Exhibit 10.29

 

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 300 Cedar Street, Tarkio,
Missouri, 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]

 

2

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IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed
as a sealed instrument as of the date first above written.

 

 

LANDLORD:

 

 

 

SPTIHS PROPERTIES TRUST

 

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

SPTMNR PROPERTIES TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

SNH/LTA PROPERTIES GA LLC

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

SNH/LTA PROPERTIES TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

O.F.C. CORPORATION

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

SNH CHS PROPERTIES TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

CCC OF KENTUCKY TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

3

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LEISURE PARK VENTURE LIMITED PARTNERSHIP

 

 

 

By:

CCC Leisure Park Corporation,

 

 

its General Partner

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

 

David J. Hegarty

 

 

 

President

 

 

 

CCDE SENIOR LIVING LLC

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

CCOP SENIOR LIVING LLC

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

CCC PUEBLO NORTE TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

CCC RETIREMENT COMMUNITIES II, L.P.

 

 

 

By:

Crestline Ventures LLC,

 

 

its General Partner

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

 

David J. Hegarty

 

 

 

President

 

 

 

CCC INVESTMENTS I, L.L.C.

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

4

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CCC FINANCING I TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

CCC FINANCING LIMITED, L.P.

 

 

 

By:

CCC Retirement Trust,

 

 

its General Partner

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

 

David J. Hegarty

 

 

 

President

 

 

 

SNH SOMERFORD PROPERTIES TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

HRES1 PROPERTIES TRUST

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

5

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TENANT:

 

 

 

FIVE STAR QUALITY CARE TRUST

 

 

 

By:

/s/ Francis R. Murphy III

 

 

Francis R. Murphy III

 

 

Treasurer

 

 

 

FS TENANT HOLDING COMPANY TRUST

 

 

 

By:

/s/ Francis R. Murphy III

 

 

Francis R. Murphy III

 

 

Treasurer

 

 

 

FS COMMONWEALTH LLC

 

 

 

By:

/s/ Francis R. Murphy III

 

 

Francis R. Murphy III

 

 

Treasurer

 

 

 

FS PATRIOT LLC

 

 

 

By:

/s/ Francis R. Murphy III

 

 

Francis R. Murphy III

 

 

Treasurer

 

6

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SCHEDULE 1

 

PROPERTY-SPECIFIC INFORMATION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit

 

Property Address

 

Base Gross
Revenues
(Calendar Year)

 

Base Gross
Revenues
(Dollar Amount)

 

Commencement
Date

 

Interest Rate

 

A-1

 

Ashton Gables in Riverchase
2184 Parkway Lake Drive
Birmingham, AL 35244

 

2009

 

N/A

 

08/01/2008

 

8

%

A-2

 

Lakeview Estates
2634 Valleydale Road
Birmingham, AL 35244

 

2009

 

N/A

 

08/01/2008

 

8

%

A-3

 

Forum at Pueblo Norte
7090 East Mescal Street
Scottsdale, AZ 85254

 

2005

 

$

11,470,312

 

01/11/2002

 

10

%

A-4

 

La Salette Health and Rehabilitation Center
537 East Fulton Street
Stockton, CA 95204

 

2005

 

$

7,726,002

 

12/31/2001

 

10

%

A-5

 

Thousand Oaks Health Care Center
93 West Avenida de Los Arboles
Thousand Oaks, CA 91360

 

2005

 

$

8,087,430

 

12/31/2001

 

10

%

A-6

 

Skyline Ridge Nursing & Rehabilitation Center
515 Fairview Avenue
Canon City, CO 81212

 

2005

 

$

4,104,100

 

12/31/2001

 

10

%

A-7

 

Springs Village Care Center
110 West Van Buren Street
Colorado Springs, CO 80907

 

2005

 

$

4,799,252

 

12/31/2001

 

10

%

A-8

 

Willow Tree Care Center
2050 South Main Street
Delta, CO 81416

 

2005

 

$

4,310,982

 

12/31/2001

 

10

%

A-9

 

Cedars Healthcare Center
1599 Ingalls Street
Lakewood, CO 80214

 

2005

 

$

6,964,007

 

12/31/2001

 

10

%

A-10

 

Millcroft
255 Possum Park Road
Newark, DE 19711

 

2005

 

$

11,410,121

 

01/11/2002

 

10

%

A-11

 

Forwood Manor
1912 Marsh Road
Wilmington, DE 19810

 

2005

 

$

13,446,434

 

01/11/2002

 

10

%

A-12

 

Foulk Manor South
407 Foulk Road
Wilmington, DE 19803

 

2005

 

$

4,430,251

 

01/11/2002

 

10

%

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit

 

Property Address

 

Base Gross
Revenues
(Calendar Year)

 

Base Gross
Revenues
(Dollar Amount)

 

Commencement
Date

 

Interest Rate

 

A-13

 

Shipley Manor
2723 Shipley Road
Wilmington, DE 19810

 

2005

 

$

9,333,057

 

01/11/2002

 

10

%

A-14

 

Forum at Deer Creek
3001 Deer Creek
Country Club Blvd.
Deerfield Beach, FL 33442

 

2005

 

$

12,323,581

 

01/11/2002

 

10

%

A-15

 

Springwood Court
12780 Kenwood Lane
Fort Myers, FL 33907

 

2005

 

$

2,577,612

 

01/11/2002

 

10

%

A-16

 

Fountainview
111 Executive Center Drive
West Palm Beach, FL 33401

 

2005

 

$

7,920,202

 

01/11/2002

 

10

%

A-17

 

Morningside of Athens
1291 Cedar Shoals Drive
Athens, GA 30605

 

2006

 

$

1,560,026

 

11/19/2004

 

9

%

A-18

 

Marsh View Senior Living
7410 Skidaway Road
Savannah, GA 31406

 

2007

 

$

2,108,378

 

11/01/2006

 

8.25

%

A-19

 

Pacific Place
20937 Kane Avenue
Pacific Junction, IA 51561

 

2005

 

$

848,447

 

12/31/2001

 

10

%

A-20

 

West Bridge Care &
Rehabilitation
1015 West Summit Street
Winterset, IA 50273

 

2005

 

$

3,157,928

 

12/31/2001

 

10

%

A-21

 

Meadowood Retirement Community
2455 Tamarack Trail
Bloomington, IN 47408

 

2009

 

N/A

 

11/01/2008

 

8

%

A-22

 

Woodhaven Care Center
510 West 7th Street
Ellinwood, KS 67526

 

2005

 

$

2,704,674

 

12/31/2001

 

10

%

A-23

 

Lafayette at Country Place
690 Mason Headley Road
Lexington, KY 40504

 

2005

 

$

4,928,052

 

01/11/2002

 

10

%

A-24

 

Lexington Country Place
700 Mason Headley Road
Lexington, KY 40504

 

2005

 

$

8,893,947

 

01/11/2002

 

10

%

A-25

 

Braintree Rehabilitation
Hospital
250 Pond Street
Braintree, MA 02184

 

N/A

 

N/A

 

10/01/2006

 

9

%

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit

 

Property Address

 

Base Gross
Revenues
(Calendar Year)

 

Base Gross
Revenues
(Dollar Amount)

 

Commencement
Date

 

Interest Rate

 

A-26

 

New England Rehabilitation
Hospital
2 Rehabilitation Way
Woburn, MA 01801

 

N/A

 

N/A

 

10/01/2006

 

9

%

A-27

 

HeartFields at Bowie
7600 Laurel Bowie Road
Bowie, MD 20715

 

2005

 

$

2,436,102

 

10/25/2002

 

10

%

A-28

 

HeartFields at Frederick
1820 Latham Drive
Frederick, MD 21701

 

2005

 

$

2,173,971

 

10/25/2002

 

10

%

A-29

 

Intentionally deleted.

 

N/A

 

N/A

 

N/A

 

N/A

 

A-30

 

Ainsworth Care Center
143 North Fullerton Street
Ainsworth, NE 69210

 

2005

 

$

1,603,922

 

12/31/2001

 

10

%

A-31

 

Morys Haven
1112 15th Street
Columbus, NE 68601

 

2005

 

$

2,440,714

 

12/31/2001

 

10

%

A-32

 

Exeter Care Center
425 South Empire Avenue
Exeter, NE 68351

 

2005

 

$

1,705,397

 

12/31/2001

 

10

%

A-33

 

Wedgewood Care Center
800 Stoeger Drive
Grand Island, NE 68803

 

2005

 

$

4,000,565

 

12/31/2001

 

10

%

A-34

 

Logan Valley Manor
1035 Diamond Street
Lyons, NE 68038

 

2005

 

$

2,271,714

 

12/31/2001

 

10

%

A-35

 

Crestview Healthcare Center
1100 West First Street
Milford, NE 68405

 

2005

 

$

2,284,407

 

12/31/2001

 

10

%

A-36

 

Utica Community Care Center
1350 Centennial Avenue
Utica, NE 68456

 

2005

 

$

1,950,325

 

12/31/2001

 

10

%

A-37

 

Leisure Park
1400 Route 70
Lakewood, NJ 08701

 

2005

 

$

14,273,446

 

01/07/2002

 

10

%

A-38

 

Franciscan Manor
71 Darlington Road
Patterson Township,
Beaver Falls, PA 15010

 

2006

 

$

4,151,818

 

10/31/2005

 

9

%

A-39

 

Mount Vernon of Elizabeth
145 Broadlawn Drive
Elizabeth, PA 15037

 

2006

 

$

2,332,574

 

10/31/2005

 

9

%

 

--------------------------------------------------------------------------------

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit

 

Property Address

 

Base Gross
Revenues
(Calendar Year)

 

Base Gross
Revenues
(Dollar Amount)

 

Commencement
Date

 

Interest Rate

 

A-40

 

Overlook Green
5250 Meadowgreen Drive
Whitehall, PA 15236

 

2006

 

$

3,878,300

 

10/31/2005

 

9

%

A-41

 

Myrtle Beach Manor
9547 Highway 17 North
Myrtle Beach, SC 29572

 

2005

 

$

6,138,714

 

01/11/2002

 

10

%

A-42

 

Morningside of Anderson
1304 McLees Road
Anderson, SC 29621

 

2006

 

$

1,381,775

 

11/19/2004

 

9

%

A-43

 

Heritage Place at Boerne
120 Crosspoint Drive
Boerne, TX 78006

 

2009

 

N/A

 

02/07/2008

 

8

%

A-44

 

Forum at Park Lane
7831 Park Lane
Dallas, TX 75225

 

2005

 

$

13,620,931

 

01/11/2002

 

10

%

A-45

 

Heritage Place at Fredericksburg
96 Frederick Road
Fredericksburg, TX 78624

 

2009

 

N/A

 

02/07/2008

 

8

%

A-46

 

Greentree Health &
Rehabilitation Center
70 Greentree Road
Clintonville, WI 54929

 

2005

 

$

3,038,761

 

12/31/2001

 

10

%

A-47

 

Pine Manor Health Care Center
Village of Embarrass
1625 East Main Street
Clintonville, WI 54929

 

2005

 

$

4,337,113

 

12/31/2001

 

10

%

A-48

 

ManorPointe - Oak Creek Independent Senior Apartments and
Meadowmere -
Mitchell Manor - Oak Creek
700 East Stonegate Drive and 701 East Puetz Road
Oak Creek, WI 53154

 

2009

 

N/A

 

01/04/2008

 

8

%

A-49

 

River Hills West
Healthcare Center
321 Riverside Drive
Pewaukee, WI 53072

 

2005

 

$

9,211,765

 

12/31/2001

 

10

%

A-50

 

The Virginia Health &
Rehabilitation Center
1451 Cleveland Avenue
Waukesha, WI 53186

 

2005

 

$

6,128,045

 

12/31/2001

 

10

%

 

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