MEDICAL PROPERTIES ANNOUNCES EXTENSION AGREEMENT
MEDICAL PROPERTIES ANNOUNCES EXTENSION AGREEMENT ENCINO, Calif., March 2 /PRNewswire/ -- Medical Properties Inc.
(AMEX: MPP) today announced that the standstill agreement previously entered into with all three of its lessees, as well as the guarantor of the leases, has been extended from March 1, 1992 to June 30, 1992. During this period, Medical Properties will not declare a default under the leases for any lessee's or guarantor's failure to make any rent or other payments thereunder. The lessees did not make their quarterly rent payments which were due on Dec. 31, 1991. The parties are continuing to negotiate amendments to the leases.
The extension to the standstill agreement is conditioned upon obtaining the consent of Medical Properties' secured lender. In addition, Medical Properties and a third party are presently negotiating for the sale of the La Mirada facility. Such sale will be conditioned upon the approval of Medical Properties' shareholders and its secured lender. Medical Properties is a real estate investment trust engaged in investing in income producing health care related facilities. -0- 3/2/92 /CONTACT: William Hartauer, president Medical Properties Inc., 818-902-2270 or Melvyn S. Rifkind of Melvyn S. Rifkind Inc., 818-783-8323, for Medical Properties/ (MPP) CO: Medical Properties ST: California IN: HEA SU:
EH-AL -- LA036 -- 4227 03/02/92 18:23 EST
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|Date:||Mar 2, 1992|
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