Corrections Corp. of America Contracts
Sample Business Contracts
Master Agreement to Lease [Amendment No. 1] - Prison Realty Trust Inc. and Corrections Corporation of America
Lease Forms
- Start a state-specific lease for the rental of commercial property. Specify the term and rent due, as well as whether the landlord or tenant is responsible for property taxes, insurance, and maintenance and repairs.
- When a tenant vacates commercial property before the lease term has expired, it may be able to rent the premises to a third party. The tenant would be the sublessor and the third party would be the sublessee. Besides preparing a sublease, both parties will want to review the provisions for assignment or subletting in the original lease agreement between the landlord and the sublessor.
- Tenants of residential property should prepare a sublease agreement if they are seeking to sublease a room or the entire apartment or house to a third party. All parties should review the original lease agreement to see if there are any restrictions on subletting or assigning the premises.
- Triple net leases are a type of commercial leases where the tenant has to pay for property taxes, insurance, utilities, and maintenance, in addition to the monthly rent.
- When renting an office space, tenants should understand the amount of the rent and duration of the lease. Other important terms include whether the space can be subleased, which parties are responsible for maintenance, and whether any furniture and furnishings will be provided.
FIRST AMENDMENT TO MASTER AGREEMENT TO LEASE THIS FIRST AMENDMENT TO MASTER AGREEMENT TO LEASE ("Amendment") is made and entered into as of the 31st day of December, 1999, by and between PRISON REALTY TRUST, INC. (formerly Prison Realty Corporation), a Maryland corporation ("Landlord") and CORRECTIONS CORPORATION OF AMERICA (formerly Correctional Management Services Corporation), a Tennessee corporation ("Tenant"). W I T N E S S E T H: WHEREAS, Landlord and Tenant have previously entered into the Master Agreement to Lease, dated January 1, 1999 (the "Master Agreement"), which sets forth certain terms and conditions pursuant to which Landlord leases certain properties to the Tenant; and WHEREAS, Landlord and Tenant now desire to amend certain terms and provisions of the Master Agreement, as more particularly set forth herein. NOW, THEREFORE, in consideration of the foregoing and their respective agreements and undertakings herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord and Tenant hereby agree as follows: 1. Section 2.02 of the Master Agreement shall be deleted in its entirety and the following shall be inserted in lieu thereof: 2.02 Additional Rent. On each Rent Escalation Date (as defined in each Lease), the Tenant shall pay Landlord an amount (the "Additional Rent") each year equal to the lesser of (i) four percent (4%) of the Total Rent (for the purposes hereof Total Rent is equal to the product of (a) the aggregate rental payments due and payable by Tenant to Landlord for the month immediately preceding the Rent Escalation Date and (b) twelve (12)) or (ii) ten percent (10%) of the excess of the Tenant's aggregate gross management revenues for the prior year over the Tenant's Base Revenue (for purposes hereof, the Tenant's Base Revenue shall be $325,000,000). The Additional Rent shall be payable monthly, along with Base Rent, and otherwise in the manner as set forth in Section 2.01 above. Tenant shall provide to Landlord, not later than thirty (30) days following each Rent Escalation Date, Tenant's statement, certified by Tenant's chief financial officer, setting forth Tenants' aggregate gross management revenues for each prior year. 2. Except as specifically modified or amended herein, all terms and provisions of the Master Agreement shall continue and remain in full force and effect. [signatures on following page] <PAGE> 2 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first set forth above: LANDLORD: PRISON REALTY TRUST, INC. By: /s/ Doctor R. Crants ----------------------------------------- Its: Chief Executive Officer --------------------------------------- TENANT: CORRECTIONS CORPORATION OF AMERICA By: /s/ Darrell K. Massengale ---------------------------------------- Its: Chief Financial Officer and Secretary --------------------------------------- 2