Exhibit 10.38 January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York By: /s/ Lisa Y. Brown ---------------------- Its: Vice President --------------------- January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York NationsBank By: /s/ Lisa Y. Brown By: /s/ Brad W. DeSpain ---------------------- ---------------------- Its: Vice President Its: Vice President --------------------- --------------------- January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York Bank of Hawaii By: /s/ Lisa Y. Brown By: /s/ Marcy E. Fleming ---------------------- ---------------------- Its: Vice President Its: Vice President --------------------- --------------------- January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York Wells Fargo Bank By: /s/ Lisa Y. Brown By: /s/ Margot Golding ---------------------- --------------------------- Its: Vice President Its: Regional Vice President ---------------------- -------------------------- January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York Kredietbank NV By: /s/ Lisa Y. Brown By: /s/ Diane M. Grimmig --------------------- ------------------------- /s/ Robert Snauffer ------------------------- Its: Vice President Its: Vice President --------------------- ------------------------ Vice President ------------------------ January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York Long-Term Credit Bank of Japan, Ltd. By: Lisa Y. Brown By: /s/ Yutaka Kamisawa ---------------------- ------------------------- Its: Vice President Its: Deputy General Manager --------------------- ------------------------ January 27, 1995 Ms. Lisa Y. Brown Vice President The Bank of New York, as Agent 10990 Wilshire Blvd. Suite 1700 Los Angeles, CA 90024 Dear Lisa: Pursuant to Section 11.12 of the Revolving Credit Agreement dated as of March 31, 1994 among Health Care Property Investors, Inc., certain Banks as indicated in the Revolving Credit Agreement and The Bank of New York as agent, we would request that all banks that are party to the agreement extend the Termination Date of the Agreement by one calendar year to March 31, 1998. Please indicate your agreement to such one year extension by signing the two enclosed copies of this letter and sending both original copies to The Bank of New York prior to February 28, 1995. Please do not hesitate to call me if you need any additional information. Yours sincerely, Dev Ghose Vice President-Finance and Treasurer Agreement to extend Termination Date by one calendar year to March 31, 1998. The Bank of New York Sanwa Bank of California By: /s/ Lisa Y. Brown By: /s/ Del Lorimer ---------------------- ---------------------- Its: Vice President Its: Vice President --------------------- ---------------------