Document:

exv10w1w5

Exhibit 10.1.5

EXECUTION COPY

RELEASE AGREEMENT

          THIS RELEASE AGREEMENT (this “Agreement”) is made as of this 4th day of February, 2011, by
GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, “GECC”
and in its capacity as agent for the Lenders, together with its successors, “Administrative
Agent”), in favor of AVIV FINANCING I, L.L.C., a Delaware limited liability company (together with
its successors, the “Parent Borrower”).

RECITALS

     A. Pursuant to that certain Credit Agreement dated as of September 17, 2010, by and among the
Borrowers, the Administrative Agent and the Lenders, as amended by Amendment No. 1 thereto dated as
of February 4, 2011 (as amended, modified and restated from time to time, the “Credit Agreement”),
Lenders agreed to make available to Borrowers certain credit facilities more fully described
therein. Capitalized terms used but not defined in this Agreement shall have the meanings that are
set forth in the Credit Agreement.

     B. The Parent Borrower has informed the Administrative Agent and the Lenders that Aviv
Healthcare Properties Limited Partnership intends to complete the Bond Financing (as defined in the
Credit Agreement) and that in connection with the Bond Financing, the Borrowers intend to prepay
the Loans in the amount of $194,500,000 (the “Prepayment Amount”) pursuant to Section 2.04(d) of
the Credit Agreement and the Amended and Restated Prepayment and Release Notice attached hereto as
Exhibit A (the “Prepayment Notice”) and obtain a release of certain Borrowers
listed on Exhibit B attached hereto (collectively, the “Released Borrowers”) and certain
Real Property Assets listed on Exhibit B attached hereto pursuant to Section 9.13
of the Credit Agreement (collectively, the “Released Assets”).

     NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this
Agreement, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Administrative Agent on behalf of the Lenders and the Borrowers hereby
agree as follows:

     1. Recitals The foregoing recitals, including all terms defined therein, are
incorporated herein and made a part hereof.

     2. Release of Released Borrowers. Upon receipt of the Prepayment Amount, the
Administrative Agent hereby releases, on behalf of itself and the Lenders, the Released Borrowers
from all Obligations under the Credit Agreement, the Notes and any other Loan Documents, such
release including, without limitation, any pledge of the Equity Interests of the Released Borrowers
pursuant to the Security Agreement; provided that such release shall be without any
recourse, representation, or warranty whatsoever.

     3. Release of Released Assets. Upon receipt of the Prepayment Amount, the
Administrative Agent hereby releases any and all liens, encumbrances, security interests,

 

 

pledges, mortgage, deeds of trust, or charges that it has or may have in or on the Released
Assets pursuant to the Credit Agreement or other Loan Documents on behalf of itself and the
Lenders; provided that such release shall be without any recourse, representation, or
warranty whatsoever.

     4. UCC Terminations; Mortgage Releases. The Administrative Agent will prepare and
file the Uniform Commercial Code (“UCC”) notices of termination and such other release documents as
shall give effect to the release of the Released Borrowers and Released Assets as contemplated by
paragraphs 2 and 3 hereof and the terms of the Credit Agreement and execute, record and/or file (at
Parent Borrower’s expense) such other release documentation as may be reasonably requested by the
Parent Borrower so long as such documents are in form and substance satisfactory to the
Administrative Agent.

     5. Counsel Fees. The Borrowers shall pay to Administrative Agent’s counsel all
reasonable fees of such counsel incurred in connection with the preparation and filing of all such
release documentation, of this Agreement and any related documents.

     6. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Illinois.

     7. Headings. Section headings in this Amendment are included for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

     8. Counterparts. This Amendment may be executed in counterparts, each of which shall
be deemed to be an original, and all counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment
by facsimile or e-mail image shall be effective as delivery of a manually executed counterpart of
this Amendment.

     9. Severability. Any provision of this Amendment which is prohibited or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of
such provision in any other jurisdiction.

(SIGNATURES APPEAR ON FOLLOWING PAGES)

 

 

     IN WITNESS WHEREOF, the Administrative Agent, for the benefit of the Lenders has caused this
Release Agreement to be duly executed by its authorized officer, and, Parent Borrower has caused
the same to be accepted by its authorized officer, as of the day and year first above written.

	 	 	 	 	 	 	 

	ADMINISTRATIVE AGENT:	 	GENERAL ELECTRIC CAPITAL	 	 
	 	 	CORPORATION, as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Harper	 	 
	 

	 	 	 	 	 	 
	 	 	Name: David Harper	 	 
	 	 	Title: Its Duly Authorized Representative	 	 

Acknowledged and accepted:

AVIV FINANCING I, L.L.C.,

a Delaware limited liability company

	 	 	 	 	 

	By:

	 	/s/ Craig M. Bernfield
	 	 
	 

	 	 	 	 
	Name: Craig M. Bernfield	 	 
	Title: Its Authorized Representative	 	 

 

 

EXHIBIT A

Amended and Restated Prepayment and Release Notice

(see attached)

 

 

EXHIBIT B

Released Borrowers

1. Arkansas Aviv, L.L.C., a Delaware limited liability company

2. Aviv Foothills, L.L.C., a Delaware limited liability company

3. Belleville Illinois, L.L.C., a Delaware limited liability company

4. Bellingham II Associates, L.L.C., a Delaware limited liability company

5. Burton NH Property, L.L.C., a Delaware limited liability company

6. Camas Associates, L.L.C., a Delaware limited liability company

7. Casa/Sierra California Associates, L.L.C., a Delaware limited liability company

8. Clarkston Care, L.L.C., a Delaware limited liability company

9. Colonial Madison Associates, L.L.C., a Delaware limited liability company

10. CR Aviv, L.L.C., a Delaware limited liability company

11. Effingham Associates, L.L.C., an Illinois limited liability company

12. Elite Mattoon, L.L.C., a Delaware limited liability company

13. Elite Yorkville, L.L.C., a Delaware limited liability company

14. Fountain Associates, L.L.C., a Delaware limited liability company

15. Four Fountains Aviv, L.L.C., a Delaware limited liability company

16. Giltex Care, L.L.C., a Delaware limited liability company

17. HHM Aviv, L.L.C., a Delaware limited liability company

18. Idaho Associates, L.L.C., an Illinois limited liability company

19. Karan Associates Two, L.L.C., a Delaware limited liability company

20. KB Northwest Associates, L.L.C., a Delaware limited liability company

21. Kingsville Texas, L.L.C., a Delaware limited liability company

22. Mansfield Aviv, L.L.C., a Delaware limited liability company

23. Minnesota Associates, L.L.C., a Delaware limited liability company

24. Missouri Associates, L.L.C., a Delaware limited liability company

25. Montana Associates, L.L.C., an Illinois limited liability company

26. Northridge Arkansas, L.L.C., a Delaware limited liability company

27. Oakland Nursing Homes, L.L.C., a Delaware limited liability company

28. October Associates, L.L.C., a Delaware limited liability company

29. Ogden Associates, L.L.C., a Delaware limited liability company

30. Ohio Aviv, L.L.C., a Delaware limited liability company

31. Orange, L.L.C., an Illinois limited liability company

32. Oregon Associates, L.L.C., a Delaware limited liability company

33. Pomona Vista L.L.C., an Illinois limited liability company

34. Prescott Arkansas, L.L.C., a Delaware limited liability company

35. Richland Washington, L.L.C., a Delaware limited liability company

36. Rose Baldwin Park Property L.L.C., an Illinois limited liability company

37. Salem Associates, L.L.C., a Delaware limited liability company

38. San Juan NH Property, L.L.C., a Delaware limited liability company

39. Santa Fe Missouri Associates, L.L.C., an Illinois limited liability company

40. Searcy Aviv, L.L.C., a Delaware limited liability company

41. Southeast Missouri Properties, L.L.C., a Delaware limited liability company

42. Star City Arkansas, L.L.C., a Delaware limited liability company

43. Sun-Mesa Properties, L.L.C., an Illinois limited liability company

44. Watauga Associates, L.L.C., an Illinois limited liability company

45. West Pearl Street, L.L.C., a Delaware limited liability company

46. Woodland Arkansas, L.L.C., a Delaware limited liability company

47. Xion, L.L.C., an Illinois limited liability company

 

 

EXHIBIT C

Released Assets

	 	 	 	 	 	 	 	 	 
	 Site No.	 	Released Borrower	 	Released Asset Address	 	County	 	State
	1

	 	Arkansas Aviv, L.L.C., a
Delaware limited
liability company
	 	2911 Browns Lane, Jonesboro
	 	Craighead
	 	AR
	3

	 	Star City Arkansas,
L.L.C., a Delaware
limited liability company
	 	505 East Victory, Star City
	 	Lincoln
	 	AR
	4

	 	Prescott Arkansas,
L.L.C., a Delaware
limited liability company
	 	700 Manor Dr, Prescott
	 	Nevada
	 	AR
	5

	 	Arkansas Aviv, L.L.C., a
Delaware limited
liability company
	 	333 Melody Drive, Trumann
	 	Poinsett
	 	AR
	6

	 	Arkansas Aviv, L.L.C., a
Delaware limited
liability company
	 	800 Brookside Drive, Little Rock
	 	Pulaski
	 	AR
	7

	 	Woodland Arkansas,
L.L.C., a Delaware
limited liability company
	 	8701 Riley Dr, Little Rock
	 	Pulaski
	 	AR
	9

	 	Northridge Arkansas,
L.L.C., a Delaware
limited liability company
	 	2501 John Ashley Dr, North Little Rock
	 	Pulaski
	 	AR
	10

	 	Arkansas Aviv, L.L.C., a
Delaware limited
liability company
	 	3300 Military Road, Benton
	 	Saline
	 	AR
	11

	 	Searcy Aviv, L.L.C., a
Delaware limited
liability company
	 	2500 East Moore, Searcy
	 	White
	 	AR
	12

	 	Searcy Aviv, L.L.C., a
Delaware limited
liability company
	 	105 South College, Searcy
	 	White
	 	AR
	13

	 	Sun-Mesa Properties,
L.L.C., an Illinois
limited liability company
	 	215 W Brown Dr, Mesa
	 	Maricopa
	 	AZ
	14

	 	Fountain Associates,
L.L.C., a Delaware
limited liability company
	 	12030 113th St, Youngtown
	 	Maricopa
	 	AZ
	15

	 	Sun-Mesa Properties,
L.L.C., an Illinois
limited liability company
	 	255 W Brown Dr, Mesa
	 	Maricopa
	 	AZ
	16

	 	Aviv Foothills, L.L.C., a
Delaware limited
liability company
	 	15810 S. 42nd St., , Phoenix
	 	Maricopa
	 	AZ
	17

	 	Sun-Mesa Properties,
L.L.C., an Illinois
limited liability company
	 	9940 W Union Hills Dr, Sun City
	 	Maricopa
	 	AZ
	18

	 	Oakland Nursing Homes,
L.L.C., a Delaware
limited liability company
	 	309 MacArthur Blvd, , Oakland
	 	Alameda
	 	CA
	19

	 	Oakland Nursing Homes,
L.L.C., a Delaware
limited liability company
	 	3145 High Street, Oakland
	 	Alameda
	 	CA
	26

	 	Casa/Sierra California
Associates, L.L.C., a
Delaware limited
liability company
	 	14318 Ohio St, Baldwin Park
	 	Los Angeles
	 	CA
	27

	 	Pomona Vista L.L.C., an
Illinois limited
liability company
	 	651 N Main St, Pomona
	 	Los Angeles
	 	CA
	28

	 	Rose Baldwin Park
Property L.L.C., an
Illinois limited
liability company
	 	3541 Puente Ave, Baldwin Park
	 	Los Angeles
	 	CA
	29

	 	West Pearl Street,
L.L.C., a Delaware
limited liability company
	 	215 W Pearl St, Pomona, Pomona
	 	Los Angeles
	 	CA
	34

	 	Casa/Sierra California
Associates, L.L.C., a
Delaware limited
liability company
	 	8487 Magnolia Ave, Riverside
	 	Riverside
	 	CA
	40

	 	Idaho Associates, L.L.C.,
an Illinois limited
liability company
	 	210 North Idaho St, Wednell
	 	Gooding
	 	ID
	41

	 	Idaho Associates, L.L.C.,
an Illinois limited
liability company
	 	1014 Burrell Ave, Lewiston
	 	Nez Perce
	 	ID
	42

	 	Idaho Associates, L.L.C.,
an Illinois limited
liability company
	 	1019 Third Ave S, Payette
	 	Payette
	 	ID
	44

	 	Idaho Associates, L.L.C.,
an Illinois limited
liability company
	 	418 Floyd St, McCall
	 	Valley
	 	ID
	45

	 	Elite Mattoon, L.L.C., a
Delaware limited
liability company
	 	3516 Powell Ln, Mattoon
	 	Coles
	 	IL
	46

	 	Effingham Associates,
L.L.C., an Illinois
limited liability company
	 	1115 N Wenthe Ave, Effingham
	 	Effingham
	 	IL

 

 

	 	 	 	 	 	 	 	 	 
	Site No.	 	Released Borrower	 	Released Asset Address	 	County	 	State
	47

	 	Elite Yorkville, L.L.C.,
a Delaware limited
liability company
	 	1308 Game Farm Rd, Yorkville
	 	Kendall
	 	IL
	49

	 	Salem Associates, L.L.C.,
a Delaware limited
liability company
	 	1201 Hawthorne Rd, Salem
	 	Marion
	 	IL
	50

	 	CR Aviv, L.L.C., a
Delaware limited
liability company
	 	410 East Mack, Olney
	 	Richland
	 	IL
	51

	 	Belleville Illinois,
L.L.C., a Delaware
limited liability company
	 	40 North 64th Street, Belleville
	 	St. Clair
	 	IL
	52

	 	Four Fountains Aviv,
L.L.C., a Delaware
limited liability company
	 	101 South Belt West, Belleville
	 	St. Clair
	 	IL
	68

	 	Minnesota Associates,
L.L.C., a Delaware
limited liability company
	 	500 Russell St, Willmar
	 	Kandiyohi
	 	MN
	69

	 	Minnesota Associates,
L.L.C., a Delaware
limited liability company
	 	1738 Hulet Ave, Faribault
	 	Rice
	 	MN
	70

	 	Minnesota Associates,
L.L.C., a Delaware
limited liability company
	 	201 Southwest 18th St, Owatonna
	 	Steele
	 	MN
	76

	 	Santa Fe Missouri
Associates, L.L.C., an
Illinois limited
liability company
	 	1221 S Highway 16, Lexington
	 	Lafayette
	 	MO
	77

	 	CR Aviv, L.L.C., a
Delaware limited
liability company
	 	1200 McCutchen Dr, Rolla
	 	Phelps
	 	MO
	78

	 	CR Aviv, L.L.C., a
Delaware limited
liability company
	 	2840 West Clay, St Charlies
	 	St. Charles
	 	MO
	79

	 	CR Aviv, L.L.C., a
Delaware limited
liability company
	 	2600 Redman Rd, St Louis
	 	St. Louis
	 	MO
	80

	 	CR Aviv, L.L.C., a
Delaware limited
liability company
	 	1441 Charic Dr, Ballwin
	 	St. Louis
	 	MO
	81

	 	Montana Associates,
L.L.C., an Illinois
limited liability company
	 	9 14th Ave, Polson
	 	Lake
	 	MT
	82

	 	Montana Associates,
L.L.C., an Illinois
limited liability company
	 	600 First Ave N, Hot Springs
	 	Sanders
	 	MT
	95

	 	Ohio Aviv, L.L.C., a
Delaware limited
liability company
	 	9117 Cincinnati- Columbus Rd, Westchester
	 	Butler
	 	OH
	96

	 	Ohio Aviv, L.L.C., a
Delaware limited
liability company
	 	75 Hale St, Wilmington
	 	Clinton
	 	OH
	97

	 	Ohio Aviv, L.L.C., a
Delaware limited
liability company
	 	4900 Cooper Rd, Cincinnati
	 	Hamilton
	 	OH
	99

	 	Mansfield Aviv, L.L.C., a
Delaware limited
liability company
	 	2124 Park Avenue West, Mansfield
	 	Richland
	 	OH
	100

	 	Oregon Associates,
L.L.C., a Delaware
limited liability company
	 	745 NE 122nd Ave, Portland
	 	Multnomah
	 	OR
	111

	 	Missouri Associates,
L.L.C., a Delaware
limited liability company
	 	1000 FM 3220, Clifton
	 	Bosque
	 	TX
	112

	 	October Associates,
L.L.C., a Delaware
limited liability company
	 	101 West Avenue E, Valley Mills, TX 76689
	 	Bosque
	 	TX
	115

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	224 East Sixth Street, Baird
	 	Callahan
	 	TX
	118

	 	Karan Associates Two,
L.L.C., a Delaware
limited liability company
	 	2021 Shoaf Dr , Irving
	 	Dallas
	 	TX
	123

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	1404 Front Street, Cisco
	 	Eastland
	 	TX
	124

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	600 West Roosevelt, Gorman
	 	Eastland
	 	TX
	128

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	501 North Main Street, Collinsville
	 	Grayson
	 	TX
	132

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	1725 Old Brandon Road, Hillsboro
	 	Hill
	 	TX
	133

	 	HHM Aviv, L.L.C., a
Delaware limited
liability company
	 	409 Files Street, Itasca
	 	Hill
	 	TX
	135

	 	Kingsville Texas, L.L.C.,
a Delaware limited
liability company
	 	316 General Cavazos Boulevard, Kingsville
	 	Kleberg
	 	TX
	137

	 	October Associates,
L.L.C., a Delaware
limited liability company
	 	1100 W. Broadway, Stanton
	 	Martin
	 	TX
	139

	 	Orange, L.L.C., an
Illinois limited
liability company
	 	510 N. 3rd St, Orange
	 	Orange
	 	TX
	140

	 	Orange, L.L.C., an
Illinois limited
liability company
	 	3000 Cardinal Drive, Orange
	 	Orange
	 	TX

 

 

	 	 	 	 	 	 	 	 	 
	Site No.	 	Released Borrower	 	Released Asset Address	 	County	 	State
	142

	 	Watauga Associates,
L.L.C., an Illinois
limited liability company
	 	7804 Virgil R Anthony Blvd, Watauga
	 	Tarrant
	 	TX
	145

	 	Giltex Care, L.L.C., a
Delaware limited
liability company
	 	703 N Titus, Gilmer
	 	Upshur
	 	TX
	147

	 	Ogden Associates, L.L.C.,
a Delaware limited
liability company
	 	524 East 800 North, Ogden
	 	Weber
	 	UT
	148

	 	Clarkston Care, L.L.C., a
Delaware limited
liability company
	 	1242 11th St, Clarkston
	 	Asotin
	 	WA
	149

	 	Richland Washington,
L.L.C., a Delaware
limited liability company
	 	1745 Pike Ave, Richland
	 	Benton
	 	WA
	150

	 	Richland Washington,
L.L.C., a Delaware
limited liability company
	 	1745 Pike Ave , Richland
	 	Benton
	 	WA
	151

	 	Camas Associates, L.L.C.,
a Delaware limited
liability company
	 	640 NE Everett St, Camas
	 	Clark
	 	WA
	153

	 	Burton NH Property,
L.L.C., a Delaware
limited liability company
	 	1036 E Victoria Ave, Burlington
	 	Skagit
	 	WA
	154

	 	San Juan NH Property,
L.L.C., a Delaware
limited liability company
	 	911 — 21st St, Anacortes
	 	Skagit
	 	WA
	156

	 	Bellingham II Associates,
L.L.C., a Delaware
limited liability company
	 	1530 James St, Bellingham
	 	Whatcom
	 	WA
	158

	 	KB Northwest Associates,
L.L.C., a Delaware
limited liability company
	 	912 Hillcrest Ave, Grandview
	 	Yakima
	 	WA
	159

	 	KB Northwest Associates,
L.L.C., a Delaware
limited liability company
	 	721 Otis Ave, Sunnyside
	 	Yakima
	 	WA
	161

	 	Colonial Madison
Associates, L.L.C., a
Delaware limited
liability company
	 	110 Belmont Rd, Madison
	 	Dane
	 	WI
	163

	 	Xion, L.L.C., an Illinois
limited liability company
	 	1805 27th Street, Zion, IL
	 	Lake
	 	IL
	171

	 	Southeast Missouri
Properties, L.L.C., a
Delaware limited
liability company
	 	PO Box 108, Sycamore Street, Greenville,

MO 63944
	 	 	 	MO
	172

	 	Southeast Missouri
Properties, L.L.C., a
Delaware limited
liability company
	 	290 West State Highway 162, Portageville,

MO 63873
	 	 	 	MO
	173

	 	Southeast Missouri
Properties, L.L.C., a
Delaware limited
liability company
	 	300 East Hornbeck, Senath, MO 63876
	 	 	 	MO
	174

	 	Southeast Missouri
Properties, L.L.C., a
Delaware limited
liability company
	 	300 East Hornbeck, Senath, MO 63876
	 	 	 	MO
	176

	 	October Associates, L.L.C.
	 	506 South 7th Street, Carrizo Springs, TX

78834
	 	 	 	TXexv10w1w6

Exhibit 10.1.6

EXECUTION VERSION

RELEASE AGREEMENT

          THIS RELEASE AGREEMENT (this “Agreement”) is made as of this 5th day of April, 2011, by
GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in its individual capacity, “GECC”
and in its capacity as agent for the Lenders, together with its successors, “Administrative
Agent”), in favor of AVIV FINANCING I, L.L.C., a Delaware limited liability company (together with
its successors, the “Parent Borrower”).

RECITALS

     A. Pursuant to that certain Credit Agreement dated as of September 17, 2010, by and among the
Borrowers, the Administrative Agent and the Lenders, as amended by Amendment No. 1 thereto dated as
of February 4, 2011 and Amendment No. 2 thereto dated as of April 5, 2011 (as amended, modified and
restated from time to time, the “Credit Agreement”), Lenders agreed to make available to Borrowers
certain credit facilities more fully described therein. Capitalized terms used but not defined in
this Agreement shall have the meanings that are set forth in the Credit Agreement.

     B. Pursuant to the First Amendment and that certain Indenture dated February 4, 2011 (the
"Indenture”), by and among Aviv and Aviv Healthcare Capital Corporation, as issuers (the
"Issuers”), the REIT Party, as guarantor, the other Guarantors named therein (including the
Borrowers) and The Bank of New York Mellon Trust Company, N.A., as trustee, the Issuers completed a
Bond Financing in the aggregate principal amount of $200,000,000 (the “Initial Bond Financing”) and
the Borrowers, pursuant to the Indenture, guaranteed the Initial Bond Financing.

     C. The Parent Borrower has informed the Administrative Agent and the Lenders that the Issuers
intend to complete an add-on to the Initial Bond Financing in an amount of up to $100,000,000 (the
"Add-On Bond Financing”) and that in connection with the Add-On Bond Financing, the Borrowers
intend to prepay the Loans in the amount of $35,706,106.60 (the “Prepayment Amount”) pursuant to
Section 2.04(d) of the Credit Agreement and the Amended and Restated Prepayment and Release Notice
attached hereto as Exhibit A (the “Prepayment Notice”) and obtain a release of certain
Borrowers listed on Exhibit B attached hereto (collectively, the “Released Borrowers”) and
certain Real Property Assets listed on Exhibit C attached hereto pursuant to Section
9.13 of the Credit Agreement (collectively, the “Released Assets”).

     NOW, THEREFORE, in consideration of the foregoing, the terms and conditions set forth in this
Agreement, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Administrative Agent on behalf of the Lenders and the Borrowers hereby
agree as follows:

     1. Recitals The foregoing recitals, including all terms defined therein, are
incorporated herein and made a part hereof.

 

 

     2. Release of Released Borrowers. Upon receipt of the Prepayment Amount, the
Administrative Agent hereby releases, on behalf of itself and the Lenders, the Released Borrowers
from all Obligations under the Credit Agreement, the Notes and any other Loan Documents, such
release including, without limitation, any pledge of the Equity Interests of the Released Borrowers
pursuant to the Security Agreement; provided that such release shall be without any
recourse, representation, or warranty whatsoever.

     3. Release of Released Assets. Upon receipt of the Prepayment Amount, the
Administrative Agent hereby releases any and all liens, encumbrances, security interests, pledges,
mortgage, deeds of trust, or charges that it has or may have in or on the Released Assets pursuant
to the Credit Agreement or other Loan Documents on behalf of itself and the Lenders;
provided that such release shall be without any recourse, representation, or warranty
whatsoever.

     4. UCC Terminations; Mortgage Releases. The Administrative Agent will prepare and
file the Uniform Commercial Code (“UCC”) notices of termination and such other release documents as
shall give effect to the release of the Released Borrowers and Released Assets as contemplated by
paragraphs 2 and 3 hereof and the terms of the Credit Agreement and execute, record and/or file (at
Parent Borrower’s expense) such other release documentation as may be reasonably requested by the
Parent Borrower so long as such documents are in form and substance satisfactory to the
Administrative Agent.

     5. Counsel Fees. The Borrowers shall pay to Administrative Agent’s counsel all
reasonable fees of such counsel incurred in connection with the preparation and filing of all such
release documentation, of this Agreement and any related documents.

     6. Governing Law. This Amendment shall be governed by and construed in accordance
with the laws of the State of Illinois.

     7. Headings. Section headings in this Amendment are included for convenience of
reference only and shall not constitute a part of this Amendment for any other purpose.

     8. Counterparts. This Amendment may be executed in counterparts, each of which shall
be deemed to be an original, and all counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment
by facsimile or e-mail image shall be effective as delivery of a manually executed counterpart of
this Amendment.

     9. Severability. Any provision of this Amendment which is prohibited or unenforceable
shall be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of
such provision in any other jurisdiction.

(SIGNATURES APPEAR ON FOLLOWING PAGES)

 

 

     IN WITNESS WHEREOF, the Administrative Agent, for the benefit of the Lenders has caused this
Release Agreement to be duly executed by its authorized officer, and, Parent Borrower has caused
the same to be accepted by its authorized officer, as of the day and year first above written.

	 	 	 	 	 	 	 

	ADMINISTRATIVE AGENT:	 	GENERAL ELECTRIC CAPITAL	 	 
	 	 	CORPORATION, as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ David Harper	 	 
	 

	 	 	 	 	 	 
	 	 	Name: David Harper	 	 
	 	 	Title: Its Duly Authorized Representative	 	 

 

 

Acknowledged and accepted:

AVIV FINANCING I, L.L.C.,

a Delaware limited liability company

	 	 	 	 	 

	By:

	 	/s/ Craig M. Bernfield
	 	 
	 

	 	 	 	 
	Name: Craig M. Bernfield	 	 
	Title: Its Authorized Representative	 	 

 

 

EXHIBIT A

Amended and Restated Prepayment and Release Notice

(see attached)

 

 

EXHIBIT B

Released Borrowers

1. BHG Aviv, L.L.C., a Delaware limited liability company

2. Bonham Texas, L.L.C., a Delaware limited liability company

3. Karan Associates, L.L.C., a Delaware limited liability company

 

 

EXHIBIT C

Released Assets

	 	 	 	 	 	 	 	 	 
	Site No.	 	Released Borrower	 	Released Asset Address	 	County	 	State
	56

	 	BHG Aviv, L.L.C.
	 	300 Winthrop Street, Medford
	 	Middlesex
	 	MA
	106

	 	BHG Aviv, L.L.C.
	 	43 Church Lane, Broomall
	 	Delaware
	 	PA
	107

	 	BHG Aviv, L.L.C.
	 	32 South Bethlehem Pike, Ambler
	 	Montgomery
	 	PA
	108

	 	BHG Aviv, L.L.C.
	 	956 Railroad Avenue, Bryn Mawr
	 	Delaware
	 	PA
	109

	 	BHG Aviv, L.L.C.
	 	1401 Golf Park Drive, Lake Ariel
	 	Wayne
	 	PA
	110

	 	Karan Associates, L.L.C.
	 	8020 Blanco Rd, San Antonio
	 	Bexar
	 	TX
	116

	 	Karan Associates, L.L.C.
	 	300 E Brown St, Wylie
	 	Collin
	 	TX
	119

	 	Karan Associates, L.L.C.
	 	321 N Shiloh Rd, Garland
	 	Dallas
	 	TX
	121

	 	Karan Associates, L.L.C.
	 	1241 Westridge Ave, Lancaster
	 	Dallas
	 	TX
	125

	 	Bonham Texas, L.L.C.
	 	709 West Fifth Street, Bonham
	 	Fannin
	 	TX
	130

	 	Karan Associates, L.L.C.
	 	1315 East State Hwy 22, Hamilton
	 	Hamilton
	 	TX
	141

	 	Karan Associates, L.L.C.
	 	1402 E Broad St, Mansfield
	 	Tarrant
	 	TX
	144

	 	Karan Associates, L.L.C.
	 	110 E Live Oak St, Austin
	 	Travis
	 	TX

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