Letter Agreement Regarding Lease and Working Capital Loan Repayment between CCC of New Jersey, Inc. and CareMatrix of Princeton (SNF), Inc.

Summary

This agreement, dated March 30, 1999, is between CCC of New Jersey, Inc. (the landlord) and CareMatrix of Princeton (SNF), Inc. (the tenant). It confirms that CareMatrix has paid $2,000,000 to CCC of New Jersey, which was used to fully repay a working capital loan from The Chase Manhattan Bank related to the leased property. The agreement also reiterates CareMatrix's responsibility for all operating expenses under the lease. Both parties acknowledge and agree to these terms by signing the letter.

EX-10.187 38 0038.txt LETTER AGREEMENT CCC OF NEW JERSEY, INC. 197 FIRST AVENUE, NEEDHAM, MASSACHUSETTS 02494 Exhibit 10.187 As of March 30, 1999 CareMatrix of Princeton (SNF), Inc. 197 First Avenue Needham, Massachusetts 02494 Re: Lease dated as of August 7, 1998, by and between CCC of New Jersey, Inc. ("Chancellor"), as landlord, and CareMatrix of Princeton (SNF), Inc. ("CareMatrix"), as tenant (the "Lease") Ladies and Gentlemen: This letter agreement is intended to confirm our understanding with respect to certain aspects of the above-referenced Lease, and to acknowledge the payment by you of certain amounts in connection therewith. Capitalized terms used herein and not defined herein shall have the meanings for such terms set forth in the Lease. CareMatrix and Chancellor hereby confirm and agree that in connection with our entering into the Lease, CareMatrix agreed to bear all expenses incurred in connection with the operation of the Leased Property, including, without limitation, that certain working capital loan from The Chase Manhattan Bank in the original principal amount of $2,000,000 (the "W/C Loan"). We hereby acknowledge that we have received from you today the sum of $2,000,000, which amount has been used by us to payoff and discharge in full all obligations under the W/C Loan. Please indicate your acknowledgement and agreement to the matters set forth herein by signing the enclosed counterpart of this letter where indicated and returning it to the undersigned. Very truly yours, CCC OF NEW JERSEY, INC. By:/s/ Abraham D. Gosman ------------------------ Name: Title: hereunto duly authorized Acknowledged and agreed as of this 30th day of March, 1999 CAREMATRIX OF PRINCETON (SNF), INC. By:/s/ David B. Currie ------------------- Name: David B. Currie Title:VP hereunto duly authorized