PARTIAL TERMINATION OF AND NINTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2)

EX-10.2 2 exhibit102.htm EX-10.2 Exhibit
Exhibit 10.2

PARTIAL TERMINATION OF AND NINTH AMENDMENT TO
AMENDED AND RESTATED MASTER LEASE AGREEMENT
(LEASE NO. 2)

THIS PARTIAL TERMINATION OF AND NINTH AMENDMENT TO AMENDED AND RESTATED MASTER LEASE AGREEMENT (LEASE NO. 2) (this "Amendment") is made and entered into as of September 29, 2016, by and among each of the parties identified on the signature pages hereof as a landlord (collectively, "Landlord") and each of the parties identified on the signature pages hereof as a tenant (jointly and severally, "Tenant").
W I T N E S S E T H:
WHEREAS, pursuant to the terms of that certain Amended and Restated Master Lease Agreement (Lease No. 2), dated as of August 4, 2009, as amended by that certain Partial Termination of and First Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of November 1, 2009, that certain Partial Termination of and Second Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of August 1, 2010, that certain Third Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of June 20, 2011, that certain Fourth Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of July 22, 2011, that certain Fifth Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of August 31, 2012, that certain Partial Termination of and Sixth Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of September 19, 2013, that certain Partial Termination of and Seventh Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of June 1, 2014, and that certain Partial Termination of and Eighth Amendment to Amended and Restated Master Lease Agreement (Lease No. 2), dated as of July 20, 2015 (as so amended, "Amended Lease No. 2"), Landlord leases to Tenant, and Tenant leases from Landlord, the Leased Property (this and other capitalized terms used but not otherwise defined herein having the meanings given such terms in Amended Lease No. 2), all as more particularly described in Amended Lease No. 2;
WHEREAS, SPTMNR Properties Trust and Five Star Quality Care-WI, LLC have agreed to sell the Property formerly known as River Hills West and having any address at 321 Riverside Drive, Pewaukee, Wisconsin (the "Pewaukee Property"); and
WHEREAS, in connection with the sale of the Pewaukee Property, Landlord and Tenant wish to amend Amended Lease No. 2 to terminate Amended Lease No. 2 with respect to the Pewaukee Property effective as of the date hereof;
NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree that, effective as of the date hereof, Amended Lease No. 2 is hereby amended as follows:
1.    Partial Termination of Lease. Amended Lease No. 2 is terminated with respect to the Pewaukee Property and neither Landlord nor Tenant shall have any further rights or liabilities thereunder with respect to the Pewaukee Property from and after the date hereof, except for those rights and liabilities which by their terms survive the termination of Amended Lease No. 2.
2.    Minimum Rent. The defined term "Minimum Rent" set forth in Section 1.67 of Amended Lease No. 2 is deleted in its entirety and replaced with the following:



"Minimum Rent" shall mean the sum of Sixty-Four Million Two Hundred Eighty-Seven Thousand Seven Hundred Thirty-Nine and 93/100ths Dollars ($64,287,739.93) per annum.
3.    Schedule 1. Schedule 1 to Amended Lease No. 2 is deleted in its entirety and replaced with Schedule 1 attached hereto.
4.    Exhibit A. Exhibit A to Amended Lease No. 2 is amended by deleting Exhibit A-49 attached thereto in its entirety and replacing it with "Intentionally Deleted."
5.    Ratification. As amended hereby, Amended Lease No. 2 is ratified and confirmed.

[Remainder of page intentionally left blank; signature pages follow]

2



IN WITNESS WHEREOF, the parties have caused this Amendment to be duly executed as a sealed instrument as of the date first above written.

LANDLORD:
SPTIHS PROPERTIES TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President

SPTMNR PROPERTIES TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President

SNH/LTA PROPERTIES GA LLC

By: /s/ David J. Hegarty             
David J. Hegarty
President

SNH/LTA PROPERTIES TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President

O.F.C. CORPORATION

By: /s/ David J. Hegarty             
David J. Hegarty
President

SNH CHS PROPERTIES TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President

CCC OF KENTUCKY TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President






3


LEISURE PARK VENTURE LIMITED PARTNERSHIP

By: CCC Leisure Park Corporation,
its General Partner

By: /s/ David J. Hegarty        
David J. Hegarty
President

CCDE SENIOR LIVING LLC

By: /s/ David J. Hegarty             
David J. Hegarty
President

CCOP SENIOR LIVING LLC

By: /s/ David J. Hegarty             
David J. Hegarty
President

CCC PUEBLO NORTE TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President

CCC RETIREMENT COMMUNITIES II, L.P.

By: Crestline Ventures LLC,
its General Partner

By: /s/ David J. Hegarty        
David J. Hegarty
President

CCC INVESTMENTS I, L.L.C.

By: /s/ David J. Hegarty             
David J. Hegarty
President

CCC FINANCING I TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President






4


CCC FINANCING LIMITED, L.P.

By: CCC Retirement Trust,
its General Partner

By: /s/ David J. Hegarty        
David J. Hegarty
President

SNH SOMERFORD PROPERTIES TRUST

By: /s/ David J. Hegarty             
David J. Hegarty
President


5


TENANT:
FIVE STAR QUALITY CARE TRUST


By: /s/ Bruce J. Mackey Jr.             
Bruce J. Mackey Jr.
President


FS TENANT HOLDING COMPANY TRUST


By: /s/ Bruce J. Mackey Jr.             
Bruce J. Mackey Jr.
President



6


SCHEDULE 1

PROPERTY-SPECIFIC INFORMATION

Exhibit
Property Address
Base Gross Revenues
(Calendar Year)
Base Gross Revenues
(Dollar Amount)
Commencement
Date
Interest
Rate
A-1
Ashton Gables in Riverchase
2184 Parkway Lake Drive
Birmingham, AL 35244
2009
$2,121,622
08/01/2008
8%
A-2
Lakeview Estates
2634 Valleydale Road
Birmingham, AL 35244
2009
$2,692,868
08/01/2008
8%
A-3
Forum at Pueblo Norte
7090 East Mescal Street
Scottsdale, AZ 85254
2005
$11,470,312
01/11/2002
10%
A-4
La Salette Health and
Rehabilitation Center
537 East Fulton Street
Stockton, CA 95204
2005
$7,726,002
12/31/2001
10%
A-5
Thousand Oaks Health Care Center
93 West Avenida de Los Arboles
Thousand Oaks, CA 91360
2005
$8,087,430
12/31/2001
10%
A-6
Skyline Ridge Nursing &
Rehabilitation Center
515 Fairview Avenue
Canon City, CO 81212
2005
$4,104,100
12/31/2001
10%
A-7
Springs Village Care Center
110 West Van Buren Street
Colorado Springs, CO 80907
2005
$4,799,252
12/31/2001
10%
A-8
Willow Tree Care Center
2050 South Main Street
Delta, CO 81416
2005
$4,310,982
12/31/2001
10%
A-9
Cedars Healthcare Center
1599 Ingalls Street
Lakewood, CO 80214
2005
$6,964,007
12/31/2001
10%
A-10
Millcroft
255 Possum Park Road
Newark, DE 19711
2005
$11,410,121
01/11/2002
10%
A-11
Forwood Manor
1912 Marsh Road
Wilmington, DE 19810
2005
$13,446,434
01/11/2002
10%
A-12
Foulk Manor South
407 Foulk Road
Wilmington, DE 19803
2005
$4,430,251
01/11/2002
10%
A-13
Shipley Manor
2723 Shipley Road
Wilmington, DE 19810
2005
$9,333,057
01/11/2002
10%
A-14
Forum at Deer Creek
3001 Deer Creek
Country Club Blvd.
Deerfield Beach, FL 33442
2005
$12,323,581
01/11/2002
10%
A-15
Springwood Court
12780 Kenwood Lane
Fort Myers, FL 33907
2005
$2,577,612
01/11/2002
10%
A-16
Fountainview
111 Executive Center Drive
West Palm Beach, FL 33401
2005
$7,920,202
01/11/2002
10%
A-17
Morningside of Athens
1291 Cedar Shoals Drive
Athens, GA 30605
2006
$1,560,026
11/19/2004
9%
A-18
Marsh View Senior Living
7410 Skidaway Road
Savannah, GA 31406
2007
$2,108,378
11/01/2006
8.25%
A-19
Intentionally deleted.
N/A
N/A
N/A
N/A



A-20
West Bridge Care & Rehabilitation
1015 West Summit Street
Winterset, IA 50273
2005
$3,157,928
12/31/2001
10%
A-21
Meadowood Retirement Community
2455 Tamarack Trail
Bloomington, IN 47408
2009
$12,061,814
11/01/2008
8%
A-22
Woodhaven Care Center
510 West 7th Street
Ellinwood, KS 67526
2005
$2,704,674
12/31/2001
10%
A-23
Lafayette at Country Place
690 Mason Headley Road
Lexington, KY 40504
2005
$4,928,052
01/11/2002
10%
A-24
Lexington Country Place
700 Mason Headley Road
Lexington, KY 40504
2005
$8,893,947
01/11/2002
10%
A-25
Intentionally deleted.
N/A
N/A
N/A
N/A
A-26
Intentionally deleted.
N/A
N/A
N/A
N/A
A-27
HeartFields at Bowie
7600 Laurel Bowie Road
Bowie, MD 20715
2005
$2,436,102
10/25/2002
10%
A-28
HeartFields at Frederick
1820 Latham Drive
Frederick, MD 21701
2005
$2,173,971
10/25/2002
10%
A-29
Intentionally deleted.
N/A
N/A
N/A
N/A
A-30
Intentionally deleted.
N/A
N/A
N/A
N/A
A-31
Morys Haven
1112 15th Street
Columbus, NE 68601
2005
$2,440,714
12/31/2001
10%
A-32
Intentionally deleted.
N/A
N/A
N/A
N/A
A-33
Wedgewood Care Center
800 Stoeger Drive
Grand Island, NE 68803
2005
$4,000,565
12/31/2001
10%
A-34
Intentionally deleted.
N/A
N/A
N/A
N/A
A-35
Crestview Healthcare Center
1100 West First Street
Milford, NE 68405
2005
$2,284,407
12/31/2001
10%
A-36
Utica Community Care Center
1350 Centennial Avenue
Utica, NE 68456
2005
$1,950,325
12/31/2001
10%
A-37
Leisure Park
1400 Route 70
Lakewood, NJ 08701
2005
$14,273,446
01/07/2002
10%
A-38
Franciscan Manor
71 Darlington Road
Patterson Township
Beaver Falls, PA 15010
2006
$4,151,818
10/31/2005
9%
A-39
Mount Vernon of Elizabeth
145 Broadlawn Drive
Elizabeth, PA 15037
2006
$2,332,574
10/31/2005
9%
A-40
Overlook Green
5250 Meadowgreen Drive
Whitehall, PA 15236
2006
$3,878,300
10/31/2005
9%
A-41
Myrtle Beach Manor
9547 Highway 17 North
Myrtle Beach, SC 29572
2005
$6,138,714
01/11/2002
10%
A-42
Morningside of Anderson
1304 McLees Road
Anderson, SC 29621
2006
$1,381,775
11/19/2004
9%
A-43
Heritage Place at Boerne
120 Crosspoint Drive
Boerne, TX 78006
2009
$1,469,683
02/07/2008
8%
A-44
Forum at Park Lane
7831 Park Lane
Dallas, TX 75225
2005
$13,620,931
01/11/2002
10%



A-45
Heritage Place at Fredericksburg
96 Frederick Road
Fredericksburg, TX 78624
2009
$1,386,771
02/07/2008
8%
A-46
Intentionally deleted.
N/A
N/A
N/A
N/A
A-47
Intentionally deleted.
N/A
N/A
N/A
N/A
A-48
ManorPointe - Oak Creek Independent Senior Apartments and Meadowmere - Mitchell Manor - Oak Creek
700 East Stonegate Drive and
701 East Puetz Road
Oak Creek, WI 53154
2009
$4,189,440
01/04/2008
8%
A-49
Intentionally deleted.
N/A
N/A
N/A
N/A
A-50
The Virginia Health &
Rehabilitation Center
1451 Cleveland Avenue
Waukesha, WI 53186
2005
$6,128,045
12/31/2001
10%
A-51
Reserve at Greenbriar
1005 Elysian Place
Chesapeake, Virginia
2012
$2,508,269
06/20/2011
7.5%
A-52
Palms at St. Lucie West
501 N.W. Cashmere Boulevard
Port St. Lucie, Florida
2012
$2,903,642
07/22/2011
7.5%
A-53
Forum at Desert Harbor
13840 North Desert Harbor Drive
Peoria, AZ 85381
2005
$9,830,918
01/11/2002
10.0%
A-54
Forum at Tucson
2500 North Rosemont Blvd.
Tucson, AZ 85712
2005
$13,258,998
01/11/2002
10.0%
A-55
Park Summit at Coral Springs
8500 Royal Palm Blvd.
Coral Springs, FL 33065
2005
$11,229,677
01/11/2002
10.0%
A-56
Gables at Winchester
299 Cambridge Street
Winchester, MA 01890
2005
$6,937,852
01/11/2002
10.0%
A-57
Forum at Memorial Woods
777 North Post Oak Road
Houston, TX 77024
2005
$19,734,400
01/11/2002
10.0%