SEC Contract Filing

Filing Date: 2015-03-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>13
<FILENAME>kbssoriiq42014exhibit1015.htm
<DESCRIPTION>LEASE
<TEXT>
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 <title>KBS SOR II Q4 2014 Exhibit 10.15</title>
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<a name="sE8AD57BF5613463CDA8F99B170A3EC90"></a><div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Exhibit 10.15</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">LEASE</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">(Springmaid Beach Resort)</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">THIS LEASE (this "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Lease</font><font style="font-family:inherit;font-size:11pt;">") is entered into as of December 30, 2014 (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:11pt;">") by and between IC Myrtle Beach LLC, a Delaware limited liability company ("</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Landlord</font><font style="font-family:inherit;font-size:11pt;">") and an affiliate of KBS Strategic Opportunity REIT II, Inc., a Maryland corporation ("</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">KBS</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">SOR II</font><font style="font-family:inherit;font-size:11pt;">") and IC Myrtle Beach Operations LLC, a Delaware limited liability company ("</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Tenant</font><font style="font-family:inherit;font-size:11pt;">"). </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RECITALS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">A.&#160;&#160;&#160;&#160;Landlord has acquired from Leroy Springs &amp; Company, Inc., a South Carolina not-for-profit corporation ("</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Prior Operator</font><font style="font-family:inherit;font-size:11pt;">") the resort hotel and conference center commonly known as the "Springmaid Beach Resort and Conference Center", which includes a resort and conference center located at 3200 S. Ocean Boulevard, Myrtle Beach, South Carolina 29577 (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Hotel</font><font style="font-family:inherit;font-size:11pt;">") and campgrounds and recreational vehicle parking (the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Campgrounds and RV Park</font><font style="font-family:inherit;font-size:11pt;">"), pursuant to that certain Purchase and Sale Agreement dated September 12, 2014 (as amended, the "</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Purchase Agreement</font><font style="font-family:inherit;font-size:11pt;">"), between Landlord, as buyer, and Prior Operator, as seller. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">B.&#160;&#160;&#160;&#160;Landlord and Tenant desire to enter into a lease for the Hotel. The Campground and RV Park will not be leased to Tenant.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">C.&#160;&#160;&#160;&#160;Some of Prior Operator's personal property relating to the Hotel operations is being acquired by Landlord pursuant to the Purchase Agreement and leased or licensed to Tenant pursuant to this Lease for Tenant's use in operating the Hotel, while other items of such personal property are being assigned to Tenant for its use in operating the Hotel. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">D. &#160;&#160;&#160;&#160;Unless otherwise provided, defined terms used herein shall have the meanings set forth in </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Section 37</font><font style="font-family:inherit;font-size:11pt;">. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">AGREEMENT</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">NOW THEREFORE, for good and adequate consideration, receipt of which is hereby acknowledged, Landlord and Tenant agree as follows:</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;"><font style="pa