Document:

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                                  EXHIBIT 10.73

                               Third Amendment to

                           Purchase and Sale Agreement

                             dated January 20, 2004

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                                 THIRD AMENDMENT

                                       TO

                           PURCHASE AND SALE AGREEMENT

                                 by and between

                      Niles Lifestyle Limited Partnership,

                                   as Seller,

                                       and

                  CNL Retirement Corp., a Florida corporation,

                                  as Purchaser

                                January 20, 2004

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                                 THIRD AMENDMENT

                                       TO

                           PURCHASE AND SALE AGREEMENT

         THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment")
is made effective as of January 20, 2004, by and between Niles Lifestyle Limited
Partnership, an Illinois limited partnership (the "Seller"), and CNL Retirement
Corp., a Florida corporation ("Purchaser").

                              W I T N E S S E T H:

         WHEREAS, Seller and Purchaser entered into a Purchase and Sale
Agreement dated as of December 19, 2003 and amended by that certain First
Amendment to Purchase and Sale Agreement dated effective December 31, 2003 and
by that certain Second Amendment to Purchase and Sale Agreement dated effective
January 5, 2004 (collectively, the "Original Agreement") with respect to the
purchase and sale of a senior living facility located on the land more
particularly described on Schedule A to the Original Agreement.

         WHEREAS, Seller and Purchaser wish to amend the Original Agreement as
set forth in this Amendment.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, Seller and Purchaser hereby
agree as follows:

SECTION 1. DEFINITIONS.

         Capitalized terms used in this Amendment and not defined elsewhere
herein shall have the meanings set forth on the Original Agreement.

SECTION 2. INSURANCE.

         2.1      Insurance. Purchaser and Seller agree that it shall be a
condition of Closing that the Insurance Program Condition shall be satisfied on
the Closing Date. For the sake of clarification, Purchaser and Seller
acknowledge that (i) the Three Million One Hundred Forty-Nine Thousand Three
Hundred Seven Dollars ($3,149,307) budget in the definition of Insurance Program
Condition does not include worker's compensation insurance and (ii) the
Insurance Program Condition shall be satisfied if Seller's general
liability/professional liability insurance coverage is on the risk management
program currently in effect with respect to the Property with all other
insurance coverage satisfying Article 9 (Insurance) of the Lease provided that
such insurance in the aggregate satisfies the cost parameters set forth in the
definition of Insurance Program Condition.

                                       1

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SECTION 3. AMENDMENTS.

         3.1      The first sentence of Section 3.1 (Closing) to the Original
Agreement is hereby deleted in its entirety and the following sentence is
substituted therefor:

                  "The purchase, sale and lease of the Properties and other
                  transactions contemplated hereby shall be consummated on a
                  date (the "Closing Date") that is mutually agreeable to all of
                  the parties but no later than February 5, 2004, as such date
                  may be extended pursuant to the express terms and conditions
                  of this Agreement (the "Closing")."

         3.2      Section 10.2(a) of the Original Agreement is hereby amended by
increasing the amount includable in the determination of rent by Five Hundred
Fifty Thousand Dollars ($550,000) from Five Million Eight Hundred Thousand
Dollars ($5,800,000) to Six Million Three Hundred Fifty Thousand Dollars
($6,350,000).

         3.3      The definition of Third-Party Costs set forth in Section
10.2(b) of the Original Agreement is hereby amended by the addition of the
following subsection (xv):

                  ", (xv) a fee to Collateral Mortgage Capital, LLC in
                  connection with the transfer to Collateral Mortgage Capital,
                  LLC of the servicing rights to the Loan,"

SECTION 4. INSURANCE TERMINATION NOTICE.

         The parties hereby acknowledge that the deadline for the delivery of
the Insurance Termination Notice has expired and the Purchaser has waived its
right to deliver the Insurance Termination Notice.

SECTION 5. MISCELLANEOUS.

         5.1      Notices. Any and all notices, demands, consents, approvals,
offers, elections and other communications required or permitted under this
Amendment shall be delivered as set forth under Section 12.4 of the Original
Agreement.

         5.2      Counterparts, Etc. This Amendment may be executed in two (2)
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Facsimile
signatures shall be deemed originals for purposes of determining the
enforceability of this Amendment. This Amendment constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
shall supersede and take the place of any other instruments purporting to be an
agreement of the parties hereto relating to the subject matter hereof. The
Original Agreement as amended by this Amendment may not be amended or modified
in any respect other than by the written agreement of all of the parties hereto.

         5.3      Ratification. Except as amended by this Amendment, the terms
of the Original Agreement are hereby ratified and confirmed in all respects.

                                       2

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         IN WITNESS WHEREOF, the parties have caused this Third Amendment to
Purchase and Sale Agreement to be executed as a sealed instrument as of the date
first hereinabove written.

                               SELLER:

                               NILES LIFESTYLE LIMITED PARTNERSHIP,
                               an Illinois limited partnership

                               By:  Niles Lifestyle Gen-Par, L.L.C.,
                                    a Delaware limited liability company,
                                    its general partner

                                    By: /s/ Jon A. DeLuca
                                        -----------------------------------
                                        Jon A. DeLuca, Vice President and
                                        Chief Financial Officer

                               PURCHASER:

                               CNL RETIREMENT CORP., A FLORIDA CORPORATION

                                    By: /s/ Marcel Verbaas
                                        ----------------------------------
                                        Marcel Verbaas
                                        Chief Investment Officer<PAGE>

                                  EXHIBIT 10.74

                               Fourth Amendment to

                           Purchase and Sale Agreement

                             dated February 6, 2004

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                                FOURTH AMENDMENT

                                       TO

                           PURCHASE AND SALE AGREEMENT

                                 by and between

                      Niles Lifestyle Limited Partnership,

                                   as Seller,

                                       and

                  CNL Retirement Corp., a Florida corporation,

                                  as Purchaser

                                February 6, 2004

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                                FOURTH AMENDMENT

                                       TO

                           PURCHASE AND SALE AGREEMENT

         THIS FOURTH AMENDMENT TO PURCHASE AND SALE AGREEMENT (this "Amendment")
is made effective as of February 6, 2004, by and between Niles Lifestyle Limited
Partnership, an Illinois limited partnership (the "Seller"), and CNL Retirement
Corp., a Florida corporation ("Purchaser").

                              W I T N E S S E T H:

         WHEREAS, Seller and Purchaser entered into a Purchase and Sale
Agreement dated as of December 19, 2003 and amended by that certain First
Amendment to Purchase and Sale Agreement dated effective December 31, 2003, by
that certain Second Amendment to Purchase and Sale Agreement dated effective
January 5, 2004, and by that certain Third Amendment to Purchase and Sale
Agreement dated as of January 20, 2004 (collectively, the "Original Agreement")
with respect to the purchase and sale of a senior living facility located on the
land more particularly described on Schedule A to the Original Agreement.

         WHEREAS, Seller and Purchaser wish to amend the Original Agreement as
set forth in this Amendment.

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, Seller and Purchaser hereby
agree as follows:

SECTION 1. DEFINITIONS.

         Capitalized terms used in this Amendment and not defined elsewhere
herein shall have the meanings set forth on the Original Agreement.

SECTION 2. AMENDMENTS.

         2.1      Amendment to Schedules. The List of Schedules and all of the
Schedules to the Original Agreement are hereby deleted in their entirety and the
revised Schedules attached hereto are substituted therefor.

         2.2      Amendment to Definition of "Intangible Property." Section 1
(Definitions) of the Original Agreement is hereby amended by deleting the
definition of "Intangible Property" and substituting the following therefor:

         ""Intangible Property" shall mean all transferable or assignable (i)
         Permits, (ii) certificates, licenses, warranties, and guarantees held
         by Seller, as owner, and/or its Affiliates relating to the Property,
         (iii) all trade names relating to the Property, (iii) all trade names
         relating to the Property's name, specifically

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         excluding the trade name Horizon Bay or any derivation or replacement
         thereof or addition thereto applied by Affiliates of Horizon Bay to
         other facilities, and (iv) all occupancy agreements, to the extent they
         are not an interest in real property, other than (x) the Excluded
         Assets and (y) such Permits which are to be held by, or transferred to,
         Tenant and/or Manager in order to permit Tenant and/or Manager,
         respectively, to operate or manage, as the case may be, the Property in
         accordance with the terms of the Lease and the Management Agreement."

         2.3      Amendment to Definition of "Pooling Agreement." Section 1
(Definitions) of the Original Agreement is hereby amended by deleting the
definition of "Pooling Agreement" and substituting the following therefor:

                  ""Pooling Agreement" shall mean, collectively, the following
                  agreements, each dated as of the Closing Date:

                  (A)      the Horizon Bay B5 Pooling Agreement, entered into by
                           and among (i) CNL Retirement HB2, LP, a Delaware
                           limited partnership ("CNL RHB"), (ii) Manager, (iii)
                           Senior Lifestyle Heritage, L.L.C, a Delaware limited
                           liability company, Senior Lifestyle Newport Limited
                           Partnership, a Delaware limited partnership, Senior
                           Lifestyle Prosperity Limited Partnership, a Delaware
                           limited partnership and Niles Lifestyle Limited
                           Partnership, an Illinois limited partnership,
                           (collectively, as tenants), and (iv) CNL Retirement
                           HB2 Sun City AZ, LP, a Delaware limited partnership,
                           CNL Retirement HB2 Boynton Beach FL, LP, a Delaware
                           limited partnership, CNL Retirement HB2 Palm Beach
                           FL, LP, a Delaware limited partnership, and CNL
                           Retirement HB2 Niles, LP, a Delaware limited
                           partnership (collectively, as landlords); and

                  (B)      the Horizon Bay Upper Tier Pooling Agreement, among
                           the CNL RHB, WHSLC Realty, L.L.C., a Delaware limited
                           liability company, and Manager, and each
                           substantially in the form attached hereto as
                           SCHEDULES G-3 AND G-4."

         2.4      Amendment to Section 3.1. The first sentence of Section 3.1
(Closing) to the Original Agreement is hereby deleted in its entirety and the
following sentence is substituted therefor:

                  The purchase, sale and lease of the Property and other
                  transactions contemplated hereby shall be consummated on a
                  date (the "Closing Date") that is mutually agreeable to the
                  parties but no later than February 6, 2004, as such date may
                  be extended pursuant to the express terms and conditions of
                  this Agreement (the "Closing").

                                       2

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         2.5      Amendment to Section 8.4. Section 8.4(c) of the Original
Agreement is hereby deleted in its entirety, and the following is hereby
substituted in its place:

                  "(c)     Seller shall be responsible to timely complete and
                  pay all costs of and shall indemnify Purchaser and its assigns
                  against any cost, loss, damage or liability relating to any
                  failure of Seller to pay all amounts due under the applicable
                  Renovation Contract or any contract executed by Seller/Tenant
                  either prior to or after the Closing Date to perform Required
                  Property Repairs."

         2.6      Amendments to Section 10.2(a) (Apportionments). Section 10.2
of the Original Agreement is hereby amended by increasing the amount includable
in the determination of rent by Twenty-Seven Thousand Three Hundred Dollars
($27,300) from Six Million Three Hundred Fifty Thousand Dollars ($6,350,000) to
Six Million Three Hundred Seventy-Seven Thousand Three Hundred Dollars
($6,377,300).

SECTION 3. MISCELLANEOUS.

         3.1      Notices. Any and all notices, demands, consents, approvals,
offers, elections and other communications required or permitted under this
Amendment shall be delivered as set forth under Section 12.4 of the Original
Agreement.

         3.2      Counterparts, Etc. This Amendment may be executed in two (2)
or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Facsimile
signatures shall be deemed originals for purposes of determining the
enforceability of this Amendment. This Amendment constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
shall supersede and take the place of any other instruments purporting to be an
agreement of the parties hereto relating to the subject matter hereof. The
Original Agreement as amended by this Amendment may not be amended or modified
in any respect other than by the written agreement of all of the parties hereto.

         3.3      Ratification. Except as amended by this Amendment, the terms
of the Original Agreement are hereby ratified and confirmed in all respects.

                            [SIGNATURE PAGES FOLLOW]

                                       3

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         IN WITNESS WHEREOF, the parties have caused this Fourth Amendment to
Purchase and Sale Agreement to be executed as a sealed instrument as of the date
first hereinabove written.

                              SELLER:

                              NILES LIFESTYLE LIMITED PARTNERSHIP,
                              an Illinois limited partnership

                              By: Niles Lifestyle Gen-Par, L.L.C.,
                                  a Delaware limited liability company,
                                  its general partner

                                  By: /s/ Jon A. DeLuca
                                      -----------------------------------
                                      Jon A. DeLuca, Vice President and
                                      Chief Financial Officer

                              PURCHASER:

                              CNL RETIREMENT CORP., A FLORIDA CORPORATION

                              By: /s/ Marcel Verbaas
                                  --------------------------------------------
                                  Marcel Verbaas
                                  Senior Vice President

                                      S-1

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                                REVISED SCHEDULES

                        LIST OF SCHEDULES ATTACHED HERETO

Schedule A      Legal Description of Property

Schedule B      List of Due Diligence Materials

Schedule C      FF& E Schedule

Schedule D      Form of Lease

Schedule E      Form of Memorandum of Lease

Schedule F      Name of Lender and List of Loan Documents, together with
                Estimated Principal Balance as of December 31, 2003 and
                Required Reserve/Escrow Balances and Required Additional
                Security

Schedule G-1    Form of Management Agreement

Schedule G-2    Form of Manager Subordination

Schedule G-3    Form of B5 Pooling Agreement

Schedule G-4    Form of Upper Tier Pooling Agreement

Schedule H      List of Motor Vehicles and Description of Motor Vehicle Leases

Schedule I      Form of Special Warranty Deed

Schedule J      List of Renovation Contracts

Schedule K      Form of Assignment and Assumption of Contracts

Schedule L      Form of Assignment and Assumption of Occupancy Agreements

Schedule M      Form of Bill of Sale

Schedule N      Schedule of Non-Terminable Contracts

Schedule O      Litigation Matters

Schedule P      List of Environmental Reports

Schedule Q      Form of Assignment and Assumption of Intangible Property

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Schedule R      Purchaser and Property Transferee Organizational Chart

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