Letter Agreement Reducing Minimum Rent under Second Amended and Restated Lease between Senior Housing Properties Trust and Five Star Quality Care Trust
Senior Housing Properties Trust and Five Star Quality Care Trust agree to reduce the annual minimum rent under their existing lease, effective January 1, 2006, following the sale of the Valley View property on December 31, 2005. The rent reduction reflects the net proceeds from the sale, as specified in the lease agreement. Both parties acknowledge and accept the new rent terms in writing.
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
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.
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| Very truly yours, | |||
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| /s/ John R. Hoadley |
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| John R. Hoadley | |||
| Acknowledged and Agreed: |
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| Five Star Quality Care Trust | |||||
| By: | /s/ Bruce J. Mackey Jr. |
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| Bruce J. Mackey, Jr. | ||||
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| Treasurer | ||||
