Page 11 - New Empire Affinitas Life Senior Housing Division

continue until the latter to occur of the following: October 31, 2023; or upon the sale or disposal of 100% of
the assets of the Joint Venture and the payment or satisfaction of all debts of the Joint Venture.

5. Purpose. The Joint Venturers form this Joint Venture to:

a) Develop, renovate, operate, manage, lease or sell real property that caters to the 55+ and seniors
living asset class, primarily within the State of New York and such other states and places as the Parties shall
mutually agree that cater to a broad range of targeted clientele and businesses, consisting of the following:

i. Affordable Rate Subsidy Based Housing – low-income and moderate rate accommodations
for seniors who can live independently or who require assistance within the definition of
“independent living” or “assisted living;
ii. Middle - Market Rate Private Pay Housing - The current state of the seniors living asset class
that targets aging seniors who pay mid-market rates for the rental of units in independent
living and assisted living senior communities. Opportunities within this market include the
development of greenfield properties, development of projects that are suitable for such
purposes, repositioning troubled assets, and value-add opportunities within select markets and
for select clientele;
iii. Luxury Rate Senior Living Private Pay Housing - High-end accommodation utilizing
the specialized an aspirational living and luxury rate, urban/medical concept and model,
developed by AFFINITAS and known as the “City Club”.

b) Use their collective resources to find suitable property, attract investors, and create strategic alliances to
facilitate the development of projects within the marketplace that effectuates the foregoing strategy.

c) Undertake the development of programs and businesses that accentuate and enhance the reputation
and financial viability of its properties through the development and deployment of technological,
programmatic and data collection resource ingenuity. This will be achieved through internal resource
development or via strategic alliance with businesses and persons with appropriate expertise in related
technological and medical fields under additional subsidiary businesses developed by NEALDG.

6. Percentage Interest in The Joint Venture. The respective percentage interest in the Joint Venture owned
by each Joint Venturer, respectively, is as follows:

New Empire Development Group, LLC 50%
Affinitas Life Corp. 50%

7. Legal Status of Joint Venture PROPCO’s and Ownership Interests of the Parties. The legal entity(ies)
that is/are the owner(s) of the vertical properties (PROPCO’s) developed and operated by the Joint Venture
shall be a Limited Liability Company the domicile of which shall be determined by the Parties. Due to
the necessity of raising funds in order to further the acquisition and development of properties, the Parties

Re-LIFE-Ment: Reinventing Past Notions of Retirement
China Office
Room 1703, Chang Shi Hao Xing ◆ No. 58, Huan Cheng Nan Lu Road
Xi’an City, Shaxxi Province, China 710054
011-86-029-6183
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