Document:

EX 10.15.2 Gary Becker Retirement Agreement

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    to 10-Q

    AGREEMENT
      AND GENERAL RELEASE

    

    Emeritus
      Corporation ("Emeritus") and Gary Becker, his heirs, executors, administrators,
      successors, and assigns (collectively referred to throughout this Agreement
      as
“Becker”), agree that:

    

    1.  Resignation
      as Officer.
      Becker
      hereby resigns as an officer of Emeritus and Emeritus accepts Becker's
      resignation effective May 1, 2007 (“Resignation Date”).

    

    2.  Consideration.
      In
      consideration for signing this Agreement and General Release ("Agreement")
      and
      compliance with the promises made herein, Emeritus agrees, subject to the change
      of control provisions in Paragraph 2(g):

    

    (a)
      to
      pay Becker's salary at its current rate ($241,500 per year) and to keep Becker
      and his spouse on the Executive benefit plan for a two-year period commencing
      on
      the Resignation Date (the “Separation Period”) in addition commencing May 1,
      2009 to pay Becker an annual salary of $144,900 equal to 60% of base annual
      salary at time of retirement through April 30, 2010;

    

    (b)
      to
      pay Becker’s continued insurance coverage under COBRA for 18 months, following
      the end of the Separation Period. At the end of the COBRA period, Emeritus
      will
      pay a one-time cash payment to cover medical premiums on an individual plan
      for
      Becker and his spouse until Becker reaches the age of 65; 

    

    (c)
      to
      pay a pro-rated bonus earned (if any) under the Executive Bonus plan for 2007
      for 1st quarter achievements; even if said bonus would not be deemed earned
      under the terms of the Executive Bonus plan, if other executives receive bonuses
      under the 2007 Executive Bonus plan, Becker will be entitled to an appropriate
      discretionary pro-rata bonus;

    

    (d)
      to
      maintain Becker’s participation in the Top Hat plan through end of Separation
      Period including any mandatory company matching contributions; 

    

    (e)
      to
      permit Becker's outstanding stock options to continue to vest during the
      Separation Period. Becker shall have ninety (90) days following the end of
      the
      Separation Period to exercise said options;

    

    (f)
      that
      Becker may maintain his long term disability insurance policy with Becker
      responsible for the premiums as of June 1, 2007; 

    

    (g)
      in
      the event of a change of control as defined in the Company’s 2006 Stock Option
      Plan, Emeritus will have the option of calculating an equivalent lump sum amount
      to cover any remaining financial obligations set forth in Paragraphs 2(a) -
      (h)
      and paying said lump sum to Becker; 

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (h)
      to
      give Becker the option, upon next annual renewal of company-provided life
      insurance, to convert to an individual policy with Becker responsible for
      premiums;

    

    (i)
      to
      provide and pay for legal counsel in the event Becker is named as an individual
      defendant in any lawsuits in the future filed by any third party that arise
      out
      of Becker’s work on behalf of Emeritus:

    

    (j)
      to
      allow Becker to keep computer and cell phone and transferring cell phone to
      Becker’s personal account.

    

    

    3.  No
      Consideration Absent Execution of this Agreement.
      Becker
      understands and agrees that he would not receive the monies and/or benefits
      specified in paragraph “2” above, except for his execution of this Agreement and
      the fulfillment of the promises contained herein. 

     

    4.  Revocation.
      Becker
      may revoke this Agreement for a period of seven (7) calendar days following
      the
      day he executes this Agreement. Any revocation within this period must be
      submitted, in writing, to Dan Baty and state, "I hereby revoke my acceptance
      of
      our Agreement." The revocation must be personally delivered to Dan Baty or
      his
      designee, or mailed to Dan Baty and postmarked within seven (7) calendar days
      of
      execution of this Agreement. This Agreement shall not become effective or
      enforceable until the revocation period has expired. If the last day of the
      revocation period is a Saturday, Sunday, or legal holiday in the state in which
      Becker was employed at the time of his last day of employment, then the
      revocation period shall not expire until the next following day which is not
      a
      Saturday, Sunday, or legal holiday. 

    

    5.  General
      Release of Claims.
      Becker
      knowingly and voluntarily releases and forever discharges Emeritus, its
      affiliates, subsidiaries, divisions, successors and assigns and the current
      and
      former employees, officers, directors, members, managers and agents thereof
      (collectively referred to throughout the remainder of this Agreement as
“Employer”), of and from any and all claims, known and unknown, Becker has or
      may have against Employer as of the date of execution of this Agreement,
      including, but not limited to, any alleged violation of: 

    

    
      	·  	
              Title
                VII of the Civil Rights Act of 1964, as
                amended;

            

    

    

    
      	·  	
              The
                Civil Rights Act of 1991;

            

    

    

    
      	·  	
              Sections
                1981 through 1988 of Title 42 of the United States Code, as
                amended;

            

    

    

    
      	·  	
              The
                Employee Retirement Income Security Act of 1974, as amended
                ("ERISA");

            

    

    

    
      	·  	
              The
                Immigration Reform and Control Act, as
                amended;

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	·  	
              The
                Americans with Disabilities Act of 1990, as
                amended;

            

    

    

    
      	·  	
              The
                Age Discrimination in Employment Act of 1967, as
                amended;

            

    

    

    
      	·  	
              The
                Workers Adjustment and Retraining Notification Act, as
                amended;

            

    

    

    
      	·  	
              The
                Occupational Safety and Health Act, as
                amended;

            

    

    

    
      	·  	
              Washington
                Law Against Discrimination in Employment - Wash. Rev. Code Ch. 49.60.010
                et seq.

            

    

    

    
      	·  	
              Washington
                State Civil Rights Act - Wash.
                Rev. Code§49.60.400

            

    

    

    
      	·  	
              Washington
                Statutory Provisions Against Retaliation/Discrimination for Filing
                a
                Workers’ Compensation Claim - Wash. Rev. Code
                §51.48.025

            

    

    

    
      	·  	
              Washington
                Age Discrimination Law - Wash. Rev. Code Title 49,
                §49.44.090

            

    

    

    
      	·  	
              Washington
                Sex Discrimination Law - Wash. Rev. Code Ch. 49.12,
                §200

            

    

    

    
      	·  	
              Washington
                Equal Pay Law - Wash. Rev. Code Title 49,
                §49.12.175

            

    

    

    
      	·  	
              Washington
                Family Leave Act - Wash. Rev. Code §49.78.005 et seq. and §49.78.010 et
                seq.

            

    

    

    
      	·  	
              Washington
                Wage Payment and Work Hour Laws

            

    

    

    
      	·  	
              The
                Washington Industrial Safety and Health Act - Wash. Rev. Code Ch.
                49.17

            

    

    

    
      	·  	
              Arizona
                Civil Rights Act - Ariz. Rev. Stat. §41-1401 et seq.
                

            

    

    

    
      	·  	
              Arizona
                AIDS Testing and Confidentiality Act - Ariz.
                Rev. Stat. Art. 4, Tit. 36, §36-661, 664-668

            

    

    

    
      	·  	
              Arizona
                Equal Pay Law - Ariz. Rev. Stat. Art. 6.1, Ch. 2, Tit. 23, §23-340 et
                seq.

            

    

    

    
      	·  	
              Arizona
                Genetic Testing Laws - Title 12, Ch. 19, Art. 1, Ariz.
                Rev. Stat. §12-2801 and Title 20, Art. 6, Ariz. Rev. Stat.
                §20-448.02

            

    

    

    
      	·  	
              Arizona
                Employment Protections Act - Title 23, Ch. 9, Art. 1, Ariz.
                Rev. Stat. §23-1501

            

    

    

    
      	·  	
              Arizona
                Constructive Discharge Law - Title 23, Ch. 9, Art. 1, Ariz.
                Rev. Stat. §23-1502

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	·  	
              Arizona
                Wage Payment and Work Hour Laws

            

    

    

    
      	·  	
              Arizona
                Occupational Safety and Health Act, as
                amended

            

    

    

    
      	·  	
              Arizona
                Political Activities of Employees Law - Ariz. Rev. Stat. §16-1012 et seq.
                

            

    

    

    
      	·  	
              Arizona
                Drug Testing Law - Ariz. Rev. Stat.
§23-493

            

    

    

    
      	·  	
              Any
                allegation for costs, fees, or other expenses including attorneys’ fees
                incurred in these matters.

            

    

    

    

    7.
      Affirmations.
      (a)
      Becker affirms that he has not filed, caused to be filed, or presently is a
      party to any claim, complaint, or action against Employer in any forum or form.
      

    

    (b)
      Becker further affirms that he has been paid and/or has received all leave
      (paid
      or unpaid), vacation and floating holiday pay, compensation, wages, bonuses,
      commissions, and/or benefits (including any monies to which he is entitled
      in
      his section 401(k) plan) to which he may be entitled and that no other leave
      (paid or unpaid), vacation and floating holiday pay, compensation, wages,
      bonuses, commissions and/or benefits (including any monies to which he is
      entitled in his section 401(k) plan) are due to him, except (1) any already
      vested benefit under ERISA, and (2) as provided in this Agreement. 

    

    (c)
      Becker furthermore affirms that he has no known workplace injuries or
      occupational diseases and has been provided and/or has not been denied any
      leave
      requested under the Family and Medical Leave Act. 

    

    (d)
      Becker affirms that he has returned any and all of Employer's property in his
      possession or control.

    

    (e)
      Becker further affirms that Becker has not been retaliated against for reporting
      any allegations of wrongdoing by Employer or its officers, including any
      allegations of corporate fraud. Both Parties acknowledge that this Agreement
      does not limit either party’s right, where applicable, to file or participate in
      an investigative proceeding of any federal, state or local governmental agency.
      To the extent permitted by law, Becker agrees that if such an administrative
      claim is made, Becker shall not be entitled to recover any individual monetary
      relief or other individual remedies.

    

     8.
      Confidentiality.
      Becker
      agrees not to disclose any information regarding the existence or substance
      of
      this Agreement, except to his spouse, tax advisor, and an attorney with whom
      Becker chooses to consult regarding his consideration of this Agreement.
      Employer also affirms he has not divulged any proprietary or confidential
      information of Employer and will not divulge such information at anytime
      hereafter.

     

    
      
        

         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    9. Non-disparagment.
      The
      parties hereto agree they have not made and will not make any statements
      disparaging each other. Becker specifically agrees not to speak with the press
      or media about Employer in a disparaging or negative manner.

    

     10. Governing
      Law and Interpretation.
      This
      Agreement shall be governed and conformed in accordance with the laws of
      Washington without regard to its conflict of laws provision. In the event the
      Becker breaches any provision of this Agreement, Becker and Employer affirm
      that
      either may institute an action to specifically enforce any term or terms of
      this
      Agreement. Should any provision of this Agreement be declared illegal or
      unenforceable by any court of competent jurisdiction and cannot be modified
      to
      be enforceable, excluding the general release language, such provision shall
      immediately become null and void, leaving the remainder of this Agreement in
      full force and effect. 

     

    11.
      Nonadmission
      of Wrongdoing.
      The
      parties agree that neither this Agreement nor the furnishing of the
      consideration for this Release shall be deemed or construed at anytime for
      any
      purpose as an admission by either party of any liability or unlawful conduct
      of
      any kind.

     

     12.
      Amendment.
      This
      Agreement may not be modified, altered or changed except upon express written
      consent of both parties wherein specific reference is made to this
      Agreement.

     

     13. Entire
      Agreement.
      This
      Agreement sets forth the entire agreement between the parties hereto, and fully
      supersedes any prior agreements or understandings between the parties, with
      the
      sole exception of the Emeritus Confidentiality Policy. Becker acknowledges
      that
      he has not relied on any representations, promises, or agreements of any kind
      made to him in connection with his decision to accept this Agreement, except
      for
      those set forth in this Agreement.

     

    

    BECKER
      HAS BEEN ADVISED THAT HE HAS AT LEAST TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER
      THIS AGREEMENT AND HAS BEEN ADVISED IN WRITING TO CONSULT WITH AN ATTORNEY
      PRIOR
      TO EXECUTION OF THIS AGREEMENT. 

    

    BECKER
      AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT
      DO
      NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL TWENTY-ONE (21) CALENDAR DAY
      CONSIDERATION PERIOD. 

    

    

    HAVING
      ELECTED TO EXECUTE THIS AGREEMENT, TO FULFILL THE PROMISES AND TO RECEIVE THE
      SUMS AND BENEFITS IN PARAGRAPH “2” ABOVE, BECKER FREELY AND KNOWINGLY, AND AFTER
      DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE,

    
      
        

         

        

        

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SETTLE
      AND RELEASE ALL CLAIMS HE HAS OR MIGHT HAVE AGAINST
      EMPLOYER.

    

    

    IN
      WITNESS WHEREOF, the parties hereto knowingly and voluntarily executed this
      Agreement as of the date set forth below:

     

    
 

    
      Emeritus
        Corporation

    

    

    

    __/s/
      Gary Becker___________

    Gary
      Becker

    Date:04/07/07

    

    

    By:/s/
      Daniel R. Baty

    Daniel
      R.
      Baty

    Chief
      Executive Officer

    Date:04/13/07EX 10.68.29 HRT Lease Termination Greensboro

    Back
      to 10-Q

      

      

      

      

      

      

      

      

      

      

      

      This
        instrument was prepared by:

      David
        J.
        White 

      Baker,
        Donelson, Bearman, 

      Caldwell
        & Berkowitz, P.C.

      211
        Commerce Street, Suite 1000

      Nashville,
        Tennessee 37201

       

      

       

       

      LEASE
        TERMINATION AGREEMENT

       

      THIS
        LEASE TERMINATION AGREEMENT
        (the
“Termination”) is dated as of March ___, 2007, and is effective at the Effective
        Time (as defined in Section
        1
        hereof),
        and is by and among HR
        ACQUISITION I CORPORATION, a
        Maryland corporation, HR
        ACQUISITION OF PENNSYLVANIA, INC.,
        a
        Pennsylvania corporation (f/k/a Capstone Capital of Pennsylvania, Inc.),
        and
HRT
        HOLDINGS, INC.,
        a
        Delaware corporation (collectively
        the “Landlord”), with an address of 3310 West End Avenue, Suite 700, Nashville,
        Tennessee 37203, and EMERITUS
        CORPORATION,
        a
        Washington corporation
        (the
“Tenant”), with an address of 3131
        Elliott Avenue, Suite 500, Seattle, Washington 98121.

      

      PRELIMINARY
        STATEMENTS

       

      A. Pursuant
        to that certain Lease Agreement identified on Exhibit
        A
        attached
        hereto (the “Lease”), Tenant leased from Landlord the premises more particularly
        described as the “Leased Property” in the Lease (the “Premises”), including the
        real property described on Exhibit
        B
        attached
        hereto.

       

      B. In
        conjunction with the conveyance of the Premises by Landlord to Tenant, Landlord
        and Tenant wish to agree and consent to the termination of the Lease.

       

      TERMS

       

      NOW,
        THEREFORE,
        in
        consideration of the sum of Ten and No/100 Dollars ($10.00) and other good
        and
        valuable consideration, the receipt and sufficiency of which are hereby

       

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      acknowledged,
        and the mutual promises contained in this Termination, the parties, intending
        to
        be legally bound, agree as follows:

       

      1. Landlord
        and Tenant hereby agree and consent to the termination of the Lease, effective
        as of ______ __.m. (Eastern Time) on the date hereof (the “Effective Time”);
        provided, however, that Tenant is not released from any liabilities, duties
        or
        obligations under the Lease that arose or accrued prior to the Effective
        Time,
        including, without limitation, the obligation, responsibility or liability
        for
        the payment to Landlord or any other person or entity for any losses,
        liabilities, damages, injuries, penalties, fines, costs, expenses, claims
        and
        other amounts of any and every kind whatsoever (including, without limitation,
        reasonable attorneys’ fees and expenses) that
        relate to (a) the Lease; (b) Tenant’s occupancy of the Premises or the
        improvements thereon; (c) the use
        or
        enjoyment of any appurtenances, easements, rights and privileges belonging
        to
        the Premises by Tenant or its invitees, officers,
        contractors, subcontractors, agents, representatives or employees;
        or (d)
causes
        of
        action, claims, suits, actions or other proceedings (i) pending at the Effective
        Time or (ii) filed or made at or after the Effective Time and relating to
        events
        occurring or liabilities or obligations arising or accruing prior to the
        Effective Time.

      

      2. Tenant
        hereby releases and forever discharges Landlord from all known or unknown
        causes
        of action, claims, suits, actions, demands or other proceedings of any kind
        that
        Tenant has as of the Effective Time or may have after the Effective Time
        on
        account of or in any way arising out of or related to the Lease or the
        Premises.

      

      3. This
        Termination shall be construed and interpreted in accordance with the laws
        of
        the State in which the Premises are located.

      

      4. This
        Termination shall inure to the benefit of the successors and assigns of the
        parties hereto.

      

      5. This
        Termination may be executed in any number of counterparts, each of which
        shall
        be deemed an original hereof and all of which together shall constitute but
        one
        Termination. In the event of any conflict between the terms of this Termination
        and the terms of the Lease, the terms of this Termination shall govern and
        shall
        be controlling.

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      IN
        WITNESS WHEREOF,
        the
        parties hereto have executed this instrument effective on the date set forth
        above. 

       

      LANDLORD:

      

      HR
        ACQUISITION I CORPORATION,
                a
        Maryland corporation

      

      

      By:
        /s/
        John M. Bryant, Jr.

      John
        M.
        Bryant, Jr.

      Senior
        Vice President and General Counsel

      

      

      [CORPORATE
        SEAL]

      

      

      

      State
        of
        Tennessee

      County
        of
        Davidson

      

      I
        certify
        that John M. Bryant, Jr., in his capacity as Senior Vice President and General
        Counsel of HR
        ACQUISITION I CORPORATION,
        a
        Maryland corporation, personally appeared before me this day, and (I have
        personal knowledge of the identity of the principal(s) or I have seen
        satisfactory evidence of the principal's identity, by a current state or
        federal
        identification with the principle's photograph in the form of a
        ___________________ ) and has acknowledged to me that he or she voluntarily
        signed the foregoing document for the purpose stated therein and that he/she
        has
        the authority to do so.

      

      Date:
        March _14, 2007    Notary
        Signature: /s/ Ruth Ann Caruthers__

      Printed
        Name: _ Ruth Ann Caruthers _____

      STAMP/SEAL
        HERE

      My
        Commission Expires: _08/08/2010_

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      HRT
        HOLDINGS, INC.,

      a
        Delaware corporation 

      

      By:
        /s/
        John M. Bryant, Jr.  

      John
        M.
        Bryant, Jr.

      Senior
        Vice President and General Counsel

      

      

      [CORPORATE
        SEAL]

      

      

      

      State
        of
        Tennessee

      County
        of
        Davidson

      

      I
        certify
        that John M. Bryant, Jr., in his capacity as Senior Vice President and General
        Counsel of HRT
        HOLDINGS, INC.,
        a
        Delaware corporation, personally appeared before me this day, and (I have
        personal knowledge of the identity of the principal(s) or I have seen
        satisfactory evidence of the principal’s identity, by a current state or federal
        identification with the principle’s photograph in the form of a
        ___________________ ) and has acknowledged to me that he or she voluntarily
        signed the foregoing document for the purpose stated therein and that he/she
        has
        the authority to do so.

      

      Date:
        March ___14, 2007    Notary
        Signature: _/s/ Ruth Ann Caruthers _

      Printed
        Name: __ Ruth Ann Caruthers _

      STAMP/SEAL
        HERE

      My
        Commission Expires: 08/08/2010__

      

      

      

      

      

      [CORPORATE
        SEAL]

      

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      HR
        ACQUISITION OF           PENNSYLVANIA,
        INC.,
        

      a
        Pennsylvania corporation

      

      By: /s/
        John
        M. Bryant, Jr. 

      John
        M.
        Bryant, Jr.

      Senior
        Vice President and General Counsel

      

      

      [CORPORATE
        SEAL]

      

      

      

      State
        of
        Tennessee 

      County
        of
        Davidson

      

      I
        certify
        that John M. Bryant, Jr., in his capacity as Senior Vice President and General
        Counselof HR
        ACQUISITION OF PENNSYLVANIA, INC.,
        a
        Pennsylvania corporation, personally appeared before me this day, and (I
        have
        personal knowledge of the identity of the principal(s) or I have seen
        satisfactory evidence of the principal’s identity, by a current state or federal
        identification with the principle’s photograph in the form of a
        ___________________ ) and has acknowledged to me that he or she voluntarily
        signed the foregoing document for the purpose stated therein and that he/she
        has
        the authority to do so.

      

      Date:
        March ___, 2007    Notary
        Signature: _ s/ Ruth Ann Caruthers 

      Printed
        Name: _ Ruth Ann Caruthers ___

      STAMP/SEAL
        HERE

      My
        Commission Expires: _08/08/2010__

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      

      

      TENANT:

      

      EMERITUS
        CORPORATION,
        

      a
        Washington corporation

      

      

      By: /s/
        Raymond
        R. Brandstrom 

      Raymond
        R. Brandstrom,

      Chief
        Financial Officer and Vice President 

      of
        Finance

      

      

      [CORPORATE
        SEAL]

      

      

      

      State
        of
Washington 

      County
        of
King 

      

      I
        certify
        that Raymond
        R. Brandstrom, in
        his
        capacity as Chief
        Financial Officer and Vice President of Finance
        of
EMERITUS
        CORPORATION,
        a
        Washington corporation, personally appeared before me this day, and (I have
        personal knowledge of the identity of the principal(s) or I have seen
        satisfactory evidence of the principal’s identity, by a current state or federal
        identification with the principle’s photograph in the form of a
        ___________________ ) and has acknowledged to me that he or she voluntarily
        signed the foregoing document for the purpose stated therein and that he/she
        has
        the authority to do so.

      

      Date:
        _03/10/2010_____   Notary
        Signature: __/s/ Nadia S. Reynolds_

      Printed
        Name: _Nadia S. Reynolds_____

      STAMP/SEAL
        HERE

      My
        Commission Expires: __6/15/2010____

      

      
        
          
            

            Loyalton
              at Greensboro

            Greensboro,
              Guilford County, North Carolina

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        A

      

      Lease
        Agreement, dated May 1, 2003, by and between HR Acquisition I Corporation,
        Capstone Capital of Pennsylvania, Inc., and HRT Holdings, Inc., as lessor,
        and
        Emeritus Corporation, as lessee;

      

      as
        amended by First Amendment to Lease Agreement, dated as of June 30, 2005,
        by and
        between HR Acquisition I Corporation, HR Acquisition of Pennsylvania, Inc.
        (f/k/a/ Capstone Capital of Pennsylvania, Inc.), and HRT Holdings, Inc.,
        and
        Emeritus Corporation;

       

      and
        as
        evidenced by (i) a Memorandum of a Lease Agreement, dated May 1, 2003, by
        and
        between Capstone Capital of Pennsylvania, Inc. and HRT Holdings, Inc., and
        Emeritus Corporation, recorded at Instrument No. 200306273 in the Office
        of the
        Recorder of Deeds for Columbia County, Pennsylvania, as amended by an Amendment
        to Memorandum of Lease Agreement, dated as of June 30, 2005, by and between
        HR
        Acquisition of Pennsylvania, Inc. (f/k/a Capstone Capital of Pennsylvania,
        Inc.), and Emeritus Corporation, recorded at Instrument No. 200508723 in
        the
        Office of the Recorder of Deeds for Columbia County, Pennsylvania, (ii) a
        Memorandum of a Lease Agreement, dated April 28, 2003 and effective May 1,
        2003,
        by and between Capstone Capital of Pennsylvania, Inc. and Emeritus Corporation,
        recorded at Book 697, Page 2652 in the Office of the Recorder of Deeds for
        Cumberland County, Pennsylvania, as amended by an Amendment to Memorandum
        of
        Lease Agreement, dated as of June 30, 2005, by and between HR Acquisition
        of
        Pennsylvania, Inc. (f/k/a Capstone Capital of Pennsylvania, Inc.), and Emeritus
        Corporation, recorded at Book 720, Page 128 in the Office of the Recorder
        of
        Deeds for Cumberland County, Pennsylvania, (iii) a Memorandum of a Lease
        Agreement, dated April 28, 2003, effective May 1, 2003, by and between Capstone
        Capital of Pennsylvania, Inc. and Emeritus Corporation, recorded at Record
        Book
        4921, Page 105 in the Office of the Recorder of Deeds for Dauphin County,
        Pennsylvania, as amended by an Amendment to Memorandum of Lease Agreement,
        dated
        as of June 30, 2005, by and between HR Acquisition of Pennsylvania, Inc.
        (f/k/a
        Capstone Capital of Pennsylvania, Inc.), and Emeritus Corporation, recorded
        at
        Record Book 6162, Page 406 in the Office of the Recorder of Deeds for Dauphin
        County, Pennsylvania, (iv) a Memorandum of a Lease Agreement, recorded at
        Lease
        No. 200317547 in the Office of the Recorder for Portage County, Ohio, as
        amended
        by an Amendment to Memorandum of Lease Agreement, dated as of June 30, 2005,
        by
        and between HR Acquisition I Corporation and Emeritus Corporation, recorded
        at
        Lease No. 200517310 in the Office of the Recorder for Portage County,
        Ohio, (v)
        a
        Memorandum of a Lease Agreement, dated May 1, 2003, by and between HRT Holdings,
        Inc. and Emeritus Corporation, recorded at Instrument No. 200311235 in the
        Office of the Clerk of the Circuit Court for Roanoke County, Virginia, as
        amended by an Amendment to Memorandum of Lease Agreement, dated as of June
        30,
        2005, by and between HRT Holdings, Inc. and Emeritus Corporation, recorded
        at
        Instrument No. 200511174 in the Office of the Clerk of the Circuit Court
        for
        Roanoke County, Virginia, (vi)
        a Memorandum of a Lease Agreement, dated May 1, 2003, by and between HR
        Acquisition I Corporation (f/k/a Capstone Capital Corporation) and Emeritus
        Corporation, recorded at Book 5819, Page 2461 in the Office of the Register
        

      
        
          

          Loyalton
            at Greensboro

          Greensboro,
            Guilford County, North Carolina

           

          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      of
        Deeds for Guilford County, North Carolina, as amended by an Amendment to
        Memorandum of Lease Agreement, dated as of June 30, 2005, by and between
        HR
        Acquisition I Corporation and Emeritus Corporation, recorded at Book 6352,
        Page
        1327 in the Office of the Register of Deeds for Guilford County, North
        Carolina,
        (vii) a
        Memorandum of a Lease Agreement, dated May 1, 2003, by and between HRT Holdings,
        Inc. and Emeritus Corporation, recorded at Deed Book 2271, Page 474 in the
        Office of the Clerk of the Circuit Court for Rockingham County, Virginia,
        as
        amended by an Amendment to Memorandum of Lease Agreement, dated as of June
        30,
        2005, by and between HRT Holdings, Inc. and Emeritus Corporation, recorded
        at
        Deed Book 2697, Page 219 in the Office of the Clerk of the Circuit Court
        for
        Rockingham County, Virginia, and (viii) a Memorandum of a Lease Agreement,
        dated
        May 1, 2003, by and between HRT Holdings, Inc. and Emeritus Corporation,
        recorded at Instrument No. 03-2692 in the Office of the Clerk of the Circuit
        Court for the City of Danville, Virginia, as amended by an Amendment to
        Memorandum of Lease Agreement, dated as of June 30, 2005, by and between
        HRT
        Holdings, Inc. and Emeritus Corporation, recorded at Instrument No. 05-3328
        in
        the Office of the Clerk of the Circuit Court for the City of Danville,
        Virginia;

      

      and
        as
        subject to (i) the Assignment of Rents and Leases, dated as of May 1, 2003,
        by
        and between HR Acquisition I Corporation, Capstone Capital of Pennsylvania,
        Inc., and HRT Holdings, Inc., and Emeritus Corporation, recorded at Instrument
        No. 200306275 in the Office of the Recorder of Deeds for Columbia County,
        Pennsylvania, (ii) the Assignment of Rents and Leases, dated April 28, 2003
        and
        effective May 1, 2003, by and between HR Acquisition I Corporation, Capstone
        Capital of Pennsylvania, Inc., and HRT Holdings, Inc., and Emeritus Corporation,
        recorded at Book 697, Page 2657 in the Office of the Recorder of Deeds for
        Cumberland County, Pennsylvania, (iii) the Assignment of Rents and Leases,
        dated
        April 28, 2003 and effective May 1, 2003, by and between HR Acquisition I
        Corporation, Capstone Capital of Pennsylvania, Inc., and HRT Holdings, Inc.,
        and
        Emeritus Corporation, recorded at Record Book 4921, Page 128 in the Office
        of
        the Recorder of Deeds for Dauphin County, Pennsylvania, (iv) the Assignment
        of
        Rents and Leases, dated as of May 1, 2003, by and between HR Acquisition
        I
        Corporation, Capstone Capital of Pennsylvania, Inc., and HRT Holdings, Inc.,
        and
        Emeritus Corporation, recorded at Mortgage No. 200317549 in the Office of
        the
        Recorder for Portage County, Ohio, (v) the Assignment of Rents and Leases,
        dated
        as of May 1, 2003, by and between HR Acquisition I Corporation, Capstone
        Capital
        of Pennsylvania, Inc., and HRT Holdings, Inc., and Emeritus Corporation,
        recorded at Instrument No. 200311238 in the Office of the Clerk of the Circuit
        Court for Roanoke County, Virginia, (vi) the Assignment of Rents and Leases,
        dated as of May 1, 2003, by and between HR Acquisition I Corporation (f/k/a
        Capstone Capital Corporation), Capstone Capital of Pennsylvania, Inc., and
        HRT
        Holdings, Inc., and Emeritus Corporation, recorded at Book 5819, Page 2483
        in
        the Office of the Register of Deeds for Guilford County, North Carolina,
        and
        (vii) the Assignment of Rents and Leases, dated as of May 1, 2003, by and
        between HR Acquisition I Corporation, Capstone Capital of Pennsylvania, Inc.,
        and HRT Holdings, Inc., and Emeritus Corporation, recorded at Instrument
        No.
        03-2694 in the Office of the Clerk of the Circuit Court for the City of
        Danville, Virginia;

      

      and
        as
        otherwise amended, modified, extended or assigned.

      

      
        
          
            

            Loyalton
              at Greensboro

            Greensboro,
              Guilford County, North Carolina

          

          
          

        

        
          
          

          
            

          

        

        
          
          

          
          

        

      

      EXHIBIT
        B

      

      All
        that
        certain lot or parcel of land situated in the City of Greensboro, Morehead
        Township, Guilford County, North Carolina, and more particularly described
        as
        follows:

      

      BEGINNING
        at an existing iron pipe, said pipe being the southwestern corner of Lot
        2 of
        the Houston Nelson Farm Subdivision, recorded in the Office of the Register
        of
        Deeds of Guilford County in Plat Book 5, page 330, said pipe being North
        59 deg.
        39’ 44” East 2534.53 feet from a preliminary NGS monument “Dentist”; thence
        along the western line of Lots 2, 3 & 4 of the said Plat North 01 deg. 06’
31” West 418.73 feet to an existing iron pipe; thence with the northern line
        of
        Lot 4 of said plat South 86 deg. 48’ 03” East 367.99 feet to a new iron pipe,
        said iron being on the western line of a 70-ft. right-of-way on Lawndale
        Drive
        as described in Deed Book 3161, Page 483, recorded at said Registry; thence
        with
        said right-of-way South 11 deg. 03’ 18” East 385.80 feet to a new iron pipe,
        said pipe being at the intersection of the southern line of Lot 2 of said
        plat
        and said 70-ft. right-of-way; thence with the southern line of Lot 2 of said
        plat South 87 deg. 25’ 38” West 433.73 feet to the point of BEGINNING,
        containing 3.663 acres, more or less, described as the “Balance Care One” survey
        performed by Alley, Williams, Carmen & King, Inc., dated
        8/27/96.

      

      A
        map
        showing the above described property is recorded in Plat Book 5, page 330
        and
        Plat Book 125, page 67.

      

      Being
        property conveyed to Capstone Capital Corporation, now known as HR Acquisition
        I
        Corporation, by deed recorded in Deed Book 4521, Page 0474 in the Office
        of the
        Register of Deeds of Guilford County, North Carolina.

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