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<SEC-DOCUMENT>0001104659-08-012131.txt : 20080221
<SEC-HEADER>0001104659-08-012131.hdr.sgml : 20080221
<ACCEPTANCE-DATETIME>20080221172839
ACCESSION NUMBER:		0001104659-08-012131
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20080221
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:		20080221
DATE AS OF CHANGE:		20080221

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:		08633867

	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>a08-6245_18k.htm
<DESCRIPTION>8-K
<TEXT>

<html>

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</head>

<body lang="EN-US">

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

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

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

</div>

<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>February&nbsp;21, 2008 (February&nbsp;21, 2008)</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"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(State or Other Jurisdiction</font>
<font style="letter-spacing:-.15pt;">of Incorporation)</font></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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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 0in 0in 0in;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"><font style="font-size:10.0pt;letter-spacing:-.15pt;">(</font>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:.2in;"><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:.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule&nbsp;425
under the Securities Act (17 CFR 230.425)</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:.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; 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;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; 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;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.2in;"><font size="2" face="Wingdings" style="font-size:10.0pt;letter-spacing:-.15pt;">o</font><font style="letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; 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" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<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>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\ELay\08-6245-1\task2713313\6245-1-ba.htm',USER='elay',CD='Feb 21 17:14 2008' -->


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


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

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

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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
February&nbsp;21, 2008, </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 95,000,000 to 100,000,000.&#160; The
Company&#146;s authorized shares are currently classified as follows: (i)&nbsp;99,700,000
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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;21,
2008</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">, the Company
priced an underwritten public offering of </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,600,000</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 </font><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;26,
2008</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&#160; The public offering price was $21.85 per
share.&#160; The Company expects to use the $116.6
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 funding pending or possible future acquisitions of properties.&#160; The Company also granted the underwriters an
option to purchase an additional 840</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">,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&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Financial
Statements and Exhibits</font></b>.</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="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(d)</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibits</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <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>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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>
  </td>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <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>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">Underwriting Agreement, dated as of February&nbsp;21, 2008</font>,
  between Senior Housing Properties Trust and the underwriters named therein
  relating to the issuance and sale of up to 6</font>,440,000 of the Company&#146;s common shares of beneficial
  interest.</p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Composite
  Copy of the Company&#146;s Amended and Restated Declaration of Trust, dated
  September&nbsp;20, 1999, as amended to date.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Venable LLP.</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.22%;">
  <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%" valign="top" style="padding:0in 0in 0in 0in;width:94.28%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Opinion of Sullivan&nbsp;&amp; Worcester LLP as to tax matters.</font></p>
  </td>
 </tr>
</table>

<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>

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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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.1</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Venable LLP (contained in Exhibit&nbsp;5.1).</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.44%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23.2</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.18%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consent of Sullivan&nbsp;&amp; Worcester LLP (contained in
  Exhibit&nbsp;8.1).</font></p>
  </td>
 </tr>
</table>

<p style="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;text-indent:.5in;"><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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:47.78%;">
  <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="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <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="55%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:55.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:45.0%;">
  <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="52%" valign="top" style="padding:0in 0in 0in 0in;width:52.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:2.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.84%;">
  <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>
 </tr>
 <tr>
  <td width="55%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:&nbsp;&nbsp;David J. Hegarty</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&nbsp;&nbsp;&nbsp;&nbsp;President</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:55.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date: February&nbsp;21, 2008</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.84%;">
  <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="391" style="border:none;"></td>
  <td width="21" style="border:none;"></td>
  <td width="1" style="border:none;"></td>
  <td width="335" 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 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><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;">5,600,000 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 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;">February&nbsp;21,
2008</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;">February&nbsp;21, 2008</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">UBS Securities LLC<br>
</font>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;">Robert
W. Baird&nbsp;&amp; Co. Incorporated</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;text-indent:.2in;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">As Managing Underwriters</font></i></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;">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="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">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 5,600,000 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>.&#160; </font>In
addition, solely for the purpose of covering over-allotments, the Company
proposes to grant to the Underwriters the option to purchase up to an
additional 840,000 Common Shares (the &#147;Additional Shares&#148;).&nbsp; The Firm
Shares and the Additional Shares are hereinafter collectively sometimes
referred to as the &#147;Shares.&#148; The Shares are described in the Prospectus
which is referred to below.</p>

<p style="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="font-size:10.0pt;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>with the Securities and Exchange Commission
(the &#147;Commission&#148;), in accordance with the provisions of the Securities Act </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="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman"><font 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>a
registration statement (File No.&nbsp;333-135716) on Form&nbsp;S-3 under the
Act (the &#147;</font>shelf registration
statement&#148;), including a prospectus relating to, among other things, Common Shares, preferred shares of beneficial
interest, depository shares, guarantees, debt securities and warrants for such
securities of the Company, and such amendments to such registration
statement, as may have been required prior to the date hereof, have been
similarly prepared and have been filed with the Commission.&#160; Such shelf
registration statement, as so amended, and any post-effective amendments
thereto, have become effective under the Act.</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="font-size:10.0pt;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>shelf registration
statement.&#160; Except where the context
otherwise requires, the term &#147;Prepricing Prospectus&#148; as used in this Agreement
means each preliminary form of the Prospectus (as defined herein) subject to
completion, if any, used in connection with the offering of the Shares.&#160; Except where the context otherwise requires,
the term &#147;Prospectus Supplement&#148; as used in this Agreement means any final
prospectus supplement specifically relating to the Shares, in the form filed
with, or transmitted for filing to, the Commission pursuant to Rule&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.</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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</div>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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

<p style="margin: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>

<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>

<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 $20.86675 per share (the &#147;Purchase
Price Per Share&#148;).</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>

<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>

<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>

<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 February&nbsp;26, 2008
(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>

<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>

<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>

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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>

<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>

<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>

<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>

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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;">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 5,000,000 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-size:10.0pt;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>the issuance by the Company of the Shares, the
compliance by the Company with all of the provisions of this Agreement, the
execution, delivery and performance by the Company of this Agreement, and the
consummation of the transactions contemplated herein (including, without limitation, the application of the net proceeds of
the offering by the Company as described in the Prospectus) will not
conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, or result in the creation or
imposition of any lien, charge or encumbrance upon the Shares or any property
or assets of the Company pursuant to (i)&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;</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-size:10.0pt;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>issuance and sale of the Shares or the consummation
by the Company of the transactions as contemplated hereby (including, without limitation, the
application of the net proceeds of the offering by the Company as described in
the Prepricing Prospectus and the Prospectus), other than registration
of the Shares under the Act, which has been effected, and any necessary
qualification under the securities or blue sky laws of the various
jurisdictions in which the Shares are being offered by the Underwriters;</h2>

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

<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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<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;">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-size:10.0pt;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>and
the Shares will be, subject to official notice of issuance and evidence of
satisfactory distribution, listed on the NYSE; and the Company is in
compliance with NYSE listing standards;</h2>

<h2 style="font-weight:normal;margin: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-size:10.0pt;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>Financial Industry Regulatory Authority,&nbsp;Inc.
(&#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.</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>

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

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

<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>

<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>

<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>

<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>

<h3 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></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;">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>

<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 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; 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#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>

<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>

<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>

<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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to furnish to you
as early as practicable prior to the time of purchase </font>and the additional time of purchase, as the
case may be, but not later than two business days prior thereto, a copy
of the latest available unaudited interim consolidated 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;</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-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>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;</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>

<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 style="font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiii)&#160;&#160;&#160;&#160;&#160;&#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 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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xiv)&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xv)&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvi)&#160;&#160;&#160;&#160;&#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, (iii)&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;">&nbsp;</font></p>

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

<div style="margin:0in 0in .0001pt;"><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>

<h3 style="font-weight:normal;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xvii)&#160;&#160;&#160;&#160;&#160;&#160; </font>to use its best efforts to cause the Shares
to be listed on the NYSE;</h3>

<h3 style="font-weight:normal;margin: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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xviii)&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xix)&#160;&#160;&#160;&#160;&#160;&#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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xx)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; prior to the time of
purchase, to issue no press release or other communication directly or
indirectly and hold no press conferences with respect to the Company or any
Subsidiary, the financial condition, results of operations, business,
properties, assets, or liabilities of the Company or any Subsidiary, or the
offering of the Shares, without your prior consent; and</font></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:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xxi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; not, at any time at
or after the execution of this Agreement, to, directly or indirectly, offer or
sell any Shares by means of any &#147;prospectus&#148; (within the </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;">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;">

<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 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>

<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>

<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>

<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>

<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-size:10.0pt;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>(and the several obligations of the
Underwriters at the additional time of purchase are subject to the accuracy of
the representations and warranties on the part of the Company on the date
hereof and at the time of purchase (unless previously waived) and at the
additional time of purchase, as the case may be), the performance by the
Company of its obligations hereunder and to the following additional conditions
precedent:</h1>

<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>

<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;B</u>
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>

<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;">22</font></p>

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

</div>
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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;"><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>

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

</div>
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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;"><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 and the additional time of purchase, as the case may
be, deliver to you a certificate of its Chief Financial Officer, in the form
set forth in <u>Exhibit&nbsp;D</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;">(m)&#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;">(n)&#160;&#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;">(o)&#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>

<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;">24</font></p>

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

</div>
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<div>

<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 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>

<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>

<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>

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

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

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

</div>
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<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 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>

<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>

<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>

<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;">26</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="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 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 </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;">27</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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 </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;">28</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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">parties who are parties
to such Proceeding).&#160; No indemnifying
party shall be liable for any settlement of any such Proceeding effected
without the written consent of such indemnifying party but if settled with the
written consent of such indemnifying party, such indemnifying party agrees to
indemnify and hold harmless the indemnified party from and against any loss or
liability by reason of such settlement.&#160;
Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel as contemplated by the second sentence
of this paragraph, then the indemnifying party agrees that it shall be liable
for any settlement of any Proceeding effected without its written consent if (i)&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 </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;">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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">deemed to include any
legal or other fees or expenses reasonably incurred by such party in connection
with investigating, preparing to defend or defending any claim or Proceeding.</font></h2>

<h2 style="font-weight:normal;margin: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>

<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>

<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>

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

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

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<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
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 </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;">&nbsp;</font></p>

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

<div style="margin:0in 0in .0001pt;"><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;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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">management, stockholders
or creditors or any other person in connection with any activity that the
Underwriters may undertake or have undertaken in furtherance of the purchase
and sale of the Company&#146;s securities, either before or after the date
hereof.&#160; The Underwriters hereby
expressly disclaim any fiduciary or similar obligations to the Company, either
in connection with the transactions contemplated by this Agreement or any
matters leading up to such transactions, and the Company hereby confirms its
understanding and agreement to that effect.&#160;
The Company and the Underwriters agree that they are each responsible
for making their own independent judgments with respect to any such transactions
and that any opinions or views expressed by the Underwriters to the Company
regarding such transactions, including, but not limited to, any opinions or
views with respect to the price or market for the Company&#146;s securities, do not
constitute advice or recommendations to the Company.&#160; The Company and the Underwriters agree that
the Underwriters are acting as principals and not as the agents or fiduciaries
of the Company and the Underwriters have not assumed and will not assume any
advisory responsibility in favor of the Company with respect to the
transactions contemplated hereby or the process leading thereto (irrespective
of whether the Underwriters have advised or are currently advising the Company
on other matters).&#160; The Company hereby
waives and releases, to the fullest extent permitted by law, any claims that
the Company may have against the Underwriters with respect to any breach or
alleged breach of any fiduciary, advisory or similar duty to the Company in
connection with the transactions contemplated by this Agreement or any matters
leading up to such transactions.</font></h1>

<h1 style="font-weight:normal;margin: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>

<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>

<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. </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;">32</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:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:44.34%;">
  <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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.7%;">
  <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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:44.34%;">
  <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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.7%;">
  <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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.7%;">
  <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="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:40.7%;">
  <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>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.66%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: David J. Hegarty</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:59.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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 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;">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 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;">ROBERT
W. BAIRD&nbsp;&amp; CO. INCORPORATED</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 .7pt 0in .7pt;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="93%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:93.78%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:90.14%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <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%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.84%;">
  <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="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Sage Kelly</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Managing Director</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <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 .7pt 0in .7pt;width:6.22%;">
  <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 .7pt 0in .7pt;width:3.64%;">
  <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%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:27.84%;">
  <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="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Kristin Kusmierz</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="9%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:9.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Associate Director</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in .7pt 0in .7pt;width:62.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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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<br clear="all" style="page-break-before:always;">
<div>

<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;">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="81%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:81.5%;">
  <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="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <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="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number&nbsp;of&nbsp;Firm<br>
  Shares</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <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="81%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">UBS Securities
  LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,150,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merrill Lynch,
  Pierce, Fenner&nbsp;&amp; Smith Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,150,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
  Stanley&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,150,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">RBC Capital
  Markets Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert W.
  Baird&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ferris, Baker
  Watts, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Janney
  Montgomery Scott LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Morgan
  Keegan&nbsp;&amp; Company,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Oppenheimer&nbsp;&amp;
  Co. Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Raymond James
  and Associates,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Stifel, Nicolaus&nbsp;&amp;
  Company, Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">200,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BB&amp;T Capital
  Markets, a division of Scott&nbsp;&amp; Stringfellow,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BNY Capital
  Markets,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dominick&nbsp;&amp;
  Dominick LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">E*Trade
  Securities LLC</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fifth Third
  Securities,&nbsp;Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Johnston,
  Lemon&nbsp;&amp; Co. Incorporated</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladenburg
  Thalmann&nbsp;&amp; Co. Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Newbridge
  Securities Corporation</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SG Americas
  Securities, LLC</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Wedbush Morgan
  Securities Inc.</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
  <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:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.5%;">
  <p style="margin:0in 0in .0001pt 154.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;border:none;border-bottom:double windowtext 1.5pt;padding:0in 0in 0in 0in;width:15.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,600,000</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

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

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

<div style="margin:0in 0in .0001pt;"><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 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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<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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 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<br>
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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<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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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 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;">February&nbsp;&#160;&#160;&#160;&#160; , 2008</font></p>

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">UBS Securities LLC<br>
</font>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;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Together with the other underwriters</font></p>

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

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

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

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

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

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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;">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 between Senior Housing Properties Trust (the &#147;Company&#148;) and you and the
other underwriters named in Schedule A to the Underwriting Agreement
(collectively, the &#147;Underwriters&#148;), 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, 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 </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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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

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

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

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

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

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

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
(i)&nbsp;the Company notifies you in writing that it does not intend to proceed
with the Offering, (ii)&nbsp;the registration statement filed with the
Securities and Exchange Commission with respect to the Offering is withdrawn or
(iii)&nbsp;for any reason the </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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="padding:0in 0in 0in 0in;width:44.44%;">
  <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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:44.44%;">
  <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="55%" valign="top" style="padding:0in 0in 0in 0in;width:55.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:44.44%;">
  <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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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>

<p align="center" style="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 COUNSEL TO BE
DELIVERED PURSUANT <br>
TO SECTION&nbsp;7(a)</font></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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>

<p align="center" style="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></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\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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 D</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;">FORM&nbsp;OF OFFICER&#146;S CERTIFICATE TO BE DELIVERED BY <br>
THE CHIEF FINANCIAL OFFICER OF THE COMPANY <br>
PURSUANT TO SECTION&nbsp;7(l)</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>
<!-- SEQ.=1,FOLIO='D-1',FILE='C:\JMS\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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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;">Certain
Schedules and Exhibits to this agreement have been omitted and will be
furnished supplementally to the Securities and Exchange Commission upon
request.</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>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\rmoralec\08-6245-1\task2713315\6245-1-ka-07.htm',USER='rmoralec',CD='Feb 21 17:14 2008' -->


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<TYPE>EX-3.1
<SEQUENCE>3
<FILENAME>a08-6245_1ex3d1.htm
<DESCRIPTION>EX-3.1
<TEXT>

<html>

<head>





</head>

<body lang="EN-US" style="text-justify-trim:punctuation">

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

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

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

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

<p style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;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:auto;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:auto;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:auto;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:auto;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:auto;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:auto;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;21,
2008</font></b></p>

<p style="font-size:10.0pt;font-weight:bold;margin:0in 0in .0001pt;page-break-after:auto;text-align:center;text-transform:none;">&nbsp;</p>

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

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

<p align="left" style="font-size:10.0pt;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>:&#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.</p>

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

<p align="left" style="font-size:10.0pt;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>:&#160;
The following provisions are all the provisions of the Declaration of
Trust currently in effect and as hereinafter amended:</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman">&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</font></b></h1>

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

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

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

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

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Purposes</u>.&#160; The purposes for which the Trust is formed
are to invest in and to acquire, hold, manage, administer, control and dispose
of property and interests in property, including, without limitation or
obligation, engaging in business as a real estate investment trust under the
Code.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Powers</u>.&#160; The Trust shall have all of the powers
granted to real estate investment trusts by Title 8 and all other powers set
forth in the Declaration of Trust which are not inconsistent with law and are
appropriate to promote and attain the purposes set forth in the Declaration of
Trust.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&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</font></b></h1>

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

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

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Powers</u>.&#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.</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">&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 </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;"><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>

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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 align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">inconsistent
with law or this Declaration of Trust; to elect officers in the manner
prescribed in the Bylaws; to 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">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Number and Classification</u>.</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">&nbsp;</font></h2>

<h3 align="left" style="font-size:10.0pt;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; </font>The number of trustees of the Trust
(hereinafter the &#147;Trustees&#148;) initially shall be two (2).&#160; On the first date on which the Trust shall
have more than one shareholder of record, the number of the Trustees shall
automatically and without further action by the Board of Trustees increase to
five (5), which number may thereafter be increased or decreased pursuant to the
Bylaws of the Trust; provided, however, that no such increase or decrease shall
result in the Trust having fewer than three (3)&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font>On the first date on which the Trust
shall have more than one shareholder of record, the Board of Trustees shall be
classified into three groups:&#160; Group I,
Group II and Group III.&#160; The number of
Trustees in each group shall be determined by the Board in accordance with the
Bylaws; provided that the number of Trustees in any one group shall not exceed
the number of Trustees in any other group by more than one.&#160; The Trustees in Group I shall serve for a
term ending at the first annual meeting of shareholders following the end of
the Trust&#146;s fiscal year ending December&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font>The names and business addresses of the
initial Trustees who shall serve as Trustees are as follows:</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">&nbsp;</font></h3>

<table border="0" cellspacing="0" cellpadding="0" width="86%" style="border-collapse:collapse;margin-left:1.0in;width:86.66%;">
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  <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>
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  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <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="81%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:81.06%;">
  <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>
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  <td width="17%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:17.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:81.06%;">
  <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="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.02%;">
  <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="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.06%;">
  <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="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.06%;">
  <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="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.06%;">
  <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="17%" valign="top" style="padding:0in 0in 0in 0in;width:17.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" style="padding:0in 0in 0in 0in;width:81.06%;">
  <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="17%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.02%;">
  <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="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="81%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:81.06%;">
  <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>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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;">400 Centre Street</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
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  <td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&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;">Newton, Massachusetts 02458</font></p>
  </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<h3 align="left" style="font-size:10.0pt;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; </font>The Trustees may fill any vacancy,
whether resulting from an increase in the number of Trustees or otherwise, on
the Board in the manner provided in the Bylaws.&#160;
It shall not be necessary to list in the Declaration of Trust the names
and addresses of any Trustees hereinafter elected.&#160; No reduction in the number of Trustees shall
have the effect of removing any Trustee from office prior to the expiration of
his or her term.&#160; Subject to the provisions
of Section&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.</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">&nbsp;</font></h3>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Resignation or Removal</u>.&#160; Any Trustee may resign by written notice to
the Board, effective upon execution and delivery to the Trust of such written
notice or upon any future date specified in the notice.&#160; A Trustee may be removed at any time with or
without cause, at a meeting of the shareholders, by the </h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&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;">3</font></p>

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<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman">&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;">affirmative vote of the holders
of not less than two-thirds (2/3) of the Shares (as defined in Section&nbsp;6.1
below) 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">&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</font></b></h1>

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Authorized Shares</u>.&#160; The beneficial interest of the Trust shall be
divided into shares of beneficial interest (the &#147;Shares&#148;).&#160; The Trust has authority to issue 100,000,000
Shares, consisting of 99,700,000 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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Common Shares</u>.&#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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Preferred Shares</u>.&#160; The Board of Trustees may classify any
unissued Preferred Shares and reclassify any previously classified but unissued
Preferred Shares of any series from time to time, in one or more series of
Shares.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Classified or Reclassified Shares</u>.&#160; Prior to issuance of classified or
reclassified Shares of any class or series, the Board of Trustees by resolution
shall (a)&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Authorization by Board of Share
Issuance</u>.&#160; The Board of Trustees may
authorize the issuance from time to time of Shares of any class or series,
whether now or hereafter authorized, or securities or rights convertible into
Shares of any class or series, whether now or hereafter authorized, for such
consideration (whether in cash, property, past or future services, obligation
for future payment or otherwise) as the Board of Trustees may deem advisable
(or without consideration), subject to such restrictions or limitations, if
any, as may be set forth in this Declaration of Trust or the Bylaws of the
Trust.</h2>

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

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

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<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-align:justify;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; </font><u>Dividends
and Distributions</u>.&#160; The Board of
Trustees may from time to time authorize and declare to shareholders such
dividends or distributions, in cash or other assets of the Trust or in
securities of the Trust or from any other source as the Board of Trustees in
its discretion shall determine.&#160;
Shareholders shall have no right to any dividend or distribution unless
and until authorized and declared by the Board.&#160;
The exercise of the powers and rights of the Board of Trustees pursuant
to this Section&nbsp;6.6 shall be subject to the provisions of any class or
series of Shares at the time outstanding.</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">&nbsp;</font></h2>

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Fractional Shares</u>.&#160; The Trust may, without the consent or
approval of any shareholder, issue fractional Shares, eliminate a fraction of a
Share by rounding up or down to a full Share, arrange for the disposition of a
fraction of a Share by the person entitled to it or pay cash for the fair value
of a fraction of a Share.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Declaration and Bylaws</u>.&#160; All shareholders are subject to the
provisions of the Declaration of Trust and the Bylaws of the Trust.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Divisions and Combinations of Shares</u>.&#160; Subject to an express provision to the
contrary in the terms of any class or series of beneficial interest hereafter
authorized, the Board of Trustees shall have the power to divide or combine the
outstanding shares of any class or series of beneficial interest, without a
vote of shareholders.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&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</font></b></h1>

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Definitions</u>.&#160; For the purpose of this Article&nbsp;VII, the
following terms shall have the following meanings:</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">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;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>.&#160;
The term &#147;Affiliate&#148; shall mean, with respect to any Person, another
Person controlled by, controlling or under common control with such Person.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#160; The term &#147;Aggregate Share Ownership Limit&#148;
shall mean 9.8 percent in value or in number of the aggregate of the
outstanding Equity Shares.&#160; The value of
the outstanding Equity Shares shall be determined by the Board of Trustees in
good faith, which determination shall be conclusive for all purposes hereof.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

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

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

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#160; The term &#147;Charitable Trust&#148; shall mean any
trust provided for in Section&nbsp;7.3.1.</p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Code</font></u>.</font>&#160; The term &#147;Code&#148; shall mean the Internal
Revenue Code of 1986, as amended from time to time.&#160; All references to specific sections of the
Code shall include applicable successor provisions.</p>

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

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

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#160; The term &#147;Declaration of Trust&#148; shall mean
these Articles of Amendment and Restatement as accepted for record by the SDAT,
and any amendments thereto.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#160;
The term &#147;Equity Shares&#148; shall mean Shares of all classes or series,
including, without limitation, Common Shares and Preferred Shares.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">HRPT</font></u>.</font>&#160; The term &#147;HRPT&#148; shall mean HRPT Properties
Trust, a Maryland real estate investment trust, or any successor thereto by
merger or consolidation, or any transferee of all or substantially all of its
assets.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

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

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

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

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

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font style="font-family:Times New Roman;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Person</font></u>.</font>&#160; The term &#147;Person&#148; shall mean an individual,
corporation, partnership, estate, trust (including, but not limited to, a trust
qualified under Sections 401(a)&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.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

<p align="left" style="font-size:10.0pt;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>.&#160;
The term &#147;REIT&#148; shall mean a real estate investment trust within the
meaning of Section&nbsp;856 of the Code.</p>

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

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

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

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

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

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

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

<p align="left" style="font-size:10.0pt;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>.&#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.</p>

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

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

<p align="left" style="font-size:10.0pt;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>.&#160;
The term &#147;Trustee&#148; shall mean the Person unaffiliated with the Trust and
a Prohibited Owner, that is appointed by the Trust to serve as trustee of the
Charitable Trust.</p>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Equity Shares</u>.</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">&nbsp;</font></h2>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Ownership Limitations</u>.&#160; During the period commencing on the Initial
Date and prior to the Restriction Termination Date:</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">&nbsp;</font></h3>

<h4 align="left" style="font-size:10.0pt;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>Basic
Restrictions</u>.</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">&nbsp;</font></h4>

<h5 align="left" style="font-size:10.0pt;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; </font>(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.</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;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; </font>No
Person shall Beneficially or Constructively Own Equity Shares to the extent
that such Beneficial or Constructive Ownership of Equity Shares would result in
the Trust being &#147;closely held&#148; within the meaning of Section&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).</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;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; </font>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.</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">&nbsp;</font></h5>

<h4 align="left" style="font-size:10.0pt;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>Transfer
in Trust</u>.&#160; If any Transfer of Equity
Shares occurs which, if effective, would result in any Person Beneficially
Owning or Constructively Owning Equity Shares in violation of Section&nbsp;7.2.1(a)(i)&nbsp;or
(ii),</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">&nbsp;</font></h4>

<h5 align="left" style="font-size:10.0pt;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; </font>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</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;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; </font>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.</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">&nbsp;</font></h5>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Remedies for Breach</u>.&#160; If the Board of Trustees or any duly
authorized committee thereof shall at any time determine in good faith that a
Transfer or other event has taken place that results in a violation of Section&nbsp;7.2.1
or that a Person intends to acquire or has attempted to acquire Beneficial or </h3>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</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 style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Notice of Restricted Transfer</u>.&#160; Any Person who acquires or attempts or
intends to acquire Beneficial Ownership or Constructive Ownership of Equity
Shares that will or may violate Section&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Owners Required To Provide
Information</u>.&#160; From the Initial Date
and prior to the Restriction Termination Date:</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">&nbsp;</font></h3>

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

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

<h4 align="left" style="font-size:10.0pt;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>each
Person who is a Beneficial or Constructive Owner of Equity Shares and each
Person (including the shareholder of record) who is holding Equity Shares for a
Beneficial or Constructive Owner shall provide to the Trust such information as
the Trust may request, in good faith, in order to determine the Trust&#146;s status
as a REIT and to comply with requirements of any taxing authority or
governmental authority or to determine such compliance.</h4>

<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">&nbsp;</font></h4>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Remedies Not Limited</u>.&#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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Ambiguity</u>.&#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.</h3>

<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;">9</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">&nbsp;</font></p>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Exceptions</u>.</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">&nbsp;</font></h3>

<h4 align="left" style="font-size:10.0pt;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>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:</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">&nbsp;</font></h4>

<h5 align="left" style="font-size:10.0pt;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; </font>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);</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;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; </font>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</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;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>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.</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">&nbsp;</font></h5>

<h4 align="left" style="font-size:10.0pt;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>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.</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">&nbsp;</font></h4>

<h4 align="left" style="font-size:10.0pt;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>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.</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">&nbsp;</font></h4>

<h4 align="left" style="font-size:10.0pt;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>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.</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">&nbsp;</font></h4>

<h4 align="left" style="font-size:10.0pt;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>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.</h4>

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

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

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

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

<h3 align="left" style="font-size:10.0pt;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; </font><u>Increase in Aggregate Share Ownership
and Common Share Ownership Limits</u>.&#160;
The Board of Trustees may from time to time increase the Common Share
Ownership Limit and the Aggregate Share Ownership Limit.</h3>

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

<h3 align="left" style="font-size:10.0pt;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; </font><u>Legend</u>.&#160; Each certificate for Equity Shares shall bear
substantially the following legend:</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">&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">&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">&nbsp;</font></p>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Transfer of Equity Shares in
Trust</u>.</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">&nbsp;</font></h2>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Ownership in Trust</u>.&#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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Status of Shares Held by the Trustee</u>.&#160; Equity Shares held by the Trustee shall be
issued and outstanding Equity Shares of the Trust.&#160; The Prohibited Owner shall have no rights in
the shares held by the Trustee.&#160; The
Prohibited Owner shall not benefit economically from ownership of any shares
held in trust </h3>

<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;">11</font></p>

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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>

<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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Dividend and Voting Rights</u>.&#160; The Trustee shall have all voting rights and
rights to dividends or other distributions with respect to Equity Shares held
in the Charitable Trust, which rights shall be exercised for the exclusive benefit
of the Charitable Beneficiary.&#160; Any
dividend or other distribution paid prior to the discovery by the Trust that
Equity Shares have been transferred to the Trustee shall be paid with respect
to such Equity Shares to the Trustee upon demand and any dividend or other
distribution authorized but unpaid shall be paid when due to the Trustee.&#160; Any dividends or distributions so paid over
to the Trustee shall be held in trust for the Charitable Beneficiary.&#160; The Prohibited Owner shall have no voting
rights with respect to shares held in the Charitable Trust and, subject to
Maryland law, effective as of the date that Equity Shares have been transferred
to the Trustee, the Trustee shall have the authority (at the Trustee&#146;s sole
discretion) (i)&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Sale of Shares by Trustee</u>.&#160; Within 20 days of receiving notice from the
Trust that Equity Shares have been transferred to the Charitable Trust, the
Trustee of the Charitable Trust shall sell the shares held in the Charitable
Trust to a person, designated by the Trustee, whose ownership of the shares
will not violate the ownership limitations set forth in Section&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Purchase Right in Shares Transferred
to the Trustee</u>.&#160; Equity Shares
transferred to the Trustee shall be deemed to have been offered for sale to the
Trust, or its designee, at a price per share equal to the lesser of (i)&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.</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">&nbsp;</font></h3>

<h3 align="left" style="font-size:10.0pt;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; </font><u>Designation of Charitable
Beneficiaries</u>.&#160; By written notice to
the Trustee, the Trust shall designate one or more nonprofit organizations to
be the Charitable Beneficiary of the interest in the </h3>

<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;">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">&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">&nbsp;</font></h3>

<h2 align="left" style="font-size:10.0pt;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; </font><u>NYSE Transactions</u>.&#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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Enforcement</u>.&#160; The Trust is authorized specifically to seek
equitable relief, including injunctive relief, to enforce the provisions of
this Article&nbsp;VII.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Non-Waiver</u>.&#160; No delay or failure on the part of the Trust
or the Board of Trustees in exercising any right hereunder shall operate as a
waiver of any right of the Trust or the Board of Trustees, as the case may be,
except to the extent specifically waived in writing.</h2>

<h2 align="left" style="font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&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</font></b></h1>

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;text-transform:none;">SHAREHOLDERS</font></b></h1>

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

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Voting Rights</u>.&#160; Subject to the provisions of any class or
series of Shares then outstanding, the shareholders shall be entitled to vote
only on the following matters:&#160; (a)&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Preemptive and Appraisal Rights</u>.&#160; Except as may be provided by the Board of
Trustees in setting the terms of classified or reclassified Shares pursuant to Section&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Extraordinary Actions</u>.&#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
</h2>

<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;">13</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">&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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Board Approval</u>.&#160; The submission of any action to the
shareholders for their consideration shall first be approved or advised by the
Board of Trustees, and the shareholders shall not otherwise be entitled to act
thereon.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Action By Shareholders Without a
Meeting</u>.&#160; To the extent, if any,
permitted by the Bylaws of the Trust, any action required or permitted to be
taken by the shareholders may be taken without a meeting by the written consent
of the shareholders entitled to cast a sufficient number of votes to approve
the matter as required by statute, the Declaration of Trust or the Bylaws of
the Trust, as the case may be.</h2>

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

<p align="left" style="font-size:10.0pt;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; </font><u>Indemnification
of the Trust</u>.&#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.</p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman">&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</font></b></h1>

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;text-transform:none;">LIABILITY
LIMITATION, INDEMNIFICATION<br>
AND TRANSACTIONS WITH THE TRUST</font></b></h1>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Limitation of Shareholder
Liability</u>.&#160; No shareholder shall be
liable for any debt, claim, demand, judgment or obligation of any kind of,
against or with respect to the Trust by reason of his being a shareholder, nor
shall any shareholder be subject to any personal liability whatsoever, in tort,
contract or otherwise, to any person in connection with the property or the
affairs of the Trust by reason of his being a shareholder.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Limitation of Trustee and Officer
Liability</u>.&#160; To the maximum extent
that Maryland law in effect from time to time permits limitation of the
liability of trustees and officers of a real estate investment trust, no
current or former Trustee or officer of the Trust shall be liable to the Trust
or to any shareholder for money damages.&#160;
Neither the amendment nor repeal of this Section&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Express Exculpatory Clauses and
Instruments</u>.&#160; Any written instrument
creating an obligation of the Trust shall, to the extent practicable, include a
reference to this Declaration and provide that </h2>

<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;">14</font></p>

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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>

<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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Indemnification</u>.&#160; The Trust shall, to the maximum extent
permitted by Maryland law in effect from time to time, indemnify, and pay or
reimburse reasonable expenses in advance of final disposition of a proceeding
to, (a)&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Transactions Between the Trust
and its Trustees, Officers, Employees and Agents</u>.&#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.</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">&nbsp;</font></h2>

<p align="left" style="font-size:10.0pt;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; </font>To the extent permitted by Maryland law,
a contract or other transaction between the Trust and any Trustee or between the
Trust and RMR or any other corporation, trust, firm, or other entity in which
any Trustee is a director or trustee or has a material financial interest shall
not be void or voidable if:</p>

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

<h5 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt .8in;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>The
fact of the common directorship, trusteeship or interest is disclosed or known
to:</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">&nbsp;</font></h5>

<h6 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.3in;text-align:left;text-indent:.55in;"><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; </font>The Board
of Trustees or a proper committee thereof, and the Board of Trustees or such
Committee authorizes, approves or ratifies the contract or transaction by the
affirmative vote of a majority of disinterested Trustees, even if the
disinterested Trustees constitute less than a quorum; or</h6>

<h6 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">&nbsp;</font></h6>

<h6 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.3in;text-align:left;text-indent:.55in;"><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; </font>The
shareholders entitled to vote, and the contract or transaction is authorized,
approved, or ratified by a majority of the votes cast by the shareholders
entitled to vote other than the votes of shares owned of record or beneficially
by the interested trustee, corporation, trust, firm or other entity; or</h6>

<h6 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">&nbsp;</font></h6>

<h6 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 1.3in;text-align:left;text-indent:.55in;"><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; </font>The
contract or transaction is fair and reasonable to the Trust.</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">&nbsp;</font></h6>

<h5 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt 73.45pt;text-align:left;text-indent:20.15pt;"><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>Common
or interested trustees or the shares owned by them or by an interested
corporation, trust, firm or other entity may be counted in determining the
presence of a quorum at a meeting of the Board of Trustees or a committee
thereof or at a meeting of the shareholders, as the case may be, at which the
contract or transaction is authorized, approved or ratified.</h5>

<p 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;">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">&nbsp;</font></p>

<p align="left" style="font-size:10.0pt;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; </font>The
failure of a contract or other transaction between the Trust and any Trustee or
between the Trust and RMR or any other corporation, trust, firm, or other
entity in which any Trustee is a director or trustee or has a material
financial interest to satisfy the criteria set forth in Section&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).</p>

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

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

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Persons Dealing with Trustees,
Officers, Employees or Agents</u>.&#160; Any
act of the Trustees or of the officers, employees or agents of the Trust
purporting to be done in their capacity as such, shall, as to any Persons
dealing with such Trustees, officers, employees or agents, be conclusively
deemed to be within the purposes of this Trust and within the powers of such
Trustees or officers, employees or agents.&#160;
No Person dealing with the Board or any of the Trustees or with the officers,
employees or agents of the Trust shall be bound to see to the application of
any funds or property passing into their hands or control.&#160; The receipt of the Board or any of the
Trustees, or of authorized officers, employees or agents of the Trust, for
moneys or other consideration, shall be binding upon the Trust.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Reliance</u>.&#160; The Trustees and the officers, employees and
agents of the Trust may consult with counsel and the advice or opinion of such
counsel shall be full and complete personal protection to all the Trustees and the
officers, employees and agents of the Trust in respect of any action taken or
suffered by them in good faith and in reliance on or in accordance with such
advice or opinion.&#160; In discharging their
duties, Trustees or officers, employees or agents of the Trust, when acting in
good faith, may rely upon financial statements of the Trust represented to them
to fairly present the financial position or results of operations of the </h2>

<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;">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">&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">&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</font></b></h1>

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;text-transform:none;">AMENDMENTS</font></b></h1>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>General</u>.&#160; The Trust reserves the right from time to
time to make any amendment to the Declaration of Trust, now or hereafter
authorized by law, including any amendment altering the terms or 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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>By Trustees</u>.&#160; The Trustees may amend this Declaration of
Trust from time to time, in the manner provided by Title 8, without any action
by the shareholders, to qualify as a real estate investment trust under the
Code or under Title 8 and as otherwise provided in Section&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>By Shareholders</u>.&#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.</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">&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</font></b></h1>

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;text-transform:none;">MERGER,
CONSOLIDATION OR SALE OF TRUST PROPERTY</font></b></h1>

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

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;text-transform:none;">DURATION
AND TERMINATION OF TRUST</font></b></h1>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Duration</u>.&#160; The Trust shall continue perpetually unless
terminated pursuant to Section&nbsp;12.2.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Termination</u>.</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">&nbsp;</font></h2>

<h4 align="left" style="font-size:10.0pt;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; </font>Subject
to the provisions of any class or series of Shares at the time outstanding,
after approval by a majority of the entire Board of Trustees, the Trust may be
terminated at any meeting of shareholders by (i)&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:</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">&nbsp;</font></h4>

<h5 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.3in;"><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>The
Trust shall carry on no business except for the purpose of winding up its
affairs.</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">&nbsp;</font></h5>

<h5 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.3in;"><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>The
Trustees shall proceed to wind up the affairs of the Trust and all of the
powers of the Trustees under the Declaration of Trust shall continue, including
the powers to fulfill or discharge the Trust&#146;s contracts, collect its assets,
sell, convey, assign, exchange, transfer or otherwise dispose of all or any
part of the remaining property of the Trust to one or more persons at public or
private sale for consideration which may consist in whole or in part of cash,
securities or other property of any kind, discharge or pay its liabilities and
do all other acts appropriate to liquidate its business.</h5>

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

<h5 align="left" style="font-size:10.0pt;font-weight:normal;margin:0in 0in .0001pt;text-align:left;text-indent:1.3in;"><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;&#160;&#160;&#160;&#160;&#160; </font>After
paying or adequately providing for the payment of all liabilities, and upon
receipt of such releases, indemnities and agreements as they deem necessary for
their protection, the Trust may distribute the remaining property of the Trust
among the shareholders so that after payment in full or the setting apart for
payment of such preferential amounts, if any, to which the holders of any
Shares at the time outstanding shall be entitled, the remaining property of the
Trust shall, subject to any participating or similar rights of Shares at the
time outstanding, be distributed ratably among the holders of Common Shares at
the time outstanding.</h5>

<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">&nbsp;</font></h5>

<h4 align="left" style="font-size:10.0pt;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; </font>After
termination of the Trust, the liquidation of its business and the distribution
to the shareholders as herein provided, a majority of the Trustees shall
execute and file with the Trust&#146;s records a document certifying that the Trust
has been duly terminated and the Trustees shall be discharged from all
liabilities and duties hereunder, and the rights and interests of all
shareholders shall cease.</h4>

<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">&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</font></b></h1>

<h1 style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;text-transform:uppercase;"><font face="Times New Roman" style="text-transform:none;">&nbsp;</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;font-weight:normal;text-transform:none;">MISCELLANEOUS</font></b></h1>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Governing Law</u>.&#160; The Declaration of Trust is executed and
delivered with reference to the laws of the State of Maryland, and the rights
of all parties and the validity, construction and effect of every provision
hereof shall be subject to and construed according to the laws of the State of
Maryland.</h2>

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

<h2 align="left" style="font-size:10.0pt;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; </font><u>Reliance by Third Parties</u>.&#160; Any certificate shall be final and conclusive
as to any person dealing with the Trust if executed by the Secretary or an
Assistant Secretary of the Trust or a Trustee, and if certifying to:&#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 </h2>

<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;">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">&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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Severability</u>.</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">&nbsp;</font></h2>

<h4 align="left" style="font-size:10.0pt;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; </font>The
provisions of the Declaration of Trust are severable, and if the Board of
Trustees shall determine, with the advice of counsel, that any one or more of
such provisions (the &#147;Conflicting Provisions&#148;) are in conflict with the Code,
Title 8 or other applicable federal or state laws, the Conflicting Provisions,
to the extent of the conflict, shall be deemed never to have constituted a part
of the Declaration of Trust, even without any amendment of the Declaration of
Trust pursuant to Article&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.</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">&nbsp;</font></h4>

<h4 align="left" style="font-size:10.0pt;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; </font>If
any provision of the Declaration of Trust shall be held invalid or
unenforceable in any jurisdiction, such holding shall apply only to the extent
of any such invalidity or unenforceability and shall not in any manner affect,
impair or render invalid or unenforceable such provision in any other
jurisdiction or any other provision of the Declaration of Trust in any
jurisdiction.</h4>

<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">&nbsp;</font></h4>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Construction</u>.&#160; In the Declaration of Trust, unless the
context otherwise requires, words used in the singular or in the plural include
both the plural and singular and words denoting any gender include all
genders.&#160; The title and headings of
different parts are inserted for convenience and shall not affect the meaning,
construction or effect of the Declaration of Trust.&#160; In defining or interpreting the powers and
duties of the Trust and its Trustees and officers, reference may be made by the
Trustees or officers, to the extent appropriate and not inconsistent with the
Code or Title 8, to Titles 1 through 3 of the Corporations and Associations Article&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.</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">&nbsp;</font></h2>

<h2 align="left" style="font-size:10.0pt;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; </font><u>Recordation</u>.&#160; The Declaration of Trust and any amendment
hereto shall be filed for record with the SDAT and may also be filed or
recorded in such other places as the Trustees deem appropriate, but failure to
file for record the Declaration of Trust or any amendment hereto in any office
other than in the State of Maryland shall not affect or impair the validity or
effectiveness of the Declaration of Trust or any amendment hereto.&#160; A restated Declaration of Trust shall, upon
filing, be conclusive evidence of all amendments contained therein and may
thereafter be referred to in lieu of the original Declaration of Trust and the
various amendments thereto.</h2>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD</font></u>:&#160;
The amendment to and restatement of the Declaration of Trust of the
Trust as hereinabove set forth have been duly advised by the Board of Trustees
and approved by the shareholders of the Trust as required by law.</p>

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

<p align="left" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOURTH</font></u>:&#160;
The total number of shares of beneficial interest which the Trust has
authority to issue has not been amended by this amendment and restatement.</p>

<p 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;">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 5.1</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;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;"><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;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;">February&nbsp;21,
2008</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 6,440,000 common shares (the &#147;Shares&#148;) of
beneficial interest, $.01 par value per share, of the Company (including up to 840,000
Shares which the underwriters in the Offering (as defined herein) have the
option to purchase solely to cover over-allotments), covered by the
above-referenced Registration Statement, and all amendments thereto (the &#147;Registration
Statement&#148;), filed by the Company with the United States Securities and
Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as
amended (the &#147;1933 Act&#148;).&#160; The Shares are
to be issued in an underwritten public offering (the &#147;Offering&#148;) pursuant to a Prospectus
Supplement, dated February&nbsp;21, 2008 (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>

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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;"><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;">February&nbsp;21,
2008</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page&nbsp;<font face="Times New Roman">2</font></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-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 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;">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; &#160;&#160;All
Documents submitted to us as certified or photostatic copies conform to the
original documents.&#160; All signatures on
all such Documents are genuine.&#160; All
public records reviewed or relied upon by us or on our behalf are true and
complete.&#160; All representations,
warranties, statements and information contained in the Documents are true and
complete.&#160; There has been no oral or
written modification of or amendment to any of the Documents, and there has
been no waiver of any provision of any of the Documents, by action or omission
of the parties or otherwise.</font></p>

<p style="margin: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>

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<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;"><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;">February&nbsp;21,
2008</font></p>

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

<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>
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  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.66%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</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;">/s/ Venable LLP</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</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;8.1</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>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in 0in 0in 0in;width:53.34%;">
  <p style="margin:0in 0in .0001pt;"><a name="cells"><font size="2" face="Times New Roman"><img width="165" height="49" src="g62451kgi001.gif"></font></a></p>
  </td>
  <td width="22%" valign="top" style="padding:0in 0in 0in 0in;width:22.26%;">
  <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="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p style="margin:0in 0in .0001pt;"><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 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 4.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;21, 2008</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 February&nbsp;21,
2008 (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 NEW YORK
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>

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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;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;">2</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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<div>

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

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

<p style="margin:0in 0in .0001pt;text-indent:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</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;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;text-indent:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ 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>

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