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Title: |
Lease Agreement |
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Entities: |
Hospitality Properties Trust; Prime Hospitality Corp.; ShoLodge, Inc. |
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Date: |
2001 |
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Size: |
Preview shows 28KB of 222KB total |
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Price: |
$53 |
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ID: |
#386119 |
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LEASE AGREEMENT
Dated as of November __, 1997
By and Between
HPT SUITE PROPERTIES TRUST,
AS LANDLORD,
AND
SUITE TENANT, INC.,
AS TENANT
{PAGE} 2
TABLE OF CONTENTS
ARTICLE 1: DEFINITIONS....................................................1
1.1 Accounting Period..................................1
1.2 Additional Charges ................................2
1.4 Affiliated Person .................................2
1.5 Agreement .........................................2
1.6 Applicable Laws ...................................2
1.7 Applicable Percentage .............................2
1.8 Award .............................................3
1.9 Base Total Hotel Sales ............................3
1.10 Base Year .........................................3
1.11 Business Day ......................................4
1.12 Capital Addition ..................................4
1.13 Capital Expenditure ...............................4
1.14 Claim .............................................4
1.15 Code ..............................................4
1.16 Commencement Date .................................4
1.17 Condemnation ......................................4
1.18 Condemnor .........................................4
1.19 Consolidated Financials ...........................4
1.20 Date of Taking ....................................4
1.21 Default ...........................................5
1.22 Disbursement Rate .................................5
1.23 Distribution ......................................5
1.24 Easement Agreement.................................5
1.25 Encumbrance........................................5
1.26 Entity.............................................5
1.27 Environment .......................................5
1.28 Environmental Obligation ..........................5
1.29 Environmental Notice ..............................5
1.30 Event of Default ..................................5
1.31 Excess Total Hotel Sales...........................6
1.32 Extended Terms ....................................6
1.33 FF&E Estimate......................................6
1.34 FF&E Funded Amount.................................6
1.36 FF&E Reserve.......................................6
1.37 Financial Officer's Certificate ...................6
1.38 Fiscal Year .......................................6
1.39 Fixed Term ........................................6
1.40 Fixtures ..........................................6
1.41 GAAP ..............................................6
1.42 Government Agencies................................7
1.43 Ground Lease ......................................7
1.45 Hazardous Substances ..............................7
1.46 Hotel .............................................8
1.47 Hotel Mortgage ....................................8
1.48 Hotel Mortgagee ...................................8
1.49 Immediate Family...................................8
1.50 Impositions .......................................8
1.51 Incidental Documents ..............................9
{PAGE} 3
1.52 Indebtedness .......................................9
1.53 Insurance Requirements .............................9
1.54 Interest Rate.......................................9
1.55 Land ..............................................10
1.56 Landlord ..........................................10
1.57 Landlord Liens.....................................10
1.58 Lease Year ........................................10
1.59 Leased Improvements ...............................10
1.60 Leased Intangible Property ........................10
1.61 Leased Personal Property ..........................10
1.62 Leased Property ...................................10
1.63 Legal Requirements ................................10
1.64 Lien ..............................................11
1.65 Management Agreement ..............................11
1.66 Manager ...........................................11
1.67 Minimum Rent ......................................11
1.68 Net Worth .........................................11
1.70 Officer's Certificate .............................11
1.71 Overdue Rate ......................................11
1.72 Parent.............................................11
1.73 Permitted Encumbrances ............................12
1.74 Permitted Liens ...................................12
1.75 Permitted Use .....................................12
1.76 Person ............................................12
1.77 Property...........................................12
1.78 Purchase Agreement.................................12
1.79 Records ...........................................12
1.80 Rent ..............................................12
1.81 Retained Funds.....................................12
1.83 Security Agreement.................................12
1.84 ShoLodge...........................................13
1.85 State .............................................13
1.86 Stock Pledge Agreement ............................13
1.87 Subordinated Creditor .............................13
1.88 Subordination Agreement ...........................13
1.89 Subsidiary ........................................13
1.90 Successor Landlord ................................13
1.91 Tampa Renovation ..................................13
1.92 Tenant ............................................13
1.93 Tenant's Personal Property ........................13
1.94 Term ..............................................14
1.95 Total Hotel Sales..................................14
1.96 Uniform System of Accounts ........................14
1.97 Unsuitable for Its Permitted Use ..................14
1.98 Work ..............................................15
ARTICLE 2: LEASED PROPERTY AND TERM.......................................15
2.1 Leased Property.....................................15
2.2 Condition of Leased Property........................16
2.3 Fixed Term..........................................17
2.4 Extended Term.......................................17
ARTICLE 3: RENT...........................................................17
{PAGE} 4
3.1 Rent................................................17
3.1.1 Minimum Rent.............................18
3.1.2 Additional Rent..........................18
3.1.3 Additional Charges.......................21
3.2 Late Payment of Rent, Etc...........................22
3.3 Net Lease...........................................23
3.4 No Termination, Abatement, Etc......................23
3.5 Retained Funds......................................24
ARTICLE 4 USE OF THE LEASED PROPERTY......................................25
4.1 Permitted Use.......................................25
4.1.1 Permitted Use............................25
4.1.2 Necessary Approvals......................26
4.1.3 Lawful Use, Etc..........................26
4.2 Compliance with Legal/Insurance Requirements,
Etc.............................................26
4.3 Environmental Matters...............................27
4.3.1 Restriction on Use, Etc..................27
4.3.2 Indemnification of Landlord..............27
4.3.3 Survival.................................28
ARTICLE 5: MAINTENANCE AND REPAIRS........................................29
5.1 Maintenance and Repair..............................29
5.1.1 Tenant's General Obligations.............29
5.1.2 FF&E Reserve.............................29
5.1.3 Landlord's Obligations...................31
5.1.4 Nonresponsibility of Landlord, Etc.......32
5.2 Tenant's Personal Property..........................32
5.3 Yield Up............................................33
5.4 Management Agreement................................33
ARTICLE 6: IMPROVEMENTS, ETC..............................................34
6.1 Improvements to the Leased Property. ..............34
6.2 Salvage.............................................35
ARTICLE 7: LIENS..........................................................35
7.1 Liens...............................................35
7.2 Landlord's Lien.....................................35
ARTICLE 8: PERMITTED CONTESTS.............................................36
ARTICLE 9: INSURANCE AND INDEMNIFICATION..................................37
9.1 General Insurance Requirements......................37
9.2 Replacement Cost....................................38
9.3 Waiver of Subrogation...............................38
9.4 Form Satisfactory, Etc..............................39
9.5 Blanket Policy......................................39
9.6 No Separate Insurance...............................39
9.7 Indemnification of Landlord.........................40
ARTICLE 10: CASUALTY......................................................40
{PAGE} 5
10.1 Insurance Proceeds.................................40
10.2 Damage or Destruction..............................41
10.2.1 Damage or Destruction of Leased
Property........................................41
10.2.2 Partial Damage or Destruction...........41
10.2.3 Insufficient Insurance Proceeds.........41
10.2.4 Disbursement of Proceeds................42
10.3 Damage Near End of Term............................43
10.4 Tenant's Property..................................43
10.5 Restoration of Tenant's Property...................43
10.6 No Abatement of Rent...............................44
10.7 Waiver.............................................44
ARTICLE 11: CONDEMNATION..................................................44
11.1 Total Condemnation, Etc............................44
11.2 Partial Condemnation...............................44
11.3 Abatement of Rent..................................46
11.4 Temporary Condemnation.............................46
11.5 Condemnation Near End of Term......................46
11.6 Allocation of Award................................46
ARTICLE 12: DEFAULTS AND REMEDIES.........................................47
12.1 Events of Default..................................47
12.2 Remedies...........................................49
12.3 Tenant's Waiver....................................51
12.4 Application of Funds...............................51
12.5 Landlord's Right to Cure Tenant's Default..........51
ARTICLE 13: HOLDING OVER..................................................52
ARTICLE 14: LANDLORD'S NOTICE OBLIGATIONS; LANDLORD DEFAULT...............52
14.1 Landlord Notice Obligation.........................52
14.2 Landlord's Default.................................52
14.3 Indemnification of Tenant..........................53
ARTICLE 15: PURCHASE RIGHTS...............................................54
ARTICLE 16: SUBLETTING AND ASSIGNMENT.....................................54
16.1 Subletting and Assignment..........................54
16.2 Required Sublease Provisions.......................55
16.3 Permitted Sublease.................................56
16.4 Sublease Limitation................................57
ARTICLE 17: ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS................57
17.1 Estoppel Certificates..............................57
17.2 Financial Statements...............................57
ARTICLE 18: LANDLORD'S RIGHT TO INSPECT...................................58
ARTICLE 19: EASEMENTS.....................................................59
{PAGE} 6
19.1 Grant of Easements.................................59
19.2 Exercise of Rights by Tenant.......................59
19.3 Permitted Encumbrances.............................59
ARTICLE 20: HOTEL MORTGAGES...............................................59
20.1 Landlord May Grant Liens...........................59
20.2 Subordination of Lease.............................60
20.3 Notice to Mortgagee and Superior Landlord..........61
ARTICLE 21: ADDITIONAL COVENANTS OF TENANT................................62
21.1 Prompt Payment of Indebtedness.....................62
21.2 Conduct of Business................................62
21.3 Maintenance of Accounts and Records................62
21.4 Notice of Litigation, Etc..........................62
21.5 Indebtedness of Tenant.............................63
21.6 Financial Condition of Tenant......................64
21.7 Distributions, Payments to Affiliated Persons,
Etc............................................64
21.8 Prohibited Transactions............................64
21.9 Liens and Encumbrances.............................64
21.10 Merger; Sale of Assets; Etc.......................64
ARTICLE 22: MISCELLANEOUS.................................................65
22.1 Limitation on Payment of Rent......................65
22.2 No Waiver..........................................65
22.3 Remedies Cumulative................................65
22.4 Severability.......................................66
22.5 Acceptance of Surrender............................66
22.6 No Merger of Title.................................66
22.7 Conveyance by Landlord.............................66
22.8 Quiet Enjoyment....................................67
22.9 Memorandum of Lease................................67
22.10 Notices...........................................67
22.11 Trade Area Restriction............................68
22.12 Construction......................................69
22.13 Counterparts; Headings............................69
22.14 Applicable Law, Etc...............................69
22.15 Right to Make Agreement...........................70
22.16 Nonrecourse.......................................70
22.17 Attorneys' Fees...................................70
22.18 Nonliability of Trustees..........................70
{PAGE} 7
-vi-
{PAGE} 8
-vii-
{PAGE} 9
-viii-
{PAGE} 10
-ix-
EXHIBITS
A-1 through A-14 - The Land
B - Restricted Trade Area
C - Allocation of Minimum Rent
D - Tampa Renovation Plans and Budget
{PAGE} 11
LEASE AGREEMENT
THIS LEASE AGREEMENT is entered into as of this ___ day of November __,
1997, by and between HPT SUITE PROPERTIES TRUST, a Maryland real estate
investment trust, as landlord ("Landlord"), and SUITE TENANT, INC., a Tennessee
corporation, as tenant ("Tenant").
W I T N E S S E T H :
WHEREAS, Landlord owns fee simple title to the Leased Property (this
and other capitalized terms used and not otherwise defined herein having the
meanings ascribed to such terms in Article 1) described in Exhibit A-1 through
A-13 and holds the tenant's interest under the Ground Lease with respect to the
Property described in Exhibit A-14; and
WHEREAS, Landlord wishes to lease the Leased Property to Tenant and
Tenant wishes to lease the Leased Property from Landlord, all subject to and
upon the terms and conditions herein set forth;
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 as follows:
ARTICLE 1
DEFINITIONS
For all purposes of this Agreement, except as otherwise expressly
provided or unless the context otherwise requires, (i) the terms defined in this
Article shall have the meanings assigned to them in this Article and include the
plural as well as the singular, (ii) all accounting terms not otherwise defined
herein shall have the meanings assigned to them in accordance with GAAP, (iii)
all references in this Agreement to designated "Articles," "Sections" and other
subdivisions are to the designated Articles, Sections and other subdivisions of
this Agreement, and (iv) the words "herein," "hereof," "hereunder" and other
words of similar import refer to this Agreement as a whole and not to any
particular Article, Section or other subdivision.
1.1 "ACCOUNTING PERIOD" shall mean each four (4) week accounting period
of Tenant, except that an Accounting Period
{PAGE} 12
may, from time to time, include five (5) weeks in order to conform Tenant's
accounting system to Tenant's Fiscal Year.
1.2 "ADDITIONAL CHARGES" shall have the meaning given such term in
Section 3.1.3.
1.3 "ADDITIONAL RENT" shall have the meaning given such term in Section
3.1.2(a).
1.4 "AFFILIATED PERSON" shall mean, with respect to any Person, (a) in
the case of any such Person which is a partnership, any partner in such
partnership, (b) in the case of any such Person which is a limited liability
company, any member of such company, (c) any other Person which is a Parent, a
Subsidiary, or a Subsidiary of a Parent with respect to such Person or to one or
more of the Persons referred to in the preceding clauses (a) and (b), (d) any
other Person who is an officer, director, trustee or employee of, or partner in
or member of, such Person or any Person referred to in the preceding clauses
(a), (b) and (c), and (e) any other Person who is a member of the Immediate
Family of such Person or of any Person referred to in the preceding clauses (a)
through (d).
1.5 "AGREEMENT" shall mean this Lease Agreement, including Exhibits A-1
through A-14, B and C hereto, as it and they may be amended from time to time as
herein provided.
1.6 "APPLICABLE LAWS" shall mean all applicable laws, statutes,
regulations, rules, ordinances, codes, licenses, permits and orders, from time
to time in existence, of all courts of competent jurisdiction and Government
Agencies, and all applicable judicial and administrative and regulatory decrees,
judgments and orders, including common law rulings and determinations, relating
to injury to, or the protection of, real or personal property or human health or
the Environment, including, without limitation, all valid and lawful
requirements of courts and other Government Agencies pertaining to reporting,
licensing, permitting, investigation, remediation and removal of underground
improvements (including, without limitation, treatment or storage tanks, or
water, gas or oil wells), or emissions, discharges, releases or threatened
releases of Hazardous Substances, chemical substances, pesticides, petroleum or
petroleum products, pollutants, contaminants or hazardous or toxic substances,
materials or wastes whether solid, liquid or gaseous in nature, into the
Environment, or relating to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Substances,
underground improvements (including, without limitation, treatment or storage
tanks, or water, gas or oil wells), or pollutants, contaminants or hazardous or
toxic substances, materials or wastes, whether solid, liquid or gaseous in
nature.
{PAGE} 13
1.7 "APPLICABLE PERCENTAGE" shall mean (a) three percent (3%) with
respect to the 1998 Fiscal Year; (b) four percent (4%) with respect to the 1999
Fiscal Year; and (c) five percent (5%) with respect to each Fiscal Year
thereafter during the Term.
1.8 "AWARD" shall mean all compensation, sums or other value awarded,
paid or received by virtue of a total or partial Condemnation of any of the
Leased Property (after deduction of all reasonable legal fees and other
reasonable costs and expenses, including, without limitation, expert witness
fees, incurred by Landlord, in connection with obtaining any such award).
1.9 "BASE TOTAL HOTEL SALES" shall mean, with respect to each Property,
Total Hotel Sales for such Property for the Base Year in the event the Base Year
consists of 52 weeks, or, in the event the Base Year consists of 53 weeks, (x)
Total Hotel Sales for such Property for the Base Year, (y) divided by 53 and
then (z) multiplied by 52; provided, however, that in the event that, with
respect to any Lease Year, or portion thereof, for any reason (including,
without limitation, a casualty or Condemnation) there shall be a reduction of
five percent (5%) or more in the number of rooms at any Hotel or a change in the
services provided at any Hotel (including, without limitation, if applicable,
the closing of restaurants or the discontinuation of food or beverage services)
from the number of rooms or the services provided during the Base Year, in
determining Additional Rent payable with respect to such Lease Year, Base Total
Hotel Sales shall be reduced as follows: (a) in the event of the termination of
this Lease with respect to any Property pursuant to Article 10, 11 or 12, all
Total Hotel Sales attributable to such Property during the Base Year shall be
subtracted from Base Total Hotel Sales, appropriately prorated based on time
elapsed if such termination occurs on a date other than the first day of any
Fiscal Year; (b) in the event of a complete closing of a Hotel, all Total Hotel
Sales attributable to such Hotel during the Base Year shall be subtracted from
Base Total Hotel Sales throughout the period of such closing; (c) in the event
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