$105,000,000 June ____, 1998
FOR VALUE RECEIVED, the undersigned, EPT DOWNREIT II, INC., a Missouri corporation ("MAKER"),
promises to pay to the order of ARCHON FINANCIAL, L.P., a Delaware limited partnership, its successors
and assigns ("HOLDER"), on or before the Stated Maturity Date at such place as Holder may from time to time
designate in writing, the principal sum of ONE HUNDRED FIVE MILLION AND NO/100 DOLLARS
($105,000,000) in lawful money of the United States of America, together with interest thereon, from the date of
disbursement of the aforesaid principal sum until payment in full at the Interest Rate (as defined in the Loan
Agreement (hereinafter defined)) (based upon a year of three hundred sixty (360) days for the actual number of
days elapsed) to be paid in lawful money of the United States of America. Such interest is to be paid in
accordance with the Loan Agreement (hereinafter defined). The whole of the principal sum and interest hereunder
shall become due and payable at the option of Holder after an Event of Default.
Except as otherwise defined or limited herein, capitalized terms used herein shall have the meanings ascribed to
them in that certain Loan Agreement (the "LOAN AGREEMENT"), dated as of the date hereof, by and between
Maker and Holder. This is the Note referred to in the Loan Agreement (hereinafter referred to as the "NOTE").
1. SECURITY FOR THE LOAN.
This Note is secured by, among other things, the Mortgaged Properties, including all assets of Maker related
thereto, pursuant to the Mortgages encumbering the Land (as defined in the Mortgages) and Improvements and
granting a Lien on and security interest in certain other property described therein.
2. EVENTS OF DEFAULT.
The entire indebtedness evidenced by this Note (the "DEBT") or any portion thereof, shall without notice, except
such notice as is required under the terms of any Loan Document, become immediately due and payable at the
option of Holder, unless otherwise specified under th