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EXHIBIT 10.8
AMENDMENT TO AMENDED AND RESTATED
TRIPLE NET HOSPITAL BUILDING LEASE
This AMENDMENT TO
AMENDED AND RESTATED TRIPLE NET HOSPITAL BUILDING
LEASE (this "AMENDMENT") is made as of March 27, 2009 (the
"EFFECTIVE DATE"), by
and between Pacific Coast Holdings Investment, LLC, a California
limited
liability company ("LANDLORD"), and Integrated Healthcare Holdings,
Inc., a
Nevada corporation ("Tenant"), and does hereby amend that certain
AMENDED AND
RESTATED TRIPLE NET HOSPITAL BUILDING LEASE, dated as of September
1, 2007 (the
"LEASE"), between Landlord and Tenant with reference to the
following facts:
RECITALS
WHEREAS, Landlord
and Tenant are parties to that certain Settlement
Agreement, General Release and Covenant Not to Sue dated March 25,
2009 (the
"SETTLEMENT AGREEMENT");
WHEREAS, pursuant
to Section 14 of the Settlement Agreement, Medical
Provider Financial Corporation II ("MPFCII") has agreed to reduce
the interest
rate on Tenant's $45,000,000 Term Note dated October 9, 2007 (the
"TERM NOTE")
from interest of 14 % to simple interest of 10.25% (the "DEBT
SERVICE
REDUCTION") and to maintain such reduction through the Maturity
Date of the Term
Note, including any extension thereof, as defined in the
$80,000,000 Credit
Agreement dated October 9, 2007 (the "CREDIT AGREEMENT"), except
during such
time as an Event of Default shall have occurred and continues under
the Credit
Agreement. The period during which the Debt Service Reduction is in
effect is
referred to herein as the "DEBT REDUCTION PERIOD";
WHEREAS, pursuant
to Section 14 of the Settlement Agreement, Landlord
has agreed to reduce the rent payable by Tenant under the Lease by
an amount
equal to the Debt Service Reduction during the Debt Reduction
Period; and
WHEREAS, Landlord
and Tenant now wish to amend the Lease to provide for
the foregoing changes.
NOW, THEREFORE, in
consideration of the foregoing, and for other good
and valuable consideration, the receipt and sufficiency of which
are hereby
acknowledged, Landlord and Tenant agree as follows:
