SECURITY, ASSIGNMENT AND SUBORDINATION AGREEMENT FOR OPERATING LEASE (Revision Date 01-19-2007)Security, Assignment and Subordination Agreement for Operating Lease • August 8th, 2008 • Emeritus Corp\wa\ • Services-nursing & personal care facilities
THIS SECURITY, ASSIGNMENT AND SUBORDINATION AGREEMENT FOR OPERATING LEASE (the “Agreement”) is made effective as of this 25th day of April, 2008, by and among EMERITUS PROPERTIES-NGH, LLC, a limited liability company organized and existing under the laws of Washington whose address is c/o Emeritus Corporation, 3131 Elliott Avenue, Suite 500, Seattle, Washington 98121, as grantor (“Operator”); CAPMARK BANK, an industrial bank organized and existing under the laws of the State of Utah, whose address is 6955 Union Park Center, Suite 330, Midvale, Utah 84047, Attn: President, as lender (the “Lender”); and FRETUS INVESTORS CHANDLER LLC, a limited liability company organized and existing under the laws of the State of Delaware, whose address is c/o Emeritus Corporation, 3131 Elliott Avenue, Suite 500, Seattle, Washington 98121 (“Borrower”).
