Document:

Supplemental Indenture

 Exhibit 4.3 
  

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”). 
  
 WITNESSETH 
  
 WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an Indenture dated as of April 17, 2002, as
supplemented by the Supplemental Indenture dated as of October 11, 2002, the Supplemental Indenture dated as of November 25, 2002, the Supplemental Indenture dated as of February 20, 2004, the Supplemental Indenture dated as of
June 1, 2004, the Supplemental Indenture dated as of December 15, 2004, the Supplemental Indenture dated as of April 4, 2005, the Supplemental Indenture dated as of June 7, 2005 and the Supplemental Indenture dated as of
June 21, 2005 (as so supplemented, the “Indenture”), providing for the issuance of 9% Senior Notes due 2012 (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 Liquidated Damages, 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 

  

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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. 
  
 (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 

  

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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 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. 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 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.

  

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 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. 
  

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 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

  

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	 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

  

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	 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 & Trust Officer

  

 23Schedule of Agreements

 Exhibit 10.3 
  
 SCHEDULE OF AGREEMENTS 
 SUBSTANTIALLY IDENTICAL IN ALL MATERIAL RESPECTS 
 TO AGREEMENTS INCORPORATED BY REFERENCE AS

 EXHIBITS 10.1 AND 10.2 TO THIS QUARTERLY REPORT ON FORM 10-Q 
 PURSUANT TO 
 INSTRUCTION 2 TO ITEM 601 OF REGULATION S-K 

 
 Each subsidiary of Ventas, Inc. listed in the schedule below has executed
and delivered a Property Lease Agreement dated as of October 19, 2004 (the form of which is incorporated by reference as Exhibit 10.1 to this Quarterly Report on Form 10-Q) with the tenant and with respect to the property listed opposite its
name in the schedule below. Such agreements are substantially identical in all material respects with the form of Property Lease Agreement incorporated by reference as Exhibit 10.1 to this Quarterly Report on Form 10-Q. 
  

					
	 Landlord

	 	 Tenant

	 	 Property Name and Address

	Brookdale Living Communities of California, LLC	 	BLC-Atrium of San Jose, L.P.	 	 Atrium at San Jose
 1009 Blossom River Way, San Jose, CA,
95123

			
	BLC of Indiana-OL, L.P.	 	BLC-The Berkshire of Castleton, L.P.	 	 The Berkshire of Castleton
 8480 Craig Street,
Indianapolis, IN, 46250

			
	Brookdale Living Communities of New Jersey, LLC	 	BLC-Brendenwood, LLC	 	 Brendenwood
 1 Brendenwood Drive, Voorhees, NJ,
08043

			
	BLC of California-San Marcos, L.P.	 	BLC-Brookdale Place at San Marcos, L.P.	 	 Brookdale Place of San Marcos
 1590 W. San Marcos Blvd.,
San Marcos, CA, 92069

			
	Brookdale Living Communities of Connecticut-WH, LLC	 	BLC-Chatfield, LLC	 	 Chatfield
 One Chatfield Drive, West Hartford, CT,
06110

			
	Brookdale Living Communities of Florida-CL, LLC	 	BLC-Classis at West Palm Beach, LLC	 	 The Classic at West Palm Beach
 6100 Common Circle, West
Palm Beach, FL, 33417

			
	Brookdale Living Communities of Illinois-Hoffman Estates, LLC	 	BLC-Devonshire of Hoffman Estates, LLC	 	 Devonshire of Hoffman Estates
 1515 Barrington Road,
Hoffman Estates, IL, 60194

			
	The Ponds of Pembroke Limited Partnership	 	BLC-Devonshire of Lisle, LLC	 	 Devonshire of Lisle
 1700 Robin Lane, Lisle, IL,
60532

			
	Brookdale Living Communities of Minnesota, LLC	 	BLC-Edina Park Plaza, LLC	 	 Edina Park Plaza
 3330 Edinborough Way, Edina, MN,
55435

			
	Brookdale Living Communities of New York-GB, LLC	 	BLC-Gables at Brighton, LLC	 	 The Gables at Brighton
 2001 S. Clinton Avenue,
Rochester, NY, 14618

			
	Brookdale Living Communities of Connecticut, LLC	 	BLC Gables at Farmington, LLC	 	 Gables at Farmington
 20 Devonwood Drive, Farmington, CT,
06032

			
	Brookdale Living Communities of Illinois-2960, LLC	 	BLC-The Hallmark, LLC	 	 The Hallmark
 2960 North Lake Shore Drive, Chicago, IL,
60657

			
	 Brookdale Living Communities of
 Illinois-II,
LLC
	 	BLC-Hawthorne Lakes, LLC	 	 Hawthorne Lakes
 10 E. Hawthorn Parkway, Vernon Hills,
IL, 60061

					
	 Landlord

	 	 Tenant

	 	 Property Name and Address

	River Oaks Partners	 	BLC-The Heritage of Des Plaines, LLC	 	 The Heritage of Des Plaines
 800 South River Road, Des
Plaines, IL, 60016

			
	Brookdale Living Communities of Illinois-HV, LLC	 	BLC-Kenwood of Lake View, LLC	 	 Kenwood of Lake View
 3121 North Sheridan Road, Chicago,
IL, 60657

			
	Brookdale Living Communities of Washington-PP, LLC	 	BLC-Park Place, LLC	 	 Park Place
 601 South Park Road, Spokane, WA,
99212

			
	Brookdale Living Communities of New Mexico-SF, LLC	 	BLC-Ponce de Leon, LLC	 	 Ponce de Leon
 640 Alta Vista, Santa Fe, NM,
87505

			
	Brookdale Living Communities of Massachusetts-RB, LLC	 	BLC-River Bay Club, LLC	 	 River Bay Club
 99 Brackett Street, Quincy, MA,
02169

			
	 Brookdale Living Communities of
 Arizona-EM,
LLC
	 	BLC-Springs at East Mesa, LLC	 	 Springs at East Mesa
 6220 East Broadway Rd, Mesa, AZ,
85206

			
	 Brookdale Living Communities of
 Illinois-HLAL,
LLC
	 	BLC-The Willows, LLC	 	 The Willows
 10 E. Hawthorn Parkway, Vernon Hills, IL,
60061

			
	Brookdale Living Communities of California-RC, LLC	 	BLC-Woodside Terrace, L.P.	 	 Woodside Terrace
 485 Woodside Road, Redwood City, CA,
94061

  
 Brookdale Provident
Properties, LLC has executed and delivered a Lease Guaranty dated as of October 19, 2004 (the form of which is incorporated by reference as Exhibit 10.2 to this Quarterly Report on Form 10-Q) in favor of each subsidiary of Ventas, Inc. listed
in the schedule below with respect to the property listed opposite its name in the schedule below. Such agreements are substantially identical in all material respects with the form of Lease Guaranty incorporated by reference as Exhibit 10.2 to this
Quarterly Report on Form 10-Q. 
  

			
	 Landlord

	 	 Property Name and Address

	Brookdale Living Communities of California, LLC	 	 Atrium at San Jose
 1009 Blossom River Way, San Jose, CA,
95123

		
	BLC of Indiana-OL, L.P.	 	 The Berkshire of Castleton
 8480 Craig Street,
Indianapolis, IN, 46250

		
	Brookdale Living Communities of New Jersey, LLC	 	 Brendenwood
 1 Brendenwood Drive, Voorhees, NJ,
08043

		
	BLC of California-San Marcos, L.P.	 	 Brookdale Place of San Marcos
 1590 W. San Marcos Blvd.,
San Marcos, CA, 92069

		
	Brookdale Living Communities of Connecticut-WH, LLC	 	 Chatfield
 One Chatfield Drive, West Hartford, CT,
06110

		
	Brookdale Living Communities of Florida-CL, LLC	 	 The Classic at West Palm Beach
 6100 Common Circle, West
Palm Beach, FL, 33417

		
	Brookdale Living Communities of Illinois-Hoffman Estates, LLC	 	 Devonshire of Hoffman Estates
 1515 Barrington Road,
Hoffman Estates, IL, 60194

		
	The Ponds of Pembroke Limited Partnership	 	 Devonshire of Lisle
 1700 Robin Lane, Lisle, IL,
60532

		
	Brookdale Living Communities of Minnesota, LLC	 	 Edina Park Plaza
 3330 Edinborough Way, Edina, MN,
55435

		
	Brookdale Living Communities of New York-GB, LLC	 	 The Gables at Brighton
 2001 S. Clinton Avenue,
Rochester, NY, 14618

		
	Brookdale Living Communities of Connecticut, LLC	 	 Gables at Farmington
 20 Devonwood Drive, Farmington, CT,
06032

		
	Brookdale Living Communities of Illinois-2960, LLC	 	 The Hallmark
 2960 North Lake Shore Drive, Chicago, IL,
60657

			
	 Landlord

	 	 Property Name and Address

	Brookdale Living Communities of Illinois-II, LLC	 	 Hawthorne Lakes
 10 E. Hawthorn Parkway, Vernon Hills,
IL, 60061

	River Oaks Partners	 	 The Heritage of Des Plaines
 800 South River Road, Des
Plaines, IL, 60016

		
	Brookdale Living Communities of Illinois-HV, LLC	 	 Kenwood of Lake View
 3121 North Sheridan Road, Chicago,
IL, 60657

		
	Brookdale Living Communities of Washington-PP, LLC	 	 Park Place
 601 South Park Road, Spokane, WA,
99212

		
	Brookdale Living Communities of New Mexico-SF, LLC	 	 Ponce de Leon
 640 Alta Vista, Santa Fe, NM,
87505

		
	Brookdale Living Communities of Massachusetts-RB, LLC	 	 River Bay Club
 99 Brackett Street, Quincy, MA,
02169

		
	Brookdale Living Communities of Arizona-EM, LLC	 	 Springs at East Mesa
 6220 East Broadway Rd, Mesa, AZ,
85206

		
	Brookdale Living Communities of Illinois-HLAL, LLC	 	 The Willows
 10 E. Hawthorn Parkway, Vernon Hills, IL,
60061

		
	Brookdale Living Communities of California-RC, LLC	 	 Woodside Terrace
 485 Woodside Road, Redwood City, CA,
94061

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