Document:

exv10w22

Exhibit 10.22

SECOND AMENDMENT TO GUARANTY OF PAYMENT

(Loan B)

     THIS SECOND AMENDMENT TO GUARANTY OF PAYMENT (Loan B) (this “Agreement”) is made as of August
28, 2009, by and between SUNRISE SENIOR LIVING, INC., a corporation organized under the laws of the
State of Delaware (“Guarantor”) and CHEVY CHASE BANK, a division of Capital One, N.A., its
successors and assigns ( “Lender”).

RECITALS

     A. Sunrise Connecticut Avenue Assisted Living, L.L.C., a limited liability company organized
under the laws of the Commonwealth of Virginia (“Borrower”), obtained a loan from Lender in the
principal amount of Ten Million and No/Dollars ($10,000,000.00) (the “Loan B”), which is one of two
simultaneous loans made by Lender to Borrower.

     B. Loan B was made pursuant to the provisions of a certain Loan and Security Agreement dated
August 28, 2007, by and between Borrower and Lender, as amended by that certain First Amendment to
Loan Agreement dated April 15, 2008 and that certain Second Amendment to Loan Agreement dated of
even date herewith (as amended, modified, restated, substituted, extended and renewed at any time
and from time to time, collectively, the “Loan Agreement”).

     C. Loan B is evidenced by, and repaid with interest in accordance with the provisions of a
certain Deed of Trust Note B dated August 28, 2007, from Borrower payable to Lender in the original
principal amount of Ten Million and No/Dollars ($10,000,000.00), as amended by that certain First
Amendment to Deed of Trust Note B dated of even date herewith (as amended, modified, restated,
substituted, extended and renewed at anytime and from time to time, the “Note”).

     D. Guarantor executed a Guaranty of Payment (Loan B) dated August 28, 2007, as amended by that
certain First Amendment to Guaranty of Payment (Loan B) dated September 8, 2008 (as amended by this
Agreement and as further amended, modified, restated, substituted, extended and renewed at any time
and from time to time, collectively, the “Guaranty”) pursuant to which Guarantor guaranteed
Borrower’s obligations under the Loan Agreement and the Note.

     E. Borrower and Guarantor have requested and Lender has agreed to (i) waive any defaults which
have occurred under those certain financial covenants described in Section 9(c) of the Guaranty for
the fiscal year ending December 31, 2008 and the fiscal quarters ending March 31, 2009 and June 30,
2009; (ii) revise the financial covenants described in Section 9(c) of the Guaranty and (iii) make
such other changes to the Guaranty as are more particularly set forth herein.

 

 

AGREEMENTS

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, receipt of which is hereby acknowledged, Guarantor and Lender agree as follows:

     1. Guarantor and Lender agree that the Recitals above are a part of this Agreement. Unless
otherwise expressly defined in this Agreement, terms defined in the Loan Agreement shall have the
same meaning under this Agreement.

     2. The Guaranty is hereby amended as follows:

          (a) Section 9(c) (Covenants) of the Guaranty is hereby amended and restated in its entirety as
follows:

     “(c) Guarantor hereby covenants and agrees that it will comply with (i) the
following financial covenants contained in the Sunrise Senior Financing Agreement
(as defined in the Loan Agreement) provided that Lender hereby agrees that it will
consent to any waiver or modification of such covenants to which the Sunrise Bank
Group (as defined in the Loan Agreement) consents so long as Lender is a member of
the Sunrise Bank Group and Guarantor, Borrower and Lender shall negotiate
replacement covenants acceptable to Lender if Lender ceases to be a member of the
Sunrise Bank Group:

          (i) Cash Balance. Guarantor and SSLMI (as defined in the Loan
Agreement) shall maintain, tested as of the last day of each calendar month,
a Cash Balance of not less than Five Million and No/100 Dollars
($5,000,000.00).

     The following definitions shall apply to this Section 9(c):

     “Cash Balance” means the aggregate amount of unrestricted cash of
Guarantor and SSLMI on deposit with Bank of America, N.A., a national banking
association.”

     3. Guarantor hereby acknowledges and agrees that, pursuant to the terms of Section 9(c) of the
Guaranty, prior to the date of this Agreement, Guarantor was required to comply with certain
financial covenants more particularly described therein (the “Financial Covenants”). Guarantor and
Lender hereby agree to waive compliance with the Financial Covenants for the fiscal year ending
December 31, 2008 and the fiscal quarter ending March 31, 2009.

     4. Guarantor hereby issues, ratifies and confirms the representations, warranties and
covenants contained in the Guaranty, as amended hereby. Guarantor agrees that this Agreement is
not intended to and shall not cause a novation with respect to any or all of the obligations of
Guarantor under the Guaranty. Except as expressly modified herein, the terms, provisions and
covenants of the Guaranty are in all other respects hereby ratified and confirmed and remain in
full force and effect.

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     5. Guarantor shall pay to Lender at the time this Agreement is executed and delivered all
fees, costs, charges, taxes and other expenses incurred by Lender and its counsel in connection
with this Agreement.

     6. This Agreement may be executed in any number of duplicate originals or counterparts, each
of such duplicate originals or counterparts shall be deemed to be an original and all taken
together shall constitute but one and the same instrument. Guarantor agrees that Lender may rely
on a telecopy of any signature of Guarantor. Lender agrees that Guarantor may rely on a telecopy
of this Agreement executed by Lender.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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     IN WITNESS WHEREOF, Guarantor and Lender have executed this Agreement under seal as of the
date and year first written above.

	 	 	 	 	 
	 	GUARANTOR:
	 
	 
	WITNESS OR ATTEST:	
SUNRISE SENIOR LIVING, INC.

 	 
	/s/ Uma Singh	By:  	/s/ Julie Pangelinan  (SEAL)
 	 
	 
	 	 
	 
	 	 	Julie Pangelinan 	 
	 	 	Chief Financial Officer	 
	 
	 	LENDER:
	 
	 
	WITNESS:	
CHEVY CHASE BANK

 	 
	/s/	By:  	/s/ Claude R. Sanders (SEAL)
 	 
	 
	 	 
	 
	 	 	Claude R. Sanders 	 
	 	 	Senior Vice Presidentexv10w23

Exhibit 10.23

FIRST AMENDMENT TO DEED OF TRUST NOTE B

(Loan B)

     THIS FIRST AMENDMENT TO DEED OF TRUST NOTE B (this “Agreement”) is made as of August 28, 2009,
by and between SUNRISE CONNECTICUT AVENUE ASSISTED LIVING L.L.C., a limited liability company
organized and existing under the laws of the Commonwealth of Virginia (the “Borrower”) and CHEVY
CHASE BANK, a division of Capital One, N.A. (the “Lender”).

RECITALS

     A. Borrower obtained a loan from the Lender in the maximum principal amount of Ten Million and
No/Dollars ($10,000,000.00) (“Loan B”) which was advanced pursuant to the provisions of a certain
Loan Agreement dated August 28, 2007 by and between the Borrower and the Lender, as amended by that
certain First Amendment to Loan Agreement dated April 15, 2008 and that certain Second Amendment to
Loan Agreement dated of even date herewith (the same, as amended, modified, restated, substituted,
extended and renewed at any time and from time to time, the “Loan Agreement”).

     B. Loan B is evidenced by, and repaid with interest in accordance with the provisions of a
Deed of Trust Note B dated August 28, 2007 from the Borrower payable to Lender in the principal
amount of Ten Million and No/Dollars ($10,000,000.00) (as amended by this Agreement and as amended,
modified, restated, substituted, extended and renewed at anytime and from time to time, the
“Note”).

     C. Loan B is guaranteed by Sunrise Senior Living, Inc. a Delaware corporation (“Guarantor”),
pursuant to the terms of that certain Guaranty of Payment dated August 28, 2007, as amended by that
certain First Amendment to Guaranty of Payment dated September 8, 2008 and that certain Second
Amendment to Guaranty of Payment dated of even date herewith (as amended, modified, restated,
substituted, extended and renewed at anytime and from time to time, the “Guaranty”).

     D. The Borrower has requested and the Lender has agreed to (i) extend the Maturity Date of the
Note, (ii) increase the interest rate applicable under the terms of the Note and (iii) make such
other changes as more particularly set forth herein.

AGREEMENTS

     NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, receipt of which is hereby acknowledged, Borrower and Lender agree as follows:

 

 

     1. Borrower and Lender agree that the Recitals above are a part of this Agreement. Unless
otherwise expressly defined in this Agreement, terms defined in the Note shall have the same
meaning under this Agreement.

     2. Section 1 (Interest) of the Note is hereby amended and restated in its entirety as follows:

          “1. Interest.

     Commencing as of August 29, 2009 and continuing until repayment in full of all
sums due hereunder, the unpaid Principal Sum shall bear interest at the fluctuating
rate based on an independent index which is the average of interbank offered rates
for one-month dollar deposits in the London Market as reported in The Wall
Street Journal (the “Index”) plus 550 basis points per annum (the “LIBOR Rate”)
which rate shall be adjusted for any reserve requirements imposed upon the Lender
from time to time. The LIBOR Rate does not necessarily represent the lowest rate of
interest charged by the Lender to borrowers. If the Index becomes unavailable
during the term of this Note, the Lender may designate a substitute index after
giving notice to the Borrower. The LIBOR Rate will be adjusted on the first day of
each month, based on the value of the Index as published in The Wall Street
Journal as of the first business day of each month. All interest payable under
the terms of this Note shall be calculated on the basis of a 365-day year. The
LIBOR Rate shall be in effect for a period of the number of days indicated (each a
“LIBOR Period”), in any case extended to the next succeeding Business Day (as
defined in the Loan and Security Agreement of even date herewith) when necessary,
beginning on the date hereof or the expiration date of the then-current LIBOR
Period.”

     3. Section 2 (Payments and Maturity) of the Note is hereby amended and restated in its
entirety as follows:

          “2. Payments and Maturity.

     The unpaid Principal Sum, together with interest thereon at the rate provided
above, shall be payable as follows:

     (a) Interest only commencing on October 1, 2007 and continuing on the same day
of each and every month thereafter, to and including December 1, 2009;

     (b) Unless sooner paid, the unpaid Principal Sum, together with interest
accrued and unpaid thereon, shall be due and payable in full on December 2, 2009.”

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     4. Borrower hereby issues, ratifies and confirms the representations, warranties and covenants
contained in the Note, as amended hereby. Borrower agrees that this Agreement is not intended to
and shall not cause a novation with respect to Loan B any or all of the obligations of Borrower
under the Financing Documents. Except as expressly modified herein, the terms, provisions and
covenants of the Note are in all other respects hereby ratified and confirmed and remain in full
force and effect.

     5. The Borrower acknowledges and warrants that the Lender has acted in good faith and has
conducted in a commercially reasonable manner its relationships with the Borrower in connection
with this Agreement and generally in connection with the Financing Documents and the obligations
evidenced by the Note, the Borrower hereby waiving and releasing any claims to the contrary.

     6. The Borrower shall pay at the time this Agreement is executed and delivered all fees,
commissions, costs, charges, taxes and other expenses incurred by the Lender and its counsel in
connection with this Agreement, including reasonable fees and expenses of the Lender’s counsel and
all recording fees, taxes and charges.

     7. This Agreement shall be governed in all respects by the laws of the Commonwealth of
Virginia and shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.

     8. This Agreement may be executed in any number of duplicate originals or counterparts, each
of such duplicate originals or counterparts shall be deemed to be an original and all taken
together shall constitute but one and the same instrument. Borrower agrees that Lender may rely on
a telecopy of any signature of Borrower. Lender agrees that Borrower may rely on a telecopy of
this Agreement executed by Lender.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

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     IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement under seal as of the date
and year first written above.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESS OR ATTEST:	 	SUNRISE CONNECTICUT AVENUE ASSISTED LIVING, L.L.C.
	 	 	By:	 	Sunrise Senior Living Investments, Inc., its
sole Member
	 
	 	 	 	 	 	 	 	 
	/s/
Uma Singh

	 	 	 	By:
	 	/s/ Julie Pangelinan (SEAL)	 	 
	 

	 	 	 	 	 	 
	 	 
	 

	 	 	 	 	 	Julie Pangelinan	 	 
	 

	 	 	 	 	 	Vice President
	 	 

COMMONWEALTH OF VIRGINIA, COUNTY OF FAIRFAX, TO WIT:

     On
August 29, 2009, before me, Helen A. Wilson, a Notary Public in and for the Commonwealth
shown above, appeared Julie Pangelinan personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose signature is subscribed to the within instrument, and
acknowledged to me that she executed the same in her authorized capacity as Vice President of
Sunrise Senior Living Investments, Inc., sole Member of Sunrise Connecticut Avenue Assisted Living,
L.L.C., and that by her signature on the instrument the entity upon behalf of which he/she acted,
executed the instrument.

     WITNESS my hand and official seal.

	 	 	 	 	 
	 	 	 
	 	/s/
Helen A. Wilson
	 
	 	Notary Public 	 
	 	 	 
	 

My Commission Expires: 11/30/2010

My Notarial Registration Number is: 313047

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	 	LENDER:

	 
	
WITNESS:	

CHEVY CHASE BANK F.S.B.

 	 
	/s/	By:  	/s/ Claude R. Sanders (SEAL)
 	 
	 
	 	 
	 
	 	 	Claude R. Sanders 	 
	 	 	Senior Vice President 	 
	 

COMMONWEALTH/STATE OF MARYLAND, COUNTY/CITY OF MONTGOMERY, TO WIT:

     On
August 28th, 2009,
before me, Pauline Ralph, a Notary Public in and for the Commonwealth shown
above, appeared Claude R. Sanders, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose signature is subscribed to the within instrument, and
acknowledged to me that he executed the same in his authorized capacity as Senior Vice President of
Chevy Chase Bank, F.S.B, a division of Capital One, N.A. and that by his signature on the instrument the
entity upon behalf of which he acted, executed the instrument.

     WITNESS my hand and official seal.

	 	 	 	 	 
	 	 	 
	 	/s/
Pauline C. Ralph
	 
	 	Notary Public 	 
	 	 	 
	 

My
Commission Expires: 6/1/2010

My Notarial Registration Number is:                     

CC/Connecticut
Ave Loan B (First Amendment to Note–Chevy Chase)

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