Document:

Exhibit 10.21

 

FOURTH AMENDMENT TO
 AMENDED AND RESTATED MASTER LEASE AGREEMENT
 (LEASE NO. 2)

 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2) (this “Amendment”) is made and entered into as of July 22, 2011, 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, and that certain Third Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of June 20, 2011 (as so amended, “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, simultaneously herewith, SNH/LTA Properties Trust (“SNH/LTA”) has acquired the senior living facility known as Palms at St. Lucie West located at 501 N.W. Cashmere Boulevard, Port St. Lucie, Florida, as more particularly described on Exhibit A-52 attached hereto (the “Palms at St. Lucie West Property”); and

 

WHEREAS, SNH/LTA wishes to lease the Palms at St. Lucie West Property to Five Star Quality Care Trust (“FSQC Trust”) and FSQC Trust wishes to lease the Palms at St. Lucie West Property from SNH/LTA; and

 

WHEREAS, SNH/LTA and the other entities comprising Landlord, and FSQC Trust and the other entities comprising Tenant, wish to amend Amended Lease No. 2 to include the Palms at St. Lucie West 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 from and after the date hereof, Amended Lease No. 2 is hereby amended as follows:

 

1.             Definition of Minimum Rent.  The defined term “Minimum Rent” set forth in Section 1.67 of Amended Lease No. 2 is deleted in its entirety and replaced with the following:

 

“Minimum Rent”  shall mean the sum of Fifty-Two Million One Hundred Eighty-Five Thousand Four Hundred Sixty-Five and 89/100 Dollars ($52,185,465.89) per annum.

 

 

2.             Leased Property.  Section 2.1 of Amended Lease No. 2 is amended by deleting subsection (a) therefrom in its entirety and replacing it with the following:

 

(a)           those certain tracts, pieces and parcels of land as more particularly described on Exhibits A-1 through A-52 attached hereto and made a part hereof (the “Land”).

 

3.             Schedule 1.  Schedule 1 to Amended Lease No. 2 is deleted in its entirety and replaced with Schedule 1 attached hereto.

 

4.             Exhibit A.  Exhibit A to Amended Lease No. 2 is amended by adding Exhibit A-52 attached hereto immediately following Exhibit A-51 to Amended Lease No. 2.

 

8.             Ratification.  As amended hereby, Amended Lease No. 2 is hereby ratified and confirmed.

 

2

 

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

 

	
 
    	
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

 

	
 
    	
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

 

	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
FIVE   STAR QUALITY CARE TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
FS   TENANT HOLDING COMPANY TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
FS   COMMONWEALTH LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
FS   PATRIOT LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    

 

6

 

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:

 

Condominium Units 2 and 3, Building 1; Unit 2, Building 2; Units 1, 3 and 4, Building 3; Units 1 and 2, Building 4; Units 2, 3 and 4, Block 5; Units 1, 2, 3 and 4, Building 6; Units 1, 2 and 3, Building 7; Units 1, 2, 3 and 4, Building 8, of Paradise Villas, a Condominium, according to the Declaration of Condominium recorded in Official Record Book 2471, page 1137, and all subsequent amendments thereto, together with its undivided share in the common elements, of the Public Records of St. Lucie County, Florida

 

and

 

Independent Living:

 

Condominium Unit 2, Building 3 of Paradise Villas, a Condominium, according to the Declaration of Condominium recorded in Official Record Book 2471, page 1137, and all subsequent amendments thereto, together with its undivided share in the common elements, of the Public Records of St. Lucie County, Florida.

 

 

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%
    
	
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%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross Revenues
   (Calendar Year)
    	
 
    	
Base Gross Revenues
   (Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    
	
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%
    
	
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
    	
 
    	
Intentionally   deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    
	
A-31
    	
 
    	
Morys   Haven

1112   15th Street

Columbus,   NE 68601
    	
 
    	
2005
    	
 
    	
$2,440,714
    	
 
    	
12/31/2001
    	
 
    	
10%
    
	
A-32
    	
 
    	
Intentionally   deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    
	
A-33
    	
 
    	
Wedgewood   Care Center

800   Stoeger Drive

Grand   Island, NE 68803
    	
 
    	
2005
    	
 
    	
$4,000,565
    	
 
    	
12/31/2001
    	
 
    	
10%
    
	
A-34
    	
 
    	
Intentionally   deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    
	
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%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross Revenues
   (Calendar Year)
    	
 
    	
Base Gross Revenues
   (Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    
	
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%
    
	
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%
    
	
A-51
    	
 
    	
1005   Elysian Place

Chesapeake,   Virginia
    	
 
    	
2012
    	
 
    	
N/A
    	
 
    	
06/20/2011
    	
 
    	
7.5%
    
	
A-52
    	
 
    	
Palms   at St. Lucie West

501   N.W. Cashmere Boulevard

Port   St. Lucie, Florida
    	
 
    	
2012
    	
 
    	
N/A
    	
 
    	
07/22/2011
    	
 
    	
7.5%Exhibit 10.23

 

THIRD AMENDMENT TO
 AMENDED AND RESTATED MASTER LEASE AGREEMENT
 (LEASE NO. 4)

 

THIS THIRD AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 4) (this “Amendment”) is made and entered into as of June 20, 2011 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. 4), dated as of August 4, 2009, as amended by that certain First Amendment to Amended and Restated Master Lease Agreement (Lease No. 4), dated as of October 1, 2009, and that certain Partial Termination of and Second Amendment to Amended and Restated Master Lease Agreement (Lease No. 4), dated as of May 1, 2011 (as so amended, “Amended Lease No. 4”), 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. 4), all as more particularly described in Amended Lease No. 4; and

 

WHEREAS, simultaneously herewith, SNH/LTA Properties Trust (“SNH/LTA”) has acquired the real property and related improvements comprising the senior living facility known as McCarthy Court II and located at 1325 McCarthy Boulevard, New Bern, North Carolina, as more particularly described on Exhibit A-27 attached hereto (the “McCarthy Court II Property”); and

 

WHEREAS, SNH/LTA wishes to lease the McCarthy Court II Property to Five Star Quality Care Trust (“FSQC Trust”) and FSQC Trust wishes to lease the McCarthy Court II Property from SNH/LTA; and

 

WHEREAS, SNH/LTA and the other entities comprising Landlord, and FSQC Trust and the other entities comprising Tenant, wish to amend Amended Lease No. 4 to include the McCarthy Court II 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. 4 is hereby amended as follows:

 

1.                                       Definition of Minimum Rent.  The defined term “Minimum Rent” set forth in Section 1.68 of Amended Lease No. 4 is deleted in its entirety and replaced with the following:

 

“Minimum Rent”  shall mean the sum of Twenty-Three Million, Five Hundred Ninety-Four Thousand, One Hundred Twelve and 10/100 Dollars ($23,594,112.10) per annum.

 

 

2.                                       Definitions of Bronco Financed Lease and Bronco Financed Property.  Article 1 of Amended Lease No. 4 is amended by adding the following definitions as Sections 1.101 and 1.102 immediately following Section 1.100:

 

1.101                 “Bronco Financed Leases”  shall mean, collectively, that certain Lease Agreement to be entered into between SNH/LTA SE Home Place New Bern LLC and FVE SE Home Place New Bern LLC and that certain Lease Agreement to be entered into between SNH/LTA SE McCarthy New Bern LLC and FVE SE McCarthy New Bern LLC, as either of them may be amended, restated or otherwise modified from time to time.

 

1.102                 “Bronco Financed Property”  shall mean each “Leased Property”, as defined therein, under the Bronco Financed Leases, including, without limitation, the senior living facility known as Home Place of New Bern and located at 1309 McCarthy Boulevard, New Bern, North Carolina and the senior living facility known as McCarthy Court I and located at 1321 McCarthy Boulevard, New Bern, North Carolina.

 

3.                                       Leased Property.  Section 2.1 of Amended Lease No. 4 is amended by deleting subsection (a) therefrom in its entirety and replacing it with the following:

 

(a)                                  those certain tracts, pieces and parcels of land as more particularly described on Exhibits A-1 through A-27 attached hereto and made a part hereof (the “Land”).

 

4.                                       Events of Default.  Section 12.1 of Amended Lease No. 4 is amended be adding the new subsection (l) thereto immediately following Section 12.1(k):

 

(l)                                     should there occur an “Event of Default”, as defined therein, under either of the Bronco Financed Leases;

 

5.                                       Addition of Properties.  Article 23 of Amended Lease No. 4 is amended by adding the following new Section 23.18 immediately following Section 23.17:

 

23.18  Addition of Properties.  Landlord and Tenant expressly acknowledge and agree that, effective automatically upon the release of any Bronco Financed Property from the financing which is secured by the same, such Bronco Financed Property shall be added to and demised under this Agreement in accordance with the terms and conditions hereof, the Minimum Rent payable hereunder shall be increased by an amount equal to the Minimum Rent payable under the applicable Bronco Financed Lease with respect to such Bronco Financed Property, and the Additional Rent payable hereunder shall be increased by the Additional Rent payable under the applicable Bronco Financed Lease with respect to such Bronco Financed Property.  The addition of any such Bronco Financed Property in accordance with the terms hereof shall be automatic without any requirement that Landlord or Tenant take any action or execute any document, instrument, amendment or confirmation with respect thereto.  Notwithstanding the foregoing, Landlord and Tenant shall execute and deliver such documents, instruments,

 

2

 

agreements and confirmations as the other party shall reasonably request with respect to the foregoing.

 

6.                                       Schedule 1.  Schedule 1 to Amended Lease No. 4 is deleted in its entirety and replaced with Schedule 1 attached hereto.

 

7.                                       Exhibit A.  Exhibit A to Amended Lease No. 4 is amended by adding Exhibit A-27 attached hereto immediately following Exhibit A-26 to Amended Lease No. 4.

 

8.                                       Ratification.  As amended hereby, Amended Lease No. 4 is hereby ratified and confirmed.

 

3

 

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

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    
	
 
    	
SNH   SOMERFORD PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SNH   NS PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SNH/LTA   PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SPTIHS   PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
SNH   CHS PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    

 

4

 

	
 
    	
SNH/LTA   PROPERTIES GA LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CCOP   SENIOR LIVING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FIVE   STAR QUALITY CARE TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FIVE   STAR QUALITY CARE -
    
	
 
    	
NS   TENANT, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FS   TENANT HOLDING COMPANY TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Travis K. Smith
    
	
 
    	
 
    	
Travis K. Smith
    
	
 
    	
 
    	
Vice President
    

 

5

 

EXHIBIT A-27

 

McCarthy Court II

1325 McCarthy Boulevard

New Bern, North Carolina

 

(See attached copy.)

 

 

MCCARTHY COURT II

 

Legal Description

 

Lying and being situate in Craven County, North Carolina, and being more particularly described as follows:

 

FEE TRACT:

Being all of 2.124 ACRES, as shown on that plat entitled “RESURVEY OF 2.124 ACRE PARCEL MCCARTHY BOULEVARD-NEW BERN FOR MCCARTHY COURT II, LLC”, according to the plat thereof, recorded in PLAT CABINET H, SLIDE 49-B, in the office of the Register of Deeds of Craven County, North Carolina.

 

EASEMENT TRACT APPURTENANT TO FEE TRACT:

TOGETHER WITH all property easement rights and benefits contained in that Amended and Restated Declaration of Rights, Restrictions and Easements recorded May 23, 2008, in Book 2727, Page 164, Craven County Registry.

 

 

SCHEDULE 1

 

PROPERTY-SPECIFIC INFORMATION

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross Revenues
   (Calendar Year)
    	
 
    	
Base Gross Revenues
   (Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    	
 
    
	
A-1
    	
 
    	
Somerford   Place - Stockton

3530   Deer Park Drive

Stockton,   CA  95219
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-2
    	
 
    	
La   Villa Grande Care Center

2501   Little Bookcliff Drive

Grand   Junction, CO  81501
    	
 
    	
2005
    	
 
    	
$
    	
5,205,189
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-3
    	
 
    	
Court   at Palm-Aire

2701   North Course Drive

Pompano   Beach, FL  33069
    	
 
    	
2007
    	
 
    	
$
    	
12,992,201
    	
 
    	
09/01/2006
    	
 
    	
8.25
    	
%
    
	
A-4
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-5
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-6
    	
 
    	
Northlake   Gardens

1300   Montreal Road

Tucker,   GA  30084
    	
 
    	
2006
    	
 
    	
$
    	
2,240,421
    	
 
    	
06/03/2005
    	
 
    	
9
    	
%
    
	
A-7
    	
 
    	
Westridge   Quality

Care &   Rehabilitation

600   Manor Drive

Clarinda, IA  51632
    	
 
    	
2005
    	
 
    	
$
    	
2,933,641
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-8
    	
 
    	
Brenden   Gardens

900   Southwind Road

Springfield, IL  62703
    	
 
    	
2007
    	
 
    	
$
    	
1,802,414
    	
 
    	
09/01/2006
    	
 
    	
8.25
    	
%
    
	
A-9
    	
 
    	
Overland   Park Place

6555   West 75th Street

Overland   Park, KS  66204
    	
 
    	
2005
    	
 
    	
$
    	
2,539,735
    	
 
    	
10/25/2002
    	
 
    	
10
    	
%
    
	
A-10
    	
 
    	
Morningside   of Mayfield

1517   West Broadway

Mayfield,   KY  42066
    	
 
    	
2006
    	
 
    	
$
    	
1,197,256
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-11
    	
 
    	
The   Neighborhood of Somerset

100   Neighborly Drive

Somerset,   KY  42503
    	
 
    	
2007
    	
 
    	
$
    	
1,893,629
    	
 
    	
11/05/2006
    	
 
    	
8.25
    	
%
    
	
A-12
    	
 
    	
Centennial   Park Retirement Village

510   Centennial Circle

North   Platte, NE  69101
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
02/17/2008
    	
 
    	
8
    	
%
    
	
A-13
    	
 
    	
Westgate   Assisted Living

3030   South 80th Street

Omaha,   NE  68124
    	
 
    	
2006
    	
 
    	
$
    	
2,210,173
    	
 
    	
06/03/2005
    	
 
    	
9
    	
%
    
	
A-14
    	
 
    	
NewSeasons   at Cherry Hill

490   Cooper Landing Road

Cherry   Hill, NJ  08002*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-15
    	
 
    	
NewSeasons   at Mount Arlington

2   Hillside Drive

Mount   Arlington, NJ  07856*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-16
    	
 
    	
NewSeasons   at New Britain

800   Manor Drive

Chalfont,   PA  18914*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-17
    	
 
    	
NewSeasons   at Clarks Summit

950   Morgan Highway

Clarks   Summit, PA  18411*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-18
    	
 
    	
NewSeasons   at Exton

600   North Pottstown Pike

Exton,   PA  19341*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross Revenues
   (Calendar Year)
    	
 
    	
Base Gross Revenues
   (Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    	
 
    
	
A-19
    	
 
    	
NewSeasons   at Glen Mills (Concordville)

242   Baltimore Pike

Glen   Mills, PA  19342*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-20
    	
 
    	
NewSeasons   at Tiffany Court

700   Northampton Street

Kingston,   PA  18704*
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
12/29/2003
    	
 
    	
10
    	
%
    
	
A-21
    	
 
    	
Morningside   of Greenwood

116   Enterprise Court

Greenwood,   SC  29649
    	
 
    	
2006
    	
 
    	
$
    	
1,322,836
    	
 
    	
06/03/2005
    	
 
    	
9
    	
%
    
	
A-22
    	
 
    	
Montevista   at Coronado

1575   Belvidere Street

El   Paso, TX  79912
    	
 
    	
2005
    	
 
    	
$
    	
8,149,609
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-23
    	
 
    	
Dominion   Village at Poquoson

531   Wythe Creek Road

Poquoson,   VA  23662
    	
 
    	
2005
    	
 
    	
$
    	
1,359,832
    	
 
    	
5/30/2003
    	
 
    	
10
    	
%
    
	
A-24
    	
 
    	
Morningside   in the West End

3000   Skipwith Road

Richmond,   VA  23294
    	
 
    	
2006
    	
 
    	
$
    	
3,792,363
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-25
    	
 
    	
Worland   Healthcare &

Rehabilitation   Center

1901   Howell Avenue

Worland,   WY  82401
    	
 
    	
2005
    	
 
    	
$
    	
3,756,035
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-26
    	
 
    	
Brandon   Woods at Alvamar

1501 Inverness Drive

Lawrence, KS 66047
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
10/01/2009
    	
 
    	
8.75
    	
%
    
	
A-27
    	
 
    	
McCarthy   Court II

1325   McCarthy Boulevard

New   Bern, North Carolina
    	
 
    	
2012
    	
 
    	
N/A
    	
 
    	
06/20/2011
    	
 
    	
7.5
    	
%
    

 

“*” indicates New Seasons Property

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