Document:

gen_Ex10_11

		
			Exhibit 10.11
		

		
			 
		

		
			FIRST AMENDMENT TO LOAN AGREEMENT
		

		
			(RAnger/Revera Loan)
		

		
			 
		

		
			THIS FIRST AMENDMENT TO LOAN AGREEMENT (“Amendment”) is executed this 29th day of July, 2016, and shall be deemed effective as of June 30, 2016 (the “Amendment Effective Date”) among WELLTOWER INC. (formerly known as Health Care REIT, Inc.), a corporation organized under the laws of the State of Delaware (“Lender”), having its chief executive office located at 4500 Dorr Street, Toledo, Ohio  43615-4040, and each of the borrower entities set forth on Schedule I (individually and collectively, “Borrower”), each having its chief executive office located at 101 East State Street, Kennett Square, Pennsylvania 19348.
		

		
			R E C I T A L S:
		

		
			A.     Lender and Borrower have previously entered into a Loan Agreement (as amended, the “Loan Agreement”) dated as of December 1, 2015.
		

		
			B.     Lender and Borrower desire to amend the Loan Agreement as set forth herein, effective for all purposes as of the Amendment Effective Date.
		

		
			NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			1.     Definitions.  Any capitalized terms not defined in this Amendment shall have the meanings set forth in the Loan Agreement.
		

		
			 
		

		
			2.     Financial Covenants. Section 5.11 of the Loan Agreement is hereby amended and restated to read in its entirety as set forth below:
		

		
			 
		

		
			5.11     Financial Covenants.  The defined terms used in this section are defined in §5.11.1.  The following financial covenants shall be met throughout the term of the Loan:  
		

		
			5.11.1   Definitions.
		

		
			(a)             “Facility Coverage Ratio” means the ratio of [i] Facility Net Operating Income for each applicable period; to [ii] all Facility interest payments made on a cash basis, regardless of accounting treatment, and interest payments payable by Lender for the applicable period, excluding such lease and interest payments made by the Excluded Entities.  
		

		
			(b)             “Facility Net Operating Income” means the collective pre-tax net income of the Facilities plus [i] the amount of the provision for depreciation and amortization; plus [ii] the amount of the provision for interest and facility real estate lease payments; plus [iii] the amount of any non-cash impairment charges, the amount of any loss from unusual or extraordinary items, including costs and expenses included in pre-tax income arising from the Equity 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

 

Purchase Agreement and any related management incentive or stay-pay plans, a restructuring, and to the extent approved by Lender, acting reasonably, any other non-recurring loss that are in excess of $100,000.00, but excluding any impairments or expenses related to bad debts; minus [iv] an imputed management fee equal to 4% of the Facilities’ collective gross revenue (net of contractual allowances); minus [v] the amount of any cash or non-cash unusual or extraordinary gains and revenues that are in excess of $100,000.00, and to the extent approved by Lender, acting reasonably, any other non-recurring gains and revenue.  Borrower agrees that any expenses related to the management incentive or stay-pay plan described under [iii] above will not exceed $50,000,000.  
		

		
			5.11.2   Lease Financial Covenants.  Subject to the provisions of Exhibit U, Sections U.1, U.6 and U.7 of the Master Lease, Borrower shall cause Company and GEN to comply with the obligations set forth in Exhibit U, Sections U.2 (other than those set forth in Section U.2(b)), U.3, U.4 and U.5 of the Master Lease.
		

		
			5.11.3   Facility Coverage Ratio.  The Facilities shall collectively maintain a Facility Coverage Ratio of not less than 1.00 to 1.00, based upon operating results for the most recent twelve (12) months, tested at the end of each fiscal quarter. 
		

		
			5.11.4   Certain Cure Rights.  Company shall have a seventy-five (75) day period, beginning on the date of the applicable fiscal quarter end, to cure a violation of the provisions of Section 5.11.3, such that the action taken to cure such violation would otherwise have satisfied such provisions if taken prior to the applicable fiscal quarter.
		

		
			 
		

		
			3.     Affirmation.  Except as specifically modified by this Amendment, the terms and provisions of the Loan Agreement are hereby affirmed and shall remain in full force and effect.  
		

		
			 
		

		
			4.     Binding Effect.  This Amendment will be binding upon and inure to the benefit of the successors and permitted assigns of Lender and Borrower.
		

		
			 
		

		
			5.     Further Modification.  The Loan Agreement may be further modified only by writing signed by Lender and Borrower.
		

		
			 
		

		
			6.     Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original hereof, but all of which will constitute one and the same document.
		

		
			 
		

		
			7.     Guarantor.  This Amendment shall have no force or effect unless and until each Guarantor has concurrently executed the attached consent of Guarantor.
		

		
			 
		

		
			[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]
		

		
			 
		

		
			 
		

		
			

		 

		

			2

		

 

IN WITNESS WHEREOF, Lender and Borrower have executed this Amendment as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLTOWER INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Justin Skiver

				
	
					
						 

					
					
						Justin Skiver, Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						EACH BORROWER LISTED ON SCHEDULE 1 HERETO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael S. Sherman

				
	
					
						 

					
					
						Michael S. Sherman, Secretary

				

		
			 
		

		
			
		

		
			

		 

		

			S-1

		

 

CONSENT OF GUARANTOR
		

		
			In connection with the Unconditional and Continuing Loan Guaranty dated as of December 1, 2015 (as amended, the “Guaranty”) made by the undersigned Guarantor in favor of Lender as security for the Loan Agreement, each of the undersigned hereby [i] consents to the foregoing First Amendment to Loan Agreement (the “Amendment”), [ii] agrees to be bound by the terms and provisions of the Amendment to the extent applicable to the undersigned pursuant to its guaranty, [iii] affirms the Guaranty which shall remain in full force and effect with respect to the Amendment, and [iv] waives any suretyship defenses arising in connection with the Amendment.  All capitalized terms not defined herein shall have the meaning set forth in the Loan Agreement.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						PARENT:

					
					
						GENESIS HEALTHCARE, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:

					
					
						Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:

					
					
						SVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Tax I.D. No.:  20-3934755

				

		
			 
		

		
			 
		

		
			

		 

		

			S-2

		

 

 
		

		
			SCHEDULE 1:  BORROWERS
		

		
			 
		

		
			 
		

		
			23 Fair Street Property, LLC 
		

		
			55 Kondracki Lane Property, LLC 
		

		
			120 Murray Street Property LLC
		

		
			279 Cabot Street Property LLC
		

		
			2015 East West Highway Property, LLC 
		

		
			40 Whitehall Road Property LLC 
		

		
			1165 Easton Avenue Property, LLC 
		

		
			1420 South Black Horse Pike Property, LLC 
		

		
			261 Terhune Drive Property, LLC 
		

		
			3000 Hilltop Road Property, LLC 
		

		
			740 Oak Hill Road Property LLC 
		

		
			8000 Iliff Drive Property LLC 
		

		
			105 Chester Road Property LLC 
		

		
			1248 Hospital Drive Property LLC 
		

		
			2 Blackberry Lane Property LLC 
		

		
			300 Pearl Street Property LLC 
		

		
			98 Hospitality Drive Property LLC 
		

		
			400 29th Street Northeast Property LLC 
		

		
			4755 South 48th Street Property LLC 
		

		
			800 Medcalf Lane North Property LLCgen_Ex10_2

		
			Exhibit 10.2
		

		
			 
		

		
			SECOND AMENDMENT TO LOAN AGREEMENT
		

		
			(Napa Loan)
		

		
			 
		

		
			THIS SECOND AMENDMENT TO Loan AGREEMENT (“Amendment”) is dated as of the 28th day of April, 2016 (the “Amendment Effective Date”) between WELLTOWER Inc., formerly known as Health Care REIT, Inc., a corporation organized under the laws of the State of Delaware (“Lender”), and each of the BORROWER entities set forth on Schedule I attached hereto and made a part hereof, each a limited liability company organized under the laws of the State of Delaware (individually and collectively, “Borrower”).
		

		
			 
		

		
			R E C I T A L S:
		

		
			 
		

		
			A.Lender, Borrower and certain other entities have previously entered into a Loan Agreement (as amended, the “Loan Agreement”) dated as of February 2, 2015 (the “Effective Date”).
		

		
			 
		

		
			B.Concurrently herewith, Borrower and certain affiliates are making a partial prepayment of the Loan and Lender is releasing certain of its collateral with respect thereto.
		

		
			 
		

		
			C.Lender and Borrower desire to amend the Loan Agreement as set forth herein.
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		

		
			 
		

		
			1.Definitions.  Any capitalized terms not defined in this Amendment shall have the meanings set forth in the Loan Agreement.
		

		
			 
		

		
			2.Borrowers.  Schedule I of the Loan Agreement is hereby amended and restated to read in its entirety as set forth on Schedule I attached hereto.
		

		
			 
		

		
			3.Release.  The entities identified as “Released Borrowers” or “Released Guarantors” on Schedule II hereof are hereby released from all liability under the Loan Agreement the Loan Documents and the Guaranty Documents.
		

		
			 
		

		
			4.Legal Descriptions.  Exhibit A to the Loan Agreement is hereby amended by the deletion therefrom of the Legal Descriptions of each facility listed on Schedule II hereof.
		

		
			 
		

		
			5.Permitted Exceptions.  Exhibit B of the Loan Agreement is hereby amended by the deletion therefrom of the Permitted Exceptions with respect to any facility listed on Schedule II hereof.  
		

		
			 
		

		
			6.Allocated Loan Amount.  Exhibit I of the Loan Agreement is hereby amended and restated to read in its entirety as set forth on the attached Exhibit I.  
		

		
			 
		

		
			7.Further Acts.  Borrower shall take such further actions as may be reasonably requested by Lender from time to time hereafter to amend the Mortgages to reflect the Loan
		

		
			

		 

 

allocation as set forth on Exhibit I hereto.  Lender shall take such further actions as may be reasonably requested by Borrower from time to time hereafter to evidence its release any of its collateral relating to the facilities listed or entities listed on Schedule II hereto.
		

		
			 
		

		
			8.Affirmation.  Except as specifically modified by this Amendment, the terms and provisions of the Loan Agreement are hereby affirmed and shall remain in full force and effect.
		

		
			 
		

		
			9.Binding Effect.  This Amendment will be binding upon and inure to the benefit of the successors and permitted assigns of Lender and Borrower.
		

		
			 
		

		
			10.Further Modification.  The Loan Agreement may be further modified only by writing signed by Lender and Borrower.
		

		
			 
		

		
			11.Counterparts.  This Amendment may be executed in multiple counterparts, each of which shall be deemed an original hereof, but all of which will constitute one and the same document.
		

		
			 
		

		
			12.Guarantor.  This Amendment shall have no force or effect unless and until each Guarantor has concurrently executed the attached consent of Guarantor.
		

		
			 
		

		
			[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
		

		
			 
		

		
			

		 

		

			2

		

 

IN WITNESS WHEREOF, Lender and Borrower have executed this Amendment as of the date first set forth above.
		

		
			 
		

			
					
						 

					
					
						WELLTOWER INC.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Justin Skiver

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Name: Justin Skiver

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						Its: Authorized Signatory

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						EACH BORROWER LISTED ON SCHEDULE I HERETO

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						Michael S. Sherman,

				
	
					
						 

					
					
						 

					
					
						Secretary

				

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						 

					

					

						S-1

					

					

						Genesis 2st Amendment to Loan Agreement

					

						(Napa Loan)

				

		

			 

		

 

CONSENT OF GUARANTOR
		

		
			 
		

		
			In connection with the Unconditional and Continuing Loan Guaranty and Unconditional and Continuing Non-Recourse Loan Guaranty, each dated as of February 2, 2015 (as amended, individually and collectively, the “Guaranty”) made by the undersigned Guarantor in favor of Lender as security for the Loan Agreement, each of the undersigned hereby [i] consents to the foregoing Second Amendment to Loan Agreement (the “Amendment”), [ii] agrees to be bound by the terms and provisions of the Amendment to the extent applicable to the undersigned pursuant to its guaranty, [iii] affirms the Guaranty which shall remain in full force and effect with respect to the Amendment, and [iv] waives any suretyship defenses arising in connection with the Amendment.  All capitalized terms not defined herein shall have the meaning set forth in the Loan Agreement.
		

		
			 
		

			
					
						PARENT:

					
					
						    

					
					
						GENESIS HEALTHCARE, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: SVP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Tax I.D. No.:  20-3934755

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						PARENT:

					
					
						 

					
					
						Each Operator Listed on Schedule III HERETO

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Michael S. Sherman

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Michael S. Sherman, Secretary

				

		
			 
		

		
			 
		

		
			

		 

		

			 

		

			

					

						 

					

					

						S-1

					

					

						Genesis 2st Amendment to Loan Agreement - Consent

					

						(Napa Loan)

				

		

			 

		

 

SCHEDULE I:  BORROWERS
		

		
			 
		

			
					
						FACILITY

					
					
						BORROWER

				
	
					
						California

					
					
						 

				
	
					
						Devonshire Care Center, Hemet, Riverside County, CA

					
					
						SHG Resources, LLC

				
	
					
						Elmcrest Care Center, El Monte, Los Angeles County, CA

					
					
						SHG Resources, LLC

				
	
					
						Eureka Rehabilitation and Wellness Center, Eureka, Humboldt County, CA

					
					
						SHG Resources, LLC

				
	
					
						Fountain Care Center, Orange, Orange County, CA

					
					
						SHG Resources, LLC

				
	
					
						Granada Rehabilitation and Wellness Center, Eureka, Humboldt County, CA

					
					
						SHG Resources, LLC

				
	
					
						Pacific Rehabilitation and Wellness Center, Eureka, Humboldt, County, CA

					
					
						SHG Resources, LLC

				
	
					
						Seaview Rehabilitation and Wellness Center, Eureka, Humboldt County, CA

					
					
						SHG Resources, LLC

				
	
					
						St. Elizabeth Healthcare and Rehabilitation Center, Fullerton, Orange County, CA

					
					
						SHG Resources, LLC

				
	
					
						Fortuna (St. Luke) Rehabilitation and Wellness Center, Fortuna, Humboldt County, CA

					
					
						SHG Resources, LLC

				
	
					
						The Earlwood, Torrance, Los Angeles County, CA

					
					
						SHG Resources, LLC

				
	
					
						Willow Creek Healthcare Center, Clovis, Fresno County, CA

					
					
						SHG Resources, LLC

				
	
					
						Woodland Care Center, Reseda, Los Angeles County, CA

					
					
						SHG Resources, LLC

				
	
					
						Spring Senior Assisted Living, Torrance, Los Angeles County, CA

					
					
						SHG Resources, LLC

				
	
					
						Fountain Senior Assisted Living, Orange, Orange County, CA

					
					
						SHG Resources, LLC

				
	
					
						Kansas

					
					
						 

				
	
					
						Highland Healthcare and Rehabilitation Center, Highland, Doniphan County, KS

					
					
						SHG Resources, LLC

				
	
					
						Louisburg Healthcare and Rehabilitation Center, Louisburg, Miami County, KS

					
					
						SHG Resources, LLC

				
	
					
						Shawnee Gardens Healthcare and Rehabilitation Center, Shawnee, Johnson County, KS

					
					
						SHG Resources, LLC

				
	
					
						Missouri

					
					
						 

				
	
					
						Blue River Rehabilitation Center, Kansas City, Clay County, MO

					
					
						Blue River Kansas City Property, LLC

				
	
					
						Carmel Hills Healthcare and Rehabilitation  Center, Independence, Jackson County, MO

					
					
						Carmel Hills Independence Property, LLC

				
	
					
						Holmesdale Healthcare and Rehabilitation Center, Kansas City, Clay County, MO

					
					
						Holmesdale Property, LLC

				
	
					
						Liberty Terrace Healthcare and Rehabilitation Center, Liberty, Clay County, MO

					
					
						Liberty Terrace Missouri Property, LLC

				
	
					
						The Rehabilitation Center of Independence, Independence, Jackson County, MO

					
					
						Independence Missouri Property, LLC

				
	
					
						Nevada

					
					
						 

				
	
					
						Vintage Park at San Martin, Las Vegas, Clark County, NV

					
					
						SHG Resources, LLC

				
	
					
						Texas

					
					
						 

				
	
					
						Clairmont Longview, Longview, Gregg County, TX

					
					
						SHG Resources, LLC

				
	
					
						Colonial Tyler Care Center, Tyler, Smith County, TX

					
					
						SHG Resources, LLC

				
	
					
						Fort Worth Center of Rehabilitation, Fort Worth, Tarrant County, TX

					
					
						SHG Resources, LLC

				
	
					
						Guadalupe Valley Nursing Center, Seguin, Guadalupe County, TX

					
					
						SHG Resources, LLC

				

		 

		

			 

		

 

	

      

        FACILITY

      

    	

      

        BORROWER

      

    
	
					
						Hallettsville Rehabilitation and Nursing Center. Hallettsville, Lavaca County, TX

					
					
						SHG Resources, LLC

				
	
					
						Live Oak Nursing Center, George West, Live Oak County, TX

					
					
						SHG Resources, LLC

				
	
					
						Lubbock Hospitality House Nursing and Rehabilitation Center, Lubbock, Tarrant County, TX

					
					
						Hospitality Lubbock Property, LLC

				
	
					
						Monument Hill Rehabilitation and Nursing Center, La Grange, Fayette County, TX

					
					
						Monument La Grange Property, LLC

				
	
					
						Oak Manor Nursing Center, Flatonia, Fayette County, TX

					
					
						SHG Resources, LLC

				
	
					
						Oakland Manor Nursing Center, Giddings, Lee County, TX

					
					
						SHG Resources, LLC

				
	
					
						Southwood Care Center, Austin, Travis County, TX

					
					
						SHG Resources, LLC

				
	
					
						The Clairmont Tyler, Tyler, Smith County, TX

					
					
						SHG Resources, LLC

				
	
					
						Town & Country Manor, Boerne, Kendall County, TX

					
					
						Town and Country Boerne Property, LLC

				

		
			 
		

		 

		

			2

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