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<SEC-DOCUMENT>0000908737-08-000180.txt : 20080612
<SEC-HEADER>0000908737-08-000180.hdr.sgml : 20080612
<ACCEPTANCE-DATETIME>20080612172449
ACCESSION NUMBER:		0000908737-08-000180
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080612
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20080612
DATE AS OF CHANGE:		20080612

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:		08896501

	BUSINESS ADDRESS:	
		STREET 1:		400 CENTRE STREET
		CITY:			NEWTON
		STATE:			MA
		ZIP:			02458
		BUSINESS PHONE:		6173323990
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STATES</font></font></div>
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REPORT</font></font></div>
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11,&#160;2008)</font></div>
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PROPERTIES TRUST</font></font></div>
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Code)</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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Rule 425 under the Securities Act (17 CFR 230.425)</font></font></div>
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pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></font></div>
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pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></font></div><br></div><br>
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1.01 Entry into a Material Definitive Agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">As previously
reported, Senior Housing Properties Trust, or we, have entered into a series of
agreements to purchase up to 48 medical office, clinic and biotech laboratory
buildings from HRPT Properties Trust, or HRPT, and certain of its
subsidiaries.&#160;&#160;At the time we reported those agreements, we also
reported that we intended to enter into an amendment to our advisory agreement
with our manager, Reit Management &amp; Research LLC, or RMR, and to enter into
a new property management agreement with RMR, with respect to any of the 48
buildings we acquire from HRPT.&#160;&#160;On June 11, 2008, we entered into
that amendment and the property management agreement.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">Under the
advisory agreement, RMR originates and presents investment and divestment
opportunities to us and provides management and administrative services to
us.&#160;&#160;The advisory agreement provides, among other things, that RMR is
entitled to a management fee at an annual rate equal to a percentage of our
average invested capital, determined as specified in the
agreement.&#160;&#160;The percentage applied to our existing investments at the
time we were spun off from HRPT is 0.5%. The annual percentage for the first
$250.0 million of investments made after our spin off from HRPT is 0.7%, and the
percentage for investments above that amount is 0.5%.&#160;&#160;In addition,
RMR receives an incentive fee based upon increases in our funds from operations
per share, as defined in the agreement.&#160;&#160;The incentive fee is paid in
our common shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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invested capital for purposes of determining the management fees we pay to RMR
is principally based on our historical cost of our acquisitions.&#160;&#160;The
amendment provides that the portion of management fees based on our average
invested capital with respect to any of the 48 properties which we acquire from
HRPT will be based on HRPT&#8217;s historical costs of those properties rather than
our higher purchase prices, so that the management fees we will pay to RMR will
generally equal the fees that are currently being paid by HRPT to RMR with
respect to these properties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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property management agreement, RMR has agreed to provide property management and
certain other services with respect to any of the 48 properties which we acquire
from HRPT.&#160;&#160;Fees payable to RMR under the agreement will be based on a
formula, which generally includes 3% of gross collected rents as a property
management fee and 5% of gross construction costs as a construction management
fee.&#160;&#160;RMR will also be entitled to certain cost
reimbursements.&#160;&#160;The agreement, like our advisory agreement, will be
subject to the annual review and approval of the compensation committee of our
board of trustees, which consists solely of our Independent
Trustees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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beneficially owned by Messrs.&#160;&#160;Barry M. Portnoy and Adam D. Portnoy,
who are also our Managing Trustees and directors of RMR.&#160;&#160;Mr. Adam
Portnoy is president of RMR, and our executive officers are also executive
officers of RMR.&#160;&#160;The terms of the amendment to the advisory agreement
and the new management agreement were approved by the compensation committee of
our board of trustees.</font></div>
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with respect to our advisory agreement with RMR and with respect to our
relationships with RMR and with HRPT is provided in our Annual Report on Form
10-K for the</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">year ended
December 31, 2007 and proxy statement for our 2008 annual meeting of
shareholders, both of which have been filed with the Securities and Exchange
Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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of the amendment to the advisory agreement and the new management agreement
contained above in this Item are qualified in their entirety by reference to the
copies of the amendment and the management agreement which are filed as Exhibits
10.1 and 10.2, respectively, to this Current Report on Form 8-K, and
incorporated herein by reference.</font></div>
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STATEMENTS</font></div>
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CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 AND OTHER FEDERAL SECURITIES
LAWS.&#160;&#160;&#160;WHENEVER WE USE WORDS SUCH AS &#8220;BELIEVE&#8221;, &#8220;EXPECT&#8221;,
&#8220;ANTICIPATE&#8221;, &#8220;INTEND&#8221;, &#8220;PLAN&#8221;, &#8220;ESTIMATE&#8221; OR SIMILAR EXPRESSIONS, WE ARE MAKING
FORWARD LOOKING STATEMENTS.&#160;&#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 NOT OCCUR.&#160;&#160;ACTUAL
RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY OUR FORWARD
LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS.</font></div>
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FORM 8-K STATES THAT WE HAVE AGREED TO PURCHASE MEDICAL OFFICE, CLINIC AND
BIOTECH LABORATORY BUILDINGS. OUR OBLIGATION TO COMPLETE THE CURRENTLY PENDING
PURCHASES IS SUBJECT TO VARIOUS CONDITIONS TYPICAL OF LARGE COMMERCIAL REAL
ESTATE PURCHASES, INCLUDING, WITH RESPECT TO CERTAIN PROPERTIES, OBTAINING
CONSENTS FROM MORTGAGEES AND WAIVERS OF RIGHTS OF FIRST REFUSAL FROM
TENANTS.&#160;&#160;ALSO, WE HAVE FINANCING CONTINGENCIES RELATING TO CERTAIN
PROPERTIES.&#160;&#160;AS A RESULT OF ANY FAILURE OF THESE CONDITIONS, SOME
PROPERTIES MAY NOT BE PURCHASED.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">OTHER IMPORTANT
FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE IN
FORWARD LOOKING STATEMENTS ARE DESCRIBED MORE FULLY UNDER &#8220;ITEM 1A. RISK
FACTORS&#8221; IN OUR ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31,
2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">YOU SHOULD NOT
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">EXCEPT AS
REQUIRED BY LAW, WE UNDERTAKE NO OBLIGATION TO UPDATE OR REVISE ANY FORWARD
LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR
OTHERWISE.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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</font></div>
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            <hr style="COLOR: black" noshade size="2">
          </div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">Item
9.01&#160;&#160;Financial Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">(d)&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Exhibits</font>.</font></div>
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      Amendment to Amended and Restated Advisory Agreement, dated as of June 11,
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      Research LLC.</font></div>
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      Management Agreement, dated as of June 11, 2008, between Senior Housing
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  LLC.</font></div>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
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    <div>&#160;</div>
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</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
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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></div>
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    <div>&#160;</div>
    <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT 10.1<br></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">FIRST AMENDMENT TO AMENDED
AND RESTATED ADVISORY AGREEMENT</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIS FIRST AMENDMENT TO AMENDED AND
RESTATED ADVISORY AGREEMENT</font> (this "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Amendment</font>") is dated
as of as of June 11, 2008, by and between <font style="DISPLAY: inline; FONT-WEIGHT: bold">SENIOR HOUSING PROPERTIES
TRUST</font>, a Maryland real estate investment trust (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Company</font>"), and<font style="DISPLAY: inline; FONT-WEIGHT: bold"> REIT MANAGEMENT &amp; RESEARCH
LLC</font>, a Delaware limited liability company (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advisor</font>").</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">RECITAL:</font></div>
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the Advisor are parties to an Amended and Restated Advisory Agreement, dated as
of January 1, 2006 (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Advisory
Agreement</font>").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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the Advisor wish to amend the Advisory Agreement to adjust the calculation of
the Advisory Fee (as defined therein) with respect to certain medical office
buildings, clinics and biomedical, pharmaceutical and laboratory buildings which
the Company has contracted to buy from HRPT Properties Trust and/or certain of
its subsidiaries ("<font style="DISPLAY: inline; TEXT-DECORATION: underline">HRPT</font>") pursuant to
various purchase and sale agreements, all dated as of May 5, 2008 (collectively,
the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Purchase
Agreements</font>").</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">NOW, THEREFORE,
in consideration of the foregoing and the agreements set forth in this
Amendment, the Company and the Advisor agree as follows:</font></div>
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anything in Section 9 of the Advisory Agreement to the contrary, with respect to
any properties acquired by the Company pursuant to the Purchase Agreements,
the&#160;&#160;"Average Invested Capital" (as defined in the Advisory Agreement)
for each such property on the date of acquisition shall equal the undepreciated
gross book value thereof on the books of HRPT immediately prior to acquisition
of such property by the Company (including capitalized closing and other costs
and costs which may&#160;be allocated to intangibles or are unallocated) and all
subsequent adjustments shall be based on that initial book value.</font></div>
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amended hereby, the Advisory Agreement is hereby ratified and
confirmed.</font></div>
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Company and the Advisor have caused this Amendment to be duly executed, as a
sealed instrument, as of the date first set forth above.</font></div>
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PROPERTIES TRUST</font></div>
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Kleifges</font></font></div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
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<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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    <title>Unassociated Document</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: none">EXHIBIT 10.2</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div><a name="DocXparanum" />
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">MASTER MANAGEMENT
AGREEMENT</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">THIS MASTER MANAGEMENT AGREEMENT
</font>(this "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Agreement</font>") is made
and entered into as of June 11, 2008, by and among <font style="DISPLAY: inline; FONT-WEIGHT: bold">REIT MANAGEMENT AND RESEARCH
LLC</font>, a Delaware limited liability company ("<font style="DISPLAY: inline; TEXT-DECORATION: underline">Managing Agent</font>"), and
<font style="DISPLAY: inline; FONT-WEIGHT: bold">SENIOR HOUSING PROPERTIES
TRUST</font>, a Maryland real estate investment trust, on behalf of itself and
those of its subsidiaries as may from time to time own properties subject to
this Agreement (each, an "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Owner</font>" and,
"collectively, "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Owners</font>").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; TEXT-DECORATION: underline">W</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">I</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">T</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">N</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">S</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">E</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">T</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">H</font>:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHEREAS</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">,
</font>Owners<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>are
today acquiring various medical office buildings, clinics and biomedical,
pharmaceutical and laboratory properties and will, in the future, acquire
additional such properties (collectively, the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Managed Premises</font>");
and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">WHEREAS, </font>Owners wish to engage
Managing Agent to manage the Managed Premises;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font style="DISPLAY: inline; FONT-WEIGHT: bold">NOW, THEREFORE, </font>in<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>consideration of
the<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>premises and
the agreements herein contained, Owners and Managing Agent hereby agree as
follows:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">1.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Engagement</font>.&#160;&#160;Subject
to the terms and conditions hereinafter set forth, Owners hereby employ Managing
Agent with respect to the Managed Premises.&#160;&#160;Managing Agent hereby
accepts such employment as managing agent and agrees to devote such time,
attention and effort as may be appropriate to operate and manage<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the Managed Premises in
a diligent, orderly and efficient manner, Managing Agent may, with Owners&#8217;
consent, subcontract out some or all of its obligations hereunder to third party
managers; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that, in any
such event, Managing Agent shall be and remain primarily liable to Owners for
performance hereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">Notwithstanding
anything to the contrary set forth in this Agreement, the services to be
provided by Manager hereunder shall exclude all services (including, without
limitation, any garage management or cafeteria management services) whose
performance by an advisor to any Owner could give rise to an Owner&#8217;s receipt of
"impermissible tenant service income" as defined in &#167;856(d)(7) of the Internal
Revenue Code (as amended or superseded hereafter) or could in any other way
jeopardize an Owner<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">&#8217;</font>s federal
or state tax classification as a real estate investment
trust.&#160;&#160;Manager shall not perform any such service and if, in any
event, Manager shall inadvertently perform any</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">such service, no
compensation therefor shall be paid or payable hereunder.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">2.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">General
Parameters</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Any or all services may
be performed or goods purchased by Managing Agent under arrangements jointly
with or for other properties owned or managed by Managing Agent and the costs
shall be reasonably apportioned.&#160;&#160;Managing Agent may employ personnel
who are assigned to work exclusively at the Managed Premises or partly at the
Managed Premises and other<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>buildings owned and/or
managed by Managing Agent.&#160;&#160;Wages, benefits and other related costs of
centralized accounting personnel and employees employed by Managing Agent and
assigned to work exclusively or partly at the Managed Premises shall be fairly
apportioned and reimbursed, pro rata, by Owners in addition to the Fee and
Construction Supervision Fee (as defined in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section
5</font>).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><a name="DocXparanum">3.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Duties</font>.&#160;&#160;Without
limitation, Managing Agent agrees to perform the following specific
duties:</a></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;To seek tenants for the Managed
Premises in accordance with the rental schedule established by the applicable
Owner and to negotiate leases including renewals thereof and to lease in the
applicable Owners name space on a lease form approved by such Owner, only to
tenants, at rentals, and for periods of occupancy all as are approved in each
case by the applicable Owner. To employ appropriate means in order that the
availability of rental space is made known to potential tenants; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that such
means shall not include the employment of brokers unless otherwise agreed by the
applicable Owner. The legal expenses of negotiating such leases and leasing such
space shall be approved and paid by the applicable Owner.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b)&#160;&#160;To collect all rents and other
income from the Managed Premises and to give receipts therefor, both on behalf
of Owners, and deposit such funds in such banks and such accounts as are named,
from time to time, by Owners, in agency accounts for and under the name of
Owners.&#160;&#160;Managing Agent shall be empowered to sign disbursement checks
on these accounts,</font></div>
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supervise any repairs and/or alterations to the Managed Premises, including
tenant improvements and decoration of rental space, as may be approved by the
applicable Owner.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d)&#160;&#160;For Owners&#8217; account and at its
expense, to hire, supervise and discharge employees as required for the
efficient operation and maintenance of the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e)&#160;&#160;To obtain, at Owners&#8217; expense,
appropriate insurance for the Managed Premises protecting Owners and Managing
Agent while acting on behalf of Owners against all normally insurable risks
relating to the Managed Premises and complying with the requirements of Owners&#8217;
mortgagee, if any, and, upon approval thereof, to cause the same to be provided
and maintained by all tenants with respect to the Managed Premises to<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the extent required by
the terms of such tenants&#8217; leases.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(f)&#160;&#160;To promptly notify the
applicable Owner and its insurance carriers, as required by the applicable
policies, of any casualty or injury to person or property at the Managed
Premises, and complete customary reports in connection therewith.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(g)&#160;&#160;To procure seasonably all
supplies and other materials necessary for the proper operation of the Managed
Premises, at Owners&#8217; expense.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(h)&#160;&#160;To pay promptly from rental
receipts, other income derived from the Managed Premises, or other monies made
available by Owners for such purpose, all costs incurred in the operation of the
Managed Premises which are expenses of Owners hereunder, including wages or
other payments for services rendered, invoices for supplies or other items
furnished in relation to the Managed Premises, and pay over forthwith the
balance of such rental receipts, income and monies to Owners or as Owners shall
from time to time direct (in the event that the sum of the expenses to operate
and the compensation due the Managing Agent exceed gross receipts in any month
and no excess funds from prior months are available for payment of such excess,
Owners shall pay promptly the amount of the deficiency thereof to Managing Agent
upon receipt of statements therefor.)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(i)&#160;&#160;To advise Owners promptly of any
material developments in the operation of the Managed Premises that might affect
the profitable operation of the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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        </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(j)&#160;&#160;To establish, in Owners&#8217; name
and with Owners&#8217; approval, reasonable rules and regulations for tenants of the
Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(k)&#160;&#160;At the direction of the
applicable Owner and with counsel selected by such Owner, to institute or<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>defend, as the case may
be, any and all legal actions or proceedings<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>(in the name of such
Owner if necessary) relating to operation of the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(l)&#160;&#160;To maintain the books and
records of Owners reflecting the management and operation of the Managed
Premises, making available for reasonable inspection and examination by Owners
or its representatives, all books, records and other financial data relating to
the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(m)&#160;&#160;To prepare and deliver
seasonably to tenants of the Managed Premises such statements of expenses or
other information as shall be required on the<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>landlord&#8217;s part to be
delivered to such tenants for computation of rent, additional rent, or any other
reason.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(n)&#160;&#160;To aid, assist and cooperate
with Owners in matters relating to taxes and assessments and<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>insurance loss
adjustments, notify the Owners of any tax increase or special assessments
relating to the Managed Premises and, with Owners&#8217; approval, to enter into
contracts for tax abatements services.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(o)&#160;&#160;To provide such emergency
services as may be required for the efficient management and operation of the
Managed Premises on a 24-hour basis.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(p)&#160;&#160;To enter into contracts for
utilities (including, without limitation, water, fuel, electricity and
telephone) and for building services (including, without limitation, cleaning of
windows, common areas and tenant space, ash, rubbish and garbage hauling, snow
plowing, landscaping, carpet cleaning and vermin extermination), and for other
services as are appropriate to first class office space.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(q)&#160;&#160;To seek the lowest competitive
price commensurate with desired quality for all items purchased or services
contracted by it under this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(r)&#160;&#160;To take such action generally
consistent with the provisions of this Agreement, as Owners might with respect
to the Managed Premises if personally present.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">4.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Authority</font>.&#160;&#160;Owners
give to Managing Agent the authority and powers to perform the foregoing duties
on behalf of Owners subject, however, to Owners&#8217; approval as
specified.&#160;&#160;Owners further authorize Managing Agent to incur such
reasonable expenses, specifically contemplated in <font style="DISPLAY: inline; TEXT-DECORATION: underline">Section 2</font>, on behalf
of Owners as are necessary in the performance of those duties.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">5.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Special
Authority of Agent</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>In addition to, and not
in limitation of, the duties and authority of Managing Agent contained herein,
Managing Agent shall perform the following duties, but only with Owners&#8217; prior
approval in each case:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;Terminate tenancies and sign and
serve in the name of Owners such notices therefor as may be required for the
proper management of the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b)&#160;&#160;With counsel selected by Owners,
and at Owners&#8217; expense, institute and prosecute actions to evict tenants and
recover possession of rental space, and recover rents and other sums due; and
when expedient, settle, compromise and release such actions or suits or
reinstate such tenancies.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">6.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Compensation</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;In consideration of the services
to be rendered by the Managing Agent hereunder, Owners agree to pay and the
Managing Agent agrees to accept as its sole compensation (i) a management fee
(the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Fee</font>")
equal to three percent (3%) of the gross collected rents actually received by
Owners from the Managed Premises, such gross rents to include all fixed rents,
percentage rents, additional rents, operating expense and tax escalations, and
any other charges paid to Owners in connection with occupancy of the Managed
Premises, but excluding any amounts collected from tenants to reimburse Owners
for the cost of capital improvements or for expenses incurred in curing any
tenant default or in enforcing any remedy against any tenant; and (ii) a
construction supervision fee (the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Construction Fee</font>") in
connection with all interior and exterior construction renovation or repair
activities at the Managed Premises, including, without limitation, all tenant
and capital improvements in, on or about the Managed Premises, undertaken during
the term of this Agreement,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">other than
ordinary maintenance and repair, equal to five percent (5%) of the cost of such
construction which shall include the costs of all related professional services
and the cost of general conditions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b)&#160;&#160;The Fee shall be due and payable
monthly, in arrears based on a reasonable annual estimate or budget with an
annual<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>reconciliation within
thirty (30) days after the end of each calendar year.&#160;&#160;The
Construction Fee shall be due and payable periodically, as agreed by Managing
Agent and Owners, based on actual costs incurred to date.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c)&#160;&#160;Notwithstanding anything herein
to the contrary, Owners shall reimburse Managing Agent for reasonable travel
expenses incurred when traveling to and from the Managed Premises while
performing its duties in accordance with this Agreement; <font style="DISPLAY: inline; TEXT-DECORATION: underline">provided</font>, <font style="DISPLAY: inline; TEXT-DECORATION: underline">however</font>, that,
reasonable travel expenses shall not include expenses incurred for travel to and
from the Managed Premises by personnel assigned to work exclusively at the
Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(d)&#160;&#160;Managing Agent shall also
receive the amount of any lump sum reimbursables paid by tenants of the Managed
Premises to the extent amounts paid exceed costs incurred by Owners for work
performed with respect thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(e)&#160;&#160;Managing Agent shall be entitled
to no other additional compensation, whether in the form of commission, bonus or
the like for its services under this Agreement.&#160;&#160;Except as otherwise
specifically provided herein with respect to payment by Owners of legal fees,
accounting fees, salaries, wages, fees and charges of parties hired by the
Managing Agent on behalf of Owners to perform operating and maintenance
functions in the Managed Premises, and the like, if Managing Agent hires third
parties to perform services required to be performed hereunder by Managing Agent
without additional charge to Owners, Managing Agent shall (except to the extent
the same are reasonably attributable to an emergency at the Managed Premises) be
responsible for the charges of such third parties.&#160;&#160;Managing
Agent<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>shall not,
however, hire any third party without Owners&#8217; prior written consent, which
consent shall not be unreasonably withheld.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">7.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Contracts</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Managing Agent shall
not, without the prior consent of Owners, enter into any contracts on behalf of
Owners which extend beyond the then current term of this Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
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</font></div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">8.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Term of
Agreement</font>.&#160;&#160;The term<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>of this Agreement shall
begin on the date hereof and, unless sooner terminated as herein provided, shall
end on that date which is thirty (30) days following written notice of
termination given by either Owners or Managing Agent to<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the
other.&#160;&#160;This Agreement may be terminated with respect to less than all
of the properties comprising the Managed Premises.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">9.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Termination
or Expiration</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Upon termination or
expiration of this Agreement with respect to any of the Managed Premises for any
reason whatsoever, Managing Agent shall promptly turn over to<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>Owners all books,
papers, funds, records, keys and other items relating to the management and
operation of such Managed Premises, including, without limitation, all leases in
the possession of the Managing Agent and shall render to Owners a final<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>accounting with respect
thereto through the date of<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>termination.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">10.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Assignment
of Rights and Obligations</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;Without Owners&#8217; prior written
consent, Managing Agent shall not sell, transfer, assign or otherwise dispose of
or mortgage, hypothecate or otherwise encumber or permit or suffer any
encumbrance of all or any part of its rights and obligations hereunder, and any
transfer, encumbrance or other disposition of an interest herein made or
attempted in violation of this paragraph shall be void and ineffective; and
shall not be binding upon Owners.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(b)&#160;&#160;Owners, without Managing Agent&#8217;s
consent, may assign its rights and obligations hereunder to any mortgagee with
respect to, or successor Owners of, the Managed Premises, but not
otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(c)&#160;&#160;Consistent with the foregoing
paragraphs (a) and (b), the terms "Owners" and "Managing Agent" as used in this
Agreement shall mean the original parties hereto and their respective
mortgagees, successors, assigns, heirs and legal representatives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">11.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Fidelity</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Bond</font>.<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Owners, at Owners&#8217;
expense, may require that employees of Managing Agent who handle or are
responsible for Owners&#8217; money to be bonded by a fidelity bond in an amount
sufficient in Owners&#8217; determination to cover any loss which may occur in the
management and operation of the Managed Premises or that Managing Agent obtain a
fiduciary policy of insurance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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</font></div>
        </div>
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        </div>
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</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana">12.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Indemnification
and Insurance</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;Owners agree to defend,
indemnify<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>and hold
harmless Managing Agent from and against all casts, claims, expenses and
liabilities (including reasonable attorneys&#8217; fees) arising out of Managing
Agent&#8217;s performance of its duties in accordance with this Agreement including,
without limitation, injury or damage to persons or property occurring in, on or
about the Managed Premises and violations or alleged violations of any law,
ordinance, regulation or order of any governmental authority regarding the
Managed Premises except any injury, damage or violation resulting from Managing
Agent&#8217;s default hereunder, or from Managing Agent&#8217;s fraud, gross negligence or
willful misconduct in the performance of its duties<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>hereunder.</font></div>
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insurance shall include, at Owners&#8217; expense, public liability and workmen&#8217;s
compensation insurance upon the following terms and conditions:</font></div>
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shall be so written as to protect the Managing Agent in the manner and to the
same extent as Owners.</font></div>
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compensation policies shall be written to comply with applicable legal
requirements.</font></div>
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public liability insurance shall be written in limits of not less than One
Million Dollars ($1,000,000) per occurrence for bodily injury and Five Hundred
Thousand Dollars ($500,000) per occurrence for property damage.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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public liability insurance shall include the standard extensions of liability
coverage as may be mutually agreed upon from time to time, and shall name both
parties and their respective employees as additional insureds.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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notice is to be sent pursuant to this Agreement to either party to this
Agreement, it is expressly understood that same shall be sent postage prepaid,
certified mail, return receipt requested to either party at 400&#160;Centre
Street, Newton, Massachusetts 02458, or to any such address that either party
may hereinafter designate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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</font></div>
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</font></div>
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of</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Liability</font>.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>(a)&#160;&#160;Neither Owners nor Managing
Agent shall be personally liable hereunder, all such liability being limited in
the case of Owners to the interest of Owners in the Managed Premises and in the
case of Managing Agent, to its interest hereunder.</font></div>
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establishing some Owners, a copy of which, together with all amendments thereto
(the "<font style="DISPLAY: inline; TEXT-DECORATION: underline">Declarations</font>"), is
duly filed with the Department of Assessments and Taxation of the State of
Maryland, provides that the names of such Owners refers to the trustees under
such Declarations collectively as trustees, but not individually or personally,
and that no trustee, officer, shareholder, employee or agent of such Owners
shall be held to any personal liability, jointly or severally, for any
obligation of, or claim against, such Owners.&#160;&#160;All persons dealing
with such Owners, in any way, shall look only to the respective assets of such
Owners for the payment of any sum or the performance of any obligation of such
Owners.&#160;&#160;In any event, all liability of such Owners hereunder is
limited to the interest of such Owners in the Managed Premises and, in<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the case of Managing
Agent, to its interest hereunder.</font></div>
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parties hereto that each Owner be liable hereunder only with respect to the
Managed Premises owned by such Owner and that each Owner be solely responsible
for liabilities incurred with respect only to its properties and receive all
income therefrom.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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of Agreement</font>.&#160;&#160;This Agreement may not be modified, altered or
amended in manner<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>except by an amendment
in writing, duly executed by the parties hereto.</font></div>
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Contractor</font>.&#160;&#160;This Agreement is not one of general agency by
Managing Agent for Owners, but one with Managing Agent engaged as an independent
contractor.&#160;&#160;Nothing in this Agreement is intended to create a joint
venture, partnership, tenancy-in-common or other similar relationship between
Owners and Managing Agent for any purposes whatsoever.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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governed by and in accordance with the laws of The Commonwealth of
Massachusetts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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</font></div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">-9-</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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parties hereto have executed this Agreement as a sealed instrument as of the
date above first written.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;MANAGING
AGENT:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;REIT MANAGEMENT &amp;
RESEARCH LLC</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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Murray</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;John G. Murray,
Executive Vice President</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 180pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Verdana"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;OWNERS:</font></div>
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President</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><br></div>
    <div>&#160;</div>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
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