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<SEC-DOCUMENT>0001104659-07-088669.txt : 20071213
<SEC-HEADER>0001104659-07-088669.hdr.sgml : 20071213
<ACCEPTANCE-DATETIME>20071213140023
ACCESSION NUMBER:		0001104659-07-088669
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20071212
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:		20071213
DATE AS OF CHANGE:		20071213

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:		071304190

	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>a07-31275_18k.htm
<DESCRIPTION>8-K
<TEXT>

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

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

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

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

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

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

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

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

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Date of Report (Date of earliest event reported): <b>December&nbsp;12, 2007 (December&nbsp;12, 2007)</b></font></p>

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

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

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

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

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

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

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

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">00</font></b><b>1-15319</b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">04-3445278</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Commission File Number)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(IRS Employer Identification
  No.)</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">400 Centre Street, Newton, Massachusetts</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">02458</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Address of Principal
  Executive Offices)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
  <td width="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Zip Code)</font></p>
  </td>
 </tr>
</table>

</div>

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Check the appropriate box below if the Form&nbsp;8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425
under the Securities Act (17 CFR 230.425)</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12
under the Exchange Act (17 CFR 240.14a-12)</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&nbsp;&nbsp;Pre-commencement communications
pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR
240.14d-2(b))</font></p>

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font size="1" style="font-size:8.5pt;letter-spacing:-.15pt;">&nbsp;&nbsp;</font><font style="letter-spacing:-.15pt;">Pre-commencement
communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17
CFR 240.13e-4(c))</font></p>

<div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">

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

</div>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03.</font></b><b><font size="1" face="Times New Roman" style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal Year.</font></b></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
December&nbsp;12, 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 87,000,000 to 95,000,000.&#160; The
Company&#146;s authorized shares are currently classified as follows: (i)&nbsp;94,700,000
common shares, $0.01 par value per share; and (ii)&nbsp;300,000 junior
participating preferred shares, $0.01 par value per share.</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On December&nbsp;12, 2007, the Company priced an
underwritten public offering of </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000,000</font><font size="2" face="Times New Roman" style="font-size:10.0pt;"> common shares of beneficial
interest.&#160; The Company expects to issue
and deliver these shares on or about December&nbsp;17, 2007.&#160; The public offering price was $22.81 per
share.&#160; The Company expects to use the
$108.7 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,
including possible future acquisitions of properties.&#160; The Company also granted the underwriters an
option to purchase an additional </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">750,000</font><font size="2" face="Times New Roman" style="font-size:10.0pt;"> common shares to cover over-allotments,
if any.</font></p>

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

<p style="margin:0in 0in .0001pt;"><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 of qualification under the securities laws of
any such state.</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><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&nbsp;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 OUR PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT
FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY&nbsp;NOT
OCCUR.&nbsp; ACTUAL RESULTS MAY&nbsp;DIFFER MATERIALLY FROM THOSE CONTAINED IN
OR IMPLIED BY OUR 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

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

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

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

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

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Underwriting Agreement,
dated as of December&nbsp;12, 2007, between Senior Housing Properties Trust and
the underwriters named therein relating to the issuance and sale of up to 5,750,000 of the Company&#146;s common
shares of beneficial interest.</p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Composite
Copy of the Company&#146;s Amended and Restated Declaration of Trust, dated September&nbsp;20,
1999, as amended to date.</p>

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:39.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR
  HOUSING PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="27%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:27.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David J. Hegarty</font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in 0in 0in 0in;width:8.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">David J. Hegarty</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="60%" valign="top" style="padding:0in 0in 0in 0in;width:60.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: December&nbsp;12, 2007</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="451" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="46" style="border:none;"></td>
  <td width="162" style="border:none;"></td>
  <td width="64" style="border:none;"></td>
 </tr>
</table>

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

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

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

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

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000 000 Shares of Beneficial Interest<br>
(par value $0.01 per share)</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;12,
2007</font></p>

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

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

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

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

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;12, 2007</font></p>

<p style="margin:0in 0in .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;">Merrill Lynch,
Pierce, Fenner&nbsp;&amp; Smith</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160; Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4
World Financial Center, 16th floor</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
York, NY 10080</font></p>

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

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 5,000,000 common shares (the &#147;Firm
Shares&#148;) of beneficial interest, par value $0.01 per share&#160; (the &#147;Common Shares&#148;) of the Company</font><font size="2" style="font-size:10.0pt;">.&#160; </font><font size="2" style="font-size:10.0pt;">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 750,000
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;
</font><font size="2" style="font-size:10.0pt;">The Shares are
described in the Prospectus which is referred to below.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has prepared and filed </font><font size="2" style="font-size:10.0pt;">with the Securities and
Exchange Commission (the &#147;Commission&#148;), </font><font size="2" style="font-size:10.0pt;">in accordance with the provisions of the </font><font size="2" style="font-size:10.0pt;">Securities Act </font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of 1933, as amended, and the
rules&nbsp;and regulations of the Commission thereunder (collectively, the &#147;Act&#148;),
</font><font size="2" style="font-size:10.0pt;">a registration
statement (File No.&nbsp;333-135716) on Form&nbsp;S-3 under the Act (the &#147;</font><font size="2" style="font-size:10.0pt;">shelf </font><font size="2" style="font-size:10.0pt;">registration statement&#148;), including a
prospectus relating to</font><font size="2" style="font-size:10.0pt;">, among other things, Common Shares, preferred
shares of beneficial interest, depository shares, guarantees, debt securities
and warrants for such securities of the Company, </font><font size="2" style="font-size:10.0pt;">and such amendments to such registration statement, as
may have been required prior to the date hereof, have been similarly prepared
and have been filed with the Commission.&#160;
Such </font><font size="2" style="font-size:10.0pt;">shelf </font><font size="2" style="font-size:10.0pt;">registration statement, as so amended, and any
post-effective amendments thereto, have become effective under the Act.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company will next file with the Commission pursuant to Rule&nbsp;424(b)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where the context otherwise requires, the term &#147;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&nbsp;11 of the
Act, as such section applies to the respective Underwriters (the &#147;Effective
Time&#148;), including (i)&nbsp;all documents filed as part thereof or incorporated
by reference or deemed to be incorporated by reference therein and (ii)&nbsp;any
information contained or incorporated by reference in a prospectus filed with
the Commission pursuant to Rule&nbsp;424(b)&nbsp;under the Act, to the extent
such information is deemed, pursuant to Rule&nbsp;430B or Rule&nbsp;430C under
the Act, to be part of the registration statement at the Effective Time.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except where the context otherwise requires, the term &#147;Basic Prospectus&#148;
as used in this Agreement means the prospectus dated July&nbsp;12, 2006, as
filed with the Commission pursuant to Rule&nbsp;424(b)&nbsp;and included in the
</font><font size="2" style="font-size:10.0pt;">shelf </font><font size="2" style="font-size:10.0pt;">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&nbsp;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&nbsp;424, the term &#147;Prospectus&#148;
shall refer to the Basic Prospectus as so amended or supplemented and as
supplemented by the Prospectus Supplement.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#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&nbsp;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&nbsp;405
under the Act) (each such road show, a &#147;Road Show&#148;).</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any reference in this Agreement to the </font><font size="2" style="font-size:10.0pt;">shelf </font><font size="2" style="font-size:10.0pt;">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 </font><font size="2" style="font-size:10.0pt;">shelf </font><font size="2" style="font-size:10.0pt;">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.</font></p>

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

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

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;9 hereof) at a purchase price of $21.7835 per share (the &#147;Purchase
Price Per Share&#148;).</font></h1>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company is advised by you that the Underwriters intend (i)&nbsp;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)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the 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>

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

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

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

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

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

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;A.M., New York City time, on December&nbsp;17, 2007
(unless another time shall be agreed to by you or unless postponed in
accordance with the provisions of Section&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deliveries of the documents described in Section&nbsp;7 hereof with
respect to the purchase of the Shares shall be made at 9:00&nbsp;A.M. at such
location(s)&nbsp;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>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&nbsp;the Company
is eligible to use Form&nbsp;S-3 and the offering of the Shares complies and
will comply with the requirements of Rule&nbsp;415 under the Act including,
without limitation, Rule&nbsp;415(a)(5); (ii)&nbsp;each part of the
Registration Statement, when it became effective, complied, or with respect to
any part of the 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&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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&nbsp;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&nbsp;10(a)&nbsp;of the Act); (viii)&nbsp;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&nbsp;172 under the Act or any similar rule) in
connection with any sale of Shares did or will any Prospectus Supplement or the
Prospectus, as then amended or supplemented, include an untrue statement of a
material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">under which they
were made, not misleading; (ix)&nbsp;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)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&nbsp;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)&nbsp;the Company has
not, directly or indirectly, prepared, used or referred to any Permitted Free
Writing Prospectus except in compliance with Rule&nbsp;163 or with Rules&nbsp;164
and 433 under the Act; (iii)&nbsp;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&nbsp;433(d)&nbsp;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&nbsp;164 or Rule&nbsp;433
(without reliance on subsections (b), (c)&nbsp;and (d)&nbsp;of Rule&nbsp;164), (iv)&nbsp;the
conditions set forth in one or more of subclauses (i)&nbsp;through (iv),
inclusive, of Rule&nbsp;433(b)(1)&nbsp;under the Act are satisfied, (v)&nbsp;the
Prepricing Prospectus is a prospectus that, other than by reason of Rule&nbsp;433
or Rule&nbsp;431 under the Act, satisfies the requirements of Section&nbsp;10
of the Act, (vi)&nbsp;neither the Company nor the Underwriters are
disqualified, by reason of subsection (f)&nbsp;or (g)&nbsp;of Rule&nbsp;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&nbsp;405 under the Act)
pursuant to Rules&nbsp;164 and 433 under the Act, (vii)&nbsp;the Company is not
an &#147;ineligible issuer&#148; (as defined in Rule&nbsp;405 under the Act) as of the
eligibility determination date for purposes of Rules&nbsp;164 and 433 under the
Act with respect to the offering of the Shares contemplated by the Registration
Statement, (viii)&nbsp;the parties hereto agree and understand that the content
of any and all &#147;road shows&#148; (as defined in Rule&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;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 misleading, and (ii)&nbsp;any Prepricing
Prospectus, the Prospectus or any Permitted Free </font></h2>

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

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

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 8,000,000 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;the
Company&#146;s subsidiaries (as defined in the Act) (the &#147;Subsidiaries&#148;) and (ii)&nbsp;the
Company&#146;s ownership of 1,000,000 common shares of HRPT Properties Trust and
35,000 common shares of Five Star Quality Care,&nbsp;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&nbsp;1-02(w)&nbsp;of
Regulation S-X) of the Company.&#160; Each
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 </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 laws relating to Maryland real estate investment trusts (&#147;Maryland
REIT Law&#148;);</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;its
Declaration of Trust, charter or by-laws or other organizational documents, (ii)&nbsp;any
obligation, agreement, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement or other agreement or instrument to
which the Company or any Subsidiary is subject or by which any of them or any
of their properties is bound or affected or (iii)&nbsp;any order, rule&nbsp;or
regulation of any court or governmental agency or body </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">having
jurisdiction over the Company or any of its or its Subsidiaries&#146; properties,
except, in the case of clauses (ii)&nbsp;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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the issuance by
the Company of the Shares, </font><font size="2" style="font-size:10.0pt;">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 </font><font size="2" style="font-size:10.0pt;">(including,
without limitation, the application of the net proceeds of the offering by the
Company as described in the Prospectus) </font><font size="2" style="font-size:10.0pt;">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)&nbsp;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)&nbsp;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)&nbsp;any
applicable laws or any order, rule&nbsp;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;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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><font size="2" style="font-size:10.0pt;">issuance and
sale of the Shares or the </font><font size="2" style="font-size:10.0pt;">consummation by the Company of the transactions as contemplated hereby </font><font size="2" style="font-size:10.0pt;">(including,
without limitation, the application of the net proceeds of the offering by the
Company as described in the Prepricing Prospectus and the Prospectus)</font><font size="2" style="font-size:10.0pt;">, other than registration of the Shares
under the Act, which has been effected, and any necessary qualification under
the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered by the Underwriters;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ernst&nbsp;&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&nbsp;10-K for the fiscal year ended December&nbsp;31,
2006 and is incorporated by reference in the Registration Statement, the
Prepricing </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prospectus, the
Prospectus and, if applicable, any Permitted Free Writing Prospectuses, are
independent public accountants as required by the Act and by the rules&nbsp;of
the Public Company Accounting Oversight Board;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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.&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;or regulation
(including without limitation any such law, rule&nbsp;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&nbsp;or regulation (including without
limitation any Health Care Laws or Environmental Laws), which would,
individually or in the aggregate, have a Material Adverse Effect.&#160; To the Company&#146;s knowledge, there is no
violation of any local, state or federal law, rule&nbsp;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 </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&nbsp;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&nbsp;3(s)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;the leasehold interests of lessees in the
Company&#146;s and the Subsidiaries&#146; properties held under lease (the &#147;Leases&#148;), (ii)&nbsp;any
other Property Encumbrances that would not, individually or in the aggregate,
have a Material Adverse Effect and (iii)&nbsp;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 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>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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, 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&nbsp;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.&nbsp;46),
not disclosed 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 </font></h2>

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

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

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;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)&nbsp;any transaction
which is material to the Company or the Subsidiaries, (iii)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;regular
quarterly dividends, declared, paid or made and (B)&nbsp;the issuance of common
shares of beneficial interest to the trustees and officers of the Company and
directors, officers and employees of Reit Management&nbsp;&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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 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 </font></h2>

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

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

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(y)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;A hereto, of its managing
trustees (Messrs.&nbsp;Barry M. Portnoy and Adam D. Portnoy) and executive
officers (Messrs.&nbsp;David J. Hegarty and Richard A. Doyle);</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;transactions are executed in
accordance with management&#146;s general or specific authorization; (ii)&nbsp;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)&nbsp;access to assets is permitted only in
accordance with management&#146;s general or specific authorization; and (iv)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;13a-15 and 15d-15 under the Exchange Act)
and &#147;internal control over financial reporting&#148; (as such term is defined in Rule&nbsp;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)&nbsp;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, summarize, and report
financial information, and (ii)&nbsp;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 </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company&#146;s internal
control over financial reporting have been identified for the Company&#146;s
auditors; and since September&nbsp;30, 2007, the date of the most recent
evaluation of such disclosure controls and procedures, there has been no
significant change in the Company&#146;s internal control over financial reporting
or in other factors that has materially affected, or is reasonably likely to
materially affect, the Company&#146;s internal control over financial reporting; the
principal executive officers (or their equivalents) and principal financial
officers (or their equivalents) of the Company have made all certifications
required by the Sarbanes-Oxley Act of 2002 (the &#147;Sarbanes-Oxley Act&#148;) and any
related rules&nbsp;and regulations promulgated by the Commission, and the
statements contained in any such certification in the Incorporated Documents
filed since January&nbsp;1, 2007 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&nbsp;and regulations of the
Commission and the NYSE promulgated thereunder;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;30, 2002, the Company has not,
directly or indirectly, including through any Subsidiary: (i)&nbsp;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)&nbsp;made any material modification,
including any renewal thereof, to any term of any personal loan to any trustee
or executive officer of the Company, or any family member or affiliate of any
trustee or executive officer, which loan was outstanding on July&nbsp;30, 2002;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 </font></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any funds in
violation of any law, rule&nbsp;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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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><font size="2" style="font-size:10.0pt;">and the Shares will be, subject to official notice
of issuance and evidence of satisfactory distribution, </font><font size="2" style="font-size:10.0pt;">listed on the NYSE; and the Company is in
compliance with NYSE listing standards;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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
Conduct Rule&nbsp;2710(b)(7)(C)(i)&nbsp;of the </font><font size="2" style="font-size:10.0pt;">Financial Industry
Regulatory Authority,&nbsp;Inc.</font><font size="2" style="font-size:10.0pt;"> (&#147;<u>FINRA</u>&#148;), the Shares have been registered
with the Commission on Form&nbsp;S-3 under the Act pursuant to the standards
for such Form&nbsp;S-3 in effect prior to October&nbsp;21, 1992.</font></h2>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#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 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></h2>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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&nbsp;172 under the
Act or any similar rule), in connection with the sale of the Shares, a
prospectus beyond the nine-month period referred to in Section&nbsp;10(a)(3)&nbsp;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&nbsp;10(a)(3)&nbsp;of the Act;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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&nbsp;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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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 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>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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)&nbsp;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)&nbsp;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)&nbsp;upon
request, copies of documents or reports filed with any national securities
exchange on which any class of </font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">securities of the Company
is listed, and (iv)&nbsp;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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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&nbsp;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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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
earning statement of the Company satisfying the provisions of the last
paragraph of Section&nbsp;11(a)&nbsp;of the Act and Rule&nbsp;158(c)&nbsp;thereunder;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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><font size="2" style="font-size:10.0pt;">and the additional time of
purchase, as the case may be, </font><font size="2" style="font-size:10.0pt;">but not later than two business days prior thereto, a
copy of the latest available unaudited interim consolidated financial
statements, if any, of the Company and the Subsidiaries which have been read by
the Company&#146;s independent certified public accountants, as stated in their
letter to be furnished pursuant to Section&nbsp;7(f)&nbsp;hereof;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to apply the
net proceeds from the sale of the Shares, in all material respects, in the
manner set forth under the caption &#147;Use of proceeds&#148; in the Prospectus;</font></h3>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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)&nbsp;above,
a copy of any document proposed to be filed pursuant to Section&nbsp;13, 14 or
15(d)&nbsp;of the Exchange Act;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;any filing for
review of the public offering of the Shares by FINRA (including the legal fees
and filing fees and other disbursements of counsel to the Underwriters with respect
thereto), (vi)&nbsp;any listing of the Shares on any securities exchange and
any registration thereof under the Exchange Act, (vii)&nbsp;the fees and
disbursements of any transfer agent or registrar for the Shares, (viii)&nbsp;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)&nbsp;the performance of
the Company&#146;s other obligations hereunder;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160;&#160; to comply with Rule&nbsp;433(g)&nbsp;under
the Act;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160;&#160; not to (i)&nbsp;sell,
offer to sell, contract to sell, hypothecate, pledge, grant any option to sell
or otherwise dispose of, directly or indirectly, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section&nbsp;16 of the Exchange Act with respect to, any Common
Shares or securities convertible into or exchangeable or exercisable for Common
Shares or options, warrants or other rights to purchase Common Shares or any
other shares of the Company that are substantially similar to Common Shares, (ii)&nbsp;enter
into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of Common Shares or any
securities convertible into or exercisable or exchangeable for Common Shares,
whether any such transaction is to be settled by delivery of Common Shares or
such other securities, in cash or otherwise,</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

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

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

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;publicly
announce an intention to effect any transaction specified in clause (i)&nbsp;or
(ii), or (iv)&nbsp;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, except for (i)&nbsp;the registration of the Shares and the
sales to the Underwriters pursuant to this Agreement, (ii)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;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)&nbsp;during the period that begins on the date that
is fifteen (15) calendar days plus three (3)&nbsp;business days before the last
day of the Lock-Up Period and ends on the last day of the Lock-Up Period, the
Company issues an earnings release or material news or a material event
relating to the Company occurs; or (b)&nbsp;prior to the expiration of the
Lock-Up Period, the Company announces that it will release earnings results
during the sixteen (16) day period beginning on the last day of the Lock-Up
Period, then the restrictions imposed by this 5(a)(xvi) shall continue to apply
until the expiration of the date that is fifteen (15) calendar days plus three (3)&nbsp;business
days after the date on which the issuance of the earnings release or the
material news or material event occurs;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160;&#160; </font><font size="2" style="font-size:10.0pt;">to use its best
efforts to cause the Shares to be listed on the NYSE;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><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>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)&#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></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.15in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)&#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 </font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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></h3>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;405 under the Securities Act,
required to be filed with the Commission by the Company or any Underwriter
pursuant to Rule&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;or (E)&nbsp;of the second
paragraph of Section&nbsp;8 hereof or pursuant to the last paragraph of Section&nbsp;9
hereof or the default by one or more of the Underwriters in its or their
respective obligations hereunder, the Company shall, in addition to paying the
amounts described in Section&nbsp;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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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><font size="2" style="font-size:10.0pt;">(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)</font><font size="2" style="font-size:10.0pt;">, the performance by the Company of its
obligations hereunder and to the following additional conditions precedent:</font></h1>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;&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&nbsp;&amp;
LeBoeuf LLP, counsel for the Underwriters, stating to the effect set forth in <u>Exhibit&nbsp;</u>B
hereto.&#160; In rendering their opinion as
aforesaid, Sullivan&nbsp;&amp; Worcester LLP may limit such opinion to matters
of federal, Massachusetts and New York law and, as to matters governed by Maryland
law, may rely upon the opinion, dated as of the time of purchase of Venable LLP
delivered pursuant to Section&nbsp;7(b)&nbsp;of this Agreement, provided that
such reliance is expressly authorized by such opinion and a copy of such
opinion is delivered to the Underwriters and is, in form and substance,
satisfactory to the Underwriters and counsel for the Underwriters.&#160; In addition, in rendering such opinion, such
counsel may state that their opinion as to laws of the State of Delaware is
limited to the Delaware General Corporation Law and that their opinion with
respect to the qualification of the Company and 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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&nbsp;&amp;
LeBoeuf LLP, counsel for the Underwriters, stating to the effect set forth in <u>Exhibit&nbsp;C</u>
hereto.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [Reserved]</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;&amp; LeBoeuf 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&nbsp;&amp; LeBoeuf LLP may rely on the opinion of Venable LLP as to all
matters of Maryland law.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;&amp; Young LLP letters addressed to the Underwriters
in the forms approved by UBS Securities LLC, and dated (i)&nbsp;the date of
this Agreement, which letter shall cover, without limitation, the information
in the Registration Statement, any Prepricing Prospectus, the various financial
disclosures, if any, contained in the Permitted Free Writing Prospectuses, if
any, and the Prospectus and (ii)&nbsp;the time of purchase and the additional
time of purchase, as the case may be, which letter shall cover, without
limitation, the information in the Registration 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;424(b)&nbsp;under the Act
at or before 5:30&nbsp;P.M., New York City time, no later than the second full
business day after the date of this Agreement or such earlier time as required
by the Act.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;no
stop order with respect to the effectiveness of the Registration Statement
shall have been issued under the Act or proceedings initiated under Section&nbsp;8(d)&nbsp;or
8(e)&nbsp;of the Act; (ii)&nbsp;the Registration 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)&nbsp;none
of the Prepricing Prospectuses or the Prospectus, and no amendment or
supplements thereto, shall contain an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they
are made, not misleading; (iv)&nbsp;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 </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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</div>
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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">necessary in order to
make the statements therein, in the light of the circumstances under which they
are made, not misleading; and (v)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;any
intended or potential downgrading or (ii)&nbsp;any review or possible change
that does not indicate an improvement, in the rating accorded any securities of
or guaranteed by the Company by any &#147;nationally recognized statistical rating
organization,&#148; as that term is defined in Rule&nbsp;436(g)(2)&nbsp;under the
Act.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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><font size="2" style="font-size:10.0pt;">You shall have
received signed Lock-Up Agreements referred to in Section&nbsp;3(y)&nbsp;hereof.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;and
(h)&nbsp;of this Section&nbsp;7 have been met.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 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-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Shares
shall have been approved for listing on the NYSE.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;upon the execution and delivery
hereof by the parties hereto; or (ii)&nbsp;if, at the time this Agreement is
executed and delivered, it is necessary for the registration statement or a
post-effective amendment thereto to be declared or become effective </font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

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

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<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the sale to the Underwriters of the Shares, as contemplated by this
Agreement, is not carried out by the Underwriters for any reason permitted
under this Agreement or if such sale is not carried out because the Company
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&nbsp;10 hereof) or to
one another hereunder.</font></p>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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 </font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

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

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<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">termination of this
Agreement under the provisions of Section&nbsp;8 hereof) and if the number of
Firm Shares which all Underwriters so defaulting shall have agreed but failed
to take up and pay for does not exceed 10% of the total aggregate number of
Firm Shares, the non-defaulting Underwriters shall take up and pay for (in
addition to the Firm Shares they are obligated to purchase pursuant to Section&nbsp;1
hereof) the Firm Shares agreed to be purchased by all such defaulting
Underwriters, as hereinafter provided.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a new Underwriter or Underwriters are substituted by the
Underwriters or by the Company for a defaulting Underwriter or Underwriters in
accordance with the foregoing provision, the Company 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>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;15 of the Act or Section&nbsp;20 of the Exchange Act,
and the successors and assigns of all of the foregoing persons, from and
against any </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">loss, damage, expense,
liability or claim (including the reasonable cost of investigation) which,
jointly or severally, any such Underwriter or any such person may incur under
the Act, the Exchange Act, the common law or otherwise, insofar as such loss,
damage, expense, liability or claim arises out of or is based upon (i)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in
the Registration 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)&nbsp;any untrue statement or alleged
untrue statement of a material fact included in any Prospectus (the term
Prospectus for the purpose of this Section&nbsp;10 being deemed to include any
Basic Prospectus, any Prepricing Prospectus, the Prospectus Supplement, the
Prospectus and any amendments or supplements to the foregoing), in any
Permitted Free Writing Prospectus, in any &#147;issuer information&#148; (as defined in Rule&nbsp;433
under the Act) of the Company or in any Prospectus together with any
combination of one or more of the Permitted Free Writing Prospectuses, if any,
or arises out of or is based upon any omission or alleged omission to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading, except, with
respect to such Prospectus or Permitted Free Writing Prospectus, insofar as any
such loss, damage, expense, liability or claim arises out of or is based upon
any untrue statement or alleged untrue statement of a material fact contained
in, and in conformity with information concerning such Underwriter furnished in
writing by or on behalf of such Underwriter through you to the Company
expressly 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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;15 of the Act or Section&nbsp;20 of
the Exchange Act, and the successors and assigns of all of the foregoing
persons, from and against any loss, damage, expense, liability or claim
(including the reasonable cost of investigation) which, jointly or severally,
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)&nbsp;any untrue statement or alleged
untrue statement of a material fact contained in, and in conformity with </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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)&nbsp;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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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)&nbsp;and
(b)&nbsp;of this Section&nbsp;10, such person (the &#147;indemnified party&#148;) shall
promptly notify the person against whom such indemnity may be sought (the &#147;indemnifying
party&#148;) in writing of the institution of such Proceeding and such indemnifying
party shall assume the defense of such Proceeding, including the employment of
counsel reasonably satisfactory to such indemnified party) and payment of all
fees and expenses; <u>provided</u>, <u>however</u>, that the omission to so
notify such indemnifying party shall not relieve such indemnifying party from
any liability which it may have to such indemnified party or otherwise.&#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 </font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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)&nbsp;such
settlement is entered into more than 60 business days after receipt by such
indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party
shall not have reimbursed the indemnified party in accordance with such request
prior to the date of such settlement and (iii)&nbsp;such indemnified party
shall have given the indemnifying party at least 30 days&#146; prior notice of its
intention to settle.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;10 is unavailable to an
indemnified party under subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;10
in respect of any losses, damage, expenses, liabilities or claims referred to
therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such losses, damages, expenses, liabilities or
claims (i)&nbsp;in such proportion as is appropriate to reflect the relative
benefits received by the Company on the one hand and the Underwriters on the
other hand from the offering of the Shares or (ii)&nbsp;if the allocation
provided by clause (i)&nbsp;above is not permitted by applicable law, in such
proportion as is appropriate to reflect not only the relative benefits referred
to in clause (i)&nbsp;above but also the relative fault of the Company 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 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;10 were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable
considerations referred to in subsection (d)&nbsp;above.&#160; Notwithstanding the provisions of this Section&nbsp;10,
no Underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Shares underwritten by such
Underwriter and distributed to the public were offered to the public exceeds
the amount of any damage which such Underwriter has otherwise been required to
pay by reason of such untrue statement or alleged untrue statement or omission
or alleged omission.&#160; No person guilty of
fraudulent misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of
the Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation.&#160;
The Underwriters&#146; obligations to contribute pursuant to this Section&nbsp;10
are several in proportion to their respective underwriting commitments and not
joint.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><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&nbsp;10 and the covenants,
warranties and representations of the Company contained in this Agreement shall
remain in full force and effect regardless of any investigation made by or on
behalf of any Underwriter, its partners, directors, officers, employees or
agents or any person (including each partner, officer, director, employee or
agent of such person) who controls any Underwriter within the meaning of Section&nbsp;15
of the Act or Section&nbsp;20 of the Exchange Act, or by or on behalf of the
Company, its trustees, officers, employees or agents or any person who controls
the Company within the meaning of Section&nbsp;15 of the Act or Section&nbsp;20
of the Exchange Act and shall survive any termination of this Agreement or the
issuance and delivery of the Shares.&#160; The
Company 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>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Notices</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, with a copy to Dewey&nbsp;&amp; LeBoeuf LLP, 1301 Avenue
of the Americas, New York, New York 10019, Attention: Donald J. Murray,&nbsp;Esq.;
and if to the Company, shall be sufficient in all respects if delivered or sent
to the Company at the offices of the Company at 400 Centre Street, Newton,
Massachusetts 02458, Attention: David J. Hegarty, President and Chief Operating
Officer, with a copy to Sullivan&nbsp;&amp; Worcester LLP, One Post Office
Square, Boston, Massachusetts 02109, Attention: Alexander A. Notopoulos,&nbsp;Jr.,&nbsp;Esq.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#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&nbsp;headings </font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

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

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<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.&#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&nbsp;10 hereof, the controlling
persons, directors and officers and, if applicable, trustees referred to in
such Section, and their respective successors, assigns, heirs, personal
representatives and executors and administrators.&#160; No other person, partnership, association or
corporation (including a purchaser, as such purchaser, from any of the
Underwriters) shall acquire or have any right under or by virtue of this
Agreement.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.&#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, seventh and eighth 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)&nbsp;electronic
delivery of prospectuses, (b)&nbsp;the amount of selling concession and
reallowance, (c)&nbsp;sales of shares made outside of the United States may be
made by the Underwriters&#146; affiliates and (d)&nbsp;price stabilization and short
positions, constitute the only information furnished by or on behalf of the
Underwriters as such information is referred to in Sections 3, 4 and 10 hereof.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16.&#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 </font></h1>

<h1 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18.&#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>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h1>

<h1 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19.&#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:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lending affiliates of UBS Securities LLC, Merrill Lynch, Pierce, Fenner&nbsp;&amp;
Smith Incorporated and Morgan Stanley&nbsp;&amp; Co. Incorporated may have
lending relationships with issuers of securities underwritten or privately
placed by UBS Securities LLC, , Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith
Incorporated or Morgan Stanley&nbsp;&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, Merrill Lynch, Pierce, Fenner&nbsp;&amp;
Smith Incorporated and Morgan Stanley&nbsp;&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,
Merrill Lynch, Pierce, Fenner&nbsp;&amp; Smith Incorporated and Morgan Stanley&nbsp;&amp;
Co. Incorporated.</font></p>

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

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

<div style="margin:0in 0in .0001pt;text-indent:0in;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE ARTICLES OF AMENDMENT AND RESTATEMENT ESTABLISHING SENIOR HOUSING
PROPERTIES TRUST, DATED SEPTEMBER 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, AS SO AMENDED AND SUPPLEMENTED AS TRUSTEES, 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 style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SENIOR HOUSING
  PROPERTIES TRUST</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ David J. Hegarty</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Name:
  David J. Hegarty</font></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in 0in 0in 0in;width:63.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.92%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Title:
  President</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted
and agreed to as of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">date
first above written, on</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS SECURITIES LLC</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="11%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Sage Kelly</font></p>
  </td>
  <td width="78%" valign="top" style="padding:0in 0in 0in 0in;width:78.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Name:
  Sage Kelly</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Title:
  Managing Director</font></p>
  </td>
 </tr>
</table>

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.04%;">
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Kristin Kusmierz</font></p>
  </td>
  <td width="73%" valign="top" style="padding:0in 0in 0in 0in;width:73.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Name:
  Kristin Kusmierz</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:94.0%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;&nbsp;Title:
  Associate Director</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="84%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriters</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;Firm<br>
  Shares</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities LLC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">955,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch, Pierce, Fenner &amp; Smith
  Incorporated</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">955,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Stanley &amp; Co. Incorporated</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">955,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital Markets Corporation</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">560,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Banc of America Securities LLC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker Watts, Incorporated</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney Montgomery Scott LLC</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan Keegan &amp; Company, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oppenheimer &amp; Co. Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raymond James and Associates, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus &amp; Company, Incorporated</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">175,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BB&amp;T Capital Markets, a division of Scott &amp;
  Stringfellow, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BMO Capital Markets Corp.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Capital Markets, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comerica Securities, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Crowell, Weedon &amp; Co.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fifth Third Securities, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Southwest Company</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Huntleigh Securities Corporation</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">J.J.B. Hilliard, W.L. Lyons, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newbridge Securities Corporation</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Northeast Securities, Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W. Baird &amp; Co. Incorporated</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SG Americas Securities, LLC</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wedbush Morgan Securities Inc.</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" style="padding:0in 0in 0in 0in;width:84.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="84%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:84.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:13.14%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='A-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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<div>

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

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

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

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='C-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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<div>

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

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

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOREIGN QUALIFICATIONS OF THE COMPANY AND SIGNIFICANT</font></p>

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<div>

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

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

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

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

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

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

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='E-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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

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

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

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

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

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;&#160;&#160;&#160;&#160; , 2007</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160; Incorporated</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4
World Financial Center, 16th floor</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New
York, NY 10080</font></p>

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

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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Lock-Up Letter Agreement is being delivered to you in connection with the
proposed Underwriting Agreement (the &#147;Underwriting Agreement&#148;) to be entered
into among Senior Housing Properties Trust (the &#147;Company&#148;) and you, as
Underwriters, with respect to the public offering (the &#147;Offering&#148;) of common
shares of beneficial interest, par value $0.01 per share, of the Company (the &#147;Common
Shares&#148;).</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
order to induce you to enter into the Underwriting Agreement, the undersigned
agrees that for a period from the date hereof until the end of 60 days after
the date of the final prospectus supplement relating to the Offering the
undersigned will not, </font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='Exhibit A-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">without
the prior written consent of UBS Securities LLC (&#147;UBS&#148;), (i)&nbsp;sell, offer
to sell, contract or agree to sell, hypothecate, pledge, grant any option to
purchase or otherwise dispose of or agree to dispose of, directly or
indirectly, or file (or participate in the filing of) a registration statement
with the Securities and Exchange Commission (the &#147;Commission&#148;) in respect of,
or establish or increase a put equivalent position or liquidate or decrease a
call equivalent position within the meaning of Section&nbsp;16 of the
Securities Exchange Act of 1934, as amended, and the rules&nbsp;and regulations
of the Commission promulgated thereunder with respect to, any Common Shares of
the Company or any securities convertible into or exercisable or exchangeable
for Common Shares, or warrants or other rights to purchase Common Shares, (ii)&nbsp;enter
into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of Common Shares or any
securities convertible into or exercisable or exchangeable for Common Shares,
or warrants or other rights to purchase Common Shares, whether any such
transaction is to be settled by delivery of Common Shares or such other
securities, in cash or otherwise, or (iii)&nbsp;publicly announce an intention
to effect any transaction specified in clause (i)&nbsp;or (ii).</font></p>

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
addition, the undersigned hereby waives any rights the undersigned may have to
require registration of Common Shares in connection with the filing of a
registration statement relating to the Offering.&nbsp; The undersigned further
agrees that, for a period from the date hereof until the end of 60 days after
the date of the final prospectus relating to the Offering, the undersigned will
not, without the prior written consent of UBS, make any demand for, or exercise
any right with respect to, the registration of Common Shares of the Company or
any securities convertible into or exercisable or exchangeable for Common
Shares, or warrants or other rights to purchase Common Shares.</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='Exhibit A-2',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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<div>

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
(i)&nbsp;the Company notifies you in writing that it does not intend to proceed
with the Offering, (ii)&nbsp;the registration statement filed with the
Securities and Exchange Commission with respect to the Offering is withdrawn or
(iii)&nbsp;for any reason the Underwriting Agreement shall be terminated prior
to the time of purchase (as defined in the Underwriting Agreement), this
Lock-Up Letter Agreement shall be terminated and the undersigned shall be
released from its obligations hereunder.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Yours
  very truly,</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="50%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='Exhibit A-3',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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

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

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

<h3 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM&nbsp;OF OPINION OF
COMPANY&#146;S COUNSEL TO BE DELIVERED PURSUANT<br>
TO SECTION&nbsp;7(a)</font></h3>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='Exhibit B-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Schedules to this agreement have been
omitted. The Company agrees to furnish supplementally copies of any of the
omitted Schedules to the Securities and Exchange Commission upon request.</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='Exhibit C-1',FILE='C:\JMS\brosent\07-31275-1\task2569842\31275-1-kc-05.htm',USER='brosent',CD='Dec 12 18:31 2007' -->


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<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>a07-31275_1ex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>

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<head>





</head>

<body lang="EN-US">

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

<p align="right" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:right;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">Exhibit
3.1</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;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:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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;">Articles of Amendment and
Restatement</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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&nbsp;20, 1999</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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&nbsp;13,
2002</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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&nbsp;21,
2004</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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 February&nbsp;7,
2007</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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 June&nbsp;1, 2007</font></b></p>

<p style="font-weight:bold;margin:0in 0in .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 December&nbsp;12,
2007</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;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:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in .0001pt;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-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND</font></u><font size="2" style="font-size:10.0pt;">:&#160; The following provisions are all the
provisions of the Declaration of Trust currently in effect and as hereinafter
amended:</font></p>

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE I<br>
<br>
FORMATION</font></b></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><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&nbsp;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>

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE II<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">NAME</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The name of the Trust is:</font></p>

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

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

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

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

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

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><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>

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE III<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PURPOSES AND POWERS</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Purposes</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;3.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Powers</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IV<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">RESIDENT AGENT</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><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,&nbsp;Jr., whose
post office address is c/o Ballard Spahr Andrews&nbsp;&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>

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE V<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">BOARD OF TRUSTEES</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Powers</font></u><font size="2" style="font-size:10.0pt;">.&#160; Subject to any express limitations contained
in the Declaration of Trust or in the Bylaws, (a)&nbsp;the business and affairs
of the Trust shall be managed under the direction of the Board of Trustees and (b)&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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

<div align="left" style="margin:0in 0in .0001pt;text-align:left;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><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>

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Number and
Classification</font></u><font size="2" style="font-size:10.0pt;">.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.1</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; </font><font size="2" style="font-size:10.0pt;">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)&nbsp;or
more than seven (7)&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.2</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; </font><font size="2" style="font-size:10.0pt;">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&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.3</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; </font><font size="2" style="font-size:10.0pt;">The names and
business addresses of the initial Trustees who shall serve as Trustees are as
follows:</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:1.0in;width:86.66%;">
 <tr>
  <td width="30%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><b><u><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;"><font style="text-decoration:none;">&nbsp;</font></font></u></b></p>
  </td>
  <td width="62%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:62.86%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Address</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Gerard
  M. Martin</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
  Reit Management&nbsp;&amp; Research,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400
  Centre Street</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton,
  Massachusetts 02458</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" style="padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Barry
  M. Portnoy</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">c/o
  Reit Management&nbsp;&amp; Research,&nbsp;Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">400
  Centre Street</font></p>
  </td>
 </tr>
 <tr>
  <td width="30%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:30.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton,
  Massachusetts 02458</font></p>
  </td>
 </tr>
</table>

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.2.4</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; </font><font size="2" style="font-size:10.0pt;">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&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;5.3</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Resignation or
Removal</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;6.1
below) </font></h2>

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><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>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VI<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SHARES OF BENEFICIAL INTEREST</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Authorized
Shares</font></u><font size="2" style="font-size:10.0pt;">.&#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 95,000,000
Shares, consisting of 94,700,000 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&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Common Shares</font></u><font size="2" style="font-size:10.0pt;">.&#160; Subject to the provisions of Article&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.3</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Preferred
Shares</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.4</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Classified or
Reclassified Shares</font></u><font size="2" style="font-size:10.0pt;">.&#160; Prior to
issuance of classified or reclassified Shares of any class or series, the Board
of Trustees by resolution shall (a)&nbsp;designate that class or series; (b)&nbsp;specify
the number of Shares to be included in the class or series; (c)&nbsp;set,
subject to the provisions of Article&nbsp;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)&nbsp;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)&nbsp;of this Section&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.5</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Authorization
by Board of Share Issuance</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

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

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.6</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Dividends and
Distributions</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;6.6 shall be subject to the provisions of any class or
series of Shares at the time outstanding.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.7</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">General Nature
of Shares</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.8</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Fractional
Shares</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.9</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Declaration and
Bylaws</font></u><font size="2" style="font-size:10.0pt;">.&#160; All shareholders are subject
to the provisions of the Declaration of Trust and the Bylaws of the Trust.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;6.10</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Divisions and
Combinations of Shares</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VII<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">RESTRICTION ON TRANSFER AND OWNERSHIP OF
SHARES</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Definitions</font></u><font size="2" style="font-size:10.0pt;">.&#160; For the purpose of this Article&nbsp;VII, the
following terms shall have the following meanings:</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate
Share Ownership Limit</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Beneficial
Ownership</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;544 of the Code, as
modified by Section&nbsp;856(h)(1)(B)&nbsp;of the Code.&#160; The terms &#147;Beneficial Owner,&#148; &#147;Beneficially
Owns&#148; and &#147;Beneficially Owned&#148; shall have the correlative meanings.</font></p>

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

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

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

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

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable
Beneficiary</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;Charitable
Beneficiary&#148; shall mean one or more beneficiaries of the Charitable Trust as
determined pursuant to Section&nbsp;7.3.6, provided that each such organization
must be described in Section&nbsp;501(c)(3)&nbsp;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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Charitable
Trust</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;Charitable Trust&#148; shall
mean any trust provided for in Section&nbsp;7.3.1.</font></p>

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

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common
Share Ownership Limit</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constructive
Ownership</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;318(a)&nbsp;of the
Code, as modified by Section&nbsp;856(d)(5)&nbsp;of the Code.&#160; The terms &#147;Constructive Owner,&#148; &#147;Constructively
Owns&#148; and &#147;Constructively Owned&#148; shall have the correlative meanings.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Declaration
of Trust</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Equity
Shares</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;Equity Shares&#148; shall
mean Shares of all classes or series, including, without limitation, Common
Shares and Preferred Shares.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excepted
Holder</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;VII or by the Board of Trustees pursuant to Section&nbsp;7.2.7.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Excepted
Holder Limit</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;7.2.7,
and subject to adjustment pursuant to Section&nbsp;7.2.8, the percentage limit
established by the Board of Trustees pursuant to Section&nbsp;7.2.7.</font></p>

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

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial
Date</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;Initial Date&#148; shall
mean the date upon which these Articles of Amendment and Restatement containing
this Article&nbsp;VII is accepted for record by the SDAT.</font></p>

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

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

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

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

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

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">NYSE</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font><font size="2" style="font-size:10.0pt;">&#160; The term &#147;NYSE&#148; shall mean the New York Stock
Exchange.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Person</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font><font size="2" style="font-size:10.0pt;">&#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)&nbsp;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&nbsp;642(c)&nbsp;of the Code, association, private
foundation within the meaning of Section&nbsp;509(a)&nbsp;of the Code, joint
stock company or other entity and also includes a group as that term is used
for purposes of Section&nbsp;13(d)(3)&nbsp;of the Securities Exchange Act of
1934, as amended, and a group to which an Excepted Holder Limit applies.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Prohibited
Owner</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;Prohibited Owner&#148;
shall mean, with respect to any purported Transfer, any Person who, but for the
provisions of Section&nbsp;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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">REIT</font></u><font size="2" style="font-size:10.0pt;">.&#160; The term &#147;REIT&#148; shall mean a real estate
investment trust within the meaning of Section&nbsp;856 of the Code.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restriction
Termination Date</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">RMR</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font><font size="2" style="font-size:10.0pt;">&#160; The term &#147;RMR&#148; shall mean REIT Management&nbsp;&amp;
Research,&nbsp;Inc., the Trust&#146;s investment advisor, or any successor
investment advisor to the Trust.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">SDAT</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;">.</font><font size="2" style="font-size:10.0pt;">&#160; The term &#147;SDAT&#148; shall mean the State
Department of Assessments and Taxation of Maryland.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer</font></u><font size="2" style="font-size:10.0pt;">.&#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)&nbsp;the granting or exercise of any option (or
any disposition of any option), (b)&nbsp;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)&nbsp;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.</font></p>

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

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

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Equity Shares</font></u><font size="2" style="font-size:10.0pt;">.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.1</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; </font><u><font size="2" style="font-size:10.0pt;">Ownership
Limitations</font></u><font size="2" style="font-size:10.0pt;">.&#160; During the
period commencing on the Initial Date and prior to the Restriction Termination
Date:</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Basic Restrictions</font></u><font size="2" style="font-size:10.0pt;">.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">(1)&nbsp;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)&nbsp;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)&nbsp;no Excepted Holder shall Beneficially Own or
Constructively Own Equity Shares in excess of the Excepted Holder Limit for
such Excepted Holder.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;856(h)&nbsp;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&nbsp;856(d)(2)(B)&nbsp;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&nbsp;856(c)&nbsp;of the Code).</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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><font size="2" style="font-size:10.0pt;">Subject to Section&nbsp;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&nbsp;856(a)(5)&nbsp;of the Code)
shall be void ab initio, and the intended transferee shall acquire no rights in
such Equity Shares.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transfer in
Trust</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;7.2.1(a)(i)&nbsp;or
(ii),</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">then that
number of Equity Shares the Beneficial or Constructive Ownership of which
otherwise would cause such Person to violate Section&nbsp;7.2.1(a)(i)&nbsp;or (ii)&nbsp;(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&nbsp;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</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">if the transfer
to the Charitable Trust described in clause (i)&nbsp;of this sentence would not
be effective for any reason to prevent the violation of Section&nbsp;7.2.1(a)(i)&nbsp;or
(ii), then the Transfer of that number of Equity Shares that otherwise would
cause any Person to violate Section&nbsp;7.2.2 or (ii)&nbsp;shall be void ab
initio, and the intended transferee shall acquire no rights in such Equity
Shares.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.2</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;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Remedies for
Breach</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;7.2.1
or that a Person intends to acquire or has attempted to acquire Beneficial or </font></h3>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Constructive Ownership of any Equity Shares
in violation of Section&nbsp;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&nbsp;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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.3</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; </font><u><font size="2" style="font-size:10.0pt;">Notice of
Restricted Transfer</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;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&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.4</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; </font><u><font size="2" style="font-size:10.0pt;">Owners Required
To Provide Information</font></u><font size="2" style="font-size:10.0pt;">.&#160; From
the Initial Date and prior to the Restriction Termination Date:</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.5</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;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Remedies Not
Limited</font></u><font size="2" style="font-size:10.0pt;">.&#160; Subject to Section&nbsp;5.1 of
the Declaration of Trust, nothing contained in this Section&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.6</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; </font><u><font size="2" style="font-size:10.0pt;">Ambiguity</font></u><font size="2" style="font-size:10.0pt;">.&#160; In the case of an ambiguity in the
application of any of the provisions of this Section&nbsp;7.2, Section&nbsp;7.3
or any definition contained in Section&nbsp;7.1, the Board of Trustees shall
have the power to determine the application of the provisions of this Section&nbsp;7.2
or Section&nbsp;7.3 with respect to any situation based on the facts known to
it.&#160; In the event Section&nbsp;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.</font></h3>

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

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

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.7</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; </font><u><font size="2" style="font-size:10.0pt;">Exceptions</font></u><font size="2" style="font-size:10.0pt;">.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject to Section&nbsp;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>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;7.2.1(a)(ii);</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;856(d)(2)(B)&nbsp;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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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><font size="2" style="font-size:10.0pt;">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)&nbsp;and
7.3.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Prior to
granting any exception pursuant to Section&nbsp;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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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; </font><font size="2" style="font-size:10.0pt;">In determining
whether to grant any exemption pursuant to Section&nbsp;7.2.7(a), the Board of
Trustees may consider, among other factors, (i)&nbsp;the general reputation and
moral character of the person requesting an exemption, (ii)&nbsp;whether
ownership of shares would be direct or through ownership attribution, (iii)&nbsp;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)&nbsp;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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:76.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject to Section&nbsp;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>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Board of
Trustees may only reduce the Excepted Holder Limit for an Excepted Holder:&#160; (1)&nbsp;with the written consent of such
Excepted Holder at any time, or (2)&nbsp;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></h4>

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

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

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

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.8</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; </font><u><font size="2" style="font-size:10.0pt;">Increase in
Aggregate Share Ownership and Common Share Ownership Limits</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Board of Trustees may from time to time
increase the Common Share Ownership Limit and the Aggregate Share Ownership
Limit.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.2.9</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; </font><u><font size="2" style="font-size:10.0pt;">Legend</font></u><font size="2" style="font-size:10.0pt;">.&#160; Each certificate for Equity Shares shall bear
substantially the following legend:</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><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)&nbsp;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)&nbsp;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)&nbsp;no
Person may Beneficially or Constructively Own Equity Shares that would result
in the Trust being &#147;closely held&#148; under Section&nbsp;856(h)&nbsp;of the Code or
otherwise cause the Trust to fail to qualify as a REIT; and (iv)&nbsp;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 align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt 1.0in;text-align:left;"><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>

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transfer of
Equity Shares in Trust</font></u><font size="2" style="font-size:10.0pt;">.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.1</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; </font><u><font size="2" style="font-size:10.0pt;">Ownership in
Trust</font></u><font size="2" style="font-size:10.0pt;">.&#160; Upon any purported Transfer or
other event described in Section&nbsp;7.2.1(b)&nbsp;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&nbsp;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&nbsp;7.3.6.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.2</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; </font><u><font size="2" style="font-size:10.0pt;">Status of
Shares Held by the Trustee</font></u><font size="2" style="font-size:10.0pt;">.&#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 </font></h3>

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

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

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

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.3</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; </font><u><font size="2" style="font-size:10.0pt;">Dividend and
Voting Rights</font></u><font size="2" style="font-size:10.0pt;">.&#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)&nbsp;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)&nbsp;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&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.4</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; </font><u><font size="2" style="font-size:10.0pt;">Sale of Shares
by Trustee</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;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&nbsp;7.3.4.&#160; The Prohibited
Owner shall receive the lesser of (1)&nbsp;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)&nbsp;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)&nbsp;such
shares shall be deemed to have been sold on behalf of the Charitable Trust and (ii)&nbsp;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&nbsp;7.3.4, such excess shall be paid to the Trustee upon
demand.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.5</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; </font><u><font size="2" style="font-size:10.0pt;">Purchase Right
in Shares Transferred to the Trustee</font></u><font size="2" style="font-size:10.0pt;">.&#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)&nbsp;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)&nbsp;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&nbsp;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.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.3.6</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; </font><u><font size="2" style="font-size:10.0pt;">Designation of
Charitable Beneficiaries</font></u><font size="2" style="font-size:10.0pt;">.&#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 </font></h3>

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

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

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

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

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><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&nbsp;7.2.1(a)&nbsp;in
the hands of such Charitable Beneficiary.</font></h3>

<h3 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.4</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">NYSE
Transactions</font></u><font size="2" style="font-size:10.0pt;">.&#160; Nothing in
this Article&nbsp;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&nbsp;VII
and any transferee in such a transaction shall be subject to all of the
provisions and limitations set forth in this Article&nbsp;VII.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.5</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Enforcement</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trust is authorized specifically to seek
equitable relief, including injunctive relief, to enforce the provisions of
this Article&nbsp;VII.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;7.6</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Non-Waiver</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE VIII<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">SHAREHOLDERS</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Meetings</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Voting Rights</font></u><font size="2" style="font-size:10.0pt;">.&#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)&nbsp;election
of Trustees as provided in Section&nbsp;5.2 and the removal of Trustees as
provided in Section&nbsp;5.3; (b)&nbsp;amendment of the Declaration of Trust as
provided in Article&nbsp;X; (c)&nbsp;termination of the Trust as provided in Section&nbsp;12.2;
(d)&nbsp;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&nbsp;XI; and (e)&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.3</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Preemptive and
Appraisal Rights</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except as
may be provided by the Board of Trustees in setting the terms of classified or
reclassified Shares pursuant to Section&nbsp;6.4, or as may otherwise be
provided by contract, no holder of Shares shall, as such holder, (a)&nbsp;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)&nbsp;have
any right to require the Trust to pay him the fair value of his Shares in an
appraisal or similar proceeding.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.4</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Extraordinary
Actions</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except as specifically
provided in Section&nbsp;5.3 (relating to removal of Trustees) and subject to Section&nbsp;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)&nbsp;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)&nbsp;if Maryland law hereafter
</font></h2>

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.5</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Board Approval</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.6</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Action By
Shareholders Without a Meeting</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;8.7</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Indemnification
of the Trust</font></u><font size="2" style="font-size:10.0pt;">.&#160; Each
shareholder will indemnify and hold harmless the Trust from and against all
costs, expenses, penalties, fines and other amounts, including, without
limitation, attorneys&#146; and other professional fees, whether third party or
internal, arising from such shareholder&#146;s violation of any provision of this
Declaration of Trust or the Bylaws, including, without limitation, Article&nbsp;VII,
and shall pay such sums to the Trust upon demand, together with interest on
such amounts, which interest will accrue at the lesser of 15% per annum and the
maximum amount permitted by law, from the date such costs or the like are
incurred until the receipt of repayment by the Trust.&#160; Nothing in this Section&nbsp;shall create or
increase the liability of any shareholders, trustees, officers, employees or
agents of the Trust for actions taken on behalf of the Trust.</font></p>

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE IX<br>
<br>
LIABILITY LIMITATION, INDEMNIFICATION<br>
AND TRANSACTIONS WITH THE TRUST</font></b></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.1</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Limitation of
Shareholder Liability</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.2</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Limitation of
Trustee and Officer Liability</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;9.2, nor the adoption or amendment of any other
provision of the Declaration of Trust inconsistent with this Section&nbsp;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)&nbsp;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)&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.3</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Express
Exculpatory Clauses and Instruments</font></u><font size="2" style="font-size:10.0pt;">.&#160; Any written instrument creating an obligation
of the Trust shall, to the extent practicable, include a reference to this
Declaration and provide that </font></h2>

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

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.4</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Indemnification</font></u><font size="2" style="font-size:10.0pt;">.&#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)&nbsp;any individual who is a present or former shareholder, Trustee or
officer of the Trust or (b)&nbsp;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)&nbsp;or (b)&nbsp;above and to any
employee or agent of the Trust or a predecessor of the Trust.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.5</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Transactions
Between the Trust and its Trustees, Officers, Employees and Agents</font></u><font size="2" style="font-size:10.0pt;">.&#160; (a)&nbsp; 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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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:</font></p>

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

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt .95in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The fact of the common
directorship, trusteeship or interest is disclosed or known to:</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt .95in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</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; </font><font size="2" style="font-size:10.0pt;">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</font></h6>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</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;&#160; </font><font size="2" style="font-size:10.0pt;">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</font></h6>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</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;&#160; </font><font size="2" style="font-size:10.0pt;">The contract or transaction
is fair and reasonable to the Trust.</font></h6>

<h6 align="left" style="font-weight:normal;margin:0in 0in .0001pt 1.5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h6>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt .95in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h5>

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

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

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

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

<p align="left" style="margin:0in 0in .0001pt .5in;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;9.5(b)&nbsp;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)&nbsp;the fixing by
the Board of Trustees of compensation for a Trustee (whether as a Trustee or in
any other capacity) and (ii)&nbsp;Section&nbsp;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&nbsp;2-418 (or any successor section thereto) of the
Maryland General Corporation Law (as in effect at the time such provision was
adopted 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&nbsp;9.5(b).</font></p>

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.6</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Right of
Trustees, Officers, Employees and Agents to Own Shares or Other Property and to
Engage in Other Business</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.7</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Persons Dealing
with Trustees, Officers, Employees or Agents</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;9.8</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;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" style="font-size:10.0pt;">Reliance</font></u><font size="2" style="font-size:10.0pt;">.&#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 </font></h2>

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE X<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">AMENDMENTS</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.1</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">General</font></u><font size="2" style="font-size:10.0pt;">.&#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 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)&nbsp;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)&nbsp;shall
be filed for record as provided in Section&nbsp;13.5 and (c)&nbsp;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 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.2</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">By Trustees</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;8-501(e)&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;10.3</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">By Shareholders</font></u><font size="2" style="font-size:10.0pt;">.&#160; Except as otherwise provided in Section&nbsp;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)&nbsp;the affirmative vote of a majority of all the
votes entitled to be cast on the matter or (ii)&nbsp;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&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XI<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MERGER, CONSOLIDATION OR SALE OF TRUST
PROPERTY</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Subject to the
provisions of any class or series of Shares at the time outstanding, the Trust
may (a)&nbsp;merge with or into another entity, (b)&nbsp;consolidate with one
or more other entities into a new entity or (c)&nbsp;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)&nbsp;the affirmative vote of a majority of all the votes
entitled to be cast on the matter or (ii)&nbsp;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>

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

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

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

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XII<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">DURATION AND TERMINATION OF TRUST</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.1</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Duration</font></u><font size="2" style="font-size:10.0pt;">.&#160; The Trust shall continue perpetually unless
terminated pursuant to Section&nbsp;12.2.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;12.2</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Termination</font></u><font size="2" style="font-size:10.0pt;">.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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)&nbsp;the affirmative vote of a
majority of all the votes entitled to be cast on the matter or (ii)&nbsp;or if
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>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</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;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">The Trust shall
carry on no business except for the purpose of winding up its affairs.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</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><font size="2" style="font-size:10.0pt;">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.</font></h5>

<h5 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h5>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">ARTICLE XIII<br>
<br>
</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">MISCELLANEOUS</font></h1>

<h1 style="margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.1</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Governing Law</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.2</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Reliance by
Third Parties</font></u><font size="2" style="font-size:10.0pt;">.&#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:&#160; (a)&nbsp;the
number or identity of Trustees, officers of the Trust or shareholders; (b)&nbsp;the
due authorization of the execution of any document; (c)&nbsp;the action or vote
taken, and the existence of a quorum, at a meeting of the Board of Trustees or
shareholders; (d)&nbsp;a copy of the Declaration of Trust or of the Bylaws as a
</font></h2>

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

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

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

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">true and complete copy as then in force; (e)&nbsp;an
amendment to the Declaration of Trust; (f)&nbsp;the termination of the Trust;
or (g)&nbsp;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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.3</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Severability</font></u><font size="2" style="font-size:10.0pt;">.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</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;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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&nbsp;X and without affecting or 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&nbsp;10.2.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</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;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">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.</font></h4>

<h4 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.4</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Construction</font></u><font size="2" style="font-size:10.0pt;">.&#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&nbsp;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&nbsp;of
the Annotated Code of Maryland, the Trust shall be included within the
definition of &#147;corporation&#148; for purposes of such provisions.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section&nbsp;13.5</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;&#160; </font><u><font size="2" style="font-size:10.0pt;">Recordation</font></u><font size="2" style="font-size:10.0pt;">.&#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.</font></h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD</font></u><font size="2" style="font-size:10.0pt;">:&#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.</font></p>

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

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="1" face="Times New Roman" 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;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH</font></u><font size="2" style="font-size:10.0pt;">:&#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.</font></p>

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

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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;5.1</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">[LETTERHEAD
OF VENABLE LLP]</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;12,
2007</font></p>

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

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Senior Housing Properties
Trust<br>
400 Centre Street<br>
Newton, Massachusetts&#160; 02458</font></p>

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

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><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><font size="2" style="font-size:10.0pt;">Registration
Statement on Form&nbsp;S-3 (File No.&nbsp;333-135716)</font></u></p>

<p style="margin:0in 0in .0001pt 1.5in;text-autospace:none;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

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

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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 5,750,000 common shares (the &#147;Shares&#148;) of
beneficial interest, $.01 par value per share, of the Company (including up to 750,000
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 December&nbsp;12, 2007 (the &#147;Prospectus Supplement&#148;).</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with our
representation of the Company, and as a basis for the opinion hereinafter set
forth, we have examined originals, or copies certified or otherwise identified
to our satisfaction, of the following documents (collectively, the &#147;Documents&#148;):</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Registration
Statement and the related form of prospectus included therein;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Prospectus
Supplement, substantially in the form to be filed with the Commission;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Bylaws of the
Company, certified as of the date hereof by an officer of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate of
the SDAT as to the good standing of the Company, dated as of a recent date;</font></p>

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

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

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Resolutions adopted
by the Board of Trustees of the Company, or a duly authorized committee
thereof, relating to the authorization of the issuance of the Shares (the &#147;Resolutions&#148;),
certified as of the date hereof by an officer of the Company;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A certificate
executed by an officer of the Company, dated as of the date hereof; and</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Such other
documents and matters as we have deemed necessary or appropriate to express the
opinion set forth below, subject to the assumptions, limitations and
qualifications stated herein.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In expressing the opinion
set forth below, we have assumed the following:</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each individual executing any of
the Documents, whether on behalf of such individual or another person, is
legally competent to do so.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each individual
executing any of the Documents on behalf of a party (other than the Company) is
duly authorized to do so.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of the parties
(other than the Company) executing any of the Documents has duly and validly
executed and delivered each of the Documents to which such party is a
signatory, and such party&#146;s obligations set forth therein are legal, valid and
binding and are enforceable in accordance with all stated terms.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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;
All Documents submitted to us as certified or photostatic copies conform
to the original documents.&#160; All
signatures on all such Documents are genuine.&#160;
All public records reviewed or relied upon by us or on our behalf are
true and complete.&#160; All representations,
warranties, statements and information contained in the Documents are true and
complete.&#160; There has been no oral or written
modification of or amendment to any of the Documents, and there has been no
waiver of any provision of any of the Documents, by action or omission of the
parties or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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&nbsp;VII
(Restriction on Transfer and Ownership of Shares) of the Declaration of Trust.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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 align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company is a real estate
investment trust duly formed and existing under and by virtue of the laws of
the State of Maryland and is in good standing with the SDAT.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The issuance of the
Shares has been duly authorized and, when issued and delivered by the Company pursuant
to the Resolutions and the Registration Statement against payment of the
consideration set forth therein, the Shares will be validly issued, fully paid
and nonassessable.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing opinion is
limited to the laws of the State of Maryland and we do not express any opinion
herein concerning any other law.&#160; We
express no opinion as to compliance with, or the applicability of, federal or
state securities laws, including the securities laws of the State of
Maryland.&#160; The opinion expressed herein
is subject to the effect of judicial decisions which may permit the
introduction of parol evidence to modify the terms or the interpretation of
agreements.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The opinion expressed herein
is limited to the matters specifically set forth herein and no other opinion
shall be inferred beyond the matters expressly stated.&#160; We assume no obligation to supplement this
opinion if any applicable law changes after the date hereof or if we become
aware of any fact that might change the opinion expressed herein after the date
hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><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&nbsp;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&nbsp;7
of the 1933 Act.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very
  truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in 0in 0in 0in;width:67.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/
  Venable LLP</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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<FILENAME>a07-31275_1ex8d1.htm
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;8.1</font></b></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="156" height="50" src="g312751kii001.jpg"></font></p>
  </td>
  <td width="31%" valign="top" style="padding:0in 0in 0in 0in;width:31.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sullivan &amp;
  Worcester LLP<br>
  One Post Office Square<br>
  Boston, MA 02109</font></p>
  </td>
  <td width="19%" valign="top" style="padding:0in 0in 0in 0in;width:19.44%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">T 617 338 2800<br>
  F 617 338 2880<br>
  www.sandw.com</font></p>
  </td>
 </tr>
</table>

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

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

<p style="margin:0in 0in .0001pt;text-indent:4.6in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">December&nbsp;12, 2007</font></p>

<p style="margin:0in 0in .0001pt;text-indent:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newton,
Massachusetts&#160; 02458</font></p>

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
following opinion is furnished to Senior Housing Properties Trust, a Maryland
real estate investment trust (the &#147;Company&#148;), to be filed with the Securities
and Exchange Commission (the &#147;SEC&#148;) as Exhibit&nbsp;8.1 to the Company&#146;s
Current Report on Form&nbsp;8-K to be filed within one week of the date hereof
(the &#147;Form&nbsp;8-K&#148;) under the Securities Exchange Act of 1934, as amended.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have acted as counsel for the Company in connection with its Registration
Statement on Form&nbsp;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, such
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 December&nbsp;12,
2007 (the &#147;Prospectus Supplement&#148;) to the final prospectus dated July&nbsp;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 for its
fiscal year ended December&nbsp;31, 2006 (the &#147;Form&nbsp;10-K&#148;) captioned &#147;Federal
Income Tax Considerations&#148; and &#147;ERISA Plans, Keogh Plans and Individual
Retirement Accounts&#148;.</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOSTON&#160; NEW YORK&#160; WASHINGTON, DC</font></p>

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
opinion set forth below is based upon the Internal Revenue Code of 1986, as
amended, the Treasury Regulations issued thereunder, published administrative
interpretations thereof, and judicial decisions with respect thereto, all as of
the date hereof (collectively, &#147;Tax Laws&#148;), and upon the Employee Retirement
Income Security Act of 1974, as amended, the Department of Labor regulations
issued thereunder, published administrative interpretations thereof, and
judicial decisions with respect thereto, all as of the date hereof
(collectively, &#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&nbsp;10-K
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;,&#160; we have made certain assumptions therein and
expressed certain conditions and qualifications therein, all of which
assumptions, conditions and qualifications are incorporated herein by
reference.&#160; With respect to all questions
of fact on which our opinion is based, we have assumed the initial and
continuing truth, accuracy and completeness of:&#160;
(i)&nbsp;the information set forth in the Form&nbsp;10-K, the
Prospectus, and in the documents incorporated therein by reference; and (ii)&nbsp;representations
made to us by officers of the Company or contained in the Form&nbsp;10-K, the
Prospectus, and in the documents incorporated therein by reference, in each
such instance without regard to qualifications such as &#147;to the best knowledge
of&#148; or &#147;in the belief of&#148;.&#160; We have not
independently verified such information.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
have relied upon, but not independently verified, the foregoing
assumptions.&#160; If any of the foregoing
assumptions are inaccurate or incomplete for any reason, or if the transactions
described in the Form&nbsp;10-K, the Prospectus, or the documents incorporated
therein by reference have been consummated in a manner that is inconsistent
with the manner contemplated therein, our opinion as expressed below may be
adversely affected and may not be relied upon.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based
upon and subject to the foregoing, we are of the opinion that the discussions
with respect to Tax Laws matters and ERISA Laws matters in the sections of Item
1 of the Form&nbsp;10-K 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:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
opinion is intended solely for the benefit and use of the Company, and is not
to be used, released, quoted, or relied upon by anyone else for any purpose
(other than as required by law) without our prior written consent.&#160; We hereby consent to the filing of a copy of
this opinion as an exhibit to the Form&nbsp;8-K, which is incorporated by
reference in the Company&#146;s Registration </font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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

<p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statement, and to the references to our firm in the
Prospectus Supplement and such Registration Statement.&#160; In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Act or under the rules&nbsp;and regulations of the
SEC promulgated thereunder.</font></p>

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

<p style="margin:0in 0in .0001pt;text-indent:4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>

<p style="margin:0in 0in .0001pt;text-indent:4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ SULLIVAN&nbsp;&amp;
WORCESTER LLP</font></p>

<p style="margin:0in 0in .0001pt;text-indent:4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:4.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SULLIVAN&nbsp;&amp;
WORCESTER LLP</font></p>

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

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

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
