Letter Agreement Reducing Minimum Rent under Second Amended and Restated Lease – Senior Housing Properties Trust and Five Star Quality Care Trust
Senior Housing Properties Trust and Five Star Quality Care Trust confirm that the Valley View property was sold on December 31, 2005, for $2,676,448. As a result, effective January 1, 2006, the minimum rent due under their existing lease agreement is reduced by $267,644.80 per year. This letter serves as formal notice and agreement of the rent adjustment following the property sale.
Exhibit 10.2
Senior Housing Properties Trust
400 Centre Street
Newton, MA 02458
March 13, 2006
Five Star Quality Care Trust
400 Centre Street
Newton, MA 02458
Attention: Bruce J. Mackey
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| Re: | Second Amended and Restated Lease Agreement dated as of November 19, 2004 (as amended, the “Lease”) |
Dear Bruce:
The purpose of this letter is to confirm that, pursuant to Section 4.1.1(b) of the Lease, Valley View was sold on December 31, 2005. The net proceeds of the sale received were $2,676,448.00. Accordingly, effective January 1, 2006, Minimum Rent payable under the Lease shall be reduced by $267,644.80 per annum.
Very truly yours,
/s/ John R. Hoadley
John R. Hoadley
Acknowledged and Agreed:
Five Star Quality Care Trust
| By: | /s/ Bruce J. Mackey Jr. | ||
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| Bruce J. Mackey, Jr. |
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| Treasurer |
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