Document:

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                                                                    EXHIBIT 10.2

                                December 31, 2002

Mr. Alan B. Miller
President
UHS of Delaware, Inc.
367 South Gulph Road
King of Prussia, PA 19406

Dear Alan:

         The Board of Trustees of Universal Health Realty Income Trust, at their
December 2, 2002 meeting, authorized the renewal of the current Advisory
Agreement between the Trust and UHS of Delaware, Inc. ("Agreement") upon the
same terms and conditions.

         This letter constitutes the Trust's offer to renew the Agreement, until
December 31, 2003, upon the same terms and conditions. Please acknowledge UHS of
Delaware's acceptance of this offer by signing in the space provided below and
returning one copy of this letter to me.

                                                 Sincerely,

                                                 /s/ Kirk E. Gorman

                                                 Kirk E. Gorman
                                                 President and Secretary

cc:   Warren J. Nimetz, Esq.
      Charles Boyle

Agreed to and Accepted:

UHS OF DELAWARE, INC.

By:   /s/ Alan B. Miller
    --------------------------------------------
      Alan B. Miller, President<PAGE>

                                                                   EXHIBIT 10.16

                               AMENDMENT TO LEASE

         THIS AMENDMENT (the "Amendment"), dated as of the 1/st/ day of July,
2002, between Universal Health Realty Income Trust ("Lessor"), a Maryland real
estate investment trust having an address at 367 South Gulph Road, King of
Prussia, Pennsylvania 19406, and Universal Health Services of Rancho Springs,
Inc. ("Lessee"), a California corporation having an address at 367 South Gulph
Road, King of Prussia, Pennsylvania 19406, which is a subsidiary of Universal
Health Services, Inc., a Delaware corporation.

                               W I T N E S S E T H

         WHEREAS, by Lease, dated as of December 24, 1986, as the same
heretofore has been amended (said Lease, as amended, is hereinafter referred to
as the "Lease"), certain premises (the "Leased Property"), as therein described,
are now leased and demised by Lessor to Lessee, as successor by merger to Inland
Valley Medical Center, Inc. (f/k/a Universal Health Services of Mission Valley,
Inc.); and

         WHEREAS, Lessee also has an interest in that certain facility in
Murrieta, California, commonly referred to as the Rancho Springs Medical Center
(the "Medical Center"); and

         WHEREAS, for operational, administrative, reimbursement and other
purposes, Lessee desires to combine the operations of the Leased Property and
the Medical Center for bookkeeping purposes, and as a result of such
combination, the accounts will not distinguish between gross revenues generated
by the Leased Property and gross revenues generated by the Medical Center; and

         WHEREAS, Lessee has requested that Lessor modify certain provisions of
the Lease and Lessor has agreed to do so subject to and in accordance with the
terms and provisions of this Amendment; and

         WHEREAS, the parties hereto mutually desire to amend the Lease as
herein set forth, and are executing and delivering this Amendment for such
purpose;

         NOW, THEREFORE, the parties hereto, in consideration of the terms and
conditions herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, hereby amend the Lease
as follows.

         1.     Amendment. Notwithstanding anything to the contrary contained in
the Lease, effective on and after July 1, 2002,

                (a) the defined term "Excess Gross Revenues" in Article II of
         the Master Lease shall be restated in its entirety to read as follows:

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                  "Excess Gross Revenues: The amount by which (i) (y) with
                  respect to any measuring period to the extent occurring prior
                  to July 1, 2002, One Hundred (100%) percent of Gross Revenues
                  for such measuring period and (z) with respect to any
                  measuring period to the extent occurring on or after July 1,
                  2002, Fifty-two and 3/10 (52.3%) percent of Gross Revenues for
                  such measuring period exceeds (ii) the Gross Revenues for the
                  equivalent period of the Base Year."

                  (b) for the purpose of determining Gross Revenues with respect
         to any measuring period to the extent occurring on or after July 1,
         2002 and not encompassing all or any portion of the Base Year, the
         defined term "Gross Revenues" in Article II of the Master Lease is
         amended by adding the words "and the Medical Center" immediately after
         "Leased Property" in all instances where the term "Leased Property"
         occurs in the first sentence of the first paragraph thereof.

                  (c) for the purpose of determining Gross Revenues with respect
         to any measuring period to the extent occurring on or after July 1,
         2002 and not encompassing all or any portion of the Base Year, the
         defined term "Gross Revenues" in Article II of the Master Lease is
         amended by adding the words "or the Medical Center" immediately after
         "Leased Property" in all instances where the term "Leased Property"
         occurs in the first sentence of the second paragraph thereof.

         2. Negotiation. If Lessee shall, in its sole discretion, elect to
construct an additional hospital within a twenty-five mile radius of the Leased
Property or the Medical Center, Lessor and Lessee shall, for a period of thirty
(30) days after notice of such election is given to Lessor, negotiate in good
faith for the modification of the Lease if and to the extent necessary to
reflect any reasonably anticipated impact on the calculation of Additional Rent
described in clause (b) of Section 3.1 of the Master Lease and the Fair Market
Value of the Leased Property for all purposes under the Lease resulting from the
complete transfer of a particular type of medical services by Lessee out of the
Leased Property and/or the Medical Center to such new hospital (such as the
transfer of all OB/GYN services to a new hospital). Lessee shall not be
prohibited from making such transfer during the period of negotiation, but any
adjustment pursuant to this paragraph shall be retroactive to the date of
transfer.

         3. Brokerage. Lessee represents that it has not dealt with a broker or
finder in connection with this Amendment. Lessee shall indemnify, defend (with
legal counsel reasonably acceptable to Lessor) and save harmless Lessor from and
against all liability, claims, suits, demands, judgments, costs, interest and
expenses (including, without limitation, reasonable counsel fees and
disbursements incurred in the defense thereof) to which Lessor may be subject or
suffer by reason of any claim made for any commission, reimbursement or other
compensation arising from or as a result of the execution and delivery of this
Amendment.

         4. Full Force and Effect. The Lease, as hereby amended, shall remain in
full force and effect according to its terms and conditions.

         5. Defined Terms. All terms used but not defined in this Amendment
shall, for the purposes hereof, have the respective meanings ascribed to such
terms in the Lease.

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         6. Successors and Assigns. The covenants, agreements, terms and
conditions contained in this Amendment shall bind and inure to the benefit of
the parties hereto and their respective successors and assigns.

         7. Amendments in Writing. This Amendment may not be changed orally, but
only by a writing signed by the party against whom enforcement thereof is
sought.

         8. Effectiveness. This Amendment shall not be binding in any respect
upon Lessor until a counterpart hereof is executed by Lessor and delivered to
Lessee.

                                       3

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         IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment as of the day and year first above written.

                                         UNIVERSAL HEALTH REALTY INCOME
                                         TRUST

                                         By:   /s/ Kirk E. Gorman
                                            ------------------------------
                                         Name:  Kirk E. Gorman
                                         Title: President

                                         UNIVERSAL HEALTH SERVICES OF
                                         RANCHO SPRINGS, INC.

                                         By:    /s/ Steve Filton
                                            -------------------------------
                                         Name:  Steve Filton
                                         Title: Vice President

                                        4Investment Advisory Agreement

INVESTMENT ADVISORY AGREEMENT 
BETWEEN 
THE MUTUAL LIFE INSURANCE COMPANY OF
NEW YORK 
AND 
MONY LIFE INSURANCE COMPANY OF AMERICA 
 
AGREEMENT made this lst day of January, 1982, by and between THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK, a mutual life insurance company, organized and existing under the laws of the State of New York (“MONY”)
and MONY LIFE INSURANCE COMPANY OF AMERICA, a corporation organized and existing under the laws of the State of Arizona (“MONYAMA”): 
 
WHEREAS, MONYAMA is a wholly-owned subsidiary of MONY organized to transact the business of life insurance; and 
 
WHEREAS, the investment of MONYAMA’s assets is an
important and necessary part of its business operations; and 
 
WHEREAS, MONY has a direct interest in assuring that such investment activities and operations of MONYAMA are successful; and 
 
WHEREAS, MONY has substantial experience in managing investment portfolios commonly held by insurance companies and in providing related
administrative functions, and has available the necessary personnel, advisory and research functions; and 
 
WHEREAS, MONYAMA desires to retain MONY to render certain of such services to MONYAMA in the manner and on the terms and conditions
hereinafter set forth: 
 
NOW, THEREFORE, this
Agreement 
 
WITNESSETH: 

that for and in consideration of the mutual promises hereinafter set forth, the parties hereto agree as
follows: 
 
1.  MONY shall assist
MONYAMA in establishing and periodically reviewing MONYAMA’s general long and short term investment goals, and, as part of such duty, shall recommend to MONYAMA, subject to applicable law, what portion of the assets of MONYAMA shall be invested
in common stock, real property, debt securities, mortgages and other forms of investments and how each of same shall be diversified. 
 
2.  MONY shall, to the extent reasonably required in the conduct of MONYAMA’s business, furnish to MONYAMA advice and
recommendations with respect to the purchase and sale of assets acquired for investment and the management of MONYAMA’s investment portfolio in a manner consistent with the laws of the State of Delaware and MONYAMA’s investment goals.

 
3.  MONY shall advise and recommend
to MONYAMA which investments shall be made or disposed of for MONYAMA and if authorized to do so by the Board of Directors (or the Investment Committee, if any), of MONYAMA, shall arrange for the necessary placement of orders, execution of
transactions, purchases, sales and conveyances. All commissions, taxes and regulatory fees normally payable at the time such investments are made or disposed of shall be charged against MONYAMA pursuant to paragraph 6 hereof. MONYAMA shall pay all
capital gains taxes and other taxes arising from such transactions. 
 
4.  MONY shall periodically furnish to the Investment Committee, if any, and to the Board of Directors of MONYAMA a statement of all such purchases and sales 

 

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made on behalf of MONYAMA during the period since the preceding report. Such report shall be made at least quarterly. 
 
5.  MONY’s investment advisory and other
functions under this contract shall at all times be subject to any directives of the Board of Directors and/or the Investment Committee, if any, of MONYAMA. 
 
6.  All services provided hereunder by MONY shall be provided on a cost reimbursal basis and shall be charged to MONYAMA and
paid by it pursuant to and in accordance with the terms of that certain service agreement entered into by and between the parties hereto and dated effective as of January 1, 1982, as same may be amended or revised from time to time. 
 
7.  In the event of any difference arising
hereafter between the contracting parties with reference to any transaction under this Agreement, the same shall be referred to a committee of three arbitrators, each of the contracting companies to appoint one of the arbitrators and such two
arbitrators to select the third. 
 
In the case of
disagreements as to the third member of the committee of arbitrators, each of the first two chosen shall provide one name and the appointment shall be made by drawing lots. 
 
Each party shall submit its case in writing to the committee within one month of the date of the
establishment of the committee. The committee shall be expected to give its decision in writing within one month after the final submission of the two parties. 
 

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The decision
of the majority of the three members of the committee shall be deemed to be a decision of the committee, and shall be binding upon the parties hereto. 
 
Each party shall bear the expense of its own arbitration, including its arbitrator and outside attorney fees, and shall jointly and
equally bear with the other parties to the expense of the third arbitrator. Any remaining costs of the arbitration proceedings shall be apportioned by the committee of arbitrators. 
 
Any arbitration instituted pursuant to this Article shall be held in New York, New York and the laws of the
State of New York shall govern the interpretation and application of this agreement. 
 
8.  This Agreement may be terminated at any time by either party without penalty upon 60 days written notice provided six months prior written notice is furnished to MONY’s computer
service department. 
 
This Agreement may also be
terminated immediately by MONYAMA upon written notice in the event MONYAMA cancels the Service Agreement elsewhere herein referenced between MONY and MONYAMA pursuant to the terms of paragraph 5 of said Service Agreement. 
 
9.  This Agreement supersedes and cancels any
Investment Advisory Agreement heretofore entered into by the parties. 
 
10.  This Agreement shall not be modified except by a writing executed by both parties hereto. 
 

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IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be executed on the date and year above written. 
 
 

	 THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK

	
	 By:
	 	 /s/    KIHONG
SUNG        

	 	 	 Vice President
  
  

	 MONY LIFE INSURANCE
COMPANY OF AMERICA

	
	 By:
	 	 /s/    PHILLIP
EISENBERG        

	 	 	 Vice President

 

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