SEVENTH AMENDMENT TO LEASE AGREEMENT
THIS SEVENTH AMENDMENT TO LEASE
AGREEMENT (the “ Seventh Amendment ”) is
made as of March 26, 2008, by and between SPIRIT MASTER
FUNDING, LLC, a Delaware limited liability company, as
successor-in-interest to Spirit Finance Acquisitions, LLC, a
Delaware limited liability company (“ Lessor ”),
and SIGNIFICANT EDUCATION, INC., a Delaware corporation, as
successor-in-interest to Significant Education, LLC, a Delaware
limited liability company (“ Lessee ”).
Recitals
WHEREAS, Lessor and Lessee
entered into that certain Lease Agreement dated as of June 28,
2004, as amended pursuant to that certain Amendment to Lease
Agreement dated effective as of September 24, 2004, as further
amended pursuant to that certain Second Amendment to Lease
Agreement dated effective as of August 23, 2005, as further
amended pursuant to that certain Third Amendment to Lease Agreement
dated effective as of June 15, 2006, as further amended
pursuant to that certain Fourth Amendment to Lease Agreement dated
effective as of August 9, 2006, as further amended pursuant to
that certain Fifth Amendment to Lease dated August 20, 2007,
nunc pro tunc December 31, 2006, and as further amended
pursuant to that certain Sixth Amendment to Lease dated
January 18, 2008, nunc pro tunc September 30, 2007
(collectively, the “ Lease ”), with respect to
the real property and improvements as described in the Lease..
Terms not defined in this Seventh Amendment shall have the meanings
ascribed to them in the Lease.
WHEREAS , pursuant to
Section 44.D of the Lease, Lessor has agreed to provide
Additional Funds for the Additional Tenant Improvements, and Lessor
and Lessee wish to amend the Lease pursuant to the terms
hereof.
NOW, THEREFORE, in
consideration of the foregoing recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, Lessor and Lessee agree as follows:
1. Additional Tenant
Improvements amended as follows: Section 44.D of the Lease
shall be amended as follows:
(a) Lessor
and Lessee acknowledge and agree that Additional Funds in the
amount of $3,589,181.02 have been disbursed by Lessor to Lessee for
Additional Tenant Improvements.
(b) Lessor
shall disburse the remaining Additional Funds in the amount
$2,210,818 98 in accordance with, and upon Lessee’s
satisfaction of, Lessor’s standard disbursement procedures
(including without limitation, Lessee’s completion, execution
and delivery of the related Draw Request, and Lessee’s
delivery of supporting invoices, lien waivers and any other
documents reasonably requested by Lessor in connection
