Document:

Exhibit 4.3.3

 

SUPPLEMENTAL
INDENTURE

 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated as of September 14, 2005, by and among ET Sub-Woodbridge, L.P., a Pennsylvania
limited partnership (the “Guaranteeing Subsidiary”),
Ventas Realty, Limited Partnership, a Delaware limited partnership, and Ventas
Capital Corporation, a Delaware corporation (collectively, the “Issuers”), the other Guarantors (as defined in the Indenture
referred to herein) and U.S. Bank National Association, as trustee under the
Indenture referred to herein (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuers have heretofore executed and delivered to the
Trustee an Indenture dated as of June 7, 2005, as supplemented by the
Supplemental Indenture dated as of June 21, 2005 (as so supplemented, the “Indenture”), providing for the issuance of 63/4%
Senior Notes due 2010 (the “Notes”);

 

WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally
guarantee all of the Issuers’ Obligations (as defined in the Indenture) under
the Notes and the Indenture on the terms and conditions set forth herein (a “Note Guarantee”); and

 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is
authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the
equal and ratable benefit of the Holders of the Notes as follows:

 

1.             CAPITALIZED TERMS.  Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

 

2.             AGREEMENT TO
GUARANTEE.  The Guaranteeing Subsidiary
hereby agrees as follows:

 

(a)           Subject to Article 10 of the
Indenture, the Guaranteeing Subsidiary hereby, jointly and severally with all
other Guarantors, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the
Indenture, the Notes or the obligations of the Issuers thereunder, that:

 

(i)               the principal of, and premium and
Additional Interest, if any, and interest on the Notes will be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise,
and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Issuers to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and

 

 

(ii)              in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, that same
will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

 

Failing
payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, the Guarantors shall be jointly and severally obligated to
pay the same immediately.

 

(b)          The obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or the
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof,
the recovery of any judgment against the Issuers, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a Guarantor, other than payment in full of
all obligations under the Notes.

 

(c)           The following is hereby waived:
diligence, presentment, demand of payment, filing of claims with a court in the
event of insolvency or bankruptcy of the Issuers, any right to require a
proceeding first against the Issuers, protest, notice and all demands
whatsoever.

 

(d)          This Note Guarantee shall not be
discharged except by complete performance of the obligations contained in the
Notes and the Indenture, and the Guaranteeing Subsidiary hereby accepts all
obligations of a Guarantor under the Indenture.

 

(e)           If any Holder or the Trustee is
required by any court or otherwise to return to the Issuers, the Guarantors or
any custodian, trustee, liquidator or other similar official acting in relation
to either the Issuers or the Guarantors, any amount paid by either to the
Trustee or such Holder, this Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

 

(f)           The Guaranteeing Subsidiary shall not
be entitled to any right of subrogation in relation to the Holders in respect
of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby.

 

(g)          As between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (1) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article
6 of the Indenture for the purposes of this Note Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in
respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article 6
of the Indenture, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Note
Guarantee.

 

2

 

(h)          The Guarantors shall have the right to
seek contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Note Guarantees.

 

(i)            In accordance with Section 10.02
of the Indenture, after giving effect to any maximum amount and all other
contingent and fixed liabilities that are relevant under any applicable
Bankruptcy Law or fraudulent conveyance law, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other
Guarantor under Article 10 of the Indenture, this Note Guarantee shall
be limited to the maximum amount permissible such that the obligations of the
Guaranteeing Subsidiary under this Note Guarantee will not constitute a
fraudulent transfer or conveyance.

 

3.             EXECUTION AND
DELIVERY.  The Guaranteeing Subsidiary
agrees that this Note Guarantee shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Note
Guarantee.

 

4.                                           GUARANTEEING
SUBSIDIARY MAY CONSOLIDATE, ETC. ON CERTAIN TERMS.

 

(a)           The Guaranteeing Subsidiary may not sell
or otherwise dispose of all or substantially all of its assets to, or
consolidate with or merge with or into (whether or not the Guaranteeing
Subsidiary is the surviving Person) another Person, other than the Issuers or
another Guarantor unless:

 

(i)           immediately after giving effect to that
transaction, no Default or Event of Default exists; and

 

(ii)          subject to Section 10.05 of the
Indenture, the Person acquiring the property in any such sale or disposition or
the Person formed by or surviving any such consolidation or merger assumes all of
the obligations of the Guaranteeing Subsidiary under the Indenture, this Note
Guarantee and the Registration Rights Agreement pursuant to a supplemental
indenture in form and substance reasonably satisfactory to the Trustee.

 

(b)          In case of any such consolidation,
merger, sale or conveyance and upon the assumption by the successor Person, by
supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of this Note Guarantee endorsed upon the Notes and the
due and punctual performance of all of the covenants and conditions of the
Indenture to be performed by the Guaranteeing Subsidiary, such successor Person
shall succeed to and be substituted for the Guaranteeing Subsidiary with the
same effect as if it had been named herein as a Guaranteeing Subsidiary.  Such successor Person thereupon may cause to
be signed any or all of the Note Guarantees to be endorsed upon all of the
Notes issuable under the Indenture which theretofore shall not have been signed
by the Issuers and delivered to the Trustee.  All the Note Guarantees so issued shall in all
respects have the same legal rank and benefit under the Indenture as the Note
Guarantees theretofore and thereafter issued in accordance with the

 

3

 

terms of the Indenture as though all of such Note Guarantees had been
issued at the date of the execution hereof.

 

(c)           Except as set forth in Articles 4
and 5 and Section 10.04 of the Indenture, and notwithstanding
clauses (a) and (b) above, nothing contained in the Indenture or in any of the
Notes shall prevent any consolidation or merger of the Guaranteeing Subsidiary
with or into the Issuers or another Guarantor, or shall prevent any sale or
conveyance of the property of the Guaranteeing Subsidiary as an entirety or
substantially as an entirety to the Issuers or another Guarantor.

 

5.             RELEASES.

 

(a)           The Note Guarantee of the
Guaranteeing Subsidiary shall be released, and any Person acquiring assets
(including by way of merger or consolidation) or Capital Stock of the
Guaranteeing Subsidiary under those circumstances specified in the Indenture
shall not be required to assume the obligations of the Guaranteeing Subsidiary,
in each case in accordance with the provisions of Section 10.05 of the
Indenture.  The Note Guarantee of the
Guaranteeing Subsidiary shall also be released in accordance with the
provisions of Section 10.06 of the Indenture.  Upon delivery by the Issuers to the Trustee
of an Officers’ Certificate and an Opinion of Counsel stating that the
provisions of Section 10.05 or 10.06, as applicable, of the
Indenture have been complied with, the Trustee shall execute any documents
reasonably required in order to evidence the release of the Guaranteeing
Subsidiary from its obligations under this Note Guarantee.

 

(b)          The Guaranteeing Subsidiary not
released from its obligations under this Note Guarantee shall remain liable for
the full amount of principal of and interest on the Notes and for the other
obligations of any Guarantor under the Indenture as provided in Article 10
of the Indenture.

 

6.             NO RECOURSE AGAINST
OTHERS.  No past, present or future
director, officer, employee, incorporator, stockholder or agent of the
Guaranteeing Subsidiary, as such, shall have any liability for any obligations
of the Issuers or the Guaranteeing Subsidiary under the Notes, this Note
Guarantee, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation.  Each Holder of the Notes by accepting a Note
waives and releases all such liability.  The
waiver and release are part of the consideration for issuance of the Notes.  Such waiver may not be effective to waive
liabilities under the federal securities laws and it is the view of the
Commission that such a waiver is against public policy.

 

7.             NEW YORK LAW TO
GOVERN.  THE INTERNAL LAW OF THE STATE OF
NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND
NOTE GUARANTEE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

4

 

8.             COUNTERPARTS.  The parties may sign any number of copies of
this Supplemental Indenture.  Each signed
copy shall be an original, but all of them together represent the same
agreement.

 

9.             EFFECT OF HEADINGS.
 The Section headings herein are for
convenience only and shall not affect the construction hereof.

 

10.           THE TRUSTEE.  The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Guaranteeing Subsidiary and the
Issuers.

 

5

 

 

IN WITNESS
WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written.

 

	
   

  	
  GUARANTEEING SUBSIDIARY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Woodbridge, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GENPAR, L.L.C., its
  General

  
	
   

  	
   

  	
   

  	
  Partner

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating
  Limited

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole
  Member

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General
  Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ISSUERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Ventas Realty, Limited
  Partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Ventas, Inc., its
  General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and

  
	
   

  	
   

  	
   

  	
   

  	
  Corporate Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ventas Capital Corporation

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and
  Corporate

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  
						

 

6

 

	
   

  	
  EXISTING GUARANTORS:

  
	
   

  	
   

  
	
   

  	
  Ventas, Inc.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ventas LP Realty, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Ventas, Inc., its Sole Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and

  
	
   

  	
   

  	
   

  	
   

  	
  Corporate Secretary

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ventas Healthcare Properties, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  
	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  
	
   

  	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ventas TRS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President

  

 

7

 

	
   

  	
  Ventas Framingham, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
  General Counsel and Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Ventas Management, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
  General Counsel and Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ElderTrust

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ElderTrust Operating Limited Partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Capital Corp.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
							

 

8

 

	
   

  	
  ET Sub-Berkshire Limited Partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET Berkshire, LLC, its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Berkshire, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Cabot ALF, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Cleveland ALF, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
							

 

9

 

	
   

  	
  ET Sub-Heritage Woods, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Highgate, L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET GENPAR, L.L.C., its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET GENPAR, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Lacey I, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  

 

10

 

	
   

  	
  ET Sub-Lehigh Limited Partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET Lehigh, LLC, its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Lehigh, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Lopatcong, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Pennsburg Manor Limited Partnership, 

  L.L.P.

  
	
   

  	
   

  	
  By:

  	
  ET Pennsburg Finance, L.L.C., its

  	
   

  
	
   

  	
   

  	
   

  	
  General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

11

 

	
   

  	
  ET Pennsburg Finance, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Phillipsburg I, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Pleasant View, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Rittenhouse Limited Partnership, L.L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GENPAR, L.L.C., its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  

 

12

 

	
   

  	
  ET Sub-Riverview Ridge Limited Partnership, L.L.P.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET GENPAR, L.L.C., its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Sanatoga Limited Partnership

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET Sanatoga, LLC, its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sanatoga, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-SMOB, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  

 

13

 

	
   

  	
  Vernon ALF, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Willowbrook Limited Partnership, L.L.P.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  GENPAR, L.L.C., its General

  	
   

  
	
   

  	
   

  	
   

  	
  Partner

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust Operating Limited

  	
   

  
	
   

  	
   

  	
   

  	
  Partnership, its Sole Member

  	
   

  
	
   

  	
   

  	
  By:

  	
  ElderTrust, its General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Sub-Wayne I Limited Partnership, L.L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  ET Wayne Finance, L.L.C., its

  	
   

  
	
   

  	
   

  	
   

  	
  General Partner

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  ET Wayne Finance, L.L.C.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  	
   

  
								

 

14

 

	
   

  	
   

  	
  ET Wayne Finance, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Chairman, Executive Vice

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  President and Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ventas Sun LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ventas Cal Sun LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Ventas Provident, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  General Counsel and Corporate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Secretary

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PSLT GP, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
								

 

15

 

	
   

  	
   

  	
  PSLT OP, L.P.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By: 

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PSLT-BLC Properties
  Holdings, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By: 

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of Arizona-EM,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

16

 

	
   

  	
   

  	
  Brookdale Living
  Communities of California, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living Communities
  of California-RC,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of California-San

  Marcos, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

17

 

	
   

  	
   

  	
  Brookdale Living
  Communities of Illinois-2960,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of Illinois-II, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BLC of California-San
  Marcos, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Brookdale Living
  Communities of

  California-San Marcos, LLC, its General

  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties Holdings,
  LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member 

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

18

 

	
   

  	
   

  	
  Brookdale Holdings, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of Indiana-OL,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of Massachusetts-

  RB, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

19

 

	
   

  	
   

  	
  Brookdale Living
  Communities of Minnesota, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Brookdale Living
  Communities of New York-GB,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
  Brookdale Living
  Communities of Washington-PP,

  LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
							

 

20

 

	
   

  	
   

  	
  The Ponds of Pembroke
  Limited Partnership

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Brookdale Holdings, LLC,
  its General

  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  River Oaks Partners

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Brookdale Holdings, LLC,
  its General

  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT-BLC Properties
  Holdings, LLC, its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PSLT-ALS Properties
  Holdings, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

21

 

	
   

  	
   

  	
  PSLT-ALS Properties I, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT- ALS Properties Holdings, LLC,
  its

  Sole Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT OP, L.P., its Sole
  Member

  
	
   

  	
   

  	
   

  	
  By:

  	
  PSLT GP, LLC, its General
  Partner

  
	
   

  	
   

  	
   

  	
  By:

  	
  Ventas Provident, LLC, its
  Sole Member

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  T. Richard Riney

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President,
  General

  Counsel and Corporate Secretary

  

 

22

 

	
   

  	
   

  	
  TRUSTEE:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  U.S. Bank National Association

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Robert T. Jones

  
	
   

  	
   

  	
   

  	
  Name: Robert T. Jones

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  
					

 

23Exhibit 10.4

 

Lock-Up Agreement - WEM

 

[Date]

 

 

Bear, Stearns & Co. Inc.

Credit Suisse First Boston LLC

As Representatives of the several

Underwriters referred to below

c/o Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, New York 10179

Attention: Equity Capital Markets

 

Newkirk Realty Trust,
Inc. Lock-Up Agreement

 

Ladies and Gentlemen:

 

This letter
agreement (this “Agreement”) relates to the proposed public offering (the “Offering”)
by Newkirk Realty Trust, Inc., a Maryland corporation (the “Company”), of its
common stock, $.01 par value (the “Stock”).

 

In order to induce you and the other underwriters for
which you act as representatives (the “Underwriters”) to underwrite the
Offering, the undersigned hereby agrees that, except as otherwise provided herein
without the prior written consent of Bear, Stearns & Co. Inc. (“Bear
Stearns”), during the Lock-Up Period (as defined below), the undersigned (a)
will not, directly or indirectly, offer, sell, agree to offer or sell, solicit
offers to purchase, grant any call option or purchase any put option with
respect to, pledge, borrow or otherwise dispose of any Relevant Security (as
defined below), and (b) will not establish or increase any “put equivalent
position” or liquidate or decrease any “call equivalent position” with respect
to any Relevant Security (in each case within the meaning of Section 16 of the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder), or otherwise enter into any swap, derivative or other
transaction or arrangement that transfers to another, in whole or in part, any
economic consequence of ownership of a Relevant Security, whether or not such
transaction is to be settled by delivery of Relevant Securities, other
securities, cash or other consideration.  As used herein “Relevant Security” means the
Stock, any other equity security of the Company or any of its subsidiaries and
any security convertible into, or exercisable or exchangeable for, any Stock or
other such equity security held by the undersigned immediately following the
Offering including, without limitation, units of limited partnership interest
in The Newkirk Master Limited Partnership, a Delaware limited partnership (the “Partnership”).  For purposes hereof, the Lock-Up Period shall
mean a period expiring on the earlier of (x) four-years from the date of the
final prospectus for the Offering or (ii) at such time as NKT Advisors LLC (“NKT”)
is no longer providing advisory services to the Company and the Partnership
except in the event the Advisory Agreement between NKT, the Company and the
Partnership is terminated by NKT after the initial three-year term for any
reason other than a material breach by the Company.

 

 

Notwithstanding the foregoing:

 

(i)            if (x) during the last 17 days of
the Lock-Up Period the Company issues an earnings release or material news or a
material event relating to the Company occurs; or (y) prior to the expiration
of the Lock-Up Period, the Company announces that it will release earnings
results during the 16-day period beginning on the last day of the 90-day
period; the restrictions imposed in this Letter Agreement shall continue to
apply until the expiration of the 18-day period beginning on the issuance of
the earnings release or the occurrence of the material news or material event;
provided, however, that this sentence shall not apply if the research published
or distributed on the Company is compliant with Rule 139 of the Securities Act
and the Company’s securities are actively traded as defined in Rule 101(c)(1)
of Regulation M of the Exchange Act;

 

(ii)           immediately following the Offering,
the undersigned shall be permitted to sell to the Company units of limited
partnership interest in the Partnership equal to $5,000,000 divided by the
Offering Price of the Stock;

 

(iii)          the undersigned shall have the right
to have its units of limited partnership interest in the Partnership redeemed
after the first anniversary of the date of the final prospectus for the
Offering.

 

The undersigned hereby authorizes the Company during
the Lock-Up Period to cause any transfer agent for the Relevant Securities to
decline to transfer, and to note stop transfer restrictions on the stock
register and other records relating to, Relevant Securities for which the
undersigned is the record holder and, in the case of Relevant Securities for
which the undersigned is the beneficial but not the record holder, agrees
during the Lock-Up Period to cause the record holder to cause the relevant
transfer agent to decline to transfer, and to note stop transfer restrictions
on the stock register and other records relating to, such Relevant
Securities.  The undersigned hereby
further agrees that, without the prior written consent of Bear Stearns, during
the Lock-up Period the undersigned (x) will not file or participate in the
filing with the Securities and Exchange Commission of any registration
statement, or circulate or participate in the circulation of any preliminary or
final prospectus or other disclosure document with respect to any proposed
offering or sale of a Relevant Security and (y) will not exercise any rights
the undersigned may have to require registration with the Securities and
Exchange Commission of any proposed offering or sale of a Relevant Security.

 

The undersigned hereby represents and warrants that
the undersigned has full power and authority to enter into this Agreement and
that this Agreement constitutes the legal, valid and binding obligation of the
undersigned, enforceable in accordance with its terms.  Upon request, the undersigned will execute
any additional documents necessary in connection with enforcement hereof.  Any obligations of the undersigned shall be
binding upon the successors and assigns of the undersigned from the date first
above written.

 

This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.  Delivery of a signed copy of this letter by
facsimile transmission shall be effective as delivery of the original hereof.

 

2

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  WEM-BRYNMAWR ASSOCIATES LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Michael L.
  Ashner

  
	
   

  	
   

  	
  Managing Member

  

 

3

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