Pro Forma
EX-10.66.4 15 y10687a2exv10w66w4.txt EX-10.66.4 EXHIBIT 10.66.4 Oak Tree Villa CONSENT TO TRANSFER AND RELEASE AGREEMENT THIS CONSENT TO TRANSFER AND RELEASE AGREEMENT ("AGREEMENT") is made effective as of September 30, 2005 by and among FORTRESS INVESTMENT TRUST II, a Delaware business trust ("TRANSFEROR"), ALTERRA HEALTHCARE CORPORATION, a Delaware corporation ("TRANSFEREE"), BROOKDALE SENIOR LIVING INC., a Delaware corporation ("NEW KEY PRINCIPAL"), FIT REN OAK TREE LP, a Delaware limited partnership ("BORROWER") and FANNIE MAE. RECITALS: A. Fannie Mae is the holder of that certain Multifamily Note (the "NOTE"), dated as of June 21, 2005, in the original principal amount of $23,305,026.00 made by Borrower to GMAC Commercial Mortgage Bank, a Utah industrial bank ("ORIGINAL LENDER"), which Note evidences a loan (the "LOAN") made by Original Lender to Borrower. To secure the repayment of the Note, Borrower also executed and delivered a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 21, 2005, recorded in the official records of Santa Cruz County, State of California on July 5, 2005, as Document No. 2005-0044817, which grants a lien on the property described in Exhibit A to this Agreement (the "PROPERTY"). Borrower is liable for the payment and performance of all of Borrower's obligations under the Note, the Security Instrument and all other documents executed in connection with the Loan, as listed on Exhibit B to this Agreement (collectively, the "LOAN DOCUMENTS"). Each of the Loan Documents has been duly assigned or endorsed to Fannie Mae. The current servicer of the Loan is GMAC Commercial Mortgage Corporation, a California corporation ("SERVICER"). B. Transferor is liable under the Exceptions to Non-Recourse Guaranty dated as of June 21, 2005 (the "GUARANTY"). C. Fannie Mae has been asked to consent to the transfer of Transferor's indirect ownership interest in Borrower to Transferee (the "TRANSFER") and the assumption by New Key Principal of the obligations of Transferor under the Guaranty. D. Fannie Mae has agreed to consent to the Transfer subject to the terms and conditions stated below. In consideration of the foregoing and the mutual covenants and promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Transferor, Transferee, Borrower, New Key Principal and Fannie Mae agree as follows: CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 1) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae 1. ASSUMPTION BY NEW KEY PRINCIPAL OF LIABILITY FOR THE EXCEPTIONS TO NON-RECOURSE. New Key Principal hereby assumes all liability under the provisions of the Guaranty and shall be considered the "Key Principal" for all purposes under the Loan Documents. 2. CONSENT TO TRANSFER. Fannie Mae hereby consents to the Transfer and to the assumption by New Key Principal of all of the obligations of Transferor under the Guaranty, subject to the terms and conditions set forth in this Agreement. Fannie Mae's consent to the Transfer is not intended to be and shall not be construed as a consent to any subsequent transfer which requires the Lender's consent pursuant to the terms of the Security Instrument. 3. RELEASE OF TRANSFEROR. Fannie Mae hereby releases Transferor from all of its obligations under the Guaranty and the Loan Documents and Transferor shall have no further liability thereunder; provided, however, that Transferor is not released from any liability pursuant to this Agreement. 4. COSTS. Transferee and Transferor agree to pay all fees and costs (including attorneys' fees) incurred by Fannie Mae and Servicer in connection with Fannie Mae's consent to and approval of the Transfer and a transfer fee of $0.00 in consideration of the consent to the Transfer. 6. FINANCIAL INFORMATION. Transferor represents and warrants to Fannie Mae that all financial information and information regarding the management capability of Transferor provided to Servicer or Fannie Mae was true and correct as of the date provided to Servicer or Fannie Mae and remains materially true and correct as of the date of this Agreement. 7. ADDRESSES. Transferee's address for notice hereunder and under the Loan Documents is: Alterra Healthcare Corporation 6737 W. Washington Street, Suite 2300 Milwaukee, Wisconsin 53214 Transferor's address for notice hereunder and under the Loan Documents is: 1251 Avenue of the Americas 16th Floor New York, New York 10020 New Key Principal's address for notice hereunder and under the Loan Documents is: 330 North Wabash Suite 1400 Chicago, Illinois 60611 CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 2) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae 8. COMPLETE RELEASE. Transferee, Transferor, New Key Principal and Borrower jointly and severally as between Transferor, Transferee, New Key Principal and Borrower, unconditionally and irrevocably release and forever discharge Original Lender, Fannie Mae, Servicer and their respective successors, assigns, agents, directors, officers, employees, and attorneys, and each current or substitute trustee under the Security Instrument (collectively, the "INDEMNITEES") from all Claims, as defined below, and jointly and severally agree to indemnify Indemnitees, and hold them harmless from any and all claims, losses, causes of action, costs and expenses of every kind or character in connection with the Claims and the Transfer. Notwithstanding the foregoing, Transferor shall not be responsible for any claims arising from the action or inaction of Transferee or New Key Principal, and Transferee and New Key Principal shall not be responsible for any claims arising from the action or inaction of Transferor. As used in this Agreement, the term "CLAIMS" shall mean any and all possible claims, demands, actions, costs, expenses and liabilities whatsoever, known or unknown, at law or in equity, originating in whole or in part, on or before the date of this Agreement, which Borrower or Transferor or any of their respective partners, members, officers, agents or employees may now or hereafter have against the Indemnitees, if any, and irrespective of whether any such Claims arise out of contract, tort, violation of laws, or regulations, or otherwise in connection with any of the Loan Documents, including, without limitation, any contracting for, charging, taking, reserving, collecting or receiving interest in excess of the highest lawful rate applicable thereto and any loss, cost or damage, of any kind or character, arising out of or in any way connected with or in any way resulting from the acts, actions or omissions of Indemnitees, including any requirement that the Loan Documents be modified as a condition to the transactions contemplated by this Agreement, any charging, collecting or contracting for prepayment premiums, transfer fees, or assumption fees, any breach of fiduciary duty, breach of any duty of fair dealing, breach of confidence, breach of funding commitment, undue influence, duress, economic coercion, violation of any federal or state securities or Blue Sky laws or regulations, conflict of interest, NEGLIGENCE, bad faith, malpractice, violations of the Racketeer Influenced and Corrupt Organizations Act, intentional or negligent infliction of mental distress, tortious interference with contractual relations, tortious interference with corporate governance or prospective business advantage, breach of contract, deceptive trade practices, libel, slander, conspiracy or any claim for wrongfully accelerating the Note or wrongfully attempting to foreclose on any collateral relating to the Note, but in each case only to the extent permitted by applicable law. Transferor, Transferee, New Key Principal and Borrower agree that Fannie Mae, Original Lender and Servicer have no fiduciary or similar obligations to Transferor, Transferee or New Key Principal and that the relationship between Borrower and Fannie Mae is strictly that of creditor and debtor. This release is accepted by Fannie Mae and Original Lender pursuant to this Agreement and shall not be construed as an admission of liability on the part of either. Transferor, Transferee, New Key Principal and Borrower hereby represent and warrant that they are the current legal and beneficial owners of all Claims, if any, released hereby and have not assigned, pledged or contracted to assign or pledge any such Claim to any other person. CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 3) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae 9. MISCELLANEOUS. (a) This Agreement shall be construed according to and governed by the laws of the jurisdictions in which the Property is located without regard to its conflicts of law principles. (b) If any provision of this Agreement is adjudicated to be invalid, illegal or unenforceable, in whole or in part, it will be deemed omitted to that extent and all other provisions of this Agreement will remain in full force and effect. (c) No change or modification of this Agreement shall be valid unless the same is in writing and signed by all parties hereto. (d) The captions contained in this Agreement are for convenience of reference only and in no event define, describe or limit the scope or intent of this Agreement or any of the provisions or terms hereof. (e) This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors and assigns. (f) This Agreement may be executed in any number of counterparts with the same effect as if all parties hereto had signed the same document. All such counterparts shall be construed together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. (g) THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS AMENDED, REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 4) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. BORROWER: FIT REN OAK TREE LP, a Delaware limited partnership By: FIT REN Holdings GP, a Delaware corporation, its general partner /s/ Jeffrey R. Rosenthal By:_______________________________ Name: Jeffrey R. Rosenthal Title: CFO CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 5) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae TRANSFEROR: FORTRESS INVESTMENT TRUST II, a Delaware business trust /s/ Jeffrey R. Rosenthal By:_________________________________ Name: Jeffrey R. Rosenthal Title: CFO CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 7) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae TRANSFEREE: ALTERRA HEALTHCARE CORPORATION, a Delaware corporation /s/ Kristin A. Ferge By:_________________________________ Name: Kristin A. Ferge Title: CFO & VP CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 9) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae NEW KEY PRINCIPAL: BROOKDALE SENIOR LIVING INC., a Delaware corporation /s/ R. Stanley Young By:_________________________________ Name: R. Stanley Young Title: Executive Vice President and CFO CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 11) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae FANNIE MAE By: GMAC Commercial Mortgage Corporation, a California corporation, its attorney-in-fact /s/ Max W. Foore By:_____________________________ Max W. Foore Vice President CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page 13) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae EXHIBIT A TO CONSENT TO TRANSFER AND RELEASE AGREEMENT SITUATE IN THE SAN AUGUSTINE RANCHO, IN THE CITY OF SCOTTS VALLEY, COUNTY OF SANTA CRUZ, CALIFORNIA, 'BOUNDED AND DESCRIBED AS FOLLOWS: BEGINNING AT A ONE-HALF INCH PIPE, COUNTY SURVEYOR SANTA CRUZ, AT THE MOST WESTERN CORNER OF PARCEL ONE OF THE LANDS CONVEYED TO THE COUNTY OF SANTA CRUZ BY DEED RECORDED IN VOLUME 3618, PAGE 625, OFFICIAL RECORDS OF SANTA CRUZ COUNTY, SAID PIPE ALSO BEING A REPLACEMENT OF THE 4" X 4" POST AT THE WESTERN TERMINUS OF THE LINE SHOWN AS "NORTH 57(degrees) 10' 10" WEST 109.04" ON THE SOUTHWESTERN BOUNDARY OF MT. HERMON ROAD, AS SAID SOUTHWESTERN BOUNDARY IS SHOWN ON THE RECORD OF SURVEY RECORDED IN VOLUME 32 OF MAPS, PAGE 62, SANTA CRUZ COUNTY RECORDS; THENCE FROM SAID POINT OF BEGINNING ALONG THE SOUTHWESTERN BOUNDARY OF SAID LANDS CONVEYED TO THE COUNTY OF SANTA CRUZ 1) SOUTH 39(degrees) 38' 52" EAST 135.93 FEET TO A ONE-HALF INCH PIPE, LS 3233; THENCE 2) SOUTH 57(degrees) 51' 13" EAST 88.01 FEET TO A ONE-HALF INCH PIPE, LS 3233, AT THE SOUTHWESTERN CORNER OF PARCEL TWO OF THE SAID LANDS CONVEYED TO SANTA CRUZ COUNTY; THENCE ALONG THE SOUTHWESTERN BOUNDARY THEREOF 3) SOUTH 53(degrees) 09' 12" EAST 298.09 FEET TO A ONE-HALF INCH PIPE, LS 3233; THENCE 4) SOUTH 44(degrees) 26' 37" EAST 203.26 FEET TO A ONE-HALF INCH PIPS, COUNTY SURVEYOR SANTA CRUZ, ON THE WESTERN BOUNDARY OF LOCKWOOD LANE, A COUNTY ROAD, AS SHOWN ON THE RECORD OF SURVEY RECORDED IN VOLUME 40 OF MAPS, PAGE 74, SANTA CRUZ COUNTY RECORDS; THENCE ALONG THE WESTERN BOUNDARY THEREOF 5) SOUTH 18(degrees) 06' 15" WEST 62.32 FEET TO A PLUG AND TAG IN THE SIDEWALK, LS 3233; THENCE 6) SOUTH 49(degrees) 51' 20" WEST 95.02 FEET TO A ONE-HALF INCH PIPE, LS 3233; THENCE CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page A-1) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae 7) SOUTH 18(degrees) 06' 15" WEST 164.96 FEET TO A ONE-HALF INCH PIPE, LS 3233, AT THE SOUTHEAST CORNER OF THE SAID LANDS OF 1ST LOCKWOOD LANE; THENCE ALONG THE SOUTHERN AND WESTERN BOUNDARIES THEREOF 8) NORTH 71(degrees) 39' 15" WEST 615.49 FEET TO A THREE-QUARTER INCH PIPE; THENCE 9) NORTH 18(degrees) 20' 45" EAST 588.86 FEET TO THE POINT OF BEGINNING. EXCEPTING THEREFROM THAT PORTION CONVEYED TO THE CITY OF SCOTTS VALLEY BY DEED RECORDED APRIL 24, 1995, IN BOOK 5663, AT PAGE 652, OFFICIAL RECORDS OF SANTA CRUZ COUNTY. A.P. NO.: 021-052-01 CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page A-2) FANNIE MAE MULTISTATE FORM (OAK TREE VILLA) (C) 1997 Fannie Mae EXHIBIT B TO CONSENT TO TRANSFER AND RELEASE AGREEMENT 1. Multifamily Note dated as of June 21, 2005 by Borrower for the benefit of Original Lender; 2. Multifamily Deed of Trust Assignment of Rents, Security Agreement and Fixture Filing, dated as of June 21, 2005 by Transfer or for the benefit of Original Lender; 3. Replacement Reserve and Security Agreement dated as of June 21, 2005, by and between Borrower and Original Lender; 4. Completion/Repair and Security Agreement dated as of June 21, 2005 by and between Borrower and Original Lender; 5. Subordination, Assignment and Security Agreement dated as of June 21, 2005, by and among Borrower, Original Lender and BLC Oak Tree Villa, L.P.; 6. Exceptions to Non-Recourse Guaranty dated as of June 21, 2005, by Transferor; 7. Certificate of Borrower dated as of June 21, 2005, by Borrower; and 8. Agreement to Amend or Comply dated as of June 21, 2005, by Borrower. CONSENT TO TRANSFER AND RELEASE AGREEMENT - FORM 4522 12/97 (Page B-1) FANNIE MAE MULTISTATE FORM (C) 1997 Fannie Mae