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A-5 <br />Skilled Nursing Facility/Transitional Care Units. The guests of the transitional care unit receive a high <br />level of nursing and other healthcare services focused on restorative therapy and recovery. The transitional care unit <br />is a hospitality model featuring a tea kitchen with small refrigerator and freezer and microwave, a built-in wardrobe, <br />footwall with drawers, cubbies, floating shelves, rollout desk, wall-mounted television, wood blinds, visitor chairs, <br />headwall, bed, nightstand and recliner. Guests staying in the transitional care unit have access to the services and <br />amenities including the Restorative Therapy Center, bistro, dining room, day rooms, conference rooms, meditation <br />chapel and salon. <br />Tenants and Rents <br />Residents of the independent living apartments must be at least 55 years of age and must execute a <br />residency contract (the “Residency Contract”). The term of a Residency Contract is month-to-month and, in <br />general, it may be terminated with one calendar month advance written notice by either party. A damage deposit is <br />required upon execution of the Residency Contract. <br />Before being admitted to the transitional care unit, residents must execute Admission Agreement, and <br />residency is terminable (i) at any time by the resident or by mutual consent of the Borrower and resident, and (ii) by <br />the Borrower alone subject to federal and state regulations concerning nursing home involuntary discharge. The <br />Borrower may adjust the monthly rent for independent living apartments with 45 days’ prior notice to the residents <br />and may adjust the daily rate for transitional care units with 30 days’ prior notice to residents. <br />Independent Living Apartments <br />Unit Mix. Set forth below is a chart showing the mix of apartments and expected monthly rents for each <br />apartment type when the independent living apartments to open in [June 2021]: <br />Apartment Type <br />Number of <br />Apartments <br />Apartment <br />Size(1) <br />Initial Monthly <br />Rate <br />Terrace Independent Living: <br /> One-bedroom 16 794-812 $2,263-$2,314 <br /> One-bedroom + Den/Sunroom 30 1,027-1,172 $2,927-$3,340 <br /> Two-bedroom/ 2 Bath 28 1,160-1,308 $3,306-$3,728 <br /> Two-bedroom + Den/Sunroom 6 1,763 $5,025 <br /> Two-bedroom + Den/Sunroom 3 1,994 $5,683 <br /> TOTAL 83 1,176(2)$3,351(2) <br />(1)Approximate Square Feet <br />(2)Average <br />Source: The Borrower <br />Waitlists at Other PHS Independent Living Facilities in the Primary Market Area. The Limited Guarantor <br />or affiliates of the Limited Guarantor own various independent living facilities in the primary market area of the <br />Campus with waitlists for prospective residents. Below are waitlists for these facilities as of _______, 2020. The <br />Feasibility Study in APPENDIX __ to this Official Statement contains descriptions of each of the independent <br />facilities listed below. <br />Name of Facility Location <br />Number of <br />Independent <br />Living Units <br />Number of <br />Individuals on <br />Waitlist <br />EagleCrest 127 <br />Johanna Shores 94 <br />Oak Crest 109 <br />SummerHouse of Shoreview 72 <br />The Mayfield 93 <br />Waverly Gardens 164 <br />Total Units 659