FOURTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2)
Exhibit 10.21
FOURTH AMENDMENT TO
AMENDED AND RESTATED MASTER LEASE AGREEMENT
(LEASE NO. 2)
THIS FOURTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2) (this “Amendment”) is made and entered into as of July 22, 2011, 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. 2), dated as of August 4, 2009, as amended by that certain Partial Termination of and First Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of November 1, 2009, that certain Partial Termination of and Second Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of August 1, 2010, and that certain Third Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of June 20, 2011 (as so amended, “Amended Lease No. 2”), 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. 2), all as more particularly described in Amended Lease No. 2; and
WHEREAS, simultaneously herewith, SNH/LTA Properties Trust (“SNH/LTA”) has acquired the senior living facility known as Palms at St. Lucie West located at 000 X.X. Xxxxxxxx Xxxxxxxxx, Xxxx Xx. Xxxxx, Xxxxxxx, as more particularly described on Exhibit A-52 attached hereto (the “Palms at St. Lucie West Property”); and
WHEREAS, SNH/LTA wishes to lease the Palms at St. Lucie West Property to Five Star Quality Care Trust (“FSQC Trust”) and FSQC Trust wishes to lease the Palms at St. Lucie West Property from SNH/LTA; and
WHEREAS, SNH/LTA and the other entities comprising Landlord, and FSQC Trust and the other entities comprising Tenant, wish to amend Amended Lease No. 2 to include the Palms at St. Lucie West Property;
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 from and after the date hereof, Amended Lease No. 2 is hereby amended as follows:
1. Definition of Minimum Rent. The defined term “Minimum Rent” set forth in Section 1.67 of Amended Lease No. 2 is deleted in its entirety and replaced with the following:
“Minimum Rent” shall mean the sum of Fifty-Two Million One Hundred Eighty-Five Thousand Four Hundred Sixty-Five and 89/100 Dollars ($52,185,465.89) per annum.
2. Leased Property. Section 2.1 of Amended Lease No. 2 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-52 attached hereto and made a part hereof (the “Land”).
3. Schedule 1. Schedule 1 to Amended Lease No. 2 is deleted in its entirety and replaced with Schedule 1 attached hereto.
4. Exhibit A. Exhibit A to Amended Lease No. 2 is amended by adding Exhibit A-52 attached hereto immediately following Exhibit A-51 to Amended Lease No. 2.
8. Ratification. As amended hereby, Amended Lease No. 2 is hereby ratified and confirmed.
IN WITNESS WHEREOF, the parties have executed this Amendment as a sealed instrument as of the date above first written.
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LANDLORD: | |
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SPTIHS PROPERTIES TRUST | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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SPTMNR PROPERTIES TRUST | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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SNH/LTA PROPERTIES GA LLC | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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SNH/LTA PROPERTIES TRUST | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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O.F.C. CORPORATION | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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SNH CHS PROPERTIES TRUST | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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CCC OF KENTUCKY TRUST | |
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By: |
/s/ Xxxxx X. Xxxxxxx |
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Xxxxx X. Xxxxxxx |
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President |
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LEISURE PARK VENTURE LIMITED PARTNERSHIP | |||
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By: |
CCC Leisure Park Corporation, | ||
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its General Partner | ||
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By: |
/s/ Xxxxx X. Xxxxxxx | |
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Xxxxx X. Xxxxxxx | |
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President | |
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CCDE SENIOR LIVING LLC | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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CCOP SENIOR LIVING LLC | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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CCC PUEBLO NORTE TRUST | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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CCC RETIREMENT COMMUNITIES II, L.P. | |||
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By: |
Crestline Ventures LLC, | ||
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its General Partner | ||
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By: |
/s/ Xxxxx X. Xxxxxxx | |
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Xxxxx X. Xxxxxxx | |
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President | |
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CCC INVESTMENTS I, L.L.C. | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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CCC FINANCING I TRUST | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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CCC FINANCING LIMITED, L.P. | |||
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By: |
CCC Retirement Trust, | ||
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its General Partner | ||
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By: |
/s/ Xxxxx X. Xxxxxxx | |
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Xxxxx X. Xxxxxxx | |
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President | |
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SNH SOMERFORD PROPERTIES TRUST | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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HRES1 PROPERTIES TRUST | |||
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By: |
/s/ Xxxxx X. Xxxxxxx | ||
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Xxxxx X. Xxxxxxx | ||
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President | ||
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TENANT: | |
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FIVE STAR QUALITY CARE TRUST | |
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By: |
/s/ Xxxxxx X. Xxxxx |
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Xxxxxx X. Xxxxx |
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Vice President |
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FS TENANT HOLDING COMPANY TRUST | |
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By: |
/s/ Xxxxxx X. Xxxxx |
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Xxxxxx X. Xxxxx |
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Vice President |
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FS COMMONWEALTH LLC | |
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By: |
/s/ Xxxxxx X. Xxxxx |
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Xxxxxx X. Xxxxx |
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Vice President |
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FS PATRIOT LLC | |
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By: |
/s/ Xxxxxx X. Xxxxx |
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Xxxxxx X. Xxxxx |
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Vice President |
EXHIBIT A-52
Palms at St Lucie West
000 X.X. Xxxxxxxx Xxxxxxxxx
Xxxx Xx. Xxxxx, Xxxxxxx
LEGAL DESCRIPTION
Assisted Living:
Xxx 0, xx XX. XXXXX XXXX XXXX XX. 000, according to the Plat thereof, recorded in Plat Book 39, pages 26 and 26A, of the Public Records of St. Lucie County, Florida
and
Villas:
Condominium Xxxxx 0 xxx 0, Xxxxxxxx 0; Xxxx 0, Xxxxxxxx 2; Xxxxx 0, 0 xxx 0, Xxxxxxxx 0; Xxxxx 0 xxx 0, Xxxxxxxx 0; Xxxxx 0, 0 xxx 0, Xxxxx 5; Xxxxx 0, 0, 0 xxx 0, Xxxxxxxx 6; Xxxxx 0, 0 xxx 0, Xxxxxxxx 0; Xxxxx 0, 0, 0 xxx 0, Xxxxxxxx 8, of Paradise Villas, a Condominium, according to the Declaration of Condominium recorded in Official Record Book 2471, page 1137, and all subsequent amendments thereto, together with its undivided share in the common elements, of the Public Records of St. Lucie County, Florida
and
Independent Living:
Condominium Xxxx 0, Xxxxxxxx 0 of Paradise Villas, a Condominium, according to the Declaration of Condominium recorded in Official Record Book 2471, page 1137, and all subsequent amendments thereto, together with its undivided share in the common elements, of the Public Records of St. Lucie County, Florida.
SCHEDULE 1
PROPERTY-SPECIFIC INFORMATION
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Exhibit |
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Property Address |
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Base Gross Revenues |
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Base Gross Revenues |
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Commencement |
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Interest |
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A-1 |
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Ashton Gables in Riverchase 0000 Xxxxxxx Xxxx Xxxxx Xxxxxxxxxx, XX 00000 |
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2009 |
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N/A |
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08/01/2008 |
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8% |
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X-0 |
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Xxxxxxxx Xxxxxxx 0000 Xxxxxxxxxx Xxxx Xxxxxxxxxx, XX 00000 |
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2009 |
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N/A |
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08/01/2008 |
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8% |
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A-3 |
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Forum at Pueblo Norte 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxxxxx, XX 00000 |
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2005 |
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$11,470,312 |
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01/11/2002 |
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10% |
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A-4 |
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La Salette Health and Rehabilitation Center 000 Xxxx Xxxxxx Xxxxxx Xxxxxxxx, XX 00000 |
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2005 |
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$7,726,002 |
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12/31/2001 |
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10% |
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A-5 |
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Thousand Oaks Health Care Center 93 West Avenida de Los Arboles Xxxxxxxx Xxxx, XX 00000 |
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2005 |
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$8,087,430 |
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12/31/2001 |
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10% |
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X-0 |
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Xxxxxxx Xxxxx Nursing & Rehabilitation Center 000 Xxxxxxxx Xxxxxx Xxxxx Xxxx, XX 00000 |
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2005 |
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$4,104,100 |
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12/31/2001 |
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10% |
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X-0 |
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Xxxxxxx Xxxxxxx Care Center 000 Xxxx Xxx Xxxxx Xxxxxx Xxxxxxxx Xxxxxxx, XX 00000 |
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2005 |
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$4,799,252 |
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12/31/2001 |
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10% |
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A-8 |
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Willow Tree Care Center 0000 Xxxxx Xxxx Xxxxxx Xxxxx, XX 00000 |
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2005 |
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$4,310,982 |
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12/31/2001 |
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10% |
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A-9 |
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Cedars Healthcare Center 0000 Xxxxxxx Xxxxxx Xxxxxxxx, XX 00000 |
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2005 |
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$6,964,007 |
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12/31/2001 |
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10% |
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X-00 |
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Xxxxxxxxx 000 Xxxxxx Xxxx Xxxx Xxxxxx, XX 00000 |
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2005 |
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$11,410,121 |
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01/11/2002 |
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10% |
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X-00 |
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Xxxxxxx Xxxxx 0000 Xxxxx Xxxx Xxxxxxxxxx, XX 00000 |
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2005 |
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$13,446,434 |
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01/11/2002 |
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10% |
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X-00 |
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Xxxxx Xxxxx Xxxxx 000 Xxxxx Xxxx Xxxxxxxxxx, XX 00000 |
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2005 |
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$4,430,251 |
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01/11/2002 |
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10% |
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A-13 |
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Xxxxxxx Manor 0000 Xxxxxxx Xxxx Xxxxxxxxxx, XX 00000 |
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2005 |
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$9,333,057 |
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01/11/2002 |
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10% |
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A-14 |
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Forum at Deer Creek 0000 Xxxx Xxxxx Xxxxxxx Xxxx Xxxx. Xxxxxxxxx Xxxxx, XX 00000 |
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2005 |
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$12,323,581 |
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01/11/2002 |
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10% |
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A-15 |
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Springwood Court 00000 Xxxxxxx Xxxx Xxxx Xxxxx, XX 00000 |
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2005 |
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$2,577,612 |
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01/11/2002 |
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10% |
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A-16 |
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Fountainview 000 Xxxxxxxxx Xxxxxx Xxxxx Xxxx Xxxx Xxxxx, XX 00000 |
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2005 |
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$7,920,202 |
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01/11/2002 |
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10% |
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Exhibit |
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Property Address |
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Base Gross Revenues |
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Base Gross Revenues |
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Commencement |
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Interest |
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A-17 |
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Morningside of Athens 0000 Xxxxx Xxxxxx Xxxxx Xxxxxx, XX 00000 |
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2006 |
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$1,560,026 |
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11/19/2004 |
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9% |
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X-00 |
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Xxxxx View Senior Living 0000 Xxxxxxxx Xxxx Xxxxxxxx, XX 00000 |
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2007 |
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$2,108,378 |
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11/01/2006 |
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8.25% |
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A-19 |
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Pacific Place 00000 Xxxx Xxxxxx Xxxxxxx Xxxxxxxx, XX 00000 |
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2005 |
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$848,447 |
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12/31/2001 |
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10% |
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A-20 |
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West Bridge Care & Rehabilitation 0000 Xxxx Xxxxxx Xxxxxx Xxxxxxxxx, XX 00000 |
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2005 |
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$3,157,928 |
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12/31/2001 |
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10% |
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A-21 |
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Meadowood Retirement Community 0000 Xxxxxxxx Xxxxx Xxxxxxxxxxx, XX 00000 |
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2009 |
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N/A |
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11/01/2008 |
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8% |
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A-22 |
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Woodhaven Care Center 000 Xxxx 0xx Xxxxxx Xxxxxxxxx, XX 00000 |
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2005 |
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$2,704,674 |
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12/31/2001 |
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10% |
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A-23 |
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Lafayette at Country Place 000 Xxxxx Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 |
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2005 |
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$4,928,052 |
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01/11/2002 |
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10% |
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A-24 |
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Lexington Country Place 000 Xxxxx Xxxxxxx Xxxx Xxxxxxxxx, XX 00000 |
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2005 |
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$8,893,947 |
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01/11/2002 |
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10% |
|
A-25 |
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Braintree Rehabilitation Hospital 000 Xxxx Xxxxxx Xxxxxxxxx, XX 00000 |
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N/A |
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N/A |
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10/01/2006 |
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9% |
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A-26 |
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New England Rehabilitation Hospital 0 Xxxxxxxxxxxxxx Xxx Xxxxxx, XX 00000 |
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N/A |
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N/A |
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10/01/2006 |
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9% |
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A-27 |
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HeartFields at Bowie 0000 Xxxxxx Xxxxx Xxxx Xxxxx, XX 00000 |
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2005 |
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$2,436,102 |
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10/25/2002 |
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10% |
|
A-28 |
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HeartFields at Xxxxxxxxx 0000 Xxxxxx Xxxxx Xxxxxxxxx, XX 00000 |
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2005 |
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$2,173,971 |
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10/25/2002 |
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10% |
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A-29 |
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Intentionally deleted. |
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X/X |
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X/X |
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X/X |
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X/X |
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A-30 |
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Intentionally deleted. |
|
X/X |
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X/X |
|
X/X |
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X/X |
|
A-31 |
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Morys Haven 0000 00xx Xxxxxx Xxxxxxxx, XX 00000 |
|
2005 |
|
$2,440,714 |
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12/31/2001 |
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10% |
|
A-32 |
|
Intentionally deleted. |
|
N/A |
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N/A |
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N/A |
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N/A |
|
A-33 |
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Wedgewood Care Center 000 Xxxxxxx Xxxxx Xxxxx Xxxxxx, XX 00000 |
|
2005 |
|
$4,000,565 |
|
12/31/2001 |
|
10% |
|
A-34 |
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Intentionally deleted. |
|
X/X |
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X/X |
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X/X |
|
X/X |
|
X-00 |
|
Xxxxxxxxx Xxxxxxxxxx Center 0000 Xxxx Xxxxx Xxxxxx Xxxxxxx, XX 00000 |
|
2005 |
|
$2,284,407 |
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12/31/2001 |
|
10% |
|
A-36 |
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Utica Community Care Center 0000 Xxxxxxxxxx Xxxxxx Xxxxx, XX 00000 |
|
2005 |
|
$1,950,325 |
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12/31/2001 |
|
10% |
|
X-00 |
|
Xxxxxxx Xxxx 0000 Xxxxx 00 Xxxxxxxx, XX 00000 |
|
2005 |
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$14,273,446 |
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01/07/2002 |
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10% |
|
Exhibit |
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Property Address |
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Base Gross Revenues |
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Base Gross Revenues |
|
Commencement |
|
Interest |
|
A-38 |
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Franciscan Manor 00 Xxxxxxxxxx Xxxx Xxxxxxxxx Xxxxxxxx Xxxxxx Xxxxx, XX 00000 |
|
2006 |
|
$4,151,818 |
|
10/31/2005 |
|
9% |
|
X-00 |
|
Xxxxx Xxxxxx of Xxxxxxxxx 000 Xxxxxxxxx Xxxxx Xxxxxxxxx, XX 00000 |
|
2006 |
|
$2,332,574 |
|
10/31/2005 |
|
9% |
|
A-40 |
|
Overlook Green 0000 Xxxxxxxxxxx Xxxxx Xxxxxxxxx, XX 00000 |
|
2006 |
|
$3,878,300 |
|
10/31/2005 |
|
9% |
|
X-00 |
|
Xxxxxx Xxxxx Xxxxx 0000 Xxxxxxx 00 Xxxxx Xxxxxx Xxxxx, XX 00000 |
|
2005 |
|
$6,138,714 |
|
01/11/2002 |
|
10% |
|
A-42 |
|
Morningside of Xxxxxxxx 0000 XxXxxx Xxxx Xxxxxxxx, XX 00000 |
|
2006 |
|
$1,381,775 |
|
11/19/2004 |
|
9% |
|
X-00 |
|
Xxxxxxxx Xxxxx at Boerne 000 Xxxxxxxxxx Xxxxx Xxxxxx, XX 00000 |
|
2009 |
|
N/A |
|
02/07/2008 |
|
8% |
|
A-44 |
|
Forum at Park Lane 0000 Xxxx Xxxx Xxxxxx, XX 00000 |
|
2005 |
|
$13,620,931 |
|
01/11/2002 |
|
10% |
|
X-00 |
|
Xxxxxxxx Xxxxx at Fredericksburg 00 Xxxxxxxxx Xxxx Xxxxxxxxxxxxxx, XX 00000 |
|
2009 |
|
N/A |
|
02/07/2008 |
|
8% |
|
X-00 |
|
Xxxxxxxxx Xxxxxx & Xxxxxxxxxxxxxx Xxxxxx 00 Xxxxxxxxx Xxxx Xxxxxxxxxxxx, XX 00000 |
|
2005 |
|
$3,038,761 |
|
12/31/2001 |
|
10% |
|
X-00 |
|
Xxxx Xxxxx Xxxxxx Xxxx Xxxxxx Xxxxxxx xx Xxxxxxxxx 0000 Xxxx Xxxx Xxxxxx Xxxxxxxxxxxx, XX 00000 |
|
2005 |
|
$4,337,113 |
|
12/31/2001 |
|
10% |
|
A-48 |
|
ManorPointe - Oak Creek Independent Senior Apartments and Meadowmere - Xxxxxxxx Xxxxx - Oak Creek 000 Xxxx Xxxxxxxxx Xxxxx and 000 Xxxx Xxxxx Xxxx Xxx Xxxxx, XX 00000 |
|
2009 |
|
N/A |
|
01/04/2008 |
|
8% |
|
X-00 |
|
Xxxxx Xxxxx Xxxx Healthcare Center 000 Xxxxxxxxx Xxxxx Xxxxxxxx, XX 00000 |
|
2005 |
|
$9,211,765 |
|
12/31/2001 |
|
10% |
|
A-50 |
|
The Virginia Health & Rehabilitation Center 0000 Xxxxxxxxx Xxxxxx Xxxxxxxx, XX 00000 |
|
2005 |
|
$6,128,045 |
|
12/31/2001 |
|
10% |
|
X-00 |
|
0000 Xxxxxxx Xxxxx Xxxxxxxxxx, Xxxxxxxx |
|
0000 |
|
N/A |
|
06/20/2011 |
|
7.5% |
|
X-00 |
|
Xxxxx xx Xx. Xxxxx Xxxx 000 X.X. Cashmere Boulevard Port St. Lucie, Florida |
|
2012 |
|
N/A |
|
07/22/2011 |
|
7.5% |
