Document:

Exhibit 10.2

 

PARTIAL TERMINATION OF AND SIXTH AMENDMENT TO
 AMENDED AND RESTATED MASTER LEASE AGREEMENT
 (LEASE NO. 1)

 

THIS PARTIAL TERMINATION OF AND SIXTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 1) (this “Amendment”) is made and entered into as of June 1, 2011 by and among each of the parties identified on the signature pages hereof as a landlord (collectively, “Landlord”) and FIVE STAR QUALITY CARE TRUST, a Maryland business trust (“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. 1), 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. 1), dated as of October 1, 2009, that certain Second Amendment to Amended and Restated Master Lease Agreement (Lease No. 1), dated as of November 17, 2009, that certain Third Amendment to Amended and Restated Master Lease Agreement (Lease No. 1), dated as of December 10, 2009, that certain Partial Termination of and Fourth Amendment to Amended and Restated Master Lease Agreement (Lease No. 1), dated as of August 1, 2010, and that certain Fifth Amendment to Amended and Restated Master Lease Agreement (Lease No. 1), dated as of May 1, 2011 (as so amended, “Amended Lease No. 1”), 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. 1), all as more particularly described in Amended Lease No. 1; and

 

WHEREAS, on or about May 6, 2011, SNH/LTA Properties Trust sold a portion of the Leased Property consisting of the real property and related improvements known as Rolling Hills Manor and located at 600 Newport Drive, Pittsburgh, Pennsylvania and more particularly described on Exhibit A-39 to Amended Lease No. 1 (the “Rolling Hills Property”); and

 

WHEREAS, on or about the date hereof, SPTIHS Properties Trust is selling a portion of the Leased Property consisting of the real property and related improvements known as the College Park Healthcare Center located at 1765 Temple Avenue, College Park, Georgia and more particularly described on Exhibit A-14 to Amended Lease No. 1 (the “College Park Property”); and

 

 

WHEREAS, in connection with the sales of the Rolling Hills Property and the College Park Property, SPTIHS Properties Trust, SNH/LTA Properties Trust, the other entities comprising Landlord and Tenant wish to amend Amended Lease No. 1 to terminate Amended Lease No. 1 with respect to the Rolling Hills Property and the College Park 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. 1 is hereby amended as follows:

 

1.                                       Partial Termination of Lease.  Amended Lease No. 1 is terminated with respect to the Rolling Hills Property and the College Park Property and neither Landlord nor Tenant shall have any further rights or liabilities thereunder with respect to the Rolling Hills Property from and after May 6, 2011 or with respect to the College Park Property from and after the date hereof, except for those rights and liabilities which by their terms survive the termination of Amended Lease No. 1.

 

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

 

“Minimum Rent”  shall mean the sum of Fifty-Three Million, One Hundred Fifty-Six Thousand, Four Hundred Sixty-Four and 00/100 Dollars ($53,156,464.00) per annum.

 

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

 

4.                                       Exhibit A.  Exhibit A to Amended Lease No. 1 is amended by deleting the text of Exhibit A-14 and Exhibit A-39 attached thereto in their entirety and replacing them with “Intentionally Deleted.”

 

5.                                       Ratification.  As amended hereby, Amended Lease No. 1 is ratified and confirmed.

 

[Remainder of page intentionally left blank;

signature pages follow]

 

2

 

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
    
	
 
    	
 
    
	
 
    	
SPTMNR   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
    
	
 
    	
 
    
	
 
    	
SNH/LTA   PROPERTIES GA LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    

 

3

 

	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
FIVE   STAR QUALITY CARE TRUST
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bruce J. Mackey Jr.
    
	
 
    	
 
    	
Bruce J. Mackey Jr.
    
	
 
    	
 
    	
President
    

 

4

 

SCHEDULE 1

 

PROPERTY-SPECIFIC INFORMATION

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross 
   Revenues

(Calendar 
   Year)
    	
 
    	
Base Gross 
   Revenues

(Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest 
   Rate
    	
 
    
	
A-1
    	
 
    	
La   Mesa Healthcare Center

2470   South Arizona Avenue

Yuma,   AZ 85364
    	
 
    	
2005
    	
 
    	
$
    	
6,333,157
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-2
    	
 
    	
SunQuest   Village of Yuma

265   East 24th Street

Yuma,   AZ 85364
    	
 
    	
2005
    	
 
    	
$
    	
543,595
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-3
    	
 
    	
Somerford   Place - Encinitas

1350   South El Camino Real

Encinitas,   CA 92024
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-4
    	
 
    	
Somerford   Place - Fresno

6075   North Marks Avenue

Fresno,   CA 93711
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-5
    	
 
    	
Lancaster   Healthcare Center

1642   West Avenue J

Lancaster,   CA 93534
    	
 
    	
2005
    	
 
    	
$
    	
6,698,648
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-6
    	
 
    	
Somerford   Place — Redlands

1319   Brookside Avenue

Redlands,   CA 92373 
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-7
    	
 
    	
Somerford   Place - Roseville

110   Sterling Court

Roseville,   CA 95661
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-8
    	
 
    	
Leisure   Pointe

1371   Parkside Drive

San   Bernardino, CA 92404
    	
 
    	
2007
    	
 
    	
$
    	
1,936,220
    	
 
    	
09/01/2006
    	
 
    	
8.25
    	
%
    
	
A-9
    	
 
    	
Van   Nuys Health Care Center

6835   Hazeltine Street

Van   Nuys, CA 91405
    	
 
    	
2005
    	
 
    	
$
    	
3,626,353
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-10
    	
 
    	
Mantey   Heights 
   Rehabilitation & Care Center

2825   Patterson Road

Grand   Junction, CO 81506
    	
 
    	
2005
    	
 
    	
$
    	
5,564,949
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-11
    	
 
    	
Cherrelyn   Healthcare Center

5555   South Elati Street

Littleton,   CO 80120
    	
 
    	
2005
    	
 
    	
$
    	
12,574,200
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross 
   Revenues

(Calendar 
   Year)
    	
 
    	
Base Gross 
   Revenues

(Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest 
   Rate
    	
 
    
	
A-12
    	
 
    	
Somerford   House and Somerford Place — Newark I & II

501   South Harmony Road

and

4175   Ogletown Road

Newark,   DE 19713
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-13
    	
 
    	
Tuscany   Villa Of Naples (aka Buena Vida)

8901   Tamiami Trail East

Naples,   FL 34113
    	
 
    	
2008
    	
 
    	
$
    	
2,157,675
    	
 
    	
09/01/2006
    	
 
    	
8.25
    	
%
    
	
A-14
    	
 
    	
Intentionally   Deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-15
    	
 
    	
Morningside   of Columbus

7100   South Stadium Drive

Columbus,   GA 31909
    	
 
    	
2006
    	
 
    	
$
    	
1,381,462
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-16
    	
 
    	
Morningside   of Dalton

2470   Dug Gap Road

Dalton,   GA 30720
    	
 
    	
2006
    	
 
    	
$
    	
1,196,357
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-17
    	
 
    	
Morningside   of Evans

353   North Belair Road

Evans,   GA 30809
    	
 
    	
2006
    	
 
    	
$
    	
1,433,421
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-18
    	
 
    	
Vacant   Land Adjacent to Morningside of Macon

6191   Peake Road

Macon,   GA 31220
    	
 
    	
2006
    	
 
    	
N/A
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-19
    	
 
    	
Intentionally   Deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-20
    	
 
    	
Union   Park Health Services

2401   East 8th Street

Des   Moines, IA 50316
    	
 
    	
2005
    	
 
    	
$
    	
4,404,678
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-21
    	
 
    	
Park   Place

114   East Green Street

Glenwood, IA   51534
    	
 
    	
2005
    	
 
    	
$
    	
8,109,512
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-22
    	
 
    	
Prairie   Ridge Care & Rehabilitation

608   Prairie Street

Mediapolis, IA   52637
    	
 
    	
2005
    	
 
    	
$
    	
3,234,505
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-23
    	
 
    	
Ashwood   Place

102   Leonardwood

Frankfort,   KY 40601
    	
 
    	
2007
    	
 
    	
$
    	
1,769,726
    	
 
    	
09/01/2006
    	
 
    	
8.25
    	
%
    
	
A-24
    	
 
    	
Somerford   Place - Annapolis

2717   Riva Road

Annapolis,   MD 21401
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-25
    	
 
    	
Somerford   Place - Columbia

8220   Snowden River Parkway

Columbia,   MD 21045
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-26
    	
 
    	
Somerford   Place - Frederick

2100   Whittier Drive

Frederick,   MD 21702
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    
	
A-27
    	
 
    	
Somerford   Place - Hagerstown

10114 &   10116 
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/31/2008
    	
 
    	
8
    	
%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross 
   Revenues

(Calendar 
   Year)
    	
 
    	
Base Gross 
   Revenues

(Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest 
   Rate
    	
 
    
	
 
    	
 
    	
Sharpsburg   Pike

Hagerstown,   MD 21740
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
A-28
    	
 
    	
The   Wellstead of Rogers

20500   and 20600

South   Diamond Lake Road

Rogers,   MN 55374
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
03/01/2008
    	
 
    	
8
    	
%
    
	
A-29
    	
 
    	
Arbor   View Healthcare & Rehabilitation (aka Beverly Manor)

1317   North 36th St

St.   Joseph, MO 64506
    	
 
    	
2005
    	
 
    	
$
    	
4,339,882
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-30
    	
 
    	
Hermitage   Gardens of Oxford

1488   Belk Boulevard

Oxford,   MS 38655
    	
 
    	
2007
    	
 
    	
$
    	
1,816,315
    	
 
    	
10/01/2006
    	
 
    	
8.25
    	
%
    
	
A-31
    	
 
    	
Hermitage   Gardens of Southaven

108   Clarington Drive

Southaven,   MS 38671
    	
 
    	
2007
    	
 
    	
$
    	
1,527,068
    	
 
    	
10/01/2006
    	
 
    	
8.25
    	
%
    
	
A-32
    	
 
    	
Ashland   Care Center

1700   Furnace Street

Ashland,   NE 68003
    	
 
    	
2005
    	
 
    	
$
    	
4,513,891
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-33
    	
 
    	
Blue   Hill Care Center

414   North Wilson Street

Blue   Hill, NE 68930
    	
 
    	
2005
    	
 
    	
$
    	
2,284,065
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-34
    	
 
    	
Central   City Care Center

2720   South 17th Avenue

Central   City, NE 68462
    	
 
    	
2005
    	
 
    	
$
    	
2,005,732
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-35
    	
 
    	
Intentionally   deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-36
    	
 
    	
Gretna   Community Living Center

700   South Highway 6

Gretna,   NE 68028
    	
 
    	
2005
    	
 
    	
$
    	
3,380,356
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-37
    	
 
    	
Sutherland   Care Center

333   Maple Street

Sutherland,   NE 69165
    	
 
    	
2005
    	
 
    	
$
    	
2,537,340
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-38
    	
 
    	
Waverly   Care Center

11041   North 137th Street

Waverly,   NE 68462
    	
 
    	
2005
    	
 
    	
$
    	
3,066,135
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-39
    	
 
    	
Intentionally   Deleted.
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-40
    	
 
    	
Ridgepointe

5301   Brownsville Road

Pittsburgh,   PA 15236
    	
 
    	
2006
    	
 
    	
$
    	
1,944,499
    	
 
    	
10/31/2005
    	
 
    	
9
    	
%
    
	
A-41
    	
 
    	
Mount   Vernon of South Park

1400   Riggs Road

South   Park, PA 15129
    	
 
    	
2006
    	
 
    	
$
    	
2,718,057
    	
 
    	
10/31/2005
    	
 
    	
9
    	
%
    
	
A-42
    	
 
    	
Morningside   of Gallatin

1085   Hartsville Pike

Gallatin,   TN 37066
    	
 
    	
2006
    	
 
    	
$
    	
1,343,801
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-43
    	
 
    	
Walking   Horse Meadows

207   Uffelman Drive

Clarksville,   TN 37043
    	
 
    	
2007
    	
 
    	
$
    	
1,471,410
    	
 
    	
01/01/2007
    	
 
    	
8.25
    	
%
    
	
A-44
    	
 
    	
Morningside   of Belmont

1710   Magnolia Boulevard

Nashville,   TN 37212
    	
 
    	
2006
    	
 
    	
$
    	
3,131,648
    	
 
    	
06/03/2005
    	
 
    	
9
    	
%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross 
   Revenues

(Calendar 
   Year)
    	
 
    	
Base Gross 
   Revenues

(Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest 
   Rate
    	
 
    
	
A-45
    	
 
    	
Dominion   Village at Chesapeake

2856   Forehand Drive

Chesapeake,   VA 23323
    	
 
    	
2005
    	
 
    	
$
    	
1,416,951
    	
 
    	
05/30/2003
    	
 
    	
10
    	
%
    
	
A-46
    	
 
    	
Dominion   Village at Williamsburg

4132   Longhill Road

Williamsburg,   VA 23188
    	
 
    	
2005
    	
 
    	
$
    	
1,692,753
    	
 
    	
05/30/2003
    	
 
    	
10
    	
%
    
	
A-47
    	
 
    	
Heartfields   at Richmond

500   North Allen Avenue

Richmond,   VA 23220
    	
 
    	
2005
    	
 
    	
$
    	
1,917,765
    	
 
    	
10/25/2002
    	
 
    	
10
    	
%
    
	
A-48
    	
 
    	
Brookfield   Rehabilitation and Specialty Care (aka Woodland Healthcare Center)

18741   West Bluemound Road

Brookfield,   WI 53045
    	
 
    	
2005
    	
 
    	
$
    	
13,028,846
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-49
    	
 
    	
Meadowmere   - 
   Southport Assisted Living

8350   and 8351 Sheridan Road

Kenosha,   WI 53143
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
01/04/2008
    	
 
    	
8
    	
%
    
	
A-50
    	
 
    	
Meadowmere   - 
   Madison Assisted Living

5601   Burke Road

Madison,   WI 53718
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
01/04/2008
    	
 
    	
8
    	
%
    
	
A-51
    	
 
    	
Sunny   Hill Health Care Center

4325   Nakoma Road

Madison,   WI 53711
    	
 
    	
2005
    	
 
    	
$
    	
3,237,633
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-52
    	
 
    	
Mitchell   Manor Senior Living

5301   West Lincoln Avenue

West   Allis, WI 53219
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
01/04/2008
    	
 
    	
8
    	
%
    
	
A-53
    	
 
    	
Laramie   Care Center

503   South 18th Street

Laramie,   WY 82070
    	
 
    	
2005
    	
 
    	
$
    	
4,473,949
    	
 
    	
12/31/2001
    	
 
    	
10
    	
%
    
	
A-54
    	
 
    	
Haven   in Highland Creek

5920   McChesney Drive Charlotte, NC 28269

 

Laurels   in Highland Creek 
   6101 Clark Creek Parkway

Charlotte,   NC  28269
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base Gross 
   Revenues

(Calendar 
   Year)
    	
 
    	
Base Gross 
   Revenues

(Dollar Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest 
   Rate
    	
 
    
	
A-55
    	
 
    	
Haven   in the Village at Carolina Place

13150   Dorman Road Pineville, NC 28134

 

Laurels   in the Village at Carolina Place

13180   Dorman Road Pineville, NC 28134
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    
	
A-56
    	
 
    	
Haven   in the Summit

3   Summit Terrace Columbia, SC 29229
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    
	
A-57
    	
 
    	
Haven   in the Village at Chanticleer 
   355 Berkmans Lane Greenville, SC 29605
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    
	
A-58
    	
 
    	
Haven   in the Texas Hill Country
   747 Alpine Drive
   Kerrville, TX 78028
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    
	
A-59
    	
 
    	
Haven   in Stone Oak 
   511 Knights Cross Drive

San   Antonio, TX 78258

 

Laurels   in Stone Oak

575   Knights Cross Drive San Antonio, TX 78258
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
11/17/2009
    	
 
    	
8.75
    	
%
    
	
A-60
    	
 
    	
Eastside Gardens
   2078 Scenic Highway North
   Snellville, Georgia 30078
    	
 
    	
2010
    	
 
    	
N/A
    	
 
    	
12/10/2009
    	
 
    	
8.75
    	
%
    
	
A-61
    	
 
    	
Crimson Pointe

7130 Crimson Ridge Drive

Rockford, Illinois 61107
    	
 
    	
2012
    	
 
    	
N/A
    	
 
    	
5/1/11
    	
 
    	
8
    	
%Exhibit 10.3

 

PARTIAL TERMINATION OF AND SECOND AMENDMENT TO
 AMENDED AND RESTATED MASTER LEASE AGREEMENT
 (LEASE NO. 4)

 

THIS PARTIAL TERMINATION OF AND SECOND AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 4) (this “Amendment”) is made and entered into as of May 1, 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 ( 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, on or about the date hereof, SPTIHS Properties Trust is selling a portion of the Leased Property consisting of the real property and related improvements known as (a) the Southland Care Center located at 606 Simmons Street, Dublin, Georgia and more particularly described on Exhibit A-4 to Amended Lease No. 4 (the “Southland Property”) and (b) the Autumn Breeze Healthcare Center, located at 1480 Sandtown Road, Marietta, Georgia and more particularly described on Exhibit A-5 to Amended Lease No. 4 (the “Autumn Breeze Property”); and

 

WHEREAS, in connection with the sale of the Southland Property and the Autumn Breeze Property, SPTIHS Properties Trust, the other entities comprising Landlord and Tenant wish to amend Amended Lease No. 4 to terminate Amended Lease No. 4 with respect to the Southland Property and the Autumn Breeze 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.             Partial Termination of Lease.  Amended Lease No. 4 is terminated with respect to the Southland Property and the Autumn Breeze Property and neither Landlord nor Tenant shall have any further rights or liabilities thereunder with respect to the Southland Property or the Autumn Breeze Property from and after the date hereof, except for those rights and liabilities which by their terms survive the termination of Amended Lease No. 4.

 

2.             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-One Million, Nine Hundred Thirty-Three Thousand, Three Hundred Sixty-Four and 60/100 Dollars ($21,933,394.60) per annum.

 

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

 

4.             Exhibit A.  Exhibit A to Amended Lease No. 4 is amended by deleting the text of each of Exhibit A-4 and Exhibit A-5 attached thereto in its entirety and replacing it with “Intentionally Deleted.”

 

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

 

[Remainder of page intentionally left blank;

signature pages follow]

 

2

 

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
    

 

3

 

	
 
    	
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/   Bruce J. Mackey Jr.
    
	
 
    	
 
    	
Bruce J. Mackey Jr.
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FIVE   STAR QUALITY CARE - NS TENANT, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bruce J. Mackey Jr.
    
	
 
    	
 
    	
Bruce J. Mackey Jr.
    
	
 
    	
 
    	
President
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
FS   TENANT HOLDING COMPANY TRUST
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bruce J. Mackey Jr.
    
	
 
    	
 
    	
Bruce J. Mackey Jr.
    
	
 
    	
 
    	
President
    

 

4

 

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
    	
%
    
	
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
    	
%
    

 

“*” indicates New Seasons Property

 

 

	
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
    	
%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00190-of-00352.parquet"}]]