SINGAPORE - Troubled Eagle Hospitality Trust has issued notices of termination of master lease agreements to the master lessees of all its 18 properties, describing the current arrangement as"unviable".
Among the ongoing events of default are the"substantially unpaid" monthly fixed rent, variable rent and additional rent for January to August this year for all properties; the repeated failure to pay outgoings such as insurance premiums; and the failure to furnish the full amount of the security deposit required under the MLAs by the due date for most of EHT's hotels, the managers added.
The latest termination notices came shortly after the managers served"pay/perform or quit" statutory notices to some master lessees. Notwithstanding the termination, the managers said the master lessors - subsidiaries of EHT's real estate investment trust , EH-Reit - will not be waiving any rights or remedies relating to the liabilities and/or obligations of the master lessees under the MLAs, including those accrued before the agreements are scrapped.
This arrangement is necessary and integral to facilitate [ITS]the stapled group's restructuring process, according to the managers.
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