Document:

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                                                                    EXHIBIT 4.14

                        ENVIRONMENTAL INDEMNITY AGREEMENT

          THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this "Agreement"), made as of
                                                        ---------
December 12, 2001, by VENTAS FINANCE I, LLC, a Delaware limited liability
company ("Borrower"), and VENTAS, INC., a Delaware corporation ("Guarantor";
          --------                                               ---------
together with the Borrower, collectively, the "Indemnitors"; and each,
                                               -----------
individually, an "Indemnitor"), each having an office at c/o Ventas, Inc., 4360
                  ----------
Brownsboro Road, Suite 115, Louisville, Kentucky 40207-1642 in favor of MERRILL
LYNCH MORTGAGE LENDING, INC., a Delaware corporation, having an office c/o
Merrill Lynch & Co., One World Financial Center, North Tower, 250 Vesey Street,
New York, New York 12028 (together with and its successors, transferees and
assigns, "Lender").
          ------
                                    RECITALS:

          WHEREAS, the Borrower owns fee simple interests in and to those
properties described on Exhibit A attached hereto (said properties, together
                        ---------
with all structures, buildings and improvements now or hereafter located
thereon, collectively, the "Properties", and each individually a "Property");
                            ----------                            --------

          WHEREAS, Lender is prepared to make a loan (the "Loan") to the
                                                           ----
Borrower in the principal amount of $225,000,000 pursuant to a Loan and Security
Agreement, dated of even date herewith (as amended, modified or restated, the
"Loan Agreement"), between the Borrower and Lender, which Loan shall be
 --------------
evidenced by a Promissory Note, dated of even date herewith (as amended,
modified, or restated and any replacements or substitutes therefor, the "Note"),
                                                                         ----
of even principal amount given by the Borrower to Lender, and secured by, among
other things, the Mortgages (as defined in the Loan Agreement), from the
Borrower to Lender encumbering the Properties. The Loan Agreement, the Note, the
Mortgages, this Agreement and any other agreement or instrument now or hereafter
evidencing or securing the Loan are hereinafter collectively called the "Loan
                                                                         ----
Documents";
---------

          WHEREAS, Guarantor will derive substantial benefits from Lender's
making the Loan to the Borrower;

          WHEREAS, as a condition to making the Loan to the Borrower, Lender
requires the Indemnitors to provide certain indemnities concerning Hazardous
Materials (as hereinafter defined); and

          WHEREAS, to induce Lender to consummate the above described
transaction, the Indemnitors have agreed to enter into this Agreement.

          NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Indemnitors hereby represent and warrant to, and covenant
with, Lender as follows:

1.   Each of the Indemnitors represents and warrants that to its knowledge (as
     hereinafter defined), except as may be set forth in the Environmental
     Reports (as defined in the Loan Agreement) and except for materials
     customarily used or stored in connection with the

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         operation and maintenance of properties similar to the Properties,
         which materials at the Properties exist only in reasonable quantities
         and are stored, contained, transported, used, released and disposed of
         reasonably and without material violation of Hazardous Material Laws:
         (a) no Hazardous Materials are or were stored or located, and no
         underground storage tanks or surface impoundments used for storing
         Hazardous Materials are or were located on any of the Properties or on
         adjacent parcels of real property, and (b) no part of such real
         property or such adjacent parcels of real property, including
         groundwater located therein or thereunder, is presently contaminated by
         Hazardous Materials. Any and all references in this Agreement to
         "knowledge" of any Indemnitor shall have the same meaning herein as
          ---------
         provided in the Loan Agreement.

2.       (a) Borrower shall at all times comply, and shall exercise its rights
         under the Master Lease to cause Lessee to at all times comply, in all
         material respects with all applicable Hazardous Materials Laws.
         Borrower shall not and shall use reasonable efforts to exercise its
         rights under the Master Lease to ensure that Lessee shall not: (i)
         violate any applicable Hazardous Materials Law in any material respect;
         or (ii) generate, use, transport, handle, store, release or dispose of
         any Hazardous Material in or into, on or onto, or from any Property
         (except in accordance with applicable law); or (iii) permit any Lien
         imposed pursuant to any Hazardous Materials Law to be imposed or to
         remain on any Property (except to the extent same is being contested in
         accordance with Section 5.3(B) of the Loan Agreement).

               (b) Upon obtaining knowledge of the presence, storage, use,
disposal, transportation, active or passive migration, release or discharge of
any Hazardous Materials on, under or about any Property in violation of any
Hazardous Materials Laws, Borrower shall, at its sole cost and expense, promptly
provide to Lender such reports, certificates, engineering studies or other
written material or data as Lender may reasonably require, and promptly take and
diligently prosecute, or cause Lessee to promptly take and diligently prosecute,
any and all remedial actions required under applicable Hazardous Materials Laws.
In the event Borrower undertakes any remedial action with respect to any
Hazardous Materials on, under or about any Property, Borrower shall conduct and
complete such remedial action in material compliance with all applicable
Hazardous Materials Laws, and materially in accordance with the applicable
policies, orders and directives of all federal, state and local governmental
authorities.

               (c) If Lender at any time has a reasonable basis to believe that
a violation of any Hazardous Materials Law related to any Property has occurred
and is continuing or that any basis for an Environmental Claim affecting
Borrower or Lessee or related to any Property exists, then Borrower agrees,
promptly after written request from Lender, to provide Lender with such reports,
certificates, engineering studies or other written material or data as Lender
may reasonably require so as to satisfy Lender that Borrower, Lessee and such
Property are in material compliance with all applicable Hazardous Materials Laws
(unless any such reports, certificates, studies or materials disclose any
violation of Hazardous Materials Laws in which event the provisions of Section
5.7(B) of the Loan Agreement shall apply).

3.       Each of the Indemnitors covenants and agrees at its sole cost and
         expense, to protect, defend, indemnify and hold Lender, its directors,
         officers, shareholders, employees, agents, successors and assigns
         harmless from and against any and all losses, liabilities,

                                       2

<PAGE>

          obligations, claims, damages, penalties, causes of action, fines,
          costs and expenses including, without limitation, reasonable
          attorneys' fees, expenses and litigation costs, sums paid in
          settlement of claims and any costs and expenses incurred in enforcing
          this Agreement or collecting any sums due hereunder, other than those
          arising solely from the gross negligence or willful misconduct of
          Lender (collectively, the "Indemnified Claims"), directly or
                                     ------------------
          indirectly imposed upon or incurred by or asserted against Lender, its
          directors, officers, shareholders, employees, agents, successors and
          assigns (collectively, "Indemnified Parties"), arising out of or in
                                  -------------------
          connection with (1) any violation of Hazardous Materials Law relating
          to any Property; (2) any lawsuit brought or threatened, settlement
          reached, or government order relating to any Hazardous Materials on,
          in, under or affecting any Property; (3) the use, generation,
          refining, manufacture, transportation, transfer, production,
          processing, storage, handling, or treatment of any Hazardous Materials
          on, under, from, or affecting any Property or any other property
          affecting the Properties; (4) the presence, disposal, dumping, escape,
          seepage, leakage, spillage, discharge, emission, pumping, emptying,
          injecting, leaching, pouring, release, or threatened release of any
          Hazardous Materials on, under, from, or affecting any Property or any
          other property affecting the Properties; (5) any remedial action, or
          imposition of standards of conduct, including the clean-up,
          encapsulation, treatment, abatement, removal and/or disposal of any
          Hazardous Materials on, under, from or affecting any Property or any
          other property affecting the Properties to the extent required by any
          Hazardous Materials Law; (6) any personal injury (including wrongful
          death) or property damage (real or personal) arising out of or related
          to such Hazardous Materials; or (7) a material misrepresentation or
          material inaccuracy in any representation or warranty contained in
          this Agreement or in Section 4.16 of the Loan Agreement; or (8) a
          material breach of or failure to perform any covenant made by any
          Indemnitor in this Agreement; provided, however, that the Indemnitors
          shall be relieved of their obligations to an Indemnified Party under
          this subsection with respect to any Indemnified Claim arising from (x)
          the gross negligence or willful misconduct of such Indemnified Party
          as determined by a court of competent jurisdiction or (y) any of the
          matters set forth in clauses (1) through (6) above occurring after the
          date of transfer of title to such Property to any Indemnified Party or
          third party by the foreclosure of the related Mortgage, deed-in-lieu
          thereof, the exercise of any power of sale or otherwise (the "Transfer
                                                                        --------
          Date") and provided that, in the case of clause (y) above, the
          ----
          Indemnitors can prove that such Indemnified Claim did not arise from
          any Hazardous Materials which existed on, in, under or affecting such
          Property prior to the Transfer Date.

          Each Indemnitor understands and agrees that its liability to Lender
          shall arise upon the earlier to occur of (1) the discovery of the
          presence of any Hazardous Materials on, under or about any Property,
          whether or not the Environmental Protection Agency, any other federal
          agency or any state or local environmental or other agency or
          political subdivision or any court, administrative panel or tribunal
          has taken or threatened any action in connection with the presence of
          any Hazardous Materials or (2) the institution of any Indemnified
          Claims, and not upon the realization of loss or damage.

          Notwithstanding the foregoing, the presence at any Property of any
          Hazardous Materials that are typically used or stored in the operation
          of buildings similar to the building located on such Property, which
          materials at such Property exist only in reasonable

                                       3

<PAGE>

         quantities and are stored in enclosed containers and used, released and
         disposed of in compliance in all material respects with Hazardous
         Materials Laws and that pose no material threat to the surrounding
         environment, shall not in and of itself be deemed to be the release of
         Hazardous Materials on such Property.

4.       The following terms shall have the following meanings as used herein:

         "Hazardous Materials" means all or any of the following: (i)
          -------------------
         substances, materials, compounds, wastes, products, emissions and
         vapors that are defined or listed in, regulated by, or otherwise
         classified pursuant to, any applicable Hazardous Materials Law as
         "hazardous substances", "hazardous materials", "hazardous wastes",
         "toxic substances", "pollutants", "contaminants", or any other
         formulation intended to regulate, define, list or classify substances
         by reason of deleterious, harmful or dangerous properties; (ii) waste
         oil, oil, petroleum or petroleum derived substances; (iii) any
         flammable substances or explosives or any radioactive materials; (iv)
         asbestos or asbestos containing materials in any form; (v) electrical
         or hydraulic equipment which contains any oil or dielectric fluid
         containing polychlorinated biphenyls; (vi) radon; (vii) urea
         formaldehyde; or (viii) medical waste.

         "Hazardous Materials Law" means any federal, state, or local law,
          -----------------------
         ordinance or regulation or any court judgment or order of any federal,
         state or local agency or regulatory body applicable to the Borrower or
         to any Property relating to industrial hygiene, human health or safety
         or environmental conditions including, but not limited to, those
         relating to the generation, manufacture, storage, handling,
         transportation, disposal, release, emission or discharge of Hazardous
         Materials, and those relating to the atmosphere, soil, surface and
         ground water, wetlands, stream sediments and vegetation on, under, in
         or about any Property. "Hazardous Materials Law" also shall include,
                                 -----------------------
         but not be limited to, the Comprehensive Environmental Response,
         Compensation and Liability Act, the Hazardous Materials Transportation
         Act, the Resource Conservation and Recovery Act, the Solid Waste
         Disposal Act, the Clean Water Act, the Clean Air Act, the Toxic
         Substance Control Act, the Safe Drinking Water Act and the Occupational
         Safety and Health Act (but only as it relates to Hazardous Materials in
         the environment), and all regulations adopted in respect to the
         foregoing laws.

5.       This Agreement, the payment of all sums due hereunder and the
         performance and discharge of each and every obligation, covenant and
         agreement of the Borrower contained herein, are, and shall be deemed to
         be, secured by the Mortgages.

6.       The liability of the Indemnitors under this Agreement shall in no way
         be limited or impaired by, and each Indemnitor hereby consents to and
         agrees to be bound by, any amendment or modification of the provisions
         of the Note, the Loan Agreement, the Mortgages or any other document
         which evidences, secures or guarantees all or any portion of the Loan
         (the "Other Security Documents"). In addition, the liability of the
               ------------------------
         Indemnitors under this Agreement shall in no way be limited or impaired
         by (i) any extensions of time for performance required by the Note, the
         Mortgages or any of the Other Security Documents, (ii) any sale or
         transfer of all or part of any Property (except as expressly provided
         in Section 3(a) hereof), (iii) any exculpatory provision in the Note,

                                       4

<PAGE>

         the Loan Agreement, the Mortgages, or any of the Other Security
         Documents limiting Lender's recourse to the Properties or other
         property encumbered by the Mortgages or to any other security, or
         limiting Lender's rights to a deficiency judgment against the Borrower,
         (iv) the accuracy or inaccuracy of the representations and warranties
         made by the Borrower under the Note, the Loan Agreement, the Mortgages
         or any of the Other Security Documents or herein, (v) the release of
         the Borrower or any other person from performance or observance of any
         of the agreements, covenants, terms or conditions contained in any of
         the Other Security Documents by operation of law, Lender's voluntary
         act, or otherwise, (vi) the release or substitution in whole or in part
         of any security for the Note, (vii) Lender's failure to record the
         Mortgages or file any UCC financing statements (or Lender's improper
         recording or filing of any thereof) or to otherwise perfect, protect,
         secure or insure any security interest or lien given as security for
         the Note, or (viii) the limitations on recourse as provided in Article
         XII of the Loan Agreement; and, in any such case, whether with or
         without notice to the Indemnitors and with or without consideration.

7.       Lender may enforce the obligations of the Indemnitors without first
         resorting to or exhausting any security or collateral or without first
         having recourse to the Note, the Loan Agreement, the Mortgages, or any
         Other Security Documents or any of the Properties, through foreclosure
         proceedings or otherwise, provided, however, that nothing herein shall
         inhibit or prevent Lender from suing on the Note, foreclosing, or
         exercising any power of sale under, the Mortgages, or exercising any
         other rights and remedies thereunder.

8.       The obligations and liabilities of the Indemnitors under this
         Agreement shall survive for a period of three (3) years following
         payment in full of the Obligations in accordance with the terms of the
         Loan Documents, provided, however, in the event that (i) any
         obligations or liabilities of the Indemnitors under this Agreement
         shall have arisen from any Hazardous Materials which existed on, in,
         under or affecting any Property prior to the expiration of such period
         or (ii) if, prior to payment in full of the Loan, Lender shall have
         exercised any rights or remedies after an Event of Default or any of
         the Loan Documents shall have been modified or amended or any provision
         thereof waived pursuant to any workout or restructuring of the Loan
         (and if, as a consequence thereof, at any time after the expiration of
         such three (3) year period, Lender shall be unable to avail itself of
         any exemption from liability available to lenders under any applicable
         Hazardous Material Law or shall be required to defend any claim or
         action relating to any Hazardous Materials), then in any such event the
         foregoing three (3) year period shall not apply and the obligations and
         liabilities of the Indemnitors hereunder shall survive. In addition,
         the foregoing three (3) year period shall not apply if Lender or any of
         its agents, successors or assigns or any third party acquire title to
         any Property by the foreclosure of the related Mortgage, deed-in-lieu
         thereof, the exercise of any power of sale or otherwise, in which event
         the Indemnitors shall be relieved of their obligations under this
         Agreement with respect any Indemnified Claim relating to such Property
         arising from occurrences after the Transfer Date as and to the extent
         provided in the last sentence of Section 3(a) above.

9.       Any amounts payable to Lender under this Agreement shall become
         immediately due and payable on demand and, if not paid within ten (10)
         days of written demand therefor, shall

                                       5

<PAGE>

         bear interest at the Default Rate provided under the Note, or the
         maximum rate permitted by law from the date of demand, until paid.

10.      Each Indemnitor hereby waives (i) any right or claim of right to
         cause a marshalling of the Borrower's assets or to cause Lender to
         proceed against any of the security for the Loan before proceeding
         under this Agreement against any Indemnitor; (ii) and relinquishes all
         rights and remedies accorded by applicable law to borrowers or
         guarantors; (iii) the right to assert a counterclaim, other than a
         mandatory or compulsory counterclaim, in any action or proceeding
         brought against or by Lender; (iv) notice of acceptance hereof and of
         any action taken or omitted in reliance hereon; (v) presentment for
         payment, demand of payment, protest or notice of nonpayment or failure
         to perform or observe, or other proof, or notice or demand; and (vi)
         all homestead exemption rights against the obligations hereunder and
         the benefits of any statutes of limitations or repose. Notwithstanding
         anything to the contrary contained herein, each Indemnitor agrees that
         it shall not exercise or attempt to exercise any rights of subrogation
         which it may have with respect to any collateral securing the Loan
         unless and until the Loan shall have been paid in full.

11.      The Indemnitors shall reasonably take any and all reasonable actions,
         including institution of legal action against third-parties, necessary
         or appropriate to obtain reimbursement, payment or compensation from
         such persons responsible for the presence of any Hazardous Materials
         at, in, on, under or near any Property or otherwise obligated by law to
         bear any costs therefor. Lender shall be and hereby is subrogated to
         all of the Indemnitors' rights now or hereafter in such claims.

12.      Subject to the rights of tenants, the Indemnitors shall reasonably
         cooperate with Lender, at Lender's sole cost and expense (except during
         the continuance of an Event of Default or in the event Lender
         reasonably believes that a violation of any Hazardous Materials Law
         related to any Property has occurred and is continuing), and provide
         reasonable access to Lender and any professionals engaged by Lender,
         upon Lender's request, to conduct, contract for, evaluate or interpret
         any environmental assessments, audits, investigations, testing,
         sampling, analysis and similar procedures on any Property.

13.      Each Indemnitor represents and warrants that:

         Such Indemnitor has the full corporate, partnership, trust or other
         power and authority to execute and deliver this Agreement and to
         perform its obligations hereunder; the execution, delivery and
         performance of this Agreement by such Indemnitor has been duly and
         validly authorized; and all requisite corporate, partnership, trust or
         other action has been taken by such Indemnitor to make this Agreement
         valid and binding upon such Indemnitor, enforceable in accordance with
         its terms;

         Such Indemnitor's execution of, and compliance with, this Agreement do
         not and will not result in the breach of any term or provision of the
         charter or by-laws, partnership agreement or other organizational
         documents of such Indemnitor or result in the breach of any term or
         provision of, or conflict with or constitute a default under or result
         in the acceleration of any obligation under, any agreement, indenture
         or loan or credit

                                       6

<PAGE>

         agreement or other instrument to which such Indemnitor or any Property
         is subject, or result in the violation of any law, rule, regulation,
         order, judgment or decree to which such Indemnitor or any Property is
         subject;

         No approval, authorization, order, license or consent of, or
         registration or filing with, any governmental authority or other
         person, and no approval, authorization or consent of any other party is
         required in connection with this Agreement other than any which have
         already been obtained; and

         This Agreement constitutes a valid, legal and binding obligation of
         such Indemnitor, enforceable against it in accordance with the terms
         hereof.

14.      No delay on Lender's part in exercising any right, power or privilege
         under this Agreement shall operate as a waiver of any such privilege,
         power or right.

15.      The Indemnitors shall, within five (5) business days of receipt
         thereof, give written notice to Lender of (i) any notice or advice from
         any governmental agency or any source whatsoever with respect to the
         violation of Hazardous Materials Law affecting any Property, and (ii)
         any claim, suit or proceeding relating to Hazardous Materials, whether
         administrative or judicial in nature, brought against such party or
         instituted with respect to any Property, with respect to which any
         Indemnitor may have liability under this Agreement.

16.      All notices under this Agreement shall be given to the parties at the
         addresses and in the manner provided in the Loan Agreement.

17.      Capitalized terms used herein and not specifically defined herein shall
         have the respective meanings ascribed to such terms in the Loan
         Agreement.

18.      This Agreement may be executed in several counterparts, each of which
         counterparts shall be deemed an original instrument and all of which
         together shall constitute a single Agreement. The failure of any party
         hereto to execute this Agreement, or any counterpart hereof, shall not
         relieve the other signatories from their obligations hereunder.

19.      This Agreement may not be modified, amended, waived, extended, changed,
         discharged or terminated orally or by any act or failure to act on the
         part of Lender, but only by an agreement in writing signed by the party
         against whom enforcement of any modification, amendment, waiver,
         extension, change, discharge or termination is sought.

20.      The terms, covenants and conditions of this Agreement shall be binding
         upon each of the Indemnitors and their respective successors and
         assigns and shall inure to the benefit of Lender and its successors and
         assigns.

21.      The obligations and liabilities of each of the Indemnitors hereunder
         shall be joint and several.

22.      Any one or more parties liable upon or in respect of this  Agreement
         may be released without affecting the liability of any party not so
         released.

                                       7

<PAGE>

23.      The rights and remedies herein provided are cumulative and not
         exclusive of any rights or remedies which Lender has under the Note,
         the Loan Agreement, the Mortgages, or the Other Security Documents or
         would otherwise have at law or in equity.

24.      If any term, condition or covenant of this Agreement shall be held to
         be invalid, illegal or unenforceable in any respect, this Agreement
         shall be construed without such provision.

25.      This Agreement shall be governed and construed in accordance with the
         laws of the internal laws of the State of New York, without regard to
         conflicts of law principles.

26.      EACH INDEMNITOR HEREBY CONSENTS TO THE JURISDICTION OF ANY STATE OR
         FEDERAL COURT LOCATED WITHIN THE COUNTY OF NEW YORK, STATE OF NEW YORK
         OR WITHIN THE COUNTY AND STATE IN WHICH THE PROPERTY IS LOCATED AND
         IRREVOCABLY AGREES THAT, SUBJECT TO LENDER'S ELECTION, ALL ACTIONS OR
         PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
         LITIGATED IN SUCH COURTS. EACH INDEMNITOR ACCEPTS FOR ITSELF AND IN
         CONNECTION WITH THE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE
         NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY
         DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY
         ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT.
         NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER
         MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF LENDER TO BRING
         PROCEEDINGS AGAINST THE INDEMNITOR IN THE COURTS OF ANY OTHER
         JURISDICTION.

27.      EACH OF THE INDEMNITORS AND LENDER HEREBY KNOWINGLY, VOLUNTARILY AND
         INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY
         ACTION OR PROCEEDING IN ANY MATTER WHATSOEVER ARISING OUT OF OR IN ANY
         WAY CONNECTED WITH THIS AGREEMENT.

                            [SIGNATURE PAGE FOLLOWS]

                                       8

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been executed by the Indemnitors
and is effective as of the day and year first above written.

                                    INDEMNITORS:

                                    VENTAS FINANCE I, LLC,
                                    a Delaware limited liability company

                                    By: Ventas Finance I, Inc.,
                                    a Delaware corporation,
                                    its sole member

                                    By: /s/ T. Richard Riney
                                        ----------------------------------
                                        Name:  T. Richard Riney
                                        Title: Executive Vice President

                                    VENTAS, INC.,
                                    a Delaware corporation

                                    By: /s/ T. Richard Riney
                                        ----------------------------------
                                        Name:  T. Richard Riney
                                        Title: Executive Vice President

                                       9<PAGE>

                                                                    EXHIBIT 4.15

                       EXCEPTIONS TO NON-RECOURSE GUARANTY

         This EXCEPTIONS TO NON-RECOURSE GUARANTY (this "Guaranty") is entered
                                                         --------
into as of December 12, 2001, by VENTAS, INC., a Delaware corporation (the
"Guarantor"), for the benefit of MERRILL LYNCH MORTGAGE LENDING, INC., a
 ---------
Delaware corporation (together with its successors and assigns, the "Lender").
                                                                     ------
                                    RECITALS

         A. Ventas Finance I, LLC, a Delaware limited liability company
("Borrower") has requested and Lender has agreed to make a loan in the principal
  --------
amount of $225,000,000 (the "Loan"), pursuant to a Loan and Security Agreement,
                             ----
dated of even date herewith (as amended, modified or restated, the "Loan
                                                                    ----
Agreement"), between the Borrower and Lender, which Loan will be evidenced by a
---------
Promissory Note, dated of even date herewith (as amended, modified, renewed or
restated, and any replacement notes therefor, collectively, the "Note"), from
                                                                 ----
the Borrower to Lender and secured by, among other things, certain
Mortgages/Deeds of Trust/Deeds to Secure Debt, Assignments of Leases and Rents,
Security Agreements and Fixture Filings, dated of even date herewith (as
amended, modified, restated, spread or consolidated, collectively, the
"Instruments"), covering the respective properties more particularly described
 -----------
in the Instruments (the "Properties"). As used herein, the term "Loan Documents"
                         ----------                              --------------
shall mean the Loan Agreement, the Note, the Instruments, and any other
documents or instruments given by the Borrower or others and accepted by Lender
for the purposes of evidencing, securing, or guaranteeing the Loan, each as
amended or modified from time to time. Capitalized terms used but not otherwise
defined herein shall have the respective meanings given thereto in the Loan
Agreement.

         B. Guarantor will derive substantial benefits from Lender's making the
Loan to Borrower.

         C. As a condition to making the Loan to the Borrower, Lender requires
that Guarantor execute this Guaranty.

         NOW, THEREFORE, in order to induce Lender to make the Loan to the
Borrower, and in consideration thereof, Guarantor agrees as follows:

         1. As used herein, the term "Indebtedness" shall mean all obligations
                                      ------------
evidenced by the Note or secured by the Instruments.

         2. Guarantor hereby absolutely, unconditionally and irrevocably
guarantees to Lender the full and prompt payment when due, whether at maturity
or earlier, by reason of acceleration or otherwise, and at all times thereafter,
and the full and prompt performance when due, of all of the following
(collectively, the "Guaranteed Obligations"):
                    ----------------------

         (a) All amounts for which the Guarantor is personally liable under
             Sections 12.2(i)-(iv), inclusive, (vi), (ix) and (x) of the Loan
             Agreement; and

<PAGE>

     (b)  All costs and expenses, including reasonable fees and out of pocket
          expenses of attorneys and expert witnesses, incurred by Lender in
          enforcing its rights under this Guaranty.

For purposes of determining Guarantor's liability under this Guaranty, all
payments made by the Borrower with respect to the Indebtedness and all amounts
received by Lender from the enforcement of its rights under the Instruments
shall be applied first to the portion of the Indebtedness for which neither the
Borrower nor Guarantor has personal liability.

Guarantor hereby promises to pay and perform, as and when due (whether by
acceleration, at maturity, or otherwise) and at all times thereafter, each and
all of the items and obligations which are stated to be guaranteed hereunder but
which are obligations for which Guarantor is primarily liable or are not
obligations of others. Guarantor hereby agrees that any such sums shall accrue
interest at the Default Rate until paid if not paid as and when due and that
such sums, together with any accrued interest thereon, shall become a part of
Guarantor's obligations hereunder.

     3.   The obligations of Guarantor under this Guaranty shall survive any
foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu
of foreclosure, and any release of record of any Instrument.

     4.   Guarantor's obligations under this Guaranty constitute an
unconditional guaranty of payment and not merely a guaranty of collection.

     5.   The obligations of Guarantor under this Guaranty shall be performed
without demand by Lender and shall be unconditional irrespective of the
genuineness, validity, regularity or enforceability of any of the Loan
Documents, and without regard to any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety or a guarantor. Guarantor
shall be liable even if the Borrower had no liability at the time of execution
of the Loan Documents, or thereafter ceases to be liable. Guarantor hereby
waives the benefit of all principles or provisions of law, statutory or
otherwise, which are or might be in conflict with the terms of this Guaranty and
agrees that Guarantor's obligations shall not be affected by any circumstances,
whether or not referred to in this Guaranty, which might otherwise constitute a
legal or equitable discharge of a surety or a guarantor. Guarantor hereby waives
the benefits of any right of discharge under any and all statutes or other laws
relating to guarantors or sureties and any other rights of sureties and
guarantors thereunder. Without limiting the generality of the foregoing,
Guarantor hereby waives, to the fullest extent permitted by law, diligence in
collecting the Indebtedness, presentment, demand for payment, protest, all
notices with respect to the Loan Agreement, the Note, this Guaranty, or any
other Loan Document which may be required by statute, rule of law or otherwise
to preserve Lender's rights against Guarantor under this Guaranty, including,
but not limited to, notice of acceptance, notice of any amendment of the Loan
Documents, notice of the occurrence of any default, notice of intent to
accelerate, notice of acceleration, notice of dishonor, notice of foreclosure,
notice of protest, and notice of the incurring by Borrower of any obligation or
indebtedness. Guarantor also waives, to the fullest extent permitted by law,
following an Event of Default, all rights to require Lender to (a) proceed
against any the Borrower or any other guarantor of the Borrower's payment or
performance with respect to the Indebtedness (an "Other Guarantor"), (b) if the
                                                  ---------------
Borrower or any Other Guarantor is a partnership, proceed against any general
partner of the Borrower or the Other Guarantor,

                                       2

<PAGE>

(c) proceed against or exhaust any collateral held by Lender to secure the
repayment of the Indebtedness, or (d) pursue any other remedy it may now or
hereafter have against the Borrower, or if the Borrower is a partnership, any
general partner of the Borrower.

      6. Guarantor understands that the exercise by Lender of certain rights and
remedies contained in the Instruments (such as a nonjudicial foreclosure sale)
may affect or eliminate Guarantor's right of subrogation against the Borrower
and that Guarantor may therefore incur a partially or totally nonreimbursable
liability under this Guaranty. Nevertheless, Guarantor hereby authorizes and
empowers Lender to exercise, in its sole and absolute discretion, any right or
remedy, or any combination thereof, which may then be available, since it is the
intent and purpose of Guarantor that its obligations under this Guaranty shall
be absolute, independent and unconditional under any and all circumstances.
Guarantor expressly waives any defense (which defense, if Guarantor had not
given this waiver, Guarantor might otherwise have) to a judgment against
Guarantor by reason of a judicial or nonjudicial foreclosure. Without limiting
the generality of the foregoing, Guarantor hereby expressly waives any and all
benefits under any applicable law which, if Guarantor had not given this waiver,
(a) would otherwise limit Guarantor's liability after a foreclosure sale to the
difference between the obligations of Guarantor under this Guaranty and the fair
market value of the property or interests sold at such nonjudicial foreclosure
sale, (b) would otherwise limit Lender's right to recover a deficiency judgment
after a foreclosure sale, and (c) would otherwise require Lender to exhaust all
of its security before a personal judgment could be obtained for a deficiency.
Notwithstanding any foreclosure of the lien of any Instrument, whether by the
exercise of the power of sale contained in any Instrument, by an action for
judicial foreclosure or by Lender's acceptance of a deed in lieu of foreclosure,
Guarantor shall remain bound under this Guaranty. Guarantor waives all rights
and defenses that Guarantor may have because Borrower's obligations are secured
by real property. This means, among other things:

         (i)  Lender may collect from Guarantor without first foreclosing on any
real or personal property collateral pledged by the Borrower or others; and

         (ii) If Lender forecloses on any real property collateral pledged by
the Borrower or others: (x) the amount of the debt may be reduced only by the
price for which that collateral is sold at the foreclosure sale, even if the
collateral is worth more than the sale price; and (y) Lender may collect from
Guarantor even if Lender, by foreclosing on the real property collateral, has
destroyed any right Guarantor may have to collect from the Borrower.

This is an unconditional and irrevocable waiver of any rights and defenses that
Guarantor may have because the Borrower's obligations are secured by real
property.

      7. Guarantor also waives any right or defense based upon an election of
remedies by Lender, even though such election (e.g., nonjudicial foreclosure
with respect to any collateral held by Lender to secure repayment of the
Indebtedness) destroys or otherwise impairs the subrogation rights of Guarantor
or the right of Guarantor (after payment of the obligations guaranteed by
Guarantor under this Guaranty) to proceed against the Borrower for
reimbursement, or both.

                                       3

<PAGE>

      8.  Guarantor shall have no right to assert or exercise, or attempt to
assert or exercise, and hereby waives any right to assert or attempt to assert
any claim for, subrogation, reimbursement, indemnification, and contribution
against Borrower and against any general partner, member or other constituent of
Borrower, and against any other person or any collateral or security for the
Indebtedness, until the Indebtedness has been indefeasibly paid and satisfied in
full, and there has expired the maximum possible period thereafter during which
any payment made by the Borrower or others to Lender with respect to the
Indebtedness could be deemed a preference under the United States Bankruptcy
Code.

      9.  At any time or from time to time, without notice to Guarantor and
without affecting the liability of Guarantor for the Guaranteed Obligations, (a)
the time for payment of the principal of or interest on the Indebtedness may be
extended or the Indebtedness may be renewed in whole or in part; (b) the time
for the Borrower's performance of or compliance with any covenant or agreement
contained in the Note, the Loan Agreement, the Instruments or any other Loan
Document, whether presently existing or hereinafter entered into, may be
extended or such performance or compliance may be waived; (c) the maturity of
the Indebtedness may be accelerated as provided in the Note, the Loan Agreement,
the Instruments, or any other Loan Document; (d) the Note, the Loan Agreement,
the Instruments, or any other Loan Document may be modified or amended by Lender
and the Borrower in any respect, including, but not limited to, an increase in
the principal amount; and (e) any security for the Indebtedness may be modified,
exchanged, surrendered or otherwise dealt with or additional security may be
pledged or mortgaged for the Indebtedness.

      10. Any indebtedness of the Borrower held by Guarantor now or in the
future is and shall be subordinated to the Indebtedness and any such
indebtedness of the Borrower shall be collected, enforced and received by
Guarantor, as trustee for Lender, but without reducing or affecting in any
manner the liability of Guarantor under the other provisions of this Guaranty.

      11. If any payment by the Borrower is held to constitute a preference
under any applicable bankruptcy, insolvency, or similar laws, or if for any
other reason Lender is required to refund any sums to the Borrower, such refund
shall not constitute a release of any liability of Guarantor under this
Guaranty. It is the intention of Lender and Guarantor that Guarantor's
obligations under this Guaranty shall not be discharged except by Guarantor's
performance of such obligations and then only to the extent of such performance.

      12. Lender may assign its rights under this Guaranty in whole or in part
and upon any such assignment, all the terms and provisions of this Guaranty
shall inure to the benefit of such assignee to the extent so assigned. The terms
used to designate any of the parties herein shall be deemed to include the
heirs, legal representatives, successors and assigns of such parties; and the
term "Lender" shall include, in addition to Lender, any lawful owner, holder or
pledgee of the Note.

      13. This Guaranty and the other Loan Documents represent the final
agreement between the parties and may not be contradicted by evidence of prior,
contemporaneous or subsequent oral agreements. There are no unwritten oral
agreements between the parties. All prior or contemporaneous agreements,
understandings, representations, and statements, oral or written, are merged
into this Guaranty and the other Loan Documents. Guarantor acknowledges

                                       4

<PAGE>

that it has received copies of the Note and all other Loan Documents.
Neither this Guaranty nor any of its provisions may be waived, modified,
amended, discharged, or terminated except by an agreement in writing signed by
the party against which the enforcement of the waiver, modification, amendment,
discharge, or termination is sought, and then only to the extent set forth in
that agreement.

      14. THIS GUARANTY SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES.

      15. This Guaranty has been duly authorized, executed and delivered by
Guarantor and constitutes the valid and binding obligation of Guarantor,
enforceable against Guarantor in accordance with its terms. No approval,
consent, order or authorization of any governmental authority and no
designation, registration, declaration or filing with any governmental authority
is required in connection with the execution and delivery of this Guaranty by
Guarantor. Guarantor has no defense or offset to the enforcement of this
Guaranty. The execution and delivery of this Guaranty will not violate or
contravene in any way the articles of incorporation or bylaws or partnership
agreement, articles of organization or operating agreement, as the case may be,
of Guarantor or any indenture, agreement or instrument to which Guarantor is a
party or by which it or its property may be bound, or be in conflict with,
result in a breach of or constitute a default under any such indenture,
agreement or other instrument, result in the creation or imposition of any lien,
charge or encumbrance of any nature whatsoever upon any of the property or
assets of Guarantor, except as contemplated by the provisions of the Loan
Documents, and no action or approval with respect thereto by any third person is
required.

      16. GUARANTOR AND LENDER EACH (A) AGREE NOT TO ELECT A TRIAL BY JURY WITH
RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN
THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF RIGHT BY A JURY AND (B)
WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT
ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY
JURY IS SEPARATELY GIVEN BY EACH PARTY, KNOWINGLY AND VOLUNTARILY WITH THE
BENEFIT OF COMPETENT LEGAL COUNSEL.

      17. This Guaranty shall not be secured by the Properties, the Loan
Documents, or any other collateral of any nature which is security for the
Obligations. Without limitation, this Section 17 has priority over any provision
in this Guaranty or any of the other Loan Documents which states or implies that
this Guaranty is so secured.

                                       5

<PAGE>

          IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty
as of the date first written above.

                                            GUARANTOR:

                                            VENTAS, INC.
                                            a Delaware corporation

                                            By: /s/ T. Richard Riney
                                                -----------------------------
                                               Name:  T. Richard Riney
                                               Title: Executive Vice President

                                       6

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