Document:

Exhibit 10.25.2

233 South Wacker Drive, Suite 2800
Chicago, Illinois 60606
Tel  312-234-2732
Fax  312-234-3603

Bank of America N.A.

TO:    Ventas Realty, L.P.
       4360 Brownsboro Road
       Louisville, KY  40207

ATTN.  DEBBIE CAFARO
TEL:   502-357-9010
FAX:   502-357-9001

FROM:  Bank of America, N.A.
       233 South Wacker Drive - Suite 2800
       Chicago, Illinois 60606
       Vic Adams/Sean Doyle

Date:  05OCT01 (Revised 17OCT01, 25OCT01)

Our Reference No. 219542

Internal Tracking Nos.   3363471

THIS CONFIRMATION SUPERSEDES AND REPLACES ANY PREVIOUSLY SENT/EXECUTED
CONFIRMATION OF THIS TRANSACTION.

The purpose of this letter agreement is to confirm the terms and conditions of
the Transaction entered into between Ventas Realty, L.P. and Bank of America,
N.A. (each a "party" and together "the parties") on the Trade Date specified
below (the "Transaction"). This letter agreement constitutes a "Confirmation" as
referred to in the ISDA Master Agreement specified in paragraph 1 below (the
"Agreement").

The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., (the
"Definitions") are incorporated into this Confirmation. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

1. This Confirmation evidences a complete binding agreement between the parties
as to the terms of the Transaction to which this Confirmation relates. In
addition, the parties agree to use all reasonable efforts promptly to negotiate,
execute and deliver an agreement in the form of the ISDA Master Agreement
(Multicurrency-Cross Border) (the "ISDA Form"), with such modifications as the
parties will in good faith agree. Upon the execution by the parties of such an
agreement, this Confirmation will supplement, form a part of, and be subject to
that

                                       1

<PAGE>

agreement. All provisions contained or incorporated by reference in that
agreement upon its execution will govern this Confirmation except as expressly
modified below. Until the parties execute and deliver that agreement, this
Confirmation, together with all other documents referring to the ISDA Form (each
a "Confirmation") confirming transactions (each a "Transaction") entered into
between the parties (notwithstanding anything to the contrary in a
Confirmation), shall supplement, form a part of, and be subject to an agreement
in the form of the ISDA Form as if the parties had executed an agreement in such
form (but without any Schedule) on the Trade Date of the first such Transaction
between the parties. In the event of any inconsistency between the provisions of
that agreement and this Confirmation, this Confirmation will prevail for the
purpose of this Transaction.

     In this Confirmation "Party A" means Bank of America, N.A. and "Party B"
means Ventas Realty, L.P.

2.   The terms of the particular Transaction to which this Confirmation relates
     are as follows:

     Notional Amount:                     USD 450,000,000.00

     Trade Date:                          28SEP01

     Effective Date:                      30JUN03

     Termination Date:                    30JUN08, subject to adjustment in
                                          accordance with the Modified
                                          Following Business Day Convention

     Amortization:                        APPLICABLE (See Schedule A attached
                                          hereto)

     Fixed Amounts:

     Fixed Rate Payer:                    Party B

     Fixed Rate Payer Payment Dates:      The last Business Day of each
                                          Month, commencing 31JUL03 and
                                          ending 30JUN08, subject to
                                          adjustment in accordance with the
                                          Modified Following Business Day
                                          Convention.

     Fixed Rate:                          5.38500%

     Fixed Rate Day Count Fraction:       Actual/360

     Floating Amounts:

     Floating Rate Payer:                 Party A

                                       2

<PAGE>

     Floating Rate Payer Payment Dates:   The last Business Day of each
                                          Month, commencing 31JUL03 and
                                          ending 30JUN08, subject to
                                          adjustment in accordance with the
                                          Modified Following Business Day
                                          Convention.

     Floating Rate for Initial
     Calculation Period:                  TO BE SET

     Floating Rate Option:                USD-LIBOR-BBA

     Averaging                            Inapplicable

     Designated Maturity:                 1 Month

     Spread:                              None

     Floating Rate Day Count Fraction:    Actual/360

     Reset Dates:                         The first day of each Calculation
                                          Period

     Compounding:                         Inapplicable

     Business Days:                       New York

     Calculation Agent:                   Party A

3.   Recording of Conversations:

     Each party to this Transaction acknowledges and agrees to the tape
     recording of conversations between the parties to this Transaction whether
     by one or other or both of the parties or their agents, and that any such
     tape recordings may be submitted in evidence in any Proceedings relating to
     the Agreement and/or this Transaction.

4.   Account Details:

     Account for payments to Party A:

              USD
     NAME:    BANK OF AMERICA NA
     CITY:    NEW YORK
     ABA #:   026009593
     ATTN:    BOFAUS3N
     NAME:    BANK OF AMERICA NA
     CITY:    CHARLOTTE
     ACCT:    6550219386

                                       3

<PAGE>

     ATTN:    RATE DERIVATIVE SETTLEMENTS
     ATTN:    BOFAUS6SGDS

     Account for payments to Party B:

            USD

5.   Offices:

     The Office of Party A for this
     Transaction is:                      Charlotte, NC

     Please send reset notices to fax no. (312-234-3603)

     The Office of Party B for this
     Transaction is:                      Kentucky, USA

     Governing Law:                       The Laws of the State of New York
                                          (without reference to the conflict of
                                          laws provisions thereof)

     Credit Support Document:             As per Agreement (and Credit Support
                                          Annex if applicable).

Credit Support Document:

With respect to Party B, the Guaranty by each Guarantor in favor of secured
parties including Party A pursuant to Section 9 of the Credit Agreement, the
Pledge by each Pledgor pursuant to Section 10 of the Credit Agreement, the Cash
Collateral by each of the Credit Parties pursuant to Section 11 of the Credit
Agreement, the Mortgage and Assignment of Leases and Rents (each as defined in
the Credit Agreement). "Credit Agreement" means the Amended and Restated Credit,
Security, Guaranty and Pledge Agreement, dated as of April 29, 1998, as amended
and restated as of January 31, 2000, among Ventas Realty, Limited Partnership,
as Borrower, and the Guarantors referred to therein, and the Lenders referred to
therein, and Bank of America, N.A. (formerly known as NationsBank, N.A.), as
Issuing Bank, and Bank of America, N.A., as Administrative Agent, and Morgan
Guaranty Trust Company of New York, as Documentation Agent (as amended,
restated, extended, supplemented or otherwise modified in writing from time to
time); provided, however, that in the event Party B enters into any new credit
facility in replacement or refinancing of the Credit Facility (a "New Credit
Facility") the obligations of Party B to Party A hereunder shall be pari passu
with Party B's obligations to the creditors under the New Credit Facility and
Party B's obligations hereunder shall be considered "bank obligations" under the
documents evidencing the New Credit Facility and all security and collateral
securing the New Credit Facility shall serve as security and collateral
hereunder until the date on which all of Party B's obligations under this
Transaction are fully performed, and this Transaction is terminated.

                                       4

<PAGE>

Additional Termination Event:

It shall be an Additional Termination Event hereunder, with respect to which
Party B shall be the Affected Party, if Party B fails to execute and deliver to
Party A an ISDA Master Agreement in form and substance satisfactory to Party A
on or before November 28, 2001.

Transfers:

Party A or Party B can assign its position (in whole or in part) to any third
party with the consent of the other party, such consent shall not be
unreasonably withheld.

     Please confirm that the foregoing correctly sets forth the terms and
conditions of our agreement by responding within three (3) Business Days by
returning via telecopier an executed copy of this Confirmation to the attention
of Global Derivative Operations at (fax no. (312) 234-3603).

     Failure to respond within such period shall not affect the validity or
enforceability of this Transaction, and shall be deemed to be an affirmation of
the terms and conditions contained herein, absent manifest error.

Yours Sincerely,

Bank of America, N.A.

/s/  Dave Walker
-------------------------------------
Dave Walker
Senior Vice President

Authorized Signatory

Accepted and confirmed as of the date first written:

Ventas Realty, L.P.

By Ventas, Inc., General Partner

By: /s/ T. Richard Riney
    --------------------------------

Name: T. Richard Riney
      ------------------------------

Title: Executive Vice President
       ------------------------
        and General Counsel
        -------------------

Our Reference

                                       5

<PAGE>

                           SCHEDULE A TO CONFIRMATION
                              AMORTIZATION SCHEDULE

    CALCULATION PERIOD             NOTIONAL AMOUNT
30JUN03           31JUL03          450,000,000.00
31JUL03           29AUG03          450,000,000.00
29AUG03           30SEP03          450,000,000.00
30SEP03           31OCT03          450,000,000.00
31OCT03           28NOV03          450,000,000.00
28NOV03           31DEC03          450,000,000.00
31DEC03           30JAN04          450,000,000.00
30JAN04           27FEB04          450,000,000.00
27FEB04           31MAR04          450,000,000.00
31MAR04           30APR04          450,000,000.00
30APR04           28MAY04          450,000,000.00
28MAY04           30JUN04          450,000,000.00
30JUN04           30JUL04          450,000,000.00
30JUL04           31AUG04          450,000,000.00
31AUG04           30SEP04          450,000,000.00
30SEP04           29OCT04          450,000,000.00
29OCT04           30NOV04          450,000,000.00
30NOV04           31DEC04          450,000,000.00
31DEC04           31JAN05          450,000,000.00
31JAN05           28FEB05          450,000,000.00
28FEB05           31MAR05          450,000,000.00
31MAR05           29APR05          450,000,000.00
29APR05           31MAY05          450,000,000.00
31MAY05           30JUN05          450,000,000.00
30JUN05           29JUL05          450,000,000.00
29JUL05           31AUG05          450,000,000.00
31AUG05           30SEP05          450,000,000.00
30SEP05           31OCT05          450,000,000.00
31OCT05           30NOV05          450,000,000.00
30NOV05           30DEC05          450,000,000.00
30DEC05           31JAN06          450,000,000.00
31JAN06           28FEB06          450,000,000.00
28FEB06           31MAR06          450,000,000.00
31MAR06           28APR06          450,000,000.00
28APR06           31MAY06          450,000,000.00
31MAY06           30JUN06          450,000,000.00
30JUN06           31JUL06          300,000,000.00
31JUL06           31AUG06          300,000,000.00
31AUG06           29SEP06          300,000,000.00
29SEP06           31OCT06          300,000,000.00
31OCT06           30NOV06          300,000,000.00
30NOV06           29DEC06          300,000,000.00
29DEC06           31JAN07          300,000,000.00

                                        6

<PAGE>

31JAN07           28FEB07          300,000,000.00
28FEB07           30MAR07          300,000,000.00
30MAR07           30APR07          300,000,000.00
30APR07           31MAY07          300,000,000.00
31MAY07           29JUN07          300,000,000.00
29JUN07           31JUL07          150,000,000.00
31JUL07           31AUG07          150,000,000.00
31AUG07           28SEP07          150,000,000.00
28SEP07           31OCT07          150,000,000.00
31OCT07           30NOV07          150,000,000.00
30NOV07           31DEC07          150,000,000.00
31DEC07           31JAN08          150,000,000.00
31JAN08           29FEB08          150,000,000.00
29FEB08           31MAR08          150,000,000.00
31MAR08           30APR08          150,000,000.00
30APR08           30MAY08          150,000,000.00
30MAY08           30JUN08          150,000,000.00

                                        7<PAGE>

                                                                   EXHIBIT 10.27

                    FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

     This First Amendment to Employment Agreement ("First Amendment") is made as
of this 2nd day of January, 2002 (the "First Amendment Date") by and between
Ventas, Inc., a Delaware corporation (the "Company") and Brian Wood (the
"Employee"). All capitalized terms used but not defined herein shall have the
respective meanings ascribed to such terms in the Original Employment Agreement
(hereinafter defined).

                                    RECITALS

     WHEREAS, the Company and Employee have heretofore entered into that certain
Employment Agreement dated as of May 6, 2000 (the "Original Employment
Agreement") pursuant to which the Company has retained Employee to perform
services for the Company as further described in, and under the terms and
conditions set forth in, the Original Employment Agreement;

     WHEREAS, the Company and Employee each desire to amend the Original
Employment Agreement as further set forth herein;

     WHEREAS, the Company has determined that it is in the best interests of the
Company to enter into this First Amendment.

     NOW, THEREFORE, in consideration of the premises and the respective
covenants and agreements contained herein, and intending to be legally bound
hereby, the Company and Employee agree as follows:

     1.   Term. Section 2 of the Original Employment Agreement shall be deleted
          ----  --------
in its entirety and replaced by the following revised Section 2:
                                                      ---------

          "2. Term. Unless terminated pursuant to Section 6 hereof, the
              ----                                ---------
Employee's employment hereunder shall commence on the date hereof and shall
continue during the period ending at midnight (E.S.T.) on May 5, 2003 (the
"Term"); provided however, that the Employee may terminate this Agreement,
without further obligation under this Agreement, by giving the Company sixty
(60) days prior written notice."

     2.   Compensation. Section 4 of the Original Employment Agreement shall be
          ------------  ---------
deleted in its entirety and replaced by the following Section 4A and Section 4B:
                                                      ----------     ----------

          "4A. Salary. During the Term, Employee shall be paid a base salary
               ------
     ("Salary"), payable in accordance with the normal payroll procedures of the
     Company and subject to such withholdings and other normal employee
     deductions as may be required by law, at the rate of $200,000 per year.
     Employee may receive increases in his Salary from time to time, as approved
     by the Chief Executive Officer."

                                       1

<PAGE>

          "4B. Success Fee Program. In addition to his Salary, Employee shall be
               -------------------
eligible to receive the following success fees, subject to the terms and
conditions set forth below:

          (a)  PETB Success Fee. Subject to the terms and conditions of this
     subsection 4B(a), Employee shall be entitled to one or more success fee(s)
     ("PETB Success Fees") equal to three to five percent (3% to 5%) of all Post
     Emergence Tax Benefits actually received by the Company, whether during or
     after the Term.

               (i)  As used herein, "Post Emergence Tax Benefits" shall mean
          collectively (x) tax escrow funds unconditionally released to the
          Company by the Escrow Agent in accordance with Section 3.1(h) of the
                                                         -------------
          Cash Escrow Agreement (the "Cash Escrow Agreement") dated April 21,
          2001 (the "Escrow Fund Benefits"); (y) interest income unconditionally
          distributed to the Company in accordance with the Cash Escrow
          Agreement after (and therefore not including) the 2001 interest income
          distribution to be made in January, 2002 (the "Escrow Interest
          Benefits"); and (z) actual cash taxes saved as a result of Net
          Operating Losses (hereinafter defined) used on the Company's
          consolidated federal income tax returns for the tax years ending
          December 31, 1999, December 31, 2000 and/or December 31, 2001,
          respectively (the "Saved Tax Benefits"). All Post Emergence Tax
          Benefits shall be computed net of any and all out of pocket costs and
          expenses paid or incurred by the Company in connection with the
          receipt of such Post Emergence Tax Benefits (not including any such
          costs or expenses paid out of escrowed funds held under the Cash
          Escrow Agreement). Further, any refund or other tax benefit or
          attribute relating to federal alternative minimum tax received as a
          result of legislation passed after the First Amendment Date shall not
          be deemed a Post Emergence Tax Benefit. As used herein, "Net Operating
          Losses" shall mean the net operating loss carryforwards (within the
          meaning of IRC Section 172) generated and relating to the period
          commencing January 1, 1998 through December 31, 1998 (the "Final
          Pre-Spin Tax Period") that are not utilized through carryback and
          unconditionally survive the final and unappealable conclusion of the
          audit of the Final Pre-Spin Tax Period currently being conducted by
          the Internal Revenue Service.

               (ii) All PETB Success Fees shall be paid to Employee, if relating
          to Escrow Fund Benefits or Escrow Interest Benefits, within forty-five
          (45) days of the date of receipt of such amounts by the Company, as
          applicable, and if relating to Saved Tax Benefits, within ninety (90)
          days after the later of (x) the filing of the Company's consolidated
          federal income tax return claiming the applicable Saved Tax Benefits
          and (y) the final and unconditional conclusion to the audit of the
          Company's consolidated federal income tax return for the year ending
          December 31, 1998 currently being conducted by the Internal Revenue
          Service.

                                       2

<PAGE>

               (iii) The amount of all PETB Success Fees shall be determined at
          the discretion of the Company within the range of three to five
          percent (3% to 5%) of the applicable Post-Emergence Tax Benefits;
          provided that if either (x) there is a Change of Control of the
          Company (hereinafter defined), or (y) Debra A. Cafaro ceases to be the
          Chief Executive Officer of the Company, the amount of all PETB Success
          Fees payable thereafter shall be equal to five percent (5%) of the
          applicable Post-Emergence Tax Benefits. As used herein, "Change of
          Control" shall mean:

                     (A) An acquisition (other than directly from the Company)
          of any voting securities of the Company (the "Voting Securities") by
          any "Person" (as defined in Section 3(a)(9) of the Securities Exchange
          Act of 1934 (the "1934 Act)) immediately after which such Person has
          "Beneficial Ownership" (within the meaning of Rule 13d-3 under the
          1934 Act) of 50% or more of the combined voting power of Company's
          then outstanding Voting Securities; provided, however, that in
          determining whether a Change in Control has occurred, Voting
          Securities which are acquired in an acquisition by (I) the Company or
          any of its subsidiaries, (II) an employee benefit plan (or a trust
          forming a part thereof) maintained by the Company or any of its
          subsidiaries or (III) any Person in connection with an acquisition
          referred to in the immediately preceding clauses (I) and (III) shall
          not constitute an acquisition which would cause a Change in Control.

                     (B) The individuals who, as of the date hereof, constituted
          the Board of Directors of the Company (the "Incumbent Board") cease
          for any reason to constitute over 50% of the Board; provided, however,
          that if the election, or nomination for election by the Company's
          stockholders, of any new director was approved by a vote of over 50%
          of the Incumbent Board, such new director shall, for purposes of this
          Section, be considered as though such person were a member of the
          Incumbent Board; provided, further, however, that no individual shall
          be considered a member of the Incumbent Board if such individual
          initially assumed office as a result of either an actual or threatened
          "Election Contest" (as described in Rule 14a-11 promulgated under the
          1934 Act) or other actual or threatened solicitation of proxies or
          consents by or on behalf of a Person other than the Board of Directors
          of the Company (a "Proxy Contest"), including by reason of any
          agreement intended to avoid or settle any Election Contest or Proxy
          Contest.

                     (C) Consummation of a merger, consolidation or
          reorganization involving the Company, unless each of the following
          events occurs in connection with such merger, consolidation or
          reorganization:

                                       3

<PAGE>

                         (I)   the stockholders of the Company, immediately
          before such merger, consolidation or reorganization, own, directly or
          indirectly immediately following such merger, consolidation or
          reorganization, over 50% of the combined voting power of all voting
          securities of the corporation resulting from such merger or
          consolidation or reorganization (the "Surviving Company") over which
          any Person has Beneficial Ownership in substantially the same
          proportion as their ownership of the Voting Securities immediately
          before such merger, consolidation or reorganization;

                         (II)  the individuals who were members of the Incumbent
          Board immediately prior to the execution of the agreement providing
          for such merger, consolidation or reorganization constitute over 50%
          of the members of the board of directors of the Surviving Company; and

                         (III) no Person (other than the Company, any of its
          subsidiaries, any employee benefit plan (or any trust forming a part
          thereof) maintained by the Company, the Surviving Company or any
          Person who, immediately prior to such merger, consolidation or
          reorganization had Beneficial Ownership of 50% or more of the then
          outstanding Voting Securities) has Beneficial Ownership of 50% or more
          of the combined voting power of the Surviving Company's then
          outstanding voting securities.

                    (D)  Approval by the Company's stockholders of a complete
          liquidation or dissolution of the Company.

                    (E)  Approval by Company's stockholders of an agreement for
          the sale or other disposition of all or substantially all of the
          assets of the Company to any Person (other than a transfer to a
          subsidiary of the Company).

                    (F)  Any other event that the Board shall determine
          constitutes an effective Change in Control of Company.

                    (G)  Notwithstanding the foregoing, a Change in Control
          shall not be deemed to occur solely because any Person (the "Subject
          Person") acquired Beneficial Ownership of more than the permitted
          amount of the outstanding Voting Securities as a result of the
          acquisition of Voting Securities by the Company which, by reducing the
          number of Voting Securities outstanding, increases the proportional
          number of shares Beneficially Owned by the Subject Person; provided
          that if a Change in Control would occur (but for the operation of this
          sentence) as a result of the acquisition of Voting Securities by the
          Company, and after such share acquisition by the Company, the Subject
          Person becomes the Beneficial Owner of any additional Voting
          Securities which increases the percentage of the then outstanding
          Voting Securities Beneficially Owned by the Subject Person, then a
          Change in Control shall occur.

                                       4

<PAGE>

          (b) Kindred Stock Success Fees. Employee shall be entitled to receive
     an additional success fee(s) ("Kindred Stock Success Fees") equal to one
     tenth of one percent (1/10/th/ of 1%) of the aggregate capital loss
     carryover from the Company's 1998 consolidated federal income tax return
     (the "1998 Capital Loss Carryover", used on the Company's calendar year
     2001, 2002 and 2003 consolidated federal income tax returns that
     successfully offset the gain on any sale of the Kindred Heathcare, Inc.
     stock owned by the Company. The Company shall be entitled to have any such
     use of the 1998 Capital Loss Carryover reviewed and confirmed by its
     independent tax advisors. All Kindred Stock Success Fees shall be deemed
     owed, and shall be paid to Employee, within ninety (90) days after the
     later of (x) the filing of the applicable tax return on which all or any
     portion of the 1998 Capital Loss Carryover is utilized and (y) the final
     and unconditional conclusion to the audit of the Company's consolidated
     federal income tax return for the tax year ended December 31, 1998,
     currently being conducted by the Internal Revenue Service.

          (c) Limitations. Notwithstanding anything to the contrary set forth in
     this Agreement, the amount of all PETB Success Fees under Section 4B(a) and
     all Kindred Stock Success Fees under Section 4B(b) paid to the Employee
     when aggregated together shall in no event exceed Six Hundred Thousand and
     No/100 Dollars ($600,000). Further, notwithstanding anything to the
     contrary set forth in this Agreement, nothing in this Agreement or
     otherwise shall be deemed to create any obligation on the Company to use
     Net Operating Losses or the 1998 Capital Loss Carryover for any purpose
     whatsoever.

          (d) Bonuses. Employee shall also be eligible for year-end bonuses and
     stock equity or other incentives offered periodically by (and at the
     discretion of) the Company to its employees, although at a substantially
     reduced level because of Employee's eligibility for PETB Success Fees and
     Kindred Stock Success Fees.

          (e) Procedures. All service fees payable under the terms of this
     Section 4B shall be payable in accordance with the normal procedures of the
     ----------
     Company and subject to such withholdings and other normal employee
     deductions as may be required by law."

          (f) Survival. The terms and provisions of this Section 4B and the
     Company's obligation to pay the success fees hereunder shall survive the
     expiration or termination of the Term or this Agreement.

     3.   Extent of Amendment. Other than as amended hereby, the Original
          -------------------
Employment Agreement shall remain unmodified and in full force and effect.

     4.   Counterparts. This First Amendment may be executed in counterparts,
          ------------
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

                                       5

<PAGE>

                             VENTAS, INC., a Delaware corporation

                             By: /s/ T. Richard Riney
                                ---------------------------------------
                             T. Richard Riney, Executive Vice President
                             General Counsel and Secretary

                             /s/ Brian K. Wood
                             ------------------------------------------
                             Brian K. Wood

                                       6

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