Document:

Exhibit 10.6

 

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

 

THIS FOURTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 4) (this “Amendment”) is made and entered into as of August 31, 2012 by and among each of the parties identified on the signature pages hereof as a landlord (collectively, “Landlord”) and each of the parties identified on the signature pages hereof as a tenant (jointly and severally, “Tenant”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the terms of that certain Amended and Restated Master Lease Agreement (Lease No. 4), dated as of August 4, 2009, as amended by that certain First Amendment to Amended and Restated Master Lease Agreement (Lease No. 4), dated as of October 1, 2009, that certain Partial Termination of and Second Amendment to Amended and Restated Master Lease Agreement (Lease No. 4), dated as of May 1, 2011, and that certain Third Amendment to Amended and Restated Master Lease Agreement (Lease No. 4), dated as of June 20, 2011 (as so amended, “Amended Lease No. 4”), Landlord leases to Tenant, and Tenant leases from Landlord, the Leased Property (this and other capitalized terms used but not otherwise defined herein having the meanings given such terms in Amended Lease No. 4), all as more particularly described in Amended Lease No. 4; and

 

WHEREAS, simultaneously herewith, SNH/LTA Properties GA LLC (“SNH/LTA GA”) has acquired the real property and related improvements comprising the senior living facility known as Savannah Square and located at One Savannah Square Drive, Savannah, GA 31406, as more particularly described on Exhibit A-29 attached hereto (the “Savannah Square Property”) and SNH/LTA Properties Trust (“SNH/LTA Trust”) has acquired the real property and related improvements comprising: (i) the senior living facility known as Remington Club I & II, and located at 16925 and 16916 Hierba Drive, San Diego, CA 92128, as more particularly described on Exhibit A-28 attached hereto (the “Remington Property”); and (ii) the senior living facility known as Morningside of Bellgrade and located at 2800 Polo Parkway, Midlothian, VA 23113, as more particularly described on Exhibit A-30 attached hereto (the “Bellgrade Property” and together with the Savannah Square Property and the Remington Property, the “Acquired Properties”); and

 

WHEREAS, SNH/LTA GA wishes to lease the Savannah Square Property to Five Star Quality Care Trust (“FSQC Trust”) and FSQC Trust wishes to lease the Savannah Square Property from SNH/LTA GA; and

 

WHEREAS, SNH/LTA Trust wishes to lease the Remington Property and the Bellgrade Property to FSQC Trust and FSQC Trust wishes to lease the Remington Property and the Bellgrade Property from SNH/LTA Trust; and

 

WHEREAS, SNH/LTA GA, SNH/LTA Trust and the other entities comprising Landlord, and FSQC Trust and the other entities comprising Tenant, wish to amend Amended Lease No. 4 to include the Acquired Properties;

 

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that, effective as of the date hereof, Amended Lease No. 4 is hereby amended as follows:

 

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

 

“Minimum Rent”  shall mean the sum of Thirty-Four Million Two Hundred Fifty-Four Thousand Two Hundred Sixty Nine and 56/100 Dollars ($34,254,269.56) per annum.

 

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

 

(a)                                 those certain tracts, pieces and parcels of land as more particularly described on Exhibits A-1 through A-30 attached hereto and made a part hereof (the “Land”);

 

3.                                      Arbitration.  Article 22 of Amended Lease No. 1 is deleted in its entirety and replaced with the following:

 

ARTICLE 22

 

ARBITRATION

 

(a)                                 Any disputes, claims or controversies between or among the parties hereto (i) arising out of or relating to this Agreement, or (ii) brought by or on behalf of any shareholder of the parties hereto (which, for purposes of this Article 22, shall mean any shareholder of record or any beneficial owner of shares of the parties hereto, or any former shareholder of record or beneficial owner of shares of the parties hereto), either on his, her or its own behalf, on behalf of the parties hereto or on behalf of any series or class of shares of the parties hereto or shareholders of the parties hereto against the parties hereto or any trustee, director, officer, manager (including Reit Management & Research LLC or its successor), agent or employee of the parties hereto, including disputes, claims or controversies relating to the meaning, interpretation, effect, validity, performance or enforcement of this Agreement, including this arbitration agreement, the declaration of trust, limited liability company agreement, partnership agreement or analogous governing instruments, as applicable, of the parties hereto, or the bylaws of the parties hereto (all of which are referred to as “Disputes”), or relating in any way to such a Dispute or Disputes, shall on the demand of any party to such Dispute be resolved through binding and final arbitration in accordance with the Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (“AAA”) then in effect, except as those Rules may be modified in this Article 22.  For the avoidance of doubt, and not as a limitation, Disputes are intended to include derivative actions against trustees, directors, officers or managers of the parties hereto and class actions by a shareholder against those individuals or entities and the parties hereto.  For the

 

2

 

avoidance of doubt, a Dispute shall include a Dispute made derivatively on behalf of one party against another party.

 

(b)                                 There shall be three arbitrators.  If there are only two parties to the Dispute (with, for purposes of this Article 22, any and all parties involved in the Dispute and owned by the same ultimate parent entity treated as one party), each party shall select one arbitrator within 15 days after receipt by respondent of a copy of the demand for arbitration.  Such arbitrators may be affiliated or interested persons of such parties.  If either party fails to timely select an arbitrator, the other party to the Dispute shall select the second arbitrator who shall be neutral and impartial and shall not be affiliated with or an interested person of either party. If there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, shall each select, by the vote of a majority of the claimants or the respondents, as the case may be, one arbitrator. Such arbitrators may be affiliated or interested persons of the claimants or the respondents, as the case may be.  If either all claimants or all respondents fail to timely select an arbitrator then such arbitrator (who shall be neutral, impartial and unaffiliated with any party) shall be appointed by the AAA.  The two arbitrators so appointed shall jointly appoint the third and presiding arbitrator (who shall be neutral, impartial and unaffiliated with any party) within 15 days of the appointment of the second arbitrator.  If the third arbitrator has not been appointed within the time limit specified herein, then the AAA shall provide a list of proposed arbitrators in accordance with the Rules, and the arbitrator shall be appointed by the AAA in accordance with a listing, striking and ranking procedure, with each party having a limited number of strikes, excluding strikes for cause.

 

(c)                                  The place of arbitration shall be Boston, Massachusetts unless otherwise agreed by the parties.

 

(d)                                 There shall be only limited documentary discovery of documents directly related to the issues in dispute, as may be ordered by the arbitrators.

 

(e)                                  In rendering an award or decision (the “Award”), the arbitrators shall be required to follow the laws of the Commonwealth of Massachusetts.  Any arbitration proceedings or Award rendered hereunder and the validity, effect and interpretation of this arbitration agreement shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq.  The Award shall be in writing and may, but shall not be required to, briefly state the findings of fact and conclusions of law on which it is based.

 

(f)                                   Except to the extent expressly provided by Article 22 or as otherwise agreed by the parties, each party involved in a Dispute shall bear its own costs and expenses (including attorneys’ fees), and the arbitrators shall not render an award that would include shifting of any such costs or expenses (including attorneys’ fees) or, in a derivative case or class action, award any portion of Assignor’s or Assignee’s award to the claimant or the claimant’s attorneys.  Except to the extent otherwise agreed by the parties, each party (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand, respectively) shall bear the costs and expenses of its (or their) selected arbitrator and the parties (or, if there are more than two parties to the Dispute, all claimants, on the one hand, and all respondents, on the other hand) shall equally bear the costs and expenses of the third appointed arbitrator.

 

3

 

(g)                                  An Award shall be final and binding upon the parties thereto and shall be the sole and exclusive remedy between such parties relating to the Dispute, including any claims, counterclaims, issues or accounting presented to the arbitrators.  Judgment upon the Award may be entered in any court having jurisdiction.  To the fullest extent permitted by law, no application or appeal to any court of competent jurisdiction may be made in connection with any question of law arising in the course of arbitration or with respect to any award made except for actions relating to enforcement of this agreement to arbitrate or any arbitral award issued hereunder and except for actions seeking interim or other provisional relief in aid of arbitration proceedings in any court of competent jurisdiction.

 

(h)                                 Any monetary award shall be made and payable in U.S. dollars free of any tax, deduction or offset.  Each party against which the Award assesses a monetary obligation shall pay that obligation on or before the 30th day following the date of the Award or such other date as the Award may provide.

 

(i)                                     This Article 22 is intended to benefit and be enforceable by the shareholders, trustees, directors, officers, managers (including Reit Management & Research LLC or its successor), agents or employees of any party and the parties and shall be binding on the shareholders of any party and the parties, as applicable, and shall be in addition to, and not in substitution for, any other rights to indemnification or contribution that such individuals or entities may have by contract or otherwise.

 

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

 

5.                                      Exhibit A.  Exhibit A to Amended Lease No. 4 is amended by adding Exhibits A-28 through A-30 attached hereto immediately following Exhibit A-27 to Amended Lease No. 4.

 

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

 

[Remainder of page intentionally left blank; signature pages follow]

 

4

 

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

 

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

 

 

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

 

6

 

SCHEDULE 1

 

PROPERTY-SPECIFIC INFORMATION

 

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

3530   Deer Park Drive 

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

2501   Little Bookcliff Drive 

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

2701   North Course Drive 

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

1300   Montreal Road 

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

Care &   Rehabilitation 

600   Manor Drive 

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

900   Southwind Road

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

6555   West 75th Street 

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

1517   West Broadway 

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

100   Neighborly Drive 

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

510   Centennial Circle 

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

3030   South 80th Street 

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

490   Cooper Landing Road 

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

2   Hillside Drive 

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

800   Manor Drive 

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

950   Morgan Highway 

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

600   North Pottstown Pike 

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

 

 

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

(Concordville)   

242   Baltimore Pike 

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

700   Northampton Street 

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

116   Enterprise Court

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

1575   Belvidere Street 

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

531   Wythe Creek Road 

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

3000   Skipwith Road 

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

Rehabilitation   Center 

1901   Howell Avenue 

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

1501 Inverness Drive  

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

1325   McCarthy Boulevard 

New   Bern, North Carolina
    	
 
    	
2012
    	
 
    	
N/A
    	
 
    	
06/20/2011
    	
 
    	
7.5
    	
%
    
	
A-28
    	
 
    	
Remington   Club I & II 

16925   and 16916 Hierba Drive 

San   Diego, CA 92128
    	
 
    	
2005
    	
 
    	
$
    	
20,853,252
    	
 
    	
01/11/2002
    	
 
    	
10.0
    	
%
    
	
A-29
    	
 
    	
Savannah   Square 

One   Savannah Square Drive 

Savannah,   GA 31406
    	
 
    	
2007
    	
 
    	
$
    	
6,931,887
    	
 
    	
10/01/2006
    	
 
    	
9.0
    	
%
    
	
A-30
    	
 
    	
Morningside   of Bellgrade 

2800   Polo Parkway 

Midlothian,   VA 23113
    	
 
    	
2006
    	
 
    	
$
    	
4,992,156
    	
 
    	
11/19/2004
    	
 
    	
9.0
    	
%
    

 

“*” indicates New Seasons Property

 

 

EXHIBIT A-28

 

Remington Club I & II

16925 and 16916 Hierba Drive

San Diego, CA 92128

 

(See attached copy.)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A-29

 

Savannah Square

One Savannah Square Drive

Savannah, GA 31406

 

(See attached copy.)

 

 

 

 

EXHIBIT A-30

 

Morningside of Bellgrade

2800 Polo Parkway

Midlothian, VA 23113

 

(See attached copy.)Exhibit 10.7

 

PARTIAL TERMINATION OF AND AMENDMENT NO. 2 TO
 AMENDED AND RESTATED MASTER LEASE AGREEMENT

 

THIS PARTIAL TERMINATION OF AND AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (this “Amendment”) is made as of August 31, 2012 by and among SNH FM FINANCING LLC, a Delaware limited liability company, SNH FM FINANCING TRUST, a Maryland real estate investment trust, and ELLICOTT CITY LAND I, LLC, a Delaware limited liability company, collectively as landlord (“Landlord”), and FVE FM FINANCING, INC., a Maryland corporation, as tenant (“Tenant”).

 

W  I  T  N  E  S  S  E  T  H:

 

WHEREAS, pursuant to the terms of that certain Amended and Restated Master Lease Agreement, dated as of August 4, 2009, as amended by that certain Amendment No. 1 to Amended and Restated Master Lease Agreement (as so amended, the “Lease”), Landlord leases to Tenant, and Tenant leases from Landlord, the Leased Property (this and other capitalized terms used but not otherwise defined herein having the meanings given such terms in the Lease), all as more particularly described in the Lease; and

 

WHEREAS, as of the date hereof, Landlord is conveying to its affiliate certain of the Leased Property known as and located at (i) Forum at Desert Harbor, 13840 North Desert Harbor Drive, Peoria, Arizona, more particularly described on Exhibit A-1 to the Lease; (ii) Forum at Tucson, 2500 North Rosemont Blvd., Tucson, Arizona, more particularly described on Exhibit A-2 to the Lease; (iii) The Remington Club I and II, 16925 and 16916 Hierba Drive, San Diego, California, more particularly described on Exhibit A-3 to the Lease; (iv) Park Summit at Coral Springs, 8500 Royal Palm Blvd., Coral Springs, Florida, more particularly described on Exhibit A-6 to the Lease; (v) Savannah Square, One Savannah Square Drive, Savannah, Georgia, more particularly described on Exhibit A-8 to the Lease; (vi) Gables at Winchester, 299 Cambridge Street, Winchester, Massachusetts, more particularly described on Exhibit A-12 to the Lease; (vii) HeartFields at Easton, 700 Port Street, Easton, Maryland, more particularly described on Exhibit A-13 to the Lease; (viii) Aspenwood, 14400 Homecrest Road, Silver Spring, Maryland, more particularly described on Exhibit A-16 to the Lease; (ix) Forum at Memorial Woods, 777 North Post Oak Road, Houston, Texas, more particularly described on Exhibit A-20 to the Lease; and (x) Morningside of Bellgrade, 2800 Polo Parkway, Midlothian, Virginia, more particularly described on Exhibit A-25 to the Lease (collectively, the “Terminated Properties”); and

 

WHEREAS, in connection with the conveyance of the Terminated Properties, Landlord and Tenant wish to amend the Lease to terminate the Lease with respect to the Terminated Properties;

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that, effective as of the date hereof, the Lease is hereby amended as follows:

 

1.                                      Partial Termination of Lease.  The Lease is terminated with respect to the Terminated Properties and neither Landlord nor Tenant shall have any further rights or liabilities

 

 

thereunder with respect to the Terminated Properties from and after the date hereof, except for those rights and liabilities which by their terms survive the termination of the Lease.

 

2.                                      Definition of Minimum Rent.  The defined term “Minimum Rent” set forth in Section 1.67 of the Lease is deleted in its entirety and replaced with the following:

 

“Minimum Rent”  shall mean the sum of Thirty-Three Million, Six Hundred Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55) per annum.

 

3.                                      Schedule 1.  Schedule 1 to the Lease is deleted in its entirety and replaced with Schedule 1 attached hereto.

 

4.                                      Exhibit A.  Exhibit A to the Lease is amended by deleting the text of Exhibits A-1, A-2, A-3, A-6, A-8, A-12, A-13, A-16, A-20 and A-25 attached thereto in their entirety and replacing them with “Intentionally Deleted.”

 

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

 

[Remainder of page intentionally left blank;

signature pages follow]

 

2

 

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

 

	
 
    	
LANDLORD:
    
	
 
    	
 
    
	
 
    	
SNH   FM FINANCING LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
SNH   FM FINANCING TRUST
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
ELLICOTT   CITY LAND I, LLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   David J. Hegarty
    
	
 
    	
 
    	
David J. Hegarty
    
	
 
    	
 
    	
President
    

 

3

 

	
 
    	
TENANT:
    
	
 
    	
 
    
	
 
    	
FVE   FM FINANCING, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Bruce J. Mackey Jr.
    
	
 
    	
 
    	
Bruce J. Mackey Jr.
    
	
 
    	
 
    	
President
    

 

4

 

SCHEDULE 1

 

PROPERTY-SPECIFIC INFORMATION

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base
   Gross
   Revenues
   (Calendar
   Year)
    	
 
    	
Base Gross
   Revenues
   (Dollar
   Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    	
 
    
	
A-1
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-2
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-3
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-4
    	
 
    	
Rio   Las Palmas
   877 East March Lane
   Stockton, CA 95207
    	
 
    	
2005
    	
 
    	
$
    	
4,204,464
    	
 
    	
09/30/2003
    	
 
    	
10
    	
%
    
	
A-5
    	
 
    	
Foulk   Manor North
   1212 Foulk Road
   Wilmington, DE 19803
    	
 
    	
2005
    	
 
    	
$
    	
7,666,221
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-6
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-7
    	
 
    	
Coral   Oaks
   900 West Lake Road
   Palm Harbor, FL 34684
    	
 
    	
2005
    	
 
    	
$
    	
9,051,220
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-8
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-9
    	
 
    	
Forum   at the Crossing
   8505 Woodfield Crossing 
   Blvd.
   Indianapolis, IN 46240
    	
 
    	
2005
    	
 
    	
$
    	
11,973,559
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-10
    	
 
    	
Forum   at Overland Park
   3501 West 95th Street
   Overland Park, KS 66206
    	
 
    	
2005
    	
 
    	
$
    	
9,674,467
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-11
    	
 
    	
Forum   at Brookside
   200 Brookside Drive
   Louisville, KY 40243
    	
 
    	
2005
    	
 
    	
$
    	
12,831,113
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-12
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-13
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-14
    	
 
    	
Heartlands   at Ellicott City
   3004 North Ridge Road
   Ellicott City, MD 21043
    	
 
    	
2005
    	
 
    	
$
    	
7,872,811
    	
 
    	
03/01/2004
    	
 
    	
10
    	
%
    
	
A-15
    	
 
    	
Heartlands   at Severna Park
   715 Benfield Road
   Severna Park, MD 21146
    	
 
    	
2005
    	
 
    	
$
    	
3,521,926
    	
 
    	
10/25/2002
    	
 
    	
10
    	
%
    
	
A-16
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    

 

 

	
Exhibit
    	
 
    	
Property Address
    	
 
    	
Base
   Gross
   Revenues
   (Calendar
   Year)
    	
 
    	
Base Gross
   Revenues
   (Dollar
   Amount)
    	
 
    	
Commencement
   Date
    	
 
    	
Interest
   Rate
    	
 
    
	
A-17
    	
 
    	
HeartFields   at Cary
   1050 Crescent Green Drive
   Cary, NC 27511
    	
 
    	
2005
    	
 
    	
$
    	
3,092,311
    	
 
    	
10/25/2002
    	
 
    	
10
    	
%
    
	
A-18
    	
 
    	
Montebello
   10500 Academy Road
   Albuquerque, NM 87111
    	
 
    	
2005
    	
 
    	
$
    	
10,739,724
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-19
    	
 
    	
Forum   at Knightsbridge
   4590 and 4625 
   Knightsbridge Blvd.
   Columbus, OH 43214
    	
 
    	
2005
    	
 
    	
$
    	
15,290,522
    	
 
    	
01/07/2002
    	
 
    	
10
    	
%
    
	
A-20
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-21
    	
 
    	
Forum   at Lincoln Heights
   311 West Nottingham Road
   San Antonio, TX 78209
    	
 
    	
2005
    	
 
    	
$
    	
12,559,927
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-22
    	
 
    	
Forum   at Woodlands
   5055 W Panther Creek Drive
   The Woodlands, TX 77381
    	
 
    	
2005
    	
 
    	
$
    	
13,072,902
    	
 
    	
01/11/2002
    	
 
    	
10
    	
%
    
	
A-23
    	
 
    	
Morningside   of Charlottesville
   491 Crestwood Drive
   Charlottesville, VA 22903
    	
 
    	
2006
    	
 
    	
$
    	
3,016,125
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-24
    	
 
    	
HeartFields   at Fredericksburg
   20 HeartFields Lane
   Fredericksburg, VA 22405
    	
 
    	
2005
    	
 
    	
$
    	
3,654,848
    	
 
    	
10/25/2002
    	
 
    	
10
    	
%
    
	
A-25
    	
 
    	
Intentionally   Deleted
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    	
N/A
    	
 
    
	
A-26
    	
 
    	
Morningside   of Newport News
   655 Denbigh Boulevard
   Newport News, VA 23608
    	
 
    	
2006
    	
 
    	
$
    	
3,226,806
    	
 
    	
11/19/2004
    	
 
    	
9
    	
%
    
	
A-27
    	
 
    	
Meadowmere   - Northshore Assisted Living
   10803 North Port Washington Road
   Mequon, WI 53092
    	
 
    	
2009
    	
 
    	
N/A
    	
 
    	
01/04/2008
    	
 
    	
8
    	
%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]