Document:

ex106521.htm

EX-10.65.21

 

FIRST AMENDEMENT TO LOAN AGREEMENT

 

 

THIS FIRST AMENDMENT TO LOAN AGREEMENT (the “First Amendment”) is made as of February 18, 2008, by and among EMERI-SKY SC LLC, a Delaware limited liability company, EMERIVILL SC LLC, a Delaware limited liability company, and EMERIPARK SC LLC, a Delaware
limited liability company (together, collectively, with their respective successors and assigns, “Borrowers” or “Borrower”, and, individually, a “Borrower”), and CAPMARK BANK, a Utah industrial bank (together with its successors and assigns, “Lender”).

 

RECITALS

 

A.           Borrowers and Lender executed that certain Loan Agreement dated March 26, 2007 (the “Agreement”), governing the terms of loans to Borrowers in the aggregate principal sum of $23,600,000.00.

 

B.           Lender and Borrowers desire to correct an error in Section 4.14(a)(i) of the Agreement, and have agreed to execute this First Amendment to evidence such correction.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the above recitals, Borrowers and Lender hereby amend the Agreement as follows:

 

	
1.  
	
Section 4.14(a)(i) is hereby deleted in its entirety and replaced with the following:

 

	
(i)  
	
A Debt Service Coverage Ratio, after deduction of Actual Management Fees, of not less than 1.0 to 1.0, for the trailing three months ending June 30, 2008, and continuing for each three month period thereafter until the Loans are paid in full;

 

Except as expressly amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

  

1

  

 

IN WITNESS WHEREOF, Borrowers and Lender have caused this First Amendment to be executed by their duly authorized representatives as of the date first set forth above.

 

BORROWER:

 

EMERI-SKY SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn

             Eric Mendelsohn

             Senior VP Corporate Development

  

2

  

BORROWER:

 

EMERIVILL SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn

             Eric Mendelsohn

             Senior VP Corporate Development

  

3

  

BORROWER:

 

EMERIPARK SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn

            Eric Mendelsohn

            Senior VP Corporate Development

  

4

  

LENDER:

 

CAPMARK BANK, a Utah industrial bank

 

By:  /s/Malana C. Bryant (SEAL)

Name:  Malana C. Bryant

Title:    Authorized Signer

 

 

  

5ex106522.htm

EX-10.65.22

 

SECOND AMENDMENT TO LOAN AGREEMENT

This Second Amendment to Loan Agreement (this "First Amendment") is effective as of this 30th day of June, 2009, by and between EMERI-SKY SC LLC, a Delaware
limited liability company, EMERIVILL SC LLC, a Delaware limited liability company, and EMERIPARK SC LLC, a Delaware limited liability company (together, collectively, with their respective successor and assigns, "Borrowers" or “Borrower”), and CAPMARK BANK, a Utah industrial bank (the “Lender”).

 

Recitals

A.           Borrowers and Lender executed that certain Loan Agreement dated March 26, 2007, as amended by First Amendment to Loan Agreement dated February 18, 2008 (the “Loan Agreement”).   Unless otherwise
defined herein, capitalized terms shall have the meanings assigned to them in the Loan Agreement.

B.           Borrowers have requested that Lender extend the Maturity Date of the Note, and Lender has agreed on the terms and conditions contained herein.

Agreement

NOW, THEREFORE, in consideration of the above Recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

	
1.  
	
In Section 1.1 of the Loan Agreement, the definition of “Maturity Date” is hereby amended to delete the date “April 1, 2010” and replace it with the date “October 1, 2010”.

	
2.  
	
Borrowers shall pay all costs and expenses incurred by Lender related to this extension transaction, specifically including, without limitation, attorneys' fees, recording fees and the costs associated with a title update.

Except as expressly amended hereby, all other terms and conditions of the Loan Agreement shall remain unchanged and shall continue in full force and effect.

 

Each Borrower represents that (a) no Event of Default has occurred that is continuing on the date hereof;  and (b) the representations and warranties included in Article III of the Loan Agreement are as true and correct on the date hereof as when originally made, except as such representation or warranty expressly relates to
an earlier date.

Each Borrower acknowledges and agrees that there are no offsets or defenses to the obligations set forth in the Loan Agreement, as amended, and represents that there are no Events of Default existing on the date hereof, nor are there any facts or consequences which will or could lead to an Event of Default under the Loan Agreement.

  

  

  

IN WITNESS WHEREOF, Borrowers and Lender have caused this Second Amendment to be executed by their respective duly authorized representatives, as of the date set forth above.

BORROWER:

 

EMERI-SKY SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn                                                           

             Eric Mendelsohn

Its        SVP Corporate Development

  

2

  

BORROWER:

 

EMERIVILL SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn

Eric Mendelsohn

Its SVP Corporate Development

  

3

  

BORROWER:

 

EMERIPARK SC LLC,

a Delaware limited liability company

     By Emeritus Corporation,

     a Washington corporation

     Its Manager

By: /s/ Eric Mendelsohn

             Eric Mendelsohn

Its        SVP Corporate Development

  

4

  

LENDER:

CAPMARK BANK, a Utah industrial bank

 /s/ John W. Tyson                                                         By:           /s/
Sarah S. Duggan                                

John W. Tyson                                                       Name:           Sarah
S. Duggan

[Print name]

  Title:           Authorized Signor                                

  

5ex106531.htm

EX-10.65.31

 

FIRST AMENDMENT TO PROMISSORY NOTE

 

THIS FIRST AMENDMENT TO PROMISSORY NOTE (this “First Amendment”), is effective as of the 30th day of June, 2009, by and between EMERI-SKY SC
LLC, a Delaware limited liability company (the “Borrower”), and CAPMARK BANK, a Utah industrial bank (the “Lender”).

 

RECITALS

 

A.       Borrower executed to the order of Lender that certain Promissory Note dated March 26, 2007, in the original principal amount of $13,120,000.00 (the “Note”).  Unless otherwise defined herein, capitalized terms shall have the meaning assigned to them in the Note.

B.       Borrower has requested that Lender extend the Maturity Date of the Note and increase the Margin, and Lender has so agreed on the terms and conditions contained herein.

AGREEMENT

 

NOW, THEREFORE, in consideration of the above Recitals and other good and valuable consideration, Borrower and Lender hereby agree as follows:

 

1.       Section 1.4 of the Note, Note Rate and Note Rate Adjustment Dates, is hereby amended by deleting from the first sentence thereof the phrase “two hundred ninety basis points (2.90%) (“Margin”)"
and replacing it with the  phrase “four hundred basis points (4.00%) (“Margin”); provided that in no event shall the Note Rate be less than six hundred fifty (650) basis points (6.50%).”

 

2.       Section 4 of the Note, Maturity Date, is hereby amended to extend the Maturity Date from April 1, 2010, until October 1, 2010.   All references in the Note to the “Maturity Date” are hereby amended to
mean October 1, 2010.

 

Except as expressly amended herein, the Note shall remain in full force and effect in accordance with its terms and conditions.

 

Notwithstanding the execution of this First Amendment, the indebtedness evidenced by the Note shall remain in full force and effect, and nothing contained herein shall be interpreted or construed as resulting in a novation of such indebtedness.  Borrower acknowledges and agrees that there are no offsets or defenses to payment
of the obligations evidenced by the Note, as hereby amended, and hereby waives any defense, claim or counterclaim of Borrower regarding the obligations of Borrower under the Note, as hereby amended.  Borrower represents that there are no conditions of default or facts or consequences which will or could lead to a default under the obligations due from Borrower under the Note, as amended herein.

 

 

  

  

  

IN WITNESS WHEREOF, Borrower and Lender have caused this First Amendment to be executed by their respective duly authorized representatives, as of the date first set forth above.

 

 

WITNESS:                                                                BORROWER:

EMERI-SKY SC LLC, a Delaware limited liability company

By:  Emeritus Corporation

Its:   Manager

/s/ Marrji Padden                                                      By:           /s/ Eric
Mendelsohn                                

Marrji Padden                                                                   Name:           
Eric Mendelsohn

[Print name]

    Title:              SVP Corporate Development

LENDER:

CAPMARK BANK, a Utah industrial bank

/s/ John W. Tyson                                                         By:           /s/
Sarah S. Duggan                                

John W. Tyson                                                      Name:          
 Sarah S. Duggan                                

[Print name]

 Title:              Authorized Signor                                

ACKNOWLEDGED BY GUARANTOR

this 2nd day of July, 2009:

EMERITUS CORPORATION, a Washington

corporation

By:           /s/ Eric Mendelsohn                                

Name:           Eric Mendelsohn

Title:             SVP Corporate Development

  

2

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