EXHIBIT 2.3 1 NHP INCORPORATED 8065 Leesburg Pike, Suite 400 Vienna, Virginia 22182 July 12, 1996 To: HAMILTON HOUSE, INC. ("HH Inc."), a Florida corporation HAMILTON HOUSE FUNDING LIMITED PARTNERSHIP ("HHF LP"), a Florida limited partnership PREFERRED RETIREMENT COMMUNITIES, INC. ("PRC Inc."), a Florida corporation STEPHEN A. GOLDBERG DAVID H. MAINGUY ROBERT H. MAINGUY DIANA L. GOLDBERG (all of the foregoing hereinafter jointly and severally referred to as "Seller") This notice of delegation of rights and obligations is made and delivered by NHP Incorporated ("Buyer") in accordance with Section 10.2 of that certain Purchase Agreement (the "Agreement"), dated June 28, 1996. Unless otherwise defined herein, all capitalized terms shall have the meanings ascribed to them in the Agreement. Seller and Owner are hereby instructed, at Closing, to sell, convey and assign the Rights set forth below to the entities set forth below. Right Assignor Assignee - ----- -------- -------- Goldberg CDM loans Stephen A. Goldberg NHP-HDV 20, Inc. a Virginia corporation Goldberg HH loans Stephen A. Goldberg NHP-HDV 20, Inc. a Virginia corporation PHH Inc. stock - 50% Robert H. Mainguy NHP Incorporated a Delaware corporation PHH Inc. stock - 50% David H. Mainguy NHP Incorporated a Delaware corporation PHH LP interest - 49.9% Diana L. Goldberg PHH, Inc. a Florida corporation PHH LP interest - 0.1% Diana L. Goldberg NHP Incorporated a Delaware corporation HHF LP loans Hamilton House Funding NHP-HDV 21, Inc. 2 Limited Partnership a Virginia corporation HH Inc. stock Stephen A. Goldberg NHP Real Estate Corporation (executed in blank) a Delaware corporation CDM Inc. stock Stephen A. Goldberg NHP Real Estate Corporation (executed in blank) a Delaware corporation HH Inc. stock proxy Stephen A. Goldberg NHP Real Estate Corporation a Delaware corporation CDM Inc. stock proxy Stephen A. Goldberg NHP Real Estate Corporation a Delaware corporation New CDM Management Agmt. Preferred Retirement NHP Florida Management Co., Inc. Communities, Inc. a Florida corporation New HH Management Agmt. Preferred Retirement NHP Florida Management Co., Inc. Communities, Inc. a Florida corporation The following entities shall, at Closing, assume the liabilities set forth below: Liability Obligee Obligor - --------- ------- ------- Purchase Money Promissory Per Agreement NHP Incorporated Notes, per Agreement 1.2.A Schedule 1.2.A a Delaware corporation Stephen A. Goldberg Note to HH Inc. NHP Real Estate Corporation HH Inc., per Agreement 6.3.B a Delaware corporation Stephen A. Goldberg Note to CDM Inc. NHP Real Estate Corporation CDM Inc., per Agreement 6.3.C a Delaware corporation Very truly yours, NHP INCORPORATED By: -------------------------- Linda Davenport, Executive Vice President -2-