Common use of Limitations on Rents Attributable to Personal Property Clause in Contracts

Limitations on Rents Attributable to Personal Property. Rents attributable to any personal property" leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement for the Fiscal Year of the Landlord. Consistent therewith, the average of the adjusted tax bases of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "REIT Personal Property Limitation"). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the Personal Property Limitation. Provided, however, that Tenant's responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "unrelated business taxable income" within the meaning of Section 512 of the Code, if the Landlord was a "qualified trust" within the meaning of Section 856(h)(3)(E) of the Code.

Limitations on Rents Attributable to Personal Property. Rents attributable to any personal property" leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement for the Fiscal Year of the Landlord. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "REIT Personal Property Limitation"). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the Personal Property Limitation. Provided, however, that Tenant's responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "unrelated business taxable income" within the meaning of Section 512 of the Code, if the Landlord was a "qualified trust" within the meaning of Section 856(h)(3)(E) of the Code.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement Lease for the Fiscal Year of Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the Landlordtotal rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen twelve and one-half percent (1512.5%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall may, at Landlord’s sole option and absolute discretion (i) notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the REIT Personal Property Limitation. Provided, howeverprovided, that in such event, Tenant's ’s responsibility to purchase such personal property will would be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code; or (ii) restructure the ownership of Landlord and/or Landlord’s ownership of the personal property and lease, or cause an Affiliate to lease to Tenant, pursuant to a separate lease agreement, such personal property, and Tenant agrees that it shall cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the same do not materially affect Tenant’s rights and obligations under this Lease.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement for the Fiscal Year of the Landlord. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify Tenant, and Landlord may elect, in Landlord’s reasonable discretion, to (i) restructure the ownership of Landlord and/or Landlord’s ownership of the personal property and lease, or cause an Affiliate to lease to Tenant, pursuant to a Personal Property Lease, such personal property, and Tenant agrees that it shall cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, or (ii) negotiate in good faith with Tenant for the purchase by Tenant of such items of personal property in an amount anticipated by Landlord to be in excess of the REIT Personal Property Limitation. Provided; provided, however, that Tenant's ’s responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code. In such case, upon the expiration or earlier termination of the Term of this Agreement, Tenant shall resell, and Landlord shall repurchase, the foregoing personal property previously acquired by Tenant from Landlord, in its then “as-is”, “where-is” condition, for the amount Tenant originally paid for it.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement Lease for the Fiscal Year of the Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the total rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen twelve and one-half percent (1512.5%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall may, at Landlord’s sole option and absolute discretion (i) notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the REIT Personal Property Limitation. Provided, howeverprovided, that in such event, Tenant's ’s responsibility to purchase such personal property will would be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code; or (ii) restructure the ownership of Landlord and/or Landlord’s ownership of the personal property and lease, or cause an Affiliate to lease to Tenant, pursuant to a separate lease agreement, such personal property, and Tenant agrees that it shall cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the same do not materially affect Tenant’s rights and obligations under this Lease.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement Lease for the Fiscal Year of Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the Landlordtotal rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen twelve and one-half percent (1512.5%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify may, at Landlord’s sole option and absolute discretion restructure the ownership of Landlord and/or Landlord’s ownership of the personal property, and lease, or cause an Affiliate to lease, to Tenant, and Landlord pursuant to a separate lease agreement, such personal property, and Tenant agrees that it shall negotiate cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the Personal Property Limitation. Providedsame do not materially affect Tenant’s rights and obligations under this Lease; provided, however, that Tenant's responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the event that Landlord earning income which would constitute "unrelated business taxable income" within the meaning of Section 512 elects to consummate any of the Codeforegoing options, if the Landlord was a "qualified trust" within the meaning of Section 856(h)(3)(E) of the Codeshall be solely responsible for all reasonable costs and expenses incurred by Tenant in connection with same.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen ten percent (1510%) of the total rent received or accrued by Landlord under this Agreement for the Fiscal Year of the Landlord. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the REIT Personal Property Limitation. Provided, however, that Tenant's ’s responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement for the Fiscal Year of the Landlord. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen percent (15%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). Landlord shall periodically (as of the Commencement Date and thereafter not less frequently than once per Fiscal Year) provide Notice to Tenant of Landlord’s then-current determination of the average of the fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property as a percentage of the average of the aggregate fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under this Agreement. If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property in an amount anticipated by Landlord to be in excess of the REIT Personal Property Limitation, and Tenant shall select, in its sole discretion, the items of such personal property to be purchased by Tenant in an amount equal in value to such excess amount. Provided, however, that Tenant's ’s responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code. In such case, upon the expiration or earlier termination of the Term of this Agreement, Tenant shall resell, and Landlord shall repurchase, the foregoing personal property previously acquired by Tenant from Landlord for the amount Tenant originally paid for it.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement Lease for the Fiscal Year of the Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the total rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen twelve and one-half percent (1512.5%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall notify may, at Landlord’s sole option and absolute discretion restructure the ownership of Landlord and/or Landlord’s ownership of the personal property (including, without limitation, transfer such personal property to Enchanted Village TRS Corp under the Personal Property Lease), and lease, or cause an Affiliate to lease, to Tenant, and Landlord pursuant to a separate lease agreement, such personal property, and Tenant agrees that it shall negotiate cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the Personal Property Limitation. Provided, however, that same do not materially affect Tenant's responsibility to purchase such personal property will be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "unrelated business taxable income" within the meaning of Section 512 of the Code, if the Landlord was a "qualified trust" within the meaning of Section 856(h)(3)(E) of the Code’s rights and obligations under this Lease.

Limitations on Rents Attributable to Personal Property. “Rents attributable to any personal property" ” leased to the Tenant cannot exceed fifteen percent (15%) of the total rent received or accrued by Landlord under this Agreement Lease for the Fiscal Year of Landlord. In addition, Landlord’s customary practice is to limit “rents attributable to any personal property” to twelve and one-half percent (12.5%) of the Landlordtotal rent received or accrued by Landlord pursuant to any lease agreement. Consistent therewith, the average of the adjusted tax bases fair market values of the personal property (within the meaning set forth in Section 1.512(b)-1(c)(3)(ii1.512(b) 1(c)(3)(ii) of the applicable Treasury Regulations) that is leased to Tenant with respect to the Leased Property at the beginning and end of a Fiscal Year cannot exceed fifteen twelve and one-half percent (1512.5%) of the average of the aggregate adjusted tax bases fair market values of the real and personal property comprising such Leased Property that is leased to Tenant under such lease at the beginning and end of such Fiscal Year (the "“REIT Personal Property Limitation"”). If Landlord reasonably anticipates that the REIT Personal Property Limitation will be exceeded with respect to the Leased Property for any Fiscal Year, Landlord shall may, at Landlord’s sole option and absolute discretion (i) notify Tenant, and Landlord and Tenant shall negotiate in good faith the purchase by Tenant of items of personal property anticipated by Landlord to be in excess of the REIT Personal Property Limitation. Provided, howeverprovided, that in such event, Tenant's ’s responsibility to purchase such personal property will would be offset by Landlord in some mutually agreeable manner, which would not result in the Landlord earning income which would constitute "“unrelated business taxable income" ” within the meaning of Section 512 of the Code, if the Landlord was a "“qualified trust" ” within the meaning of Section 856(h)(3)(E) of the Code.; or (ii) restructure the ownership of Landlord and/or Landlord’s ownership of the personal property and lease, or cause an Affiliate to lease to Tenant, pursuant to a separate lease agreement, such personal property, and Tenant agrees that it shall cooperate with Landlord in good faith in connection with such restructuring and shall execute any separate or amended lease agreements, provided the same do not materially increase Tenant’s economic liability or materially affect Tenant’s rights and obligations under this Lease. Batesville Healthcare Center Batesville, Arkansas