Exhibit 10.5
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made and entered into as of March 17, 2008 by and among HPT PSC Properties Trust, a Maryland real estate investment trust, and HPT PSC Properties LLC, a Maryland limited liability company, as landlord (collectively, “Landlord”), and Petro Stopping Centers, L.P., a Delaware limited partnership, as tenant (“Tenant”).
W I T N E S S E T H:
WHEREAS, pursuant to the terms of that certain Lease Agreement, dated as of May 30, 2007 (the “Lease”), 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 the Lease), all as more particularly described in the Lease;
WHEREAS, contemporaneously herewith, Landlord has acquired the fee interest in that portion of the Leased Property (the “Original Sparks Property”)located at 1950 East Greg Street, Sparks, Nevada and certain additional property (the “Adjacent Property”, and together with the Original Sparks Property, collectively, the “Sparks Property”), and Landlord and Tenant desire to include the Adjacent Property as part of the Leased Property;
WHEREAS, contemporaneously herewith, Tenant has entered into a sublease (the “Sublease”) with Cashell Enterprises, Inc., a Nevada corporation (“Subtenant”), pursuant to which Tenant subleases to Subtenant and Subtenant subleases from Tenant the portion of the Sparks Property as more particularly described therein;
WHEREAS, contemporaneously herewith and pursuant to Section 4.4 of the Lease, Tenant has assigned to Landlord Tenant’s leasehold interest in property adjacent to the West Memphis, Arkansas Property and the York, Nebraska Property; and
WHEREAS, Landlord and Tenant wish to amend the Lease, subject to the terms and conditions of this Amendment;
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:
“Minimum Rent” shall mean the sum of Sixty-Six Million One Hundred Seventy-Six Thousand Five Hundred and Twenty-Six Dollars ($66,176,526) per annum; subject, in each case, to adjustment as provided in Section 3.1.1(b).
2
IN WITNESS WHEREOF, Landlord and Tenant have caused this Amendment to be duly executed, as a sealed instrument, as of the date first set forth above.
|
LANDLORD: |
||
|
|
||
|
HPT PSC PROPERTIES TRUST |
||
|
|
||
|
By: |
|
/s/ John G. Murray |
|
|
John G. Murray |
|
|
|
President |
|
|
|
||
|
HPT PSC PROPERTIES LLC |
||
|
|
||
|
|
||
|
By: |
|
/s/ John G. Murray |
|
|
John G. Murray |
|
|
|
President |
|
|
|
||
|
TENANT: |
||
|
|
||
|
PETRO STOPPING CENTERS, L.P. |
||
|
|
||
|
|
||
|
By: |
|
/s/ Thomas M. O’Brien |
|
|
Thomas M. O’Brien |
|
|
|
President |
3