Focus on Specialized Inpatient Services. We serve highly acute patients and patients with debilitating injuries that cannot be adequately cared for in a less medically intensive environment, such as a skilled nursing facility. Generally, patients in our specialty hospitals require longer stays and higher levels of clinical care than patients treated in general acute care hospitals. Our patients average length of stay in our specialty hospitals was 24 days for the three months ended March 31, 2009
EX-10.71 2 w74074a4exv10w71.htm EX-10.71 exv10w71
Exhibit 10.71
Old Gettysburg Associates II
4720 Gettysburg Rd
Mechanicsburg, PA 17055
4720 Gettysburg Rd
Mechanicsburg, PA 17055
Fifth Addendum to Lease Agreement
This Fifth Addendum is made as of the 13th day of April, 2009, by and between Old Gettysburg Associates II, a (“Landlord”), and Select Medical Corporation a (“Tenant”).
BACKGROUND:
| A. | Landlord and Tenant are parties to that certain Office Lease Agreement dated May 15, 2001 (as amended by the First Addendum which forfeited 4,583 square feet known as Suite 403 and 404, the Second Addendum which added 3,206 square feet known as Suite 402, the Third Addendum which added 5,577 square feet known as Suites 302 and 303 , and Fourth Addendum which forfeited 2,631 square feet known as Suite 401 thereto, the “Lease”) pursuant to which Landlord leased to Tenant, and Tenant leased from Landlord, approximately 8,783 rentable square feet of space in the building located at 4720 Gettysburg Rd., Mechanicsburg, Pennsylvania. All capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Lease. |
| B. | Landlord and Tenant now desire to amend the Lease as hereinafter set forth. |
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and intending to be legally bound hereby, Landlord and Tenant agree as follows:
Effective on May 1, 2009, the following terms contained in the Basic Lease shall be amended as follows:
| 1. | Tenant agrees to vacate 3,206 square feet known as Suite 402. | ||
| 2. | Total area of the premises under this lease will be amended to 5,577 square feet for Suites 302 and 303. | ||
| 3. | Tenant’s proportionate share will be 13.06% based on total square footage of building as 42,691 square feet. | ||
| 4. | Monthly rental payment will be $11,575.99 until May 2010 at which time it will increase 4% and continue to increase 4% annually on May 1 as stated in the original lease. | ||
| 5. | Operating expenses will be prorated and invoiced before March 30, 2010. |
All other terms and conditions contained in the Lease and not amended hereby remain in full force and effect.
IN WITNESS WHEREOF, Landlord and Tenant have caused this Fifth Addendum to be duly executed.
| Landlord: Old Gettysburg Associates II | ||||||||||
WITNESS: | By: | /s/ John Ortenzio | ||||||||
| Date: | May 21, 2009 | |||||||||
| Tenant: | Select Medical Corporation | |||||||||
ATTEST: | /s/ John F. Duggan | By: | /s/ Michael E. Tarvin | |||||||
| Michael E. Tarvin | ||||||||||
Name: | John F. Duggan | Title: | Executive Vice President | |||||||
| Date: | May 13, 2009 | |||||||||
