Exhibit 10.21
THIRD AMENDMENT OF LEASE
This Third Amendment of Lease (this "Amendment") is made this 4 day of
August, 2000, between SPTMRT Properties Trust, a Maryland real estate investment
trust ("Landlord"), and Marriott Senior Living Services, Inc., a Delaware
corporation ("Tenant").
Recitals:
A. Whereas, HMH PROPERTIES, INC., a Delaware corporation ("HMH")
as Landlord and Marriott Senior Living Services, Inc. ("MSLS")
as Tenant entered into that certain Facilities Lease Agreement
for the Marriott Senior Living Services Facilities of Boca
Pointe, Palm Beach County, Boca Raton, Florida, on October 8,
1993, which Facilities Lease Agreement was amended on May 16,
1994 and October 10, 1997 (said Facilities Lease Agreement, as
so amended hereinafter referred to as the "Lease"); and
B. Whereas, pursuant to the terms of that certain Assignment and
Assumption of Leases, Guarantees and Permits between HMH and
HRPT Properties Trust, formally known as Health and Retirement
Properties Trust, a Maryland real estate investment trust
("HRPT"), dated May 13, 1994, HRPT assumed all of HMH's
rights, title and interest in and to the Lease; and
C. Whereas, on or about June 30, 1999, HRPT assigned the Lease to
Landlord; and
D. Whereas, subsequent to the Commencement Date, Tenant
constructed certain Improvements on the Land that was an
Expansion and the parties are desirous of selecting a date for
the commencement of construction of said Expansion and
amending the Lease on the terms and conditions set forth
herein.
Now, therefore, in consideration of the mutual obligations and
agreements set forth below, the sufficiency and receipt of which are hereby
acknowledged, Landlord and Tenant agree as follows:
1. Section 5.06(B) of the Lease is hereby modified by
the following:
"Expansion Rental shall be paid in lieu of Percentage
Rental commencing with Fiscal Year 1999 and
continuing throughout the remaining Term of the
Lease. For Fiscal Year 1999 and for Fiscal Year 2000,
the Expansion Rental shall be calculated as if the
commencement of construction of the Expansion
occurred in Fiscal Year 1996. Commencing with Fiscal
Year 2001 and thereafter, Expansion Rental shall be
calculated as if the commencement of construction of
the Expansion occurred in Fiscal Year 1997.
2. Section 5.03 shall be amended by adding the following
new section:
"C. Commencing with the third Fiscal Quarter of 2000,
Tenant shall, within forty-five (45) days of the end
of each Fiscal Quarter furnish to Landlord a report,
for the immediately preceding Fiscal Quarter and year
to date, which shall include the following:
A. A schedule of revenue by type of unit (i.e.,
assisted living, specialcare, and nursing)
and by source (i.e., Medicare or private
pay);
B. A schedule of the occupancy and number of
each type of unit at the Premises (i.e.,
assisted living, special care and nursing);
C. A schedule of operating expenses by category
including real estate taxes; and
D. Such other financial information that
Landlord may reasonably request from time to
time, provided however, that such additional
financial information requested by Landlord
must be of the type and nature that Tenant
generally provides to other Owners of its
leased senior living communities. Attached
hereto as Exhibit A is the form of reporting
that Tenant currently provides to its owners
and will serve as the initial form for the
reporting to Landlord pursuant to this
Section 5.03(C)."
3. All capitalized terms not defined herein shall have
the meaning set forth on the Lease; and
4. Any conflict between the terms and conditions of this
Amendment and the Lease shall be resolved in favor of
this Amendment; and
5. Other than as modified herein, all of the terms and
provisions of this Lease shall remain in full force
and effect.
IN WITNESS WHEREOF, Landlord and Tenant have executed and delivered
this Amendment on the date first hereinabove set forth.
TENANT
Attest: Marriott Senior Living Services, Inc.
a Delaware corporation
By: /s/ Xxxxxxx X. Xxxxx By: /s/ Xxxxxxx X. Xxxxxxxxxx, Xx.
--------------------------------- -----------------------------------
Name: Xxxxxxx X. Xxxxx Name: Xxxxxxx X. Xxxxxxxxxx, Xx.
Title: Assistant Secretary Title: Vice President
[SEAL]
LANDLORD
Attest: SPTMRT Properties Trust
a Maryland real estate trust
By: /s/ Xxxxxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxxxxx
--------------------------------- -----------------------------------
Name: Its: President
[SEAL]
GUARANTOR
Attest: Marriott International, Inc.
a Delaware corporation
By: /s/ Xxxxxx X. Xxxxxxx By: /s/ Xxxxx X. Xxxxxx
--------------------------------- -----------------------------------
Name: Xxxxxx X. Xxxxxxx Name: Xxxxx X. Xxxxxx
Title: Assistant Secretary Title: Vice President
[SEAL]
