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<SEC-DOCUMENT>0001104659-07-008102.txt : 20070207
<SEC-HEADER>0001104659-07-008102.hdr.sgml : 20070207
<ACCEPTANCE-DATETIME>20070207172951
ACCESSION NUMBER:		0001104659-07-008102
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20070207
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070207
DATE AS OF CHANGE:		20070207

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:		07589174

	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>a07-3741_18k.htm
<DESCRIPTION>8-K
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">
 <div style="border:none;border-top:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><a name="scotch"></a><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>

<p style="margin:0pt 0pt .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="margin:0pt 0pt .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="margin:0pt 0pt 12.0pt;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="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM 8-K</font></b></p>

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

<p align="center" style="margin:0pt 0pt 12.0pt;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="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Date
of Report (Date of earliest event reported): <b>February
7, 2007</b></font></p>

<p align="center" style="margin:0pt 0pt .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="margin:0pt 0pt 12.0pt;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="margin:0pt 0pt .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">Maryland</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(State or Other Jurisdiction</font> <font style="letter-spacing:-.15pt;">of Incorporation)</font></font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --><b style="letter-spacing:-.15pt;">00</b><b>1-15319</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><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:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .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:0pt .7pt 0pt .7pt;width:2.38%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt .7pt;width:48.8%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

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

<p align="center" style="margin:0pt 0pt .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="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(</font>Registrant&#146;s Telephone
Number, Including Area Code)</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Written communications pursuant to Rule 425 under
the Securities Act (17 CFR 230.425)</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Soliciting material pursuant to Rule 14a-12 under
the Exchange Act (17 CFR 240.14a-12)</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>

<p style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>


 <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0pt 0pt 0pt 0pt;"> <p style="border:none;margin:0pt 0pt .0001pt;padding:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p> </div>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<div>


<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Amendments to Articles of
Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENT TO DECLARATION OF TRUST.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February 7, 2007, </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties Trust, or the Company,</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">
filed Articles of Amendment to its Declaration of Trust
increasing the number of the Company&#146;s authorized shares of beneficial interest
from 80,000,000 to 87,000,000.&#160; The
Company&#146;s authorized shares are currently classified as follows: (i) 86,700,000
common shares, $0.01 par value per share; and (ii) 300,000 junior participating
preferred shares, $0.01 par value per share.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Articles
of Amendment were effective upon
filing.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Other Events.</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SALE OF COMMON SHARES OF BENEFICIAL INTEREST.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February 7, 2007,
the Company priced an underwritten public offering of 6,000,000 common shares
of beneficial interest.&#160; The Company
expects to issue and deliver these shares on or about February 12, 2007.&#160; The public offering price was $26.49 per share.&#160; The Company expects to use the $151.5 million
of net proceeds of the offering (after estimated expenses and underwriters&#146;
commissions) for the repayment of borrowings outstanding under the Company&#146;s
revolving bank credit facility and for general business purposes.&#160; The Company also granted the underwriters an
option to purchase an additional 900,000 common shares to cover
over-allotments, if any.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A prospectus supplement
relating to these common shares will be filed with the Securities and Exchange
Commission.&#160; 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 would be unlawful prior to registration
or qualification under the securities laws of any such state.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WARNING
CONCERNING FORWARD LOOKING STATEMENTS</font></b></p>

<p style="margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THIS
REPORT CONTAINS STATEMENTS WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN
THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER
FEDERAL SECURITIES LAWS, INCLUDING WITH RESPECT TO THE COMPANY&#146;S ISSUANCE OF
THE COMMON SHARES (INCLUDING THE OVER-ALLOTMENT OPTION) AND ITS INTENDED USE OF
THE PROCEEDS.&#160; THESE FORWARD LOOKING
STATEMENTS ARE BASED UPON THE COMPANY&#146;S PRESENT INTENT, BELIEFS OR
EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND
MAY NOT OCCUR.&nbsp; ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED
IN OR IMPLIED BY THE COMPANY&#146;S FORWARD LOOKING STATEMENTS AS A RESULT OF
VARIOUS FACTORS.&#160; YOU SHOULD NOT PLACE
UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements
and Exhibits</font></b>.</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --><b>(d)</b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Underwriting Agreement, dated as of February 7,
  2007, between Senior Housing Properties Trust and the underwriters named
  therein relating to the issuance and sale of up to 6,900,000 of the Company&#146;s
  common shares of beneficial interest.</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->3.1</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Composite Copy of the Company&#146;s Amended and Restated
  Declaration of Trust, dated September&nbsp;20, 1999, as amended to date.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Venable LLP.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Sullivan&nbsp;&amp; Worcester LLP as to
  tax matters.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Venable LLP&nbsp;(contained in Exhibit
  5.1).</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.92%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sullivan&nbsp;&amp; Worcester LLP
  (contained in Exhibit&nbsp;8.1).</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">[Signature Page Follows]</font></i></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">3</font></p>
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="white" style="background:white;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:46.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR HOUSING PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="margin:0pt 0pt .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:0pt .7pt 0pt 0pt;width:46.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="margin:0pt 0pt .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:0pt .7pt 0pt 0pt;width:46.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By: </font></p>
  </td>
  <td width="31%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:31.86%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David J.
  Hegarty</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:11.82%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;David J. Hegarty</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="53%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:53.1%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.22%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.74%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="397" style="border:none;"></td>
  <td width="24" style="border:none;"></td>
  <td width="45" style="border:none;"></td>
  <td width="194" style="border:none;"></td>
  <td width="88" style="border:none;"></td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:&#160; February 7, 2007</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">4</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;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 align="center" style="margin:0pt 0pt 12.0pt;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 align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000,000 Shares of
Beneficial Interest<br>
($0.01 par value per Share)</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING AGREEMENT</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 7, 2007</font></p>


<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNDERWRITING AGREEMENT</font></p>

<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 7, 2007</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC<br>
Morgan Stanley &amp; Co. Incorporated</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch,
Pierce, Fenner &amp; Smith</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incorporated</font></p>

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

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker
Watts, Incorporated</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Keegan
&amp; Company, Inc.</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raymond James and
Associates, Inc.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus
&amp; Company, Incorporated</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; <i>As Managing Underwriters</i></font></p>

<p style="margin:0pt 0pt 12.0pt;"><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 10171-0026</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Morgan Stanley
&amp; Co. Incorporated</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1585 Broadway<br>
New York, New York 10036</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman"><font 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 6,000,000
common shares (the &#147;Firm Shares&#148;) of beneficial interest, $0.01 par value (the
&#147;Common Shares&#148;) of the Company</font>.&#160; </font>In addition, solely for the purpose of
covering over-allotments, the Company proposes to grant to the Underwriters the
option to purchase up to an additional 900,000 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.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has prepared and filed </font>with the Securities and Exchange Commission
(the &#147;Commission&#148;), 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;), a
registration statement (File No. 333-135716) on Form S-3 under the Act (the &#147;shelf registration statement&#148;),
including a prospectus relating to,
among other things, Common Shares, 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</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">date hereof, have been
similarly prepared and have been filed with the Commission.&#160; Such </font>shelf registration statement, as so amended, and any
post-effective amendments thereto, have become effective under the Act.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 prospectus included in the shelf 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:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where the context otherwise requires, the term
&#147;Registration Statement&#148; as used in this Agreement means the shelf registration
statement, 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) 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.&#160; 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
Statement&#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.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where the context otherwise requires, the term
&#147;Basic Prospectus&#148; as used in this Agreement means the prospectus dated July
12, 2006, as filed with the Commission pursuant to Rule 424(b) and included in
the </font>shelf registration
statement.&#160; 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.&#160; Except where the context otherwise requires,
the term &#147;Prospectus Supplement&#148; as used in this Agreement means any final
prospectus supplement specifically relating to the Shares, in the form filed
with, or transmitted for filing to, the Commission pursuant to Rule 424 under
the Act.&#160; Except where the context
otherwise requires, the term &#147;Prospectus&#148; as used in this Agreement means the
Basic Prospectus together with the Prospectus Supplement, except that if such
Basic Prospectus is 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 Prospectus as so amended or supplemented
and as supplemented by the Prospectus Supplement.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;Disclosure Package,&#148; as used herein, means the Basic
Prospectus, including without limitation the documents incorporated by
reference therein as of the time this agreement is entered into, together with
any Prepricing Prospectus and any combination of one or more of the Permitted
Free Writing Prospectuses, if any.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any reference in this Agreement to the </font>shelf registration statement, the
Registration Statement, the Basic Prospectus, 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, in each case as amended (as amended, 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 shelf registration
statement, the Registration Statement, the Basic Prospectus, any Prepricing
Prospectus, any Prospectus Supplement, any Prospectus 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 Statement, 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.</p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company and the Underwriters agree as follows:</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Sale and Purchase</u>.&#160; 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 to each Underwriter, and, upon the basis of
the representations, warranties and agreements of the Company 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 the number of
Firm Shares set forth opposite the name of such Underwriter in Schedule A
attached hereto (subject to adjustment in accordance with Section 9 hereof) at
a purchase price of $25.30 per share (the &#147;Purchase Price Per Share&#148;).</font></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is 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.&#160; 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:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the Company
hereby grants to the several Underwriters the option to purchase, and upon the
basis of the representations, warranties and agreements of the Company 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 Company,
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</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&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:0pt 0pt 12.0pt;text-indent:72.0pt;"><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>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Payment and Delivery</u>.&#160; Payment of the purchase price for the Firm
Shares shall be made to the Company by Federal Funds wire transfer, against
delivery of the Firm Shares to you through the facilities of the Depository
Trust Company (&#147;DTC&#148;) for the respective accounts of the Underwriters.&#160; Such payment and delivery shall be made at
10:00 A.M., New York City time, on February 12, 2007 (unless another time shall
be agreed to by you or unless postponed in accordance with the provisions of
Section 9 hereof).&#160; The time at which
such payment and delivery are actually made is hereinafter sometimes called the
&#147;time of purchase.&#148;&#160; Certificates, if
any, 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.&#160;
For the purpose of expediting the checking of the certificates 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.</font></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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, if any, 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:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deliveries of the documents described in Section 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 on the date of
the closing of the purchase of the Firm Shares or the Additional Shares, as the
case may be.</font></p>


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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Representations and Warranties of the Company</u>.&#160; The Company represents and warrants to and
agrees with each of the Underwriters that:</font></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no order preventing
or suspending the use of the Basic Prospectus, 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.&#160;
The Registration Statement has become effective under the Act; no stop
order suspending the effectiveness of the Registration Statement 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (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 Statement, and
also any Abbreviated Registration Statement, when it became effective,
complied, or with respect to any part of the Registration Statement or any
Abbreviated Registration Statement that has 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 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 Statement 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; (iv)
each Prepricing Prospectus, if any, 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) the Disclosure Package, as of the time of
execution of this Agreement, did not 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; (vi) the 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 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 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, except that the representations and warranties set forth
in this paragraph (b) do not apply to statements or omissions in the Registration
Statement, the Basic Prospectus, 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;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (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 the
Basic Prospectus, 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 Rule 163 or 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) the conditions set forth in one or more of
subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Act are
satisfied, (v) the Prepricing Prospectus 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;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except for a
contemplated increase of 7,000,000 authorized Common Shares, as of the date of
this Agreement, the Company has, and as of the time of purchase the Company
will have, an authorized capitalization as set forth in the Registration
Statement, any Prepricing Prospectus and the Prospectus (and any similar
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 Registration Statement, any Prepricing Prospectus and the Prospectus
and as of the time of purchase 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;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, the 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 herein;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 (i)
the Company&#146;s subsidiaries (as defined in the Act) (the &#147;Subsidiaries&#148;) and
(ii) 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.&#160;
The Subsidiaries identified in Schedule C attached hereto (each, a
&#147;Significant 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.&#160; Each Significant
Subsidiary has been duly incorporated or formed and is</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Statement, the Prepricing Prospectus, the Prospectus and the
Permitted Free Writing Prospectuses, if any; and each Significant 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.&#160; Each of the Significant Subsidiaries is duly
qualified and in good standing to do business in the jurisdictions set forth
below the name of such Significant Subsidiary on Schedule D 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.&#160; Each
Subsidiary that is not a Significant 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 Statement, the
Prepricing Prospectus, the Prospectus and the Permitted Free Writing
Prospectuses, if any; and each Subsidiary that is not a Significant 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;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Agreement has
been duly authorized, executed and delivered by the Company;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, any Prepricing Prospectus, the
Prospectus or any Permitted Free Writing Prospectus.&#160; The certificates, if any, evidencing the
Shares are in due and proper form and conform in all material respects to the
requirements of the Maryland REIT Law;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Shares have been
duly and validly authorized and, when issued and delivered against payment
therefore as provided herein, will be duly and validly issued, fully paid and
non-assessable and free of any preemptive or similar rights;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 </font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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 to consummate the transactions contemplated hereby;</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 </font>issuance and sale of the Shares or the consummation
by the Company of the transactions 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;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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.&#160; No person has preemptive
rights, co-sale rights, rights of first refusal or other rights to purchase any
Common Shares.&#160; 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 Statement or the sale of Shares contemplated
thereby, except for such rights as have been complied with or waived;</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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/A for the fiscal year ended December 31, 2005 and is incorporated
by reference in the Registration Statement, the Prepricing Prospectus, the
Prospectus and, if applicable, any Permitted Free Writing Prospectuses, are
independent public accountants as required by the Act and by the rules of the
Public Company Accounting Oversight Board;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, the Prepricing Prospectus, the Prospectus or any
Incorporated Document, and all documents required to be filed as an exhibit to
the Registration Statement, 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as otherwise
described in the Registration Statement, 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 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 Statement, 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 to consummate
the transactions contemplated hereby.&#160; 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 Statement, each Disclosure Package and the Prospectus and the
result of which would, individually or in the aggregate, have a Material
Adverse Effect.&#160; Neither the Company nor
any of the Subsidiaries has received from any governmental authority notice of
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
Statement, 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. To the</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 Statement, each Disclosure Package and the Prospectus.&#160; 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.&#160; 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 (as defined in Section 3(s) below) 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, 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 Statement, each Disclosure Package and the
Prospectus.&#160; 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 Statement, each Disclosure Package
and the Prospectus are disclosed therein.&#160;
Except where it would not individually or in the aggregate have a
Material Adverse Effect, 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 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.&#160; 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 </font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any such
lease, except as disclosed in the Registration Statement, 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, 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 Statement, 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 Statement, 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the financial
statements, as restated, together with the related schedules and notes, forming
a part of the Registration Statement, 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.&#160; Such financial statements have been prepared
in conformity with generally accepted accounting principles applied on a
consistent basis during the periods involved.&#160;
Any pro forma financial statements and other pro forma financial data
included or incorporated by reference in the Registration Statement, 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.&#160; To the extent applicable,
all disclosures contained in the Registration Statement, 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 Commission) comply, in all material
respects, with Regulation G of the Exchange Act and, if applicable, Item 10 of
Regulation S-K.&#160; 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the
Registration Statement, each Prepricing Prospectus and the Prospectus.&#160; The other financial and statistical data set
forth in the Registration Statement, 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.&#160; There are no financial
statements (historical or pro forma) that are required to be included in the Registration
Statement, any Prepricing Prospectus or the Prospectus that are not included as
required;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; subsequent to the
respective dates as of which information is given in the Registration
Statement, any 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, officers and employees 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 Statement.&#160; None of
the Company nor the Subsidiaries has any material contingent obligation which
is not disclosed in the Registration Statement;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 Statement, each Disclosure Package and the Prospectus.&#160; 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.&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as disclosed
in the Registration Statement, 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the
contracts or agreements referred to or described in, or filed as an exhibit to,
the Registration Statement, 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></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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 (Messrs. Barry M. Portnoy and
Gerard M. Martin) and executive officers (Messrs. David J. Hegarty and John R.
Hoadley);</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(z)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(aa)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company and the
Subsidiaries have not sustained since the date of the latest audited financial
statements included in the Registration Statement, any 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(bb)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(cc)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 which are
reasonably likely to adversely affect the Company&#146;s ability to record, process,</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, except as disclosed in the Company&#146;s
Annual Report on Form 10-K/A for the year ended December 31, 2005, 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, except as disclosed in the Company&#146;s Annual Report on Form 10-K/A
for the year ended December 31, 2005 and the Company&#146;s Quarterly Reports on
Form 10-Q/A for the quarters ended March 31, 2006, June 30, 2006 and September
30, 2006, 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(dd)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company and the
Subsidiaries have filed all federal, state, local and foreign tax returns and
tax forms required to be filed, except where the failure to file such return or
form would not, individually or in the aggregate, have a Material Adverse
Effect.&#160; Such returns and forms are
complete and correct in all material respects, and all taxes shown on 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.&#160; 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.&#160; 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.&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ee)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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,</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 30, 2002;</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ff)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 violation of any
law, rule or regulation, which payment, receipt or retention of funds is of a
character required to be disclosed in the Registration Statement, any
Prepricing Prospectus, the Prospectus or any Incorporated Document;</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(gg)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the outstanding
Common Shares are, </font>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;</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(hh)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(jj)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; [Reserved]</font></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Certain Covenants</u>.</font></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company hereby
agrees:</font></h2>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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</font></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160; 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 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 Statement and such prospectuses as may be necessary to permit
compliance with the requirements of Section 10(a)(3) of the Act;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160; to advise you promptly,
confirming such advice in writing, of any request by the Commission for amendments
or supplements to the Registration Statement, 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 Statement and, if the Commission should enter a stop order
suspending the effectiveness of either of the Registration Statement, 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 Statement, 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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160; 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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160; 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 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></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160; 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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160; 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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160; 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 11(a) of the Act and Rule 158(c) thereunder;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160; to furnish or make
available 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></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160; to furnish to you three
conformed copies of each of the Registration Statement, 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></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160; to furnish to you as
early as practicable prior to the time of purchase </font>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</h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 7(f) hereof;</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160; </font>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;</h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160; to furnish to you,
before filing with the Commission subsequent to the effective date of the
Registration Statement and during the period referred to in paragraph (vii)
above, a copy of any document proposed to be filed pursuant to Section 13, 14
or 15(d) of the Exchange Act;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160;&#160; to pay all expenses, fees
and taxes in connection with (i) the preparation and filing of the Registration
Statement, the Basic Prospectus, any Prepricing Prospectus, the Prospectus
Supplement, the Prospectus, any 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 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 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 other
obligations hereunder;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160;&#160; to comply with Rule
433(g) under the Act;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160;&#160; 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 16 of the Exchange Act with respect to, any Common</font></h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 thirty (60) days after the date hereof (the
&#147;Lock-up Period&#148;) without the prior written consent of UBS Securities LLC and
Morgan Stanley &amp; Co. Incorporated, 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 Statement, each Prepricing Prospectus and the
Prospectus, (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 Statement, 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 Statement, each Prepricing Prospectus and
the Prospectus 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
Statement 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; <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 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;</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160;&#160; </font>to use its best efforts to cause the Shares
to be listed on the NYSE;</h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)&#160; to use its best efforts
to continue to qualify as a REIT under Sections 856 through 860 of the Code;</font></h3>

<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:82.8pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)&#160;&#160;&#160; to maintain a transfer
agent and, if necessary under the jurisdiction of formation of the Company, a
registrar for the Common Shares;</font></h3>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prior to the time of
purchase, to issue no press release or other communication directly or
indirectly and hold no press conferences with respect to the Company or any
Subsidiary, the financial condition, results of operations, business,
properties, assets, or liabilities of the Company or any Subsidiary, or the
offering of the Shares, without your prior consent; and</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; not, at any time at
or after the execution of this Agreement, to, directly or indirectly, offer or
sell any Shares by means of any &#147;prospectus&#148; (within the meaning of the Act),
or use any &#147;prospectus&#148; (within the meaning of the Act) in connection with the
offer or sale of the Shares, in each case other than the Prospectus.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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></h2>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Reimbursement of Underwriters&#146; Expenses</u>.&#160; 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 8 hereof or pursuant to the
last paragraph of Section 9 hereof or the default by one or more of the
Underwriters in its or their respective obligations hereunder, the Company
shall, in addition to paying the amounts described in Section 5(a)(xiv) hereof,
reimburse the Underwriters for all of their out-of-pocket expenses, including
the reasonable fees and disbursements of their counsel.</font></h1>

<h1 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Conditions of Underwriters&#146; Obligations</u>.&#160; The several obligations of the Underwriters
hereunder are subject to the accuracy of the representations and warranties on
the part of the Company on the date hereof and at the time of purchase </font>(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 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 the Company of its obligations hereunder and to the following
additional conditions precedent:</h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall
furnish to you at the time of purchase and 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 and 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 to the effect set forth in <u>Exhibit
</u>B hereto.&#160; In rendering their opinion
as aforesaid, Sullivan &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 of Venable LLP
delivered pursuant to Section 7(b) 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.&#160; In addition, in rendering such opinion, such
counsel may state that their</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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
its 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall
furnish to you at the time of purchase and 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 and 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 to the effect set forth in <u>Exhibit
C</u> hereto.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall
furnish to you at the time of purchase and the additional time of purchase, as
the case may be, an opinion of Ropes and Gray LLP, special litigation counsel
of the Company, addressed to the Underwriters, and dated the time of purchase
and 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 to the effect set forth in <u>Exhibit
D</u> hereto.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; You shall have
received at the time of purchase and 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 sale of the Shares by the Company, the Registration
Statement, the Prospectus and such other related matters as the Underwriters
may require.&#160; In addition, Dewey
Ballantine LLP may rely on the opinion of Venable LLP as to all matters of
Maryland law.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; You shall have
received from Ernst &amp; Young LLP letters addressed to the Underwriters in
the forms approved by UBS Securities LLC and Morgan Stanley &amp; Co.
Incorporated, and dated (i) the date of this Agreement, which letter shall
cover, without limitation, the information in the Registration Statement, any
Prepricing Prospectus, the various financial disclosures, if any, contained in
the Permitted Free Writing Prospectuses, if any, and the Prospectus and (ii)
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 Statement and the Prospectus, and the various financial
disclosures, if any, contained in the Permitted Free Writing Prospectuses, if
any.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No amendment or
supplement to the Registration Statement or Prospectus, including documents
deemed to be incorporated by reference therein, shall have been made to which
you have objected in writing.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Registration Statement
shall have become effective, and the Prospectus Supplement shall have been
filed with the Commission pursuant to Rule 424(b) under the Act at or before
5:30 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the Act,
and any registration statement pursuant to Rule 462(b) 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 P.M., New York City time, on the date
of this Agreement.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior to the time of
purchase and the additional time of purchase, as the case may be, (i) no stop
order with respect to the effectiveness of the Registration Statement shall
have been issued under the Act or proceedings initiated under Section 8(d) or
8(e) of the Act; (ii) the Registration Statement 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) 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 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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) any
intended or potential downgrading or (ii) 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 436(g)(2) under the Act.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>You shall have received signed Lock-Up
Agreements referred to in Section 3(y) hereof.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 the conditions set forth in paragraphs (g) and (h) of
this Section 7 have been met.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company will at
the time of purchase 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Shares shall have been approved for
listing on the NYSE.</h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company shall
have furnished to you such other documents and certificates as to the accuracy
and completeness of any statement in the Registration Statement, any Prepricing
Prospectus, the Prospectus or any Permitted Free Writing Prospectus as of the
time of purchase as you may reasonably request.</font></h2>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><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; <u>Effective Date of Agreement; Termination</u>.&#160; This Agreement shall become effective: (i)
upon the execution and delivery hereof by the parties hereto; or (ii) 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 462 under the Act, become effective.&#160; Until such time as this Agreement shall have
become effective, it may be terminated by the Company, by notifying you, or by
you, as representatives of the Underwriters, by notifying the Company.</font></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" 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 and Morgan Stanley &amp; Co. Incorporated, if (i) since the time of
execution of this Agreement or the earlier respective dates as of which
information is given in the Registration Statement, any 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 and Morgan Stanley
&amp; Co. Incorporated, 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) since the time of execution of this Agreement, there
shall have occurred: (A) a suspension or material limitation in trading in
securities generally on the NYSE, the American Stock Exchange or the Nasdaq Stock
Market Inc.; (B) a suspension or material limitation in trading in the
Company&#146;s securities on the NYSE; (C) 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) 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) 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) or (E), in the judgment of UBS Securities LLC and Morgan Stanley &amp; Co.
Incorporated, makes</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 8, the Company and each
other Underwriter shall be notified promptly in writing.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 shall be unable to comply with any of the terms of this
Agreement, the Company shall not be under any obligation or liability under this
Agreement (except to the extent provided in Sections 5(a)(xiv), 6 and 10
hereof), and the Underwriters shall be under no obligation or liability to the
Company under this Agreement (except to the extent provided in Section 10
hereof) or to one another hereunder.</font></p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Increase in Underwriters&#146; Commitments</u>.&#160; Subject to Sections 7 and 8 hereof, 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 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 1 hereof) the Firm Shares agreed to be purchased
by all such defaulting Underwriters, as hereinafter provided.&#160; 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 A.</font></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without relieving any defaulting Underwriter from its
obligations hereunder, the Company agrees 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:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 or you
shall have the right to postpone the time of purchase 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>


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<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 9 with like
effect as if such substituted Underwriter had originally been named in Schedule
A.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 to any non-defaulting Underwriter and without any liability on the part
of any non-defaulting Underwriter to the Company.&#160; 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>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Indemnity and Contribution</u>.</font></h1>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 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 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 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
Statement or arises out of or is based upon any omission or alleged omission to
state a material fact in the 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 included in any
Prospectus (the term Prospectus for the purpose of this Section 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 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Underwriter
severally agrees 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, 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 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.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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) , (b)
and (c) of this Section 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</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnifying
party shall not relieve such indemnifying party from any liability which it may
have to such indemnified party or otherwise.&#160;
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 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).&#160; 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.&#160; 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) such settlement is entered into more than 60
business days after receipt by such indemnifying party of the aforesaid
request, (ii) such indemnifying party shall not have reimbursed the indemnified
party in accordance with such request prior to the date of such settlement and
(iii) such indemnified party shall have given the indemnifying party at least
30 days&#146; prior notice of its intention to settle.&#160; 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If the
indemnification provided for in this Section 10 is unavailable to an
indemnified party under subsections (a) and (b) of this Section 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) in
such proportion as is appropriate to reflect the relative benefits received by
the Company on the one hand and the Underwriters on the other </font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hand from the
offering of the Shares or (ii) if the allocation provided by clause (i) 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) above but also
the relative fault of the Company 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.&#160; The relative
benefits received by the Company 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 total underwriting
discounts and commissions received by the Underwriters, bear to the aggregate
public offering price of the Shares.&#160; The
relative fault of the Company 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 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.&#160; The amount paid or payable by
a party as a result of the losses, damages, expenses, liabilities and claims
referred to in this subsection 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></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company and the
Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section 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 (d) above.&#160;
Notwithstanding the provisions of this Section 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.&#160; No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.&#160; The Underwriters&#146;
obligations to contribute pursuant to this Section 10 are several in proportion
to their respective underwriting commitments and not joint.</font></h2>

<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The indemnity and
contribution agreements contained in this Section 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 15 of the Act or Section 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 15 of the Act or Section 20
of the Exchange Act and shall survive any termination of this Agreement or the
issuance and delivery of the Shares.&#160; The
Company</font></h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and each
Underwriter agree promptly to notify each other of the commencement of any
Proceeding against it and, in the case of the Company, against any of the
Company&#146;s officers, trustees, employees or agents in connection with the
issuance and sale of the Shares, or in connection with the Registration
Statement, any Prepricing Prospectus, the Prospectus or any Permitted Free
Writing Prospectus.</font></h2>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></u>.&#160; 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 respects if delivered
or sent to UBS Securities LLC, 299 Park Avenue, New York, New York 10171,
Attention: Syndicate Department, or to Morgan Stanley &amp; Co. Incorporated, 1585
Broadway, New York, New York 10036, in either case with a copy to Dewey
Ballantine LLP, 1301 Avenue of the Americas, New York, New York 10019,
Attention: Donald J. Murray, 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 &amp;
Worcester LLP, One Post Office Square, Boston, Massachusetts 02109, Attention:
Alexander A. Notopoulos, Jr., Esq.</p>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law; Construction</u>.&#160; 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.&#160; The Section headings in this Agreement have
been inserted as a matter of convenience of reference and are not a part of
this Agreement.</font></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Submission to Jurisdiction</u>.&#160; 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 the Company
consents to the jurisdiction of such courts and personal service with respect
thereto.&#160; The Company 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.&#160; Each of the Underwriters and the Company (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.&#160; The Company agrees 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 may be enforced in any other
courts to the jurisdiction of which the Company is or may be subject, by suit
upon such judgment.</font></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Parties at Interest</u>.&#160; The Agreement herein set forth has been and
is made solely for the benefit of the Underwriters, the Company and, to the
extent provided in Section 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.&#160; No other person,
partnership,</font></h1>


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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Information Furnished by the
Underwriters</u>.&#160; The statements set
forth in the fourth, sixth and seventh paragraphs, and in the section entitled
&#147;Price stabilization, short positions,&#148; under the caption &#147;Underwriting&#148; in the
Prospectus Supplement, insofar as such statements relate to (a) electronic
delivery of prospectuses, (b) the amount of selling concession and reallowance
and (c) 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></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <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 or 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 and the
Underwriters agree that the Underwriters are acting as principals and not as
the agents or fiduciaries of the Company and the Underwriters have not assumed
and will not assume any advisory responsibility in favor of the Company with
respect to the transactions contemplated hereby or the process leading thereto
(irrespective of whether the Underwriters have advised or are currently
advising the Company on other matters).&#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, advisory or similar
duty to the Company in connection with the transactions contemplated by this
Agreement or any matters leading up to such transactions.</font></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160; 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></h1>

<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Successors and Assigns</u>.&#160; This Agreement shall be binding upon the
Underwriters and the Company and their respective successors and assigns and
any successor or assign of any substantial portion of the Company&#146;s and any of
the Underwriters&#146; respective businesses and/or assets.</font></h1>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h1 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Miscellaneous</u>.&#160; 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.&#160; 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></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lending affiliates of UBS Securities LLC and Morgan
Stanley &amp; Co. Incorporated may have lending relationships with issuers of
securities underwritten or privately placed by UBS Securities LLC and Morgan
Stanley &amp; Co. Incorporated.&#160; To the
extent required under the securities laws, prospectuses and other disclosure
documents for securities underwritten or privately placed by UBS Securities LLC
and Morgan Stanley &amp; Co. Incorporated 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 or Morgan Stanley &amp;
Co. Incorporated.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><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 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.&#160;
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 align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;font-weight:bold;">[Remainder
of Page Intentionally Left Blank; Signature Page Follows.]</font></i></b></p>


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<div>


<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the foregoing correctly sets forth the
understanding among the Company 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 and the Underwriters
severally.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR HOUSING PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0pt .7pt 0pt 0pt;width:43.0%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:37.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:37.36%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David J. Hegarty</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:7.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David J. Hegarty</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.6%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.66%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="7%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:7.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.32%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">



<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted and agreed to as of the<br>
date first above written, on<br>
behalf of themselves<br>
and the other several Underwriters<br>
named in Schedule A</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS SECURITIES LLC<br>
MORGAN STANLEY &amp; CO. INCORPORATED</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MERRILL LYNCH, PIERCE, FENNER &amp; SMITH</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INCORPORATED</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC CAPITAL MARKETS CORPORATION</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WACHOVIA CAPITAL MARKETS, LLC</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FERRIS, BAKER WATTS, INCORPORATED</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN KEEGAN &amp; COMPANY, INC.</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RAYMOND JAMES AND ASSOCIATES, INC.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">STIFEL, NICOLAUS &amp;
COMPANY, INCORPORATED</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->By:</p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS SECURITIES LLC</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sage Kelly</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Sage Kelly</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing Director</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kristin Kusmierz</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Kristin Kusmierz</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Associate Director</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:39.18%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MORGAN STANLEY &amp; CO.
  INCORPORATED</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Todd Singer</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Todd Singer</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.06%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.12%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:32.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Executive Director</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.48%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SCHEDULE A</font></p>

<table border="1" cellspacing="0" cellpadding="0" width="100%" style="border:none;border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:left;"><!-- SET mrlNoTableShading -->Underwriters</p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Number&nbsp;of&nbsp;Firm<br>
  Shares</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,150,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley &amp;
  Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,150,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch, Pierce,
  Fenner &amp; Smith </font><font size="1" style="font-size:5.0pt;">&nbsp;</font>Incorporated</p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets
  Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wachovia Capital
  Markets, LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">700,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker Watts,
  Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney Montgomery Scott
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Keegan &amp;
  Company, Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oppenheimer &amp; Co.
  Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raymond James and
  Associates, Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus &amp;
  Company, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BMO Capital Markets
  Corp.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Capital Markets,
  Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Brookstreet Securities
  Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cantor Fitzgerald
  Securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comerica Securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Crowell, Weedon &amp;
  Co.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.A. Davidson &amp; Co.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominick &amp; Dominick
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E*Trade Securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huntleigh Securities
  Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.J.B. Hilliard WL
  Lyons, Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McDonald Investments
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">McGinn, Smith &amp;
  Co., LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W. Baird &amp;
  Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suntrust Capital
  Markets, Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wedbush Morgan
  Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 10.0pt;page-break-after:avoid;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="85%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:85.94%;">
  <p style="margin:0pt 0pt .0001pt 70.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; &nbsp;&nbsp; Total</font></p>
  </td>
  <td width="2%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:2.38%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:double windowtext 2.25pt;padding:0pt .7pt 0pt 0pt;width:11.34%;">
  <p style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,000,000</font></p>
  </td>
  <td width="0%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:.34%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE B</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">PERMITTED FREE WRITING
PROSPECTUSES</font></u></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule Omitted.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE C</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNIFICANT SUBSIDIARIES</font></u></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule Omitted.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE D</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOREIGN QUALIFICATIONS OF
THE COMPANY AND SIGNIFICANT SUBSIDIARIES</font></u></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Schedule Omitted.</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D-1</font></p>
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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE E</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">MARYLAND SIGNIFICANT
SUBSIDIARIES</font></u></p>

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


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E-1</font></p>
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<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></u></p>

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

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

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February
&nbsp;&nbsp;&nbsp;&nbsp;, 2007</font></p>

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

<p style="font-family:Times New Roman;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC<br>
</font><font size="2" style="font-size:10.0pt;">Morgan Stanley &amp;
Co. Incorporated</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch,
Pierce, Fenner &amp; Smith</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Incorporated</font></p>

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

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker
Watts, Incorporated</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Keegan
&amp; Company, Inc.</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raymond James and
Associates, Inc.</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus
&amp; Company, Incorporated</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i>As Managing Underwriters</i></font></p>

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

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Morgan Stanley
&amp; Co. Incorporated</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1585 Broadway<br>
New York, New York 10036</font></p>

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

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

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

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

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

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><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;) and you, as
Underwriters, with respect to the public offering (the &#147;Offering&#148;) of up to 6,000,000
common shares of beneficial interest of the Company (the &#147;Common Shares&#148;).</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman"><font 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;) and </font>Morgan Stanley &amp; Co. Incorporated</font> (&#147;Morgan Stanley&#148;), (i) 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</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit A-1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 16 of the Securities Exchange Act of 1934, as amended,
and the rules 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) 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) publicly
announce an intention to effect any transaction specified in clause (i) or
(ii).</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" color="black" face="Times New Roman" style="color:black;font-size:10.0pt;">Notwithstanding
the above, 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 Lock-Up Agreement 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</font>.</p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
foregoing restrictions shall not apply to (a) the registration of or sale to
the Underwriters of any Common Shares pursuant to the Offering and the
Underwriting Agreement, (b) 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) 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:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><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 and Morgan Stanley, 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:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
(i) the Company notifies you in writing that it does not intend to proceed with
the Offering, (ii) the registration statement filed with the Securities and
Exchange</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit A-2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Commission with respect to the Offering is withdrawn or (iii) 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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
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  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours very truly,</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:30.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:30.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="67%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:67.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:1.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:30.56%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit A-3</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT B</font></u></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF OPINION OF
COMPANY&#146;S COUNSEL TO BE DELIVERED PURSUANT TO SECTION&nbsp;7(a)</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit B-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT C</font></u></p>

<h3 align="center" style="font-weight:normal;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF
OPINION OF SPECIAL MARYLAND COUNSEL TO THE COMPANY TO BE DELIVERED PURSUANT TO SECTION
7(b)</font></h3>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit C-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><u><font size="3" face="Times New Roman" style="font-size:12.0pt;">EXHIBIT D</font></u></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF OPINION OF
SPECIAL LITIGATION COUNSEL TO THE COMPANY TO BE DELIVERED PURSUANT TO SECTION
7(c)</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit D-1</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<SEQUENCE>3
<FILENAME>a07-3741_1ex3d1.htm
<DESCRIPTION>EX-3.1
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<body lang="EN-US" style=" text-justify-trim:punctuation">

<div>

<p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 3.1</font></b></p>

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

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SENIOR
HOUSING PROPERTIES TRUST</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">Articles of
Amendment and Restatement</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">September 20, 1999</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">As Amended February 13, 2002</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">and Amended January 21, 2004</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:none;">and Amended
February 7, 2007</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SENIOR
HOUSING PROPERTIES TRUST</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE<font face="Times New Roman">S</font> OF AMENDMENT AND
RESTATEMENT</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST</font></u>:&#160;
Senior Housing Properties Trust, a Maryland real estate investment trust
(the &#147;Trust&#148;) formed under Title 8 of the Corporations and Associations Article
of the Annotated Code of Maryland (as amended and in effect from time to time,
and including any successor title thereto, &#147;Title 8&#148;), desires to amend and
restate its Declaration of Trust as currently in effect and as hereinafter
amended.&#160; All references in the
Declaration of Trust to specific sections of Title 8 shall include applicable
successor provisions.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND</font></u>:&#160;
The following provisions are all the provisions of the Declaration of
Trust currently in effect and as hereinafter amended:</p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORMATION</font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Trust is a
real estate investment trust within the meaning of Title 8.&#160; It is also intended that the Trust shall
carry on a business as a &#147;qualified REIT subsidiary&#148; as described in the REIT
provisions of the Code (as defined in Article VII below), for so long as it is
wholly owned by HRPT Properties Trust and thereafter shall qualify and carry on
business as a &#147;real estate investment trust&#148; as described therein.&#160; The Trust shall not be deemed to be a general
partnership, limited partnership, joint venture, joint stock company or a
corporation, but nothing herein shall preclude the Trust from being treated for
tax purposes as an association under the Code; nor shall the Trustees or
shareholders or any of them for any purpose be, nor be deemed to be, nor be
treated in any way whatsoever as, liable or responsible hereunder as partners
or joint venturers.</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
II</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NAME</font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the
Trust is:</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing
Properties Trust</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Under
circumstances in which the Board of Trustees of the Trust (the &#147;Board of
Trustees&#148; or &#147;Board&#148;) determines that the use of the name of the Trust is not
practicable, the Trust may use any other designation or</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">name for the Trust.&#160; To the extent permitted by Maryland law, the
Board of Trustees may amend the Declaration of Trust to change the name of the
Trust without any action by the shareholders.</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
III</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PURPOSES
AND POWERS</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Purposes</u>.&#160; The purposes for which the Trust is formed
are to invest in and to acquire, hold, manage, administer, control and dispose
of property and interests in property, including, without limitation or obligation,
engaging in business as a real estate investment trust under the Code.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Powers</u>.&#160; The Trust shall have all of the powers
granted to real estate investment trusts by Title 8 and all other powers set
forth in the Declaration of Trust which are not inconsistent with law and are
appropriate to promote and attain the purposes set forth in the Declaration of
Trust.</h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
IV</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESIDENT
AGENT</font></b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the
resident agent of the Trust in the State of Maryland is James J. Hanks, Jr.,
whose post office address is c/o Ballard Spahr Andrews &amp; Ingersoll, LLP,
300 East Lombard Street, Baltimore, Maryland 21202.&#160; The resident agent is a citizen of and
resides in the State of Maryland.&#160; The
Trust may change such resident agent from time to time as the Board of Trustees
shall determine.&#160; The Trust may have such
offices or places of business within or outside the State of Maryland as the
Board of Trustees may from time to time determine.</font></p>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE V</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOARD
OF TRUSTEES</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Powers</u>.&#160; Subject to any express limitations contained
in the Declaration of Trust or in the Bylaws, (a) the business and affairs of
the Trust shall be managed under the direction of the Board of Trustees and (b)
the Board shall have full, exclusive and absolute power, control and authority
over any and all property of the Trust.&#160;
The Board may take any action as in its sole judgment and discretion is
necessary or appropriate to conduct the business and affairs of the Trust.&#160; The Declaration of Trust shall be construed
with the presumption in favor of the grant of power and authority to the
Board.&#160; Any construction of the
Declaration of Trust or determination made in good faith by the Board
concerning its powers and authority hereunder shall be conclusive.&#160; The enumeration and definition of particular
powers of the Trustees included in the Declaration of Trust or in the Bylaws
shall in no way be construed or deemed by inference or otherwise in any manner
to exclude or limit the powers conferred upon the Board or the Trustees under
the general laws of the State of Maryland or any other applicable laws.</h2>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board, without
any action by the shareholders of the Trust, shall have and may exercise, on
behalf of the Trust, without limitation, the power to terminate the status of
the Trust as a real estate investment trust under the Code; to determine that
compliance with any restriction or limitations on ownership and transfers of
shares of the Trust&#146;s beneficial interest set forth in Article VII of the
Declaration of Trust is no longer required in order for the Trust to qualify as
a real estate investment trust; to adopt, amend and repeal Bylaws not
inconsistent with law or this Declaration of Trust; to elect officers in the
manner prescribed in the Bylaws; to</font></p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">solicit proxies from
holders of shares of beneficial interest of the Trust; and to do any other acts
and deliver any other documents necessary or appropriate to the foregoing
powers.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Number and Classification</u>.</h2>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.2.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The number of trustees
of the Trust (hereinafter the &#147;Trustees&#148;) initially shall be two (2).&#160; On the first date on which the Trust shall
have more than one shareholder of record, the number of the Trustees shall
automatically and without further action by the Board of Trustees increase to
five (5), which number may thereafter be increased or decreased pursuant to the
Bylaws of the Trust; provided, however, that no such increase or decrease shall
result in the Trust having fewer than three (3) or more than seven (7)
Trustees.&#160; Any vacancies in the Board of
Trustees shall be filled by a majority of the Trustees then in office, except
that a majority of the entire Board of Trustees must fill a vacancy resulting
from an increase in the number of Trustees.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.2.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On the first date on
which the Trust shall have more than one shareholder of record, the Board of
Trustees shall be classified into three groups:&#160;
Group I, Group II and Group III.&#160;
The number of Trustees in each group shall be determined by the Board in
accordance with the Bylaws; provided that the number of Trustees in any one
group shall not exceed the number of Trustees in any other group by more than
one.&#160; The Trustees in Group I shall serve
for a term ending at the first annual meeting of shareholders following the end
of the Trust&#146;s fiscal year ending December 31, 1999, each Trustee in Group II
shall serve for a term ending at the following annual meeting of shareholders
and the Trustee in Group III shall serve for a term ending at the second
following annual meeting of shareholders.&#160;
After the respective terms of the groups indicated, each such group of
Trustees shall be elected for successive terms ending at the annual meeting of
shareholders held during the third year after election.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.2.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The names and business
addresses of the initial Trustees who shall serve as Trustees are as follows:</h3>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:72.0pt;">
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  <td width="185" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p align="left" style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading -->Name</p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="265" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Address</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="185" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p align="left" style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:left;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="265" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow -->Gerard M. Martin</p>
  </td>
  <td width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Reit Management &amp; Research, Inc.</font></p>
  </td>
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  <td width="185" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 Centre Street</font></p>
  </td>
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  <td width="185" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton, Massachusetts 02458</font></p>
  </td>
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  <td width="185" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow -->Barry M. Portnoy</p>
  </td>
  <td width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o Reit Management &amp; Research, Inc.</font></p>
  </td>
 </tr>
 <tr bgcolor="#CCEEFF" style="page-break-inside:avoid;">
  <td width="185" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --></p>
  </td>
  <td width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 Centre Street</font></p>
  </td>
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  <td width="185" valign="top" style="padding:0pt .7pt 0pt 0pt;width:138.6pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlShadeRow --></p>
  </td>
  <td width="20" valign="top" style="padding:0pt .7pt 0pt 0pt;width:14.7pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="265" valign="top" style="padding:0pt .7pt 0pt 0pt;width:198.95pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton, Massachusetts 02458</font></p>
  </td>
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</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.2.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustees may fill
any vacancy, whether resulting from an increase in the number of Trustees or
otherwise, on the Board in the manner provided in the Bylaws.&#160; It shall not be necessary to list in the
Declaration of Trust the names and addresses of any Trustees hereinafter
elected.&#160; No reduction in the number of
Trustees shall have the effect of removing any Trustee from office prior to the
expiration of his or her term.&#160; Subject
to the provisions of Section 5.3 each Trustee shall hold office until the election
and qualification of his or her successor.&#160;
There shall be no cumulative voting in the election of Trustees.</h3>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Resignation or
Removal</u>.&#160; Any Trustee may resign by
written notice to the Board, effective upon execution and delivery to the Trust
of such written notice or upon any future date specified in the notice.&#160; A Trustee may be removed at any time with or
without cause, at a meeting of the shareholders, by the affirmative vote of the
holders of not less than two-thirds (2/3) of the Shares (as defined in Section
6.1 below)</h2>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then outstanding and entitled to vote
generally in the election of Trustees.&#160; A
Trustee judged incompetent or for whom a guardian or conservator has been
appointed shall be deemed to have resigned as of the date of such adjudication
or appointment.</font></h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VI</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SHARES OF BENEFICIAL INTEREST</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authorized Shares</u>.&#160; The beneficial interest of the Trust shall be
divided into shares of beneficial interest (the &#147;Shares&#148;).&#160; The Trust has authority to issue 87,000,000<b>&nbsp;</b>Shares, consisting of 86,700,000 common shares of
beneficial interest, $.01 par value per share (&#147;Common Shares&#148;), and 300,000
Junior Participating Preferred Shares, $.01 par value per share.&#160; If shares of one class are classified or
reclassified into shares of another class of shares pursuant to this Article
VI, the number of authorized shares of the former class shall be automatically
decreased and the number of shares of the latter class shall be automatically
increased, in each case by the number of shares so classified or reclassified,
so that the aggregate number of shares of beneficial interest of all classes
that the Trust has authority to issue shall not be more than the total number
of shares of beneficial interest set forth in the second sentence of this
paragraph.&#160; The Board of Trustees, without
any action by the shareholders of the Trust, may amend the Declaration of Trust
from time to time to increase or decrease the aggregate number of Shares or the
number of Shares of any class or series, including preferred shares of
beneficial interest (&#147;Preferred Shares&#148;), that the Trust has authority to
issue.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Common Shares</u>.&#160; Subject to the provisions of Article VII,
each Common Share shall entitle the holder thereof to one vote on each matter
upon which holders of Common Shares are entitled to vote.&#160; The Board of Trustees may reclassify any
unissued Common Shares from time to time in one or more classes or series of
Shares.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Preferred Shares</u>.&#160; The Board of Trustees may classify any
unissued Preferred Shares and reclassify any previously classified but unissued
Preferred Shares of any series from time to time, in one or more series of
Shares.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Classified or
Reclassified Shares</u>.&#160; Prior to
issuance of classified or reclassified Shares of any class or series, the Board
of Trustees by resolution shall (a) designate that class or series; (b) specify
the number of Shares to be included in the class or series; (c) set, subject to
the provisions of Article VII, the preferences, conversion or other rights,
voting powers, restrictions, limitations as to dividends or other
distributions, qualifications and terms and conditions of redemption for each
class or series; and (d) cause the Trust to file articles supplementary with
the State Department of Assessments and Taxation of Maryland (the &#147;SDAT&#148;).&#160; Any of the terms of any class or series of
Shares set pursuant to clause (c) of this Section 6.4 may be made dependent
upon facts ascertainable outside the Declaration of Trust (including the
occurrence of any event, determination or action by the Trust or any other
person or body) and may vary among holders thereof, provided that the manner in
which such facts or variations shall operate upon the terms of such class or
series of Shares is clearly and expressly set forth in the articles supplementary
filed with the SDAT.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authorization by
Board of Share Issuance</u>.&#160; The Board
of Trustees may authorize the issuance from time to time of Shares of any class
or series, whether now or hereafter authorized, or securities or rights
convertible into Shares of any class or series, whether now or hereafter
authorized, for such consideration (whether in cash, property, past or future
services, obligation for future payment or otherwise) as the Board of Trustees
may deem advisable (or without consideration), subject to such restrictions or
limitations, if any, as may be set forth in this Declaration of Trust or the
Bylaws of the Trust.</h2>


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<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Dividends and
Distributions</u>.&#160; The Board of Trustees
may from time to time authorize and declare to shareholders such dividends or
distributions, in cash or other assets of the Trust or in securities of the
Trust or from any other source as the Board of Trustees in its discretion shall
determine.&#160; Shareholders shall have no
right to any dividend or distribution unless and until authorized and declared
by the Board.&#160; The exercise of the powers
and rights of the Board of Trustees pursuant to this Section 6.6 shall be
subject to the provisions of any class or series of Shares at the time
outstanding.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General Nature of
Shares</u>.&#160; All Shares shall be personal
property entitling the shareholders only to those rights provided in the
Declaration of Trust.&#160; The shareholders
shall have no interest in the property of the Trust and shall have no right to
compel any partition, division, dividend or distribution of the Trust or of the
property of the Trust.&#160; The death of a
shareholder shall not terminate the Trust or affect its continuity nor give his
or her legal representative any rights whatsoever, whether against or in
respect of other shareholders, the Trustees or the trust estate or otherwise,
except the sole right to demand and, subject to the provisions of the
Declaration of Trust, the Bylaws and any requirements of law, to receive a new
certificate for Shares registered in the name of such legal representative, in
exchange for the certificate held by such shareholder.&#160; The Trust is entitled to treat as
shareholders only those persons in whose names Shares are registered as holders
of Shares on the beneficial interest ledger of the Trust.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fractional Shares</u>.&#160; The Trust may, without the consent or
approval of any shareholder, issue fractional Shares, eliminate a fraction of a
Share by rounding up or down to a full Share, arrange for the disposition of a
fraction of a Share by the person entitled to it or pay cash for the fair value
of a fraction of a Share.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Declaration and
Bylaws</u>.&#160; All shareholders are subject
to the provisions of the Declaration of Trust and the Bylaws of the Trust.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.10</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Divisions and
Combinations of Shares</u>.&#160; Subject to
an express provision to the contrary in the terms of any class or series of
beneficial interest hereafter authorized, the Board of Trustees shall have the
power to divide or combine the outstanding shares of any class or series of
beneficial interest, without a vote of shareholders.</h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE VII</font></b></h1>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RESTRICTION ON TRANSFER AND OWNERSHIP
OF SHARES</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Definitions</u>.&#160; For the purpose of this Article VII, the
following terms shall have the following meanings:</h2>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Affiliate</font></u>.&#160; The term &#147;Affiliate&#148; shall mean, with respect
to any Person, another Person controlled by, controlling or under common
control with such Person.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate Share Ownership
Limit</font></u>.&#160; The term &#147;Aggregate
Share Ownership Limit&#148; shall mean 9.8 percent in value or in number of the
aggregate of the outstanding Equity Shares.&#160;
The value of the outstanding Equity Shares shall be determined by the
Board of Trustees in good faith, which determination shall be conclusive for
all purposes hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficial Ownership</font></u>.&#160; The term &#147;Beneficial Ownership&#148; shall mean
ownership of Equity Shares by a Person, whether the interest in Equity Shares
is held directly or indirectly (including by a nominee), and shall include, but
not be limited to, interests that would be treated as owned through the
application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of
the Code.&#160; The terms &#147;Beneficial Owner,&#148; &#147;Beneficially
Owns&#148; and &#147;Beneficially Owned&#148; shall have the correlative meanings.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Business Day</font></u>.&#160; The term &#147;Business Day&#148; shall mean any day,
other than a Saturday or Sunday, that is neither a legal holiday nor a day on
which banking institutions in New York City are authorized or required by law,
regulation or executive order to close.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable Beneficiary</font></u>.&#160; The term &#147;Charitable Beneficiary&#148; shall mean
one or more beneficiaries of the Charitable Trust as determined pursuant to
Section 7.3.6, provided that each such organization must be described in
Section 501(c)(3) of the Code and contributions to each such organization must
be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of
the Code.&#160; If the Code shall cease to
define a charitable organization, &#147;Charitable Beneficiary&#148; shall mean an entity
organized to do work for charitable purposes and not for profit.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable Trust</font></u>.&#160; The term &#147;Charitable Trust&#148; shall mean any
trust provided for in Section 7.3.1.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code</font></u>.</font>&#160; The term &#147;Code&#148; shall mean the Internal
Revenue Code of 1986, as amended from time to time.&#160; All references to specific sections of the
Code shall include applicable successor provisions.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Share Ownership
Limit</font></u>.&#160; The term &#147;Common
Share Ownership Limit&#148; shall mean 9.8 percent (in value or in number of shares,
whichever is more restrictive) of the aggregate outstanding Common Shares.&#160; The number and value of outstanding Common
Shares shall be determined by the Board of Trustees in good faith, which
determination shall be conclusive for all purposes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constructive Ownership</font></u>.&#160; The term &#147;Constructive Ownership&#148; shall mean
ownership of Equity Shares by a Person, whether the interest in Equity Shares
is held directly or indirectly (including by a nominee), and shall include, but
not be limited to, interests that would be treated as owned through the
application of Section 318(a) of the Code, as modified by Section 856(d)(5) of
the Code.&#160; The terms &#147;Constructive Owner,&#148;
&#147;Constructively Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative
meanings.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Declaration of Trust</font></u>.&#160; The term &#147;Declaration of Trust&#148; shall mean
these Articles of Amendment and Restatement as accepted for record by the SDAT,
and any amendments thereto.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity Shares</font></u>.&#160; The term &#147;Equity Shares&#148; shall mean Shares of
all classes or series, including, without limitation, Common Shares and
Preferred Shares.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excepted Holder</font></u>.&#160; The term &#147;Excepted Holder&#148; shall mean a
shareholder of the Trust for whom an Excepted Holder Limit is created by this
Article VII or by the Board of Trustees pursuant to Section 7.2.7.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excepted Holder Limit</font></u>.&#160; The term &#147;Excepted Holder Limit&#148; shall mean,
provided that the affected Excepted Holder agrees to comply with the
requirements established by the Board of Trustees pursuant to Section 7.2.7,
and subject to adjustment pursuant to Section 7.2.8, the percentage limit
established by the Board of Trustees pursuant to Section 7.2.7.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">HRPT</font></u>.</font>&#160; The term &#147;HRPT&#148; shall mean HRPT Properties
Trust, a Maryland real estate investment trust, or any successor thereto by
merger or consolidation, or any transferee of all or substantially all of its
assets.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial Date</font></u>.&#160; The term &#147;Initial Date&#148; shall mean the date
upon which these Articles of Amendment and Restatement containing this Article
VII is accepted for record by the SDAT.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market Price</font></u>.&#160; The term &#147;Market Price&#148; on any date shall
mean, with respect to any class or series of outstanding Equity Shares, the
Closing Price for such Equity Shares on such date.&#160; The &#147;Closing Price&#148; on any date shall mean
the last sale price for such Equity Shares, regular way, or, in case no such
sale takes place on such day, the average of the closing bid and asked prices,
regular way, for such Equity Shares, in either case as reported in the
principal consolidated transaction reporting system with respect to securities
listed or admitted to</p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">trading on the
NYSE or, if such Equity Shares are not listed or admitted to trading on the
NYSE, as reported on the principal consolidated transaction reporting system
with respect to securities listed on the principal national securities exchange
on which such Equity Shares are listed or admitted to trading or, if such
Equity Shares are not listed or admitted to trading on any national securities
exchange, the last quoted price, or, if not so quoted, the average of the high
bid and low asked prices in the over-the-counter market, as reported by the
National Association of Securities Dealers, Inc.&#160; Automated Quotation System or, if such system
is no longer in use, the principal other automated quotation system that may
then be in use or, if such Equity Shares are not quoted by any such organization,
the average of the closing bid and asked prices as furnished by a professional
market maker making a market in such Equity Shares selected by the Board of
Trustees or, in the event that no trading price is available for such Equity
Shares, the fair market value of Equity Shares, as determined in good faith by
the Board of Trustees.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">NYSE</font></u>.</font>&#160; The term &#147;NYSE&#148; shall mean the New York Stock
Exchange.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Person</font></u>.</font>&#160; The term &#147;Person&#148; shall mean an individual,
corporation, partnership, estate, trust (including, but not limited to, a trust
qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a
trust permanently set aside for or to be used exclusively for the purposes
described in Section 642(c) of the Code, association, private foundation within
the meaning of Section 509(a) of the Code, joint stock company or other entity
and also includes a group as that term is used for purposes of Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended, and a group to which an
Excepted Holder Limit applies.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prohibited Owner</font></u>.&#160; The term &#147;Prohibited Owner&#148; shall mean, with
respect to any purported Transfer, any Person who, but for the provisions of
Section 7.2.1, would Beneficially Own or Constructively Own Equity Shares, and
if appropriate in the context, shall also mean any Person who would have been
the record owner of Equity Shares that the Prohibited Owner would have so
owned.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">REIT</font></u>.&#160; The term &#147;REIT&#148; shall mean a real estate
investment trust within the meaning of Section 856 of the Code.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restriction Termination
Date</font></u>.&#160; The term &#147;Restriction
Termination Date&#148; shall mean the first day after the Initial Date on which the
Board of Trustees determines that it is no longer in the best interests of the
Trust for the restrictions and limitations on Beneficial Ownership,
Constructive Ownership and Transfers of Equity Shares set forth herein to
apply.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RMR</font></u>.</font>&#160; The term &#147;RMR&#148; shall mean REIT Management
&amp; Research, Inc., the Trust&#146;s investment advisor, or any successor
investment advisor to the Trust.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SDAT</font></u>.</font>&#160; The term &#147;SDAT&#148; shall mean the State
Department of Assessments and Taxation of Maryland.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer</font></u>.&#160; The term &#147;Transfer&#148; shall mean any issuance,
sale, transfer, gift, assignment, devise or other disposition, as well as any
other event that causes any Person to acquire Beneficial Ownership or
Constructive Ownership, or any agreement to take any such actions or cause any
such events, of Equity Shares or the right to vote or receive dividends on
Equity Shares, including (a) the granting or exercise of any option (or any
disposition of any option), (b) any disposition of any securities or rights
convertible into or exchangeable for Equity Shares or any interest in Equity
Shares or any exercise of any such conversion or exchange right and (c)
Transfers of interests in other entities that result in changes in Beneficial
or Constructive Ownership of Equity Shares; in each case, whether voluntary or
involuntary, whether owned of record, Constructively Owned or Beneficially
Owned and whether by operation of law or otherwise. &#160;The terms &#147;Transferring&#148; and &#147;Transferred&#148;
shall have the correlative meanings.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee</font></u>.&#160; The term &#147;Trustee&#148; shall mean the Person
unaffiliated with the Trust and a Prohibited Owner, that is appointed by the
Trust to serve as trustee of the Charitable Trust.</p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Equity Shares</u>.</h2>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ownership Limitations</u>.&#160; During the period commencing on the Initial
Date and prior to the Restriction Termination Date:</h3>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 36.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Basic
Restrictions</u>.</h4>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(1) No Person, other
than an Excepted Holder and other than HRPT, RMR and their affiliates, shall
Beneficially Own or Constructively Own Equity Shares in excess of the Aggregate
Share Ownership Limit, (2) no Person, other than an Excepted Holder and other
than HRPT, RMR and their affiliates, shall Beneficially Own or Constructively
Own Common Shares in excess of the Common Share Ownership Limit and (3) no
Excepted Holder shall Beneficially Own or Constructively Own Equity Shares in
excess of the Excepted Holder Limit for such Excepted Holder.</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No Person shall Beneficially
or Constructively Own Equity Shares to the extent that such Beneficial or
Constructive Ownership of Equity Shares would result in the Trust being &#147;closely
held&#148; within the meaning of Section 856(h) of the Code (without regard to
whether the ownership interest is held during the last half of a taxable year),
or otherwise failing to qualify as a REIT (including, but not limited to,
Beneficial or Constructive Ownership that would result in the Trust owning
(actually or Constructively) an interest in a tenant that is described in
Section 856(d)(2)(B) of the Code if the income derived by the Trust from such
tenant would cause the Trust to fail to satisfy any of the gross income
requirements of Section 856(c) of the Code).</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to Section 7.4,
notwithstanding any other provisions contained herein, any Transfer of Equity
Shares (whether or not such Transfer is the result of a transaction entered
into through the facilities of the NYSE or any other national securities
exchange or automated inter-dealer quotation system) that, if effective, would
result in Equity Shares being beneficially owned by less than 100 Persons
(determined under the principles of Section 856(a)(5) of the Code) shall be
void ab initio, and the intended transferee shall acquire no rights in such
Equity Shares.</h5>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transfer in Trust</u>.&#160; If any Transfer of Equity Shares occurs
which, if effective, would result in any Person Beneficially Owning or
Constructively Owning Equity Shares in violation of Section 7.2.1(a)(i) or
(ii),</h4>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>then that number of
Equity Shares the Beneficial or Constructive Ownership of which otherwise would
cause such Person to violate Section 7.2.1(a)(i) or (ii) (rounded up to the
nearest whole share) shall be automatically transferred to a Charitable Trust
for the benefit of a Charitable Beneficiary, as described in Section 7.3,
effective as of the close of business on the Business Day prior to the date of
such Transfer, and such Person shall acquire no rights in such Equity Shares;
or</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>if the transfer to the
Charitable Trust described in clause (i) of this sentence would not be
effective for any reason to prevent the violation of Section 7.2.1(a)(i) or
(ii), then the Transfer of that number of Equity Shares that otherwise would
cause any Person to violate Section 7.2.2 or (ii) shall be void ab initio, and
the intended transferee shall acquire no rights in such Equity Shares.</h5>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Remedies for Breach</u>.&#160; If the Board of Trustees or any duly
authorized committee thereof shall at any time determine in good faith that a
Transfer or other event has taken place that results in a violation of Section
7.2.1 or that a Person intends to acquire or has attempted to acquire
Beneficial or</h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constructive Ownership of any Equity Shares
in violation of Section 7.2.1 (whether or not such violation is intended), the
Board of Trustees or a committee thereof shall take such action as it deems
advisable to refuse to give effect to or to prevent such Transfer or other
event, including, without limitation, causing the Trust to redeem Equity
Shares, refusing to give effect to such Transfer on the books of the Trust or
instituting proceedings to enjoin such Transfer or other event; provided,
however, that any Transfers or attempted Transfers or other events in violation
of Section 7.2.1 shall automatically result in the transfer to the Charitable
Trust described above, and, where applicable, such Transfer (or other event)
shall be void ab initio as provided above irrespective of any action (or
non-action) by the Board of Trustees or a committee thereof.</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice of Restricted
Transfer</u>.&#160; Any Person who acquires or
attempts or intends to acquire Beneficial Ownership or Constructive Ownership
of Equity Shares that will or may violate Section 7.2.1(a), or any Person who
would have owned Equity Shares that resulted in a transfer to the Charitable
Trust pursuant to the provisions of Section 7.2.1(b), shall immediately give
written notice to the Trust of such event, or in the case of such a proposed or
attempted transaction, give at least 15 days prior written notice, and shall
provide to the Trust such other information as the Trust may request in order
to determine the effect, if any, of such Transfer.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Owners Required To
Provide Information</u>.&#160; From the
Initial Date and prior to the Restriction Termination Date:</h3>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>every owner of more
than five percent (or such lower percentage as required by the Code or the
Treasury Regulations promulgated thereunder) of the outstanding Equity Shares,
within 30 days after the end of each taxable year, shall give written notice to
the Trust stating the name and address of such owner, the number of Equity
Shares and other Equity Shares Beneficially Owned and a description of the
manner in which such shares are held.&#160;
Each such owner shall provide to the Trust such additional information
as the Trust may request in order to determine the effect, if any, of such
Beneficial Ownership on the Trust&#146;s status as a REIT and to ensure compliance
with the Aggregate Share Ownership Limit.</h4>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>each Person who is a
Beneficial or Constructive Owner of Equity Shares and each Person (including
the shareholder of record) who is holding Equity Shares for a Beneficial or
Constructive Owner shall provide to the Trust such information as the Trust may
request, in good faith, in order to determine the Trust&#146;s status as a REIT and
to comply with requirements of any taxing authority or governmental authority
or to determine such compliance.</h4>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Remedies Not Limited</u>.&#160; Subject to Section 5.1 of the Declaration of
Trust, nothing contained in this Section 7.2 shall limit the authority of the
Board of Trustees to take such other action as it deems necessary or advisable
to protect the Trust and the interests of its shareholders in preserving the
Trust&#146;s status as a REIT.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ambiguity</u>.&#160; In the case of an ambiguity in the
application of any of the provisions of this Section 7.2, Section 7.3 or any
definition contained in Section 7.1, the Board of Trustees shall have the power
to determine the application of the provisions of this Section 7.2 or Section
7.3 with respect to any situation based on the facts known to it.&#160; In the event Section 7.2 or 7.3 requires an
action by the Board of Trustees and the Declaration of Trust fails to provide
specific guidance with respect to such action, the Board of Trustees shall have
the power to determine the action to be taken so long as such action is not
contrary to the provisions of Sections 7.1, 7.2 or 7.3.</h3>


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<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Exceptions</u>.</h3>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to Section 7.2.1(a)(ii), the Board of Trustees, in its sole discretion, may
exempt a Person from the Aggregate Share Ownership Limit and the Common Share
Ownership Limit, as the case may be, and may (but is not required to) establish
or increase an Excepted Holder Limit for such Person if:</font></h4>

<h5 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Board of Trustees obtains such representations and undertakings from such
Person as are reasonably necessary to ascertain that no individual&#146;s Beneficial
or Constructive Ownership of such Equity Shares will violate Section 7.2.1(a)(ii);</font></h5>

<h5 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
Person does not and represents that it will not own, actually or
Constructively, an interest in a tenant of the Trust (or a tenant of any entity
owned or controlled by the Trust) that would cause the Trust to own, actually
or Constructively, more than a 9.9% interest (as set forth in Section
856(d)(2)(B) of the Code) in such tenant and the Board of Trustees obtains such
representations and undertakings from such Person as are reasonably necessary
to ascertain this fact (for this purpose, a tenant from whom the Trust (or an
entity owned or controlled by the Trust) derives (and is expected to continue
to derive) a sufficiently small amount of revenue such that, in the opinion of
the Board of Trustees, rent from such tenant would not adversely affect the
Trust&#146;s ability to qualify as a REIT, shall not be treated as a tenant of the
Trust); and</font></h5>

<h5 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
Person agrees that any violation or attempted violation of such representations
or undertakings (or other action which is contrary to the restrictions
contained in Sections 7.2.1 through 7.2.6) will result in such Equity Shares
being automatically transferred to a Charitable Trust in accordance with
Sections 7.2.1(b) and 7.3.</font></h5>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Prior
to granting any exception pursuant to Section 7.2.7(a), the Board of Trustees
may require a ruling from the Internal Revenue Service, or an opinion of
counsel, in either case in form and substance satisfactory to the Board of
Trustees in its sole discretion, as it may deem necessary or advisable in order
to determine or ensure the Trust&#146;s status as a REIT.&#160; Notwithstanding the receipt of any ruling or
opinion, the Board of Trustees may impose such conditions or restrictions as it
deems appropriate in connection with granting such exception.</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
determining whether to grant any exemption pursuant to Section 7.2.7(a), the
Board of Trustees may consider, among other factors, (i) the general reputation
and moral character of the person requesting an exemption, (ii) whether
ownership of shares would be direct or through ownership attribution, (iii)
whether the person&#146;s ownership of shares would adversely affect the Trust&#146;s
ability to acquire additional properties or engage in other business and (iv)
whether granting an exemption for the person requesting an exemption would
adversely affect any of the Trust&#146;s existing contractual arrangements.</font></h4>

<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subject
to Section 7.2.1(a)(ii), an underwriter which participates in a public offering
or a private placement of Equity Shares (or securities convertible into or
exchangeable for Equity Shares) may Beneficially Own or Constructively Own
Equity Shares (or securities convertible into or exchangeable for Equity
Shares) in excess of the Aggregate Share Ownership Limit, the Common Share
Ownership Limit or both such limits, but only to the extent necessary to
facilitate such public offering or private placement.</font></h4>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Trustees may only reduce
the Excepted Holder Limit for an Excepted Holder:&#160; (1) with the written consent of such Excepted
Holder at any time, or (2) pursuant to the terms and conditions of the
agreements and undertakings entered into with such Excepted Holder in
connection with the establishment of the Excepted Holder Limit for that
Excepted Holder.&#160; No Excepted Holder
Limit shall be reduced to a percentage that is less than the Common Share
Ownership Limit for an Excepted Holder without the written consent of such
Excepted Holder.</font></p>


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<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Increase in Aggregate
Share Ownership and Common Share Ownership Limits</u>.&#160; The Board of Trustees may from time to time
increase the Common Share Ownership Limit and the Aggregate Share Ownership
Limit.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.2.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Legend</u>.&#160; Each certificate for Equity Shares shall bear
substantially the following legend:</h3>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shares evidenced by this certificate are subject
to restrictions on Beneficial and Constructive Ownership and Transfer for the
purpose, among others, of the Trust&#146;s maintenance of its status as a Real
Estate Investment Trust (a &#147;REIT&#148;) under the Internal Revenue Code of 1986, as
amended (the &#147;Code&#148;).&#160; Subject to certain
further restrictions and except as expressly provided in the Trust&#146;s
Declaration of Trust, (i) no Person may Beneficially or Constructively Own
Common Shares of the Trust in excess of 9.8 percent (in value or number of
shares) of the outstanding Common Shares of the Trust unless such Person is an
Excepted Holder (in which case the Excepted Holder Limit shall be applicable);
(ii) no Person may Beneficially or Constructively Own Equity Shares of the
Trust in excess of 9.8 percent of the value of the total outstanding Equity
Shares of the Trust, unless such Person is an Excepted Holder (in which case
the Excepted Holder Limit shall be applicable); (iii) no Person may
Beneficially or Constructively Own Equity Shares that would result in the Trust
being &#147;closely held&#148; under Section 856(h) of the Code or otherwise cause the
Trust to fail to qualify as a REIT; and (iv) no Person may Transfer Equity
Shares if such Transfer would result in Equity Shares of the Trust being owned
by fewer than 100 Persons.&#160; Any Person
who Beneficially or Constructively Owns or attempts to Beneficially or
Constructively Own Equity Shares which cause or will cause a Person to
Beneficially or Constructively Own Equity Shares in excess or in violation of
the above limitations must immediately notify the Trust.&#160; If any of the restrictions on transfer or
ownership are violated, the Equity Shares represented hereby will be
automatically transferred to a Trustee of a Charitable Trust for the benefit of
one or more Charitable Beneficiaries.&#160; In
addition, upon the occurrence of certain events, attempted Transfers in
violation of the restrictions described above may be void ab initio.&#160; All capitalized terms in this legend have the
meanings defined in the Trust&#146;s Declaration of Trust, as the same may be
amended from time to time, a copy of which, including the restrictions on
transfer and ownership, will be furnished to each holder of Equity Shares of
the Trust on request and without charge.</font></p>

<p style="margin:0pt 0pt 12.0pt 72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Instead of the foregoing legend, the certificate may
state that the Trust will furnish a full statement about certain restrictions
on transferability to a shareholder on request and without charge.</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transfer of Equity Shares in Trust</u>.</h2>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ownership in Trust</u>.&#160; Upon any purported Transfer or other event
described in Section 7.2.1(b) that would result in a transfer of Equity Shares
to a Charitable Trust, such Equity Shares shall be deemed to have been
transferred to the Trustee as trustee of a Charitable Trust for the exclusive
benefit of one or more Charitable Beneficiaries.&#160; Such transfer to the Trustee shall be deemed
to be effective as of the close of business on the Business Day prior to the
purported Transfer or other event that results in the transfer to the
Charitable Trust pursuant to Section 7.2.1(b).&#160;
The Trustee shall be appointed by the Trust and shall be a Person unaffiliated
with the Trust and any Prohibited Owner.&#160;
Each Charitable Beneficiary shall be designated by the Trust as provided
in Section 7.3.6.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Status of Shares Held
by the Trustee</u>.&#160; Equity Shares held
by the Trustee shall be issued and outstanding Equity Shares of the Trust.&#160; The Prohibited Owner shall have no rights in
the shares held by the Trustee.&#160; The
Prohibited Owner shall not benefit economically from ownership of any shares
held in trust</h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by the Trustee, shall have no rights to dividends or other
distributions and shall not possess any rights to vote or other rights
attributable to the shares held in the Charitable Trust.</font></h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Dividend and Voting
Rights</u>.&#160; The Trustee shall have all
voting rights and rights to dividends or other distributions with respect to
Equity Shares held in the Charitable Trust, which rights shall be exercised for
the exclusive benefit of the Charitable Beneficiary.&#160; Any dividend or other distribution paid prior
to the discovery by the Trust that Equity Shares have been transferred to the
Trustee shall be paid with respect to such Equity Shares to the Trustee upon
demand and any dividend or other distribution authorized but unpaid shall be
paid when due to the Trustee.&#160; Any
dividends or distributions so paid over to the Trustee shall be held in trust
for the Charitable Beneficiary.&#160; The
Prohibited Owner shall have no voting rights with respect to shares held in the
Charitable Trust and, subject to Maryland law, effective as of the date that
Equity Shares have been transferred to the Trustee, the Trustee shall have the
authority (at the Trustee&#146;s sole discretion) (i) to rescind as void any vote
cast by a Prohibited Owner prior to the discovery by the Trust that Equity
Shares have been transferred to the Trustee and (ii) to recast such vote in
accordance with the desires of the Trustee acting for the benefit of the
Charitable Beneficiary; provided, however, that if the Trust has already taken
irreversible trust action, then the Trustee shall not have the authority to
rescind and recast such vote.&#160; Notwithstanding
the provisions of this Article VII, until the Trust has received notification
that Equity Shares have been transferred into a Charitable Trust, the Trust
shall be entitled to rely on its share transfer and other shareholder records
for purposes of preparing lists of shareholders entitled to vote at meetings,
determining the validity and authority of proxies and otherwise conducting
votes of shareholders.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale of Shares by
Trustee</u>.&#160; Within 20 days of receiving
notice from the Trust that Equity Shares have been transferred to the
Charitable Trust, the Trustee of the Charitable Trust shall sell the shares
held in the Charitable Trust to a person, designated by the Trustee, whose
ownership of the shares will not violate the ownership limitations set forth in
Section 7.2.1(a).&#160; Upon such sale, the
interest of the Charitable Beneficiary in the shares sold shall terminate and
the Trustee shall distribute the net proceeds of the sale to the Prohibited Owner
and to the Charitable Beneficiary as provided in this Section 7.3.4.&#160; The Prohibited Owner shall receive the lesser
of (1) the price paid by the Prohibited Owner for the shares or, if the
Prohibited Owner did not give value for the shares in connection with the event
causing the shares to be held in the Charitable Trust (e.g., in the case of a
gift, devise or other such transaction), the Market Price of the shares on the
day of the event causing the shares to be held in the Charitable Trust and (2)
the price per share received by the Trustee from the sale or other disposition
of the shares held in the Charitable Trust.&#160;
Any net sales proceeds in excess of the amount payable to the Prohibited
Owner shall be immediately paid to the Charitable Beneficiary.&#160; If, prior to the discovery by the Trust that
Equity Shares have been transferred to the Trustee, such shares are sold by a
Prohibited Owner, then (i) such shares shall be deemed to have been sold on
behalf of the Charitable Trust and (ii) to the extent that the Prohibited Owner
received an amount for such shares that exceeds the amount that such Prohibited
Owner was entitled to receive pursuant to this Section 7.3.4, such excess shall
be paid to the Trustee upon demand.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Purchase Right in
Shares Transferred to the Trustee</u>.&#160;
Equity Shares transferred to the Trustee shall be deemed to have been
offered for sale to the Trust, or its designee, at a price per share equal to
the lesser of (i) the price per share in the transaction that resulted in such
transfer to the Charitable Trust (or, in the case of a devise or gift, the
Market Price at the time of such devise or gift) and (ii) the Market Price on
the date the Trust, or its designee, accepts such offer.&#160; The Trust shall have the right to accept such
offer until the Trustee has sold the shares held in the Charitable Trust
pursuant to Section 7.3.4.&#160; Upon such a
sale to the Trust, the interest of the Charitable Beneficiary in the shares
sold shall terminate and the Trustee shall distribute the net proceeds of the
sale to the Prohibited Owner.</h3>

<h3 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.3.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Designation of
Charitable Beneficiaries</u>.&#160; By written
notice to the Trustee, the Trust shall designate one or more nonprofit
organizations to be the Charitable Beneficiary of the interest in the</h3>


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<h3 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable Trust such that Equity Shares held in the Charitable Trust
would not violate the restrictions set forth in Section 7.2.1(a) in the hands
of such Charitable Beneficiary.</font></h3>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>NYSE Transactions</u>.&#160; Nothing in this Article VII shall preclude
the settlement of any transaction entered into through the facilities of the
NYSE or any other national securities exchange or automated inter-dealer
quotation system.&#160; The fact that the
settlement of any transaction occurs shall not negate the effect of any other
provision of this Article VII and any transferee in such a transaction shall be
subject to all of the provisions and limitations set forth in this Article VII.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Enforcement</u>.&#160; The Trust is authorized specifically to seek
equitable relief, including injunctive relief, to enforce the provisions of
this Article VII.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Waiver</u>.&#160; No delay or failure on the part of the Trust
or the Board of Trustees in exercising any right hereunder shall operate as a
waiver of any right of the Trust or the Board of Trustees, as the case may be,
except to the extent specifically waived in writing.</h2>

<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
VIII<br>
</font></b><br>
<b>SHAREHOLDERS</b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Meetings</u>.&#160; There shall be an annual meeting of the
shareholders, to be held on proper notice at such time (after the delivery of
the annual report) and convenient location as shall be determined by or in the
manner prescribed in the Bylaws, for the election of the Trustees, if required,
and for the transaction of any other business within the powers of the
Trust.&#160; Except as otherwise provided in
the Declaration of Trust, special meetings of shareholders may be called in the
manner provided in the Bylaws.&#160;
Shareholders meetings, including the annual meeting and any special
meetings, may be called only by the Board of Trustees.&#160; If there are no Trustees, the officers of the
Trust shall promptly call a special meeting of the shareholders entitled to
vote for the election of successor Trustees.&#160;
Any meeting may be adjourned and reconvened as the Trustees determine or
as provided in the Bylaws.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Voting Rights</u>.&#160; Subject to the provisions of any class or
series of Shares then outstanding, the shareholders shall be entitled to vote
only on the following matters:&#160; (a)
election of Trustees as provided in Section 5.2 and the removal of Trustees as
provided in Section 5.3; (b) amendment of the Declaration of Trust as provided
in Article X; (c) termination of the Trust as provided in Section 12.2; (d)
merger or consolidation of the Trust to the extent required by Title 8, or the
sale or disposition of substantially all of the Trust Property, as provided in
Article XI; and (e) such other matters with respect to which the Board of
Trustees has adopted a resolution declaring that a proposed action is advisable
and directing that the matter be submitted to the shareholders for approval or
ratification.&#160; Except with respect to the
foregoing matters, no action taken by the shareholders at any meeting shall in
any way bind the Board of Trustees.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Preemptive and Appraisal Rights</u>.&#160; Except as may be provided by the Board of
Trustees in setting the terms of classified or reclassified Shares pursuant to
Section 6.4, or as may otherwise be provided by contract, no holder of Shares
shall, as such holder, (a) have any preemptive right to purchase or subscribe
for any additional Shares of the Trust or any other security of the Trust which
it may issue or sell or (b) have any right to require the Trust to pay him the
fair value of his Shares in an appraisal or similar proceeding.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Extraordinary Actions</u>.&#160; Except as specifically provided in Section
5.3 (relating to removal of Trustees) and subject to Section 8.5,
notwithstanding any provision of law permitting or requiring any action to be
taken or authorized by the affirmative vote of the holders of a greater number
of votes, any such action shall be effective and valid if taken or approved by
(i) the affirmative vote of holders of Shares entitled to cast a majority of
all the votes entitled to be cast on the matter, or (ii) if Maryland law
hereafter</h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">permits the effectiveness of a vote described in this clause (ii), the
affirmative vote of a majority of the votes cast on the matter.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Board Approval</u>.&#160; The submission of any action to the
shareholders for their consideration shall first be approved or advised by the
Board of Trustees, and the shareholders shall not otherwise be entitled to act
thereon.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Action By Shareholders Without a
Meeting</u>.&#160; To the extent, if any,
permitted by the Bylaws of the Trust, any action required or permitted to be
taken by the shareholders may be taken without a meeting by the written consent
of the shareholders entitled to cast a sufficient number of votes to approve
the matter as required by statute, the Declaration of Trust or the Bylaws of
the Trust, as the case may be.</h2>

<h1 align="center" style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
IX<br>
<br>
LIABILITY LIMITATION, INDEMNIFICATION<br>
AND TRANSACTIONS WITH THE TRUST</font></b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Limitation of Shareholder Liability</u>.&#160; No shareholder shall be liable for any debt,
claim, demand, judgment or obligation of any kind of, against or with respect
to the Trust by reason of his being a shareholder, nor shall any shareholder be
subject to any personal liability whatsoever, in tort, contract or otherwise,
to any person in connection with the property or the affairs of the Trust by
reason of his being a shareholder.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Limitation of Trustee and Officer
Liability</u>.&#160; To the maximum extent
that Maryland law in effect from time to time permits limitation of the
liability of trustees and officers of a real estate investment trust, no
current or former Trustee or officer of the Trust shall be liable to the Trust
or to any shareholder for money damages.&#160;
Neither the amendment nor repeal of this Section 9.2, nor the adoption
or amendment of any other provision of the Declaration of Trust inconsistent with
this Section 9.2, shall apply to or affect in any respect the applicability of
the preceding sentence with respect to any act or failure to act which occurred
prior to such amendment, repeal or adoption.&#160;
In the absence of any Maryland statute limiting the liability of
trustees and officers of a Maryland real estate investment trust for money
damages in a suit by or on behalf of the Trust or by any shareholder, or
arising by reason of his or her action on behalf of the Trust, no Trustee or
officer of the Trust shall be liable to the Trust or to any shareholder for
money damages except to the extent that (a) the Trustee or officer actually
received an improper benefit or profit in money, property or services, for the
amount of the benefit or profit in money, property or services actually
received, or (b) a judgment or other final adjudication adverse to the Trustee
or officer is entered in a proceeding based on a finding in the proceeding that
the Trustee&#146;s or officer&#146;s action or failure to act was the result of active
and deliberate dishonesty and was material to the cause of action adjudicated
in the proceeding.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Express Exculpatory Clauses and
Instruments</u>.&#160; Any written instrument
creating an obligation of the Trust shall, to the extent practicable, include a
reference to this Declaration and provide that neither the shareholders nor the
Trustees nor any officers, employees or agents (including the Trust&#146;s advisor,
the &#147;Advisor&#148;) of the Trust shall be liable thereunder and that all persons
shall look solely to the trust estate for the payment of any claim thereunder
or for the performance thereof; however, the omission of such provision from
any such instrument shall not render the shareholders, any Trustee, or any
officer, employee or agent (including the Advisor) of the Trust liable, nor
shall the shareholders, any Trustee or any officer, employee or agent
(including the Advisor) of the Trust be liable to anyone for such omission.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification</u>.&#160; The Trust shall, to the maximum extent
permitted by Maryland law in effect from time to time, indemnify, and pay or
reimburse reasonable expenses in advance of final disposition of a proceeding
to, (a) any individual who is a present or former shareholder, Trustee or
officer of the Trust or (b)</h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any individual who, while a Trustee of the Trust and at the request of
the Trust, serves or has served as a trustee, director, officer, partner,
employee or agent of another real estate investment trust, corporation,
partnership, joint venture, trust, employee benefit plan or any other
enterprise from and against any claim or liability to which such person may
become subject or which such person may incur by reason of his status as a
present or former shareholder, Trustee or officer of the Trust.&#160; The Trust shall have the power, with the
approval of its Board of Trustees, to provide such indemnification and
advancement of expenses to a person who served a predecessor of the Trust in
any of the capacities described in (a) or (b) above and to any employee or
agent of the Trust or a predecessor of the Trust.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Transactions Between the Trust and its
Trustees, Officers, Employees and Agents</u>.&#160;
(a) Subject to any express restrictions adopted by the Trustees in the
Bylaws or by resolution, the Trust may enter into any contract or transaction
of any kind, whether or not any of its Trustees, officers, employees or agents
has a financial interest in such transaction, with any person, including any
Trustee, officer, employee or agent of the Trust or any person affiliated with
a Trustee, officer, employee or agent of the Trust or in which a Trustee,
officer, employee or agent of the Trust has a material financial interest.</h2>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To the extent permitted
by Maryland law, a contract or other transaction between the Trust and any
Trustee or between the Trust and RMR or any other corporation, trust, firm, or
other entity in which any Trustee is a director or trustee or has a material
financial interest shall not be void or voidable if:</p>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 68.4pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
fact of the common directorship, trusteeship or interest is disclosed or known
to:</h5>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 108.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
Board of Trustees or a proper committee thereof, and the Board of Trustees or
such Committee authorizes, approves or ratifies the contract or transaction by
the affirmative vote of a majority of disinterested Trustees, even if the
disinterested Trustees constitute less than a quorum; or</h6>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 108.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
shareholders entitled to vote, and the contract or transaction is authorized,
approved, or ratified by a majority of the votes cast by the shareholders
entitled to vote other than the votes of shares owned of record or beneficially
by the interested trustee, corporation, trust, firm or other entity; or</h6>

<h6 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 108.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
contract or transaction is fair and reasonable to the Trust.</h6>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt 68.4pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Common
or interested trustees or the shares owned by them or by an interested
corporation, trust, firm or other entity may be counted in determining the
presence of a quorum at a meeting of the Board of Trustees or a committee
thereof or at a meeting of the shareholders, as the case may be, at which the
contract or transaction is authorized, approved or ratified.</h5>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The
failure of a contract or other transaction between the Trust and any Trustee or
between the Trust and RMR or any other corporation, trust, firm, or other
entity in which any Trustee is a director or trustee or has a material
financial interest to satisfy the criteria set forth in Section 9.5(b) shall
not create any presumption that such contract or other transaction is void,
voidable or otherwise invalid, and any such contract or other transaction shall
be valid to the fullest extent permitted by Maryland law.&#160; To the fullest extent permitted by Maryland
law, (i) the fixing by the Board of Trustees of compensation for a Trustee
(whether as a Trustee or in any other capacity) and (ii) Section 9.4 of this
Declaration of Trust or any provision of the Bylaws or any contract or
transaction requiring or permitting indemnification (including advancing of
expenses) in accordance with terms and procedures not materially less favorable
to the Trust than those described in Section 2-418 (or any successor section
thereto) of the Maryland General Corporation Law (as in effect at the time such
provision was adopted</p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or such contract or
transaction was entered into or as it may thereafter be in effect) shall be
deemed to have satisfied the criteria set forth in Section 9.5(b).</font></p>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Right of Trustees, Officers, Employees
and Agents to Own Shares or Other Property and to Engage in Other Business</u>.&#160; Subject to any restrictions which may be
adopted by the Trustees in the Bylaws or otherwise:&#160; Any Trustee or officer, employee or agent of
the Trust may acquire, own, hold and dispose of Shares in the Trust, for his or
her individual account, and may exercise all rights of a shareholder to the
same extent and in the same manner as if he or she were not a Trustee or
officer, employee or agent of the Trust.&#160;
Any Trustee or officer, employee or agent of the Trust may, in his or
her personal capacity or in the capacity of trustee, officer, director,
stockholder, partner, member, advisor or employee of any Person or otherwise,
have business interests and engage in business activities similar to or in
addition to those relating to the Trust, which interests and activities may be
similar to and competitive with those of the Trust and may include the
acquisition, syndication, holding, management, development, operation or
disposition, for his own account, or for the account of such Person or others,
of interests in mortgages, interests in real property, or interests in Persons
engaged in the real estate business.&#160;
Each Trustee, officer, employee and agent of the Trust shall be free of
any obligation to present to the Trust any investment opportunity which comes
to him or her in any capacity other than solely as Trustee, officer, employee
or agent of the Trust even if such opportunity is of a character which, if
presented to the Trust, could be taken by the Trust.&#160; Any Trustee or officer, employee or agent of
the Trust may be interested as trustee, officer, director, stockholder,
partner, member, advisor or employee of, or otherwise have a direct or indirect
interest in, any Person who may be engaged to render advice or services to the
Trust, and may receive compensation from such Person as well as compensation as
Trustee, officer, employee or agent or otherwise hereunder.&#160; None of these activities shall be deemed to
conflict with his or her duties and powers as Trustee or officer, employee or
agent of the Trust.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Persons Dealing with Trustees,
Officers, Employees or Agents</u>.&#160; Any
act of the Trustees or of the officers, employees or agents of the Trust
purporting to be done in their capacity as such, shall, as to any Persons
dealing with such Trustees, officers, employees or agents, be conclusively
deemed to be within the purposes of this Trust and within the powers of such
Trustees or officers, employees or agents.&#160;
No Person dealing with the Board or any of the Trustees or with the
officers, employees or agents of the Trust shall be bound to see to the
application of any funds or property passing into their hands or control.&#160; The receipt of the Board or any of the
Trustees, or of authorized officers, employees or agents of the Trust, for
moneys or other consideration, shall be binding upon the Trust.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reliance</u>.&#160; The Trustees and the officers, employees and
agents of the Trust may consult with counsel and the advice or opinion of such
counsel shall be full and complete personal protection to all the Trustees and
the officers, employees and agents of the Trust in respect of any action taken
or suffered by them in good faith and in reliance on or in accordance with such
advice or opinion.&#160; In discharging their
duties, Trustees or officers, employees or agents of the Trust, when acting in good
faith, may rely upon financial statements of the Trust represented to them to
fairly present the financial position or results of operations of the Trust by
the chief financial officer of the Trust or the officer of the Trust having
charge of its books of account, or stated in a written report by an independent
certified public accountant fairly to present the financial position or results
of operations of the Trust.&#160; The Trustees
and the officers, employees and agents of the Trust may rely, and shall be
personally protected in acting, upon any instrument or other document believed
by them to be genuine.</h2>

<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE X<br>
</font></b><br>
<b>AMENDMENTS</b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General</u>.&#160; The Trust reserves the right from time to
time to make any amendment to the Declaration of Trust, now or hereafter
authorized by law, including any amendment altering the terms or</h2>


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<h2 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contract rights, as expressly set forth in the Declaration of Trust, of
any Shares, except that the provisions governing the personal liability of the
shareholders, Trustees and of the officers, employees and agents of the Trust
and the prohibition of assessments upon shareholders may not be amended in any
respect that could increase the personal liability of such shareholders,
Trustees or officers, employees and agents of the Trust.&#160; All rights and powers conferred by the
Declaration of Trust on shareholders, Trustees and officers are granted subject
to this reservation.&#160; An amendment to the
Declaration of Trust (a) shall be signed and acknowledged by at least a
majority of the Trustees, or an officer duly authorized by at least a majority
of the Trustees, (b) shall be filed for record as provided in Section 13.5 and
(c) shall become effective as of the later of the time the SDAT accepts the
amendment for record or the time established in the amendment, not to exceed
thirty (30) days after the amendment is accepted for record.&#160; All references to the Declaration of Trust
shall include all amendments thereto.</font></h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>By Trustees</u>.&#160; The Trustees may amend this Declaration of
Trust from time to time, in the manner provided by Title 8, without any action
by the shareholders, to qualify as a real estate investment trust under the
Code or under Title 8 and as otherwise provided in Section 8-501(e) of Title 8
and the Declaration of Trust.&#160; If
permitted by Maryland law as in effect from time to time, the Trustees may
amend this Declaration of Trust from time to time in any other respect, in
accordance with such law, without any action by the shareholders.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>By Shareholders</u>.&#160; Except as otherwise provided in Section 10.2
and subject to the following sentence, any amendment to this Declaration of
Trust must first be advised by the Board of Trustees and then shall be valid
only if approved by (i) the affirmative vote of a majority of all the votes
entitled to be cast on the matter or (ii) if Maryland law hereafter permits the
effectiveness of a vote described in this clause (ii), the affirmative vote of
a majority of the votes cast on the matter.&#160;
Any amendment to Section 5.2.2 or 5.3 or to this sentence of the
Declaration of Trust shall be valid only if approved by the Board of Trustees
and then by the affirmative vote of two- thirds (2/3) of all votes entitled to
be cast on the matter.</h2>

<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
XI<br>
</font></b><br>
<b>MERGER, CONSOLIDATION OR SALE OF TRUST PROPERTY</b></h1>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the provisions
of any class or series of Shares at the time outstanding, the Trust may (a)
merge with or into another entity, (b) consolidate with one or more other
entities into a new entity or (c) sell, lease, exchange or otherwise transfer
all or substantially all of the trust property.&#160;
Any such action must first be approved by the Board of Trustees and,
after notice to all shareholders entitled to vote on the matter, by (i) the
affirmative vote of a majority of all the votes entitled to be cast on the
matter or (ii) if Maryland law hereafter permits the effectiveness of a vote
described in this clause (ii), the affirmative vote of a majority of the votes
cast on the matter</font></p>

<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
XII<br>
</font></b><br>
<b>DURATION AND TERMINATION OF TRUST</b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Duration</u>.&#160; The Trust shall continue perpetually unless
terminated pursuant to Section 12.2.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Termination</u>.</h2>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the
provisions of any class or series of Shares at the time outstanding, after
approval by a majority of the entire Board of Trustees, the Trust may be
terminated at any meeting of shareholders by (i) the affirmative vote of a
majority of all the votes entitled to be cast on the matter or (ii) or if</h4>


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<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">hereafter expressly authorized by Title 8, the affirmative vote of a
majority of the votes cast on the matter.&#160;
Upon the termination of the Trust:</font></h4>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trust shall carry on no business except
for the purpose of winding up its affairs.</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Trustees shall proceed to wind up the
affairs of the Trust and all of the powers of the Trustees under the
Declaration of Trust shall continue, including the powers to fulfill or
discharge the Trust&#146;s contracts, collect its assets, sell, convey, assign,
exchange, transfer or otherwise dispose of all or any part of the remaining
property of the Trust to one or more persons at public or private sale for
consideration which may consist in whole or in part of cash, securities or
other property of any kind, discharge or pay its liabilities and do all other
acts appropriate to liquidate its business.</h5>

<h5 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:108.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>After paying or adequately providing for the
payment of all liabilities, and upon receipt of such releases, indemnities and
agreements as they deem necessary for their protection, the Trust may
distribute the remaining property of the Trust among the shareholders so that
after payment in full or the setting apart for payment of such preferential
amounts, if any, to which the holders of any Shares at the time outstanding
shall be entitled, the remaining property of the Trust shall, subject to any participating
or similar rights of Shares at the time outstanding, be distributed ratably
among the holders of Common Shares at the time outstanding.</h5>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>After termination of the Trust, the
liquidation of its business and the distribution to the shareholders as herein
provided, a majority of the Trustees shall execute and file with the Trust&#146;s
records a document certifying that the Trust has been duly terminated and the
Trustees shall be discharged from all liabilities and duties hereunder, and the
rights and interests of all shareholders shall cease.</h4>

<h1 align="center" style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
XIII<br>
</font></b><br>
<b>MISCELLANEOUS</b></h1>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u>.&#160; The Declaration of Trust is executed and
delivered with reference to the laws of the State of Maryland, and the rights
of all parties and the validity, construction and effect of every provision
hereof shall be subject to and construed according to the laws of the State of
Maryland.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Reliance by Third
Parties</u>.&#160; Any certificate shall be
final and conclusive as to any person dealing with the Trust if executed by the
Secretary or an Assistant Secretary of the Trust or a Trustee, and if
certifying to: (a) the number or identity of Trustees, officers of the Trust or
shareholders; (b) the due authorization of the execution of any document; (c)
the action or vote taken, and the existence of a quorum, at a meeting of the
Board of Trustees or shareholders; (d) a copy of the Declaration of Trust or of
the Bylaws as a true and complete copy as then in force; (e) an amendment to
the Declaration of Trust; (f) the termination of the Trust; or (g) the
existence of any fact relating to the affairs of the Trust.&#160; No purchaser, lender, transfer agent or other
person shall be bound to make any inquiry concerning the validity of any
transaction purporting to be made by the Trust on its behalf or by any officer,
employee or agent of the Trust.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.</h2>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The provisions of the
Declaration of Trust are severable, and if the Board of Trustees shall
determine, with the advice of counsel, that any one or more of such provisions
(the &#147;Conflicting Provisions&#148;) are in conflict with the Code, Title 8 or other
applicable federal or state laws, the Conflicting Provisions, to the extent of
the conflict, shall be deemed never to have constituted a part of the Declaration
of Trust, even without any amendment of the Declaration of Trust pursuant to
Article X and without affecting or</h4>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<h4 style="font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">impairing any of the remaining provisions of the Declaration of Trust
or rendering invalid or improper any action taken or omitted (including but not
limited to the election of Trustees) prior to such determination.&#160; No Trustee shall be liable for making or
failing to make such a determination.&#160; In
the event of any such determination by the Board of Trustees, the Board shall
amend the Declaration of Trust in the manner provided in Section 10.2.</font></h4>

<h4 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any provision of the Declaration of Trust
shall be held invalid or unenforceable in any jurisdiction, such holding shall
apply only to the extent of any such invalidity or unenforceability and shall
not in any manner affect, impair or render invalid or unenforceable such
provision in any other jurisdiction or any other provision of the Declaration
of Trust in any jurisdiction.</h4>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Construction</u>.&#160; In the Declaration of Trust, unless the context
otherwise requires, words used in the singular or in the plural include both
the plural and singular and words denoting any gender include all genders.&#160; The title and headings of different parts are
inserted for convenience and shall not affect the meaning, construction or
effect of the Declaration of Trust.&#160; In
defining or interpreting the powers and duties of the Trust and its Trustees
and officers, reference may be made by the Trustees or officers, to the extent
appropriate and not inconsistent with the Code or Title 8, to Titles 1 through
3 of the Corporations and Associations Article of the Annotated Code of
Maryland.&#160; In furtherance and not in
limitation of the foregoing, in accordance with the provisions of Title 3,
Subtitles 6 and 7, of the Corporations and Associations Article of the
Annotated Code of Maryland, the Trust shall be included within the definition
of &#147;corporation&#148; for purposes of such provisions.</h2>

<h2 style="font-family:Times New Roman;font-size:10.0pt;font-weight:normal;margin:0pt 0pt 12.0pt;page-break-after:auto;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 13.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Recordation</u>.&#160; The Declaration of Trust and any amendment
hereto shall be filed for record with the SDAT and may also be filed or
recorded in such other places as the Trustees deem appropriate, but failure to
file for record the Declaration of Trust or any amendment hereto in any office
other than in the State of Maryland shall not affect or impair the validity or
effectiveness of the Declaration of Trust or any amendment hereto.&#160; A restated Declaration of Trust shall, upon
filing, be conclusive evidence of all amendments contained therein and may
thereafter be referred to in lieu of the original Declaration of Trust and the
various amendments thereto.</h2>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD</font></u>:&#160; The amendment to and restatement of the
Declaration of Trust of the Trust as hereinabove set forth have been duly
advised by the Board of Trustees and approved by the shareholders of the Trust
as required by law.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH</font></u>:&#160; The total number of shares of beneficial
interest which the Trust has authority to issue has not been amended by this
amendment and restatement.</p>


 <p style="margin:24.0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 5.1</font></b></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[LETTERHEAD OF VENABLE LLP]</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February 7, 2007</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
Senior Housing Properties Trust<br>
400 Centre Street<br>
Newton, Massachusetts 02458</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 108.0pt;text-autospace:none;text-indent:-36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registration
Statement on Form S-3 (File No. 333-135716)</u></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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
up to 6,900,000 common shares (the &#147;Shares&#148;) of beneficial interest, $.01 par
value per share, of the Company (including up to 900,000 Shares which the
underwriters in the Offering (as defined herein) have the option to purchase
solely to cover over-allotments), 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 February 7, 2007 (the &#147;Prospectus Supplement&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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 of the Company, as amended and supplemented (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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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>


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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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; The form and
content of all Documents submitted to us as unexecuted drafts do not differ in
any respect relevant to this opinion from the form and content of such
Documents as executed and delivered.&#160;&#160;&#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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">2</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><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:0pt 0pt 12.0pt;text-autospace:none;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This opinion is being furnished to you 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.&#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:0pt 0pt 12.0pt 252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,<br>
/s/ Venable LLP</font></p>


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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 8.1</font></b></p>

<p align="center" style="margin:0pt 0pt 18.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp; Worcester Letterhead</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:262.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February
7, 2007</font></p>

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

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400 Centre Street</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton,
Massachusetts&#160; 02458</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and
Gentlemen:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 8.1 to the Company&#146;s Current Report on Form 8-K to be
filed within one week of the date hereof (the &#147;Form 8-K&#148;) under the Securities
Exchange Act of 1934, as amended.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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
Statement on Form S-3, File No.&nbsp;333-135716 (the &#147;Registration Statement&#148;),
under the Securities Act of 1933, as amended (the &#147;Act&#148;), and we have reviewed
originals or copies of the Registration Statement, such 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.&#160; In doing so, we have assumed the genuineness
of all signatures, the legal capacity of natural persons, the authenticity of
all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as copies, and the authenticity of
the originals of such documents.&#160;
Specifically, and without limiting the generality of the foregoing, we
have reviewed: (i)&nbsp;the amended and restated declaration of trust and the
amended and restated by-laws of the Company, each as amended to date, and in
the case of the declaration of trust, as supplemented; (ii)&nbsp;the prospectus
supplement dated February 7, 2007 (the &#147;Prospectus Supplement&#148;) to the final
prospectus dated July 12, 2006 (as supplemented by the Prospectus Supplement,
the &#147;Prospectus&#148;), which forms a part of the Registration Statement, relating
to, <i>inter alia</i>, the Company&#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/A for its fiscal year ended December&nbsp;31, 2005 (the &#147;Form&nbsp;10-K/A&#148;)
captioned &#147;Federal Income Tax Considerations&#148; and &#147;ERISA Plans, Keogh Plans and
Individual Retirement Accounts&#148;.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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, &#147;Tax</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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, &#147;ERISA Laws&#148;).&#160; No
assurance can be given that Tax Laws or ERISA Laws will not change.&#160; In preparing the discussions with respect to
Tax Laws matters and ERISA Laws matters in the sections of Item 1 of the Form
10-K/A captioned &#147;Federal Income Tax Considerations&#148; and &#147;ERISA Plans,
Keogh Plans and Individual Retirement Accounts&#148;, as supplemented by the section
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) the
information set forth in the Form 10-K/A, the Prospectus and in the documents
incorporated therein by reference; and (ii) representations and certifications
made to us by officers of the Company or contained in the Form 10-K/A, 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;.&#160; We have not
independently verified such information.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 10-K/A, 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:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 and ERISA Laws matters in the sections of Item 1 of the Form 10-K/A
captioned &#147;Federal Income Tax Considerations&#148; and &#147;ERISA Plans, Keogh Plans and
Individual Retirement Accounts&#148;, as supplemented by the discussion in the
section 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 style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 Tax Laws or ERISA Laws.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><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 8-K, which is incorporated by reference in the Company&#146;s
Registration Statement, and to the references to our firm in the Prospectus
Supplement.&#160; In giving such consent, we
do not thereby admit that we come within the category of persons whose consent
is</font></p>


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<p style="margin:0pt 0pt 12.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required under Section 7
of the Act or under the rules and regulations of the SEC promulgated
thereunder.</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very
truly yours,</font></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:252.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SULLIVAN &amp; WORCESTER LLP</font></p>


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