Exhibit 10.3
ELEVENTH AMENDMENT TO
AMENDED AND RESTATED MASTER LEASE AGREEMENT
(LEASE NO. 2)
THIS ELEVENTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE
NO. 2) (this “Amendment”) is made and entered into as of July 31, 2018, 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, as amended by that certain
Partial Termination of and First Amendment to Amended and Restated Master Lease
Agreement (Lease No. 2), dated as of November 1, 2009, that certain Partial
Termination of and Second Amendment to Amended and Restated Master Lease
Agreement (Lease No. 2), dated as of August 1, 2010, that certain Third
Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as
of June 20, 2011, that certain Fourth Amendment to Amended and Restated Master
Lease Agreement (Lease No. 2), dated as of July 22, 2011, that certain Fifth
Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as
of August 31, 2012, that certain Partial Termination of and Sixth Amendment to
Amended and Restated Master Lease Agreement (Lease No. 2), dated as of September
19, 2013, that certain Partial Termination of and Seventh Amendment to Amended
and Restated Master Lease Agreement (Lease No. 2), dated as of June 1, 2014,
that certain Partial Termination of and Eighth Amendment to Amended and Restated
Master Lease Agreement (Lease No. 2), dated as of July 20, 2015, that certain
Partial Termination of and Ninth Amendment to Amended and Restated Master Lease
Agreement (Lease No. 2), dated as of September 30, 2016, and that certain Tenth
Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as
of August 1, 2017 (as so amended, “Master 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 Master Lease No. 2), all as more particularly described in
Master Lease No. 2;
WHEREAS, one of the Facilities leased pursuant to Master Lease No. 2 is the
senior living facility known as Palms at St. Lucie West and located at 501 N.W.
Cashmere Boulevard, Port St. Lucie, Florida (the “Palms at St. Lucie Property”),
which is comprised of an assisted living building and individual villas and
independent living units that are part of a condominium; and
WHEREAS, SNH/LTA Properties Trust, a Maryland real estate investment trust
(“SNH/LTA”), has acquired the remaining condominium units comprising the villas
and independent living units associated with the Palms at St. Lucie Property and
has dissolved the condominium; and
WHEREAS, SNH/LTA and the other entities comprising Landlord, and FSQC Trust and
the other entities comprising Tenant, wish to amend Master Lease No. 2 to
reflect the acquisition of the remaining condominium units and the dissolution
of the condominium relating to the Palms at St. Lucie Property;

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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, effective as
of the date hereof, as follows:
1.    Minimum Rent. For the avoidance of doubt, the current Minimum Rent (after
taking into consideration the acquisition of the remaining condominium units
comprising the villas and independent living units associated with the Palms at
St. Lucie Property) is Sixty Six Million Seven Hundred Twenty Eight Thousand
Eight Hundred Forty and 34/100 Dollars ($66,728,840.34) per annum.
2.    Exhibit A. Exhibit A to Master Lease No. 2 is amended by deleting
Exhibit A-52 therefrom in its entirety and replacing it with Exhibit A-52
attached hereto.
3.    Ratification. As amended hereby, Master Lease No. 2 is ratified and
confirmed.

[Remainder of page intentionally left blank; signature pages follow]

    

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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:
 
CCC FINANCING I TRUST,
CCC INVESTMENTS I, L.L.C.,
CCC OF KENTUCKY TRUST,
CCC PUEBLO NORTE TRUST,
CCDE SENIOR LIVING LLC,
CCOP SENIOR LIVING LLC,
O.F.C. CORPORATION,
SNH CHS PROPERTIES TRUST,
SNH/LTA PROPERTIES GA LLC,
SNH/LTA PROPERTIES TRUST,
SNH SOMERFORD PROPERTIES TRUST,
SPTIHS PROPERTIES TRUST, and
SPTMNR PROPERTIES TRUST

By:
 /s/ Jennifer F. Francis        
 
Jennifer F. Francis
 
President of each of the foregoing entities

 
 
 
CCC FINANCING LIMITED, L.P.
By:
CCC Retirement Trust,
 
its General Partner

 
 
 
 
By:
 /s/ Jennifer F. Francis        
 
 
Jennifer F. Francis
 
 
President

CCC RETIREMENT COMMUNITIES II, L.P.
By:
Crestline Ventures LLC,
 
its General Partner

 
 
 
 
By:
 /s/ Jennifer F. Francis        
 
 
Jennifer F. Francis
 
 
President

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LEISURE PARK VENTURE LIMITED PARTNERSHIP
By:
CCC Leisure Park Corporation,
 
its General Partner

 
 
 
 
By:
 /s/ Jennifer F. Francis        
 
 
Jennifer F. Francis
 
 
President

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TENANT:

 
 
 
FIVE STAR QUALITY CARE TRUST
By:
 /s/ Richard A. Doyle
 
Richard A. Doyle
 
Treasurer

 
 
 
FS TENANT HOLDING COMPANY TRUST

By:
 /s/ Richard A. Doyle    
 
Richard A. Doyle
 
Treasurer

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EXHIBIT A-52

Palms at St Lucie West
501 N.W. Cashmere Boulevard
Port St. Lucie, Florida

LEGAL DESCRIPTION

Assisted Living:
Lot 1, of ST. LUCIE WEST PLAT NO. 137, according to the Plat thereof, recorded
in Plat Book 39, pages 26 and 26A, of the Public Records of St. Lucie County,
Florida

and

Villas and Independent Living:
All of Lot 2, ST. LUCIE WEST PLAT NO. 149, according to the Plat thereof, as
recorded in Plat Book 40, at Pages 17 and 17A, of the Public Records of St.
Lucie County Florida.