Document:

<PAGE>

                                                          Exhibit 10(iii)(A)(15)

                  CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

     This Code of Ethics for Senior Financial Officers applies to the Chief
Executive Officer, the Chief Financial Officer and the Controller. The Company
expects all of its employees to act in accordance with the highest standards of
personal and professional integrity in all aspects of their activities, to
comply with all applicable laws, rules and regulations, to deter wrongdoing and
abide by the Company's Code of Business Conduct and other policies and
procedures adopted by the Company that govern the conduct of its employees. This
Code of Ethics is intended to supplement the Company's Code of Business Conduct.

     You agree to:

     (a)  Engage in and promote honest and ethical conduct, including the
          ethical handling of actual or apparent conflicts of interest between
          personal and professional relationships;

     (b)  Avoid conflicts of interest and to disclose to the Senior Vice
          President of Internal Controls or the General Counsel any transaction
          or relationship that reasonably could be expected to give rise to such
          a conflict;

     (c)  Take all reasonable measures to protect the confidentiality of
          non-public information about the Company and its customers obtained or
          created in connection with your activities and to prevent the
          unauthorized disclosure of such information unless required by
          applicable law or regulation or legal or regulatory process;

     (d)  Produce full, fair, accurate, timely, and understandable disclosure in
          reports and documents that the Company files with, or submits to, the
          Securities and Exchange Commission and other regulators and in other
          public communications made by the Company;

     (e)  Comply with all applicable governmental laws, rules and regulations;
          and

     (f)  Promptly report any possible violation of this Code of Ethics to the
          Senior Vice President of Internal Controls or the General Counsel.

     You are prohibited from directly or indirectly taking any action to
fraudulently influence, coerce, manipulate or mislead the Company's independent
public auditors for the purpose of rendering the financial statements of the
Company misleading.

<PAGE>

     You understand that you will be held accountable for your adherence to this
Code of Ethics. Your failure to observe the terms of this Code of Ethics may
result in disciplinary action, up to and including termination of employment.
Violations of this Code of Ethics may also constitute violations of law and may
result in civil and criminal penalties for you, your supervisors and/or the
Company.

     If you have any questions regarding the best course of action in a
particular situation, you should promptly contact the Senior Vice President of
Internal Controls or the General Counsel. You may choose to remain anonymous in
reporting any possible violations of this Code of Ethics.

<PAGE>

                               ACKNOWLEDGMENT FORM

I acknowledge that I have received and read the Code of Ethics for Senior
Financial Officers and understand my obligations as an employee to comply with
the Code of Ethics.

I understand that my agreement to comply with the Code of Ethics does not
constitute an employment contract.

Signed: __________________________     Date: ___________________________

Printed Name: ____________________

This signed and completed acknowledgment form must be returned to the Senior
Vice President of Internal Controls.<PAGE>

                                  EXHIBIT 10.1

                        Form of Escrow Agreement between
                         CNL Retirement Properties, Inc.
                               and SouthTrust Bank

<PAGE>

                                ESCROW AGREEMENT

         THIS ESCROW AGREEMENT (the "Agreement") is dated this ____ day of
_________, 2003, by and among CNL RETIREMENT PROPERTIES, INC., a Maryland
corporation (the "Company"), CNL SECURITIES CORP., a Florida corporation (the
"Managing Dealer"), and SOUTHTRUST BANK (the "Escrow Agent"). This Agreement
shall be effective as of the effective date of the Company's Registration
Statement filed with the Securities and Exchange Commission (the "Effective
Date").

         WHEREAS, the Company proposes to offer and sell, on a best-efforts
basis through the Managing Dealer and selected broker-dealers who are registered
with the National Association of Securities Dealers, Inc. or who are exempt from
broker-dealer registration (the Managing Dealer and such selected broker-dealers
are hereinafter referred to collectively as the "Soliciting Dealers") up to
400,000,000 shares of common stock of the Company (the "Shares") to investors at
$10.00 per Share pursuant to a registration statement (the "Registration
Statement") filed with the Securities and Exchange Commission;

         WHEREAS, the Company and the Managing Dealer desire to establish an
escrow in which funds received from subscribers will be deposited, and the
Escrow Agent is willing to serve as Escrow Agent upon the terms and conditions
herein set forth; and

         WHEREAS, in order to subscribe for Shares, a subscriber must deliver
the full amount of its subscription: (i) by Payment in U.S. dollars, (ii) by
wire transfer of immediately available funds in U.S. dollars, or (iii) as
otherwise agreed to by the Company (collectively, the "Payment").

         NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, the parties covenant and agree as follows.

         1.       Establishment of Escrow Accounts. On or prior to the Effective
Date, the Company and the Managing Dealer shall establish an interest-bearing
escrow account with the Escrow Agent, which escrow account shall be entitled
"ESCROW ACCOUNT FOR THE BENEFIT OF SUBSCRIBERS FOR COMMON STOCK OF CNL
RETIREMENT PROPERTIES, INC." (the "Escrow Account"). All monies deposited in the
Escrow Account are hereinafter referred to as the "Escrowed Funds." The Managing
Dealer will, and will cause selected broker-dealers acting as Soliciting Dealers
to, instruct subscribers to make Payments for subscriptions payable to either
the Escrow Agent or the Company. The Managing Dealer may authorize certain
Soliciting Dealers which are "$250,000 broker-dealers" to instruct their
customers to make their Payments for Shares subscribed for payable directly to
the Soliciting Dealer. In such case, the Soliciting Dealer will collect the
proceeds of the subscribers' Payments and issue a Payment made payable to the
order of the Escrow Agent for the aggregate amount of the subscription proceeds.
In addition, certain Soliciting Dealers that have entered into Addendum B to the
Participating Broker Agreement may issue a Payment made payable to the order of
the Escrow Agent for the aggregate amount of the subscription proceeds less any
selling commissions to which such Soliciting Dealers are entitled (pursuant to
the Participating Broker Agreement and the Prospectus).

         2.       Deposits into the Escrow Account. The Managing Dealer will
promptly deliver all monies received from subscribers for the payment of Shares
to the Escrow Agent for deposit in the Escrow Account.

         3.       Collection Procedure.

                  (a)      The Escrow Agent is hereby authorized to forward each
         Payment for collection and, upon collection of the proceeds of each
         Payment, to deposit the collected proceeds in the Escrow Account or,
         alternatively, the Escrow Agent may telephone the bank on which the
         Payment is drawn to confirm that the Payment has been paid.

                  (b)      Any Payment returned unpaid to the Escrow Agent shall
         be returned to the Soliciting Dealer that submitted the Payment. In
         such cases the Escrow Agent will promptly notify the Company of such
         return.

                  (c)      In the event that (i) the Company rejects any
         subscription for Shares or (ii) an investor who

<PAGE>

         has telephonically or orally subscribed for Shares properly withdraws
         such subscription within ten (10) days from the date written
         confirmation has been received by the subscriber, and, in either such
         event, the Escrow Agent has already collected funds for such
         subscription, the Escrow Agent shall promptly issue a refund Payment to
         the drawer of the Payment submitted by or on behalf of the rejected or
         withdrawing subscriber. If either of the events specified in the
         clauses (i) or (ii) of the preceding sentence occur and, in either such
         event, the Escrow Agent has not yet collected funds for such
         subscription but has submitted the Payment relating to such
         subscription for collection, the Escrow Agent shall promptly issue a
         Payment in the amount of such Payment to the rejected or withdrawing
         subscriber after the Escrow Agent has cleared such funds. If the Escrow
         Agent has not yet submitted the Payment relating to the subscription of
         the rejected or withdrawing subscriber, the Escrow Agent shall promptly
         remit such Payment directly to the drawer of the Payment submitted by
         or on behalf of the subscriber.

         4.       Investment of Escrowed Funds. The Escrow Agent, immediately
upon receipt of each Payment remitted to it, shall deposit such Payment in a
bank account (including, but not limited to, interest-bearing savings accounts
and bank money market accounts), in short-term certificates of deposit issued by
a bank, in short-term securities directly or indirectly issued or guaranteed by
the United States Government, or in other short-term, highly liquid investments
with appropriate safety of principal, all as directed by the Company. Interest
and dividends earned on such investments shall be similarly reinvested.

         5.       Distribution of Escrowed Funds. The Escrow Agent shall release
from the Escrow Account to the Company any and all Escrowed Funds therein,
together with all interest earned thereon, upon the written request of an
officer of the Company.

         6.       Liability of Escrow Agent.

                  (a)      In performing any of its duties under this Agreement,
         or upon the claimed failure to perform its duties hereunder, the Escrow
         Agent shall not be liable to anyone for any damages, losses, or
         expenses which it may incur as a result of the Escrow Agent so acting,
         or failing to act; provided, however, the Escrow Agent shall be liable
         for damages arising out of its willful default or misconduct or its
         gross negligence under this Agreement. Accordingly, the Escrow Agent
         shall not incur any such liability with respect to (i) any action taken
         or omitted to be taken in good faith upon advice of its counsel or
         counsel for the Company which is given with respect to any questions
         relating to the duties and responsibilities of the Escrow Agent
         hereunder, or (ii) any action taken or omitted to be taken in reliance
         upon any document, including any written notice or instructions
         provided for in this Escrow Agreement, not only as to its due execution
         and to the validity and effectiveness of its provisions but also as to
         the truth and accuracy of any information contained therein, if the
         Escrow Agent shall in good faith believe such document to be genuine,
         to have been signed or presented by a proper person or persons, and to
         conform with the provisions of this Agreement.

                  (b)      The Company hereby agrees to indemnify and hold
         harmless the Escrow Agent against any and all losses, claims, damages,
         liabilities and expenses, including, without limitation, reasonable
         costs of investigation and counsel fees and disbursements which may be
         incurred by it resulting from any act or omission of the Company;
         provided, however, that the Company shall not indemnify the Escrow
         Agent for any losses, claims, damages, or expenses arising out of the
         Escrow Agent's willful default, misconduct, or gross negligence under
         this Agreement.

                  (c)      If a dispute ensues between any of the parties hereto
         which, in the opinion of the Escrow Agent, is sufficient to justify its
         doing so, the Escrow Agent shall be entitled to tender into the
         registry or custody of any court of competent jurisdiction, including
         the Circuit Court of Orange County, Florida, all money or property in
         its hands under the terms of this Agreement, and to file such legal
         proceedings as it deems appropriate, and shall thereupon be discharged
         from all further duties under this Agreement. Any such legal action may
         be brought in any such court as the Escrow Agent shall determine to
         have jurisdiction thereof. The Company shall indemnify the Escrow Agent
         against its court costs and attorneys' fees incurred in filing such
         legal proceedings.

         7.       Inability to Deliver. In the event that Payments for
subscriptions delivered to the Escrow Agent by the Company pursuant to this
Agreement are not cleared through normal banking channels within 120 days after
such

                                      -2-
<PAGE>

delivery, the Escrow Agent shall deliver such uncleared Payments to the Company.

         8.       Notice. All notices, requests, demands and other
communications or deliveries required or permitted to be given hereunder shall
be in writing and shall be deemed to have been duly given if delivered
personally, given by prepaid telegram or deposited for mailing, first class,
postage prepaid, registered or certified mail, as follows:

         If to the subscribers for Shares:   To their respective addresses as
                                             specified in their Subscription
                                             Agreements.

         If to the Company:                  CNL Retirement Properties, Inc.
                                             CNL Center at City Commons
                                             450 South Orange Avenue
                                             Orlando, Florida  32801
                                             Attention:  Mr. Thomas J.
                                             Hutchison III,
                                             Chief Executive Officer and
                                             President

         If to the Managing Dealer:          CNL Securities Corp.
                                             CNL Center at City Commons
                                             450 South Orange Avenue
                                             Orlando, Florida  32801
                                             Attention:  Mr. Robert A. Bourne,
                                             President

         If to the Escrow Agent:             SOUTHTRUST BANK
                                             110 Office Park Drive, Second Floor
                                             Birmingham, AL 35233
                                             Attention:  Ms. Rebecca Brayman

         9.       Fees to Escrow Agent. In consideration of the services to be
provided by the Escrow Agent hereunder, the Company will pay the Escrow Agent a
fee for its services hereunder (the "Escrow Fee"). The Escrow Fee shall be $350
for each month or any portion thereof that the Escrow Account continues for the
Company. Payments by the Company, if any, shall be due and payable no less
frequently than six-month intervals while the escrow continues for the Company.
In no event shall the total Escrow Fees payable by the Company pursuant to this
Agreement be less than $2,100, nor more than $4,200, for any 12-month period.
Notwithstanding anything contained in this Agreement to the contrary, in no
event shall any fee, reimbursement for costs and expenses, indemnification for
any damages incurred by the Escrow Agent, or monies whatsoever be paid out of or
chargeable to the Escrowed Funds in the Escrow Account.

         10.      General.

                  (a)      This Agreement shall be interpreted, construed and
         enforced in all respects in accordance with the laws of the State of
         Florida applicable to contracts to be made and performed entirely in
         said state.

                  (b)      The section headings contained herein are for
         reference purposes only and shall not in any way affect the meaning or
         interpretation of this Agreement.

                  (c)      This Agreement sets forth the entire agreement and
         understanding of the parties with regard to this escrow transaction and
         supersedes all prior agreements, arrangements and understandings
         relating to the subject matter hereof.

                  (d)      This Agreement may be amended, modified, superseded
         or cancelled, and any of the terms or conditions hereof may be waived,
         only by a written instrument executed by each party hereto or, in the
         case of a waiver, by the party waiving compliance. The failure of any
         party at any time or times to require performance of any provision
         hereof shall in no manner affect the right at a later time to enforce
         the same. No waiver in any one or more instances by any party of any
         condition, or of the breach of any term contained in this Agreement,
         whether by conduct or otherwise, shall be deemed to be, or construed
         as, a further or continuing waiver of any such condition or breach, or
         a waiver of any other condition or of the breach of any other terms of
         this Agreement.

                                      -3-
<PAGE>

                  (e)      This Agreement may be executed simultaneously in two
         or more counterparts, each of which shall be deemed an original, but
         all of which together shall constitute one and the same instrument.

                  (f)      This Agreement shall inure to the benefit of the
         parties hereto and their respective administrators, successors, and
         assigns.

         11.      Representation of the Company. The Company hereby acknowledges
that the status of the Escrow Agent with respect to the offering of the Shares
is that of agent only for the limited purposes herein set forth, and hereby
agrees it will not represent or imply that the Escrow Agent, by serving as the
Escrow Agent hereunder or otherwise, has investigated the desirability or
advisability of an investment in the Shares, or has approved, endorsed or passed
upon the merits of the Shares, nor shall the Company use the name of the Escrow
Agent in any manner whatsoever in connection with the offer or sale of the
Shares, other than by acknowledgement that it has agreed to serve as Escrow
Agent for the limited purposes herein set forth.

         IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first above written.

                                        "COMPANY"

                                        CNL RETIREMENT PROPERTIES, INC.

                                        By: __________________________________
                                            Thomas J. Hutchison III
                                            Chief Executive Officer and
                                            President

                                        "MANAGING DEALER"

                                        CNL SECURITIES CORP.

Attest: _________________________       By: __________________________________
                                            ROBERT A. BOURNE
                                            President

                                        "ESCROW AGENT"

                                        SOUTHTRUST BANK

Attest: ________________________        By:    _______________________________
                                        Name:  _______________________________
                                        Title: _______________________________

                                      -4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00063-of-00352.parquet"}]]