PARTIAL TERMINATION OF AND FIRST AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2)
Exhibit 10.22
PARTIAL
TERMINATION OF AND FIRST AMENDMENT TO
AMENDED AND RESTATED MASTER LEASE AGREEMENT
(LEASE NO. 2)
THIS PARTIAL TERMINATION OF AND FIRST AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2) (this “Amendment”) is made and entered into as of November 1, 2009 by and among each of the parties identified on the signature pages hereof as a landlord (collectively, “Landlord”) and each of the parties identified on the signature pages hereof as a tenant (jointly and severally, “Tenant”).
W I T N E S S E T H:
WHEREAS, pursuant to the terms of that certain Amended and Restated Master Lease Agreement (Lease No. 2), dated as of August 4, 2009 (“Amended Lease No. 2”), Landlord leases to Tenant, and Tenant leases from Landlord, the Leased Property (this and other capitalized terms used but not otherwise defined herein having the meanings given such terms in Amended Lease No. 2), all as more particularly described in Amended Lease No. 2; and
WHEREAS, on or about the date hereof, SPTIHS Properties Trust has sold certain real property and related improvements located at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, all as more particularly described on Exhibit A-29 to Amended Lease No. 2 (the “Tarkio Property”); and
WHEREAS, in connection with the sale of the Tarkio Property, Landlord and Tenant wish to amend Amended Lease No. 2 to terminate Amended Lease No. 2 with respect to the Tarkio Property;
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that, effective as of the date hereof, Amended Lease No. 2 is hereby amended as follows:
1. Partial Termination of Lease. Amended Lease No. 2 is terminated with respect to the Tarkio Property and neither Landlord nor Tenant shall have any further rights or liabilities thereunder with respect to the Tarkio Property from and after the date hereof, except for those rights and liabilities which by their terms survive the termination of Amended Lease No. 2.
2. Definition of Minimum Rent. The defined term “Minimum Rent” set forth in Section 1.68 of Amended Lease No. 2 is hereby deleted in its entirety and replaced with the following:
“Minimum Rent” shall mean the sum of Forty-Eight Million Sixty-Six Thousand Seven Hundred Eighty-Six Dollars and 37/100s Dollars ($48,066,786.37) per annum.
3. Schedule 1. Schedule 1 to Amended Lease No. 2 is hereby deleted in its entirety and replaced with Schedule 1 attached hereto.
4. Exhibit A. Exhibit A to Amended Lease No. 2 is hereby amended by deleting Exhibit A-29 attached thereto in its entirety and replacing it with “Intentionally Deleted.”
5. Ratification. As amended hereby, Amended Lease No. 2 is hereby ratified and confirmed.
[Remainder of page intentionally left blank;
signature pages follow]
IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as a sealed instrument as of the date first above written.
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LANDLORD: |
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SPTIHS PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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SPTMNR PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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SNH/LTA PROPERTIES GA LLC |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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SNH/LTA PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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O.F.C. CORPORATION |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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SNH CHS PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC OF KENTUCKY TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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LEISURE PARK VENTURE LIMITED PARTNERSHIP |
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By: |
CCC Leisure Park Corporation, |
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its General Partner |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCDE SENIOR LIVING LLC |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCOP SENIOR LIVING LLC |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC PUEBLO NORTE TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC RETIREMENT COMMUNITIES II, L.P. |
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By: |
Crestline Ventures LLC, |
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its General Partner |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC INVESTMENTS I, L.L.C. |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC FINANCING I TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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CCC FINANCING LIMITED, L.P. |
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By: |
CCC Retirement Trust, |
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its General Partner |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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SNH SOMERFORD PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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HRES1 PROPERTIES TRUST |
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By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ |
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President |
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TENANT: |
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FIVE STAR QUALITY CARE TRUST |
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By: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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Treasurer |
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FS TENANT HOLDING COMPANY TRUST |
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By: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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Treasurer |
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FS COMMONWEALTH LLC |
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By: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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Treasurer |
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FS PATRIOT LLC |
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By: |
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ III |
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Treasurer |
SCHEDULE 1
PROPERTY-SPECIFIC INFORMATION
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Exhibit |
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Property Address |
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Base Gross |
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Base Gross |
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Commencement |
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Interest Rate |
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A-1 |
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Ashton Gables in
Riverchase |
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2009 |
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N/A |
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08/01/2008 |
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8 |
% |
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▇-▇ |
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▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ |
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2009 |
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N/A |
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08/01/2008 |
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8 |
% |
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A-3 |
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Forum at Pueblo Norte |
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2005 |
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$ |
11,470,312 |
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01/11/2002 |
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10 |
% |
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A-4 |
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La Salette Health and Rehabilitation
Center |
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2005 |
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$ |
7,726,002 |
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12/31/2001 |
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10 |
% |
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A-5 |
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Thousand Oaks Health
Care Center |
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2005 |
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$ |
8,087,430 |
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12/31/2001 |
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10 |
% |
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A-6 |
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Skyline Ridge
Nursing & Rehabilitation Center |
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2005 |
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$ |
4,104,100 |
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12/31/2001 |
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10 |
% |
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▇-▇ |
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▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Care
Center |
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2005 |
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$ |
4,799,252 |
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12/31/2001 |
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10 |
% |
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A-8 |
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Willow Tree Care
Center |
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2005 |
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$ |
4,310,982 |
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12/31/2001 |
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10 |
% |
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A-9 |
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Cedars
Healthcare Center |
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2005 |
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$ |
6,964,007 |
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12/31/2001 |
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10 |
% |
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▇-▇▇ |
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▇▇▇▇▇▇▇▇▇ |
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2005 |
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$ |
11,410,121 |
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01/11/2002 |
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10 |
% |
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▇-▇▇ |
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▇▇▇▇▇▇▇ ▇▇▇▇▇ |
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2005 |
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$ |
13,446,434 |
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01/11/2002 |
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10 |
% |
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▇-▇▇ |
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▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ |
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2005 |
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$ |
4,430,251 |
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01/11/2002 |
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10 |
% |
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Exhibit |
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Property Address |
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Base Gross |
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Base Gross |
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Commencement |
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Interest Rate |
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A-13 |
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▇▇▇▇▇▇▇ Manor |
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2005 |
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$ |
9,333,057 |
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01/11/2002 |
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10 |
% |
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A-14 |
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Forum at Deer Creek |
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2005 |
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$ |
12,323,581 |
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01/11/2002 |
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10 |
% |
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A-15 |
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Springwood Court |
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2005 |
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$ |
2,577,612 |
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01/11/2002 |
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10 |
% |
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A-16 |
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Fountainview |
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2005 |
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$ |
7,920,202 |
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01/11/2002 |
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10 |
% |
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A-17 |
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Morningside of Athens |
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2006 |
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$ |
1,560,026 |
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11/19/2004 |
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9 |
% |
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A-18 |
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▇▇▇▇▇ View Senior
Living |
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2007 |
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$ |
2,108,378 |
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11/01/2006 |
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8.25 |
% |
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▇-▇▇ |
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▇▇▇▇▇▇▇ ▇▇▇▇▇ |
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2005 |
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$ |
848,447 |
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12/31/2001 |
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10 |
% |
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A-20 |
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West Bridge
Care & |
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2005 |
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$ |
3,157,928 |
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12/31/2001 |
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10 |
% |
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A-21 |
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Meadowood Retirement
Community |
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2009 |
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N/A |
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11/01/2008 |
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8 |
% |
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A-22 |
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Woodhaven Care Center |
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2005 |
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$ |
2,704,674 |
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12/31/2001 |
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10 |
% |
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A-23 |
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Lafayette at Country
Place |
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2005 |
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$ |
4,928,052 |
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01/11/2002 |
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10 |
% |
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A-24 |
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Lexington Country Place |
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2005 |
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$ |
8,893,947 |
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01/11/2002 |
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10 |
% |
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A-25 |
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Braintree
Rehabilitation |
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N/A |
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N/A |
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10/01/2006 |
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9 |
% |
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Exhibit |
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Property Address |
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Base Gross |
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Base Gross |
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Commencement |
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Interest Rate |
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A-26 |
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New England
Rehabilitation |
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N/A |
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N/A |
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10/01/2006 |
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9 |
% |
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A-27 |
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HeartFields at Bowie |
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2005 |
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$ |
2,436,102 |
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10/25/2002 |
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10 |
% |
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A-28 |
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HeartFields at
▇▇▇▇▇▇▇▇▇ |
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2005 |
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$ |
2,173,971 |
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10/25/2002 |
|
10 |
% |
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A-29 |
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Intentionally deleted. |
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▇/▇ |
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▇/▇ |
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▇/▇ |
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▇/▇ |
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|
▇-▇▇ |
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▇▇▇▇▇▇▇▇▇ Care Center |
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2005 |
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$ |
1,603,922 |
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12/31/2001 |
|
10 |
% |
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A-31 |
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Morys Haven |
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2005 |
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$ |
2,440,714 |
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12/31/2001 |
|
10 |
% |
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A-32 |
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Exeter Care Center |
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2005 |
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$ |
1,705,397 |
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12/31/2001 |
|
10 |
% |
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A-33 |
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Wedgewood Care Center |
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2005 |
|
$ |
4,000,565 |
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12/31/2001 |
|
10 |
% |
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A-34 |
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▇▇▇▇▇ Valley Manor |
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2005 |
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$ |
2,271,714 |
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12/31/2001 |
|
10 |
% |
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▇-▇▇ |
|
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Center |
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2005 |
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$ |
2,284,407 |
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12/31/2001 |
|
10 |
% |
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A-36 |
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Utica Community Care Center |
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2005 |
|
$ |
1,950,325 |
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12/31/2001 |
|
10 |
% |
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▇-▇▇ |
|
▇▇▇▇▇▇▇ ▇▇▇▇ |
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2005 |
|
$ |
14,273,446 |
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01/07/2002 |
|
10 |
% |
|
▇-▇▇ |
|
▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ |
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2006 |
|
$ |
4,151,818 |
|
10/31/2005 |
|
9 |
% |
|
▇-▇▇ |
|
▇▇▇▇▇ ▇▇▇▇▇▇ of
▇▇▇▇▇▇▇▇▇ |
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2006 |
|
$ |
2,332,574 |
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10/31/2005 |
|
9 |
% |
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Exhibit |
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Property Address |
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Base Gross |
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Base Gross |
|
Commencement |
|
Interest Rate |
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|
|
A-40 |
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Overlook Green |
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2006 |
|
$ |
3,878,300 |
|
10/31/2005 |
|
9 |
% |
|
▇-▇▇ |
|
▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ |
|
2005 |
|
$ |
6,138,714 |
|
01/11/2002 |
|
10 |
% |
|
A-42 |
|
Morningside of ▇▇▇▇▇▇▇▇ |
|
2006 |
|
$ |
1,381,775 |
|
11/19/2004 |
|
9 |
% |
|
▇-▇▇ |
|
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ at
Boerne |
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2009 |
|
N/A |
|
02/07/2008 |
|
8 |
% |
|
|
A-44 |
|
Forum at Park Lane |
|
2005 |
|
$ |
13,620,931 |
|
01/11/2002 |
|
10 |
% |
|
▇-▇▇ |
|
▇▇▇▇▇▇▇▇ ▇▇▇▇▇ at
Fredericksburg |
|
2009 |
|
N/A |
|
02/07/2008 |
|
8 |
% |
|
|
▇-▇▇ |
|
▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ & |
|
2005 |
|
$ |
3,038,761 |
|
12/31/2001 |
|
10 |
% |
|
A-47 |
|
Pine Manor Health Care
Center |
|
2005 |
|
$ |
4,337,113 |
|
12/31/2001 |
|
10 |
% |
|
▇-▇▇ |
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▇▇▇▇▇▇▇▇▇▇▇ - ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇ Senior Apartments and |
|
2009 |
|
N/A |
|
01/04/2008 |
|
8 |
% |
|
|
▇-▇▇ |
|
▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ |
|
2005 |
|
$ |
9,211,765 |
|
12/31/2001 |
|
10 |
% |
|
A-50 |
|
The Virginia
Health & |
|
2005 |
|
$ |
6,128,045 |
|
12/31/2001 |
|
10 |
% |