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= n ~ ,-..,:0 <=> ("> (J) ,~ ::c <.:=> C) "'" - 04 C m CI\ ~ C> N n:: n ::t ~ Z-i ~ Z ;li; ~(~ -0 -i1'T1 C> :0 ~ C ::0 -<0 m !'-!' 0-'" 0 0 ,lis Uu,-,ulucnt Wa3I'rcp(h~J by and n en c....:> "z ~ N ~ :c .,., ex:> Gl :rer n:cUlding should be H;lulllcd te.: '=' r :::I: rTJ Z Gl m ::D pro c::::> Q) m ::3 r :xl en Gl 0 r> N -t N avis WIie;lll TIc-maiE€! LLP (/l (J) -J :n -....,J ~ ex:> 7" c: Q) 300 SW FifLIl Avwl:lt, Stlite 2300 :r>- ex:> s: +:-. -c -- n1 ullluuJ, OICe;uu 97201 , 0> (/) -t:: ~ en .tt11. Timothy M. DOll:l3iE_ Z 0 ;pace above reserved for recorder's use) SHORT FORM MEMORANDUM OF LEASE AND PURCHASE OPTION AGREEMENT ;:.?tJ I 50 THIS SHORT FORM MEMORANDUM OF LEASE AND PURCHASE PPTION AGREEMENT (this "Memorandum") is made and entered effective as of Feb~ -.d, 2008 (the "Effective Date"), by and between IRET PROPERTIES, a North Dakota Limited Partnership (the "Landlord"), and EDGEWOOD GRAND ISLAND SENIOR LIVING, LLC, an Oregon limited liability company (the "Tenant"). BACKGROUND Landlord is the owner of that certain real property described on the attached Exhibit A, including all buildings and improvements thereon (the "Premises"). Landlord and Tenant have entered into a Lease dated as of the Effective Date (the "Lease") pursuant to which Tenant shall lease the Premises from Landlord in accordance with the terms and conditions contained in the Lease. The Lease contains a purchase option (the "Purchase Option") pursuant to which Landlord has granted Tenant an option to purchase the Premises in accordance with the terms set forth in the Lease. Landlord and Tenant desire to execute this Memorandum for the purpose of recording it in the county in which the Premises are located to evidence the existence of the Lease and the Purchase Option. Therefore, Landlord and Tenant hereby agree as follows: 1. Lease and Purchase Ootion. Landlord and Tenant have entered into the Lease and related Purchase Option that shall become effective as of the Effective Date and shall remain in full force and effect until terminated in accordance with the Lease. 2. Notices. All notices permitted or required hereunder shall be in writing and shall be given pursuant to the terms of the Lease. 3. Bindin2 Effect. The Lease and the Purchase Option shall be binding upon, and shall inure to the benefit of, Landlord and Tenant, and their respective personal representatives, heirs, successors and assigns. No modification or waiver of any provision of the Lease shall be valid unless it is in writing and signed by the party against whom it is sought to be enforced. 4. Conflicts. In the event of a conflict between the provisions of this Memorandum and the Lease, the provisions of the Lease shall control. Return TO:T- 0, I b59 S r First Nebraska Title Attn: Lisa 2425 South 120th Street OmaM.NE 68144.