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Loan Agreement
This Loan Agreement (this "
Agreement ") is made as of February
28, 2007 by and between CP ’02 POOL LLC, a Washington limited
liability company (" Lender ") to Emeritus Corporation, a Washington corporation ("
Borrower ").
RECITALS
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A.
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Lender has agreed, on the terms and conditions
set forth in this Agreement, to make to Borrower a loan (the
" Loan ") for the purposes
of financing Borrower’s acquisition of certain membership
interests (the "Interest") in Fretus Investors LLC, a Washington
limited liability company (the "Company") and to provide Borrower
with working capital.
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AGREEMENTS
In consideration of the matters set forth above,
Lender and Borrower hereby agree as follows:
1. THE
LOAN
The loan amount shall be Eighteen Million and
No/100 Dollars ($18,000,000.00).
2. LOAN
DOCUMENTS
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In addition to this Agreement, the Loan is
evidenced by a promissory note made of even date herewith from
Borrower to Lender.
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3. PAYMENT
TERMS
The outstanding principal of the Loan from time
to time shall bear interest at nine percent (9%) per
annum.
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