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<SEC-DOCUMENT>0001104659-05-058873.txt : 20051202
<SEC-HEADER>0001104659-05-058873.hdr.sgml : 20051202
<ACCEPTANCE-DATETIME>20051202162636
ACCESSION NUMBER:		0001104659-05-058873
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20051202
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20051202
DATE AS OF CHANGE:		20051202

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SENIOR HOUSING PROPERTIES TRUST
		CENTRAL INDEX KEY:			0001075415
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				043445278
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15319
		FILM NUMBER:		051241163

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a05-21188_18k.htm
<DESCRIPTION>CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES
<TEXT>
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<div style="border:none;border-top:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED
STATES</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE
COMMISSION</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C. 20549</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT PURSUANT</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">TO SECTION&nbsp;13 OR 15(D)&nbsp;OF
THE</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">SECURITIES EXCHANGE ACT OF 1934</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of earliest event reported): <b><font style="font-weight:bold;">December&nbsp;2, 2005</font></b></font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SENIOR HOUSING PROPERTIES TRUST</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Its Charter)</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Maryland</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;(State or Other Jurisdiction of
Organization)</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">00</font></b><b><font style="font-weight:bold;">1-15319</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-3445278</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Commission File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer Identification No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">400 Centre Street, Newton, Massachusetts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">02458</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.0%;">
  <p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">617-796-8350</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Registrant&#146;s Telephone Number, Including Area Code)</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check
the appropriate box below if the Form&nbsp;8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
230.425)</p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17
CFR 240.14d-2(b))</p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
CFR 240.13e-4(c))</p>

<div style="border:none;border-bottom:double windowtext 9.0pt;padding:0in 0in 0in 0in;">

<p style="border:none;color:windowtext;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<div style="font-family:Times New Roman;">

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">Item 8.01</font></b><b><font size="1" color="black" face="Times New Roman" style="color:windowtext;font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font color="black" face="Times New Roman" style="color:windowtext;font-weight:bold;">Other Events</font></b></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">On December&nbsp;2,
2005, we priced an underwritten public offering of 3,250,000 common shares of
beneficial interest.&#160; We expect to issue
and deliver these shares on or about December&nbsp;7, 2005.&#160; The public offering price was $18.90 per
share.&#160; We expect to use the $58.1&nbsp;million
of net proceeds (after estimated expenses and underwriters&#146; commissions) of the
offering to redeem $52.5 million of our outstanding 7.875% senior notes due in
2015 plus a redemption premium of $4.1 million and accrued but unpaid interest,
and the excess, if any, to repay borrowings outstanding under our revolving
credit facility.<b><font style="font-weight:bold;">&#160; </font></b>Pending the notice of redemption
of our 7.875% senior notes due in 2015, we will use the net proceeds from the
offering to repay additional amounts outstanding under our revolving credit
facility that we will redraw on the actual date of redemption.</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.3in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">As a part of the offering, HRPT Properties Trust also agreed
to sell 950,000 of our common shares that it owned at a price of $18.90 per
share.&#160; HRPT also granted the
underwriters an option to purchase up to 630,000 additional shares to cover
over-allotments, if any.&#160; We will not
receive any proceeds from the sale of our shares by HRPT.</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;text-indent:.3in;"><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;">This Current Report on Form&nbsp;8-K shall
not constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of these securities in any state in which such offer, solicitation or sale is not permitted.</font></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p align="center" style="color:black;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">WARNING
CONCERNING FORWARD LOOKING STATEMENTS</font></b></p>

<p align="center" style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p style="color:black;margin:0in 0in .0001pt;"><b><font size="2" color="black" face="Times New Roman" style="color:windowtext;font-size:10.0pt;font-weight:bold;">THIS CURRENT REPORT ON FORM&nbsp;8-K
CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM&nbsp;ACT OF 1995 AND FEDERAL SECURITIES LAWS, INCLUDING WITH
RESPECT TO OUR ISSUANCE OF THE COMMON SHARES AND THE AMOUNT AND USE OF
PROCEEDS.&#160; THESE FORWARD LOOKING
STATEMENTS ARE BASED UPON THE COMPANY&#146;S PRESENT EXPECTATIONS, BUT THESE
STATEMENTS AND THE IMPLICATIONS OF THESE STATEMENTS ARE NOT GUARANTEED.&nbsp;
YOU SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD LOOKING STATEMENTS.</font></b></p>

<p style="color:black;font-size:10.0pt;margin:0in 0in .0001pt;"><font color="black" face="Times New Roman" style="color:windowtext;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Financial
Statements and Exhibits</b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b><b><font size="1" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Exhibits</b></p>

<p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting Agreement, dated December&nbsp;2,
2005, among Senior Housing Properties Trust, HRPT Properties Trust, and the
underwriters named therein relating to the issuance and sale by us of 3,250,000
common shares of beneficial interest and the sale of up to 1,580,000 of our
common shares of beneficial interest by HRPT Properties Trust.</p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion of Venable LLP.</p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Opinion of Sullivan&nbsp;&amp; Worcester LLP
as to tax matters.</p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of Venable LLP&nbsp;(contained in Exhibit&nbsp;5.1).</p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of Sullivan&nbsp;&amp; Worcester LLP
(contained in Exhibit&nbsp;8.1).</p>

<p style="color:windowtext;font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Consent of
Ernst&nbsp;&amp; Young LLP.</p>

<p style="color:windowtext;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Signature
Page&nbsp;Follows]</font></i></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

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</font></div>

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<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="color:windowtext;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:46.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR HOUSING PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:46.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:46.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.76%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ John R.
  Hoadley</font></p>
  </td>
  <td width="15%" valign="top" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John R. Hoadley</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.36%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.5%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="36%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief Financial<br>
  Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:46.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.88%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: December&nbsp;2, 2005</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:46.12%;">
  <p style="color:windowtext;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="403" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="49" style="border:none;"></td>
  <td width="159" style="border:none;"></td>
  <td width="112" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="color:windowtext;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>a05-21188_1ex1d1.htm
<DESCRIPTION>UNDERWRITING AGREEMENT
<TEXT>
<html>

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</head>

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 1.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SENIOR
HOUSING PROPERTIES TRUST</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,200,000 Shares of
Beneficial Interest</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">($0.01 par value per
Share)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING AGREEMENT</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December<b><font style="font-weight:bold;">  </font></b>2, 2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING AGREEMENT</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December<b><font style="font-weight:bold;">  </font></b>2, 2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Merrill Lynch, Pierce, Fenner &amp; Smith
Incorporated</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Wachovia Capital Markets, LLC</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker
Watts, Incorporated</font></p>

<p style="margin:0in 0in .0001pt .5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus &amp; Company, Incorporated<br>
<i><font style="font-style:italic;">as Managing Underwriters</font></i></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o</font> UBS Securities LLC</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">299 Park Avenue</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10171-0026</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o</font> RBC Capital Markets
Corporation</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">One Liberty Plaza, 6th Floor</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, New York 10006</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties
Trust, a real estate investment trust organized under the laws of the State of
Maryland (the &#147;Company&#148;), proposes to issue and sell to the underwriters named
in Schedule&nbsp;A annexed hereto (the &#147;Underwriters&#148;) an aggregate of 3,250,000
common shares of beneficial interest, $0.01 par value (the &#147;Common Shares&#148;), of
the Company, and HRPT Properties Trust, a Maryland real estate investment trust
(the &#147;Selling Stockholder&#148;), proposes to sell to the Underwriters 950,000
Common Shares (said shares to be issued and sold by the Company and to be sold
by the Selling Stockholder collectively, the &#147;Firm Shares&#148;).&nbsp; In addition,
solely for the purpose of covering over-allotments, the Selling Stockholder
proposes to grant to the Underwriters the option to purchase from the Selling
Stockholder up to an additional 630,000 Common Shares (the &#147;Additional Shares&#148;).&nbsp;
The Firm Shares and the Additional Shares are hereinafter collectively
sometimes referred to as the &#147;Shares.&#148; The Shares are described in the
Prospectus which is referred to below.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has prepared and
filed, in accordance with the provisions of the Securities Act of 1933, as amended,
and the rules and regulations of the Commission thereunder (collectively, the &#147;Act&#148;),
with the Securities and Exchange Commission (the &#147;Commission&#148;) a registration
statement on Form S-3 (File No. 333-76588) under the Act (the &#147;universal shelf
registration statement&#148;), including a prospectus relating to, among other
things, common shares of beneficial interest, preferred shares of beneficial
interest, depository shares, guarantees, debt securities and warrants for such
securities of the Company, and such amendments to such registration statement,
as may have been required prior to the date hereof, have been similarly</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">prepared</font> and have been filed with the
Commission.&nbsp; Such universal shelf registration statement, as so amended,
and any post-effective amendments thereto, have been declared by the Commission
to be effective under the Act.&nbsp; Such universal shelf registration
statement, as amended at the date of this Agreement, meets the requirements set
forth in Rule 415(a)(1)(x) under the Act and complies
in all other material respects with said Rule.&nbsp; The Company has also
prepared and filed with the Commission in accordance with the provisions of the
Act a registration statement (File No. 333-109659) on Form S-3 under the Act
(the &#147;selling stockholder registration statement&#148;), including a prospectus
relating to the Common Shares owned by the Selling Stockholder, and such
amendments to such registration statement, as may have been required prior to
the date hereof, have been similarly prepared and have been filed with the
Commission.&nbsp; Such selling stockholder registration statement, as so
amended, and any post-effective amendments thereto, have been declared by the
Commission to be effective under the Act.&nbsp; Such selling stockholder
registration statement, as amended at the date of this Agreement, meets the
requirements set forth in Rule 415(a)(1)(i) under the
Act and complies in all other material respects with said Rule.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will next file
with the Commission pursuant to Rule 424(b) under the Act a final prospectus supplement
to the basic prospectuses included in the universal shelf registration
statement and the selling stockholder registration statement, as so amended,
describing the Shares and the offering thereof, in such form as has been
provided to or discussed with, and approved, by the Underwriters.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Except where the context
otherwise requires, the term &#147;Registration Statements&#148; as used in this
Agreement means the universal shelf registration statement and the selling
stockholder registration statement, each as amended at the time it became
effective for purposes of Section 11 of the Act, as such section applies to the
respective Underwriters (the &#147;Effective Time&#148;), including (i) all documents filed
as part thereof or incorporated by reference or deemed to be incorporated by
reference therein and (ii) </font>any information contained or incorporated by
reference in a prospectus filed with the Commission pursuant to Rule 424(b)
under the Act, to the extent such information is deemed, pursuant to Rule 430A,
Rule 430B or Rule 430C under the Act, to be part of the registration statement
at the Effective Time</font>.&nbsp; If
an abbreviated registration statement is prepared and filed with the Commission
in accordance with Rule 462(b) under the Act (an &#147;Abbreviated Registration
Statement&#148;), the term &#147;Registration Statements&#148; includes the Abbreviated
Registration Statement.&#160; Any such
Abbreviated Registration Statement shall be filed by the Company with the
Commission and become effective no later than 10:00 P.M., New York City time,
on the date of determination of the public offering price for the Shares.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where the context
otherwise requires, the term &#147;Basic Prospectuses&#148; as used in this Agreement
means the prospectuses dated January&nbsp;30, 2002 and October&nbsp;24, 2003,
as filed with the Commission pursuant to Rule 424(b) and included in the
universal shelf registration statement and the selling stockholder registration
statement, respectively.&nbsp; Except where the context otherwise requires, the
term &#147;Prepricing Prospectus&#148; as used in this Agreement means each preliminary
form of the Prospectus (as defined herein) subject to completion, if any, used
in connection with the offering of the Shares.&nbsp; Except where the context otherwise
requires, the term &#147;Prospectus Supplement&#148; as used in this Agreement means any
final prospectus</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">supplement</font> specifically relating to the Shares, in the
form filed with, or transmitted for filing to, the Commission pursuant to Rule
424 under the Act.&nbsp; Except where the context otherwise requires, the term &#147;Prospectus&#148;
as used in this Agreement means the Basic Prospectuses together with the
Prospectus Supplement, except that if such Basic Prospectuses are amended or
supplemented on or prior to the date on which the Prospectus Supplement was
first filed pursuant to Rule 424, the term &#147;Prospectus&#148; shall refer to the Basic
Prospectuses as so amended or supplemented and as supplemented by the Prospectus
Supplement.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Permitted Free Writing Prospectuses,&#148; as used herein,
means the documents listed on Schedule B attached hereto and each &#147;road show&#148;
(as defined in Rule 433 under the Act), if any, related to the offering of the
Shares contemplated hereby that is a &#147;written communication&#148; (as defined in
Rule 405 under the Act) (each such road show, a &#147;Road Show&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disclosure Package,&#148; as used herein, means the Prepricing
Prospectus dated December 1, 2005, together with any combination of one or more
of the Permitted Free Writing Prospectuses, if any.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any reference in this
Agreement to the universal shelf registration statement, the selling
stockholder registration statement, the Registration Statements, the Basic
Prospectuses, any Prepricing Prospectus, any Prospectus Supplement, the
Prospectus or any Permitted Free Writing Prospectus shall be deemed to refer to
and include the documents incorporated by reference therein (the &#147;Incorporated
Documents&#148;), including, unless the context otherwise requires, the documents,
if any, filed as exhibits to such Incorporated Documents.&#160; Any reference in this Agreement to the term &#147;amend,&#148;
&#147;amendment&#148; or &#147;supplement&#148; with respect to the universal shelf registration
statement, the selling stockholder registration statement, the Registration
Statements, the Basic Prospectuses, any Prepricing Prospectus, any Prospectus
Supplement, any Prospectus &#160;or any
Permitted Free Writing Prospectus shall be deemed to refer to and include any
documents filed under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), on or after the initial effective date of the Registration Statements,
or the date of such Basic Prospectus, such Prepricing Prospectus, the
Prospectus Supplement, the Prospectus or such Permitted Free Writing Prospectus,
as the case may be, and deemed to be incorporated therein by reference.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company, the Selling
Stockholder and the Underwriters agree as follows:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. &nbsp;&nbsp; <u>Sale
and Purchase</u>.&nbsp; Upon the basis of the representations and warranties
and subject to the terms and conditions herein set forth, the Company agrees to
issue and sell, and the Selling Stockholder agrees to sell, to each
Underwriter, and, upon the basis of the representations, warranties and
agreements of the Company and the Selling Stockholder herein contained and
subject to all the terms and conditions set forth herein, each Underwriter
agrees, severally and not jointly, to purchase from the Company and the Selling
Stockholder, the respective number of Firm Shares (subject to such adjustment as
you may determine to avoid fractional shares) which bears the same proportion
to the total number of Firm Shares to be sold by the Company or by the Selling
Stockholder, as the case may be, as the number of Firm Shares set forth
opposite the name of such Underwriter in Schedule&nbsp;A attached hereto
(subject to adjustment in accordance</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with</font> Section&nbsp;9
hereof) bears to the total number of Firm Shares, in each case at a purchase
price of $17.96 per share (the &#147;Purchase Price Per Share&#148;).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Selling
Stockholder are advised by you that the Underwriters intend (i) to make a
public offering of their respective portions of the Firm Shares as soon after
the date hereof as in your judgment is advisable and (ii) initially to offer
the Firm Shares upon the terms set forth in the Prospectus.&nbsp; You may from
time to time increase or decrease the public offering price after the initial
public offering to such extent as you may determine.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Selling
Stockholder hereby grants to the several Underwriters the option to purchase,
and upon the basis of the representations, warranties and agreements of the
Company and the Selling Stockholder and subject to all the terms and conditions
herein set forth, the Underwriters shall have the right to purchase, severally
and not jointly, from the Selling Stockholder, ratably in accordance with the
number of Firm Shares to be purchased by each of them (subject to such
adjustment as you shall determine to avoid fractional shares), all or a portion
of the Additional Shares as may be necessary to cover over-allotments made in
connection with the offering of the Firm Shares, at the Purchase Price Per
Share.&nbsp; This option may be exercised by you on behalf of the several Underwriters
at any time on or before the thirtieth day following the date hereof, by
written notice to the Company and the Selling Stockholder.&nbsp; Such notice
shall set forth the aggregate number of Additional Shares as to which the
option is being exercised, and the date and time when the Additional Shares are
to be delivered (such date and time being herein referred to as the &#147;additional
time of purchase&#148;); <u>provided</u>, <u>however</u>, that the additional time
of purchase shall not be earlier than the time of purchase (as defined below)
nor earlier than the second business day after the date on which the option
shall have been exercised nor later than the tenth business day after the date
on which the option shall have been exercised.&nbsp; The number of Additional Shares
to be sold to each Underwriter shall be the number which bears the same
proportion to the aggregate number of Additional Shares being purchased as the
number of Firm Shares set forth opposite the name of such Underwriter on
Schedule&nbsp;A hereto bears to the total number of Firm Shares (subject, in
each case, to such adjustment as you may determine to eliminate fractional
shares).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein, &#147;business
day&#148; shall mean a day on which the New York Stock Exchange (the &#147;NYSE&#148;) is open
for trading.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Payment and Delivery</u>.&nbsp; Payment of the purchase price for the Firm
Shares shall be made to the Company and the Selling Stockholder by Federal
Funds wire transfer, against delivery of the certificates for the Firm Shares
to you through the facilities of the Depository Trust Company (&#147;DTC&#148;) for the
respective accounts of the Underwriters.&nbsp; Such payment and delivery shall
be made at 10:00 A.M., New York City time, on December 7, 2005 (unless another
time shall be agreed to by you or unless postponed in accordance with the
provisions of Section&nbsp;9 hereof).&nbsp; The time at which such payment and
delivery are actually made is hereinafter sometimes called the &#147;time of
purchase.&#148;&nbsp; Certificates for the Firm Shares shall be delivered to you in
definitive form in such names and in such denominations as you shall specify no
later than the second business day preceding the time
of purchase.&nbsp; For the purpose of expediting the checking of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">certificates</font> for the Firm Shares
by you, the Company agrees to make such certificates available to you for such
purpose at least one full business day preceding the time of purchase.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of the purchase
price for the Additional Shares shall be made at the additional time of
purchase in the same manner and at the same office as the payment for the Firm
Shares.&nbsp; Certificates for the Additional Shares shall be delivered to you
in definitive form in such names and in such denominations as you shall specify
no later than the second business day preceding the
additional time of purchase.&nbsp; For the purpose of expediting the checking
of the certificates for the Additional Shares by you, the Company agrees to
make such certificates available to you for such purpose at least one full
business day preceding the additional time of
purchase.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deliveries of the documents
described in Section&nbsp;7 hereof with respect to the purchase of the Shares
shall be made at 9:00 A.M. at such location(s) as shall be agreed upon by you
and the Company and the Selling Stockholder on the date of the closing of the
purchase of the Firm Shares or the Additional Shares, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&nbsp;&nbsp; <u>Representations
and Warranties of the Company</u>.&nbsp; The Company represents and warrants to
and agrees with each of the Underwriters that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no order preventing or suspending the use of the Basic
Prospectuses, any Prepricing Prospectus, the Prospectus Supplement, the
Prospectus or any Permitted Free Writing Prospectus is in effect and no
proceedings for such purpose are pending or, to the knowledge of the Company,
threatened by the Commission or the securities authority of any state or other
jurisdiction.&nbsp; The Registration Statements have become effective under the
Act; no stop order suspending the effectiveness of the Registration Statements
is in effect, and no proceedings for such purpose are pending before or, to the
knowledge of the Company, threatened by the Commission or the securities
authority of any state or other jurisdiction;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i) the Company is eligible to use Form S-3 and the offering of the Shares
complies and will comply with the requirements of Rule 415 under the Act including,
without limitation, Rule 415(a)(5); (ii) each part of the Registration
Statements, and also any Abbreviated Registration Statement, when it became
effective, complied, or with respect to any part of the Registration Statements
or any Abbreviated Registration Statements that have not yet become effective,
will comply at the time of effectiveness, and as of the date hereof and, as
amended or supplemented, at the time of purchase, each additional time of
purchase, if any, and at all times during which a prospectus is required by the
Act to be delivered (whether physically or through compliance with Rule 172
under the Act or any similar rule) in connection with any sale of Shares, will
comply, in all material respects, with applicable requirements of the Act and
the Exchange Act; (iii) each part of the Registration Statements did not, as of
the Effective Time, contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading; </font><font style="layout-grid-mode:both;">(iv) each Prepricing Prospectus complied, at the time it
was filed with the Commission, and complies as of the date hereof, in all
material respects with the requirements of the Act; (v) at no time during the
period that began on the earlier of the date of such Prepricing Prospectus and
the date such Prepricing Prospectus was filed with the Commission and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">6</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;layout-grid-mode:both;">continuing through the
time of execution of this Agreement did any Prepricing Prospectus, as then
amended or supplemented, together with any combination of one or more of the
then issued Permitted Free Writing Prospectuses, if any, include an untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading;</font> (vi) each Basic Prospectus
complied or will comply, at the time it was or will be filed with the
Commission, in all material respects with the requirements of the Act; (vii)
each of the Prospectus Supplement and the Prospectus will comply, as of the
date that it is filed with the Commission, the date of the Prospectus
Supplement, the time of purchase, each additional time of purchase, if any, and
at all times during which a prospectus is required by the Act to be delivered
(whether physically or through compliance with Rule 172 under the Act or any
similar rule) in connection with any sale of Shares, in all material respects,
with the requirements of the Act (in the case of the Prospectus, including,
without limitation, Section 10(a) of the Act); (viii) at no time during the
period that begins on the earlier of the date of the Prospectus Supplement and
the date the Prospectus Supplement is filed with the Commission and ends at the
later of the time of purchase, the latest additional time of purchase, if any,
and the end of the period during which a prospectus is required by the Act to
be delivered (whether physically or through compliance with Rule 172 under the
Act or any similar rule) in connection with any sale of Shares did or will any
Prospectus Supplement or the Prospectus, as then amended or supplemented,
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; (ix) at no time
during the period that begins on the date of such Permitted Free Writing
Prospectus and continues through the time of the filing of the Prospectus with
the Commission did or will any Permitted Free Writing Prospectus include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading</font>, except that the representations and warranties set forth in this
paragraph (b) do not apply to statements or omissions in the Registration
Statements, the Basic Prospectuses, any Prepricing Prospectus, the Prospectus
Supplement, the Prospectus or any Permitted Free Writing Prospectus based upon
information relating to any Underwriter furnished to the Company by such
Underwriter through you expressly for use therein;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
the Company has not, directly or indirectly, distributed and will not
distribute any offering material in connection with the offering or sale of the
Shares other than any Prepricing Prospectus, the Permitted Free Writing Prospectuses,
if any, and the Prospectus; (ii) the Company has not, directly or indirectly,
prepared, used or referred to any Permitted Free Writing Prospectus except in
compliance with Rules 164 and 433 under the Act; (iii) assuming that such
Permitted Free Writing Prospectus is so sent or given after the Registration
Statement was filed with the Commission (and after such Permitted Free Writing
Prospectus was, if required pursuant to Rule 433(d) under the Act, filed with
the Commission), the sending or giving, by any Underwriter, of any Permitted
Free Writing Prospectus will satisfy the provisions of Rule 164 or Rule 433
(without reliance on subsections (b), (c) and (d) of Rule 164), (iv) </font>the
conditions set forth in one or more of subclauses (i) through (iv), inclusive,
of Rule 433(b)(1) under the Act are satisfied, and each of the registration
statements relating to the offering of the Shares contemplated hereby, as
initially filed with the Commission, includes a prospectus that, other than by
reason of Rule 433 or Rule 431 under the Act, satisfies the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">requirements of Section 10 of the Act, (v) </font>the Prepricing Prospectus dated December 1,
2005 is a prospectus that, other than by reason of Rule 433 or Rule 431 under
the Act, satisfies the requirements of Section 10 of the Act, (vi) neither
the Company nor the Underwriters are disqualified, by reason of subsection (f)
or (g) of Rule 164 under the Act, from using, in connection with the offer and
sale of the Shares, &#147;free writing prospectuses&#148; (as defined in Rule 405 under
the Act) pursuant to Rules 164 and 433 under the Act, (vii) the Company is not
an &#147;ineligible issuer&#148; (as defined in Rule 405 under the Act) as of the
eligibility determination date for purposes of Rules 164 and 433 under the Act
with respect to the offering of the Shares contemplated by the Registration
Statement, (viii) the parties hereto agree and understand that the content of
any and all &#147;road shows&#148; (as defined in Rule 433 under the Act) related to the
offering of the Shares contemplated hereby is solely the property of the
Company;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Incorporated Documents, when they were filed with the Commission, complied
in all material respects with the requirements of the Exchange Act, and none of
such documents, when they were filed with the Commission, contained an untrue
statement of a material fact or omitted to state a material fact necessary to
make the statements therein not misleading; and any further documents so filed
and incorporated by reference in (i) the Registration Statements, when such
documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act, as applicable, and will not contain an
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein not misleading, and (ii) any Prepricing
Prospectus, the Prospectus or any Permitted Free Writing Prospectus, when such
documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act, as applicable, and will not contain an
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances in which they
were made, not misleading;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
as of the date of this Agreement, the Company has, and </font>as of the time of
purchase and any additional time of purchase, as the case may be, the Company </font>will have, an authorized capitalization as
set forth in the sections of the Registration Statement, the Prepricing
Prospectus and the Prospectus entitled &#147;Capitalization&#148; (and any similar
sections or information, if any, contained in any Permitted Free Writing
Prospectus); as of the date of this Agreement the Company has an outstanding
capitalization as set forth in the sections of the Registration Statement, the
Prepricing Prospectus and the Prospectus entitled &#147;Capitalization&#148; and as of
the time of purchase and the additional time of purchase, as the case may be,
there shall not have been any changes since the date of this Agreement in the
Company&#146;s outstanding capitalization, except for differences which are not
material; all of the issued and outstanding Common Shares of the Company have
been duly and validly authorized and issued and are fully paid and
non-assessable, have been issued in compliance with all federal and state
securities laws and were not issued in violation of any preemptive or similar
right;</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has been duly formed and is validly existing as a real estate
investment trust in good standing under the laws of the State of Maryland, with
trust power to own, lease and operate its properties and conduct its business
as described in the Registration Statements, the Prepricing Prospectus, the
Prospectus and the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted Free Writing Prospectuses, if any, and
to execute and deliver this Agreement and to issue, sell and deliver the Shares
as contemplated herein;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company is duly qualified and is in good standing in each jurisdiction in
which the ownership or leasing of its properties or the conduct of its business
requires such qualification, except where the failure to so qualify in any such
jurisdiction would not individually or in the aggregate have a material adverse
effect on the business, prospects, properties, condition (financial or
otherwise) or results of operations of the Company and the Subsidiaries (as
defined herein), taken as a whole (a &#147;Material Adverse Effect&#148;);</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has no subsidiaries (as defined in the
Act) other than those identified in Schedule&nbsp;C hereto (collectively, the &#147;Subsidiaries&#148;).&nbsp;
Other than the Subsidiaries, the Company does not own, directly or indirectly,
any shares of stock or any other equity or long-term debt of any other
corporation or have any direct or indirect equity interest or ownership of
long-term debt in any firm, partnership, joint venture, limited liability
company, association or other entity except for the Company&#146;s ownership of 1,000,000
common shares of HRPT Properties Trust, 35,000 common shares of Five Star
Quality Care, Inc. and 100 common shares of Marriott International, Inc.&nbsp;
The Subsidiaries identified in Schedule&nbsp;D attached hereto (each, a &#147;Material
Subsidiary&#148;) are the only Subsidiaries of the Company that are Significant
Subsidiaries (as such term is defined by Rule 1-02(w) of Regulation S-X) of the
Company.&nbsp; Each Subsidiary has been duly incorporated or formed and is
validly existing as a corporation or other entity, as the case may be, in good
standing under the laws of the jurisdiction of its incorporation or
organization, with the requisite corporate, trust, partnership or other power
to acquire and own, lease and operate its properties and to conduct its
business, as described in the Registration Statements, the Prepricing
Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any;
and each Subsidiary is duly qualified and in good standing to do business in
each jurisdiction in which the nature of its business or the ownership or
leasing of the property requires such qualification, except where the failure
to be so qualified would not individually or in the aggregate have a Material
Adverse Effect.&nbsp; Each of the Material Subsidiaries is duly qualified and
in good standing to do business in the jurisdictions set forth below the name
of such Material Subsidiary on Schedule&nbsp;E hereto, such jurisdictions being
the only jurisdictions in which the nature of its business or the ownership or
leasing of the property requires such qualification, except where the failure
to be so qualified would not individually or in the aggregate have a Material
Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
this Agreement has been duly authorized, executed and
delivered by the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the shares of beneficial interest of the Company,
including the Shares, conform in all material respects to each description
thereof, if any, included or incorporated by reference in the Registration
Statements, any Prepricing Prospectus, the Prospectus or any Permitted Free
Writing Prospectus.&nbsp; The certificates evidencing the Shares are in due and
proper form and conform in all material respects to the requirements of the
Maryland REIT Law;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Shares have been duly and validly authorized and, when issued and delivered
against payment therefor as provided herein, will be duly and validly issued,
fully paid and non-assessable and free of any preemptive or similar rights;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
neither the Company nor any of the Subsidiaries is in breach or violation of,
or in default under (and no event has occurred which with notice, lapse of
time, or both would result in any breach or violation of, or constitute a
default under), (i) its Declaration of Trust, charter or by-laws or other
organizational documents, (ii) any obligation, agreement, covenant or condition
contained in any indenture, mortgage, deed of trust, loan agreement or other
agreement or instrument to which the Company or any Subsidiary is subject or by
which any of them or any of their properties is bound or affected or (iii) any
order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any of its or its Subsidiaries&#146; properties,
except, in the case of clauses (ii) and (iii), for those breaches, violations
or defaults which, individually or in the aggregate, would not have a Material
Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the issuance by the Company of the Shares, the compliance by the Company with
all of the provisions of this Agreement, the execution, delivery and
performance by the Company of this Agreement, and the consummation of the
transactions contemplated herein (including, without limitation, the
application of the net proceeds of the offering by the Company as described in
the Prospectus) will not conflict with or result in a breach or violation of
any of the terms or provisions of, or constitute a default under, or result in
the creation or imposition of any lien, charge or encumbrance upon the Shares
or any property or assets of the Company pursuant to (i) the provisions of the
Declaration of Trust or the bylaws of the Company or any Subsidiary or any of
the Company&#146;s or any Subsidiary&#146;s other organizational documents, (ii) any
indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which the Company or any Subsidiary is a party or by which the
Company or any Subsidiary is bound or to which any of the property or assets of
the Company or any Subsidiary is subject, or (iii) any applicable laws or any
order, rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any of its or its Subsidiaries&#146; properties,
other than, in the case of clause (ii), as would not, individually or in the
aggregate, have a Material Adverse Effect or a material adverse effect on the
ability of the Company and the Selling Stockholder to consummate the
transactions contemplated hereby;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no approval, authorization, consent or order of or filing with any federal,
state or local or foreign governmental or regulatory commission, board, body,
authority or agency or with the New York Stock Exchange (&#147;NYSE&#148;), or approval
of the shareholders of the Company, is required in connection with the issuance
and sale of the Shares or the consummation by the Company of the transaction as
contemplated hereby (including, without limitation, the application of the net
proceeds of the offering by the Company as described in the Prepricing
Prospectus and the Prospectus) other than registration of the Shares under the
Act, which has been effected (or, with respect to any registration statement to
be filed hereunder pursuant to Rule 462(b) under the Act, will be effected in
accordance herewith), and any necessary qualification under the securities or
blue sky laws of the various jurisdictions in which the Shares are being
offered by the Underwriters;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no person has the right, contractual or otherwise, to
cause the Company to issue to it, or register pursuant to the Act, any shares
of beneficial interest or other equity interests (other than the registration
rights of the Selling Stockholder in connection with the selling stockholder
registration statement).&nbsp; No person has preemptive rights, co-sale rights,
rights of first refusal or other rights to purchase any Common Shares.&nbsp; No
person has the right, contractual or otherwise, to cause the Company to
register under the Act any shares of beneficial interest or other equity
interests as a result of the filing or effectiveness of the Registration
Statements or the sale of Shares contemplated thereby, except for such rights
as have been complied with or waived;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ernst &amp; Young LLP, whose report on the consolidated financial statements of
the Company and the Subsidiaries was filed with the Commission as part of the
Company&#146;s Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2004 and is incorporated by reference in the Registration
Statements, the Prepricing Prospectus, the Prospectus and, if applicable, any
Permitted Free Writing Prospectuses, are independent public accountants as
required by the Act </font>and by the rules of the Public Company Accounting
Oversight Board</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all legal or governmental proceedings, affiliate or other related party
transactions, off-balance sheet transactions (including, without limitation,
transactions related to, and the existence of, &#147;variable interest entities&#148;
within the meaning of Financial Accounting Standards Board Interpretation No.
46), contracts, leases or documents of a character required to be described in
the Registration Statements, the Prepricing Prospectus, the Prospectus or any
Incorporated Document, and all documents required to be filed as an exhibit to
the Registration Statements, any Prepricing Prospectus, the Prospectus or any
Incorporated Document, have been so described or filed or will be filed prior
to the time of purchase as required;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
except as otherwise described in the Registration Statements, each Disclosure
Package and the Prospectus, there are no legal or governmental proceedings
pending to which the Company or any of the Subsidiaries is a party or of which
any of the Company&#146;s or any of the Subsidiaries&#146; properties or assets is the
subject, the result of which would, individually or in the aggregate, have a
Material Adverse Effect or a material adverse effect on the ability of the
Company and the Selling Stockholder to consummate the transactions contemplated
hereby, and, to the Company&#146;s knowledge, no such proceedings are threatened or
contemplated, except as disclosed in the Registration Statements, each Disclosure
Package and the Prospectus, the result of which would, individually or in the
aggregate, have a Material Adverse Effect or a material adverse effect on the
ability of the Company and the Selling Stockholder to consummate the
transactions contemplated hereby.&nbsp; To the Company&#146;s knowledge, there are
no legal or governmental proceedings pending or threatened to which any lessee,
sublessee or operator of any property of the Company or any Subsidiary or
portion thereof is a party, the result of which would, individually or in the
aggregate, have a Material Adverse Effect, and no such proceedings are being
threatened or contemplated, except as disclosed in the Registration Statements,
each Disclosure Package and the Prospectus and the result of which would,
individually or in the aggregate, have a Material Adverse Effect.&nbsp; Neither
the Company nor any of the Subsidiaries has received from any governmental
authority notice of</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any violation of any local, state or federal
law, rule or regulation (including without limitation any such law, rule or
regulation applicable to the health care industry (&#147;Health Care Laws&#148;) or
relating to human health or safety or the environment or any hazardous or toxic
substances or wastes, pollutants or contaminants (&#147;Environmental Laws&#148;)),
except as disclosed in the Registration Statements, each Disclosure Package and
the Prospectus, the result of which would, individually or in the aggregate,
have a Material Adverse Effect, and to the Company&#146;s knowledge, there is no
such violation, or any occurrence or circumstance that would give rise to a
claim under or pursuant to any local, state or federal law, rule or regulation
(including without limitation any Health Care Laws or Environmental Laws),
which would, individually or in the aggregate, have a Material Adverse
Effect.&nbsp; To the Company&#146;s knowledge, there is no violation of any local,
state or federal law, rule or regulation (including without limitation Health
Care Laws and Environmental Laws) by any person from whom the Company or any of
the Subsidiaries acquired any of its properties (a &#147;seller&#148;), or any lessee,
sublessee or operator of any of their respective properties or any part
thereof, the result of which would, individually or in the aggregate, have a
Material Adverse Effect, and to the Company&#146;s knowledge, there is no such
violation, or any occurrence or circumstance that would give rise to a claim
under or pursuant to any local, state or federal law, rule or regulation
(including without limitation any Health Care Laws or Environmental Laws), which
would, individually or in the aggregate, have a Material Adverse Effect, except
as disclosed in the Registration Statements, each Disclosure Package and the
Prospectus.&nbsp; Neither the Company nor any of the Subsidiaries has received
from any governmental authority any written notice of any condemnation of or
zoning change affecting the properties or any part thereof of the Company or
any of the Subsidiaries that individually or in the aggregate would have a
Material Adverse Effect and the Company does not know of any such condemnation
or zoning change which is threatened and which if consummated individually or
in the aggregate would have a Material Adverse Effect.&nbsp; Nothing has come
to the Company&#146;s attention that any seller, lessee, sublessee or operator of
any property of the Company or any of the Subsidiaries, or portion thereof has,
received from any governmental authority any written notice of any condemnation
of or zoning change affecting the Properties or any part thereof of the Company
or any of the Subsidiaries that individually or in the aggregate would have a
Material Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
as of the respective dates at which such information is given, each of the
Company and the Subsidiaries has good and marketable title in fee simple or
ground leases to the properties disclosed in the Registration Statements, each
Disclosure Package and the Prospectus as being owned by them (the &#147;Properties&#148;);
and the Properties are free and clear of all liens, encumbrances, claims, mortgages,
deeds of trust, restrictions, security interests and defects (&#147;Property
Encumbrances&#148;), except for: (i) the leasehold interests of lessees in the
Company&#146;s and the Subsidiaries&#146; properties held under lease (the &#147;Leases&#148;),
(ii) any other Property Encumbrances that would not, individually or in the
aggregate, have a Material Adverse Effect and (iii) those Property Encumbrances
set forth in the Registration Statements, each Disclosure Package and the
Prospectus.&nbsp; All Property Encumbrances on or affecting the properties of
the Company or any of the Subsidiaries which are required to be disclosed in
the Registration Statements, each Disclosure Package and the Prospectus are
disclosed therein.&nbsp; Each of the Leases pertaining to the properties of the
Company or any of the Subsidiaries has been duly authorized by the Company or
one of the Subsidiaries, as applicable, and is a valid and binding agreement of
the Company or one of the Subsidiaries, as applicable, and, to the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company&#146;s knowledge, each other party
thereto, enforceable in accordance with its terms, except as enforcement
thereof may be limited by bankruptcy, insolvency, moratorium, fraudulent
conveyance or other similar laws affecting the enforcement of creditors&#146; rights
generally and by general equitable principles.&nbsp; To the Company&#146;s
knowledge, no lessee of any portion of any of the properties of the Company or
any of the Subsidiaries is in default under its respective lease and there is
no event which, but for the passage of time or the giving of notice or both,
would constitute a default under any such lease, except as disclosed in the
Registration Statements, each Disclosure Package and the Prospectus and except
for such defaults that would not, individually or in the aggregate, have a
Material Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company and each of the Subsidiaries and, to the Company&#146;s knowledge, each
of the operators, lessees or sublessees of any property or portion thereof of
the Company or any of the Subsidiaries have such permits, licenses, approvals,
certificates, franchises and authorizations of governmental or regulatory
authorities (&#147;permits&#148;), including, without limitation, under any Health Care
Laws or Environmental Laws, as are necessary in the case of each such party to
acquire and own, lease or operate its properties and to conduct its business,
except where the failure to obtain such permits would not individually or in
the aggregate have a Material Adverse Effect; except as described in the Registration
Statements, each Disclosure Package and the Prospectus, the Company and each of
the Subsidiaries and, to the Company&#146;s knowledge, each of the lessees,
sublessees or operators of any property or portion thereof of the Company or
any of the Subsidiaries have fulfilled and performed all of their obligations
with respect to such permits and, except as disclosed in the Registration
Statements, each Disclosure Package and the Prospectus, no event has occurred
which allows, or after notice or lapse of time would allow, revocation or
termination thereof or result in any other impairment of the rights of the
holder of any such permit, except where the failure to fulfill or perform, or
the resulting termination or impairment, would not, individually or in the
aggregate, have a Material Adverse Effect; and, except as described in the Registration
Statements, each Disclosure Package and the Prospectus, such permits contain no
restrictions that are burdensome to the Company and the Subsidiaries, taken as
a whole and that would, individually or in the aggregate, have a Material
Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the financial statements, together with the related schedules and notes,
forming a part of the Registration Statements, any Prepricing Prospectus, the
Prospectus or any Permitted Free Writing Prospectus, present fairly the
consolidated financial position of the Company and the Subsidiaries as of the
dates indicated and the consolidated results of operations and cash flows of
the Company and the Subsidiaries for the periods specified.&nbsp; Such
financial statements have been prepared in conformity with generally accepted
accounting principles applied on a consistent basis during the periods
involved.&nbsp; Any pro forma financial statements and other pro forma
financial data included or incorporated by reference in the Registration
Statements, any Prepricing Prospectus, the Prospectus or any Permitted Free
Writing Prospectus comply as to form in all material respects with the
applicable accounting requirements of Regulation S-X of the Act, and the pro
forma adjustments have been properly applied to the historical amounts in the
compilation of those statements.&nbsp; To the extent applicable, all
disclosures contained in the Registration Statements, any Prepricing
Prospectus, the Prospectus, any Permitted Free Writing Prospectus or any
Incorporated Document regarding Non-GAAP Financial Measures (as such term is
defined by the rules and regulations of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission) comply, in all material respects,
with Regulation G of the Exchange Act and, if applicable, Item 10 of Regulation
S-K.&nbsp; The Company and the Subsidiaries do not have any material
liabilities or obligations, direct or contingent (including any off-balance
sheet obligations or any &#147;variable interest entities&#148; within the meaning of
Financial Accounting Standards Board Interpretation No. 46), not disclosed in
the Registration Statements, each Prepricing Prospectus and the
Prospectus.&nbsp; The other financial and statistical data set forth in the
Registration Statements, any Prepricing Prospectus, the Prospectus and any
Permitted Free Writing Prospectus are accurately presented and prepared on a
basis consistent with the financial statements and books and records of the
Company.&nbsp; There are no financial statements (historical or pro forma) that
are required to be included in the Registration Statements, any Prepricing
Prospectus or the Prospectus that are not included as
required;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
subsequent to the respective dates as of which information is given in the
Registration Statements, the Prepricing Prospectus, the Prospectus and any
Permitted Free Writing Prospectus, in each case excluding any amendments or
supplements to the foregoing made after the execution of this Agreement, there
has not been (i) any material adverse change, or any prospective material
adverse change, in the business, properties, condition (financial or otherwise)
or results of operations of the Company and the Subsidiaries taken as a whole,
(ii) any transaction which is material to the Company or the Subsidiaries,
(iii) any obligation, direct or contingent, which is material to the Company
and the Subsidiaries taken as a whole, incurred by the Company or the
Subsidiaries, (iv) any material change in the outstanding shares of beneficial
interest or material increase in the outstanding indebtedness of the Company or
the Subsidiaries or (v) any dividend or distribution of any kind declared, paid
or made on the shares of beneficial interest of the Company or a dividend
distribution of any kind on any class of its shares of beneficial interest
(other than dividends or distributions from wholly-owned subsidiaries of the
Company) other than (A) regular quarterly dividends, declared, paid or made and
(B) the issuance of common shares of beneficial interest to the trustees and
officers of the Company and directors and officers of Reit Management &amp;
Research LLC, the Company&#146;s investment manager (&#147;RMR&#148;), pursuant to the Company&#146;s
Incentive Share Award Plan and to RMR in payment of its incentive fee in
accordance with the Company&#146;s advisory agreement with RMR filed as an exhibit
to the Registration Statements.&nbsp; None of the Company nor
the Subsidiaries has any material contingent obligation which is not disclosed
in the Registration Statements;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
each of the Company and the Subsidiaries are insured
by insurers of recognized financial responsibility against such losses and
risks and in such amount as are customary in the business in which they are
engaged, except as described in the Registration Statements, each Disclosure
Package and the Prospectus.&nbsp; Except as would not, individually or in the
aggregate, have a Material Adverse Effect, all policies of insurance insuring
the Company and the Subsidiaries or any of their businesses, assets, employees,
officers, directors and trustees are in full force and effect, and the Company
and the Subsidiaries are in compliance with the terms of such policies in all
material respects.&nbsp; Except as would not, individually or in the aggregate,
have a Material Adverse Effect, there are no claims by the Company or any of
the Subsidiaries under any such policy or instrument as to which any insurance
company is denying liability or defending under a reservation of rights clause;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
except as disclosed in the Registration Statements, each Disclosure Package and
the Prospectus, neither the Company nor any of the Subsidiaries has either sent
or received any communication regarding termination of, or intent not to renew,
any of the contracts or agreements referred to or described in, or filed as an
exhibit to, the Registration Statements, any Prepricing Prospectus, the
Prospectus, any Permitted Free Writing Prospectus or any Incorporated Document,
and no such termination or non-renewal has been threatened by the Company or
any of the Subsidiaries or any other party to any such contract or agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has obtained for the benefit of the
Underwriters the agreement (a &#147;Lock-Up Agreement&#148;), in the form set forth as
Exhibit A hereto, of its managing trustees and executive officers;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
neither the Company nor any of the Subsidiaries or any of their respective
affiliates has taken, directly or indirectly, any action designed to or which
has constituted or which might reasonably be expected to cause or result, under
the Exchange Act or otherwise, in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of the
Shares;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company and the Subsidiaries have not sustained since the date of the
latest audited financial statements included in the Registration Statements,
the Prepricing Prospectus and the Prospectus any loss or interference with
their businesses from fire, explosion, flood or other calamity, whether or not
covered by insurance, or from any labor dispute or court or governmental
action, order or decree, otherwise than as disclosed in the Prospectus or other
than any loss or interference, which would not individually or in the aggregate
have a Material Adverse Effect;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are
executed in accordance with management&#146;s general or specific authorization;
(ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to
maintain accountability for assets; (iii) access to assets is permitted only in
accordance with management&#146;s general or specific authorization; and (iv) the
recorded accountability for assets is compared with the existing assets at
reasonable intervals and appropriate action is taken with respect to any
differences;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has established and maintains and evaluates &#147;disclosure controls
and procedures&#148; (as such term is defined in Rule 13a-15 and 15d-15 under the
Exchange Act) and &#147;internal control over financial reporting&#148; (as such term is
defined in Rule 13a-15 and 15d-15 under the Exchange Act); such disclosure
controls and procedures are designed to ensure that material information
relating to the Company, including its consolidated subsidiaries, is made known
to the Company&#146;s chief executive officer and its chief financial officer by
others within those entities, and such disclosure controls and procedures are
effective to perform the functions for which they were established; the Company&#146;s
auditors and the Audit Committee of the Board of Trustees of the Company have
been advised of: (i) any significant deficiencies in the design or operation of
the Company&#146;s internal control over financial reporting</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">which are reasonably likely to adversely
affect the Company&#146;s ability to record, process, summarize, and report
financial information, and (ii) any fraud, whether or not material, that
involves management or other employees who have a significant role in the
Company&#146;s internal control over financial reporting; any material weaknesses in
the Company&#146;s internal control over financial reporting have been identified
for the Company&#146;s auditors; and since the date of the most recent evaluation of
such disclosure controls and procedures, there has been no significant change
in the Company&#146;s internal control over financial reporting or in other factors
that has materially affected, or is reasonably likely to materially affect, the
Company&#146;s internal control over financial reporting; the principal executive
officers (or their equivalents) and principal financial officers (or their
equivalents) of the Company have made all certifications required by the
Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#148;) and any related rules and
regulations promulgated by the Commission, and the statements contained in any
such certification are complete and correct as of the dates such statements
were made; each of the Company and its trustees and officers is otherwise in
compliance in all material respects with all applicable effective provisions of
the Sarbanes-Oxley Act and the rules and regulations of the Commission and the
NYSE promulgated thereunder;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company and the Subsidiaries have filed all federal, state, local and foreign
tax returns and tax forms required to be filed.&nbsp; Such returns and forms
are complete and correct in all material respects, and all taxes shown by such
returns or otherwise assessed that are due or payable have been paid, except
such taxes as are being contested in good faith and as to which adequate
reserves have been provided.&nbsp; All payroll withholdings required to be made
by the Company and the Subsidiaries with respect to employees have been made
except where the failure to fulfill or perform, would
not, individually or in the aggregate, have a Material Adverse Effect.&nbsp;
The charges, accruals and reserves on the books of the Company and the
Subsidiaries in respect of any tax liability for any year not finally
determined are adequate to meet any assessments or reassessments for additional
taxes.&nbsp; There have been no tax deficiencies asserted and, to the Company&#146;s
knowledge, no tax deficiency might be reasonably asserted or threatened against
the Company and/or the Subsidiaries that would individually or in the aggregate
have a Material Adverse Effect.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has provided you with true, correct and complete copies of all
documentation pertaining to any extension of credit in the form of a personal
loan made, directly or indirectly, by the Company to any trustee or executive
officer of the Company, or to any family member or affiliate of any trustee or
executive officer of the Company; and since July&nbsp;30, 2002, the Company has
not, directly or indirectly, including through any Subsidiary: (i) extended
credit, arranged to extend credit, or renewed any extension of credit, in the
form of a personal loan, to or for any trustee or executive officer of the
Company, or to or for any family member or affiliate of any trustee or executive
officer of the Company; or (ii) made any material modification, including any
renewal thereof, to any term of any personal loan to any trustee or executive
officer of the Company, or any family member or affiliate of any trustee or
executive officer, which loan was outstanding on July&nbsp;30, 2002;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
neither the Company nor any of the Subsidiaries nor, to the Company&#146;s
knowledge, any employee or agent of the Company or any Subsidiary has made any
payment of funds of the Company or any Subsidiary or received or retained any
funds in</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">violation</font> of any law, rule or regulation, which
payment, receipt or retention of funds is of a character required to be
disclosed in the Registration Statements, any Prepricing Prospectus, the
Prospectus or any Incorporated Document;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the outstanding Common Shares are, and the Shares will be, subject to official
notice of issuance and evidence of satisfactory distribution, listed on the
NYSE; and the Company is in compliance with NYSE listing standards;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company meets the requirements for qualification and taxation as a real
estate investment trust (&#147;REIT&#148;) under the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;);</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Company is not, and at no time during which a prospectus is required by the Act
to be delivered (whether physically or through compliance with Rule 172 under
the Act or any similar rule) in connection with any sale of Shares will not be,
and, after giving effect to the offering and sale of the Shares, will not be an
&#147;investment company&#148; or an entity &#147;controlled&#148; by an &#147;investment company,&#148; as
such terms are defined in the Investment Company Act of 1940, as amended (the &#147;Investment
Company Act&#148;); and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(jj)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>in
accordance with Rule 2710(b)(7)(C)(i) of the National Association of Securities
Dealers, Inc. (the &#147;NASD&#148;), the Shares have been registered with the Commission
on Form S-3 under the Act pursuant to the standards for such Form S-3 in effect
prior to October 21, 1992.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any certificate
signed by any officer of the Company or any of the Subsidiaries and delivered
to the Underwriters or counsel for the Underwriters in connection with the
offering of the Shares shall be deemed to be a representation and warranty by
the Company or Subsidiary, as the case may be, as to matters covered thereby,
to each Underwriter.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&nbsp;&nbsp; <u>Representations
and Warranties of the Selling Stockholder</u>.&nbsp; The Selling Stockholder
represents and warrants to and agrees with each of the Underwriters that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder has been duly organized and is validly existing as a
real estate investment trust in good standing under the laws of the State of
Maryland and has all necessary power and authority to enter into and perform
its obligation under this Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder now is and at the time of delivery of such Shares will
be, the lawful owner of the number of Shares to be sold by such Selling
Stockholder pursuant to this Agreement and has and, at the time of delivery
thereof, will have valid and marketable title to such Shares, free and clear of
any claim, lien, encumbrance, security interest, community property right,
restriction on transfer or other defect in title; and upon delivery of and
payment for such Shares, the Underwriters will acquire valid and marketable
title to such Shares free and clear of any claim, lien, encumbrance, security
interest, community property right, restriction on transfer or other defect in
title;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder has and, at the time of delivery of such Shares, will
have full legal right, power and capacity, and any approval required by law, to
sell, assign, transfer and deliver such Shares in the manner provided in this
Agreement;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
this Agreement has been duly authorized, executed and
delivered by such Selling Stockholder;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to such Selling Stockholder&#146;s knowledge, (i) each part of the Registration
Statements, did not, as of the Effective Time, contain any untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading, (ii) </font><font style="layout-grid-mode:both;">at no time during the
period that began on the earlier of the date of such Prepricing Prospectus and
the date such Prepricing Prospectus was filed with the Commission and
continuing through the time of execution of this Agreement did any Prepricing
Prospectus, as then amended or supplemented, together with any combination of
one or more of the then issued Permitted Free Writing Prospectuses, if any,
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading</font>, (iii) at no
time during the period that begins on the earlier of the date of the Prospectus
and the date the Prospectus is filed with the Commission and ends at the later
of the time of purchase and the latest additional time of purchase, if any, in
connection with any sale of Shares did or will the Prospectus, as then amended or supplemented,
include an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and (iv) at no time
during the period that begins on the date of such Permitted Free Writing
Prospectus and continues through the time of the filing of the Prospectus with
the Commission did or will any Permitted Free Writing Prospectus include an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;
<u>provided</u>, <u>however</u>, that such Selling Stockholder makes no
warranty or representation with respect to any statements or omissions
contained in the Registration Statements, any Prepricing Prospectus, the
Prospectus or any Permitted Free Writing Prospectus based upon information
relating to any Underwriter furnished to the Company by such Underwriter
through you expressly for use therein;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the information in the Registration Statements, each Prepricing Prospectus and
Prospectus, and any supplements or amendments thereto, relating to such Selling
Stockholder is true and accurate, does not omit any information with respect to
the Selling Stockholder required to be contained therein or necessary to make
the information therein not misleading, and complied, when the Registration
Statements became effective, complies and will comply in all materials respects
with the requirements of the Act;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the execution, delivery and performance of this Agreement by the Selling
Stockholder, the sale of the Shares by the Selling Stockholder and the
consummation by the Selling Stockholder of the transactions contemplated hereby
will not conflict with, result in any breach or violation of or constitute a
default under (nor constitute any event which with notice, lapse of time or
both would result in any breach of or constitute a default under), (i) the
charter or by-laws or other organizational documents of the Selling</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stockholder or any of its subsidiaries, (ii)
any agreement, indenture or other instrument to which the Selling Stockholder
or any of its subsidiaries is a party or by which the Selling Stockholder or
any of its subsidiaries or any of the Selling Stockholder&#146;s or any of its
subsidiaries&#146; properties may be bound or affected, or (iii) any federal, state,
local or foreign law, regulation or rule or any decree, judgment or order
applicable to the Selling Stockholder, other than, in the case of clause (ii),
such conflicts, breaches, violations or defaults as would not, individually or
in the aggregate, have a material adverse effect on the ability of the Selling
Stockholder to consummate the transactions contemplated hereby;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no approval, authorization, consent or order of or filing with any federal,
state or local or foreign governmental or regulatory commission, board, body,
authority or agency or with the NYSE, or approval of the shareholders of the
Selling Stockholder, is required in connection with the sale of the Shares by
the Selling Stockholder or the consummation by the Selling Stockholder of the
transactions contemplated hereby other than registration of such Shares under
the Act, which has been effected (or, with respect to any registration
statement to be filed hereunder pursuant to Rule 462(b) under the Act, will be
effected in accordance herewith), and any necessary qualification under the
securities or blue sky laws of the various jurisdictions in which the Shares
are being offered by the Underwriters;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the sale of the Selling Stockholder&#146;s Shares pursuant
to this Agreement is not prompted by any information concerning the Company
which is not set forth in the Registration Statement (excluding the exhibits
thereto), any Disclosure Package</font> and the </font>Prospectus;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder has not distributed and will
not distribute any offering material in connection with the offering or sale of
the Shares other than the then most recent Prepricing Prospectus, the
Prospectus and any Permitted Free Writing Prospectus;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder has not taken any action designed, or which has
constituted or might reasonably be expected to cause or result in, under the
Exchange Act or otherwise, the stabilization or manipulation of the price of
any security of the Company to facilitate the sale or resale of the Shares; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at the time of purchase, all stock transfer or other taxes (other than income
taxes) which are required to be paid in connection with the sale and transfer
of the Shares to be sold by the Selling Stockholder to the Underwriters
hereunder will have been fully paid or provided for by the Selling Stockholder
and all laws imposing such taxes will have been fully complied with.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, any certificate
signed by such Selling Stockholder and delivered to the Underwriters or counsel
for the Underwriters in connection with the offering of the Shares shall be
deemed to be a representation and warranty by such Selling Stockholder, as to
matters covered thereby, to each Underwriter.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&nbsp;&nbsp; <u>Certain
Covenants</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company hereby agrees:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish such information as may be required and otherwise to cooperate in
qualifying the Shares for offering and sale under the securities or blue sky
laws of such states as you may designate and to maintain such qualifications in
effect so long as required for the distribution of the Shares; provided that
the Company shall not be required to qualify as a foreign corporation or to
consent to the service of process under the laws of any such state (except
service of process with respect to the offering and sale of the Shares); and to
promptly advise you of the receipt by the Company of any notification with
respect to the suspension of the qualification of the Shares for sale in any
jurisdiction or the initiation or threat of any proceeding for such purpose;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to make available to the Underwriters in New York City as many copies of the
Prospectus (or of the Prospectus as amended or supplemented if the Company
shall have made any amendments or supplements thereto) as the Underwriters may
reasonably request for the purposes contemplated by the Act; in case any
Underwriter is required to deliver (whether physically or through compliance
with Rule 172 under the Act or any similar rule), in connection with the sale
of the Shares, a prospectus beyond the nine-month period referred to in
Section&nbsp;10(a)(3) of the Act in connection with the sale of the Shares, the
Company will prepare promptly upon request, but at its expense, such amendment
or amendments to the Registration Statements and such prospectuses as may be
necessary to permit compliance with the requirements of Section&nbsp;10(a)(3)
of the Act;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to advise you promptly, confirming such advice in writing, of any request by
the Commission for amendments or supplements to the Registration Statements,
any Prepricing Prospectus, the Prospectus or any Permitted Free Writing
Prospectus or for additional information with respect thereto, or of notice of
institution of proceedings for, or the entry of a stop order suspending the
effectiveness of either of the Registration Statements and, if the Commission
should enter a stop order suspending the effectiveness of either of the
Registration Statements, to make every reasonable effort to obtain the lifting
or removal of such order as soon as possible; to advise you promptly of any
proposal to amend or supplement the Registration Statements, any Prepricing
Prospectus or the Prospectus, including by filing any documents that would be
incorporated therein by reference and to file no such amendment or supplement
to which you shall object in writing;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to file promptly all reports and any definitive proxy or information statement
required to be filed by the Company with the Commission in order to comply with
the Exchange Act subsequent to the date of the Prospectus and for so long as a
prospectus is required by the Act to be delivered (whether physically or
through compliance with Rule 172 under the Act or any similar rule) in
connection with any sale of the Shares, and to promptly notify you of such
filing;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if, at the time this Agreement is executed and
delivered, it is necessary for the registration statement or a post-effective
amendment thereto or any Abbreviated Registration Statement to be declared
effective before the offering of the Shares</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may commence, the Company will endeavor to
cause the registration statement or such post-effective amendment to become
effective as soon as possible and will advise you promptly and, if requested by
you, will confirm such advice in writing, when the registration statement or
such post-effective amendment has become effective;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish to you and, upon request, to each of the other Underwriters for a
period of three years from the date of this Agreement (i) copies of any reports
or other communications which the Company shall send to its shareholders or
shall from time to time publish or publicly disseminate, (ii) copies of all
annual, quarterly and current reports filed with the Commission on Forms 10-K,
10-Q and 8-K, or such other similar form as may be designated by the
Commission, (iii) upon request, copies of documents or reports filed with any
national securities exchange on which any class of securities of the Company is
listed, and (iv) such other information as you may reasonably request regarding
the Company or the Subsidiaries, in each case as soon as such communications,
documents or information becomes available; <u>provided</u>, <u>however</u>,
that in no case shall the Company be required to furnish materials pursuant to
this paragraph which are filed and publicly accessible via EDGAR;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to advise the Underwriters promptly of the happening of any event known to the
Company within the time during which a Prospectus relating to the Shares is
required under the Act to be delivered (whether physically or through
compliance with Rule 172 or any similar rule) in connection with any sale of
the Shares, which, in the judgment of the Company, would require the making of
any change in the Prospectus then being used, or in the information
incorporated therein by reference, so that the Prospectus would not include an
untrue statement of material fact or omit to state a material fact necessary to
make the statements therein, in the light of the circumstances under which they
are made, not misleading, and, during such time, to prepare and furnish, at the
Company&#146;s expense, to the Underwriters promptly such amendments or supplements
to such Prospectus as may be necessary to reflect any such change and to
furnish you a copy of such proposed amendment or supplement before filing any
such amendment or supplement with the Commission;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to make generally available to its security holders, and to deliver to you, as
soon as reasonably practicable, but not later than 16 months after the date of
this Agreement, an earnings statement of the Company satisfying the provisions
of the last paragraph of Section&nbsp;11(a) of the Act and Rule 158(c) thereunder;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish to its shareholders as soon as practicable after the end of each
fiscal year an annual report (including a balance sheet and statements of
income, shareholders&#146; equity and of cash flow of the Company) for such fiscal
year, accompanied by a copy of the certificate or report thereon of nationally
recognized independent certified public accountants;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish to you three conformed copies of each of the Registration
Statements, as initially filed with the Commission, and of all amendments
thereto (including all exhibits thereto and documents incorporated by reference
therein) and sufficient conformed copies of the foregoing (other than exhibits)
for distribution of a copy to each of the other Underwriters;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish to you as early as practicable prior to the time of purchase and the
additional time of purchase, as the case may be, but not later than two
business days prior thereto, a copy of the latest available unaudited interim
consolidated financial statements, if any, of the Company and the Subsidiaries
which have been read by the Company&#146;s independent certified public accountants,
as stated in their letter to be furnished pursuant to Section&nbsp;7(f) hereof;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to apply the net proceeds from the sale of the Shares
in the manner set forth under the caption &#147;Use of proceeds&#148; in the Prospectus;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to furnish to you, before filing with the Commission subsequent to the
effective date of the Registration Statements and during the period referred to
in paragraph (vii) above, a copy of any document proposed to be filed pursuant
to Section&nbsp;13, 14 or 15(d) of the Exchange Act;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to comply with Rule 433(g) under the Act;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
not to (i) sell, offer to sell, contract to sell, hypothecate, pledge, grant
any option to sell or otherwise dispose of, directly or indirectly, or establish
or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section&nbsp;16 of the Exchange Act
with respect to, any Common Shares or securities convertible into or
exchangeable or exercisable for Common Shares or options, warrants or other
rights to purchase Common Shares or any other shares of the Company that are
substantially similar to Common Shares, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of Common Shares or any securities convertible into
or exercisable or exchangeable for Common Shares, whether any such transaction
is to be settled by delivery of Common Shares or such other securities, in cash
or otherwise, (iii) publicly announce an intention to effect any transaction
specified in clause (i) or (ii), or (iv) file a registration statement under
the Act relating to the offer and sale of any Common Shares or securities
convertible into or exchangeable or exercisable for Common Shares or options,
warrants or other rights to purchase Common Shares or any other shares of the
Company that are substantially similar to Common Shares for a period of sixty
(60)<b><font style="font-weight:bold;">  </font></b>days after the date hereof (the &#147;Lock-up
Period&#148;) without the prior written consent of UBS Securities LLC, except for
(i) the registration of the Shares and the sales to the Underwriters pursuant
to this Agreement, (ii) issuances of Common Shares upon the exercise of
outstanding options or warrants as disclosed in the Registration Statements,
each Prepricing Prospectus and the Prospectus to persons who have entered into
Lock-Up Agreements with the Underwriters, (iii) the issuance of employee stock
options not exercisable during the Lock-up Period pursuant to stock option
plans, if any, described in the Registration Statements, each Prepricing
Prospectus and the Prospectus, (iv) issuances of Common Shares to the trustees
and officers of the Company and directors and officers of RMR pursuant to the
Company&#146;s Incentive Share Award Plan described in the Registration Statements,
each Prepricing Prospectus and the Prospectus and to RMR in payment of its
incentive fee in accordance with the Company&#146;s advisory</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">agreement with RMR filed as an exhibit to the
Registration Statements and (v) issuances of Common Shares as partial or full
payment for properties directly or indirectly acquired or to be acquired by the
Company or its subsidiaries; provided that, the Company shall have conditioned
such issuances of Common Shares upon agreement of the recipients to the
restrictions of this paragraph; </font><u>provided</u>, <u>however</u>, that if
(a) during the period that begins on the date that is fifteen (15) calendar
days plus three (3) business days before the last day of the Lock-Up Period and
ends on the last day of the Lock-Up Period, the Company issues an earnings
release or material news or a material event relating to the Company occurs; or
(b) prior to the expiration of the Lock-Up Period, the Company announces that
it will release earnings results during the sixteen (16) day period beginning
on the last day of the Lock-Up Period, then the restrictions imposed by this </font>5(a)(xv) shall continue to apply until
the expiration of the date that is fifteen (15) calendar days plus three (3)
business days after the date on which the issuance of the earnings release or
the material news or material event occurs;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to use its best efforts to cause the Shares to be listed
on the NYSE;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to use its best efforts to continue to qualify as a
REIT under Sections 856 through 860 of the Code; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to maintain a transfer agent and, if necessary under
the jurisdiction of formation of the Company, a registrar for the Common Shares.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Selling Stockholder hereby agrees:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to advise the Underwriters promptly of the happening of any event within the
time during which a prospectus relating to the Shares is required to be
delivered under the Act that is known to the Selling Stockholder, which, to the
knowledge of the Selling Stockholder after consultation with counsel, would
require the making of any change in the Prospectus then being used, or in the
information incorporated by reference, so that the Prospectus would not include
an untrue statement of material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which
they are made, not misleading; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
not to (i) sell, offer to sell, contract to sell, hypothecate, pledge, grant
any option to sell or otherwise dispose of, directly or indirectly, or establish
or increase a put equivalent position or liquidate or decrease a call
equivalent position within the meaning of Section&nbsp;16 of the Exchange Act
with respect to, any Common Shares or securities convertible into or
exchangeable or exercisable for Common Shares or options, warrants or other
rights to purchase Common Shares or any other shares of the Company that are
substantially similar to Common Shares, (ii) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of Common Shares or any securities convertible into
or exercisable or exchangeable for Common Shares, whether any such transaction
is to be settled by delivery of Common Shares or such other securities, in cash
or otherwise, (iii) publicly announce an intention to effect any transaction
specified in</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">clause (i) or (ii), or (iv) or file a
registration statement under the Act relating to the offer and sale of any Common
Shares or securities convertible into or exchangeable or exercisable for Common
Shares or options, warrants or other rights to purchase Common Shares or any
other shares of the Company that are substantially similar to Common Shares during
the Lock-up Period without the prior written consent of UBS Securities LLC,
except for the registration of the Shares and the sales to the Underwriters
pursuant to this Agreement; </font><u>provided</u>, <u>however</u>, that if (a)
during the period that begins on the date that is fifteen (15) calendar days
plus three (3) business days before the last day of the Lock-Up Period and ends
on the last day of the Lock-Up Period, the Company issues an earnings release
or material news or a material event relating to the Company occurs; or (b) prior
to the expiration of the Lock-Up Period, the Company announces that it will
release earnings results during the sixteen (16) day period beginning on the
last day of the Lock-Up Period, then the restrictions imposed by this </font>5(b)(ii) shall continue to apply until
the expiration of the date that is fifteen (15) calendar days plus three (3)
business days after the date on which the issuance of the earnings release or
the material news or material event occurs.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company and the Selling Stockholder agree jointly and severally to pay all
expenses, fees and taxes in connection with (i) the preparation and filing of
the Registration Statements, the Basic Prospectuses, each Prepricing
Prospectus, the Prospectus Supplement, the Prospectus, each Permitted Free
Writing Prospectus and any amendments or supplements thereto, and the printing
and furnishing of copies of each thereof to the Underwriters and to dealers
(including costs of mailing and shipment), (ii) the registration, issue, sale
and delivery of the Shares including any stock or transfer taxes and stamp or
similar duties payable upon the sale, issuance or delivery of the Shares to the
Underwriters, (iii) the word processing and/or printing of this Agreement, any
Agreement Among Underwriters and any dealer agreements and the reproduction
and/or printing and furnishing of copies of each thereof to the Underwriters
and to dealers (including costs of mailing and shipment), (iv) the
qualification of the Shares for offering and sale under state laws and the
determination of their eligibility for investment under state law as aforesaid
(including the legal fees and filing fees and other disbursements of counsel to
the Underwriters) and the printing and furnishing of copies of any blue sky
surveys or legal investment surveys to the Underwriters and to dealers, (v) any
filing for review of the public offering of the Shares by NASD Regulation, Inc.
(including the legal fees and filing fees and other disbursements of counsel to
the Underwriters with respect thereto), (vi) any listing of the Shares on any
securities exchange and any registration thereof under the Exchange Act, (vii)
the fees and disbursements of any transfer agent or registrar for the Shares,
(viii) the costs and expenses of the Company and/or the Selling Stockholder
relating to presentations or meetings undertaken in connection with the
marketing of the offering and sale of the Shares to prospective investors and
the Underwriters&#146; sales forces, including, without limitation, expenses
associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show
presentations, travel, lodging and other expenses incurred by the officers of
the Company and/or the Selling Stockholder and any such consultants, and the
cost of any aircraft chartered in connection with the road show, and (ix) the
performance of the Company&#146;s and/or the Selling Stockholder&#146;s other obligations
hereunder.&#160; The provisions of this Section
5(c) shall not prohibit or supercede any agreement between the Company and
Selling Stockholder regarding apportionment of the expenses, fees and taxes as
between the Company and Selling Stockholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Underwriter represents, severally and not jointly, that it has not and will not
use any &#147;free writing prospectus,&#148; as defined in Rule 405 under the Securities
Act, required to be filed with the Commission by the Company or any Underwriter
pursuant to Rule 433 under the Act, other than any free writing prospectus
listed on Schedule B hereto or otherwise consented to by the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&nbsp;&nbsp;&nbsp;<u>Reimbursement
of Underwriters&#146; Expenses</u>.&nbsp; If the Shares are not delivered for any
reason other than the termination of this Agreement pursuant to clause (ii)(A),
(C), (D) or (E) of the second paragraph of Section&nbsp;8 hereof or pursuant to
the last paragraph of Section&nbsp;9 hereof or the default by one or more of
the Underwriters in its or their respective obligations hereunder, the Company
and the Selling Stockholder each jointly and severally shall, in addition to
paying the amounts described in Section&nbsp;5(c) hereof, reimburse the
Underwriters for all of their out-of-pocket expenses, including the reasonable
fees and disbursements of their counsel.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing paragraph
shall not prohibit or supercede any agreement between the Company and Selling
Stockholder regarding apportionment of the amounts as between the Company and
Selling Stockholder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&nbsp;&nbsp;&nbsp;&nbsp;
<u>Conditions of Underwriters&#146; Obligations</u>.&nbsp; The several obligations
of the Underwriters hereunder are subject to the accuracy of the
representations and warranties on the part of the Company and the Selling
Stockholder on the date hereof and at the time of purchase (and the several
obligations of the Underwriters at the additional time of purchase are subject
to the accuracy of the representations and warranties on the part of the
Company and the Selling Stockholder on the date hereof and at the time of
purchase (unless previously waived) and at the additional time of purchase, as
the case may be), the performance by each of the Company and the Selling
Stockholder of its obligations hereunder and to the following additional
conditions precedent:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall furnish to you at the time of purchase and at the additional
time of purchase, as the case may be, an opinion of Sullivan &amp; Worcester
LLP, counsel for the Company, addressed to the Underwriters, and dated the time
of purchase or the additional time of purchase, as the case may be, with
reproduced copies for each of the other Underwriters and in form satisfactory
to Dewey Ballantine LLP, counsel for the Underwriters, stating that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>the Company is duly qualified to transact
business and is in good standing in the applicable jurisdiction set forth on
Schedule E hereto</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
each Material Subsidiary which is not organized under
the laws of the state of Maryland, if any (each a &#147;Non-Maryland Material
Subsidiary&#148;), is a corporation or other legal entity duly formed, existing and
in good standing under the laws of its jurisdiction of organization.&#160; Each Non-Maryland Material Subsidiary has the
corporate, trust, partnership or other power to own or hold under lease the
properties it purports to own or hold under lease and to transact the business
it transacts and proposes to transact.&nbsp; All of the issued and outstanding
shares of beneficial ownership of, or other ownership
interests in, each Non-Maryland Material</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary have</font> been duly
authorized and validly issued, are fully paid and non-assessable.&#160;&#160; All of the issued and outstanding shares of
beneficial ownership of, or other ownership interests in, all of the issued and
outstanding shares of beneficial ownership of each Material Subsidiary are
owned by the Company, directly or through subsidiaries, free and clear of any
security interest, mortgage, pledge, lien or encumbrance.&#160; Each Material Subsidiary is duly qualified as
a foreign corporation or other legal entity and is in good standing in each of
the jurisdictions set forth on Schedule&nbsp;E attached hereto;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
this  </font>Agreement has been duly delivered by the
Company</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the  </font>Shares are not subject to preemptive or, to
such counsel&#146;s knowledge, similar rights</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the outstanding shares of beneficial interest of the Company are free </font>of
any preemptive rights, resale rights, rights of first refusal and similar
rights under any contract, agreement or instrument to which the Company is a
party or by which it is bound, described in or filed as an exhibit to the
Registration Statements, the Prepricing Prospectus dated December 1, 2005 (the &#147;December
Prepricing Prospectus&#148;) and any Permitted Free Writing Prospectus or otherwise
known to such counsel</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>Registration Statements, the December Prepricing Prospectus and the
Prospectus (it being understood that such counsel need express no opinion in
this paragraph with respect to the financial statements and schedules and other
financial or accounting data contained or incorporated by reference therein, or
statistical data derived therefrom,) comply as to form in all material respects
with the requirements of the Act;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>Registration Statements have become effective under the Act and, to such
counsel&#146;s knowledge, no stop order proceedings with respect thereto are pending
or threatened under the Act and any required filing of the Prospectus, and any
supplement thereto pursuant to Rule 424 or Rule 430B under the Act, has been
made in the manner and within the time period required by such Rule 424 and in
compliance with Rule 430B under the Act</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>execution, delivery and performance of this Agreement by the Company
and the transactions contemplated hereby </font>and the contemplated application of the net proceeds by the Company as
described in the Prospectus do not and will not conflict with, or result
in any breach of, or constitute a violation under (nor constitute any event
which with notice, lapse of time, or both, would result in any breach of, or
constitute a default under) (A) any provisions of the charter, bylaws or other
organizational documents of any of the Non-Maryland Material Subsidiaries, (B)
any provision of any material agreement or other instrument to which the
Company or any of the Material Subsidiaries is a party or by which their
respective properties may be bound or affected, that is described in the
Prospectus or filed as an exhibit to the Registration Statements or any
Incorporated Document or is otherwise known to such counsel or (B) any federal,
Massachusetts or New York law or regulation or rule known to us, or, to such
counsel&#146;s knowledge, any decree, to which the Company or the Material
Subsidiaries may be subject;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>to such counsel&#146;s knowledge, there are no contracts, licenses,
agreements, leases or documents of a character which are required to be filed
as exhibits to the Registration Statements or any Incorporated Document or to
be described in the Registration Statement, the December&nbsp;Prepricing
Prospectus or the Prospectus which have not been so filed or described</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>no approval, authorization, consent or order of or filing with any </font>federal, Massachusetts or New York governmental
or regulatory commission, board, body, authority or agency or with the NYSE, or
approval of the shareholders of the Company, is required in connection with the
issuance and sale of the Shares or the consummation by the Company of the
transactions contemplated by this Agreement and by the contemplated application of the net proceeds by the Company
as described in the Prospectus, other than registration of the Shares
under the Act, the listing thereof with NYSE and any necessary qualification
under the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered by the Underwriters;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to such counsel&#146;s knowledge, </font>except as described in the Registration
Statements, the December&nbsp;Prepricing Prospectus and the Prospectus or
except as would not, individually or in the aggregate, have a Material Adverse
Effect or a material adverse effect on the ability of the Company and the
Selling Stockholder to consummate the transactions contemplated hereby, there
are no private or governmental actions, suits, claims, investigations or
proceedings pending, threatened or contemplated to which the Company or any of
the Subsidiaries or any of their officers is subject or of which any of their
properties is subject, whether at law, in equity or before or by any federal or
state governmental or regulatory commission, board, body, authority or agency</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to such counsel&#146;s </font>knowledge, no person has the right, pursuant to the
terms of any contract, agreement or other instrument described in or filed as
an exhibit to the Registration Statements or any Incorporated Document, to
cause the Company to register under the Act any shares of beneficial interest
or other equity interests as a result of the filing or effectiveness of the Registration
Statements or the sale of the Shares as contemplated by this Agreement, except
for such rights as have been complied with or waived; and to such counsel&#146;s
knowledge, except as described in the Registration Statements, the December&nbsp;Prepricing
Prospectus and the Prospectus, no person is entitled to registration rights
with respect to shares of capital stock or other securities of the Company</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
t</font>he Company is not, and after the offering and sale of the Shares, will
not be, an &#147;investment company,&#148; or an entity controlled by an &#147;investment
company,&#148; as such terms are defined in the Investment Company Act</font>; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to such counsel&#146;s knowledge, </font>the statements in (i)&nbsp;the Registration
Statements, the December&nbsp;Prepricing Prospectus and the Prospectus under
the captions &#147;Prospectus Supplement Summary&#151;Recent Developments&#148; and &#147;Federal
income tax and ERISA considerations&#148;; (ii)&nbsp;in the Company&#146;s Annual Report
on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2004 under the
captions &#147;Business&#151;Lease Terms,&#148; &#147;Business&#151;Financing Policies&#148; (with respect to
the first two sentences of the first paragraph only), &#147;Business&#151;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Government Regulation and
Reimbursement,&#148; &#147;Business&#151;Nursing Homes,&#148; &#147;Federal Income Tax Considerations,&#148; &#147;ERISA
Plans, Keogh Plans and Individual Retirement Accounts,&#148; &#147;Legal Proceedings,&#148; &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of
Operations&#151;Liquidity and Capital Resources&#151;Our Investment and Financing
Liquidity and Resources&#148; (with respect to the first paragraph only), &#147;Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations&#151;Debt
Covenants&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and
Results of Operations&#151;Related Party Transactions&#148; and (iii)&nbsp;in the Company&#146;s
Schedule&nbsp;14A relating to its Annual Meeting of Shareholders held on May&nbsp;10,
2005 under the caption &#147;Certain Relationships and Related Transactions&#148; and in
each case insofar as such statements purport to summarize matters arising under
Massachusetts or New York law or the federal law of the United States, or
provisions of documents as to which the Company is a party specifically
referred to therein, are accurate in all material respects</font>.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">In addition, such counsel shall state that, in the
opinion of such counsel, and subject to the restrictions and limitations set
forth in such counsel&#146;s tax opinion filed as an exhibit to the Registration
Statements and reasonably acceptable to you, </font>(a)&nbsp;the Company has
qualified to be taxed as a REIT under the Code for each of its fiscal years
through December&nbsp;31, 2004 and (b)&nbsp;the proposed method of operation
described in the Registration Statements, the December&nbsp;Prepricing
Prospectus and the Prospectus and as represented to us by the Company will
enable the Company to continue to satisfy the requirements for such
qualification for subsequent fiscal years under the Code</font>.&nbsp; Such counsel may state that actual
qualification as a REIT, however, will depend upon the Company&#146;s continued
ability to meet, and its meeting, through actual annual operating results and
distributions, the various qualifying tests under the Code.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Also, such counsel shall state that it has
participated in conferences with officers and other representatives of the
Company, representatives of the independent public accountants of the Company
and representatives of the Underwriters at which the contents of the
Registration Statements, the December Prepricing Prospectus, the Prospectus and
any Permitted Free Writing Prospectus were discussed and, although such counsel
is not passing upon and does not assume responsibility for the accuracy,
completeness or fairness of the statements contained in the Registration
Statements, the December Prepricing Prospectus, the Prospectus or any Permitted
Free Writing Prospectus (except as and to the extent stated in subparagraphs
(v) and (xiv) above), on the basis of the foregoing nothing has come to the
attention of such counsel that causes them to believe that (i) the Registration
Statements or any amendment thereto at the time such Registration Statements or
amendment were declared effective by the Commission or at the Effective Time
contained an untrue statement of a material fact or omitted to state a material
fact required to be stated therein or necessary to make the statements therein
not misleading, (ii) the Prospectus or any supplement thereto at the date of
the Prospectus Supplement or such other supplement, and at all times up to and
including the time of purchase or additional time of purchase, as the case may
be, contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not
misleading or (iii) any Pre-Pricing Prospectus, as of its date, the date of the
Underwriting Agreement or the date hereof, in each case together with the
Permitted Free Writing Prospectuses attached to such counsel&#146;s opinion as</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Annex A thereto and with
the information relating to the public offering price of the Shares as set
forth on the cover page of the Prospectus, in each case assuming the conveyance
of the information relating to the public offering price and number of the
Shares as set forth on the cover page of the Prospectus, included or includes
an untrue statement of a material fact or omitted or omits to state a material
fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading (it being understood
that such counsel need express no opinion in this paragraph with respect to the
financial statements and schedules and other financial or accounting data
included or incorporated by reference in the Registration Statements, the
Prepricing Prospectus(es), the Prospectus or any Permitted Free Writing
Prospectus, or statistical data derived therefrom).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering their opinion as aforesaid, Sullivan&nbsp;&amp;
Worcester LLP may limit such opinion to matters of federal, Massachusetts and
New York law and, as to matters governed by Maryland law, may rely upon the
opinion, dated as of the time of purchase or the additional time of purchase,
as the case may be, of Venable LLP delivered pursuant to Section&nbsp;7(b)&nbsp;of
this Agreement, provided that such reliance is expressly authorized by such
opinion and a copy of such opinion is delivered to the Underwriters and is, in
form and substance, satisfactory to the Underwriters and counsel for the
Underwriters.&nbsp; In addition, in rendering such opinion, such counsel may
state that their opinion as to laws of the State of Delaware is limited to the
Delaware General Corporation Law and that their opinion with respect to the
qualification of the Company and is Subsidiaries to do business in
jurisdictions other than their respective jurisdiction of organization is based
solely upon certificates to such effect issued by an appropriate official of
the applicable jurisdictions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall furnish to you at the time of purchase and at the additional
time of purchase, as the case may be, an opinion of Venable LLP, special
Maryland counsel of the Company, addressed to the Underwriters, and dated the
time of purchase or the additional time of purchase, as the case may be, with
reproduced copies for each of the other Underwriters and in form satisfactory
to Dewey Ballantine LLP, counsel for the Underwriters, stating that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company </font>is a real estate investment trust duly organized and
existing under and by virtue of the laws of the State of Maryland and is in
good standing with the State Department of Assessments and Taxation of Maryland
(the &#147;SDAT&#148;), with trust power to own, lease and operate its properties and to
conduct its business in all material respects as described in the </font>Registration Statements, the December&nbsp;Prepricing
Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any,
and to execute and deliver this Agreement and to issue, sell and deliver the
Shares as contemplated hereby;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
each </font>Material Subsidiary identified in Schedule&nbsp;F attached hereto
(each, a &#147;Material Maryland Subsidiary&#148;) is a real estate investment trust duly
organized and existing under and by virtue of the laws of the State of Maryland
and is in good standing with the SDAT.&#160;
Each of the Material Maryland Subsidiaries has trust power to own or
hold under lease the properties it purports to own or hold under lease and to
conduct its business in all material respects as described in the </font>Registration Statements, the December&nbsp;Prepricing
Prospectus, the Prospectus and the Permitted Free Writing Prospectuses, if any;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>common shares of beneficial interest of the Material Maryland Subsidiaries
issued and outstanding as of the date hereof have been duly authorized and
validly issued and are fully paid and nonassessable and are owned by the
Company, directly or through subsidiaries</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>Shares have been duly authorized for issuance and sale to the
Underwriters pursuant to this Agreement and, when issued and delivered by the
Company pursuant to the resolutions adopted by the Board of Trustees of the
Company, or a duly authorized committee thereof (the &#147;Company Resolutions&#148;) and
this Agreement against payment of the consideration set forth therein, the
Shares will be validly issued, fully paid and nonassessable and will not be
subject to preemptive or, so far as is known to such counsel, similar rights
arising under the Maryland REIT Law.&#160; The
form of certificate evidencing the Common Shares is in due and proper form and
conforms in all material respects to the requirements of the Maryland REIT law;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>execution and delivery of this Agreement have been duly and validly
authorized by all necessary trust action on the part of the Company.&#160; This Agreement has been duly and validly
executed and, so far as is known to such counsel, delivered by the Company</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>the Company has an authorized capitalization as set forth under the
caption &#147;Description of common shares&#148; in the </font>Registration Statement, the December&nbsp;Prepricing Prospectus and the
Prospectus, and all of the issued and outstanding shares of beneficial
interest of the Company have been duly authorized by all necessary trust action
and are validly issued, fully paid and nonassessable and are not subject to
preemptive or, so far as is known to such counsel, similar rights arising under
the Maryland REIT Law;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to such counsel&#146;s knowledge, </font>the statements in the Registration
Statements and the Prospectus under the captions &#147;Description of common shares&#148;
and &#147;Description of certain provisions of Maryland law and of our declaration
of trust and bylaws,&#148; in each case insofar as such statements purport to
summarize matters arising under Maryland law, are accurate in all material
respects</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to
such counsel&#146;s knowledge, </font>neither the Company nor any of the Material Maryland
Subsidiaries is in violation of the its Declaration of Trust, charter or
by-laws or other organizational documents, as applicable, except for any such
violations which would not in the aggregate result in a material adverse effect
on the business, operations, earnings, business prospects, properties or
condition (financial or otherwise) of the Company and the Material Maryland Subsidiaries
considered as a whole</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the </font>execution,
delivery and performance of this Agreement&#160;
and the transactions contemplated hereby and by the </font>Prospectus (including, without
limitation, the application of the net proceeds by the Company as described in
the Prospectus under the caption &#147;Use of proceeds&#148;), do not and will not
conflict with, or result in any breach of, or constitute a violation under (nor
constitute any event which with notice, lapse of time, or both, would result in
any breach of, or constitute a default under) (a)&nbsp;any provisions of the Declaration
of Trust,</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">charter or by-laws or
other organizational documents of the Company or any of the Material Maryland
Subsidiaries or (b)&nbsp;any Maryland law, regulation, rule&nbsp;or decree to
which the Company or the Material Maryland Subsidiaries may be subject (except
that no opinion is expressed herein with respect to the applicability or effect
of the securities laws of the State of Maryland); and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(vx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no </font>approval,
authorization, consent or order of, or filing with, any Maryland governmental
or regulatory commission, board, body, authority or agency having jurisdiction
over the Company is required in connection with the execution, delivery and
performance of this Agreement, the issuance and sale of the Shares and the
consummation of the transactions contemplated hereby and by the Prospectus
(including, without limitation, the application of the net proceeds by the
Company as described in the Prospectus under the caption &#147;Use of proceeds&#148;)
(except that no opinion is expressed herein with respect to the applicability
or effect of the securities laws of the State of Maryland).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Selling Stockholder shall furnish to you at the time of purchase and at the
additional time of purchase, as the case may be, an opinion of Sullivan&nbsp;&amp;
Worcester LLP, counsel for the Selling Stockholder, addressed to the
Underwriters, and dated the time of purchase or the additional time of
purchase, as the case may be, with reproduced copies for each of the other
Underwriters and in form satisfactory to Dewey Ballantine LLP, counsel for the
Underwriters, stating that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
this Agreement has been duly delivered by the Selling Stockholder;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the execution, delivery and performance of this Agreement by the Selling Stockholder
and the transactions contemplated hereby do not and will not conflict with, or
result in any breach of, or constitute a violation under (nor constitute any
event which with notice, lapse of time, or both, would result in any breach of,
or constitute a default under) (A)&nbsp;</font>any provision of any material
agreement or other instrument </font>known
to such counsel to which the
Selling Stockholder is a party or by which its properties may be bound or
affected, or (B)&nbsp;any federal, Massachusetts or New York law or
regulation or rule&nbsp;known to such counsel, or, to such counsel&#146;s knowledge,
any decree, to which the Selling
Stockholder may be subject other than, in the case of clause (A), such
conflicts, breaches, violations or defaults as would not, individually or in
the aggregate, have a material adverse effect on the ability of the Selling
Stockholder to consummate the transactions contemplated hereby;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no approval, authorization, consent or order of or filing with </font>any </font>federal, Massachusetts or New York governmental
or regulatory commission, board, body, authority or agency or with the NYSE, or
approval of the shareholders of the Selling
Stockholder, is required in connection with the sale of the Shares or the
consummation by &nbsp;the Selling Stockholder of the transactions contemplated
hereby, other than registration of the Shares under the Act and any necessary
qualification under the securities or blue sky laws of the various
jurisdictions in which the Shares are being offered by the Underwriters; and</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
at the time of purchase or any additional time of purchase of the Shares to be
sold by the Selling Stockholder, delivery of certificates representing such
Shares, each such certificate indorsed by an effective endorsement to Cede&nbsp;&amp;
Co. (&#147;Cede&#148;), as nominee of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Depository
Trust Company (&#147;DTC&#148;), registration of such Shares in the name of Cede and
crediting of such Shares by DTC by book-entry to the securities accounts of the
respective Underwriters, and assuming that the Underwriters have no notice of
any &#147;adverse claim&#148; (within the meaning of Sections 8-102 and 8-105 of the New
York Uniform Commercial Code (the &#147;NYUCC&#148;)) to such Shares, under Section&nbsp;8-501
of the NYUCC, each Underwriter will acquire securities entitlements to the
shares credited to its account and, under Section&nbsp;8-502 of the NYUCC, an
action based on an &#147;adverse claim&#148; (as defined in Section&nbsp;8-102 of the
NYUCC) to such Shares may not be asserted against the Underwriters with respect
to such security entitlements.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering their opinion as aforesaid, Sullivan&nbsp;&amp;
Worcester LLP may limit such opinion to matters of federal, Massachusetts and
New York law and, as to matters governed by Maryland law, may rely upon the
opinion, dated as of the time of purchase or the additional time of purchase,
as the case may be, of Venable LLP delivered pursuant to Section&nbsp;7(b)&nbsp;of
this Agreement, provided that such reliance is expressly authorized by such
opinion and a copy of such opinion is delivered to the Underwriters and is, in
form and substance, satisfactory to the Underwriters and counsel for the
Underwriters.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Selling Stockholder shall furnish to you at the time of purchase and at the
additional time of purchase, as the case may be, an opinion of Venable LLP,
special Maryland counsel for the Selling Stockholder, addressed to the
Underwriters, and dated the time of purchase or the additional time of
purchase, as the case may be, with reproduced copies for each of the other
Underwriters and in form satisfactory to Dewey Ballantine LLP, counsel for the
Underwriters, stating that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Selling Stockholder </font>is a real estate investment trust duly organized
and existing under and by virtue of the laws of the State of Maryland and is in
good standing with the SDAT</font>,
with trust power to execute and deliver this Agreement and to sell and deliver
the Shares to be sold by the Selling Stockholder as herein contemplated;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the execution and delivery of this Agreement </font>have been duly and validly
authorized by all necessary trust action on the part of the Selling
Stockholder; this Agreement has been duly and validly executed and, so far as
is known to such counsel, delivered by the Selling Stockholder</font>;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the </font>execution, delivery and performance of this Agreement and the
transactions contemplated hereby and by the Prospectus, do not and will not
conflict with, or result in any breach of, or constitute a violation under (nor
constitute any event which with notice, lapse of time, or both, would result in
any breach of, or constitute a default under) (a)&nbsp;any provisions of the Selling
Stockholder&#146;s declaration of trust, charter or by-laws or other organizational
documents of the Selling Stockholder (b)&nbsp;any Maryland law, regulation, rule&nbsp;or
decree to which the Selling Stockholder may be subject (except that no opinion
is expressed herein with respect to the applicability or effect of the
securities laws of the State of Maryland)</font>; and</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font>no approval, authorization, consent or order of, or filing with, any
Maryland governmental or regulatory commission, board, body, authority or
agency having jurisdiction over the Selling Stockholder is required in
connection with the execution, delivery and performance of this Agreement, the
sale of the </font>Shares to be sold by
the Selling Stockholder and the consummation of the transactions as contemplated hereby and by the
Prospectus (except that no opinion is expressed herein with respect to the
applicability or effect of the securities laws of the State of Maryland).</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You shall have received at the time of purchase and at the additional time of
purchase, as the case may be, an opinion of Dewey Ballantine LLP, counsel for
the Underwriters, dated the time of purchase and the additional time of
purchase, as the case may be, with respect to the issuance and sale of the
Shares by the Company, the Registration Statements, the Prospectus and such
other related matters as the Underwriters may require.&nbsp; In addition, Dewey
Ballantine LLP may rely on the opinion of Venable LLP as to all matters of
Maryland law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font style="layout-grid-mode:both;">You
shall have received from Ernst&nbsp;&amp; Young LLP letters addressed to the
Underwriters (with reproduced copies for each of the Underwriters) in the forms
approved by UBS Securities LLC, and dated (i)&nbsp;the date of this Agreement,
which letter shall cover, without limitation, the information in the
Registration Statements, the Prepricing Prospectus and the various financial
disclosures, if any, contained in the Permitted Free Writing Prospectuses, if
any, and (ii)&nbsp;the time of purchase and the additional time of purchase, as
the case may be, which letter shall cover, without limitation, the information
in the Registration Statements and the Prospectus, and the various financial
disclosures, if any, contained in the Permitted Free Writing Prospectuses, if
any.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No amendment or supplement to the Registration Statements or Prospectus,
including documents deemed to be incorporated by reference therein, shall have
been made to which you have objected in writing.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Registration Statements shall have become effective, and the Prospectus
Supplement shall have been filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;under
the Act at or before 5:30&nbsp;P.M., New York City time, no later than the
second full business day after the date of this Agreement or such earlier time
as required by the Act, and any registration statement pursuant to Rule&nbsp;462(b)&nbsp;under
the Act required in connection with the offering and sale of the Shares shall
have been filed and become effective no later than 10:00&nbsp;P.M., New York
City time, on the date of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Prior to the time of purchase and the additional time of purchase, as the case
may be, (i)&nbsp;no stop order with respect to the effectiveness of the
Registration Statements shall have been issued under the Act or proceedings
initiated under Section&nbsp;8(d)&nbsp;or 8(e)&nbsp;of the Act; (ii)&nbsp;the
Registration Statements and all amendments thereto, or modifications thereof,
if any, shall not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; (iii)&nbsp;none of the Prepricing
Prospectuses or the Prospectus, and no amendment or supplements thereto, shall
contain an untrue statement of a material fact or omit to state a material fact
required to be stated</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">therein or necessary to make the statements therein, in the light of
the circumstances under which they are made, not misleading; (iv) no Disclosure
Package, and no amendment or supplement thereto, shall include an untrue statement
of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they are
made, not misleading; and (v) none of the Permitted Free Writing Prospectuses,
if any, shall include an untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they are made, not misleading.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Between the time of execution of this Agreement and the time of purchase or the
additional time of purchase, as the case may be, there shall not have occurred
any downgrading, nor shall any notice or announcement have been given or made
of (i)&nbsp;any intended or potential downgrading or (ii)&nbsp;any review or
possible change that does not indicate an improvement, in the rating accorded
any securities of or guaranteed by the Company by any &#147;nationally recognized
statistical rating organization,&#148; as that term is defined in Rule&nbsp;436(g)(2)&nbsp;under
the Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You shall have received signed Lock-Up Agreements referred to in Section&nbsp;3(y)
hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will, at the time of purchase and the additional time of purchase,
as the case may be, deliver to you a certificate of two of its executive
officers to the effect that the representations and warranties of the Company
as set forth in this Agreement are true and correct as of such date, that the
Company has performed such of its obligations under this Agreement as are to be
performed at or before the time of purchase and at or before the additional
time of purchase, as the case may be, and the conditions set forth in
paragraphs (i)&nbsp;and (k) of this Section&nbsp;7 have been met.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will, at the time of purchase and the additional time of purchase,
as the case may be, deliver to you a certificate signed by the President of the
Company substantially in such form approved by you and counsel to the
Underwriters, respecting the Company&#146;s compliance, both prior to and after
giving effect to the transactions contemplated hereby (including, without
limitation, the application of the net proceeds by the Company as described in
the Prospectus), with the financial covenants set forth in the Company&#146;s credit
agreement, the Company&#146;s indenture relating to the Company&#146;s 8-5/8% Senior
Notes due 2012 and the Company&#146;s indenture relating to the Company&#146;s 7-7/8%
Senior Notes due 2015 and other agreements and instruments respecting
outstanding material indebtedness of the Company and the Subsidiaries.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Selling Stockholder will, at the time of purchase and the additional time
of purchase, as the case may be, deliver to you a certificate of the Selling
Stockholder to the effect that the representations and the warranties of the
Selling Stockholder as set forth in this Agreement are true and correct as of
each such date and that the Selling Stockholder has performed such of its
obligations under this Agreement as are to be performed at or before the time
of purchase and at or before the additional time of purchase, as the case may
be.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Shares shall have been approved for listing on the NYSE.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company and the Selling Stockholder shall have furnished to you such other
documents and certificates as to the accuracy and completeness of any statement
in the Registration Statements, any Prepricing Prospectus, the Prospectus or
any Permitted Free Writing Prospectus as of the time of purchase or the
additional time of purchase, as the case may be, as you may reasonably request.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Effective Date of Agreement; Termination</u>.&nbsp; This Agreement shall
become effective: (i)&nbsp;upon the execution and delivery hereof by the
parties hereto; or (ii)&nbsp;if, at the time this Agreement is executed and
delivered, it is necessary for the registration statement or a post-effective
amendment thereto or an Abbreviated Registration Statement to be declared or
become effective before the offering of the Shares may commence, when
notification of the effectiveness of the registration statement or such
post-effective amendment has been released by the Commission or such
Abbreviated Registration Statement has, pursuant to the provisions of Rule&nbsp;462
under the Act, become effective.&nbsp; Until such time as this Agreement shall
have become effective, it may be terminated by the Company and the Selling
Stockholder, by notifying you, or by you, as representatives of the
Underwriters, by notifying the Company and the Selling Stockholder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">The obligations of the several Underwriters
hereunder shall be subject to termination in the absolute discretion of UBS
Securities LLC or </font>RBC Capital Markets Corporation</font>, if (i)&nbsp;since the time of
execution of this Agreement or the earlier respective dates as of which information
is given in the Registration Statement, the Prepricing Prospectus, the
Prospectus and the Permitted Free Writing Prospectuses, if any, there has been
any material adverse change or any development involving a prospective material
adverse change in the business, properties, management, financial condition or
results of operations of the Company and the Subsidiaries taken as a whole,
which would, in the judgment of UBS
Securities LLC or RBC Capital Markets Corporation, make it impracticable
or inadvisable to proceed with the public offering or the delivery of the
Shares on the terms and in the manner contemplated in the Registration
Statement, any Disclosure Package or the Prospectus, or (ii)&nbsp;since the time of execution of this Agreement, there
shall have occurred: (A)&nbsp;a suspension or material limitation in trading in
securities generally on the NYSE, the American Stock Exchange or the Nasdaq
Stock Market Inc.; (B)&nbsp;a suspension or material limitation in trading in
the Company&#146;s securities on the NYSE; (C)&nbsp;a general moratorium on
commercial banking activities declared by either federal or New York State
authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States; (D)&nbsp;an outbreak or
escalation of hostilities or acts of terrorism involving the United States or a
declaration by the United States of a national emergency or war; or (E)&nbsp;any
other calamity or crisis or any change in financial, political or economic conditions
in the United States or elsewhere, if the effect of any such event specified in
clause (D)&nbsp;or (E), in the judgment of UBS Securities LLC or RBC Capital Markets Corporation, makes it
impracticable or inadvisable to proceed with the public offering or the
delivery of the Shares on the terms and in the manner contemplated in the
Registration Statement, any Disclosure Package or the Prospectus.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you or any group of Underwriters elects to
terminate this Agreement as provided in this Section&nbsp;8, the Company and
the Selling Stockholder and each other Underwriter shall be notified promptly
in writing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the sale to the Underwriters of the Shares, as
contemplated by this Agreement, is not carried out by the Underwriters for any
reason permitted under this Agreement or if such sale is not carried out
because the Company and/or the Selling Stockholder shall be unable to comply
with any of the terms of this Agreement, neither the Company nor the Selling Stockholder
shall be under any obligation or liability under this Agreement (except to the
extent provided in Sections 5(c), 6 and 10 hereof), and the Underwriters shall
be under no obligation or liability to the Company or the Selling Stockholder
under this Agreement (except to the extent provided in Section&nbsp;10 hereof)
or to one another hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Increase in Underwriters&#146; Commitments</u>.&nbsp; Subject to Sections 7 and
8, if any Underwriter shall default in its obligation to take up and pay for
the Firm Shares to be purchased by it hereunder (otherwise than for reasons
sufficient to justify the termination of this Agreement under the provisions of
Section&nbsp;8 hereof) and if the number of Firm Shares which all Underwriters
so defaulting shall have agreed but failed to take up and pay for does not
exceed 10% of the total aggregate number of Firm Shares, the non-defaulting
Underwriters shall take up and pay for (in addition to the Firm Shares they are
obligated to purchase pursuant to Section&nbsp;1 hereof) the Firm Shares agreed
to be purchased by all such defaulting Underwriters, as hereinafter
provided.&nbsp; Such Firm Shares shall be taken up and paid for by such
non-defaulting Underwriter or Underwriters in such amount or amounts as you may
designate with the consent of each Underwriter so designated or, in the event
no such designation is made, such Firm Shares shall be taken up and paid for by
all non-defaulting Underwriters pro rata in proportion to the aggregate number
of Firm Shares set opposite the names of such non-defaulting Underwriters in Schedule&nbsp;A.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without relieving any defaulting Underwriter from
its obligations hereunder, the Company and the Selling Stockholder agree with
the non-defaulting Underwriters that it will not sell any Firm Shares hereunder
unless all of the Firm Shares are purchased by the Underwriters (or by
substituted Underwriters selected by you with the approval of the Company or
selected by the Company with your approval).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a new Underwriter or Underwriters are substituted
by the Underwriters or by the Company for a defaulting Underwriter or
Underwriters in accordance with the foregoing provision, the Company and the
Selling Stockholder or you shall have the right to postpone the time of
purchase or the additional time of purchase, as the case may be, for a period
not exceeding five business days in order that any necessary changes in the
Prospectus and other documents may be effected.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term Underwriter as used in this Agreement shall
refer to and include any Underwriter substituted under this Section&nbsp;9 with
like effect as if such substituted Underwriter had originally been named in Schedule&nbsp;A.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the aggregate number of Firm Shares which the
defaulting Underwriter or Underwriters agreed to purchase exceeds 10% of the
total number of Firm Shares which all Underwriters agreed to purchase
hereunder, and if neither the non-defaulting Underwriters nor the Company shall
make arrangements within the five business day period stated above for the
purchase of all the Firm Shares which the defaulting Underwriter or
Underwriters agreed to purchase hereunder, this Agreement shall be terminated
without further act or deed and without any liability on the part of the
Company or the Selling Stockholder to any non-defaulting Underwriter and
without any liability on the part of any non-defaulting Underwriter to the
Company or the Selling Stockholder.&nbsp; Nothing in this paragraph, and no
action taken hereunder, shall relieve any defaulting Underwriter from liability
in respect of any default of such Underwriter under this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Indemnity and Contribution</u>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company agrees to indemnify, defend and hold harmless each Underwriter, its
partners, directors and officers, and any person who controls any Underwriter
within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the
Exchange Act, and the successors and assigns of all of the foregoing persons,
from and against any loss, damage, expense, liability or claim (including the
reasonable cost of investigation) which, jointly or severally, any such
Underwriter or any such person may incur under the Act, the Exchange Act, the
common law or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon (i)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statements
(or in the Registration Statements as amended by any post-effective amendment
thereof by the Company) or arises out of or is based upon any omission or
alleged omission to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as any
such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained
in, and in conformity with information concerning such Underwriter furnished in
writing by or on behalf of such Underwriter through you to the Company
expressly for use in, the Registration Statements or arises out of or is based
upon any omission or alleged omission to state a material fact in the
Registration Statements in connection with such information</font>, which
material fact was not contained in such information and which material fact was
</font>required to be stated in such
Registration Statements or was necessary
to make such information not misleading or (ii)&nbsp;any untrue statement or alleged
untrue statement of a material fact included in any Prospectus (the term
Prospectus for the purpose of this Section&nbsp;10 being deemed to include any
Basic Prospectus, any Prepricing Prospectus, the Prospectus Supplement, the
Prospectus and any amendments or supplements to the foregoing), in any
Permitted Free Writing Prospectus, in any &#147;issuer information&#148; (as
defined in Rule&nbsp;433 under the Act) of the Company or in any Prospectus together with any combination of one or
more of the Permitted Free Writing Prospectuses, if any, or arises out of or is based upon any omission or alleged
omission to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were
made, not misleading, except, with
respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any
such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained
in, and in conformity with information concerning such Underwriter furnished in
writing by or on behalf of such Underwriter through you to the Company expressly</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">for
use in, such Prospectus or Permitted Free Writing Prospectus or arises out of
or is based upon any omission or alleged omission to state a material fact in
such Prospectus or Permitted Free Writing Prospectus in connection with such
information</font>, which material fact was not contained in such information
and which material fact was </font>necessary
in order to make the statements in such
information, in the light of the circumstances under which they were
made, not misleading.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Selling Stockholder agrees to indemnify, defend and hold harmless
each Underwriter, its partners, directors and officers, and any person who
controls any Underwriter within the meaning of Section 15 of the Act or Section
20 of the Exchange Act, and the successors and assigns of all of the foregoing
persons, from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which, jointly or severally,
any such Underwriter or any such person may incur under the Act, the Exchange
Act, the common law or otherwise, insofar as such loss, damage, expense,
liability or claim arises out of or is based upon (i) any untrue statement or alleged
untrue statement of a material fact contained in the Registration Statements
(or in the Registration Statements as amended by any post-effective amendment
thereof by the Company) or arises out of or is based upon any omission or
alleged omission to state a material fact required to be stated therein or
necessary to make such information not misleading, but only to the extent that
such untrue statement or alleged untrue statement or omission or alleged
omission relates to information concerning the Selling Stockholder contained in
or omitted from the Registration Statements; or (ii) any untrue statement or
alleged untrue statement of a material fact included in any Prospectus (the
term Prospectus for the purpose of this Section 9 being deemed to include any
Basic Prospectus, any Pre-Pricing Prospectus, the Prospectus Supplement, the
Prospectus and any amendments or supplements to the foregoing), in any
Permitted Free Writing Prospectus, or in any Prospectus together with any
combination of one or more of the Permitted Free Writing Prospectuses, if any,
or arises out of or is based upon any omission or alleged omission to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, but only to
the extent that such untrue statement or alleged untrue statement or omission
or alleged omission relates to information concerning the Selling Stockholder
contained in or omitted from such Prospectus or Permitted Free Writing Prospectus,
except, with respect to such Prospectus or Permitted Free Writing Prospectus,
insofar as any such loss, damage, expense, liability or claim arises out of or
is based upon any untrue statement or alleged untrue statement of a material
fact contained in, and in conformity with information concerning such
Underwriter furnished in writing by or on behalf of such Underwriter through
you to the Company expressly for use in, such Prospectus or Permitted Free
Writing Prospectus or arises out of or is based upon any omission or alleged
omission to state a material fact in such Prospectus or Permitted Free Writing
Prospectus in connection with such information, which material fact was not
contained in such information and which material fact was necessary in order to
make the statements in such information, in the light of the circumstances
under which they were made, not misleading; <u>provided</u>, <u>however</u>,
that the Selling Stockholder shall not be responsible pursuant to this
indemnity for losses, expenses, liability or claims for an amount in excess of
the net proceeds to be received by the Selling Stockholder (before deducting
expenses) from the sale of Shares hereunder.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Underwriter severally agrees to indemnify, defend and hold harmless the Company,
its trustees, officers, employees and agents and any person who controls</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Company within the meaning of Section 15 of the Act or Section 20
of the Exchange Act, and the Selling Stockholder, its trustees and officers,
and any person who controls the Selling Stockholder within the meaning of
Section 15 of the Act of Section 20 and the successors and assigns of all of
the foregoing persons, from and against any loss, damage, expense, liability or
claim (including the reasonable cost of investigation) which, jointly or
severally, the Company, the Selling Stockholder or any such person may incur
under the Act, the Exchange Act, the common law or otherwise, insofar as such
loss, damage, expense, liability or claim arises out of or is based upon (i)
any untrue statement or alleged untrue statement of a material fact contained
in, and in conformity with information furnished in writing by or on behalf of
such Underwriter through you to the Company expressly for use in the
Registration Statement (or in the Registration Statement as amended by any
post-effective amendment thereof by the Company), or arises out of or is based
upon any omission or alleged omission to state a material fact in such
Registration Statement in connection with such information, which material fact
was not contained in such information and which material fact was required to
be stated in such Registration Statement or was necessary to make such
information not misleading or (ii) any untrue statement or alleged untrue
statement of a material fact contained in, and in conformity with information
furnished in writing by or on behalf of such Underwriter through you to the
Company expressly for use in, a Prospectus or a Permitted Free Writing
Prospectus, or arises out of or is based upon any omission or alleged omission
to state a material fact in such Prospectus or Permitted Free Writing
Prospectus in connection with such information, which material fact was not
contained in such information and which material fact was necessary in order to
make the statements in such information, in the light of the circumstances
under which they were made, not misleading.&#160;
In addition, each Underwriter agrees, severally and not jointly, to
indemnify, defend and hold harmless the Company, its trustees, officers,
employees and agents and any person who controls the Company within the meaning
of Section 15 of the Act or Section 20 of the Exchange Act, from and against
any loss, damage, expense, liability or claim (including the reasonable cost of
investigation) which the Company may incur under the Act, the Exchange Act, the
common law or otherwise, insofar as such loss, damage, expense, liability or
claim arises out of or is based upon any breach by such Underwriter of its
representation contained in Section 5(d) hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any action, suit or proceeding (each, a &#147;Proceeding&#148;) is brought against any
person in respect of which indemnity may be sought pursuant to the foregoing
paragraphs (a)&nbsp;, (b)&nbsp;and (c)&nbsp;of this Section&nbsp;10, such
person (the &#147;indemnified party&#148;) shall promptly notify the person against whom
such indemnity may be sought (the &#147;indemnifying party&#148;) in writing of the
institution of such Proceeding and such indemnifying party shall assume the
defense of such Proceeding, including the employment of counsel reasonably
satisfactory to such indemnified party) and payment of all fees and expenses; <u>provided</u>,
<u>however</u>, that the omission to so notify such indemnifying party shall
not relieve such indemnifying party from any liability which it may have to
such indemnified party or otherwise.&nbsp; Such indemnified party shall have
the right to employ its own counsel in any such case, but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless the
employment of such counsel shall have been authorized in writing by such
indemnifying party in connection with the defense of such Proceeding or such
indemnifying party shall not have, within a reasonable period of time in light
of the circumstances, employed counsel to defend such Proceeding or such
indemnified party or parties shall have reasonably concluded that there may be
defenses available to it or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">them
which are different from or additional to or in conflict with those available
to such indemnifying party (in which case such indemnifying party shall not
have the right to direct the defense of such Proceeding on behalf of the
indemnified party or parties, but such indemnifying party may employ counsel
and participate in the defense thereof but the fees and expenses of such
counsel shall be at the expense of such indemnifying party), in any of which
events such fees and expenses shall be borne by such indemnifying party and
paid as incurred (it being understood, however, that such indemnifying party
shall not be liable for the expenses of more than one separate counsel (in
addition to any local counsel) in any one Proceeding or series of related
Proceedings in the same jurisdiction representing the indemnified parties who
are parties to such Proceeding).&nbsp; No indemnifying party shall be liable
for any settlement of any such Proceeding effected without the written consent
of such indemnifying party but if settled with the written consent of such
indemnifying party, such indemnifying party agrees to indemnify and hold
harmless the indemnified party from and against any loss or liability by reason
of such settlement.&nbsp; Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by the
second sentence of this paragraph, then the indemnifying party agrees that it
shall be liable for any settlement of any Proceeding effected without its
written consent if (i)&nbsp;such settlement is entered into more than 60
business days after receipt by such indemnifying party of the aforesaid
request, (ii)&nbsp;such indemnifying party shall not have reimbursed the indemnified
party in accordance with such request prior to the date of such settlement and (iii)&nbsp;such
indemnified party shall have given the indemnifying party at least 30 days&#146;
prior notice of its intention to settle.&nbsp; No indemnifying party shall,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened Proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such Proceeding and does not include an
admission of fault, liability or failure to act, by or on behalf of such
indemnified party.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the indemnification provided for in this Section&nbsp;10 is unavailable to
an indemnified party under subsections (a)&nbsp;, (b)&nbsp;and (c)&nbsp;of this
Section&nbsp;10 in respect of any losses, damage, expenses, liabilities or
claims referred to therein, then each applicable indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such losses, damages,
expenses, liabilities or claims (i)&nbsp;in such proportion as is appropriate
to reflect the relative benefits received by the Company and the Selling
Stockholder on the one hand and the Underwriters on the other hand from the
offering of the Shares or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;above
is not permitted by applicable law, in such proportion as is appropriate to
reflect not only the relative benefits referred to in clause (i)&nbsp;above but
also the relative fault of the Company and the Selling Stockholder on the one
hand and of the Underwriters on the other in connection with the statements or
omissions which resulted in such losses, damages, expenses, liabilities or
claims, as well as any other relevant equitable considerations.&nbsp; The
relative benefits received by the Company and the Selling Stockholder on the
one hand and the Underwriters on the other shall be deemed to be in the same
respective proportion as the total proceeds from the offering (net of underwriting
discounts and commissions but before deducting expenses) received by the Company
and the Selling Stockholder and the total underwriting discounts and
commissions</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">received
by the Underwriters, bear to the aggregate public offering price of the
Shares.&nbsp; The relative fault of the Company and the Selling Stockholder on
the one hand and of the Underwriters on the other shall be determined by
reference to, among other things, whether the untrue statement or alleged
untrue statement of a material fact or omission or alleged omission relates to
information supplied by the Company or the Selling Stockholder on the one hand
or by the Underwriters on the other and the parties&#146; relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission.&nbsp; The amount paid or payable by a party as a result
of the losses, damages, expenses, liabilities and claims referred to in this
subsection&nbsp;shall be deemed to include any legal or other fees or expenses
reasonably incurred by such party in connection with investigating, preparing
to defend or defending any claim or Proceeding.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company, the Selling Stockholder and the Underwriters agree that it would
not be just and equitable if contribution pursuant to this Section&nbsp;10 were
determined by pro rata allocation (even if the Underwriters were treated as one
entity for such purpose) or by any other method of allocation that does not
take account of the equitable considerations referred to in subsection&nbsp;(e)&nbsp;above.&nbsp;
Notwithstanding the provisions of this Section&nbsp;10, no Underwriter shall be
required to contribute any amount in excess of the amount by which the total
price at which the Shares underwritten by such Underwriter and distributed to
the public were offered to the public exceeds the amount of any damage which
such Underwriter has otherwise been required to pay by reason of such untrue
statement or alleged untrue statement or omission or alleged omission.&nbsp; No
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.&nbsp; The Underwriters&#146; obligations to
contribute pursuant to this Section&nbsp;10 are several in proportion to their
respective underwriting commitments and not joint.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indemnity and contribution agreements contained in this Section&nbsp;10 and
the covenants, warranties and representations of the Company contained in this
Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of any Underwriter, its partners, directors, officers,
employees or agents or any person (including each partner, officer, director,
employee or agent of such person) who controls any Underwriter within the
meaning of Section&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act,
or by or on behalf of the Company, its trustees, officers, employees or agents
or any person who controls the Company within the meaning of Section&nbsp;15 of
the Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the
Selling Stockholder, its respective trustees or officers or any person who
controls any of the foregoing within the meaning of Section&nbsp;15 of the Act
or Section&nbsp;20 of the Exchange Act and shall survive any termination of
this Agreement or the issuance and delivery of the Shares.&nbsp; The Company,
the Selling Stockholder and each Underwriter agree promptly to notify each
other of the commencement of any Proceeding against it and, in the case of the
Company or the Selling Stockholder, against any of the Company&#146;s or the Selling
Stockholder&#146;s officers, trustees, employees or agents in connection with the
issuance and sale of the Shares, or in connection with the Registration
Statements, any Prepricing Prospectus, the Prospectus or any Permitted Free
Writing Prospectus.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Notices</u>.&nbsp; Except as otherwise herein provided, all statements,
requests, notices and agreements shall be in writing or by telegram and, if to
the Underwriters, shall be sufficient in all</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">respects
if delivered or sent to UBS Securities LLC, 299 Park Avenue, New York, New York
10171, Attention: Syndicate Department and to </font>RBC Capital Markets
Corporation, 1 Liberty Plaza, 6th Floor, </font>New York, New York 10006-1404, Attention: Syndicate Director, with a
copy to Dewey Ballantine LLP, 1301 Avenue of the Americas, New York, New York
10019, Attention: Glenn R. Pollner,&nbsp;Esq.; and if to the Company, shall be
sufficient in all respects if delivered or sent to the Company at the offices
of the Company at 400 Centre Street, Newton, Massachusetts 02458, Attention:
David J. Hegarty, President and Chief Operating Officer, with a copy to
Sullivan&nbsp;&amp; Worcester LLP, One Post Office Square, Boston,
Massachusetts 02109, Attention: Alexander A. Notopoulos,&nbsp;Jr.,&nbsp;Esq.;
and if to the Selling Stockholder, shall be sufficient in all respects if
delivered or sent to the Selling Stockholder at the offices of the Selling
Stockholder at 400 Centre Street, Newton, Massachusetts 02458, Attention: John C.
Popeo, Treasurer and Chief Financial Officer, with a copy to Sullivan&nbsp;&amp;
Worcester LLP, One Post Office Square, Boston, Massachusetts 02109, Attention:
Alexander A. Notopoulos,&nbsp;Jr.,&nbsp;Esq.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Governing Law; Construction</u>.&nbsp; This Agreement and any claim,
counterclaim or dispute of any kind or nature whatsoever arising out of or in
any way relating to this Agreement (a &#147;Claim&#148;), directly or indirectly, shall
be governed by, and construed in accordance with, the laws of the State of New
York.&nbsp; The Section&nbsp;headings in this Agreement have been inserted as a
matter of convenience of reference and are not a part of this Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Submission to Jurisdiction</u>.&nbsp; Except as set forth below, no Claim
may be commenced, prosecuted or continued in any court other than the courts of
the State of New York located in the City and County of New York or in the
United States District Court for the Southern District of New York, which
courts shall have jurisdiction over the adjudication of such matters, and each
of the Company and the Selling Stockholder consents to the jurisdiction of such
courts and personal service with respect thereto.&nbsp; Each of the Company and
the Selling Stockholder hereby consents to personal jurisdiction, service and
venue in any court in which any Claim arising out of or in any way relating to
this Agreement is brought by any third party against an Underwriter or any
indemnified party.&nbsp; Each of the Underwriters, the Company and the Selling
Stockholder (on its behalf and, to the extent permitted by applicable law, on
behalf of its shareholders and affiliates) waives all right to trial by jury in
any action, proceeding or counterclaim (whether based upon contract, tort or
otherwise) in any way arising out of or relating to this Agreement.&nbsp; The
Company and the Selling Stockholder each agree that a final judgment in any
such action, proceeding or counterclaim brought in any such court shall be
conclusive and binding upon the Company and/or the Selling Stockholder, as the
case may be, and may be enforced in any other courts to the jurisdiction of
which the Company and/or the Selling Stockholder, as the case may be, is or may
be subject, by suit upon such judgment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Parties at Interest</u>.&nbsp; The Agreement herein set forth has been and
is made solely for the benefit of the Underwriters, the Company, and the
Selling Stockholder and, to the extent provided in Section&nbsp;10 hereof, the
controlling persons, directors and officers and, if applicable, trustees
referred to in such Section, and their respective successors, assigns, heirs,
personal representatives and executors and administrators.&nbsp; No other
person, partnership, association or corporation (including a purchaser, as such
purchaser, from any of the Underwriters) shall acquire or have any right under
or by virtue of this Agreement.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Information Furnished by the Underwriters</u>.&nbsp; The statements set
forth in the fourth, seventh and eighth paragraphs, and in the section&nbsp;entitled
&#147;Price stabilization, short positions,&#148; under the caption &#147;Underwriting&#148; in the
Prospectus Supplement, insofar as such statements relate to (a)&nbsp;electronic
delivery of prospectuses, (b)&nbsp;the amount of selling concession and
reallowance and (c)&nbsp;price stabilization and short positions, constitute
the only information furnished by or on behalf of the Underwriters as such
information is referred to in Sections 3, 4 and 10 hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u>No Fiduciary Relationship</u>.&#160;
The Company hereby acknowledges that the Underwriters are acting solely
as underwriters in connection with the purchase and sale of the Company&#146;s
securities.&#160; The Company further
acknowledges that the Underwriters are acting pursuant to a contractual
relationship created solely by this Agreement entered into on an arm&#146;s length
basis and in no event do the parties intend that the Underwriters act or be
responsible as a fiduciary to the Company, its management, stockholders,
creditors or any other person in connection with any activity that the Underwriters
may undertake or have undertaken in furtherance of the purchase and sale of the
Company&#146;s securities, either before or after the date hereof.&#160; The Underwriters hereby expressly disclaim
any fiduciary or similar obligations to the Company, either in connection with
the transactions contemplated by this Agreement or any matters leading up to
such transactions, and the Company hereby confirms its understanding and
agreement to that effect.&#160; The Company
and the Underwriters agree that they are each responsible for making their own
independent judgments with respect to any such transactions, and that any
opinions or views expressed by the Underwriters to the Company regarding such
transactions, including, but not limited to, any opinions or views with respect
to the price or market for the Company&#146;s securities, do not constitute advice
or recommendations to the Company.&#160; The
Company hereby waives and releases, to the fullest extent permitted by law, any
claims that the Company may have against the Underwriters with respect to any
breach or alleged breach of any fiduciary or similar duty to the Company in
connection with the transactions contemplated by this Agreement or any matters
leading up to such transactions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Counterparts</u>.&nbsp; This Agreement may be signed by the parties in one
or more counterparts that together shall constitute one and the same agreement
among the parties.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Successors and Assigns</u>.&nbsp; This Agreement shall be binding upon the
Underwriters, the Company and the Selling Stockholder and their respective
successors and assigns and any successor or assign of any substantial portion
of the Company&#146;s, the Selling Stockholder&#146;s and any of the Underwriters&#146;
respective businesses and/or assets.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Miscellaneous</u>.&nbsp; UBS Securities LLC, an indirect, wholly-owned
subsidiary of UBS AG, is not a bank and is separate from any affiliated bank,
including any U.S. branch or agency of UBS AG. Because UBS Securities LLC is a
separately organized entity, it is solely responsible for its own contractual
obligations and commitments, including obligations with respect to sales and
purchases of securities.&nbsp; Securities sold, offered or recommended by UBS
Securities LLC are not deposits, are not insured by the Federal Deposit Insurance
Corporation, are not guaranteed by a branch or agency, and are not otherwise an
obligation or responsibility of a branch or agency.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A lending affiliate of UBS Securities LLC may have
lending relationships with issuers of securities underwritten or privately
placed by UBS Securities LLC.&nbsp; To the extent required under the securities
laws, prospectuses and other disclosure documents for securities underwritten
or privately placed by UBS Securities LLC will disclose the existence of any
such lending relationships and whether the proceeds of the issue will be used
to repay debts owed to affiliates of UBS Securities LLC.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE ARTICLES OF AMENDMENT AND RESTATEMENT
ESTABLISHING SENIOR HOUSING PROPERTIES TRUST, DATED SEPTEMBER&nbsp;20, 1999, A
COPY OF WHICH, TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO, IS DULY
FILED IN THE OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF
MARYLAND, PROVIDES THAT THE NAME &#147;SENIOR HOUSING PROPERTIES TRUST&#148; REFERS TO
THE TRUSTEES UNDER THE DECLARATION OF TRUST, BUT NOT INDIVIDUALLY OR
PERSONALLY, AND THAT NO TRUSTEE, OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF
SENIOR HOUSING PROPERTIES TRUST SHALL BE HELD TO ANY PERSONAL LIABILITY, FOR
ANY OBLIGATION OF, OR CLAIM AGAINST, SENIOR HOUSING PROPERTIES TRUST.&nbsp; ALL
PERSONS DEALING WITH SENIOR HOUSING PROPERTIES TRUST, SHALL LOOK ONLY TO THE
ASSETS OF SENIOR HOUSING PROPERTIES TRUST FOR THE PAYMENT OF ANY SUM OR THE
PERFORMANCE OF ANY OBLIGATION.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE THIRD AMENDED AND RESTATED DECLARATION OF TRUST
ESTABLISHING HRPT PROPERTIES TRUST, DATED JULY&nbsp;1, 1994, A COPY OF WHICH,
TOGETHER WITH ALL AMENDMENTS AND SUPPLEMENTS THERETO, IS DULY FILED IN THE
OFFICE OF THE STATE DEPARTMENT OF ASSESSMENTS AND TAXATION OF MARYLAND,
PROVIDES THAT THE NAME &#147;HRPT PROPERTIES TRUST&#148; REFERS TO THE TRUSTEES UNDER THE
DECLARATION OF TRUST, BUT NOT INDIVIDUALLY OR PERSONALLY, AND THAT NO TRUSTEE,
OFFICER, SHAREHOLDER, EMPLOYEE OR AGENT OF HRPT PROPERTIES TRUST SHALL BE HELD
TO ANY PERSONAL LIABILITY, FOR ANY OBLIGATION OF, OR CLAIM AGAINST, HRPT
PROPERTIES TRUST.&nbsp; ALL PERSONS DEALING WITH HRPT PROPERTIES TRUST, SHALL
LOOK ONLY TO THE ASSETS OF HRPT PROPERTIES TRUST FOR THE PAYMENT OF ANY SUM OR
THE PERFORMANCE OF ANY OBLIGATION.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[<i><font style="font-style:italic;">Remainder of Page&nbsp;Intentionally Left Blank; Signature Page&nbsp;Follows.</font></i>]</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>

<div style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the foregoing correctly sets forth the
understanding among the Company, the Selling Stockholder and the Underwriters,
please so indicate in the space provided below for the purpose, whereupon this
letter and your acceptance shall constitute a binding agreement between the
Company, the Selling Stockholder and the Underwriters severally.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR HOUSING PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="28%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:28.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ John R. Hoadley</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John R. Hoadley</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="42%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:42.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Treasurer and Chief Financial Officer</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="51%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:51.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HRPT PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:47.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="23%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Adam Portnoy</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="41%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:41.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Adam Portnoy</font></p>
  </td>
 </tr>
 <tr>
  <td width="48%" valign="top" style="padding:0in 0in 0in 0in;width:48.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:5.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="41%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:41.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Executive Vice President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="363" style="border:none;"></td>
  <td width="28" style="border:none;"></td>
  <td width="42" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="104" style="border:none;"></td>
  <td width="31" style="border:none;"></td>
  <td width="178" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and agreed to as of the</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">date first above written, on</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">behalf of themselves</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the other several Underwriters</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">named in Schedule&nbsp;A</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:30.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS SECURITIES LLC</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:26.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:40.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sage Kelly</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Sage Kelly</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing Director</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kristin Kusmierz</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Kristin Kusmierz</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Associate Director</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="67%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:67.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC CAPITAL MARKETS CORPORATION</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:25.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Michael D. Coster</font></p>
  </td>
  <td width="37%" valign="top" style="padding:0in 0in 0in 0in;width:37.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Michael D. Coster</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:9.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:62.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing Director</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="9%" valign="top" style="padding:0in 0in 0in 0in;width:9.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
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 <tr height="0">
  <td width="33" style="border:none;"></td>
  <td width="37" style="border:none;"></td>
  <td width="160" style="border:none;"></td>
  <td width="27" style="border:none;"></td>
  <td width="278" style="border:none;"></td>
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  <td width="72" style="border:none;"></td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="83%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriter</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of<br>
  Firm<br>
  Shares</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities
  LLC</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">850,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital
  Markets Corporation</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">850,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">850,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:both;">Wachovia Capital Markets, LLC</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">600,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker
  Watts, Incorporated</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus&nbsp;&amp;
  Company, Incorporated</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney
  Montgomery Scott LLC</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oppenheimer&nbsp;&amp;
  Co. Inc.</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">125,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="83%" valign="bottom" style="padding:0in 0in 0in 0in;width:83.58%;">
  <p style="margin:0in 0in .0001pt 154.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,200,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;B</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERMITTED FREE WRITING PROSPECTUSES</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;C</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subsidiary Name</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Alpha Investments Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Delaware Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Financing I Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Financing Limited, L.P.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Investments I, L.L.C.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Leisure Park Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC of Kentucky Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Ohio Healthcare Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Pueblo Norte Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Retirement Communities II, L.P.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Retirement Partners Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Retirement Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCC Senior Living Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCCP Senior Living LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCDE Senior Living LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCFL Senior Living LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCOP Senior Living LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CCSL Senior Living LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Crestline Ventures LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CSL Group,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ellicott City Land I LLC</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ellicott City Land II LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HRES1 Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">HRES2 Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Leisure Park Venture Limited Partnership</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LTJ Senior Communities LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD Pool 1 LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD Pool 2 LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Beaufort, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Bowling Green, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Camden, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Cleveland, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Conyers, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Cookeville, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Cullman, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Franklin, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Gainsville, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Hartsville, LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Hopkinsville, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Jackson, LLC</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Knoxville, LLC</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Lexington, LLC</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Macon, LLC</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Madison, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Orangeburg, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Paducah, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Seneca, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MSD &#150; Sheffield, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Panther GenPar Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Panther Holdings Level I, L.P.</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SHOPCO-SD, LLC</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH ALT Leased Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH ALT Mortgaged Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH Capital Trust Holdings</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH Capital Trust I</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH Capital Trust II</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH Capital Trust III</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH/CSL Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH CHS Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH/LTA Properties GA LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH/LTA Properties Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH NS Properties Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH Knight Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH NS Mtg Properties 2 Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH NS Mtg Properties 3 Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH NS Mtg Properties 4 Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH TRS,&nbsp;Inc.</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNHST.JOE, LLC</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTGEN Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTIHS Properties Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPT-Michigan Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTMISC Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTMNR Properties Trust</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTMRT Properties Trust</font></p>
  </td>
 </tr>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTSUN II Properties Trust</font></p>
  </td>
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  <td width="100%" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTSUN Properties Trust</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;D</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Material Subsidiaries</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTMRT
Properties Trust</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH/CSL
Properties Trust</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-1</font></p>

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;E</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Qualifications of the Company</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Massachusetts</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Qualifications of SPTMRT Properties Trust</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arizona</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">California</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Florida</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Massachusetts</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Virginia</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Foreign Qualifications of SNH/CSL Properties Trust</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Massachusetts</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE&nbsp;F</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maryland Material Subsidiaries</font></u></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SPTMRT
Properties Trust</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SNH/CSL
Properties Trust</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">F-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;A</font></u></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties Trust<br>
Common Shares of Beneficial Interest<br>
($0.01 Par Value)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">UBS
Securities LLC<br>
</font>RBC Capital Markets Corporation</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Together with the other Underwriters named on</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule&nbsp;A to the Underwriting Agreement</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">referred to herein</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
UBS Securities LLC<br>
299 Park Avenue<br>
New York, New York 10171</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies
and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Lock-Up Letter Agreement is being delivered to
you in connection with the proposed Underwriting Agreement (the &#147;Underwriting
Agreement&#148;) to be entered into among Senior Housing Properties Trust (the &#147;Company&#148;),
HRPT Properties Trust (the &#147;Selling Stockholder&#148;) and you, as Underwriters,
with respect to the public offering (the &#147;Offering&#148;) of up to 5,000,000 common
shares of beneficial interest of the Company (the &#147;Common Shares&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In order to induce you to enter into the
Underwriting Agreement, the undersigned agrees that for a period from the date
hereof until the end of 60 days after the date of the final prospectus
supplement relating to the Offering the undersigned will not, without the prior
written consent of UBS Securities LLC (&#147;UBS&#148;), (i)&nbsp;sell, offer to sell,
contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or file
(or participate in the filing of) a registration statement with the Securities
and Exchange Commission (the &#147;Commission&#148;) in respect of, or establish or
increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section&nbsp;16 of the Securities Exchange Act
of 1934, as amended, and the rules&nbsp;and regulations of the Commission
promulgated thereunder with respect to, any Common Shares of the Company or any
securities convertible into or exercisable or exchangeable for Common Shares,
or warrants or other rights to purchase Common Shares, (ii)&nbsp;enter into any
swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of Common Shares or any securities
convertible into or exercisable or exchangeable for Common Shares, or warrants
or other rights to purchase Common Shares, whether any such transaction is to
be settled by delivery of Common Shares or such other securities, in cash or
otherwise, or (iii)&nbsp;publicly announce an intention to effect any
transaction specified in clause (i)&nbsp;or (ii).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the above, if (a)&nbsp;during the period that begins on the date that is
fifteen (15) calendar days plus three (3)&nbsp;business days before the last
day of the Lock-Up Period and ends on the last day of the Lock-Up Period, the
Company issues an earnings release or material news or a material event
relating to the Company occurs; or (b)&nbsp;prior to the expiration of the
Lock-Up Period, the Company announces that it will release earnings results
during the sixteen (16) day period beginning on the last day of the Lock-Up
Period, then the restrictions imposed by this Lock-Up Agreement shall continue
to apply until the expiration of the date that is fifteen (15) calendar days
plus three (3)&nbsp;business days after the date on which the issuance of the
earnings release or the material news or material event occurs</font>.</p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing restrictions shall not apply to (a)&nbsp;the
registration of or sale to the Underwriters of any Common Shares pursuant to
the Offering and the Underwriting Agreement, (b)&nbsp;bona fide gifts, provided
the recipient or recipients thereof agree in writing with the Underwriters to
be bound by the terms of this Lock-Up Letter Agreement, or (c)&nbsp;dispositions
to any trust for the direct or indirect benefit of the undersigned and/or the
immediate family of the undersigned, provided that such trust agrees in writing
with the Underwriters to be bound by the terms of this Lock-Up Letter
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the undersigned hereby waives any
rights the undersigned may have to require registration of Common Shares in
connection with the filing of a registration statement relating to the
Offering.&nbsp; The undersigned further agrees that, for a period from the date
hereof until the end of 60 days after the date of the final prospectus relating
to the Offering, the undersigned will not, without the prior written consent of
UBS, make any demand for, or exercise any right with respect to, the
registration of Common Shares of the Company or any securities convertible into
or exercisable or exchangeable for Common Shares, or warrants or other rights
to purchase Common Shares.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If (i)&nbsp;the Company notifies you in writing that
it does not intend to proceed with the Offering, (ii)&nbsp;the registration
statement filed with the Securities and Exchange Commission with respect to the
Offering is withdrawn or (iii)&nbsp;for any reason the Underwriting Agreement
shall be terminated prior to the time of purchase (as defined in the
Underwriting Agreement), this Lock-Up Letter Agreement shall be terminated and
the undersigned shall be released from its obligations hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours very truly,</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="26%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:26.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" valign="top" style="padding:0in 0in 0in 0in;width:56.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>a05-21188_1ex5d1.htm
<DESCRIPTION>OPINION REGARDING LEGALITY
<TEXT>
<html>

<head>





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<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[LETTERHEAD
OF VENABLE LLP]</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December 2, 2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts&#160; 02458</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Registration Statement on Form S-3 (File No. 333-76588)</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have served
as Maryland counsel to Senior Housing Properties Trust, a Maryland real estate
investment trust (the &#147;Company&#148;), in connection with certain matters of
Maryland law arising out of the issuance of 3,250,000 common shares (the &#147;Shares&#148;)
of beneficial interest, $.01 par value per share, of the Company, covered by
the above-referenced Registration Statement, and all amendments thereto (the &#147;Registration
Statement&#148;), filed by the Company with the United States Securities and
Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as
amended (the &#147;1933 Act&#148;).&#160; The Shares are
to be issued in an underwritten public offering (the &#147;Offering&#148;) pursuant to a Prospectus
Supplement, dated December 2, 2005 (the &#147;Prospectus Supplement&#148;).&#160; Unless otherwise defined herein, capitalized
terms used but not defined herein shall have the meanings given to them in the
Registration Statement.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection
with our representation of the Company, and as a basis for the opinion
hereinafter set forth, we have examined originals, or copies certified or
otherwise identified to our satisfaction, of the following documents
(collectively, the &#147;Documents&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Registration Statement and the
related form of prospectus included therein;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Prospectus Supplement,
substantially in the form to be filed with the Commission;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Amended and Restated
Declaration of Trust, as amended and supplemented, of the Company (the &#147;Declaration
of Trust&#148;), certified as of a recent date by the State Department of
Assessments and Taxation of Maryland (the &#147;SDAT&#148;);</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Bylaws of the Company,
certified as of the date hereof by an officer of the Company;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate of the SDAT as to the
good standing of the Company, dated as of a recent date;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Resolutions adopted by the Board of
Trustees of the Company, or a duly authorized committee thereof, relating to
the authorization of the issuance of the Shares (the &#147;Resolutions&#148;), certified
as of the date hereof by an officer of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate executed by an
officer of the Company, dated as of the date hereof; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such other documents and matters as
we have deemed necessary or appropriate to express the opinion set forth below,
subject to the assumptions, limitations and qualifications stated herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In expressing
the opinion set forth below, we have assumed the following:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each individual executing any of
the Documents, whether on behalf of such individual or another person, is
legally competent to do so.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each individual executing any of
the Documents on behalf of a party (other than the Company) is duly authorized
to do so.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the parties (other than the
Company) executing any of the Documents has duly and validly executed and
delivered each of the Documents to which such party is a signatory, and such
party&#146;s obligations set forth therein are legal, valid and binding and are
enforceable in accordance with all stated terms.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All Documents submitted to us as
originals are authentic.&#160; All Documents
submitted to us as certified or photostatic copies
conform to the original documents.&#160; All
signatures on all such Documents are genuine.&#160;
All public records reviewed or relied upon by us or on our behalf are
true and complete.&#160; All representations,
warranties, statements and information contained in the Documents are true and
complete.&#160; There has been no oral or
written modification of or amendment to any of the Documents, and there has
been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shares will not be issued in
violation of any restriction or limitation contained in Article VII
(Restriction on Transfer and Ownership of Shares) of the Declaration of Trust.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon the
foregoing, and subject to the assumptions, limitations and qualifications
stated herein, it is our opinion that:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is a real estate
investment trust duly formed and existing under and by virtue of the laws of
the State of Maryland and is in good standing with the SDAT.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The issuance of the Shares has been
duly authorized and, when issued and delivered by the Company pursuant to the
Resolutions and the Registration Statement against payment of the consideration
set forth therein, the Shares will be validly issued, fully paid and
nonassessable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing
opinion is limited to the laws of the State of Maryland and we do not express
any opinion herein concerning any other law.&#160;
We express no opinion as to compliance with, or the applicability of,
federal or state securities laws, including the securities laws of the State of
Maryland.&#160; The opinion expressed herein
is subject to the effect of judicial decisions which may permit the
introduction of parol evidence to modify the terms or the interpretation of
agreements.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion
expressed herein is limited to the matters specifically set forth herein and no
other opinion shall be inferred beyond the matters expressly stated.&#160; We assume no obligation to supplement this
opinion if any applicable law changes after the date hereof or if we become
aware of any fact that might change the opinion expressed herein after the date
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion
is being furnished to you solely for submission to the Commission as an exhibit
to the Company&#146;s Current Report on Form 8-K relating to the Offering (the &#147;Current
Report&#148;), which is incorporated by reference in the Registration Statement,
and, accordingly, may not be relied upon by, quoted in any manner to, or
delivered to any other person or entity without, in each instance, our prior
written consent.&#160; We hereby consent to
the filing of this opinion as an exhibit to the Current Report and the said
incorporation by reference and to the use of the name of our firm therein.&#160; In giving this consent, we do not admit that
we are within the category of persons whose consent is required by Section 7 of
the 1933 Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:39.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:39.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Venable
  LLP</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in .7pt 0in .7pt;width:26.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

</div>
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</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>a05-21188_1ex8d1.htm
<DESCRIPTION>OPINION REGARDING TAX MATTERS
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="575" height="46" src="g211881kcimage002.gif"></font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="69%" valign="top" style="padding:0in 0in 0in 0in;width:69.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;8.1</font></b></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;2,
2005</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties
Trust</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 Centre Street</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton,
Massachusetts&#160; 02458</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following opinion is furnished to Senior Housing
Properties Trust, a Maryland real estate investment trust (the &#147;Company&#148;), to
be filed with the Securities and Exchange Commission (the &#147;SEC&#148;) as Exhibit&nbsp;8.1
to the Company&#146;s Current Report on Form&nbsp;8-K to be filed within one week of
the date hereof (the &#147;Form&nbsp;8-K&#148;), under the Securities Exchange Act of
1934, as amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel for the Company in connection
with its Registration Statements on Forms S-3, File No.&nbsp;333-76588 (the &#147;Omnibus
Shelf Registration Statement&#148;) and File No.&nbsp;333-109659 (the &#147;Resale Shelf
Registration Statement&#148; and collectively with the Omnibus Shelf Registration
Statement, the &#147;Registration Statements&#148;), under the Securities Act of 1933, as
amended (the &#147;Act&#148;), and we have reviewed originals or copies, certified or
otherwise identified to our satisfaction, of the Registration Statements,
corporate records, certificates and statements of officers and accountants of
the Company and of public officials, and such other documents as we have
considered relevant and necessary in order to furnish the opinion hereinafter
set forth. Specifically, and without limiting the generality of the foregoing,
we have reviewed: (i)&nbsp;the declaration of trust and the by-laws of the
Company, each as amended and restated; (ii)&nbsp;the prospectus supplement
dated December&nbsp;2, 2005 (the &#147;Prospectus Supplement&#148;) to the final
prospectus dated January&nbsp;30, 2002, which forms a part of the Omnibus Shelf
Registration Statement, and the final prospectus dated October&nbsp;24, 2003,
which forms a part of the Resale Shelf Registration Statement (collectively and
as supplemented by the Prospectus Supplement, the &#147;Prospectus&#148;), which forms a
part of the Registration Statements, relating to, <i><font style="font-style:italic;">inter alia</font></i>, the Company&#146;s and a selling shareholder&#146;s
offering of common shares of beneficial interest in the Company; and (iii)&nbsp;the
sections of Item 1 of the Company&#146;s Annual Report on Form&nbsp;10-K for its
fiscal year ended December&nbsp;31, 2004 (the &#147;Form&nbsp;10-K&#148;) captioned &#147;Federal</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<div style="font-family:Times New Roman;">

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Income
Tax Considerations&#148; and &#147;ERISA Plans, Keogh Plans and Individual Retirement
Accounts&#148;.</font>&#160; With
respect to all questions of fact on which the opinion set forth below is based,
we have assumed the accuracy and completeness of and have relied on the information set forth in the Prospectus, the Form&nbsp;10-K,
and in the documents incorporated therein by reference, and on representations
and certifications made to us by officers of the Company. We have not
independently verified such information.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion set forth below is based upon the Internal
Revenue Code of 1986, as amended, the Treasury Regulations issued thereunder, published
administrative interpretations thereof, and judicial decisions with respect
thereto, all as of the date hereof (collectively, the &#147;Tax Laws&#148;), and upon the
Employee Retirement Income Security Act of 1974, as amended, the Department of
Labor regulations issued thereunder, published administrative interpretations
thereof, and judicial decisions with respect thereto, all as of the date hereof
(collectively, the &#147;ERISA Laws&#148;).&#160; No
assurance can be given that the Tax Laws or the ERISA Laws will not change.&#160; In preparing the discussions with respect to
Tax Laws matters in the section&nbsp;of Item 1 of the Form&nbsp;10-K captioned &#147;Federal
Income Tax Considerations&#148;, and in preparing the discussion with respect to
ERISA Laws matters in the section&nbsp;of Item 1 of the Form&nbsp;10-K
captioned &#147;ERISA Plans, Keogh Plans and Individual Retirement Accounts&#148;, all as
supplemented by the section&nbsp;of the Prospectus Supplement captioned &#147;Federal
Income Tax and ERISA Considerations&#148;, we have made certain assumptions and
expressed certain conditions and qualifications therein, all of which
assumptions, conditions and qualifications are incorporated herein by
reference.&#160; With respect to all questions
of fact on which our opinion is based, we have assumed the initial and
continuing truth, accuracy and completeness of:&#160;
(i)&nbsp;the information set forth in the Form&nbsp;10-K, the
Prospectus, and in the documents incorporated therein by reference; and (ii)&nbsp;representations
made to us by officers of the Company or contained in the Form&nbsp;10-K, the
Prospectus and in the documents incorporated therein by reference, in each such
instance without regard to qualifications such as &#147;to the best knowledge of&#148; or
&#147;in the belief of&#148;.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have relied upon, but not independently verified,
the foregoing assumptions.&#160; If any of the
foregoing assumptions are inaccurate or incomplete for any reason, or if the
transactions described in the Form&nbsp;10-K or the Prospectus, or the
documents incorporated therein by reference, have been consummated in a manner
that is inconsistent with the manner contemplated therein, our opinion as
expressed below may be adversely affected and may not be relied upon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon and subject to the foregoing, we are of the
opinion that the discussions with respect to Tax Laws matters in the section&nbsp;of
Item 1 of the Form&nbsp;10-K captioned &#147;Federal Income Tax Considerations&#148;, and
the discussions with respect to ERISA Laws matters in the section&nbsp;of Item
1 of the Form&nbsp;10-K captioned &#147;ERISA Plans, Keogh Plans and Individual
Retirement Accounts&#148;, all as supplemented by the discussion in the section&nbsp;of
the Prospectus Supplement captioned &#147;Federal Income Tax and ERISA
Considerations&#148;, in all material respects are accurate and fairly summarize the
Tax Laws issues and the ERISA Laws issues addressed therein, and hereby confirm
that the opinions of counsel referred to in said sections represent our
opinions on the subject matter thereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<br clear="all" style="page-break-before:always;">


<div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Our opinion above is limited to the matters
specifically covered hereby, and we have not been asked to address, nor have we
addressed, any other matters or any other transactions.&#160; Further, we disclaim any undertaking to
advise you of any subsequent changes of the matters stated, represented or
assumed herein or any subsequent changes in the Tax Laws or the ERISA Laws.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is intended solely for the benefit and
use of the Company, and is not to be used, released, quoted, or relied upon by
anyone else for any purpose (other than as required by law) without our prior
written consent.&#160; We hereby consent to
the filing of a copy of this opinion as an exhibit to the Form&nbsp;8-K, which
will be incorporated by reference in the Company&#146;s Registration Statements, and
to the references to our firm in the Form&nbsp;10-K and the Registration Statements.&#160; In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Act or under the rules&nbsp;and regulations of the
SEC promulgated thereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly
  yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sullivan&nbsp;&amp;
  Worcester LLP</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.12%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SULLIVAN&nbsp;&amp;
  WORCESTER LLP</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>

<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>5
<FILENAME>a05-21188_1ex23d3.htm
<DESCRIPTION>CONSENTS OF EXPERTS AND COUNSEL
<TEXT>
<html>

<head>





</head>

<body lang="EN-US">

<div>

<p align="right" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 23.3</font></b></p>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:auto;punctuation-wrap:simple;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Independent Registered Public Accounting
Firm</font></b></h1>

<p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We consent to the reference to
our firm under the caption &#147;Experts&#148; in the Registration Statements (Forms S-3 No.&nbsp;333-76588
and No.&nbsp;333-109659) and the related Prospectus Supplement of Senior
Housing Properties Trust for the offering of 4,200,000 common shares of
beneficial interest and to the incorporation by reference therein of our
reports dated March&nbsp;3, 2005, with respect to the consolidated financial
statements and schedule&nbsp;of Senior Housing Properties Trust, Senior Housing
Properties Trust management&#146;s assessment of the effectiveness of internal
control over financial reporting, and the effectiveness of internal control
over financial reporting of Senior Housing Properties Trust, included in its
Annual Report (Form&nbsp;10-K) for the year ended December&nbsp;31, 2004, filed
with the Securities and Exchange Commission.</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.5%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Ernst&nbsp;&amp; Young LLP</font></p>
  </td>
  <td width="26%" valign="top" style="padding:0in 0in 0in 0in;width:26.92%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Boston,
  Massachusetts</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="top" style="padding:0in 0in 0in 0in;width:54.58%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;1,
  2005</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.42%;">
  <p style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;punctuation-wrap:simple;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>
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