EMERITUS CORP\WA\ - FORM 10-Q - EX-10.65.21 - November 9, 2009

Attached files

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EX-10.65.41 - EX-10.65.41 - EMERITUS CORP\WA\ex106541.htm
EX-10.65.31 - EX-10.65.31 - EMERITUS CORP\WA\ex106531.htm
EX-10.70.07 - EX-10.70.07 - EMERITUS CORP\WA\ex107007.htm
EX-10.65.22 - EX-10.65.22 - EMERITUS CORP\WA\ex106522.htm
EX-10.65.51 - EX-10.65.51 - EMERITUS CORP\WA\ex106551.htm
EX-31.1.1 - EX-31.1.1 BATY 302 CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3111baty302cert.htm
EX-32.1.2 - EX-32.1.2 COBB 906 CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3212cobb906cert.htm
EX-32.1.1 - EX-32.1.1 BATY 906 CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3211baty906cert.htm
EX-31.1.2 - EX-31.1.2 COBB 302 CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3112cobb302cert.htm
EX-3.2 - EX-3.2 RESTATED BYLAWS OF EMERITUS SEPT 14 2009 - EMERITUS CORP\WA\ex32restatedbylaws.htm
EX-3.1 - EX-3.1 RESTATED ARTICLES OF INCORPORATION SEPT 14 2009 - EMERITUS CORP\WA\ex31articlesofincorp.htm
EX-31.1.3 - EX-31.1.3 BRANDSTROM 302 CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3113brandstrom302cert.htm
EX-32.1.3 - EX-32.1.3 BRANDSTROM CERT 3RD QTR 2009 - EMERITUS CORP\WA\ex3213brandstrom906cert.htm
10-Q - THIRD QUARTER 2009 10-Q - EMERITUS CORP\WA\thirdqtr200910q.htm
EX-10.65.21

 
FIRST AMENDEMENT TO LOAN AGREEMENT
 
 
 
RECITALS
 
A.           Borrowers and Lender executed that certain Loan Agreement dated March 26, 2007 (the “Agreement”), governing the terms of loans to Borrowers in the aggregate principal sum of $23,600,000.00.
 
B.           Lender and Borrowers desire to correct an error in Section 4.14(a)(i) of the Agreement, and have agreed to execute this First Amendment to evidence such correction.
 
AGREEMENT
 
NOW, THEREFORE, in consideration of the above recitals, Borrowers and Lender hereby amend the Agreement as follows:
 
1.  
Section 4.14(a)(i) is hereby deleted in its entirety and replaced with the following:
 
(i)  
A Debt Service Coverage Ratio, after deduction of Actual Management Fees, of not less than 1.0 to 1.0, for the trailing three months ending June 30, 2008, and continuing for each three month period thereafter until the Loans are paid in full;
 
Except as expressly amended hereby, the Agreement shall remain in full force and effect in accordance with its terms.

 
1
 


 
IN WITNESS WHEREOF, Borrowers and Lender have caused this First Amendment to be executed by their duly authorized representatives as of the date first set forth above.
 
BORROWER:
 
EMERI-SKY SC LLC,
a Delaware limited liability company

     By Emeritus Corporation,
     a Washington corporation
     Its Manager


By: /s/ Eric Mendelsohn
             Eric Mendelsohn
             Senior VP Corporate Development

 
2
 

BORROWER:
 
EMERIVILL SC LLC,
a Delaware limited liability company

     By Emeritus Corporation,
     a Washington corporation
     Its Manager


By: /s/ Eric Mendelsohn
             Eric Mendelsohn
             Senior VP Corporate Development



 
3
 

BORROWER:
 
EMERIPARK SC LLC,
a Delaware limited liability company

     By Emeritus Corporation,
     a Washington corporation
     Its Manager


By: /s/ Eric Mendelsohn
            Eric Mendelsohn
            Senior VP Corporate Development



 
4
 


LENDER:
 
CAPMARK BANK, a Utah industrial bank
 



By:  /s/Malana C. Bryant (SEAL)
Name:  Malana C. Bryant
Title:    Authorized Signer


 

 

 
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