Document:

Exhibit 4.1

	
 
    

 

SUPPLEMENTAL INDENTURE NO. 16

 

by and between

 

HOSPITALITY PROPERTIES TRUST

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

as of March 12, 2014

 

SUPPLEMENTAL TO THE INDENTURE DATED AS OF FEBRUARY 25, 1998

 

 

HOSPITALITY PROPERTIES TRUST

 

4.650% Senior Notes due 2024

 

	
 
    

 

 

This SUPPLEMENTAL INDENTURE NO. 16 (this “Supplemental Indenture”) made and entered into as of March 12, 2014 between HOSPITALITY PROPERTIES TRUST, a Maryland real estate investment trust (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”).

 

WITNESSETH THAT:

 

WHEREAS, the Company and the Trustee are parties to an Indenture, dated as of February 25, 1998 (the “Indenture”), relating to the Company’s issuance, from time to time, of various series of debt securities;

 

WHEREAS, the Company has determined to issue debt securities known as its 4.650% Senior Notes due 2024; and

 

WHEREAS, the Indenture provides that certain terms and conditions for each series of debt securities issued by the Company thereunder may be set forth in an indenture supplemental to the Indenture;

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

ARTICLE 1

 

DEFINED TERMS

 

Section 1.1            Terms Defined in Indenture.  Capitalized terms used herein and not defined herein have the meanings ascribed to such terms in the Indenture.

 

Section 1.2            Supplemental Definitions.  The following definitions supplement, and, to the extent inconsistent with, replace the definitions in Section 101 of the Indenture:

 

“Acquired Debt” means Debt of a Person (i) existing at the time such Person becomes a Subsidiary or (ii) assumed in connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition.  Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary.

 

“Additional Notes” has the meaning provided in Section 2.1(b) hereof.

 

“Adjusted Total Assets” has the meaning provided in clause (i) of Section 3.1(a) hereof.

 

“Annual Debt Service” as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.

 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or in the city in which the Corporate Trust Office of the Trustee is located are required or authorized to close.

 

 

“Capital Stock” means, with respect to any Person, any capital stock (including preferred stock), shares, interests, participation or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any thereof.

 

“Cash Equivalents” means demand deposits, certificates of deposit or repurchase agreements with banks or financial institutions, marketable obligations issued or directly and fully guaranteed as to timely payment by the United States of America or any of its agencies or instrumentalities, or any commercial paper or other obligation rated, at time of purchase, “P-2” or better by Moody’s or “A-2” or better by Standard & Poor’s.

 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Company and its Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (i) interest on Debt of the Company and its Subsidiaries, (ii) cash reserves made by lessees as required by the Company’s leases for periodic replacement and refurbishment of the Company’s assets, (iii) provision for taxes of the Company and its Subsidiaries based on income, (iv) amortization of debt discount and deferred financing costs, (v) provisions for gains and losses on properties and property depreciation and amortization, (vi) the effect of any noncash charge resulting from a change in accounting principles in determining Earnings from Operations for such period and (vii) amortization of deferred charges.

 

“Corporate Trust Office” means One Federal Street, 3rd Floor, Boston, Massachusetts 02110, or such other address as may be designated from time to time by the Trustee by providing written notice to the Company.

 

“Debt” of the Company or any Subsidiary means, without duplication, any indebtedness of the Company or any Subsidiary, whether or not contingent, in respect of (i) borrowed money or evidenced by bonds, notes, debentures or similar instruments, (ii) indebtedness for borrowed money secured by any Encumbrance existing on property owned by the Company or any Subsidiary, to the extent of the lesser of (x) the amount of indebtedness so secured and (y) the fair market value of the property subject to such Encumbrance, (iii) the reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued (other than letters of credit issued to provide credit enhancement or support with respect to other indebtedness of the Company or any Subsidiary otherwise reflected as Debt hereunder) or amounts representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade payable, or all conditional sale obligations or obligations under any title retention agreement, (iv) the principal amount of all obligations of the Company or any Subsidiary with respect to redemption, repayment or other repurchase of any Disqualified Stock, or (v) any lease of property by the Company or any Subsidiary as lessee which is reflected on the Company’s consolidated balance sheet as a capitalized lease in accordance with GAAP, to the extent, in the case of items of indebtedness under (i) through (iii) above, that any such items (other than letters of credit) would appear as a liability on the Company’s consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another Person (other than the

 

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Company or any Subsidiary) (it being understood that Debt shall be deemed to be incurred by the Company or any Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Depositary” has the meaning provided in Section 2.1(d) hereof.

 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for common stock or shares), (ii) is convertible into or exchangeable or exercisable for Debt or Disqualified Stock, or (iii) is redeemable at the option of the Holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for common stock or shares), in each case on or prior to the stated maturity of the Notes.

 

“Earnings from Operations” for any period means net earnings excluding gains and losses on sales of investments, extraordinary items, gains and losses from early extinguishment of debt and property valuation losses, as reflected in the financial statements of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP.

 

“Encumbrance” means any mortgage, lien, charge, pledge or security interest of any kind.

 

“Interest Payment Date” has the meaning provided in Section 2.1(e) hereof.

 

“Joint Venture Interests” means assets of the Company and its Subsidiaries constituting an equity investment in real estate assets or other properties, or in an entity holding real estate assets or other properties, jointly owned by the Company and its Subsidiaries, on the one hand, and one or more other Persons not constituting Affiliates of the Company, on the other, excluding any entity or properties (i) which is a Subsidiary or are properties if the co-ownership thereof (if in a separate entity) would constitute or would have constituted a Subsidiary, or (ii) to which, at the time of determination, the Company’s manager at such time or an Affiliate of its manager at such time provides management services.  In no event shall Joint Venture Interests include equity securities that have readily determinable fair values or any investments in debt securities, mortgages or other Debt.

 

“Make-Whole Amount” means, in connection with any optional redemption or accelerated payment of any Notes prior to September 15, 2023, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had been made on September 15, 2023, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had been made on

 

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September 15, 2023, over (ii) the aggregate principal amount of the Notes being redeemed or paid.  In the case of any redemption or accelerated payment of notes on or after September 15, 2023, the Make-Whole Amount means zero.  For purposes of this Supplemental Indenture and the Notes, references in the Indenture to the payment of the principal (and premium, if any) and interest on the Notes shall be deemed to include the payment of the Make-Whole Amount, if any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.

 

“Moody’s” means Moody’s Investors Service, Inc., together with any successor that is a nationally recognized statistical rating organization.

 

“Notes” means the Company’s 4.650% Senior Notes due 2024, issued under this Supplemental Indenture and the Indenture, as amended or supplemented from time to time.  (For the avoidance of doubt, the term “Notes” shall include any Additional Notes so issued.)

 

“Regular Record Date” has the meaning provided in Section 2.1(e) hereof.

 

“Reinvestment Rate” means a rate per annum equal to the sum of 0.30% (thirty one hundredths of one percent) plus the yield on treasury securities at constant maturity under the heading “Week Ending” published in the Statistical Release under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the notes at their maturity, shall be deemed to be September 15, 2023), as of the payment date of the principal being redeemed or paid.  If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month.  For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.

 

“Standard & Poor’s” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, together with any successor that is a nationally recognized statistical rating organization.

 

“Secured Debt” means Debt secured by any mortgage, lien, charge, pledge or security interest of any kind.

 

“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination under this Supplemental Indenture, then any publicly available source of similar market data which shall be designated by the Company.

 

“Subsidiary” means any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests of which are owned,

 

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directly or indirectly, by the Company or one or more other Subsidiaries of the Company.  For the purposes of this definition, “voting equity securities” means equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency.

 

“Total Assets” as of any date means the sum of (i) the Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries determined in accordance with GAAP (but excluding accounts receivable and intangibles).

 

“Total Unencumbered Assets” means the sum of (i) the amount of Undepreciated Real Estate Assets of the Company and its Subsidiaries not securing any portion of Secured Debt and (ii) the amount of all other assets of the Company and its Subsidiaries not securing any portion of Secured Debt determined on a consolidated basis in accordance with GAAP (but excluding accounts receivable and intangibles); provided that, in determining Total Unencumbered Assets as a percentage of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis for purposes of the covenant set forth in Section 3.1(b) of this Supplemental Indenture, Joint Venture Interests shall be excluded from Total Unencumbered Assets to the extent such Joint Venture Interests would otherwise be included therein.  If Secured Debt secured by real estate or other property or assets of the Company or its Subsidiaries (“Secondary Collateral”) is fully defeased in accordance with the terms thereof or is also secured by cash or Cash Equivalents in an amount (determined at the lesser of (i) carrying value in accordance with GAAP or (ii) fair market value) at least equal to the outstanding principal amount of such Secured Debt, such Secondary Collateral shall be deemed not to secure any portion of such Secured Debt for purposes of this definition.

 

“Undepreciated Real Estate Assets” as of any date means the cost (original cost plus capital improvements) of, real estate assets of the Company and its Subsidiaries on such date, before depreciation and amortization determined on a consolidated basis in accordance with GAAP.

 

“Unsecured Debt” means Debt which is not secured by any of the properties of the Company or any Subsidiary.

 

ARTICLE 2

 

TERMS OF THE NOTES

 

Section 2.1            Terms of the Notes.  Pursuant to Section 301 of the Indenture, the Notes shall have the following terms and conditions:

 

(a)           Title.  The Notes shall be Registered Securities under the Indenture and shall be known as the Company’s “4.650% Senior Notes due 2024.”

 

(b)           Aggregate Principal Amount.  The aggregate principal amount of Notes to be authenticated and delivered under this Supplemental Indenture shall initially be limited to $350,000,000, except as otherwise permitted by the provisions of the Indenture; provided that the Company may from time to time, without the consent of the Holders of the Notes, increase the principal amount of the Notes by issuing additional Securities in the future (the “Additional

 

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Notes”) having the same terms and ranking equally and ratably with the Notes in all respects and with the same CUSIP number as the Notes, except for the difference in the issue price and interest accrued prior to the issue date of such Additional Notes, provided that such Additional Notes constitute part of the same issue as the Notes for U.S. federal income tax purposes.  Any Additional Notes will be treated as a single series with the Notes under the Indenture and shall have the same terms as to status, redemption and otherwise as the Notes, and references herein to the Notes shall include any Additional Notes.

 

(c)           Form of Notes.  The Notes (together with the Trustee’s certificate of authentication) shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in and made a part of this Supplemental Indenture.  Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends, endorsements or changes as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of the Indenture, or as may be required by the Depositary or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed, or to conform to usage, or to indicate any special limitations or restrictions to which any particular Notes are subject.

 

(d)           Registered Securities in Book Entry Form.   The Notes shall be issuable in the form of one or more global Securities registered in the name of The Depository Trust Company’s nominee, and shall be deposited with, or on behalf of, The Depository Trust Company, New York, New York (including any successor depositary appointed hereunder, the “Depositary”).  The Notes may be surrendered for registration of transfer at the office or agency of the Company (including the Corporate Trust Office of the Trustee) maintained for such purpose, or at any other office or agency maintained by the Company for such purpose.

 

So long as the Depositary or its nominee is the registered owner of a Global Note, the Depositary or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by such Global Note for all purposes under the Indenture and this Supplemental Indenture, and the beneficial owners of the Notes will be entitled only to those rights and benefits afforded to them in accordance with the Depositary’s regular operating procedures.  Except as provided below, owners of beneficial interests in a Global Note will not be entitled to have Notes registered in their names, will not receive or be entitled to receive physical delivery of Notes in certificated form and will not be considered the registered owners or Holders thereof under the Indenture or this Supplemental Indenture.

 

If (i) the Depositary is at any time unwilling or unable to continue as depository or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act and a successor depository is not appointed by the Company within 90 days, (ii) an Event of Default relating to the Notes has occurred and is continuing and the beneficial owners representing a majority in principal amount of the Notes advise the Depository to cease acting as depository for the Notes, or (iii) the Company, in its sole discretion, determines at any time that the Notes shall no longer be represented by a Global Note, the Company will in accordance with the Indenture issue individual Notes in certificated form of the same series and like tenor and in the applicable principal amount in exchange for the Notes represented by the Global Note.  In

 

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any such instance, an owner of a beneficial interest in a Global Note will be entitled to physical delivery of individual Notes in certificated form of the same series and like tenor, equal in principal amount to such beneficial interest and to have the Notes in certificated form registered in its name.  Notes so issued in certificated form will be issued in denominations of $1,000 or any integral multiple thereof and will be issued in registered form only, without coupons.

 

(e)           Interest and Interest Rate.  The Notes will bear interest at a rate of 4.650% per annum, from March 12, 2014 (or, in the case of Additional Notes, as provided in Section 2.1(b) above), or from the immediately preceding Interest Payment Date to which interest has been paid or duly provided for, payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2014, or if such day is not a Business Day, on the next succeeding Business Day (each of which shall be an “Interest Payment Date”), to the Persons in whose names the Notes are registered in the Security Register at the close of business on the day falling 14 calendar days immediately preceding the applicable Interest Payment Date (whether or not a Business Day), as the case may be (each, a “Regular Record Date”).

 

(f)            Principal Repayment; Currency.  The stated maturity of the Notes is March 15, 2024; provided, however, the Notes may be earlier redeemed at the option of the Company as provided in paragraph (g) below.  The principal of each Note payable on its maturity date shall be paid against presentation and surrender thereof at the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public or private debts.  The Company will not pay Additional Amounts (as defined in the Indenture) on the Notes.

 

(g)           Redemption at the Option of the Company. The Notes will be subject to redemption at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security Register, at a price equal to the sum of (i) the principal amount of the Notes being redeemed, plus accrued and unpaid interest to but excluding the applicable Redemption Date, plus (ii) the Make-Whole Amount, if any (it being understood that if the notes are redeemed on or after September 15, 2023, the Make-Whole Amount equals zero).

 

(h)           Notices.  All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted by any standard form of telecommunication. Notices to the Company shall be directed to it at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, Attention: President; notices to the Trustee shall be directed to it at One Federal Street, 3rd Floor, Boston, Massachusetts 02110, Attention: Corporate Trust Department, Re: Hospitality Properties Trust 4.650% Senior Notes due 2024, or as to either party, at such other address as shall be designated by such party in a written notice to the other party.

 

(i)            Global Note Legend.  Each Global Note shall bear the following legend on the face thereto and any other appropriate legends specified in an Officers’ Certificate:

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR

 

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REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

 

ARTICLE 3

 

ADDITIONAL COVENANTS

 

Section 3.1            Additional Covenants of the Company.  In addition to the covenants of the Company set forth in Article Ten of the Indenture, for the benefit of the Holders of the Notes:

 

(a)           Limitations on Incurrence of Debt.

 

(i)            The Company will not, and will not permit any Subsidiary to, incur any Debt if, immediately after giving effect to the incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding Debt of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than 60% of the sum (“Adjusted Total Assets”) of (without duplication) (A) the Total Assets of the Company and its Subsidiaries as of the end of the calendar quarter covered in the Company’s Annual Report on Form 10-K, or the Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Securities and Exchange Commission (or, if such filing is not permitted under the Securities Exchange Act of 1934, as amended, with the Trustee) prior to the incurrence of such additional Debt and (B) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Debt.

 

(ii)           In addition to the foregoing limitation on the incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of the proceeds thereof, the aggregate principal amount of all outstanding

 

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Secured Debt of the Company and its Subsidiaries on a consolidated basis is greater than 40% of Adjusted Total Assets.

 

(iii)          In addition to the foregoing limitations on the incurrence of Debt, the Company will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be incurred shall have been less than 1.5 to 1.0, on a pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that (A) such Debt and any other Debt incurred by the Company and its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had occurred at the beginning of such period; (B) the repayment or retirement of any other Debt by the Company and its Subsidiaries since the first date of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit facility shall be computed based upon the average daily balance of such Debt during such period); (C) in the case of Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate adjustments with respect to such acquisition being included in such pro forma calculation; and (D) in the case of any acquisition or disposition by the Company or its Subsidiaries of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day of such period with the appropriate adjustments with respect to such acquisition or disposition being included in such pro forma calculation. If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt shall be computed on a pro forma basis as if the average interest rate which would have been in effect during the entire such four-quarter period had been the applicable rate for the entire such period.

 

(b)           Maintenance of Total Unencumbered Assets.  The Company and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis.

 

ARTICLE 4

 

OTHER PROVISIONS

 

Section 4.1            Additional Event of Default.  For purposes of this Supplemental Indenture and the Notes, in addition to the Events of Default set forth in Section 501 of the Indenture, it shall also constitute an “Event of Default” if a default under any bond, debenture, note or other evidence of indebtedness of the Company (including a default with respect to any other series of securities), or under any mortgage, indenture or other instrument of the Company under which there may be issued or by which there may be secured or evidenced any indebtedness for money

 

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borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or guarantor) having an aggregate principal amount outstanding of at least $20,000,000, whether such indebtedness now exists or shall hereafter be incurred or created, which default shall have resulted in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged or such acceleration having been rescinded or annulled within a period of ten days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder.

 

Section 4.2                                    Make-Whole Amount Upon Acceleration.  Notwithstanding any provisions to the contrary in the Indenture, upon any acceleration of the Notes under Section 502 of the Indenture, the amount immediately due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus accrued and unpaid interest thereon, plus, if such acceleration occurs prior to September 15, 2023, the Make-Whole Amount.

 

Section 4.3                                    Modification of this Supplemental Indenture and the Notes Without the Consent of Holders.  In addition to the purposes set forth in Section 901 of the Indenture, without the consent of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, in form satisfactory to the Trustee, in order to conform the terms of this Supplemental Indenture or the Notes to the descriptions thereof contained in any prospectus, prospectus supplement and free writing prospectus relating to the offer and sale of the Notes.

 

Section 4.4                                    Applicability of Discharge, Defeasance and Covenant Defeasance Provisions.  The Discharge, Defeasance and Covenant Defeasance provisions in Article Fourteen of the Indenture will apply to the Notes.

 

ARTICLE 5

 

EFFECTIVENESS

 

This Supplemental Indenture shall be effective for all purposes as of the date and time this Supplemental Indenture has been executed and delivered by the Company and the Trustee in accordance with Article Nine of the Indenture.  As supplemented hereby, the Indenture is hereby confirmed as being in full force and effect.

 

ARTICLE 6

 

MISCELLANEOUS

 

Section 6.1                                    Separability.  In the event any provision of this Supplemental Indenture shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall

 

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not invalidate or render unenforceable any other provision hereof or any provision of the Indenture.

 

Section 6.2                                    Construction of Terms.  To the extent that any terms of this Supplemental Indenture or the Notes are inconsistent with the terms of the Indenture, the terms of this Supplemental Indenture or the Notes shall govern and supersede such inconsistent terms.

 

Section 6.3                                    Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

Section 6.4                                    Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

 

Section 6.5                                    Counterparts.  This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be executed as an instrument under seal in their respective corporate names as of the date first above written.

 

	
 
    	
HOSPITALITY   PROPERTIES TRUST
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   
    	
John   G. Murray
    
	
 
    	
 
    	
Title:   
    	
President   and Chief Operating Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
U.S.   BANK NATIONAL ASSOCIATION, as
    
	
 
    	
Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Supplemental Indenture No. 16]

 

 

EXHIBIT A

 

[Face of Note]

 

[Include only for Global Notes]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.]

 

4.650% Senior Note due 2024

 

	
No.
    	
$                             
    

 

HOSPITALITY PROPERTIES TRUST

 

promises to pay to                                                                                or registered assigns, the principal sum of                                              ($              ) on March 15, 2024, subject to the terms set forth on the reverse of this Note and the terms of the Indenture referred to therein.

 

Interest Payment Dates:  Each March 15 and September 15 (or if such day is not a Business Day, the next succeeding Business Day), commencing September 15, 2014.

 

A-1

 

Record Dates:  The day falling 14 calendar days prior to any Interest Payment Date.

 

CUSIP No:  44106M AS1

ISIN No: US44106MAS17

 

	
 
    	
 
    	
HOSPITALITY   PROPERTIES TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Attest:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

CERTIFICATE OF AUTHENTICATION

 

Dated:

 

This is one of the Notes referred to in the within-mentioned Indenture:

 

	
U.S. BANK NATIONAL ASSOCIATION, as Trustee
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Authorized   Officer
    	
 
    

 

A-2

 

[THE FOLLOWING CONSTITUTES THE REVERSE OF THE SECURITY]

 

HOSPITALITY PROPERTIES TRUST

 

4.650% Senior Note due 2024

 

Capitalized terms used herein have the meanings assigned to them in the Indenture (as defined below) unless otherwise indicated.

 

1.                                      Interest.  Hospitality Properties Trust, a Maryland real estate investment trust (the “Company”), promises to pay interest on the principal amount of this Note at the rate and in the manner specified below.

 

The Company shall pay in cash interest on the principal amount of this Note at the rate per annum of 4.650%.  The Company will pay interest semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2014, or if any such day is not a Business Day (as defined in the Indenture), on the next succeeding Business Day (each an “Interest Payment Date”), to Holders of record on the day falling 14 calendar days immediately preceding such Interest Payment Date (whether or not a Business Day).

 

Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.  Interest shall accrue from the most recent date to which interest on the Notes has been paid or, if no interest has been paid, from March 12, 2014.

 

2.                                      Method of Payment.  The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the record date next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date.  The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts.  The Company, however, may pay principal, premium, if any, and interest by check payable in such money.  It may mail an interest check to a Holder’s registered address.

 

3.                                      Indenture.  The Company issued the Notes under an Indenture dated as of February 25, 1998 and Supplemental Indenture No. 16 dated as of March 12, 2014 (collectively, the “Indenture”), between the Company and the Trustee.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture and Holders of the Notes are referred to the Indenture and such Act for a statement of such terms.  The terms of the Indenture shall govern any inconsistencies between the Indenture and the Notes.  The Notes are senior unsecured general obligations of the Company initially issued in an aggregate principal amount of $350,000,000.

 

4.                                      Optional Redemption.  The Notes will be subject to redemption at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to the sum of (i) the principal amount of the Notes being redeemed,

 

A-3

 

plus accrued and unpaid interest to but excluding the applicable Redemption Date and (ii) the Make-Whole Amount, if any.

 

As used herein the term “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment of any Notes prior to September 15, 2023, the excess, if any, of (i) the aggregate present value as of the date of such redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that would have been payable in respect of such dollar if such redemption or accelerated payment had been made on September 15, 2023, determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had been made on September 15, 2023, over (ii) the aggregate principal amount of the Notes being redeemed or paid.  In the case of any redemption or accelerated payment of notes on or after September 15, 2023, the Make-Whole Amount means zero.  For purposes of the Indenture and the Notes, references in the Indenture to the payment of the principal (and premium, if any) and interest on the Notes shall be deemed to include the payment of the Make-Whole Amount, if any, due upon redemption with respect to the Notes.  The Make-Whole Amount shall be calculated by the Company and set forth in an Officer’s Certificate delivered to the Trustee, and the Trustee shall be entitled to rely on said Officer’s Certificate.

 

As used herein the term “Reinvestment Rate” means a rate per annum equal to the sum of 0.30% (thirty one hundredths of one percent) plus the yield on treasury securities at constant maturity under the heading “Week Ending” published in the Statistical Release (as defined herein) under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity (which, in the case of maturities corresponding to the principal and interest due on the Notes at their maturity, shall be deemed to be September 15, 2023), as of the payment date of the principal being redeemed or paid.  If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month.  For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used.

 

As used herein the term “Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any determination under the Indenture, then any publicly available source of similar market data which shall be designated by the Company.

 

5.                                      Mandatory Redemption.  The Company shall not be required to make sinking fund or redemption payments with respect to the Notes.

 

A-4

 

6.                                      Notice of Redemption.  Notice of redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address.  Notes may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed.  On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption.

 

7.                                      Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000 in excess thereof.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Security Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture.  The Security Registrar need not exchange or register the transfer of any Note or portion of a Note selected for redemption.  Also, it need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes, or during the period between a record date and the corresponding Interest Payment Date.

 

8.                                      Defaults and Remedies.  In case an Event of Default (as defined in the Indenture) with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the provisions provided in the Indenture.

 

9.                                      Actions of Holders.  The Indenture contains provisions permitting the Holders of not less than a majority of the aggregate principal amount of the outstanding Notes, subject to certain exceptions as provided in the Indenture, on behalf of the Holders of all such Notes at a meeting duly called and held as provided in the Indenture, to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in the Indenture to be made, given or taken by the Holders of the Notes, including without limitation, waiving (a) compliance by the Company with certain provisions of the Indenture, and (b) certain past defaults under the Indenture and their consequences.  Any resolution passed or decision taken at any meeting of the Holders of the Notes in accordance with the provisions of the Indenture shall be conclusive and binding upon such Holders and upon all future Holders of this Note and other Notes issued upon the registration of transfer hereof or in exchange heretofore or in lieu hereof.

 

10.                               Persons Deemed Owners.  The Company, the Trustee, and any agent of the Company or the Trustee may deem and treat the Person in whose name this Note is registered on the Security Register as its absolute owner for all purposes.

 

11.                               Authentication.  This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

12.                               Governing Law.  THE INTERNAL LAW OF THE COMMONWEALTH OF MASSACHUSETTS SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE NOTES.

 

13.                               No Personal Liability.  THE DECLARATION OF TRUST OF THE COMPANY, AMENDED AND RESTATED ON AUGUST 21, 1995, A COPY OF WHICH, TOGETHER

 

A-5

 

WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO (THE “DECLARATION”), IS DULY FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND, PROVIDES THAT THE NAME “HOSPITALITY PROPERTIES TRUST” REFERS TO THE TRUSTEES UNDER THE DECLARATION OF TRUST, AS SO AMENDED AND SUPPLEMENTED, COLLECTIVELY AS TRUSTEES, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF THE COMPANY SHALL BE HELD TO ANY PERSONAL LIABILITY, JOINTLY OR SEVERALLY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, THE COMPANY.  ALL PERSONS DEALING WITH THE COMPANY, IN ANY WAY, SHALL LOOK ONLY TO THE ASSETS OF THE COMPANY FOR THE PAYMENT OF ANY SUM OR THE PERFORMANCE OF ANY OBLIGATION.

 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to:

 

Hospitality Properties Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, MA 02458-1634

Telecopier No.:  (617) 964-8389

Attention: President

 

or such other address as the Company may specify pursuant to the Indenture.

 

A-6

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

[I] [We] assign and transfer this Note to                                                                                                                                                           [Print or type assignee’s name, address and zip code]                                                                      [Insert assignee’s soc. sec. or tax I.D. no.] and irrevocably appoint                                                                                                                   to transfer this Note on the books of the Company.  The agent may substitute another to act for him.

 

	
Date:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature   Guaranteed
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
NOTICE:   Signature must be guaranteed by an eligible Guarantor Institution (banks,   stockbrokers, savings and loan associations and credit unions) with   membership in an approved signature guarantee medallion program pursuant to   Securities and Exchange Commission Rule 17Ad-15.
    	
 
    	
NOTICE:   The signature to this Assignment must correspond with the name as written   upon the face of the within Note in every particular, without alteration or   enlargement or any change whatever.
    

 

A-7Exhibit 10.10.3

 

THIRD AMENDMENT TO LEASE

 

This Third Amendment to Lease (this “Third Amendment”) is entered into as of October       , 2013 by and between SNH MEDICAL OFFICE PROPERTIES TRUST, a Maryland real estate investment trust (“Landlord”) and AXOGEN CORPORATION, a Delaware corporation (“Tenant”).

 

WHEREAS, Wigshaw, LLC (“Original Landlord”) and Tenant entered into that certain Lease dated February 6, 2007 (the “Original Lease”) for certain premises consisting of approximately 4,742 square feet (the “Existing Premises”) in the building known as Progress One, located at 13859 Progress Boulevard, Alachua, Florida; and

 

WHEREAS, Landlord succeeded to the interest of Original Landlord under the Original Lease and, with Tenant, entered into that certain First Amendment to Lease dated March 14, 2012 and that certain Second Amendment to Lease dated February 25, 2013 (the Original Lease, as so amended, the “Lease”); and

 

WHEREAS, Landlord and Tenant desire to amend the Lease to extend the term thereof and to relocate the premises demised thereunder, subject to and upon the terms and conditions hereinafter provided;

 

NOW, THEREFORE, in consideration of the foregoing and for other consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant agree that the Lease is hereby amended as follows:

 

1.                                      Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Lease.  As used herein, the term “Leased Premises” shall refer to the premises demised under the Lease from and after December 1, 2013 (the “Relocation Date”).

 

2.                                      The Term of the Lease is hereby extended and shall expire on October 31, 2018.

 

3.                                      For the period commencing on the Relocation date, the following definitions set forth in Article 1.1 of the Lease shall be amended as follows:

 

(a)                                 “Annual Gross Rent” for the period commencing on December 1, 2013 and ending on October 31, 2018 shall be payable in accordance with the following schedule:

 

	
Dates
    	
 
    	
Rent Per Square
   Foot
    	
 
    	
Annual Gross
   Rent
    	
 
    	
Monthly Payment
   Rent
    	
 
    
	
12/1/13-10/31/16
    	
 
    	
$
    	
17.00
    	
 
    	
$
    	
199,937.00
    	
 
    	
$
    	
16,661.42
    	
 
    
	
11/1/16-10/31/17
    	
 
    	
$
    	
17.51
    	
 
    	
$
    	
205,935.11
    	
 
    	
$
    	
17,161.26
    	
 
    
	
11/1/17-10/31/18
    	
 
    	
$
    	
18.04
    	
 
    	
$
    	
212,168.44
    	
 
    	
$
    	
17,680.70
    	
 
    

 

All Annual Gross Rent shall be payable in equal monthly installments, in advance.  The monthly installment of Annual Gross Rent payable for the month of November, 2013 shall continue to be payable as set forth in Section 3 of the Second Amendment to Lease.

 

 

(b)                                 “Building” shall mean the building known as Progress Two, located on certain real property located in the City of Alachua, Alachua County, Florida, having a current address of 13631 Progress Boulevard, Alachua, FL 32615.

 

(c)                                  “Leased Premises”  shall be deemed to mean approximately 11,761 square feet of finished office grade area extending to the exterior faces of all walls or to the centerline of those walls separating the Leased Premises from other leased premises, together with appurtenances specifically granted in the Lease, but reserving and excepting to Landlord the use of the exterior walls and the roof and the right to install, maintain, use, repair and replace pipes, ducts, conduits and wires leading through the Leased Premises in locations which will not materially interfere with Tenant’s use thereof, which area shall be located in the Progress Two Building in Progress Corporate Park with its address at 13631 Progress Boulevard, Alachua, FL 32615 and depicted by the plan attached to this Third Amendment to Lease and made a part thereof as Exhibit “A”.

 

(d)                                 “Rentable Area” or “Rentable Square Footage” shall mean the total area (as it exists from time to time).  Rentable Area of the Leased Premises is hereby deemed to mean approximately 11,761 square feet.

 

(e)                                  “Security Deposit” shall mean the sum of $16,661.42.  Upon execution of this Third Amendment, Tenant shall deposit with Landlord an additional $8,661.42, so that the total amount of the Security Deposit held by Landlord pursuant to Article 3.7 shall be $16,661.42.

 

(f)                                   “Term” shall mean the period commencing on the Commencement Date and ending at 11:59 p.m. on October 31, 2018 (“Expiration Date”) or such earlier date on which the Term of the Lease shall expire or be canceled or terminated pursuant to any of the conditions or covenants of the Lease or pursuant to law, and furthermore, shall include any renewal term, if such renewal term shall come into existence.

 

4.                                      Landlord shall deliver and Tenant shall accept the Leased Premises on or before November 1, 2013 (the “Delivery Date”) in “as is” condition and with all mechanical, electrical and plumbing systems located in or serving the Leased Premises in good working order.  Prior to the Delivery Date, Landlord shall have the carpets in the Leased Premises cleaned and shall provide touchup painting of the interior walls of the Leased Premises (collectively, the “Relocation Work”).  All of the provisions of the Lease applicable to the Existing Premises shall apply to the Leased Premises as if the Relocation Date had occurred, except there shall be no obligation to pay Annual Gross Rent with respect to the Leased Premises prior to the Relocation Date (but Annual Gross Rent with respect to the Existing Premises shall continue to be payable through the day preceding the Relocation Date).

 

5.                                      Tenant shall deliver possession of the Existing Premises to Landlord on or before December 20, 2013 (the “Surrender Date”), with all of Tenant’s furniture, fixtures, equipment and all other personal property removed (at Tenant’s sole cost and expenses) and otherwise in the condition the Existing Premises are required to be delivered to Landlord under Article 6.4 of the Lease as if the Term of the Lease had expired with respect to the Existing Premises.  Without limiting the foregoing, Tenant, at Tenant’s sole cost and expense, shall remove all of Tenant’s

 

2

 

furniture, fixtures, equipment and all other personal property from the Existing Premises on or before the Surrender Date.  Any failure by Tenant to deliver possession of the Existing Premises to Landlord in the condition required as provided above on or before the Surrender Date shall be treated as a holding over in the Existing Premises as if the Existing Premises were still the premises demised under the Lease and, in addition to all other amounts payable under the Lease, Tenant shall pay to Landlord Five Hundred Nineteen and 67/100 Dollars ($519.67) per day for each day in the period commencing on the day following the Surrender Date and ending on the date Tenant shall deliver possession of the Existing Premises to Landlord in the condition required as set forth above.  Tenant shall also pay to Landlord all damages, direct and/or consequential (foreseeable and unforeseeable), sustained by reason of any such holding over following the Surrender Date.  Otherwise, all of the covenants, agreements and obligations of Tenant under the Lease shall apply and be performed by Tenant during such period of holding over as if the Existing Premises were still the premises demised thereunder and the Lease were still in effect with respect thereto.

 

6.                                      The first two paragraphs of Article 3.3 of the Lease are hereby deleted in their entirety and replaced with the following:

 

3.3.                            Increases in Insurance Premiums and Ad Valorem Taxes.  Tenant shall pay, as Additional Rent, its annual proportionate share of the increase in insurance premiums paid by Landlord for the Building and liabilities pursuant to Article 9.3 in excess of Tenant’s annual proportionate share thereof as of the Commencement Date.  For the period commencing on the Commencement Date and ending on November 30, 2013, Tenant’s annual proportionate share as of the Commencement Date is $1,241.13.  For the period commencing on December 1, 2013, Tenant shall pay, as Additional Rent, Tenant’s annual proportionate share of the increase in insurance premiums paid by Landlord for the Building and liabilities pursuant to Article 9.3 in excess of the insurance premiums payable for the 2014 calendar year.  For purpose of the immediately preceding sentence, “tenant’s annual proportionate share” shall be thirty five and 81/100 percent (35.81%).

 

Tenant shall pay, as Additional Rent, its annual proportionate share of the increases in ad valorem taxes (real estate) paid by Landlord with respect to the Building and the land on which it is situated in excess of Tenant’s annual proportionate share thereof as of the Commencement Date.  For the period commencing on the Commencement Date and ending on November 30, 2013, Tenant’s annual proportionate share as of the Commencement Date is $13,661.00.  For the period commencing on December 1, 2013, Tenant shall pay, as Additional Rent, Tenant’s annual proportionate share of the increase in ad valorem (real estate) taxes paid by Landlord with respect to the Building in excess of such taxes payable for the 2014 fiscal year (i.e., October 1, 2013-September 30, 2014).  For purpose of the immediately preceding sentence, “tenant’s annual proportionate share” shall be thirty five and 81/100 percent (35.81%).

 

7.                                      Provided that no default or breach of the Lease shall have occurred and be continuing beyond all applicable notice and cure periods at the time it gives Landlord notice exercising the option herein granted or thereafter until the Early Termination Date (unless Landlord, in its sole discretion at any time, shall elect to waive such condition by notice to

 

3

 

Tenant), Tenant shall have an option (the “Early Termination Option”) to terminate the Term of the Lease effective as of the date (the “Early Termination Date”) which is the later of (i) October 31, 2016 or (ii) the last day of the sixth month following Tenant’s written notice to Landlord of Tenant’s election to exercise the Early Termination Option.  Tenant shall pay to Landlord, concurrently with such notice, a fee (the “Termination Fee”) equal to the amount shown as the “Ending Balance” on the schedule attached hereto as Exhibit B for the month in which the Early Termination Date occurs (for example, the Termination Fee for an Early Termination Date of December 31, 2016 shall be $28,164.21).  Landlord may, in its sole discretion, elect to treat any notice of termination which is not accompanied by the Termination Fee either as null and void or as effective to terminate the Term as of the Early Termination Date (while not discharging Tenant from its obligation to pay the Termination Fee).

 

8.                                      Tenant, at its sole cost and expense and subject to compliance with the provisions of this Section 8, may install and operate during the Term of the Lease an emergency electrical generator (the “Generator”) and any associated fuel tank and natural gas meter in a location on the Common Area reasonably designated by Landlord, install underground conduit between the generator and the Leased Premises, and run necessary cables and wiring from the generator to the Leased Premises within such conduit and within the Leased Premises.  The Generator and any associated fuel tank, gas meter, conduit, cables and wiring (both interior and exterior) are hereinafter referred to collectively as  the “Generator System.”

 

Tenant shall prepare and submit to Landlord for its approval complete plans and specifications for the Generator System, which shall show the proposed location of the Generator and all conduits, cabling and wiring (collectively “Lines”) to be installed.  Upon final approval by Landlord of Tenant’s plans and specifications for the Generator System, Tenant may install the Generator System in accordance therewith and in compliance with all applicable permits, laws, codes, ordinances and regulations, any so-called “dig safe” requirements or procedures of local utilities, any requirements of Landlord’s insurance carrier(s) and all other provisions of the Lease applicable thereto, including, without limitation, the provisions of Article 7.

 

Tenant shall require its contractors to prosecute the work performed in connection with the installation of the Generator System (hereinafter the “Work”) with diligence once begun, to keep all work areas safe and free of debris at all times, and to confine their activities to the areas where the Generator System is to be installed to the greatest extent possible.

 

Tenant shall require that its contractors employ those means and methods that cause the least disruption or damage to the Building and the Common Area (including, without limitation, a requirement that all paved surfaces to be trenched shall be saw cut).  Tenant shall locate and protect existing utilities and shall ensure that no utility lines are cut or disturbed by the Work.  Landlord shall be entitled to inspect the Work as it progresses and to require Tenant’s contractor(s) to stop and correct any of the Work that does not conform to the approved plans and specifications or which is not being performed in accordance with the requirements hereof.

 

Upon completion of the installation of any underground Lines, all landscaped and paved surfaces shall be restored to their original condition and appearance, which shall include, but not be limited to, backfilling all trenches, restoration of sidewalks and other paved surfaces to a smooth and level surface, re-striping of excavated parking areas, restoration of sod and other

 

4

 

landscaping materials, and restoration of all curbing, fencing and other improvements disturbed by the Work.  Any future settling of filled trenches occurring during the Term of the Lease shall be repaired promptly by Tenant at its sole expense following notice by Landlord.

 

Landlord shall have no obligation to make any alterations, repairs or replacements to any portion of the Building or the Common Area in order to accommodate the installation or operation of the Generator System.  During the Term, Tenant, at its sole cost and expense, shall perform all repairs and maintenance required to keep the Generator System in good working order, appearance and condition, and Tenant shall promptly repair any damage to the Building or the Common Area caused by the installation or operation of the Generator System.  Tenant shall operate the Generator System in compliance with all applicable codes, laws, rules and regulations.  Tenant may not relocate or modify any portion of the Generator System without, in each instance, obtaining Landlord’s prior written approval to such relocation or modification.  All components of the Generator System shall be at the sole risk of Tenant and Landlord shall have no liability to Tenant in the event any portion of the Generator System is damaged for any reason.

 

Unless Landlord shall agree otherwise in writing, Tenant shall, prior to the expiration or earlier termination of the Term of the Lease, remove the entire Generator System including all Lines, repair any damage caused by such removal, restore the areas where the generator, any fuel tank and Lines were located to a condition substantially the same as existed prior to the installation thereof and, at Landlord’s request and at Tenant’s expense, provide Landlord with a so-called “Phase I” environmental report from an engineer reasonably acceptable to Landlord, certifying, subject to customary limitations and standards, that the areas in which the generator and any fuel tank have been located contain no Hazardous Substances (as defined in Article 20.1).

 

Landlord reserves the right, upon reasonable notice to Tenant, to require Tenant to relocate the Generator System or any of its constituent components, at Tenant’s sole cost and expense, if necessary in connection with any repairs, renovations, improvements or additions to the Building or the Common Area.  In addition, Landlord reserves the right to require Tenant to relocate the generator and any fuel tank to another portion of the Common Area designated by Landlord for any other reason in Landlord’s sole discretion, provided such other portion of the Common Area is adequate for Tenant’s purposes and Landlord pays the reasonable costs of such relocation.

 

Tenant shall secure, pay for and keep in force a contract with a qualified and reputable maintenance contractor, reasonably acceptable to Landlord, providing for regularly scheduled maintenance of the Generator System which shall include such service as shall be customary or recommended by the manufacturer of the Generator or by such contractor to keep such system in good operating condition and repair, and Tenant shall furnish Landlord with a copy of such contract and any replacements thereof.

 

In addition to all other indemnities under the Lease, Tenant hereby agrees to indemnify and hold Landlord harmless from any and all claims, costs, liabilities, damages or expenses arising from the presence of the Generator System and the installation and operation thereof by Tenant.

 

5

 

9.                                      Tenant warrants and represents that it has dealt with no broker in connection with the consummation of this Third Amendment, other than Front Street Commercial Real Estate Group and Coldwell Banker Commercial/M.M. Parrish Realtors (individually and collectively, the “Brokers”), and in the event of any brokerage claims or liens, other than by the Brokers, against Landlord or the Building predicated upon or arising out of prior dealings with Tenant, Tenant agrees to defend the same and indemnify and hold Landlord harmless against any such claim, and to discharge any such lien.

 

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

 

IN WITNESS WHEREOF, the parties hereunto have executed this Third Amendment as of the date first written above.

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    
	
 
    	
SNH   MEDICAL OFFICE PROPERTIES TRUST
    
	
 
    	
 
    
	
 
    	
By:
    	
Reit   Management & Research LLC,
    
	
 
    	
 
    	
its   managing agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   David M. Lepore
    
	
 
    	
 
    	
David   M. Lepore
    
	
 
    	
 
    	
Senior   Vice President
    
	
 
    	
 
    
	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
AXOGEN   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Karen Zaderej
    
	
 
    	
 
    	
Name:
    	
Karen   Zaderej
    
	
 
    	
 
    	
Title:
    	
President/CEO
    
					

 

6

 

EXHIBIT A

 

LEASED PREMISES

 

[See attached.]

 

 

EXHIBIT B

 

TERMINATION FEE SCHEDULE

 

Axogen Termination Schedule

 

	
 
    	
 
    	
Enter values
    	
 
    	
Amortized Amounts:
    	
 
    	
Termination Fee:
    	
 
    	
$0.00
    	
 
    	
$0.00
    
	
Loan   amount
    	
 
    	
$
    	
63,571.56
    	
 
    	
TIA:
    	
$
    	
2,500.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Annual   interest rate
    	
 
    	
10.000
    	
%
    	
Abated   Rent:
    	
$
    	
0.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Loan   period in years
    	
 
    	
5.0
    	
 
    	
Commissions:
    	
$
    	
61,071.56
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Start   date of loan
    	
 
    	
12/1/2013
    	
 
    	
Est.   Legal Fees:
    	
$
    	
0.00
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Optional   extra payments
    	
 
    	
 
    	
 
    	
Total:
    	
$
    	
63,571.56
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
														

 

	
Scheduled   monthly payment
    	
 
    	
$
    	
1,350.71
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Scheduled number of payments
    	
 
    	
60
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Actual   number of payments
    	
 
    	
60
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total   of early payments
    	
 
    	
$
    	
—
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
Total   interest
    	
 
    	
$
    	
17,470.91
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
No.
    	
 
    	
Payment Date
    	
 
    	
Beginning Balance
    	
 
    	
Scheduled
   Payment
    	
 
    	
Extra Payment
    	
 
    	
Total Payment
    	
 
    	
Principal
    	
 
    	
Interest
    	
 
    	
Ending Balance
    	
 
    
	
1
    	
 
    	
12/1/2013
    	
 
    	
$
    	
63,571.56
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
820.94
    	
 
    	
$
    	
529.76
    	
 
    	
$
    	
62,750.62
    	
 
    
	
2
    	
 
    	
1/1/2014
    	
 
    	
$
    	
62,750.62
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
827.79
    	
 
    	
$
    	
522.92
    	
 
    	
$
    	
61,922.83
    	
 
    
	
3
    	
 
    	
2/1/2014
    	
 
    	
$
    	
61,922.83
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
834.68
    	
 
    	
$
    	
516.02
    	
 
    	
$
    	
61,088.15
    	
 
    
	
4
    	
 
    	
3/1/2014
    	
 
    	
$
    	
61,088.15
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
841.64
    	
 
    	
$
    	
509.07
    	
 
    	
$
    	
60,246.51
    	
 
    
	
5
    	
 
    	
4/1/2014
    	
 
    	
$
    	
60,246.51
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
848.65
    	
 
    	
$
    	
502.05
    	
 
    	
$
    	
59,397.85
    	
 
    
	
6
    	
 
    	
5/1/2014
    	
 
    	
$
    	
59,397.85
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
855.73
    	
 
    	
$
    	
494.98
    	
 
    	
$
    	
58,542.13
    	
 
    
	
7
    	
 
    	
6/1/2014
    	
 
    	
$
    	
58,542.13
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
862.86
    	
 
    	
$
    	
487.85
    	
 
    	
$
    	
57,679.27
    	
 
    
	
8
    	
 
    	
7/1/2014
    	
 
    	
$
    	
57,679.27
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
870.05
    	
 
    	
$
    	
480.66
    	
 
    	
$
    	
56,809.22
    	
 
    
	
9
    	
 
    	
8/1/2014
    	
 
    	
$
    	
56,809.22
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
877.30
    	
 
    	
$
    	
473.41
    	
 
    	
$
    	
55,931.92
    	
 
    
	
10
    	
 
    	
9/1/2014
    	
 
    	
$
    	
55,931.92
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
884.61
    	
 
    	
$
    	
466.10
    	
 
    	
$
    	
55,047.32
    	
 
    
	
11
    	
 
    	
10/1/2014
    	
 
    	
$
    	
55,047.32
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
891.98
    	
 
    	
$
    	
458.73
    	
 
    	
$
    	
54.155.34
    	
 
    
	
12
    	
 
    	
11/1/2014
    	
 
    	
$
    	
54,155.34
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
899.41
    	
 
    	
$
    	
451.29
    	
 
    	
$
    	
53,255.92
    	
 
    
	
13
    	
 
    	
12/1/2014
    	
 
    	
$
    	
53,255.92
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
906.91
    	
 
    	
$
    	
443.80
    	
 
    	
$
    	
52,349.01
    	
 
    
	
14
    	
 
    	
1/1/2015
    	
 
    	
$
    	
52,349.01
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
914.47
    	
 
    	
$
    	
436.24
    	
 
    	
$
    	
51,434.55
    	
 
    
	
15
    	
 
    	
2/1/2015
    	
 
    	
$
    	
51,434.55
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
922.09
    	
 
    	
$
    	
428.62
    	
 
    	
$
    	
50,512.46
    	
 
    
	
16
    	
 
    	
3/1/2015
    	
 
    	
$
    	
50,512.46
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
929.77
    	
 
    	
$
    	
420.94
    	
 
    	
$
    	
49,582.69
    	
 
    
	
17
    	
 
    	
4/1/2015
    	
 
    	
$
    	
49,582.69
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
937.52
    	
 
    	
$
    	
413.19
    	
 
    	
$
    	
48,645.17
    	
 
    
	
18
    	
 
    	
5/1/2015
    	
 
    	
$
    	
48,645.17
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
945.33
    	
 
    	
$
    	
405.38
    	
 
    	
$
    	
47,699.84
    	
 
    
	
19
    	
 
    	
6/1/2015
    	
 
    	
$
    	
47,699.84
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
953.21
    	
 
    	
$
    	
397.50
    	
 
    	
$
    	
46,746.63
    	
 
    
	
20
    	
 
    	
7/1/2015
    	
 
    	
$
    	
46,746.63
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
961.15
    	
 
    	
$
    	
389.56
    	
 
    	
$
    	
45,785.48
    	
 
    
	
21
    	
 
    	
8/1/2015
    	
 
    	
$
    	
45,785.48
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
969.16
    	
 
    	
$
    	
381.55
    	
 
    	
$
    	
44,816.32
    	
 
    
	
22
    	
 
    	
9/1/2015
    	
 
    	
$
    	
44,816.32
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
977.24
    	
 
    	
$
    	
373.47
    	
 
    	
$
    	
43,839.08
    	
 
    
	
23
    	
 
    	
10/1/2015
    	
 
    	
$
    	
43,839.08
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
985.38
    	
 
    	
$
    	
365.33
    	
 
    	
$
    	
42,853.70
    	
 
    
	
24
    	
 
    	
11/1/2015
    	
 
    	
$
    	
42,853.70
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
993.59
    	
 
    	
$
    	
357.11
    	
 
    	
$
    	
41,860.10
    	
 
    
	
25
    	
 
    	
12/1/2015
    	
 
    	
$
    	
41,860.10
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,001.87
    	
 
    	
$
    	
348.83
    	
 
    	
$
    	
40,858.23
    	
 
    
	
26
    	
 
    	
1/1/2016
    	
 
    	
$
    	
40,858.23
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,010.22
    	
 
    	
$
    	
340.49
    	
 
    	
$
    	
39,848.01
    	
 
    
	
27
    	
 
    	
2/1/2016
    	
 
    	
$
    	
39,848.01
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,018.64
    	
 
    	
$
    	
332.07
    	
 
    	
$
    	
38,829.37
    	
 
    
	
28
    	
 
    	
3/1/2016
    	
 
    	
$
    	
38,829.37
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,027.13
    	
 
    	
$
    	
323.58
    	
 
    	
$
    	
37,802.24
    	
 
    
	
29
    	
 
    	
4/1/2016
    	
 
    	
$
    	
37,802.24
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,035.69
    	
 
    	
$
    	
315.02
    	
 
    	
$
    	
36,766.55
    	
 
    
	
30
    	
 
    	
5/1/2016
    	
 
    	
$
    	
36,766.55
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,044.32
    	
 
    	
$
    	
306.39
    	
 
    	
$
    	
35,722.23
    	
 
    
	
31
    	
 
    	
6/1/2016
    	
 
    	
$
    	
35,722.23
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,053.02
    	
 
    	
$
    	
297.69
    	
 
    	
$
    	
34,669.20
    	
 
    
	
32
    	
 
    	
7/1/2016
    	
 
    	
$
    	
34,669.20
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,061.80
    	
 
    	
$
    	
288.91
    	
 
    	
$
    	
33,607.41
    	
 
    
	
33
    	
 
    	
8/1/2016
    	
 
    	
$
    	
33,607.41
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,070.65
    	
 
    	
$
    	
280.06
    	
 
    	
$
    	
32,536.76
    	
 
    
	
34
    	
 
    	
9/1/2016
    	
 
    	
$
    	
32,536.76
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,079.57
    	
 
    	
$
    	
271.14
    	
 
    	
$
    	
31,457.19
    	
 
    
	
35
    	
 
    	
10/1/2016
    	
 
    	
$
    	
31,457.19
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,088.56
    	
 
    	
$
    	
262.14
    	
 
    	
$
    	
30,368.63
    	
 
    
	
36
    	
 
    	
11/1/2016
    	
 
    	
$
    	
30,368.63
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,097.64
    	
 
    	
$
    	
253.07
    	
 
    	
$
    	
29,270.99
    	
 
    
	
37
    	
 
    	
12/1/2016
    	
 
    	
$
    	
29,270.99
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,106.78
    	
 
    	
$
    	
243.92
    	
 
    	
$
    	
28,164.21
    	
 
    
	
38
    	
 
    	
1/1/2017
    	
 
    	
$
    	
28,164.21
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,116.01
    	
 
    	
$
    	
234.70
    	
 
    	
$
    	
27,048.20
    	
 
    
	
39
    	
 
    	
2/1/2017
    	
 
    	
$
    	
27,048.20
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,125.31
    	
 
    	
$
    	
225.40
    	
 
    	
$
    	
25,922.90
    	
 
    
	
40
    	
 
    	
3/1/2017
    	
 
    	
$
    	
25,922.90
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1.134.68
    	
 
    	
$
    	
216.02
    	
 
    	
$
    	
24,788.21
    	
 
    
	
41
    	
 
    	
4/1/2017
    	
 
    	
$
    	
24,788.21
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,144.14
    	
 
    	
$
    	
206.57
    	
 
    	
$
    	
23,644.07
    	
 
    
	
42
    	
 
    	
5/1/2017
    	
 
    	
$
    	
23,644.07
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,153.67
    	
 
    	
$
    	
197.03
    	
 
    	
$
    	
22,490.40
    	
 
    
	
43
    	
 
    	
6/1/2017
    	
 
    	
$
    	
22,490.40
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,163.29
    	
 
    	
$
    	
187.42
    	
 
    	
$
    	
21,327.11
    	
 
    
	
44
    	
 
    	
7/1/2017
    	
 
    	
$
    	
21,327.11
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,172.98
    	
 
    	
$
    	
177.73
    	
 
    	
$
    	
20,154.13
    	
 
    
	
45
    	
 
    	
8/1/2017
    	
 
    	
$
    	
20,154.13
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,182.76
    	
 
    	
$
    	
167.95
    	
 
    	
$
    	
18,971.37
    	
 
    
	
46
    	
 
    	
9/1/2017
    	
 
    	
$
    	
18,971.37
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,192.61
    	
 
    	
$
    	
158.09
    	
 
    	
$
    	
17.778.76
    	
 
    
	
47
    	
 
    	
10/1/2017
    	
 
    	
$
    	
17,778.76
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,202.55
    	
 
    	
$
    	
148.16
    	
 
    	
$
    	
16,576.21
    	
 
    
	
48
    	
 
    	
11/1/2017
    	
 
    	
$
    	
16,576.21
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,212.57
    	
 
    	
$
    	
138.14
    	
 
    	
$
    	
15,363.64
    	
 
    

 

 

	
No.
    	
 
    	
Payment Date
    	
 
    	
Beginning Balance
    	
 
    	
Scheduled
   Payment
    	
 
    	
Extra Payment
    	
 
    	
Total Payment
    	
 
    	
Principal
    	
 
    	
Interest
    	
 
    	
Ending Balance
    	
 
    
	
49
    	
 
    	
12/1/2017
    	
 
    	
$
    	
15,363.64
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,222.68
    	
 
    	
$
    	
128.03
    	
 
    	
$
    	
14,140.96
    	
 
    
	
50
    	
 
    	
1/1/2018
    	
 
    	
$
    	
14,140.96
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,232.87
    	
 
    	
$
    	
117.84
    	
 
    	
$
    	
12,908.09
    	
 
    
	
51
    	
 
    	
2/1/2018
    	
 
    	
$
    	
12,908.09
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,243.14
    	
 
    	
$
    	
107.57
    	
 
    	
$
    	
11,664.95
    	
 
    
	
52
    	
 
    	
3/1/2018
    	
 
    	
$
    	
11,664.95
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,253.50
    	
 
    	
$
    	
97.21
    	
 
    	
$
    	
10,411.45
    	
 
    
	
53
    	
 
    	
4/1/2018
    	
 
    	
$
    	
10,411.45
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,263.95
    	
 
    	
$
    	
86.76
    	
 
    	
$
    	
9,147.51
    	
 
    
	
54
    	
 
    	
5/1/2018
    	
 
    	
$
    	
9,147.51
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,274.48
    	
 
    	
$
    	
76.23
    	
 
    	
$
    	
7,873.03
    	
 
    
	
55
    	
 
    	
6/1/2018
    	
 
    	
$
    	
7,873.03
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,285.10
    	
 
    	
$
    	
65.61
    	
 
    	
$
    	
6,587.93
    	
 
    
	
56
    	
 
    	
7/1/2018
    	
 
    	
$
    	
6,587.93
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,295.81
    	
 
    	
$
    	
54.90
    	
 
    	
$
    	
5,292.12
    	
 
    
	
57
    	
 
    	
8/1/2018
    	
 
    	
$
    	
5,292.12
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,306.61
    	
 
    	
$
    	
44.10
    	
 
    	
$
    	
3,985.51
    	
 
    
	
58
    	
 
    	
9/1/2018
    	
 
    	
$
    	
3,985.51
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,317.50
    	
 
    	
$
    	
33.21
    	
 
    	
$
    	
2,668.02
    	
 
    
	
59
    	
 
    	
10/1/2018
    	
 
    	
$
    	
2,668.02
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,328.47
    	
 
    	
$
    	
22.23
    	
 
    	
$
    	
1,339.54
    	
 
    
	
60
    	
 
    	
11/1/2018
    	
 
    	
$
    	
1,339.54
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
—
    	
 
    	
$
    	
1,350.71
    	
 
    	
$
    	
1,339.54
    	
 
    	
$
    	
11.16
    	
 
    	
$
    	
(0.00
    	
)
    

 

2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]