MASTER LEASE NO. 1 AMENDMENT AGREEMENT BY AND AMONG KINDRED HEALTHCARE, INC. (f/k/a Vencor, Inc.), KINDRED HEALTHCARE OPERATING, INC. (f/k/a Vencor Operating, Inc.), AND VENTAS REALTY, LIMITED PARTNERSHIP
EXHIBIT 10.76
MASTER LEASE NO. 1 AMENDMENT AGREEMENT
BY AND AMONG
KINDRED HEALTHCARE, INC.
(f/k/a Vencor, Inc.),
KINDRED HEALTHCARE OPERATING, INC.
(f/k/a Vencor Operating, Inc.),
AND
VENTAS REALTY, LIMITED PARTNERSHIP
MASTER LEASE NO. 1 AMENDMENT AGREEMENT
THIS MASTER LEASE NO. 1 AMENDMENT AGREEMENT (hereinafter this “Agreement”) is dated as of the 22nd day of December, 2004, and is by and among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership (together with its successors and assigns, “Lessor”), having an office at 00000 Xxxxxx Xxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxxx 00000, and KINDRED HEALTHCARE, INC., a Delaware corporation (f/k/a Vencor, Inc.) (“Kindred”), and KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation (f/k/a Vencor Operating, Inc.) (“Operator”; Operator, jointly and severally with Kindred and permitted successors and assignees of Operator and Kindred, “Tenant”), both having an office at 000 Xxxxx 0xx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx 00000.
RECITALS
A. Lessor and Tenant entered into a certain Amended and Restated Master Lease Agreement No. 1 dated as of April 20, 2001 (as the same may have been or may hereafter be amended, amended and restated, supplemented, modified, severed, renewed, extended or replaced, the “Lease”), demising to Tenant certain properties.
X. Xxxxxx and Tenant entered into those two certain Agreements for Sale of Real Estate and Master Lease Amendment dated as of the date hereof (the “Sale/Amendment Agreements”).
C. Immediately prior hereto and pursuant to the Sale/Amendment Agreements, Lessor and Tenant entered into those certain Master Lease No. 1 Partial Lease Termination Agreements bearing even date herewith (the “Partial Lease Terminations”), pursuant to which the Lease was terminated as it applied to certain properties.
X. Xxxxxx and Tenant desire to amend the Lease as it applies to the remaining Leased Properties, after the aforesaid termination, on the terms set forth in this Agreement.
NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the parties hereby agree as follows:
1. Capitalized Terms. All capitalized terms used herein and not defined herein shall have the meaning ascribed thereto in the Lease.
2. Base Rent and Current Rent Amendments. Relative to the definitions of “Base Rent” and “Current Rent” contained in Section 2.1 of the Lease, Lessor and Tenant agree that the Base Rent and Current Rent for the Leased Properties remaining under the Lease after the termination referenced in the Partial Lease Termination shall, for the period from the date immediately following the date hereof through April 30, 2005, be equal to Forty Three Million One Hundred Thirty Seven Thousand Six Hundred Eighty Two and 44/100 Dollars ($43,137,682.44) per annum, and, for Rent Calculation Years thereafter, Base Rent and Current
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Rent shall be determined as set forth in subsection (d) of the definition of “Base Rent” or subsection (b) of the definition of “Current Rent”, as applicable, contained in such Section 2.1, in each case subject to the provisions of such definitions relative to the Reset Option and to the provisions of Article XIX relative to the amount of the Base Rent and Current Rent during Extended Terms.
3. New Exhibit C. Effective as of the date immediately following the date hereof, Exhibit C to the Lease shall be amended and restated in its entirety to read as set forth in Attachment 1 to this Agreement.
4. New Exhibit D. Exhibit D to the Lease is hereby amended and restated in its entirety to read as set forth in Attachment 2 to this Agreement.
5. No Other Amendments. Except as provided in this Agreement, the Lease remains in full force and effect without modification.
6. Successors and Assigns. This Agreement and the covenants and agreements herein contained shall be binding upon and inure to the benefit of Lessor and Tenant and their respective heirs, devisees, successors and assigns.
7. Integrated Agreement; Modifications; Waivers. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes any and all prior representations, understandings and agreements, whether written or oral, with respect to such subject matter. Each of the parties hereto acknowledges that it has not relied upon, in entering into this Agreement, any representation, warranty, promise or condition not specifically set forth in this Agreement. No supplement, modification or waiver of any provision of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided.
8. Headings and Captions. The headings and captions of the paragraphs of this Agreement are for convenience of reference only and shall not affect the meaning or interpretation of this Agreement or any provision hereof.
9. Gender and Number. As used in this Agreement, the neuter shall include the feminine and masculine, the singular shall include the plural, and the plural shall include the singular, except where expressly provided to the contrary.
10. Severability. In the event that any paragraph, section, sentence, clause or phrase contained in this Agreement becomes or is held by any court of competent jurisdiction to be illegal, null or void or against public policy, the remaining paragraphs, sections, sentences, clauses or phrases contained in this Agreement shall not be affected thereby.
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11. Counterparts. This Agreement and any amendment to this Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto were upon the same instrument.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have executed these presents the day and year first above written.
| TENANT: | ||||
| KINDRED HEALTHCARE, INC., a Delaware corporation formerly known as Vencor, Inc. | ||||
| By: | /s/ Xxxxxx X. Xxxxxxxxxx | |||
| Name: |
Xxxxxx X. Xxxxxxxxxx | |||
| Its: |
Senior Vice President of Corporate Legal Affairs and Corporate Secretary | |||
| TENANT: | ||||
| KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation formerly known as Vencor Operating, Inc. | ||||
| By: | /s/ Xxxxxx X. Xxxxxxxxxx | |||
| Name: |
Xxxxxx X. Xxxxxxxxxx | |||
| Its: |
Senior Vice President of Corporate Legal Affairs and Corporate Secretary | |||
| LESSOR: | ||||
| VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership | ||||
| By: | Ventas, Inc., a Delaware corporation, its general partner | |||
| By: |
/s/ T. Xxxxxxx Xxxxx | |||
| T. Xxxxxxx Xxxxx, Executive Vice President, General Counsel and Secretary | ||||
Acknowledgments
| STATE OF KENTUCKY | ) | |
| ) | ||
| COUNTY OF JEFFERSON | ) |
This 21st day of December, 2004, personally came before me Xxxxxxx X. Xxxxxxx, a Notary Public in and for said County and State, Xxxxxx X. Xxxxxxxxxx, who being by me duly sworn, says that he is the Senior Vice President of Corporate Legal Affairs and Corporate Secretary of KINDRED HEALTHCARE, INC., a Delaware corporation, and that the seal affixed to the foregoing instrument in writing is the corporate seal of said corporation, and that said writing was signed and sealed by him on behalf of such corporation by its authority duly given. And the said Xxxxxx X. Xxxxxxxxxx acknowledged the said writing to be the act and deed of said corporation.
WITNESS my hand and notarial stamp/seal this 21st day of December, 2004.
| /s/ Xxxxxxx X. Xxxxxxx |
| Notary Public |
My Commission Expires:
May 22, 2005
[Notarial Stamp/Seal]
| STATE OF KENTUCKY | ) | |
| ) | ||
| COUNTY OF JEFFERSON | ) |
This 21st day of December, 2004, personally came before me Xxxxxxx X. Xxxxxxx, a Notary Public in and for said County and State, Xxxxxx X. Xxxxxxxxxx, who being by me duly sworn, says that he is the Senior Vice President of Corporate Affairs and Corporate Secretary of KINDRED HEALTHCARE OPERATING, INC., a Delaware corporation, and that the seal affixed to the foregoing instrument in writing is the corporate seal of said corporation, and that said writing was signed and sealed by him on behalf of such corporation by its authority duly given. And the said Xxxxxx X. Xxxxxxxxxx acknowledged the said writing to be the act and deed of said corporation.
WITNESS my hand and notarial stamp/seal this 21st day of December, 2004.
| /s/ Xxxxxxx X. Xxxxxxx |
| Notary Public |
My Commission Expires:
May 22, 2005
[Notarial Stamp/Seal]
| STATE OF KENTUCKY | ) | |
| ) | ||
| COUNTY OF JEFFERSON | ) |
This 20th day of December, 2004, personally came before me Xxxxxxx X. Xxxxxxxx, a Notary Public in and for said County and State, T. Xxxxxxx Xxxxx, who being by me duly sworn, says that he is the Executive Vice President, General Counsel and Secretary of VENTAS, INC., a Delaware corporation, in its capacity as the general partner of VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware limited partnership, and that the seal affixed to the foregoing instrument in writing is the corporate seal of said corporation, and that said writing was signed and sealed by him on behalf of such corporation by its authority duly given, in its aforesaid general partner capacity on behalf of the aforesaid limited partnership. And the said Executive Vice President, General Counsel and Secretary acknowledged the said writing to be the act and deed of said corporation, acting in such general partner capacity.
WITNESS my hand and notarial stamp/seal this 20th day of December, 2004.
| /s/ Xxxxxxx X. Xxxxxxxx |
| Notary Public |
My Commission Expires:
Dec. 9, 2006
[Notarial Stamp/Seal]
CONSENT
The undersigned hereby consents to the terms of the foregoing instrument.
JPMORGAN CHASE BANK (formerly THE CHASE MANHATTAN BANK, successor by merger to XXXXXX GUARANTY TRUST COMPANY OF NEW YORK), as administrative agent and Collateral Agent under that certain $300,000,000 Amended and Restated Credit Agreement, dated as of June 28, 2004
| By: | /s/ Xxxx X. Xxx Xxx | |
| Name: |
Xxxx X. Xxx Xxx | |
| Title: |
Vice President | |
| STATE OF NEW YORK | ) | |
| ) | ||
| COUNTY OF NEW YORK | ) |
This 20th day of December, 2004, personally came before me Xxxxxxx X. Xxxxxxxx, a Notary Public in and for said County and State, Xxxx X. Xxx Xxx, who being by me duly sworn, says that he is the Vice President of JPMORGAN CHASE BANK, a NATIONAL ASSOCIATION corporation, and that the seal affixed to the foregoing instrument in writing is the corporate seal of said corporation, and that said writing was signed and sealed by him on behalf of such corporation by its authority duly given. And the said Vice President acknowledged the said writing to be the act and deed of said corporation.
WITNESS my hand and notarial stamp/seal this 20th day of December, 2004.
| /s/ Xxxxxxx X. Xxxxxxxx |
| Notary Public |
My Commission Expires:
September 3, 2006
[Notarial Stamp/Seal]
ATTACHMENT 1
Exhibit C
Allocation Schedule – Applicable Transferred Property Percentages
| Facility ID |
Facility Name |
Base Rent Commencing May 1, 2004 |
Percentage of Master Lease Commencing December 22, 2004 |
||||||
| 1 | 114 | Arden Rehab & Healthcare Center | 523,908.12 | 1.2145 | % | ||||
| 2 | 000 | Xxxxxxxxx Continuum Care Center | 481,270.44 | 1.1157 | % | ||||
| 3 | 132 | Madison Healthcare & Rehab Center | 372,884.04 | 0.8644 | % | ||||
| 4 | 140 | Wasatch Care Center | 385,006.80 | 0.8925 | % | ||||
| 5 | 185 | Heritage Health & Rehab Center | 40,279.20 | 0.0934 | % | ||||
| 6 | 191 | Silas Creek Manor | 526,343.76 | 1.2201 | % | ||||
| 7 | 000 | Xxxxxxxxxx Xxxxx Xxxxxxx & Xxxxx Xxxxxx | 854,699.40 | 1.9813 | % | ||||
| 8 | 218 | Cascade Rehab & Care Center | 341,130.48 | 0.7908 | % | ||||
| 9 | 000 | Xxxxxx Xxxxx Xxxxx & Nursing Center | 368,526.60 | 0.8543 | % | ||||
| 10 | 409 | Mountain Valley Care & Rehab | 305,354.28 | 0.7079 | % | ||||
| 11 | 000 | Xxxx Xxxxx Health Care Center | 956,295.36 | 2.2168 | % | ||||
| 12 | 000 | Xxxxxxxx Xxxxx Xxxx & Xxxxx Xxxxxx | 350,970.60 | 0.8136 | % | ||||
| 13 | 436 | Valley Healthcare & Rehab Center | 404,320.80 | 0.9373 | % | ||||
| 14 | 441 | Mountain Towers Healthcare & Rehab | 219,530.64 | 0.5089 | % | ||||
| 15 | 452 | Sunnyside Care Center | 241,847.40 | 0.5606 | % | ||||
| 16 | 462 | Xxxxx Xxxx Healthcare | 617,740.56 | 1.4320 | % | ||||
| 17 | 516 | Hammersmith House Nursing Care Center | 160,218.36 | 0.3714 | % | ||||
| 18 | 518 | Timberlyn Heights Nursing & Alzheimer’s Center | 441,210.84 | 1.0228 | % | ||||
| 19 | 525 | La Veta Healthcare Center | 460,982.52 | 1.0686 | % | ||||
| 20 | 552 | Shore Village Rehab & Nursing Center | 309,961.92 | 0.7185 | % | ||||
| 21 | 555 | Brentwood Manor Rehab & Nursing Center | 184,541.16 | 0.4278 | % | ||||
| 22 | 567 | Nutmeg Pavilion Healthcare | 565,927.68 | 1.3119 | % | ||||
| 23 | 577 | Xxxxxxx Park Nursing & Rehab Center | 398,088.48 | 0.9228 | % | ||||
| 24 | 640 | Las Vegas Healthcare & Rehab Center | 395,059.68 | 0.9158 | % | ||||
| 25 | 738 | Bay View Nursing & Rehab Center | 285,999.48 | 0.6630 | % | ||||
| 26 | 742 | Sonoran Rehab & Care Center | 343,784.16 | 0.7969 | % | ||||
| 27 | 745 | Aurora Care Center | 585,522.12 | 1.3573 | % | ||||
| 28 | 000 | Xxxxx Xxxxx Med. & Rehab Center | 701,488.32 | 1.6262 | % | ||||
| 29 | 779 | Westview Nursing & Rehab Center | 445,821.00 | 1.0335 | % | ||||
| 30 | 000 | Xxxxxxxxxx Xxxxxx for Health & Rehab | 694,461.72 | 1.6099 | % | ||||
| 00 | 000 | Xxxxxxx Xxxxxx Xxxxx | 288,227.88 | 0.6682 | % |
| 32 | 4602 | Kindred Hospital So. Florida Coral Gables Campus | 823,904.40 | 1.9099 | % | ||||
| 33 | 4618 | Kindred Hospital Oklahoma City | 1,115,430.00 | 2.5857 | % | ||||
| 34 | 4628 | Kindred Hospital Chattanooga | 847,254.48 | 1.9641 | % | ||||
| Facility ID |
Facility Name |
Base Rent Commencing May 1, 2004 |
Percentage of Master Lease Commencing December 22, 2004 |
||||||
| 35 | 4633 | Kindred Hospital Louisville | 3,379,637.16 | 7.8345 | % | ||||
| 36 | 4637 | Kindred Hospital Chicago North Campus | 5,964,519.00 | 13.8267 | % | ||||
| 37 | 4638 | Kindred Hospital Indianapolis | 1,894,324.56 | 4.3913 | % | ||||
| 38 | 0000 | Xxxxxxx Xxxxxxxx Xxxxx Xxxxxxx | 3,452,246.64 | 8.0029 | % | ||||
| 39 | 4656 | Kindred Hospital Phoenix | 895,680.36 | 2.0763 | % | ||||
| 40 | 4680 | Kindred Hospital St. Louis | 1,067,596.44 | 2.4749 | % | ||||
| 41 | 4690 | Kindred Hospital Chicago Northlake Campus | 1,827,749.28 | 4.2370 | % | ||||
| 42 | 0000 | Xxxxxxx Xxxxxxxx Xxx Xxxxxxxxx Xxx Xxxx | 1,719,033.48 | 3.9850 | % | ||||
| 43 | 4842 | Kindred Hospital Westminster | 4,942,342.92 | 11.4571 | % | ||||
| 44 | 4848 | Kindred Hospital San Diego | 1,956,559.92 | 4.5356 | % | ||||
| Total Master Lease 1 | 43,137,682.44 | 100.00% | |||||||
ATTACHMENT 2
EXHIBIT D
Renewal Groups
Master Lease #1
| Facility ID |
Name |
City |
State |
Lease Expiration Date |
Renewal Group Number | |||||||
| 1 | 132 | Madison Healthcare & Rehab. Ctr. | Madison | TN | 30-Apr-08 | #1 | ||||||
| 2 | 577 | Xxxxxxx Park Nursing & Rehab. Ctr. | Columbus | OH | 30-Apr-08 | #1 | ||||||
| 3 | 779 | Westview Nursing & Rehab. Center | Bedford | IN | 30-Apr-08 | #1 | ||||||
| 4 | 784 | Northfield Centre for Health & Rehab. | Louisville | KY | 30-Apr-08 | #1 | ||||||
| 5 | 4618 | Kindred Hospital - Oklahoma City | Oklahoma City | OK | 30-Apr-08 | #1 | ||||||
| 6 | 4822 | Kindred Hospital - San Francisco Bay Area | San Leandro | CA | 30-Apr-08 | #1 | ||||||
| 7 | 114 | Arden Rehabilitation & Healthcare Ctr. | Seattle | WA | 30-Apr-08 | #0 | ||||||
| 0 | 000 | Xxxxxxx Xxxx Xxxxxx | Xxxxx | XX | 30-Apr-08 | #3 | ||||||
| 9 | 000 | Xxxx Xxxxx Xxxxxx Xxxx Xxxxxx | Xxxxx Xxxxx | XX | 30-Apr-08 | #3 | ||||||
| 10 | 000 | Xx Xxxx Xxxxxxxxxx Xxxxxx | Xxxxxx | XX | 30-Apr-08 | #3 | ||||||
| 11 | 4842 | Kindred Hospital – Westminster | Westminster | CA | 30-Apr-08 | #3 | ||||||
| 12 | 327 | Xxxxxx Xxxxx Rehab. & Nursing Ctr. | Jamaica Plain | MA | 30-Apr-13 | #4 | ||||||
| 13 | 000 | Xxxxxx Xxxxxxxxxx & Xxxxx. Xxxxxx | Xxxxxx | XX | 30-Apr-13 | #4 | ||||||
| 14 | 000 | Xxxxx Xxxx Xxxxxxxxxx | Xxxxxxx | XX | 30-Apr-13 | #4 | ||||||
| 15 | 552 | Shore Village Rehab. & Nursing Ctr. | Rockland | ME | 30-Apr-13 | #4 | ||||||
| 16 | 555 | Brentwood Rehab. & Nsg. Center | Yarmouth | ME | 30-Apr-13 | #4 | ||||||
| 17 | 640 | Las Vegas Healthcare & Rehab. Ctr. | Las Vegas | NV | 30-Apr-13 | #4 | ||||||
| 18 | 738 | Bay View Nursing & Rehab. Center | Alameda | CA | 30-Apr-13 | #4 | ||||||
| 19 | 000 | Xxxxxxx Xxxxx & Xxxx Xxxxxx | Xxxxxxx | XX | 30-Apr-13 | #4 |
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| 20 | 4633 | Kindred Hospital – Louisville | Louisville | KY | 30-Apr-13 | #4 | ||||||
| 21 | 4638 | Kindred Hospital – Indianapolis | Indianapolis | IN | 30-Apr-13 | #4 | ||||||
| 22 | 000 | Xxxxxxxxx Xxxxxxxxx Xxxx Xxxxxx | Xxxxxxxx | XX | 30-Apr-10 | #6 | ||||||
| 23 | 185 | Heritage Health & Rehab. Center | Vancouver | WA | 30-Apr-10 | #6 | ||||||
| 24 | 000 | Xxxxx Xxxxx Xxxxx | Xxxxxxx-Xxxxx | XX | 30-Apr-10 | #6 | ||||||
| 25 | 452 | Sunnyside Care Center | Salem | OR | 30-Apr-10 | #6 | ||||||
| 26 | 000 | Xxxxx Xxxxx Xxx. & Xxxxx. Xxxxxx | Xxxxxxxxx | XX | 30-Apr-10 | #6 | ||||||
| 27 | 868 | Lebanon Country Manor | Lebanon | OH | 30-Apr-10 | #6 | ||||||
| 28 | 4637 | Kindred Hospital – Chicago North | Chicago | IL | 30-Apr-10 | #6 | ||||||
| 29 | 4690 | Kindred Hospital - Chicago (Northlake Campus) | Northlake | IL | 30-Apr-10 | #6 | ||||||
| 30 | 516 | Hammersmith House Nsg. Care Ctr. | Saugus | MA | 30-Apr-10 | #7 | ||||||
| 31 | 518 | Timberlyn Heights Nsg. & Alz. Ctr. | Great Barrington | MA | 30-Apr-10 | #7 | ||||||
| 32 | 567 | Nutmeg Pavilion Healthcare | New London | CT | 30-Apr-10 | #7 | ||||||
| 33 | 4602 | Kindred Hospital - Coral Gables | Coral Gables | FL | 30-Apr-10 | #7 | ||||||
| 34 | 4652 | Kindred Hospital - North Florida | Green Cove Spr. | FL | 30-Apr-10 | #7 | ||||||
| Facility ID |
Name |
City |
State |
Lease Expiration Date |
Renewal Group Number | |||||||
| 35 | 000 | Xxxxxxx Xxxx Xxxxxx | Xxxxxxxx | XX | 30-Apr-10 | #8 | ||||||
| 36 | 409 | Mountain Valley Care and Rehab. | Xxxxxxx | ID | 30-Apr-10 | #8 | ||||||
| 37 | 433 | Parkview Acres Care & Rehab Ctr. | Dillon | MT | 30-Apr-10 | #8 | ||||||
| 38 | 441 | Mountain Towers Healthcare & Rehab | Cheyenne | WY | 30-Apr-10 | #8 | ||||||
| 39 | 745 | Aurora Care Center | Aurora | CO | 30-Apr-10 | #8 | ||||||
| 40 | 4656 | Kindred Hospital – Phoenix | Phoenix | AZ | 30-Apr-10 | #8 | ||||||
| 41 | 4848 | Kindred Hospital - San Diego | San Diego | CA | 30-Apr-10 | #8 | ||||||
| 42 | 198 | Xxxxxxxxxx House Nsg. & Rehab. Ctr. | Walpole | MA | 30-Apr-10 | #9 | ||||||
| 43 | 4628 | Kindred Hospital – Chattanooga | Chattanooga | TN | 30-Apr-10 | #9 | ||||||
| 44 | 4680 | Kindred Hospital - St. Louis | St. Louis | MO | 30-Apr-10 | #9 | ||||||
