Exhibit 10(t)
 

 
THIRD AMENDMENT TO
AMENDED AND RESTATED  LEASE AGREEMENT

THIS THIRD AMENDMENT TO AMENDED AND RESTATED LEASE AGREEMENT (the “Amendment”)
is dated as of November [14], 2008 and is by and between GROVE ISLE ASSOCIATES,
LLLP,  a Delaware limited liability limited partnership [f/k/a Grove Isle
Associates, Ltd.] (the “Lessor”) and GROVE HOTEL PARTNERS, LLC, A Delaware
limited liability company (“Lessee”).

R E C I T A L S

A. Lessor and Westgroup Grove Isle Associates, Ltd. (the “Original Tenant”) are
parties to that certain Amended and Restated Lease Agreement dated as of
November 19, 1996 (the “Base Lease”), as amended by that certain Amendment to
Amended and Restated Lease Agreement dated December 10, 1999 (the "First
Amendment") and that certain Second Amendment to Amended and Restated Lease
Agreement dated September 15, 2004 (the "Second Amendment," and together with
the First Amendment and the Base Lease, the "Lease"), with respect to certain
real property and improvements located at 4 Grove Isle Drive, Miami, Coconut
Grove, Florida, as more particularly described in the Lease (the “Demised
Premises”).

B. Pursuant to that certain Assignment and Assumption of Lease and Consent of
Landlord dated November [14], 2008 by and between Original Tenant and Lessee and
joined by Lessor, Original Tenant assigned and transferred to Lessee all of
Original Tenant’s right, title and interest and obligations in and to the
Demised Premises (the “Assignment”) and in connection therewith, the Lessor and
Lessee desire to modify this Lease in certain respects.

NOW, THEREFORE, in consideration of the foregoing as well as the mutual benefits
inuring to each party hereunder, the Lessor and Lessee agree that the foregoing
recitals are true and correct and further agree as follows:

1. Definitions. All capitalized terms used in this Amendment without definition
shall have the meanings given to them in the Lease.
 
 
 
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2. Management.    The following provision shall be added and incorporated into
the Lease:
 
“At all time during the Term of the Lease, (i) Lessee shall be required to
engage a qualified luxury resort manager to operate the resort (the “Resort”)
constituting the Leased Premises (including but not limited to the private club
operated from the Leased Premises), (ii) Lessee and its affiliate engaged to
manage the Resort must at all times retain their roles, equity interests in and
responsibilities to Lessee under the Operating Agreement between Grove Hotel
Partners, LLC, as owner and GH-Grove Isle Management LLC, as operator, covering
Grove Isle Hotel and Spa, a Grand Heritage Hotel, Miami, Florida, dated November
1, 2008 (as may be amended, restated or otherwise modified from time to time;
provided, however, that any amendments or modifications do not change the
relationships set forth above) (the “Management Agreement”) and under the
Limited Liability Company Agreement of Grove Hotel Partners, LLC dated as of May
14, 2008 (as may be amended, restated or otherwise modified from time to time;
provided, however, that any amendments or modifications do not change the
relationships set forth above) (the “Operating Agreement”).  This Third
Amendment shall also provide that the failure to maintain a qualified manager at
all times shall constitute an event of default under the Lease, and the failure
of Resort Manager and Day-to-Day Manager (as defined below) at all times to
retain their roles, equity interests in and responsibilities to Lessee under the
Management Agreement and Operating Agreement (or being succeeded in both roles
and capacities and responsibilities by a “Qualified Assignee” as defined in the
Lease) shall also constitute an event of default under the Lease.”
 
 
 
 
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3. Approval of Manager. Landlord hereby, (ii) approves Grand Heritage Hotel
Group, LLC, John Cullen and their affiliates as the Resort Manager and
Day-to-Day Manager (as defined in the Management Agreement and Operating
Agreement), subject to such Resort Manager and Day-to-Day Manager at all times
retaining their roles, equity interests in and responsibilities to Lessee under
the Management Agreement and Operating Agreement (or being succeeded in both
roles and capacities and responsibilities by a “Qualified Assignee” as defined
in the Lease).
 
4. Landlord’s Consent.  Landlord hereby consents to the Assignment. In no event
shall this consent be deemed a waiver by Landlord of Lessee’s obligations
pursuant to Section 10.2 of the Lease to obtain the consent of Landlord for any
future assignment or sublease of the Demised Premises, or any other transfer of
the Demised Premises or any interest therein.

5. Notice.  Section 19.12 of the Lease is hereby amended and restated as
follows:

“Notice. All notices and responses which are required or permitted under this
Lease shall be in writing, under this Lease shall be in writing, and shall be
deemed complete only when actually delivered to the recipient as follows or
delivery at such address:

If to the Lessor, at:                               Grove Isle Associates, LLLP

Phone:  (                      )                      
E-mail:                                           

With a copy to:                                     Jon Chassen, Esq.
Kluger, Peretz, Kaplan & Berlin, P.L.
201 South Biscayne Boulevard
8th Floor
Miami, Florida 33133
Phone: (305)341-3159
E-mail: jchassen@kpkb.com

If to Lessee, at:                                     Grove Hotel Partners, LLC

Phone:  971-404-8800                                                      
E-mail:  JCullen@grand heritage.com

 
 
 
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With a copy to:                                     Milbank
Corporate Real Estate
Peter Benudiz
601 South Figueroa., 30th floor
Los Angeles, CA 90017
Phone:  213-892-4414
E-mail:  pbenudiz@milbank.com

Either party may change the place for giving notice by written notice in the
manner set forth in this Section.”
6. No Implied Modification. Except as expressly set forth in this Amendment, the
Lease shall remain in full force and effect without modification.
7. Miscellaneous.
a. In the event of any conflict between the provisions of this Amendment and the
provisions of the Lease, the provisions of this Amendment shall prevail.
b. This Assignment may be executed in one or more counterparts (by facsimile or
electronic PDF).

SIGNATURE PAGE FOLLOWS:
 
 
 
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IN WITNESS WHEREOF the parties have executed this Amendment effective on the
date first above written.

 
LESSOR:
     
GROVE ISLE ASSOCIATES, LLLP
 
A Delaware limited liability limited
________________________________
partnership, f/k/a Grove isle Associates,
Print Name: ______________________
Ltd.
   
________________________________
By: Courtland Investments, Inc.,
Print Name: ______________________
a Delaware corporation,
 
its sole general partner
         
By:
 
Name:
 
Title:
     
LESSEE:
   
GROVE HOTEL PARTNERS, LLC,
 
a Delaware limited liability company,
         
________________________________
By:
Print Name: ______________________
Name:
 
Title:
   
________________________________
 
Print Name:
         

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