance with the Letter Agreement, but that development terms and conditions could not be agreed upon between Sunrise and the REIT with respect to Fullerton, CA and Braintree,
MA and therefore those properties have been sold to a third party. Sunrise and Ventas agree that the specific provisions of the Letter Agreement that purport to express Sunrise’s intention to use commercially reasonable efforts to show various
development properties to the REIT in 2007 and 2008 will be of no further force or effect, and are hereby terminated, upon the Closing. 
 Sunrise and Ventas will each take such further acts and execute such further documents as shall be reasonably required in order to fully perform and carry out the terms and intent of this letter. Without limiting the generality of the
foregoing, the parties agree to negotiate reasonably and in good faith (with time being of the essence) detailed amendments to the Existing Agreements and to any agreements that effectuate the terms hereof and address in greater detail the matters
set forth or contemplated herein; provided, however, that this letter agreement shall be binding and enforceable whether or not any such amendments are entered into and shall be assigned at Closing by Ventas, Inc. and Sunrise Senior
Living, Inc. (to the extent that Sunrise Senior Living, Inc. is not itself already contractually bound) to appropriate direct or indirect subsidiaries of HoldCo and Sunrise (if applicable) upon the Closing and shall be binding and enforceable upon
such subsidiaries and will take effect 

  

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automatically upon the Closing. This letter agreement will automatically terminate and be of no further force or effect upon the termination of the
Acquisition Agreement. This letter agreement is governed by New York law and will be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. This letter may not be assigned by either
party without the prior written consent of the other party, except as otherwise provided above. 
 [THE REMAINING PART OF THIS PAGE IS LEFT
BLANK INTENTIONALLY] 

 If the above is acceptable to Sunrise, please confirm by signing this letter below. 
  

							
		 		 	Sincerely,
			
		 		 	VENTAS, INC.
				
		 		 	By:	 	 /s/ Debra A, Cafaro

		 		 	Name:	 	Debra A. Cafaro
		 		 	Title:	 	Chairman of the Board, Chief Executive Officer and President
	
	Accepted and agreed this 14th day of January,
2007.
			
		 		 	SUNRISE SENIOR LIVING, INC.
				
		 		 	By:	 	 /s/ Thomas B. Newell

		 		 	Name:	 	Thomas B. Newell
		 		 	Title:	 	President

 ANNEX A 
 EXISTING AGREEMENTS 
  

	 	1.	Strategic Alliance Agreement, dated as of December 23, 2004, between the REIT and Sunrise. 

  

	 	2.	Master Agreement, dated as of December 23, 2004, by and among Sunrise Senior Living Management, Inc. (“SSLM”), Sunrise North Senior Living Ltd. (“North”),
Sunrise REIT Trust (“Sub Trust”), Sunrise Canadian UPREIT, LP (“Canadian LP”), Sunrise of Aurora, LP (“Aurora LP”), Sunrise US UPREIT, LLC (“UPREIT”), Sunrise REIT US Holdings, Inc. (“US Holdings”)
and Sunrise Senior Living Investments, Inc. (“SSLI”). 

  

	 	3.	Management Agreements (and any related side letters or acknowledgements) for 74 properties wholly or partially owned (directly or indirectly) by the REIT, between Sunrise, on one
hand, and the applicable property-owning entity, on the other hand. 

  

	 	4.	Trademark License Agreement, dated as of December 23, 2004, between Sunrise and REIT. 

  

	 	5.	Contribution Agreement, dated December 23, 2004, by and among SSLI, UPREIT and Sunrise. 

  

	 	6.	Income Support Agreement, dated as of December 23, 2004, by and among North, Canadian LP and Sunrise. 

  

	 	7.	Purchase and Sale Agreement, dated as of December 23, 2004, by and between SSLI and UPREIT. 

  

	 	8.	Transaction Agreement, dated as of December 23, 2004, between Sunrise, Sunrise of Burlington Limited, Sunrise Operations Canada Inc. and Canadian LP. 

 

	 	9.	Purchase and Sale Agreement, dated as of December 23, 2004, by and between Sunrise, North and Sub Trust. 

  

	 	10.	Purchase and Sale Agreement, dated as of June 3, 2005, by and among AEW Senior Housing Company, LLC, SSLI and US Investments. 

  

	 	11.	Purchase Agreement, dated as of December 29, 2005, between SSLI, Sunrise of Vancouver Limited, S.A.L. Operations Vancouver Inc. and Canadian LP. 

  

	 	12.	Purchase and Sale Agreement, dated as of July 24, 2006, by and among US Assisted Living Facilities, Inc., US Assisted Living Facilities II, Inc., SSLI and US Investments.

  

	 	13.	Purchase and Sale Agreement, dated as of December 10, 2004, between Sunrise of Lynn Valley Limited, Sunrise of Beacon Hill Limited, Sunrise of Mississauga Limited, Sunrise of
Markham Limited, Sunrise of Windsor Limited, Sunrise of Richmond Hill Limited, Sunrise of Oakville Limited, S.A.L. Operations B.H. Inc., S.A.L. Operations (Canada) Inc., S.A.L. Operations B.N.S. Inc. and Manager. 

	 	14.	Second Amended and Restated Limited Liability Company Agreement of Sunrise First Assisted Living Holdings, LLC, dated as of September 13, 2006, by and between SSLI and SZR US
Investments, Inc. (“US Investments”). 

  

	 	15.	Third Amended and Restated Limited Liability Company Agreement of Sunrise Second Assisted Living Holdings, LLC, dated as of September 13, 2006, by and between SSLI and US
Investments. 

  

	 	16.	Second Amended and Restated Limited Liability Company Agreement of AL One Investments, LLC, dated as of August 9, 2005, by and between SSLI and US Investments.

  

	 	17.	Second Amended and Restated Limited Liability Company Agreement of AL One PA Investments, LLC, dated as of August 9, 2005, by and between SSLI and US Investments.

  

	 	18.	Limited Liability Company Agreement of UPREIT, dated as of December 23, 2004, by and between SSLI and US Holdings. 

  

	 	19.	Aurora LP Limited Partnership Agreement, dated as of December 23, 2004, between Sunrise of Aurora GP Inc. (“Aurora GP”), Sub Trust and North.

  

	 	20.	Articles of Incorporation of Aurora GP, dated December 8, 2004, between Sub Trust and North. 

  

	 	21.	Articles of Incorporation of Erin Mills GP Inc. (“Erin Mills GP”), dated December 8, 2004, between Canadian LP and North. 

  

	 	22.	Sunrise of Erin Mills, LP Amended and Restated Limited Partnership Agreement, dated as of June 17, 2005, among Erin Mills GP, Canadian LP and North. 

 

	 	23.	First Amended and Restated Mezzanine Loan Agreement, dated as of February 22, 2005, between US Holdings, Sunrise Staten Island SL, L.L.C. and Sunrise. 

 

	 	24.	Mezzanine Loan Agreement, dated as of June 21, 2005, between SZR US Finance, Inc., Sunrise Scottsdale Senior Living, LLC and Sunrise. 

  

	 	25.	Mezzanine Loan Agreement, dated as of September 26, 2005, US Investments, Sunrise Sandy Senior Living, LLC and Sunrise. 

  

	 	26.	Mezzanine Loan Agreement, dated as of November 22, 2005, US Investments, Sunrise Rocklin Senior Living, LLC and Sunrise. 

  

	 	27.	Loan Agreement, dated as of October 25, 2005, Canadian LP, Sunrise of North York, LP and Sunrise. 

  

	 	28.	Fixed Price Acquisition Agreement, dated as of June 21, 2005, between Sunrise, SSLI and US Investments. 

  

	 	29.	First Amended and Restated Fixed Price Acquisition Agreement, dated as of February 22, 2005, between Sunrise, SSLI and US Holdings. 

  

	 	30.	Fixed Price Acquisition Agreement, dated as of December 23, 2004, between Sunrise, North and Sub Trust. 

	 	31.	Fixed Price Acquisition Agreement, dated as of September 26, 2005, between Sunrise, SSLI and US Investments. 

  

	 	32.	Fixed Price Acquisition Agreement, dated as of November 22, 2005, between Sunrise, SSLI and US Investments 

  

	 	33.	Fixed Price Acquisition Agreement, dated as of October 25, 2005, between Sunrise, North and Canadian LP. 

  

	 	34.	Memorandum of Understanding Regarding Future Development Projects, dated March 23, 2006, between Sunrise and the REIT. 

 ANNEX B 
 VENTAS TENANTS 
  

	 	1.	Associated Healthcare Systems, Inc. 

  

	 	2.	Benchmark Assisted Living LLC 

  

	 	3.	Beverly Enterprises, Inc. 

  

	 	4.	Brookdale Senior Living, Inc. 

  

	 	5.	Capital Senior Living Corp. 

  

	 	6.	CaraVita Senior Care Management, Inc. 

  

	 	7.	CommuniCare Health Services 

  

	 	8.	Genesis Healthcare Corp. 

  

	 	9.	Harborside Healthcare Corporation 

  

	 	10.	Fillmore Strategic Investors, LLC 

  

	 	11.	Kindred Healthcare, Inc. 

  

	 	12.	Prime Care Properties, LLC 

  

	 	13.	ResCare, Inc. 

  

	 	14.	Senior Care, Inc. 

  

	 	15.	Summerville Senior Living, Inc. 

  

	 	16.	Sun Healthcare Group, Inc. 

  

	 	17.	Trans Healthcare, Inc. 

 ANNEX C 
  

	 	1.	Structural encroachments as follow: (i) a retaining wall may encroach into a public right of way, and (ii) a storm water management system may encroach onto neighboring
private property. 

  

	 	2.	A green substance (potentially moss) may be present on the retaining wall that could be the result of poor drainage. 

  

	 	3.	The exterior of the building may not comport with the artist’s rendering that may have been included with the development documentation. 

  

	 	4.	The bathtique on the reminiscence floor does not have a bath tub. 

  

	 	5.	None of the hallways have wallpaper. 

  

	 	6.	The “Denver Suites” do not have windows into the community hallway. 

  

	 	7.	The model suites and other Martha Child furniture (and accessories) may be limited relative to other Sunrise mansions.

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