EXHIBIT 10.16
THIRD AMENDMENT TO FACILITIES LEASE
AMENDMENT (this "Amendment") dated as of June 30, 1994 by and between
HMC RETIREMENT PROPERTIES, INC., a Delaware corporation having an address c/o
Host Marriott Corporation, 00000 Xxxxxxxx Xxxx, Xxxxxxxx, Xxxxxxxx 00000
("Landlord"), and MARRIOTT SENIOR LIVING SERVICES, INC., a Delaware corporation
having an address c/o Marriott International, Inc., 00000 Xxxxxxxx Xxxx,
Xxxxxxxx, Xxxxxxxx 00000 ("Tenant")
W I T N E S S E T H :
WHEREAS, reference is hereby made to that certain Facilities Lease
Agreement dated as of October 8, 1993 by and between Landlord and Tenant,
pursuant to which Landlord leases to Tenant, and Tenant leases from Landlord,
certain premises located in Xxxx County, Illinois (as amended by an instrument
dated May 16, 1994, the "Lease");
WHEREAS, Landlord and Tenant desire to amend certain of the terms and
conditions of the Lease in the manner set forth below.
NOW, THEREFORE, in consideration of the mutual premises herein
contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:
Section 1. Section 5.01 of the Lease shall be amended by deleting
Section 5.01(i) in its entirety and replacing it with the following: "(i)
Commencing with the Commencement Date and continuing to the end of 2001, Minimum
Rental equal to One Million Six Hundred Thousand Dollars ($1,600,000) per Year
for each such Year; commencing at the beginning of 2002 and continuing to the
end of 2010, Minimum Rental in an amount equal to Three Million Dollars
($3,000,000) per Year for each such Year; commencing at the beginning of 2011
and continuing to the end of 2013, Zero Dollars ($0.00) Minimum Rental per Year
for each such Year; and commencing at the commencement of the Extended Term, if
any, and continuing to the end of the Term (including all Extended Terms),
Minimum Rental in an amount equal to One Million Nine Hundred Fifty-five
Thousand Dollars ($1,955,000) per year for each Year; plus".
Section 2. If any terms and conditions of this Amendment conflict with
the terms and conditions of the Lease, the terms and conditions of this
Amendment shall prevail. Except as specifically modified herein, the Lease is in
full force and effect.
Section 3. This Amendment may be executed in several counterparts, each
of which shall be deemed to be an original, and all of which taken together
shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the date first above written.
ATTEST: HMC RETIREMENT PROPERTIES, INC.
By: /s/ By: /s/ Xxxxxx X. Xxxxx
Assistant Secretary Vice President
ATTEST: MARRIOTT SENIOR LIVING SERVICES, INC.
By: /s/ By: /s/
Assistant Secretary Vice President
