EXHIBIT 10.22
AMENDMENT NO. 4 TO MASTER AGREEMENT TO LEASE
This Amendment No. 4 (hereinafter "Amendment 4") is made to that certain
Master Agreement to Lease between National Health Investors, Inc. ("Landlord")
and National HealthCare L.P. ("Tenant") dated October 17, 1991, (hereinafter
"Master Lease"), and is entered into effective the 31st day of December, 1997.
WHEREAS, pursuant to the terms of the Master Lease, National HealthCare
L.P. ("NHC") has heretofore agreed to lease certain licensed nursing homes or
retirement centers in 43 locations as identified on Exhibit A to said Master
Lease; and
WHEREAS, NHC has obtained a Certificate of Need to expand the number of
licensed beds and ancillary space in the project located in Hendersonville, TN;
and
WHEREAS, pursuant to resolution, the Board of National Health Investors,
Inc. ("NHI") has agreed to finance said expansions and NHC has agreed to pay an
increased lease rate thereon, all on the following terms and conditions; and
NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES, the parties do hereby
amend the Master Lease by the addition of the following as paragraph 2.07:
2.07: Expanded Project. Landlord and Tenant hereby agree that Tenant is
granted the right to increase the licensed bed capacity and/or create
revenue producing ancillary space at the Leased Property located in
Hendersonville, TN, so long as the expansion is authorized with a
certificate of need from the appropriate governmental authority and is
constructed in a substantially similar manner as the existing Leased
Property. Landlord agrees, at the request of Tenant from time to time, to
reimburse Tenant for such hard costs, including land, construction,
landscaping, fixtures or appurtenances, and capitalized interest incurred
during construction as Tenant may have incurred in the expansion of the
Project. At such time as this reimbursement is sought by Tenant, Tenant
agrees to amend the individual lease for that Leased Property, and to
increase the base rent thereon by an annual factor equal to 9.5% times the
cost and expense reimbursed by Landlord.
The parties further agree that the Additional Rent provided for in
paragraph 2.02 above shall commence on that part of the Leased Property
expanded pursuant to the terms of this paragraph 2.07 effective the first
day of January of 1999, with 1998 as the Base Year.
All the rest and residue of the Master Lease and the individual lease on
the Leased Property located in Hendersonville, TN, is hereby ratified and
affirmed. Executed effective this the 31st day of December, 1997.
LANDLORD: NATIONAL HEALTH INVESTORS, INC.
/s/ Xxxxxxx X. XxXxxxx, Xx.
Xxxxxxx X. XxXxxxx, Xx., Vice President
TENANT: NATIONAL HEALTHCARE L.P.
/s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, Senior Vice President
