July 30, 2003 VIA FACSIMILE Emeritus Corporation 3131 Elliott Avenue, Suite 500 Seattle, Washington 98121 Attention: Raymond R. Brandstrom Facsimile No.: (206) 301-4500 RE: 9% Cumulative Convertible Exchangeable Redeemable Preferred Stock Dear Ray:...Repurchase Agreement • August 1st, 2003 • Merit Partners LLC • Services-nursing & personal care facilities • New York
Reference is made to the Repurchase Agreement, dated as of May 14, 2003, as amended as of June 25, 2003 (the "Agreement"), by and between Emeritus Corporation, a Washington corporation (the "Purchaser"), as purchaser, and Merit Partners, LLC, a New York limited liability company (the "Seller"), as seller. Capitalized terms used and not otherwise defined in this letter agreement shall have the respective meanings ascribed to such terms in the Agreement.
