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��14��135
<br /> Thirt_y-Ei�ht Thousand S_Hundre� and Nvll�� Dollar-s �$4,538,6��.DD} �the "Laan"}. The
<br /> Loan is e�idenced by the Healthcare Facility Nnte made by th� Borrower in fa�or af the Lender,
<br /> � dated as of e�en date herewith �the "Note"}, which Note is secured in part�by the health�are
<br /> facility commonly knawn as Gra„n,d„_:nd, Bickford Cotta�e �the "Heaithcare Fa�ility"�,
<br /> authorized to rece��e mortgage insurance pursuant to Section 232 of the Natior�al Housing Act,
<br /> as amended, and lacated an the real property legally described on Exhibit A attached hereto and
<br /> in�orporated herein by reference (the "Land"} (the HealthCare Faciiity and any other
<br /> impra�ements situated on the Land are referred to herein as th� "Impro�ernents"� (the Land, the
<br /> Healthcar� Faci lity, and any �ther Improvements, tagether w�th any and a�1 assets �f whatev�r
<br /> nature ar where�er situated related t� the Loan, are hereinafter sometimes referred to as the
<br /> "P ro j ect"}.
<br /> B. Barrower has l�ased the Healthcare Facility to Master T�nant pursuant to that
<br /> certain Master Lease, dated as of Ju 1_y 1, 2�14, as amended from time to time �"Master
<br /> Lease"�. Master Tenant has subl�ased the Healthcar� Facil�ty to Grand Island Bickf�rd
<br /> Cotta�e �pco, LLC, a Kansas limited liability compan_y �the "�peratar"} to operate the
<br /> Healthcare Facility, pursuant t� that certain Sublease A reement dated as of e�Qn date
<br /> herewith ("S u blease"}, as now or hereafter amended, andlor renewed or extended.
<br /> �. �perator is subj ect to that certain Hea�thcare Regulatary Agr�ement--�perator,
<br /> betvveen �perator and the United States Department of Housing and Urban Development, acting
<br /> by and thr�ugh the Secr�tary, his or her successors, assigns or designates ("HUD"}, relating t�
<br /> the Healthcare Facility and made as of substant�aliy e�en date herewith, as the same may be
<br /> amer�de�from time to time ("�perator's Regulatory Agreement"}. Master Tenant is subject to
<br /> that certain Healthcare Regulatary Agr�ement-Master Tenant, between Master Tenant and HUD
<br /> r�lating to the Healthcare Facility and made as of substant�aliy even date herewith, as the same
<br /> ma}�he amended fr�m time to t�me �"Master Tenant'�Regulat�ry Agr�ement"}.
<br /> D. In addition to the Healthcare Facility, Master Tenant is or wil� be leasing a
<br /> number of ather heaith�are facilities �"�]ther Heatthcare Facilities"�, pursuant to the Master
<br /> Lease, and subleasing each in turn to an affiliated op�rator (collecti�ely, "(3ther �perators"},
<br /> each pursuant ta a subl�ase agreem�nt, as novv ar hereafter amended andlor renewed or extended
<br /> (collect�vely the "�ther Subieases"�. Lender has or may extend ioans in connection with ea�h
<br /> of the �ther Healthcare Fa�i�ities, each such �oan insured by HUD pursuant ta Section 232 of the
<br /> National Housing Act, as amended, or suhsequent legislation �the "�ther FHA-insured
<br /> Loans"�.
<br /> E. In cannection with the Loan, the Borrower, among other things (i} granted to the
<br /> Lender the Healthcare Deed af TruSt Se�uri A reement Assi nment of Rents and
<br /> ,Fixtu r� Fil�n� (Nebras_k�, dated as of even date herewith, encumbering the Pr�j ect, wh ich has
<br /> been or is �oncurrently herewith b��ng recorded in the rea� estate records of the jurisdictian in
<br /> wh�ch the Land is located �the "Security Instrurnent"}, and �ii� entered inta a H�aithcare
<br /> Regulatory Agreement-Borr�wer with HUD, dated as of even date her�with �the "Borrower's
<br /> R�gulatory Agreement"}. The Master Tenant expects to benefit from the 1eas�ng, subleasing,
<br /> and operatiar� �f the Healthcare Facility and has agreed to �nter into this Agr�ement vvith the
<br /> S�cured Party as security for the �b�igations �as defined below}. This Agreement, the Note, the
<br /> Security Instrum��t, the Borrower's Regulatory Agreement, the �perator's Regulatory
<br /> Pre�i�us�ersians obsolete Page 2 vf ZD fo�m HLJD-92344-�R�F�Rev.�31�3}
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