Document:

Exhibit
10.1

 

FIRST AMENDMENT TO LEASE
AGREEMENT

 

THIS FIRST AMENDMENT TO LEASE
AGREEMENT (this “Amendment”) is made and entered into
as of March 17, 2008 by and among HPT
PSC Properties Trust, a Maryland real estate investment trust, and HPT PSC Properties LLC, a Maryland limited
liability company, as landlord (collectively, “Landlord”), and Petro Stopping Centers, L.P., a Delaware
limited partnership, as tenant (“Tenant”).

 

W  I  T  N  E
S  S  E  T  H:

 

WHEREAS,
pursuant to the terms of that certain Lease Agreement, dated as of May 30,
2007 (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;

 

WHEREAS,
contemporaneously herewith, Landlord has acquired the fee interest in that
portion of the Leased Property (the “Original Sparks Property”) located
at 1950 East Greg Street, Sparks, Nevada and certain additional property (the “Adjacent
Property”, and together with the Original Sparks Property, collectively,
the “Sparks Property”), and Landlord and Tenant desire to include the
Adjacent Property as part of the Leased Property;

 

WHEREAS,
contemporaneously herewith, Tenant has entered into a sublease (the “Sublease”)
with Cashell Enterprises, Inc., a Nevada corporation (“Subtenant”),
pursuant to which Tenant subleases to Subtenant and Subtenant subleases from
Tenant the portion of the Sparks Property as more particularly described
therein;

 

WHEREAS, contemporaneously herewith and
pursuant to Section 4.4 of the Lease, Tenant has assigned to
Landlord Tenant’s leasehold interest in property adjacent to the West Memphis,
Arkansas Property and the York, Nebraska Property; and

 

WHEREAS, Landlord and Tenant wish to amend
the Lease, subject to the terms and conditions of this Amendment;

 

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 as follows:

 

 

1.             Exhibits.
 Effective as of the date hereof, Exhibits A-5,
A-17 and A-19 of the Lease are hereby deleted in their entirety
and replaced with Exhibits A-5, A-17 and A-19 attached
hereto and made a part hereof.

 

2.             Definition
of Minimum Rent.  Effective as of the
date hereof, the definition for the term “Minimum Rent” set forth in
Section 1.67 of the Lease is hereby deleted in its entirety and replaced
with the following:

 

“Minimum
Rent”  shall mean
the sum of Sixty-Six Million One Hundred Seventy-Six Thousand Five Hundred and
Twenty-Six Dollars ($66,176,526) per annum; subject, in each case, to
adjustment as provided in Section 3.1.1(b).

 

3.             Ground
Leases.  Effective as of the date
hereof, Section 4.4 of the Lease is hereby amended by deleting the
last sentence thereof in its entirety.

 

4.             Sublease
Allowance.  If, pursuant to
Section 5.1.1(b) of the Sublease, Tenant is required to provide
Subtenant with all or any portion of the Allowance (as defined in the
Sublease), Tenant may, at its election, advance such funds or give Landlord
Notice thereof. Such Notice shall set forth, in reasonable detail, such Capital
Addition to be funded by the Allowance and Tenant shall provide Landlord with
appropriate invoices and such other documentation and information as Landlord
shall reasonably request each time Tenant requests a disbursement of the
Allowance. Provided that no Event of Default shall have occurred and be continuing
and Tenant shall otherwise be in compliance with the applicable provisions of Article 6
of the Lease, Landlord shall, within ten (10) Business Days after such
Notice, disburse such required funds to Tenant (or, if Tenant shall so elect,
directly to Subtenant) and, upon such disbursement, the Minimum Rent shall be
adjusted as provided in Section 3.1.1(b).

 

5.             Termination
of Sublease.  Tenant acknowledges
that, regardless of cause, any termination of the Sublease pursuant to
Section 19.4 thereof shall not affect the parties’ obligations under the
Lease.

 

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

 

2

 

IN WITNESS WHEREOF,
Landlord and Tenant have caused this Amendment to be duly executed, as a sealed
instrument, as of the date first set forth above.

 

	
   

  	
   

  	
  LANDLORD:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HPT PSC
  PROPERTIES TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/John G.
  Murray

  
	
   

  	
   

  	
   

  	
  John G. Murray

  
	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  HPT PSC
  PROPERTIES LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/John G. Murray

  
	
   

  	
   

  	
   

  	
  John G. Murray

  
	
   

  	
   

  	
   

  	
  President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  TENANT:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PETRO
  STOPPING CENTERS, L.P.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/Thomas M.
  O’Brien

  
	
   

  	
   

  	
   

  	
  Thomas M.
  O’Brien

  
	
   

  	
   

  	
   

  	
  President

  

 

3

 

Exhibit A-5

 

 

Exhibit A-17

 

 

Exhibit A-19

 

Certain Exhibits to this agreement have been omitted. The Company
agrees to furnish supplementally copies of any of the omitted Exhibits to the
Securities and Exchange Commission upon request.Exhibit 10.4

 

SIXTEENTH
AMENDMENT TO SECOND AMENDED

AND RESTATED LEASE AGREEMENT

 

THIS
SIXTEENTH AMENDMENT TO SECOND AMENDED AND RESTATED LEASE AGREEMENT is made and entered into as of March 1,
2008 by and among (i) each of the parties identified on the signature page hereof
as a landlord, as landlord (collectively, “Landlord”), and (ii) FIVE STAR QUALITY CARE TRUST, a Maryland business trust, as
tenant (“Tenant”).

 

W
I  T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the terms of that certain
Second Amended and Restated Lease Agreement, dated as of November 19,
2004, as amended by that certain First Amendment of Lease, dated as of May 17,
2005, that certain Second Amendment to Second Amended and Restated Lease
Agreement, dated as of June 3, 2005, that certain Third Amendment to
Second Amended and Restated Lease Agreement, dated as of October 31, 2005,
that certain other Third Amendment to Second Amended and Restated Lease
Agreement, dated as of December 30, 2005, that certain Letter Agreement,
dated as of March 13, 2006, that certain Fifth Amendment to Second Amended
and Restated Lease Agreement, dated as of September 1, 2006, that certain
Sixth Amendment to Second Amended and Restated Lease Agreement, dated as of October 1,
2006, that certain Seventh Amendment to Second Amended and Restated Lease
Agreement, dated as of October 1, 2006, that certain Eighth Amendment to
Second Amended and Restated Lease, dated as of November 1, 2006, that
certain Ninth Amendment to Second Amended and Restated Lease, dated as of November 1,
2006, that certain Tenth Amendment to Second Amended and Restated Lease
Agreement, dated as of November 6, 2006 (effective as of November 5,
2006), that certain Eleventh Amendment to Second Amended and Restated Lease
Agreement, dated as of December 22, 2006, that certain Twelfth Amendment
to Second Amended and Restated Lease Agreement, dated as of January 1,
2007, that certain Thirteenth Amendment to Second Amended and Restated Lease
Agreement, dated as of January 4, 2008, that certain Fourteenth Amendment
to Second Amended and Restated Lease Agreement, dated as of February 7,
2008, and that certain Fifteenth Amendment to Second and Restated Lease
Agreement, dated as of February 17, 2008 (as so amended, the “Consolidated
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 Consolidated Lease), all as more particularly described in the
Consolidated Lease; and

 

WHEREAS, on or about the date hereof, SNH CHS Properties Trust has acquired
certain real property and related improvements known as Wellstead of Rogers and
located at 20600 S. Diamond Lake Road, Rogers, Minnesota, as more particularly
described on Exhibit A-107 attached hereto (the “Wellstead
Property”); and

 

WHEREAS, SNH CHS Properties Trust, the other entities
comprising Landlord and Tenant wish to amend the Consolidated Lease to include
the Wellstead 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 as follows:

 

1.             Definition of Base Year.  The definition of the term “Base Year” set
forth in Section 1.9 of the Consolidated Lease is hereby deleted in its
entirety and replaced with the following:

 

“Base
Year” shall
mean (i) with respect to the Existing Properties, the 2005 calendar year, (ii) with
respect to the Additional Properties, the 2006 calendar year, (iii) with
respect to the Hermitage/Marsh View/Somerset/Walking Horse and the Holiday
Properties, other than the Buena Vida Property, the 2007 calendar year, (iv) with
respect to the Buena Vida Property, the 2008 calendar year, and (v) with
respect to the Heritage Properties, the Meadowmere Properties, the Centennial
Property and the Wellstead Property, the 2009 calendar year.

 

2.             Definition of Disbursement Rate.  The definition of the term “Disbursement Rate”
set forth in Section 1.23 of the Consolidated Lease is hereby deleted in
its entirety and replaced with the following:

 

“Disbursement
Rate” shall
mean (a) with respect to all of the Properties other than the
Hermitage/Marsh View/Somerset/Walking Horse Properties, the Holiday Properties,
the Meadowmere Properties, the Heritage Properties, the Centennial Property and
the Wellstead Property, an annual rate of interest, as of the date of
determination, equal to the greater of (i) the Interest Rate, and (ii) the
per annum rate for ten 

 

2

 

(10) year
U.S. Treasury Obligations as published in The Wall Street Journal plus
four hundred (400) basis points and (b) with respect to the
Hermitage/Marsh View/Somerset/Walking Horse Properties, the Holiday Properties,
the Meadowmere Properties, the Heritage Properties, the Centennial Property and
the Wellstead Property, an annual rate of interest, as of the date of
determination, equal to the greater of (i) the Interest Rate, and (ii) the
per annum rate for ten (10) year U.S. Treasury Obligations as published in
The Wall Street Journal plus three hundred twenty-five (325) basis
points; provided, however, that in no event shall the
Disbursement Rate exceed eleven and one-half percent (11.5%).

 

3.             Definition of Interest Rate.  The definition of the term “Interest Rate”
set forth in Section 1.54 of the Consolidated Lease is hereby deleted in
its entirety and replaced with the following:

 

“Interest
Rate” shall
mean, (i) with respect to the Existing Properties, ten percent (10%) per
annum, (ii) with respect to the Additional Properties, nine percent (9%)
per annum, (iii) with respect to the Hermitage/Marsh View/Somerset/Walking
Horse Properties and the Holiday Properties, eight and one quarter percent
(8.25%) per annum, and (iv) with respect to the Meadowmere Properties, the
Heritage Properties, the Centennial Property and the Wellstead Property, eight
percent (8%) per annum.

 

4.             Definition of Minimum Rent.  The definition for the term “Minimum Rent”
set forth in Section 1.69 of the Consolidated Lease is hereby deleted in
its entirety and replaced with the following:

 

“Minimum
Rent” shall
mean the sum of $52,985,853.00 per annum.

 

5.             Definition of Wellstead Property.  The following new definition for the term “Wellstead
Property” is hereby added to the Consolidated Lease as a new section 1.107:

 

“Wellstead
Property” shall
mean the Property located on the Land described on Exhibit A-107
attached hereto.

 

6.             Leased Property.  Section 2.1 of the Consolidated Lease is
hereby amended by deleting subsection (a) in its entirety and replacing it
with the following:

 

3

 

(a)           those certain tracts, pieces and
parcels of land as more particularly described in Exhibits A-1 through A-107
attached hereto and made a part hereof (the “Land”).

 

8.             Development Agreement.  Section 3.1.3(a) of the
Consolidated Lease is hereby amended by adding the following new paragraph at
the end thereof:

 

“Reference is made
to that certain Development Agreement, dated as of 2003, between the City of
Rogers, Minnesota (the “City of Rogers”) and SNH CHS Properties Trust,
as successor by assignment from Dignified Assisted Living, Inc. (the “Development
Agreement”).  Notwithstanding anything
contained in this Lease to the contrary, the Impositions payable by Tenant
hereunder shall not include any of the Tax Increments described in the
Development Agreement.  So long as the
Development Agreement remains outstanding, (i) SNH CHS Properties Trust
shall pay all of the Tax Increments directly to the City of Rogers under the
Development Agreement; (ii) SNH CHS Properties Trust shall be entitled to
receive any portion of the Reimbursement Amount (as described in the
Development Agreement) paid by the City of Rogers under the Development
Agreement, and (iii) Tenant shall pay to Landlord the fixed amount of
$15,000 per year.”

 

9.             Exhibit A.  Exhibit A to the Consolidated Lease is
hereby amended by adding Exhibit A-107 attached hereto following Exhibit A-106
to the Consolidated Lease.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

4

 

IN
WITNESS WHEREOF,
Landlord and Tenant have caused this Sixteenth Amendment to Second Amended and
Restated Lease Agreement to be duly executed, as a sealed instrument, as of the
date first set forth above.

 

	
   

  	
  LANDLORD:

   

  ELLICOTT CITY LAND I LLC,
  ELLICOTT CITY LAND II LLC, HRES2 PROPERTIES TRUST, SNH CHS PROPERTIES TRUST, SPTIHS
  PROPERTIES TRUST, SPT-MICHIGAN TRUST, SPTMNR PROPERTIES TRUST, SNH/LTA
  PROPERTIES TRUST, and SNH/LTA PROPERTIES GA LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
      /s/
  David J. Hegarty

  
	
   

  	
   

  	
  David J. Hegarty

  
	
   

  	
   

  	
  President, Chief
  Operating

  Officer and Secretary

  
	
   

  	
   

  	
  of each of the
  foregoing

  entities

  
	
   

  	
   

  
	
   

  	
  TENANT:

  
	
   

  	
   

  
	
   

  	
  FIVE STAR QUALITY CARE TRUST

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
       /s/
  Bruce J. Mackey, Jr.

  
	
   

  	
   

  	
  Bruce J.
  Mackey, Jr.

  
	
   

  	
   

  	
  Treasurer, Chief
  Financial

  
	
   

  	
   

  	
  Officer and Assistant

  
	
   

  	
   

  	
  Secretary

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