Exhibit 10.7

 

PARTIAL TERMINATION OF AND AMENDMENT NO. 2 TO
AMENDED AND RESTATED MASTER LEASE AGREEMENT

 

THIS PARTIAL TERMINATION OF AND AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER
LEASE AGREEMENT (this “Amendment”) is made as of August 31, 2012 by and among
SNH FM FINANCING LLC, a Delaware limited liability company, SNH FM FINANCING
TRUST, a Maryland real estate investment trust, and ELLICOTT CITY LAND I, LLC, a
Delaware limited liability company, collectively as landlord (“Landlord”), and
FVE FM FINANCING, INC., a Maryland corporation, as tenant (“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, dated as of August 4, 2009, as amended by that certain Amendment
No. 1 to Amended and Restated Master Lease Agreement (as so amended, the
“Lease”), 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 the Lease), all as more particularly
described in the Lease; and

 

WHEREAS, as of the date hereof, Landlord is conveying to its affiliate certain
of the Leased Property known as and located at (i) Forum at Desert Harbor, 13840
North Desert Harbor Drive, Peoria, Arizona, more particularly described on
Exhibit A-1 to the Lease; (ii) Forum at Tucson, 2500 North Rosemont Blvd.,
Tucson, Arizona, more particularly described on Exhibit A-2 to the Lease; (iii)
The Remington Club I and II, 16925 and 16916 Hierba Drive, San Diego,
California, more particularly described on Exhibit A-3 to the Lease; (iv) Park
Summit at Coral Springs, 8500 Royal Palm Blvd., Coral Springs, Florida, more
particularly described on Exhibit A-6 to the Lease; (v) Savannah Square, One
Savannah Square Drive, Savannah, Georgia, more particularly described on Exhibit
A-8 to the Lease; (vi) Gables at Winchester, 299 Cambridge Street, Winchester,
Massachusetts, more particularly described on Exhibit A-12 to the Lease;
(vii) HeartFields at Easton, 700 Port Street, Easton, Maryland, more
particularly described on Exhibit A-13 to the Lease; (viii) Aspenwood, 14400
Homecrest Road, Silver Spring, Maryland, more particularly described on
Exhibit A-16 to the Lease; (ix) Forum at Memorial Woods, 777 North Post Oak
Road, Houston, Texas, more particularly described on Exhibit A-20 to the Lease;
and (x) Morningside of Bellgrade, 2800 Polo Parkway, Midlothian, Virginia, more
particularly described on Exhibit A-25 to the Lease (collectively, the
“Terminated Properties”); and

 

WHEREAS, in connection with the conveyance of the Terminated Properties,
Landlord and Tenant wish to amend the Lease to terminate the Lease with respect
to the Terminated Properties;

 

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, the Lease is hereby amended as follows:

 

1.                                      Partial Termination of Lease.  The Lease
is terminated with respect to the Terminated Properties and neither Landlord nor
Tenant shall have any further rights or liabilities

 

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thereunder with respect to the Terminated Properties from and after the date
hereof, except for those rights and liabilities which by their terms survive the
termination of the Lease.

 

2.                                      Definition of Minimum Rent.  The defined
term “Minimum Rent” set forth in Section 1.67 of the Lease is deleted in its
entirety and replaced with the following:

 

“Minimum Rent”  shall mean the sum of Thirty-Three Million, Six Hundred
Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55)
per annum.

 

3.                                      Schedule 1.  Schedule 1 to the Lease is
deleted in its entirety and replaced with Schedule 1 attached hereto.

 

4.                                      Exhibit A.  Exhibit A to the Lease is
amended by deleting the text of Exhibits A-1, A-2, A-3, A-6, A-8, A-12, A-13,
A-16, A-20 and A-25 attached thereto in their entirety and replacing them with
“Intentionally Deleted.”

 

5.                                      Ratification.  As amended hereby, the
Lease is ratified and confirmed.

 

[Remainder of page intentionally left blank;

signature pages follow]

 

2

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

 

 

LANDLORD:

 

 

 

SNH FM FINANCING LLC

 

 

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

SNH FM FINANCING TRUST

 

 

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

 

 

ELLICOTT CITY LAND I, LLC

 

 

 

 

 

 

 

By:

/s/ David J. Hegarty

 

 

David J. Hegarty

 

 

President

 

3

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TENANT:

 

 

 

FVE FM FINANCING, INC.

 

 

 

 

 

 

 

By:

/s/ Bruce J. Mackey Jr.

 

 

Bruce J. Mackey Jr.

 

 

President

 

4

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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

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-2

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-3

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-4

 

Rio Las Palmas
877 East March Lane
Stockton, CA 95207

 

2005

 

$

4,204,464

 

09/30/2003

 

10

%

A-5

 

Foulk Manor North
1212 Foulk Road
Wilmington, DE 19803

 

2005

 

$

7,666,221

 

01/11/2002

 

10

%

A-6

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-7

 

Coral Oaks
900 West Lake Road
Palm Harbor, FL 34684

 

2005

 

$

9,051,220

 

01/11/2002

 

10

%

A-8

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-9

 

Forum at the Crossing
8505 Woodfield Crossing
Blvd.
Indianapolis, IN 46240

 

2005

 

$

11,973,559

 

01/11/2002

 

10

%

A-10

 

Forum at Overland Park
3501 West 95th Street
Overland Park, KS 66206

 

2005

 

$

9,674,467

 

01/11/2002

 

10

%

A-11

 

Forum at Brookside
200 Brookside Drive
Louisville, KY 40243

 

2005

 

$

12,831,113

 

01/11/2002

 

10

%

A-12

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-13

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-14

 

Heartlands at Ellicott City
3004 North Ridge Road
Ellicott City, MD 21043

 

2005

 

$

7,872,811

 

03/01/2004

 

10

%

A-15

 

Heartlands at Severna Park
715 Benfield Road
Severna Park, MD 21146

 

2005

 

$

3,521,926

 

10/25/2002

 

10

%

A-16

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

 

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Exhibit

 

Property Address

 

Base
Gross
Revenues
(Calendar
Year)

 

Base Gross
Revenues
(Dollar
Amount)

 

Commencement
Date

 

Interest
Rate

 

A-17

 

HeartFields at Cary
1050 Crescent Green Drive
Cary, NC 27511

 

2005

 

$

3,092,311

 

10/25/2002

 

10

%

A-18

 

Montebello
10500 Academy Road
Albuquerque, NM 87111

 

2005

 

$

10,739,724

 

01/11/2002

 

10

%

A-19

 

Forum at Knightsbridge
4590 and 4625
Knightsbridge Blvd.
Columbus, OH 43214

 

2005

 

$

15,290,522

 

01/07/2002

 

10

%

A-20

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-21

 

Forum at Lincoln Heights
311 West Nottingham Road
San Antonio, TX 78209

 

2005

 

$

12,559,927

 

01/11/2002

 

10

%

A-22

 

Forum at Woodlands
5055 W Panther Creek Drive
The Woodlands, TX 77381

 

2005

 

$

13,072,902

 

01/11/2002

 

10

%

A-23

 

Morningside of Charlottesville
491 Crestwood Drive
Charlottesville, VA 22903

 

2006

 

$

3,016,125

 

11/19/2004

 

9

%

A-24

 

HeartFields at Fredericksburg
20 HeartFields Lane
Fredericksburg, VA 22405

 

2005

 

$

3,654,848

 

10/25/2002

 

10

%

A-25

 

Intentionally Deleted

 

N/A

 

N/A

 

N/A

 

N/A

 

A-26

 

Morningside of Newport News
655 Denbigh Boulevard
Newport News, VA 23608

 

2006

 

$

3,226,806

 

11/19/2004

 

9

%

A-27

 

Meadowmere - Northshore Assisted Living
10803 North Port Washington Road
Mequon, WI 53092

 

2009

 

N/A

 

01/04/2008

 

8

%

 

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