<SEC-DOCUMENT>0001171520-13-000569.txt : 20130827
<SEC-HEADER>0001171520-13-000569.hdr.sgml : 20130827
<ACCEPTANCE-DATETIME>20130827105346
ACCESSION NUMBER:		0001171520-13-000569
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20130826
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20130827
DATE AS OF CHANGE:		20130827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRANKLIN STREET PROPERTIES CORP /MA/
		CENTRAL INDEX KEY:			0001031316
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				042724223
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32470
		FILM NUMBER:		131061823

	BUSINESS ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880
		BUSINESS PHONE:		7815571300

	MAIL ADDRESS:	
		STREET 1:		401 EDGEWATER PLACE
		STREET 2:		STE 200
		CITY:			WAKEFIELD
		STATE:			MA
		ZIP:			01880

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN STREET PARTNERS LP
		DATE OF NAME CHANGE:	20010301
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent"><B>FORM
8-K</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent"><B>CURRENT
REPORT</B><BR>
<B>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent">Date of
Report (Date of earliest event reported):&nbsp;&nbsp;<B>August 23, 2013</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent"><B>Franklin
Street Properties Corp.</B></P>

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    <TD COLSPAN="3" STYLE="border-top: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(Exact name of registrant as specified in its charter)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 34%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>Maryland</B></TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>001-32470</B></TD>
    <TD STYLE="width: 33%; border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><B>04-3578653</B></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction<BR>
of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(Commission<BR>
File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">(IRS Employer<BR>
Identification No.)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt"><B>401 Edgewater Place, Suite 200, Wakefield, Massachusetts</B></TD>
    <TD STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-left: 5.4pt"><B>01880-6210</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(Zip Code)</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="3" STYLE="border-bottom: windowtext 1pt dashed; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt; text-align: center">Registrant&rsquo;s telephone number, including area code:&nbsp;&nbsp;<B>(781) 557-1300</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Former name or former address, if changed since last report.)</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; background-color: transparent">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (<U>see</U> General Instruction A.2. below):</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; background-color: transparent"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: MS Mincho">&#9744;</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in; background-color: transparent"><B>Item
1.01. Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: transparent"><U>Bank
of Montreal Credit Agreement</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">On
August 26, 2013, Franklin Street Properties Corp. (the &ldquo;Company&rdquo;) and certain of its wholly-owned subsidiaries entered
into a Credit Agreement (the &ldquo;Credit Agreement&rdquo;) with the lending institutions referenced in the Credit Agreement and
those lenders from time to time party thereto (collectively, the &ldquo;Lenders&rdquo;) and Bank of Montreal as administrative
agent (in such capacity, the &ldquo;Administrative Agent&rdquo;), to provide for a single unsecured term loan borrowing on the
closing date in the amount of $220,000,000 (the &ldquo;Term Loan&rdquo;). On August 26, 2013, the Company drew down $220,000,000
million under the Term Loan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">The
Term Loan has a seven year term that matures on August 26, 2020 on which date, all outstanding amounts are due and payable. The
Term Loan bears interest at either (i) a LIBOR based rate plus 145 to 220 basis points depending on the Company&rsquo;s total leverage
ratio for the applicable period or (ii) a rate equal to the bank&rsquo;s base rate plus 45 to 120 basis points depending on the
Company&rsquo;s total leverage ratio for the applicable period. The Credit Agreement also includes an accordion feature that allows
up to $50,000,000 of additional loans, subject to receipt of lender commitments and satisfaction of certain customary conditions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">On
August 26, 2013, the Company entered into an ISDA Master Agreement (together with the schedule relating thereto, the &ldquo;ISDA
Master Agreement&rdquo;) with Bank of Montreal, and entered into an interest rate swap that fixes the base LIBOR interest rate
on the Term Loan at 2.32% per annum for seven years. Accordingly, based upon the
Company&rsquo;s leverage ratio, as of August 26, 2013, the effective interest rate on the Term Loan is 3.97% per annum.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">The
Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations
with respect to indebtedness, liens, investments, mergers and acquisitions, disposition of assets, changes in business, certain
restricted payments, the requirement to join certain subsidiaries as co-borrowers under the Credit Agreement and transactions with
affiliates. The Credit Agreement also contains financial covenants that require the Company to maintain a minimum tangible net
worth, a minimum fixed charge coverage ratio, a maximum secured leverage ratio, a maximum leverage ratio, a maximum unencumbered
leverage ratio, a minimum unsecured debt service coverage ratio, a maximum ratio of certain investments to total assets and a maximum
amount of secured recourse indebtedness. The Credit Agreement provides for customary events of default with corresponding grace
periods, including failure to pay any principal or interest when due, certain cross defaults and a change in control of the Company
(as defined in the Credit Agreement). In the event of a default by the Company, the Administrative Agent may, and at the request
of the requisite number of lenders shall, declare all obligations under the Credit Agreement immediately due and payable, and enforce
any and all rights of the lenders or Administrative Agent under the Credit Agreement and related documents. For certain events
of default related to bankruptcy, insolvency, and receivership all outstanding obligations of the Company will become immediately
due and payable. The Company may use the proceeds of the loans under the Credit Agreement to finance the acquisition of real properties
and for other permitted investments; to finance investments associated with Sponsored REITs, to refinance or retire existing indebtedness
and for working capital and other general business purposes, in each case to the extent permitted under the Credit Agreement.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">Certain
of the lenders party to the Credit Agreement, and their respective affiliates, have performed, and may in the future perform for
the Company and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services,
for which they have received, and will receive, customary fees and expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">The
Credit Agreement is attached to this Current Report on Form 8-K as Exhibit 10.1 and the ISDA Master Agreement is attached to this
Current Report on Form 8-K as Exhibit 10.2, and each is incorporated herein by reference. The foregoing summaries of the Credit
Agreement and the ISDA Master Agreement are qualified in their entirety by the complete text of the Credit Agreement and the ISDA
Master Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; background-color: transparent"><U>Amendment
to Bank of America Credit Agreement</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">On
August 23, 2013, the Company and certain of its wholly-owned subsidiaries entered into a First Amendment (the &ldquo;First Amendment&rdquo;)
to that certain Amended and Restated Credit Agreement dated as of September 27, 2012, by and among the Company and certain of its
wholly-owned subsidiaries Bank of America, N.A., as administrative agent, L/C Issuer and Swing Line Lender, and the lending institutions
party thereto, to provide for the modification of certain financial covenants.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">Certain
of the lenders party to the First Amendment, and their respective affiliates, have performed, and may in the future perform for
the Company and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services,
for which they have received, and will receive, customary fees and expenses.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">The
First Amendment is attached to this Current Report on Form 8-K as Exhibit 10.3 and is incorporated herein by reference. The foregoing
summary of the First Amendment is qualified in its entirety by the complete text of the First Amendment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: transparent"><B>Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: transparent; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in; background-color: transparent">The
information contained above under Item 1.01 is incorporated herein by reference.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; background-color: transparent"><B>Item 9.01. Financial Statements
and Exhibits.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; background-color: Transparent">(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
following exhibits are included in this report:</P>

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    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="width: 87%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: transparent">Exhibit</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; background-color: white; border-bottom: black 0.75pt solid">No.</P></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; border-bottom: black 0.75pt solid">Description</P></TD></TR>
<TR STYLE="height: 6pt; background-color: white">

    <TD STYLE="height: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="height: 6pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="text-align: center">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Credit Agreement, dated August 26, 2013, among Franklin Street Properties Corp. and the other parties thereto.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="text-align: center">10.2</TD>
    <TD>&nbsp;</TD>
    <TD>ISDA Master Agreement, dated August 26, 2013, between Franklin Street Properties Corp. and Bank of Montreal, together with the schedule relating thereto.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="text-align: center">10.3</TD>
    <TD>&nbsp;</TD>
    <TD>First Amendment to Amended and Restated Credit Agreement, dated August 23, 2013, among Franklin Street Properties Corp. and the other parties thereto.</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent">SIGNATURE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in; background-color: transparent">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.</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 24pt; padding-left: 5.4pt">FRANKLIN STREET PROPERTIES CORP.</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:&nbsp;&nbsp;August 27, 2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:&nbsp;&nbsp;<U>/s/ George J. Carter&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
George J. Carter<BR>
President and Chief Executive Officer</TD></TR>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; ">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; background-color: transparent">EXHIBIT
INDEX</P>

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<TR STYLE="background-color: white">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="width: 88%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; background-color: transparent">Exhibit</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; background-color: white; border-bottom: black 0.75pt solid">No.</P></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD NOWRAP>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: white; border-bottom: black 0.75pt solid">Description</P></TD></TR>
<TR STYLE="height: 6pt; background-color: white">
    <TD STYLE="height: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="height: 6pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">10.1</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Credit Agreement, dated August 26, 2013, among Franklin Street Properties Corp. and the other parties thereto.</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">10.2</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">ISDA Master Agreement, dated August 26, 2013, between Franklin Street Properties Corp. and Bank of Montreal, together with the schedule relating thereto.</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">10.3</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">First Amendment to Amended and Restated Credit Agreement, dated August 23, 2013, among Franklin Street Properties Corp. and the other parties thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; background-color: Transparent">&nbsp;</P>

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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
<DESCRIPTION>CREDIT AGREEMENT
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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-variant: small-caps"><I>Exhibit
10.1</I></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

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<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Credit Agreement</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Dated as of August&nbsp;26,
2013</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">among</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Franklin Street Properties
Corp.<BR>
and Certain Wholly-Owned Subsidiaries,<BR>
as the Borrower,</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Bank of Montreal<BR>
as Administrative Agent,</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">and</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">The Other Lenders Party
Hereto</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">BMO Capital Markets,<BR>
PNC Bank, National Association<BR>
as Joint Bookrunners and Joint Lead Arrangers,</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">PNC Bank, National Association,<BR>
as Syndication Agent</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">and</P>

<P STYLE="font: small-caps 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0; text-align: center">Capital One, N.A.,<BR>
as Documentation Agent</P>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Table of Contents</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">SECTION</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt; text-align: center">HEADING</TD>
    <TD STYLE="line-height: 14pt; text-align: right">PAGE</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 5%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 70%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 6%; line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE I</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">DEFINITIONS AND ACCOUNTING TERMS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Defined Terms</TD>
    <TD STYLE="line-height: 14pt; text-align: right">1</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Other Interpretive Provisions</TD>
    <TD STYLE="line-height: 14pt; text-align: right">28</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Accounting Terms</TD>
    <TD STYLE="line-height: 14pt; text-align: right">29</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Rounding</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Times of Day</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 1.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Borrower Agent</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE II</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">THE COMMITMENTS AND CREDIT EXTENSIONS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Loans</TD>
    <TD STYLE="line-height: 14pt; text-align: right">30</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Borrowings, Conversions and Continuations of Loans</TD>
    <TD STYLE="line-height: 14pt; text-align: right">31</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Intentionally Omitted</TD>
    <TD STYLE="line-height: 14pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Prepayments</TD>
    <TD STYLE="line-height: 14pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">32</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.08.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Repayment of Loans</TD>
    <TD STYLE="line-height: 14pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Interest</TD>
    <TD STYLE="line-height: 14pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">33</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.11.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate</TD>
    <TD STYLE="line-height: 14pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.12.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Evidence of Debt</TD>
    <TD STYLE="line-height: 14pt; text-align: right">34</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.13.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Payments Generally; Administrative Agent&rsquo;s Clawback</TD>
    <TD STYLE="line-height: 14pt; text-align: right">35</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.14.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Sharing of Payments by Lenders</TD>
    <TD STYLE="line-height: 14pt; text-align: right">36</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.15.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.16.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Increase in Commitments</TD>
    <TD STYLE="line-height: 14pt; text-align: right">37</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.17.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 2.18.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Defaulting Lenders</TD>
    <TD STYLE="line-height: 14pt; text-align: right">39</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE III</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">TAXES, YIELD PROTECTION AND ILLEGALITY</TD>
    <TD STYLE="line-height: 14pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Taxes</TD>
    <TD STYLE="line-height: 14pt; text-align: right">40</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Illegality</TD>
    <TD STYLE="line-height: 14pt; text-align: right">44</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Inability to Determine Rates</TD>
    <TD STYLE="line-height: 14pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Increased Costs</TD>
    <TD STYLE="line-height: 14pt; text-align: right">45</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Compensation for Losses</TD>
    <TD STYLE="line-height: 14pt; text-align: right">46</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Mitigation Obligations; Replacement of Lenders</TD>
    <TD STYLE="line-height: 14pt; text-align: right">47</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 3.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Survival</TD>
    <TD STYLE="line-height: 14pt; text-align: right">47</TD></TR>
</TABLE>
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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE IV</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">CONDITIONS PRECEDENT TO CREDIT EXTENSIONS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; line-height: 14pt; text-align: center">Section 4.01.</TD>
    <TD STYLE="width: 5%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 70%; line-height: 14pt">Conditions of Initial Credit Extension</TD>
    <TD STYLE="width: 6%; line-height: 14pt; text-align: right">48</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 4.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Conditions to all Credit Extensions</TD>
    <TD STYLE="line-height: 14pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE V</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">REPRESENTATIONS AND WARRANTIES</TD>
    <TD STYLE="line-height: 14pt; text-align: right">50</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Existence, Qualification and Power</TD>
    <TD STYLE="line-height: 14pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Authorization; No Contravention</TD>
    <TD STYLE="line-height: 14pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Governmental Authorization; Other Consents</TD>
    <TD STYLE="line-height: 14pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Binding Effect</TD>
    <TD STYLE="line-height: 14pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Financial Statements; No Material Adverse Effect</TD>
    <TD STYLE="line-height: 14pt; text-align: right">51</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Litigation</TD>
    <TD STYLE="line-height: 14pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">No Default</TD>
    <TD STYLE="line-height: 14pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.08.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Ownership of Property; Liens</TD>
    <TD STYLE="line-height: 14pt; text-align: right">52</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Environmental Compliance</TD>
    <TD STYLE="line-height: 14pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Insurance</TD>
    <TD STYLE="line-height: 14pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.11.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Taxes</TD>
    <TD STYLE="line-height: 14pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.12.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">ERISA Compliance</TD>
    <TD STYLE="line-height: 14pt; text-align: right">53</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.13.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Subsidiaries; Other Equity Investments</TD>
    <TD STYLE="line-height: 14pt; text-align: right">54</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.14.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Margin Regulations; Investment Company Act</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.15.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Disclosure</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.16.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Compliance with Laws</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.17.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Taxpayer Identification Number</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.18.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.19.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">REIT Status</TD>
    <TD STYLE="line-height: 14pt; text-align: right">55</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.20.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Solvency</TD>
    <TD STYLE="line-height: 14pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 5.21.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Unencumbered Asset Pool Properties</TD>
    <TD STYLE="line-height: 14pt; text-align: right">56</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE VI</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">AFFIRMATIVE COVENANTS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Financial Statements</TD>
    <TD STYLE="line-height: 14pt; text-align: right">57</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Certificates; Other Information</TD>
    <TD STYLE="line-height: 14pt; text-align: right">58</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Notices</TD>
    <TD STYLE="line-height: 14pt; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Payment of Taxes</TD>
    <TD STYLE="line-height: 14pt; text-align: right">60</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Preservation of Existence, Etc</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Maintenance of Properties</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Maintenance of Insurance</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.08.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Compliance with Laws</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Books and Records</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Inspection Rights</TD>
    <TD STYLE="line-height: 14pt; text-align: right">61</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.11.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Use of Proceeds</TD>
    <TD STYLE="line-height: 14pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.12.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Additional Borrowers</TD>
    <TD STYLE="line-height: 14pt; text-align: right">62</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.13.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">REIT Status</TD>
    <TD STYLE="line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.14.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.15.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Material Contracts</TD>
    <TD STYLE="line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 6.16.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Further Assurances</TD>
    <TD STYLE="line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE VII</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">NEGATIVE COVENANTS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; line-height: 14pt; text-align: center">Section 7.01.</TD>
    <TD STYLE="width: 5%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 70%; line-height: 14pt">Liens</TD>
    <TD STYLE="width: 6%; line-height: 14pt; text-align: right">64</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Investments</TD>
    <TD STYLE="line-height: 14pt; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Indebtedness</TD>
    <TD STYLE="line-height: 14pt; text-align: right">65</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Fundamental Changes</TD>
    <TD STYLE="line-height: 14pt; text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Dispositions</TD>
    <TD STYLE="line-height: 14pt; text-align: right">66</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Change in Nature of Business</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.08.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Transactions with Affiliates</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Burdensome Agreements</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Use of Proceeds</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.11.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Financial Covenants</TD>
    <TD STYLE="line-height: 14pt; text-align: right">67</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.12.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Organizational Documents</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.13.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reserved</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.14.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Sale Leasebacks</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.15.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Prepayments of Indebtedness</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 7.16.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Changes in Accounting</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE VIII</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">EVENTS OF DEFAULT AND REMEDIES</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 8.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Events of Default</TD>
    <TD STYLE="line-height: 14pt; text-align: right">69</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 8.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Remedies Upon Event of Default</TD>
    <TD STYLE="line-height: 14pt; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 8.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Application of Funds</TD>
    <TD STYLE="line-height: 14pt; text-align: right">72</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE IX</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">ADMINISTRATIVE AGENT</TD>
    <TD STYLE="line-height: 14pt; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Appointment and Authority</TD>
    <TD STYLE="line-height: 14pt; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Rights as a Lender</TD>
    <TD STYLE="line-height: 14pt; text-align: right">73</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Exculpatory Provisions</TD>
    <TD STYLE="line-height: 14pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Reliance by Administrative Agent</TD>
    <TD STYLE="line-height: 14pt; text-align: right">74</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Delegation of Duties</TD>
    <TD STYLE="line-height: 14pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Resignation of Administrative Agent</TD>
    <TD STYLE="line-height: 14pt; text-align: right">75</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Non-Reliance on Administrative Agent and Other Lenders</TD>
    <TD STYLE="line-height: 14pt; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.08.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">No Other Duties, Etc.</TD>
    <TD STYLE="line-height: 14pt; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Administrative Agent May File Proofs of Claim</TD>
    <TD STYLE="line-height: 14pt; text-align: right">76</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 9.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Release from Obligations under Loan Documents</TD>
    <TD STYLE="line-height: 14pt; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">ARTICLE X</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">MISCELLANEOUS</TD>
    <TD STYLE="line-height: 14pt; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.01.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Amendments, Etc.</TD>
    <TD STYLE="line-height: 14pt; text-align: right">77</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.02.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Notices; Effectiveness; Electronic Communication</TD>
    <TD STYLE="line-height: 14pt; text-align: right">78</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.03.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">No Waiver; Cumulative Remedies; Enforcement</TD>
    <TD STYLE="line-height: 14pt; text-align: right">80</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.04.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Expenses; Indemnity; Damage Waiver</TD>
    <TD STYLE="line-height: 14pt; text-align: right">81</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.05.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Payments Set Aside</TD>
    <TD STYLE="line-height: 14pt; text-align: right">83</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.06.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Successors and Assigns</TD>
    <TD STYLE="line-height: 14pt; text-align: right">83</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.07.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Treatment of Certain Information; Confidentiality</TD>
    <TD STYLE="line-height: 14pt; text-align: right">87</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; line-height: 14pt; text-align: center">Section 10.08.</TD>
    <TD STYLE="width: 5%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 70%; line-height: 14pt">Right of Setoff</TD>
    <TD STYLE="width: 6%; line-height: 14pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.09.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Interest Rate Limitation</TD>
    <TD STYLE="line-height: 14pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.10.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Counterparts; Integration; Effectiveness</TD>
    <TD STYLE="line-height: 14pt; text-align: right">88</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.11.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Survival of Representations and Warranties</TD>
    <TD STYLE="line-height: 14pt; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.12.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Severability</TD>
    <TD STYLE="line-height: 14pt; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.13.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Replacement of Lenders</TD>
    <TD STYLE="line-height: 14pt; text-align: right">89</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.14.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Governing Law; Jurisdiction; Etc.</TD>
    <TD STYLE="line-height: 14pt; text-align: right">90</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.15.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Waiver of Jury Trial</TD>
    <TD STYLE="line-height: 14pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.16.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">No Advisory or Fiduciary Responsibility</TD>
    <TD STYLE="line-height: 14pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.17.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Electronic Execution of Assignments and Certain Other Documents</TD>
    <TD STYLE="line-height: 14pt; text-align: right">91</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.18.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">USA PATRIOT Act</TD>
    <TD STYLE="line-height: 14pt; text-align: right">92</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.19.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Time of the Essence</TD>
    <TD STYLE="line-height: 14pt; text-align: right">92</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">Section 10.20.</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Entire Agreement</TD>
    <TD STYLE="line-height: 14pt; text-align: right">92</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>1</TD>
    <TD STYLE="width: 7%; line-height: 14pt">&mdash;</TD>
    <TD STYLE="width: 69%; line-height: 14pt">Borrower Entities</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>2.01</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Commitments and Applicable Percentages</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.05</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Supplement to Interim Financial Statements</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.06</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Litigation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.09</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Environmental Disclosure Items</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.12(d)</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Pension Plan Obligations</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.13</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Subsidiaries; Other Equity Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>5.21</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Unencumbered Asset Pool Properties</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>7.02(g)</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Investments</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>7.08</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Transactions with Affiliates</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>10.02</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Administrative Agent&rsquo;s Office; Certain Addresses for Notices</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Schedule&nbsp;</FONT>10.06(b)(v)</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Competitors of Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>A</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Loan Notice</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>B</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Opinion Matters</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>D</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>E-1</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Compliance Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>E-2</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Pro Forma Compliance Certificate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>F-1</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Assignment and Assumption</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>F-2</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Administrative Questionnaire</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>G</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Form of Joinder</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>H</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Intentionally Omitted</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>I-1</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">[Form of] U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;</FONT>I-2</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">[Form of] U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;I</FONT>-3</TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">[Form of] U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;I</FONT>-4</TD>
    <TD STYLE="width: 7%; line-height: 14pt">&mdash;</TD>
    <TD STYLE="width: 69%; line-height: 14pt">[Form of] U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt"><FONT STYLE="font-variant: small-caps">Exhibit&nbsp;J</FONT></TD>
    <TD STYLE="line-height: 14pt">&mdash;</TD>
    <TD STYLE="line-height: 14pt">Schedule Portfolio Property by Designation</TD></TR>
</TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Credit Agreement</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">This <FONT STYLE="font-variant: small-caps">Credit
Agreement</FONT> (<I>&ldquo;Agreement&rdquo;</I>) is entered into as of August&nbsp;26, 2013 among <FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp.</FONT>, a Maryland corporation (<I>&ldquo;FSP&rdquo;</I>), together with those certain Material Subsidiaries
of FSP listed on Schedule&nbsp;1 attached hereto (as the same may be amended from time to time in accordance with the terms of
this Agreement) (individually and collectively, the <I>&ldquo;Borrower&rdquo;</I>), each lender from time to time party hereto
either as a result of such party&rsquo;s execution of this Agreement as a &ldquo;Lender&rdquo; as of the date hereof or as a result
of such party being made a &ldquo;Lender&rdquo; hereunder by virtue of an executed Assignment and Assumption (collectively, the
<I>&ldquo;Lenders&rdquo;</I> and individually, a <I>&ldquo;Lender&rdquo;</I>) and <FONT STYLE="font-variant: small-caps">Bank of
Montreal</FONT>, as Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Borrower
has requested that the Lenders provide a term credit facility, and the Lenders are willing to do so on the terms and conditions
set forth therein.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">In consideration
of the mutual covenants and agreements herein contained, the parties covenant and agree as follows:</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;I<BR>
<BR>
Definitions and Accounting Terms</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I></I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;1.01.&#9;Defined
Terms</I>. As used in this Agreement, the following terms shall have the meanings set forth below:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Adjusted
EBITDA&rdquo;</I> means, for the most recently ended fiscal quarter of FSP, EBITDA of the Consolidated Parties less Capital Reserves
for all Properties for such period.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Administrative
Agent&rdquo;</I> means Bank of Montreal in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Administrative
Agent&rsquo;s Office&rdquo;</I> means the Administrative Agent&rsquo;s address and, as appropriate, account as set forth on Schedule&nbsp;10.02,
or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Administrative
Questionnaire&rdquo;</I> means an Administrative Questionnaire in substantially the form of Exhibit&nbsp;F-2 or any other form
approved by the Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Affiliate&rdquo;</I>
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified. In no event shall Administrative Agent or any Lender be
deemed to be an Affiliate of the Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Aggregate
Commitments&rdquo; </I>means the Commitments of all the Lenders.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Agreement&rdquo;</I>
means this Credit Agreement.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Applicable
Percentage&rdquo;</I> means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of
the Aggregate Commitments represented by such Lender&rsquo;s Commitment at such time, subject to adjustment as provided in this
Agreement, and giving effect to any subsequent assignments permitted hereunder. The initial Applicable Percentage of each Lender
is set forth opposite the name of such Lender on Schedule&nbsp;2.01.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Applicable
Rate&rdquo;</I> means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the
most recent compliance certificate received by the Administrative Agent pursuant to Section&nbsp;6.02(a):</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Level</FONT></TD>
    <TD STYLE="width: 26%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Leverage Ratio</FONT></TD>
    <TD STYLE="width: 24%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Eurodollar</FONT><BR>
<FONT STYLE="font-variant: small-caps">Rate</FONT><BR>
<FONT STYLE="font-variant: small-caps">Margin and</FONT><BR>
<FONT STYLE="font-variant: small-caps">Letters of</FONT><BR>
<FONT STYLE="font-variant: small-caps">Credit</FONT></TD>
    <TD STYLE="width: 30%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Base Rate</FONT><BR>
<FONT STYLE="font-variant: small-caps">Margin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">I</TD>
    <TD STYLE="line-height: 14pt">&le; 25%</TD>
    <TD STYLE="line-height: 14pt; text-align: center">145.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">45.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">II</TD>
    <TD STYLE="line-height: 14pt">&gt; 25% and &le; 35%</TD>
    <TD STYLE="line-height: 14pt; text-align: center">155.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">55.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">III</TD>
    <TD STYLE="line-height: 14pt">&gt; 35% and &le; 45%</TD>
    <TD STYLE="line-height: 14pt; text-align: center">165.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">65.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">IV</TD>
    <TD STYLE="line-height: 14pt">&gt; 45% and &le; 55%</TD>
    <TD STYLE="line-height: 14pt; text-align: center">190.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">90.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">V</TD>
    <TD STYLE="line-height: 14pt">&gt; 55%</TD>
    <TD STYLE="line-height: 14pt; text-align: center">220.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">120.0 bps</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Any increase
or decrease in the Applicable Rate resulting from a change in the Leverage Ratio shall become effective as of the first Business
Day immediately following the date a Compliance Certificate is delivered pursuant to Section&nbsp;6.02(a)(i); <I>provided, however,</I>
that if a Compliance Certificate is not delivered within ten (10) days after it was due in accordance with such Section, then,
upon the request of the Required Lenders, Pricing Level 5 shall apply as of the first Business Day after the date on which such
Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate
is delivered. The Applicable Rate in effect from the Closing Date through the date of the next change in the Applicable Rate pursuant
to the preceding sentence shall be determined based upon Pricing Level&nbsp;1.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">If the Borrower
receives a Credit Rating from either S&amp;P or Moody&rsquo;s, then at any time thereafter, upon written notice to the Administrative
Agent, the Borrower may irrevocably elect that at all times thereafter, the Applicable Rate with respect to the Loans be determined
based on the Borrower&rsquo;s Credit Rating pursuant to the following grid:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Level</FONT></TD>
    <TD STYLE="width: 26%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Credit Rating</FONT></TD>
    <TD STYLE="width: 23%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Eurodollar</FONT><BR>
<FONT STYLE="font-variant: small-caps">Rate</FONT><BR>
<FONT STYLE="font-variant: small-caps">Margin and</FONT><BR>
<FONT STYLE="font-variant: small-caps">Letters of</FONT><BR>
<FONT STYLE="font-variant: small-caps">Credit</FONT></TD>
    <TD STYLE="width: 34%; padding-top: 14pt; padding-bottom: 12pt; line-height: 14pt; text-align: center"><BR>
<BR>
<BR>
<FONT STYLE="font-variant: small-caps">Base Rate</FONT><BR>
<FONT STYLE="font-variant: small-caps">Margin</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">I</TD>
    <TD STYLE="line-height: 14pt">A-/A3 (or higher)</TD>
    <TD STYLE="line-height: 14pt; text-align: center">105.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">5.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">II</TD>
    <TD STYLE="line-height: 14pt">BBB+/Baa1</TD>
    <TD STYLE="line-height: 14pt; text-align: center">115.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">15.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">III</TD>
    <TD STYLE="line-height: 14pt">BBB/Baa2</TD>
    <TD STYLE="line-height: 14pt; text-align: center">135.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">35.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">IV</TD>
    <TD STYLE="line-height: 14pt">BBB-/Baa3</TD>
    <TD STYLE="line-height: 14pt; text-align: center">165.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">65.0 bps</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: center">V</TD>
    <TD STYLE="line-height: 14pt">&lt;BBB-/Baa3</TD>
    <TD STYLE="line-height: 14pt; text-align: center">215.0 bps</TD>
    <TD STYLE="line-height: 14pt; text-align: center">115.0 bps</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">During any
period that the Borrower has two Credit Ratings that are not equivalent, then the Applicable Rate will be determined based on the
higher rating. During any period that the Borrower only has one Credit Rating, then the Applicable Rate will be determined based
on that Credit Rating. During any period after the Borrower&rsquo;s election described in the preceding paragraph, that the Borrower
has no Credit Rating, then Applicable Rate will be determined based on Level&nbsp;V of the grid immediately above. Any change in
the Borrower&rsquo;s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of
the first calendar month immediately following such change.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Notwithstanding
anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject
to the provisions of Section&nbsp;2.11(b).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Approved
Fund&rdquo;</I> means any Fund that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a Lender or (c)&nbsp;an
entity or an Affiliate of an entity that administers or manages a Lender.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Arranger&rdquo;</I>
means Bank of Montreal, acting under its trade name BMO Capital Markets, in its capacity as sole bookrunner and sole lead arranger.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Assignee
Group&rdquo;</I> means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Assignment
and Assumption&rdquo;</I> means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
party whose consent is required by Section&nbsp;10.06(b)), and accepted by the Administrative Agent, in substantially the form
of Exhibit&nbsp;F-1 or any other form approved by the Administrative Agent.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Attributable
Indebtedness&rdquo;</I> means, on any date, (a)&nbsp;in respect of any capital lease of any Person, the capitalized amount thereof
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b)&nbsp;in respect of
any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that would appear
on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as a capital
lease.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Audited
Financial Statements&rdquo;</I> means the audited consolidated balance sheet of the Borrower and their Subsidiaries for the fiscal
year ended December&nbsp;31, 2012 and the related consolidated statements of income or operations, shareholders&rsquo; equity and
cash flows for such fiscal year of the Borrower and their Subsidiaries, including the notes thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Bank
of America Credit Agreement&rdquo; </I>means the Credit Agreement among Franklin Street Properties Corp. and certain wholly-owned
subsidiaries as the Borrower and Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, dated as of
September&nbsp;27, 2012, as amended, supplemented, extended, refinanced or replaced from time to time.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Base
Rate&rdquo;</I> means for any day a fluctuating rate per annum equal to the highest of (a)&nbsp;the Federal Funds Rate plus 1/2
of 1%, (b)&nbsp;the rate of interest announced or otherwise established by the Administrative Agent from time to time as its prime
commercial rate, or its equivalent, for U.S. Dollar loans to borrowers located in the United States as in effect on such day, with
any change in the Base Rate resulting from a change in said prime commercial rate to be effective as of the date of the relevant
change in said prime commercial rate (it being acknowledged and agreed that such rate may not be the Administrative Agent&rsquo;s
best or lowest rate), and (c)&nbsp;the one-month Eurodollar Rate plus 1.00%.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Base
Rate Loan&rdquo;</I> means a Loan that bears interest based on the Base Rate.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;BMO&rdquo;
</I>means Bank of Montreal and its successors.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Borrower&rdquo;</I>
has the meaning specified in the introductory paragraph hereto. Sponsored REITs and Excluded Subsidiaries shall not be Borrowers.
Each entity comprising the Borrower as of the Closing Date is as described on Schedule 1 and organized under the laws of the states
noted therein. The term &ldquo;Borrower&rdquo; and Schedule 1 shall be deemed updated with respect to any Persons becoming borrowers
pursuant to Section&nbsp;6.12(a) and each Person released pursuant to Section&nbsp;6.12(b).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Borrower
Materials&rdquo;</I> has the meaning specified in Section&nbsp;6.02.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Borrowing&rdquo;</I>
means a borrowing consisting of a Loan and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each
of the Lenders pursuant to Section&nbsp;2.01.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Business
Day&rdquo;</I> means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Administrative Agent&rsquo;s Office is located and, if such day relates
to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Capitalization
Rate&rdquo;</I> means seven percent (7.0%) for each CBD or Urban Infill Property and seven and three-quarters percent (7.75%) for
each Suburban Property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Capital
Reserve&rdquo;</I> means for any period and with respect to a Property, an amount equal to the product of (i)&nbsp;the gross leaseable
area contained in such Property (in square feet), multiplied by (ii)&nbsp;$0.30 per annum.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Cash
Collateral&rdquo;</I> has the meaning set forth in clause&nbsp;(vi) of the definition of Permitted Liens.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Cash
Equivalents&rdquo;</I> means (a)&nbsp;securities issued or directly and fully guaranteed or insured by the United States of America
or any agency or instrumentality thereof (<I>provided</I> that the full faith and credit of the United States of America is pledged
in support thereof) having maturities of not more than twelve (12) months from the date of acquisition, (b)&nbsp;U.S. dollar denominated
time deposits and certificates of deposit of (i)&nbsp;any Lender, (ii)&nbsp;any United States or Canadian commercial bank of recognized
standing having capital and surplus in excess of $500,000,000 or (iii)&nbsp;any bank whose short-term commercial paper rating from
S&amp;P is at least A-2 or the equivalent thereof or from Moody&rsquo;s is at least P-2 or the equivalent thereof (any such bank
being an &ldquo;Approved Bank&rdquo;), in each case with maturities of not more than two&nbsp;(2) years from the date of acquisition,
(c)&nbsp;commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any
variable rate commercial paper or notes issued by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof)
or better by S&amp;P or P-2 (or the equivalent thereof) or better by Moody&rsquo;s and maturing within one&nbsp;(1) year of the
date of acquisition, (d)&nbsp;repurchase agreements with a bank or trust company (including any of the Lenders) or recognized securities
dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United
States of America in which any Borrower shall have a perfected first priority security interest (subject to no other Liens) and
having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations and (e)&nbsp;Investments,
classified in accordance with GAAP as current assets, in money market investment programs registered under the Investment Company
Act of 1940, as amended, which are administered by reputable financial institutions having capital of at least $50,000,000 and
the portfolios of which invest principally in Investments of the character described in the foregoing subdivisions (a) through
(d).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;CBD
or Urban Infill Property</I>&rdquo; means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto
as Exhibit J and identified as a CBD or Urban Infill Property, or (b) any other improved Property which is located in markets with
characteristics similar to those identified in clause (a) and is designated by the Agent and the Borrower as a CBD or Urban Infill
Property from time to time.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Change
in Law&rdquo;</I> means the occurrence, after the date of this Agreement, of any of the following: (a)&nbsp;the adoption or taking
effect of any law, rule, regulation or treaty, (b)&nbsp;any change in any law, rule, regulation or treaty or in the administration,
promulgation, implementation, interpretation or application thereof by any Governmental Authority or (c)&nbsp;the making or issuance
of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority (including, without
limitation, all requests, rules, guidelines or directives in connection with Dodd-Frank Wall Street Reform and Consumer Protection
Act regardless of the date enacted, adopted or issued). Notwithstanding the foregoing, for purposes of this Agreement, all requests,
rules, guidelines or directives in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act shall be deemed
to be a Change in Law regardless of the date enacted, adopted, implemented or issued and all requests, rules, guidelines or directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or
any successor or similar authority) or the United States financial regulatory authorities shall be deemed to be a Change in Law
regardless of the date adopted, issued, promulgated or implemented.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Change
of Control&rdquo; </I>means: (a)&nbsp;an event or series of related events by which any &ldquo;person&rdquo; or &ldquo;group&rdquo;
(as such terms are used in Sections&nbsp;13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit
plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary
or administrator of any such plan) becomes the &ldquo;beneficial owner&rdquo; (as defined in Rules&nbsp;13d-3 and 13d-5 under
the Securities Exchange Act of 1934, except that a person or group shall be deemed to have &ldquo;beneficial ownership&rdquo;
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time (such right, an &ldquo;option right&rdquo;)), directly or indirectly, of 30% or more of the equity securities
of FSP entitled to vote for members of the board of directors or equivalent governing body of FSP on a fully-diluted basis (and
taking into account all such securities that such person or group has the right to acquire pursuant to any option right); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
event or series of events by which during any period of twelve&nbsp;(12) consecutive months, a majority of the members of the
board of directors or other equivalent governing body of FSP cease to be composed of individuals (i)&nbsp;who were members of
that board or equivalent governing body on the first day of such period, (ii)&nbsp;whose election or nomination to that board
or equivalent governing body was approved by individuals referred to in clause&nbsp;(i) above constituting at the time of such
election or nomination at least a majority of that board or equivalent governing body or (iii)&nbsp;whose election or nomination
to that board or other equivalent governing body was approved by individuals referred to in clauses&nbsp;(i) and (ii) above constituting
at the time of such election or nomination at least a majority of the board or equivalent governing body (excluding, in the case
of both clause&nbsp;(ii) and clause&nbsp;(iii), any individual whose initial nomination for, or assumption of office as, a member
of that board or equivalent governing body occurs as a result of an actual or threatened solicitation of proxies or consents for
the election or removal of one or more directors by any person or group other than a solicitation for the election of one or more
directors by or on behalf of the board of directors).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Closing
Date&rdquo;</I> means the first date all the conditions precedent in Section&nbsp;4.01 are satisfied or waived in accordance with
Section&nbsp;10.01.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Code&rdquo;</I>
means the Internal Revenue Code of 1986, as amended.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Commitment&rdquo;
</I>means, as to each Lender, its obligation to make a Loan to the Borrower pursuant to Section&nbsp;2.01, in an aggregate principal
amount equal to the amount set forth opposite such Lender&rsquo;s name on Schedule&nbsp;2.01.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Compliance
Certificate&rdquo;</I> means a certificate substantially in the form of Exhibit&nbsp;E-1.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Consolidated
Parties&rdquo;</I> means a collective reference to FSP and its consolidated Subsidiaries, as determined in accordance with GAAP;
and &ldquo;Consolidated Party&rdquo; means any one of them. Sponsored REITS shall be deemed not included as Consolidated Parties
under this Agreement and the Loan Documents.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Contractual
Obligation&rdquo;</I> means, as to any Person, any material provision of any material security issued by such Person or of any
material agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Control&rdquo;
</I>means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of
a Person, whether through the ability to exercise voting power, by contract or otherwise. <I>&ldquo;Controlling&rdquo;</I> and
<I>&ldquo;Controlled&rdquo;</I> have meanings correlative thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Credit
Extension&rdquo;</I> means a Borrowing.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Credit
Rating&rdquo;</I> means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Debtor
Relief Laws&rdquo;</I> means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Default&rdquo;</I>
means any event or condition that with the giving of any notice, the passage of time, or both, would be an Event of Default.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Default
Rate&rdquo;</I> means an interest rate equal to (i)&nbsp;the Base Rate plus (ii)&nbsp;the Applicable Rate, if any, applicable to
Base Rate Loans plus (iii)&nbsp;2% per annum; <I>provided, however,</I> that with respect to a Eurodollar Rate Loan, the Default
Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus
2% per annum.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Defaulting
Lender&rdquo;</I> means, subject to Section&nbsp;2.18(b), any Lender that, as determined by the Administrative Agent, (a)&nbsp;has
failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three Business Days of the
date required to be funded by it hereunder unless such Lender notifies the Administrative Agent or the Borrower in writing that
such failure is the result of such Lender&rsquo;s determination that one or more conditions precedent to funding set forth in Section&nbsp;4.02
(each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not
been satisfied, (b)&nbsp;has notified the Borrower or the Administrative Agent in writing that it does not intend to comply with
its funding obligations (unless such writing states that such position is based on such Lender&rsquo;s determination that a condition
precedent to funding in Section&nbsp;4.02 (which condition precedent, together with any applicable default, shall be specifically
identified in such writing) cannot be satisfied), (c)&nbsp;has failed, within three Business Days after request by the Administrative
Agent, to confirm in a manner satisfactory to the Administrative Agent that it will comply with its funding obligations, or (d)&nbsp;has,
or has a direct or indirect parent company that has, (i)&nbsp;become the subject of a proceeding under any Debtor Relief Law, (ii)&nbsp;had
a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or a custodian appointed for it, or (iii)&nbsp;taken any action in furtherance of, or indicated
its consent to, approval of or acquiescence in any such proceeding or appointment; <I>provided</I> that a Lender shall not be a
Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect
parent company thereof by a Governmental Authority.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Disposition&rdquo;</I>
or <I>&ldquo;Dispose&rdquo;</I> means the sale, transfer, license, lease (including any ground lease) or other disposition (including
any sale and leaseback transaction but excluding any real estate space lease made in a property by a Person in the normal course
of such Person&rsquo;s business operations) of any property by any Person, including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. For the avoidance
of doubt, any assignment or other disposition for collateral or security purposes shall not constitute a Disposition under this
Agreement and the other Loan Documents.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Documentation
Agent&rdquo;</I> means Compass Bank and PNC Bank, National Association., each in its capacity as documentation agent, or any successor
documentation agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Dollar&rdquo;</I>
and <I>&ldquo;$&rdquo; </I>mean lawful money of the United States.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;EBITDA&rdquo;</I>
means for the Consolidated Parties, for the most recently ended fiscal quarter of FSP, without duplication, the sum of (a)&nbsp;net
income of the Consolidated Parties, in each case, excluding any non recurring or extraordinary gains and losses for such period
(but including syndication fees), plus (b)&nbsp;any amount which, in the determination of net income for such period pursuant to
clause&nbsp;(a) above, has been deducted for or in connection with (i)&nbsp;Interest Expense (plus, amortization of deferred financing
costs, to the extent included in the determination of Interest Expense under GAAP), (ii)&nbsp;income taxes, and (iii)&nbsp;depreciation
and amortization, all determined in accordance with GAAP for such period plus (c)&nbsp;the Consolidated Parties&rsquo; Equity Percentage
of the above attributable to Unconsolidated Affiliates.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eligible
Assignee&rdquo;</I> means any Person that meets the requirements to be an assignee under Section&nbsp;10.06(b)(iii), and (v) (subject
to such consents, if any, as may be required under Section&nbsp;10.06(b)(iii)).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Environmental
Complaint&rdquo;</I> means any complaint, order, demand, citation or notice threatened or issued in writing to any Consolidated
Party by any Governmental Authority with regard to Releases or noise emissions in violation of Environmental Laws or any other
alleged violation of Environmental Laws affecting any Consolidated Party or any of their respective Properties.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Environmental
Laws&rdquo;</I> means any and all federal, state and local statutes, laws, regulations, ordinances, governmental restrictions,
rules and judgments, orders or decrees of any Governmental Authority with jurisdiction over the Property of a Consolidated Party
relating to pollution and the protection of the environment from contamination by, or the release of any materials into the environment,
including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Environmental
Liability&rdquo;</I> means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of any Consolidated Party directly or indirectly resulting from or based upon (a)&nbsp;violation
of any Environmental Law, (b)&nbsp;the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous
Materials on or from the Property of a Consolidated Party, or (c)&nbsp;the release or threatened release of any Hazardous Materials
into the environment from a Property of a Consolidated Party.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Equity
Interests&rdquo;</I> means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests
in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital
stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares
of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or
acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such
Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares,
warrants, options, rights or other interests are outstanding on any date of determination.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Equity
Percentage&rdquo;</I> means, with respect to any Person, the aggregate ownership percentage of such Person in each Unconsolidated
Affiliate, which shall be calculated as follows: (a)&nbsp;for calculation of Indebtedness or liabilities, such Person&rsquo;s nominal
capital ownership interest in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate&rsquo;s organizational
documents, or, if greater, the amount or percentage of such items allocated to such Person, or for which such Person is directly
or indirectly responsible, pursuant to the terms of the applicable joint venture agreement (or similar governing agreement) or
applicable law and (b)&nbsp;for all other purposes, the greater of (i)&nbsp;such Person&rsquo;s nominal capital ownership interest
in the Unconsolidated Affiliate as set forth in the Unconsolidated Affiliate&rsquo;s organizational documents, and (ii)&nbsp;such
Person&rsquo;s economic ownership interest in the Unconsolidated Affiliate, reflecting such Person&rsquo;s share of income and
expenses of the Unconsolidated Affiliate.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;ERISA&rdquo;</I>
means the Employee Retirement Income Security Act of 1974.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;ERISA
Affiliate&rdquo;</I> means any trade or business (whether or not incorporated) under common control with the Borrower within the
meaning of Section&nbsp;414(b) or (c) of the Code (and Sections&nbsp;414(m) and (o) of the Code for purposes of provisions relating
to Section&nbsp;412 of the Code).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;ERISA
Event&rdquo;</I> means (a)&nbsp;a Reportable Event with respect to a Pension Plan; (b)&nbsp;the withdrawal of the Borrower or any
ERISA Affiliate from a Pension Plan subject to Section&nbsp;4063 of ERISA during a plan year in which such entity was a &ldquo;substantial
employer&rdquo; as defined in Section&nbsp;4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal
under Section&nbsp;4062(e) of ERISA; (c)&nbsp;a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer
Plan or notification that a Multiemployer Plan is in reorganization; (d)&nbsp;the filing of a notice of intent to terminate, the
treatment of a Pension Plan amendment as a termination under Section&nbsp;4041 or 4041A of ERISA; (e)&nbsp;the institution by the
PBGC of proceedings to terminate a Pension Plan; (f)&nbsp;any event or condition which constitutes grounds under Section&nbsp;4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (g)&nbsp;the determination that
any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections&nbsp;430,
431 and 432 of the Code or Sections&nbsp;303, 304 and 305 of ERISA; or (h)&nbsp;the imposition of any liability under Title&nbsp;IV
of ERISA, other than for PBGC premiums due but not delinquent under Section&nbsp;4007 of ERISA, upon the Borrower or any ERISA
Affiliate.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eurodollar
Base Rate&rdquo;</I> has the meaning specified in the definition of Eurodollar Rate.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eurodollar
Rate&rdquo;</I> means for any Interest Period with respect to a Eurodollar Rate Loan, a rate per annum determined by the Administrative
Agent pursuant to the following formula:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD ROWSPAN="2" STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Eurodollar Rate</TD>
    <TD ROWSPAN="2" STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">=</TD>
    <TD STYLE="vertical-align: top; width: 62%; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Eurodollar Base Rate</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">1.00 &ndash; Eurodollar Reserve Percentage</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">Where,</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eurodollar
Base Rate&rdquo;</I> means: (a)&nbsp;for such Interest Period, the rate per annum equal to the British Bankers Association LIBOR
Rate (<I>&ldquo;BBA LIBOR&rdquo;</I>), as published by Reuters (or other commercially available source providing quotations of
BBA LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00&nbsp;a.m., London time, two London
Banking Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period. If such rate is not available at such time for any reason, then the &ldquo;Eurodollar
Base Rate&rdquo; for such Interest Period shall be the USD-LIBOR-Reference Bank Rate; and</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to (i)&nbsp;BBA LIBOR, at approximately
11:00&nbsp;a.m., London time determined two London Banking Days prior to such date for Dollar deposits being delivered in the London
interbank market for a term of one month commencing that day or (ii)&nbsp;if such published rate is not available at such time
for any reason, the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery
on the date of determination in same day funds in the approximate amount of the Base Rate Loan being made or maintained and with
a term equal to one month would be offered by the Administrative Agent&rsquo;s London Branch (or if the Administrative Agent has
no London Branch, then the London Branch of any major US national banking association reasonably selected by the Administrative
Agent) to major banks in the London interbank Eurodollar market at their request at the date and time of determination.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eurodollar
Reserve Percentage&rdquo;</I> means, for any day during any Interest Period, the reserve percentage (expressed as a decimal, carried
out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from time
to time by the FRB for determining the maximum reserve requirement (including any emergency, supplemental or other marginal reserve
requirement) with respect to Eurocurrency funding (currently referred to as &ldquo;Eurocurrency liabilities&rdquo;). The Eurodollar
Rate for each outstanding Eurodollar Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar
Reserve Percentage.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Eurodollar
Rate Loan&rdquo;</I> means a Loan that bears interest based on clause&nbsp;(a) of the definition of Eurodollar Base Rate.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Event
of Default&rdquo; </I>has the meaning specified in Section&nbsp;8.01.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Excluded
Subsidiary&rdquo;</I> means, as of any date of determination, (a)&nbsp;any Subsidiary that is not a Wholly-Owned Subsidiary of
the Borrower, (b)&nbsp;any Subsidiary that is an Immaterial Subsidiary, and (c)&nbsp;any Material Subsidiary (i)&nbsp;holding title
to assets which are collateral for any Secured Indebtedness of such Subsidiary or which is a Subsidiary that is a single asset
entity and has incurred or assumed Nonrecourse Indebtedness; and (ii)&nbsp;which is prohibited from guarantying or otherwise being
liable for the Indebtedness of any other person pursuant to (x)&nbsp;any document, instrument or agreement evidencing such Secured
Indebtedness or Nonrecourse Indebtedness or (y)&nbsp;a provision of such Subsidiary&rsquo;s organizational documents which provision
was included in such Subsidiary&rsquo;s organizational documents as a condition to the extension of such Secured Indebtedness or
Nonrecourse Indebtedness; <I>provided,</I> that a Material Subsidiary shall not be released from its obligations as an obligor
of the Obligations by virtue of being an Excluded Subsidiary unless Borrower complies with the provisions of Section&nbsp;6.12(b)
of this Agreement.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Excluded
Taxes&rdquo;</I> means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by
or on account of any obligation of the Borrower hereunder, (a)&nbsp;Taxes imposed on or measured by its overall net income (however
denominated), and franchise Taxes imposed on it (in addition to or in lieu of net income Taxes), by the jurisdiction (or any political
subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the
case of any Lender, in which its applicable Lending Office is located or by any jurisdiction as a result of a present or former
connection between such recipient and the jurisdiction imposing such Tax (or any political subdivision thereof), other than any
such connection arising solely from such recipient having executed, delivered or performed its obligations or received a payment
under, or enforced, this Agreement or any other Loan Document, (b)&nbsp;any branch profits Taxes imposed by the United States or
any similar Tax imposed by any other jurisdiction in which the Borrower is located, (c)&nbsp;any backup withholding Tax that is
required by the Code to be withheld from amounts payable to a Lender that has failed to comply with Section&nbsp;3.01(e), (d)&nbsp;in
the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section&nbsp;10.13), any withholding
Tax that (i)&nbsp;is required to be imposed on amounts payable to such Foreign Lender pursuant to the Laws in force at the time
such Foreign Lender becomes a party hereto (or designates a new Lending Office) or (ii)&nbsp;is attributable to such Foreign Lender&rsquo;s
failure or inability (other than as a result of a Change in Law) to comply with Section&nbsp;3.01(e), except to the extent that
such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new Lending Office (or assignment),
to receive additional amounts from the Borrower with respect to such withholding Tax pursuant to Section&nbsp;3.01(a)(ii) or (c)
and (e) any Taxes imposed under FATCA.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;FASB
ASC&rdquo;</I> means the Accounting Standards Codification of the Financial Accounting Standards Board.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;FATCA&rdquo;
</I>means Sections&nbsp;1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue
ruling, revenue procedure, notice or similar guidance issued by the IRS or the United States Treasury thereunder as a precondition
to relief or exemption from Taxes under such provisions).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Federal
Funds Rate&rdquo; </I>means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds
transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal
Reserve Bank of New&nbsp;York on the Business Day next succeeding such day; <I>provided</I> that (a)&nbsp;if such day is not a
Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as
so published on the next succeeding Business Day, and (b)&nbsp;if no such rate is so published on such next succeeding Business
Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100
of 1%) charged to the Administrative Agent on such day on such transactions as determined by the Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Fee
Letter&rdquo;</I> means the letter agreement, dated June&nbsp;27, 2013, among Borrower, Administrative Agent and Arranger as amended
or supplemented from time to time.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Financeable
Ground Lease&rdquo;</I> means, a ground lease that provides protections for a potential leasehold mortgagee (<I>&ldquo;Mortgagee&rdquo;</I>)
which include, among other things (a)&nbsp;a remaining term, including any optional extension terms exercisable unilaterally by
the tenant, of no less than twenty-five (25) years from the Closing Date, (b)&nbsp;that the ground lease will not be terminated
until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure or complete foreclosure, and has
failed to do so, (c)&nbsp;provision for a new lease on the same terms to the Mortgagee as tenant if the ground lease is terminated
for any reason or other protective provisions reasonably acceptable to Administrative Agent, (d)&nbsp;non-merger of the fee and
leasehold estates, (e)&nbsp;transferability of the tenant&rsquo;s interest under the ground lease without any requirement for consent
of the ground lessor unless based on reasonable objective criteria as to the creditworthiness or line of business of the transferee
or delivery of customary assignment and assumption agreements from the transferor and transferee, and (f)&nbsp;that insurance proceeds
and condemnation awards from the leasehold interest will be applied pursuant to the terms of the applicable leasehold mortgage.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Fixed
Charges&rdquo;</I> means, for the Consolidated Parties, for the most recently ended fiscal quarter of FSP, without duplication,
the sum of (a)&nbsp;Interest Expense, plus (b)&nbsp;scheduled principal payments on Indebtedness, exclusive of (i)&nbsp;any voluntary
prepayments made by a Consolidated Party and (ii)&nbsp;balloon, bullet or similar principal payments which repay Indebtedness in
full, plus (c)&nbsp;Preferred Dividends paid during such period, if any, plus the Consolidated Parties&rsquo; Equity Percentage
of the above clauses&nbsp;(a) and (b) for Unconsolidated Affiliates.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Foreign
Lender&rdquo;</I> means any Lender that is organized under the Laws of a jurisdiction other than that in which the Borrower is
resident for tax purposes or any other Lender that is not a &ldquo;United States Person&rdquo; within the meaning of Section&nbsp;7701(a)(30)
of the Code. For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed
to constitute a single jurisdiction.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;FRB&rdquo;</I>
means the Board of Governors of the Federal Reserve System of the United States.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Fund&rdquo;</I>
means any Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;GAAP&rdquo;</I>
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Governmental
Authority&rdquo;</I> means the government of the United States or any other nation, or of any political subdivision thereof, whether
state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank).</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Guarantee&rdquo;
</I>means, as to any Person, (a)&nbsp;any obligation, contingent or otherwise, of such Person guaranteeing or having the economic
effect of guaranteeing any Indebtedness of another Person (the <I>&ldquo;primary obligor&rdquo;</I>) in any manner, whether directly
or indirectly, and including any obligation of such Person, direct or indirect, (i)&nbsp;to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness, (ii)&nbsp;to purchase or lease property, securities or services for the
purpose of assuring the obligee in respect of such Indebtedness or the payment or performance of such Indebtedness, (iii)&nbsp;to
maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow
of the primary obligor so as to enable the primary obligor to pay such Indebtedness, or (iv)&nbsp;entered into for the purpose
of assuring in any other manner the obligee in respect of such Indebtedness the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part), or (b)&nbsp;any Lien on any assets of such Person securing any Indebtedness
of any other Person, whether or not such Indebtedness is assumed by such Person (or any right, contingent or otherwise, of any
holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the
stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made
or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith. The term &ldquo;Guarantee&rdquo; as a verb has a corresponding meaning.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Hazardous
Materials&rdquo;</I> means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other similar substances or wastes of any nature regulated pursuant to any Environmental
Law.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Immaterial
Subsidiary&rdquo; </I>means as of any date of determination, any Subsidiary holding assets (excluding earnest money deposits for
the purchase of real estate) which contribute less than $100,000 to Total Asset Value. Any Subsidiary formed for the purpose of
purchasing real estate shall be deemed to be an Immaterial Subsidiary prior to purchase of such real estate and regardless of the
amount of any earnest money deposit funded in connection therewith.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Indebtedness&rdquo;</I>
means, without duplication, all obligations of the following types:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations for borrowed money and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 72pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
direct or contingent obligations under letters of credit (including standby and commercial), bankers&rsquo; acceptances and similar
instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance agreements)
to the extent such instruments or agreements support financial, rather than performance, obligations;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
net obligation under any Swap Contract, the amount of which on any date shall be deemed to be the Swap Termination Value thereof
as of such date.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course
of business);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
capital lease or Synthetic Lease Obligation, the amount of which as of any date shall be deemed to be the amount of Attributable
Indebtedness in respect thereof as of such date;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
obligations to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest in such Person
or any other Person, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends, provided, the foregoing shall be excluded from Indebtedness if the obligation is
neither scheduled nor permitted to become due and payable on or prior to the date on which the Obligations are scheduled to be
due and payable in full; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
Guarantees in respect of any of the foregoing.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">For all purposes
hereof, the Indebtedness shall include the Indebtedness of any partnership or Joint Venture (other than a Joint Venture that is
itself a corporation, limited partnership or limited liability company) in which a Person is a general partner or a joint venturer,
unless such Indebtedness is Nonrecourse Indebtedness. Indebtedness shall not include the Indebtedness of Sponsored REITs.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Indemnified
Taxes&rdquo; </I>means Taxes other than (i)&nbsp;Excluded Taxes and (ii)&nbsp;Other Taxes imposed under non-US Law rather than
US Law.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Indemnitees&rdquo;
</I>has the meaning specified in Section&nbsp;10.04(b).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Information&rdquo;</I>
has the meaning specified in Section&nbsp;10.07.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Intangible
Assets&rdquo;</I> means goodwill, the purchase price of acquired assets in excess of fair market value thereof, trademarks, trade
names, service marks, brand names, copyrights, patents and licenses, and rights with respect to the foregoing.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Interest
Expense&rdquo;</I> means for the Consolidated Parties, without duplication, total interest expense incurred (in accordance with
GAAP), including capitalized interest plus the Consolidated Parties&rsquo; Equity Percentage of the same for Unconsolidated Affiliates.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Interest
Payment Date&rdquo; </I>means, (a)&nbsp;as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable
to such Loan and the Maturity Date; <I>provided, however,</I> that if any Interest Period for a Eurodollar Rate Loan exceeds three
months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment
Dates; and (b)&nbsp;as to any Base Rate Loan, the last Business Day of each calendar month and the Maturity Date.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Interest
Period&rdquo;</I> means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed
or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter, as selected
by the Borrower in its Loan Notice <I>provided</I> that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless, in the case of a Eurodollar Rate Loan, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Interest Period pertaining to a Eurodollar Rate Loan that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last
Business Day of the calendar month at the end of such Interest Period; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no
Interest Period shall extend beyond the Maturity Date.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Internal
Control Event&rdquo;</I> means fraud that involves senior management of any Borrower who has control over financial reporting,
as described in the Securities Laws.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Investment&rdquo;</I>
means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a)&nbsp;the purchase
or other acquisition of capital stock or other securities of another Person, (b)&nbsp;a loan, advance or capital contribution to,
Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or equity participation or interest in another
Person, including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor
Guarantees Indebtedness of such other Person, or (c)&nbsp;the purchase or other acquisition (in one transaction or a series of
transactions) of assets of another Person that constitute a business unit. For purposes of covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;IRS&rdquo;</I>
means the United States Internal Revenue Service.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Joinder
Documents&rdquo;</I> means the one or more joinder agreements in the form attached hereto as Exhibit&nbsp;G to be executed by a
Wholly-Owned Subsidiary which is to become a Borrower after the Closing Date.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Joint
Venture&rdquo; </I>shall mean any Person in which a Consolidated Party owns an Equity Interest, but that is not a Wholly-Owned
Subsidiary of such Consolidated Party. Sponsored REITS shall not be Joint Ventures.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Joint
Venture Projects&rdquo;</I> shall mean all Projects with respect to which a Consolidated Party holds, directly or indirectly, an
interest that is less than 100%. Projects owned by Sponsored REITS shall not be Joint Venture Projects.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Laws&rdquo;</I>
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances,
codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental
Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed
duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether
or not having the force of law.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Lender&rdquo;</I>
means each lender from time to time party hereto as a result of (i)&nbsp;such party&rsquo;s execution of this Agreement as a &ldquo;Lender&rdquo;
as of the Closing Date or (ii)&nbsp;such party&rsquo;s execution by joinder of an amendment to this Agreement to increase the Aggregate
Commitments pursuant to Section&nbsp;2.16 hereof, pursuant to which joinder such party agrees to be bound by the terms of this
Agreement as a &ldquo;Lender&rdquo; or (iii)&nbsp;such party being made a &ldquo;Lender&rdquo; hereunder by virtue of an executed
Assignment and Assumption.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Lending
Office&rdquo; </I>means, as to any Lender, the office or offices of such Lender described as such in such Lender&rsquo;s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Leverage
Ratio&rdquo;</I> means, at any time, Total Indebtedness divided by the Total Asset Value, expressed as a percentage.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Lien&rdquo;</I>
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien (statutory or other excepting any liens for taxes not
yet due and payable), charge, or other security interest or preferential arrangement in the nature of a security interest of any
kind or nature whatsoever (including any conditional sale or other title retention agreement, any other encumbrance on title to
or ownership of real property securing the payment of money, and any financing lease having substantially the same economic effect
as any of the foregoing).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Loan&rdquo;</I>
has the meaning specified in Section&nbsp;2.01.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Loan
Documents&rdquo; </I>means this Agreement, each Note, and any other documents, instruments or agreements executed and delivered
by any Borrower related to the foregoing, including, without limitation, the Fee Letter but specifically excluding (i)&nbsp;that
certain Mandate Letter and attached Summary of Terms dated July&nbsp;1, 2013, by and among the Borrower, Administrative Agent and
Arranger, and (ii)&nbsp;that certain Confidentiality Agreement dated as of July&nbsp;5, 2013, by and among the Borrower, the Administrative
Agent and Arranger.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Loan
Notice&rdquo;</I> means a notice of (a)&nbsp;a Borrowing, (b)&nbsp;a conversion of Loans from one Type to the other, or (c)&nbsp;a
continuation of Eurodollar Rate Loans, pursuant to Section&nbsp;2.02(a), which, if in writing, shall be substantially in the form
of Exhibit A.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;London
Banking Day&rdquo;</I> means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank
eurodollar market.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Material
Adverse Effect&rdquo;</I> means (a)&nbsp;a material adverse change in, or a material adverse effect on, the operations, business,
properties or financial condition of the Consolidated Parties (including without limitation, FSP), taken as a whole; (b)&nbsp;a
material impairment of the rights and remedies of the Administrative Agent or any Lender under any Loan Documents or of the ability
of the Borrowers taken as a whole to perform their obligations under the Loan Documents to which they are parties; or (c)&nbsp;a
material adverse effect upon the legality, validity, binding effect or enforceability against any Borrower of any Loan Document
to which it is a party.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Material
Subsidiary&rdquo;</I> means, as of any date of determination, any Subsidiary other than an Immaterial Subsidiary and as of the
Closing Date, shall include the Persons (other than FSP) shown on Schedule&nbsp;1 attached hereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Maturity
Date&rdquo;</I> means August&nbsp;26, 2020.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Moody&rsquo;s&rdquo;
</I>means Moody&rsquo;s Investors Service, Inc. and any successor thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Mortgage&rdquo;
</I>shall mean (a)&nbsp;any mortgage, deed of trust, deed to secure debt or similar security instrument (regardless of priority)
made or to be made by any entity or person owning an interest in real estate granting a lien on such interest in real estate as
security for the payment of Indebtedness and (b)&nbsp;any mezzanine indebtedness relating to such real estate interest and secured
by the Equity Interests of the direct or indirect owner of such real estate interest.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Mortgageability
Amount&rdquo;</I> means the product of (a)&nbsp;Unsecured Indebtedness of the Borrowers multiplied by (b)&nbsp;a debt constant
based on a thirty&nbsp;(30) year, mortgage-style principal amortization at an interest rate equal to the greatest of (i) the 10&nbsp;year
Treasury Bill yield plus 300&nbsp;basis points, (ii)&nbsp;7.0% and (iii)&nbsp;the one-month Eurodollar Rate plus the Eurodollar
Rate margin specified in the Applicable Rate as of the last day of the most recent calendar quarter.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Multiemployer
Plan&rdquo; </I>means any employee benefit plan of the type described in Section&nbsp;4001(a)(3) of ERISA and subject to Title&nbsp;IV
of ERISA, to which any Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five
plan years, has made or been obligated to make contributions.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Multiple
Employer Plan&rdquo;</I> means a Plan which has two or more contributing sponsors (including any Borrower or any ERISA Affiliate)
at least two of whom are not under common control, as such a plan is described in Section&nbsp;4064 of ERISA and subject to Title&nbsp;IV
of ERISA.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Negative
Pledge&rdquo;</I> shall mean with respect to a given asset, any provision of a document, instrument or agreement (other than any
Loan Document) which prohibits the creation or assumption of any Lien on such asset as security for Indebtedness of the Person
owning such asset or any other Person; <I>provided, however,</I> that an agreement that conditions a Person&rsquo;s ability to
encumber its assets upon the maintenance of one or more specified ratios that limit such Person&rsquo;s ability to encumber its
assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute
a Negative Pledge. Without limitation of the foregoing proviso, for the avoidance of doubt, it is understood and agreed that the
provisions of the type contained in the Loan Documents condition the Borrower&rsquo;s ability to encumber its assets but do not
generally prohibit the encumbrance of assets or the encumbrance of specific assets.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Net
Operating Income&rdquo;</I> or<I> &ldquo;NOI&rdquo;</I> means, for any Property owned by any Consolidated Party and for the most
recently ended fiscal quarter of FSP for which financial information has been, or simultaneously with such determination will be,
delivered to the Administrative Agent, the sum of the following (without duplication and determined on a consistent basis with
prior periods): (a)&nbsp;rents and other revenues received or earned in the ordinary course from such Property (including, without
limitation, (i)&nbsp;revenues from the straight-lining of rents; and (ii)&nbsp;proceeds of rent loss or business interruption insurance
but excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants&rsquo;
obligations for rent) minus (b)&nbsp;all expenses paid, excluding interest, and inclusive of an appropriate accrual for expenses
related to the ownership, operation or maintenance of such Property during the respective period, including but not limited to
property taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing
expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing
and other expenses incurred in connection with such Property, as applicable, but specifically excluding general overhead expenses
of the Borrower or any Subsidiary and any property management fees) minus (c)&nbsp;the Capital Reserves for such Property as of
the end of such period minus (d)&nbsp;without duplication&nbsp;an imputed management fee in the amount of 3% of the gross revenues
for such Property for such period.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Nonrecourse
Indebtedness&rdquo;</I> means Secured Indebtedness that is only recourse to all assets of a Person as a result of customary exceptions
to non-recourse liability such as fraud, misapplication of funds, environmental indemnities, and other similar exceptions and is
otherwise contractually limited to specific assets of a Person encumbered by a lien securing such indebtedness.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Note&rdquo;</I>
means a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, substantially in the form
of Exhibit&nbsp;D.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Obligations&rdquo;</I>
means all advances to, and debts, liabilities, obligations, covenants and duties of, any Borrower arising under any Loan Document
with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to
become due, now existing or hereafter arising and including interest and fees under the Loan Documents that accrue after the commencement
by or against any Borrower of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Organization
Documents&rdquo;</I> means, (a)&nbsp;with respect to any corporation, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b)&nbsp;with respect to any limited
liability company, the certificate or articles of formation or organization and operating agreement; and (c)&nbsp;with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement
of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its
formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization and,
if applicable, any certificate or articles of formation or organization of such entity.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Other
Taxes&rdquo;</I> means all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar
levies imposed under U.S.&nbsp;Law arising from any payment made hereunder or under any other Loan Document or from the execution,
delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except for any Excluded Taxes.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Outstanding
Amount&rdquo;</I> means the aggregate outstanding principal amount of the Loans.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Participant&rdquo;</I>
has the meaning specified in Section&nbsp;10.06(d).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;PBGC&rdquo;
</I>means the Pension Benefit Guaranty Corporation.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Pension
Act&rdquo; </I>means the Pension Protection Act of 2006.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Pension
Funding Rules&rdquo;</I> means the rules of the Code and ERISA regarding minimum required contributions (including any installment
payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension
Act, Section&nbsp;412 of the Code and Section&nbsp;302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section&nbsp;412,
430, 431, 432 and 436 of the Code and Sections&nbsp;302, 303, 304 and 305 of ERISA.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Pension
Plan&rdquo;</I> means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained
or is contributed to by any Borrower and any ERISA Affiliate and is either covered by Title&nbsp;IV of ERISA or is subject to the
minimum funding standards under Section&nbsp;412 of the Code.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Permitted
Liens&rdquo;</I> means (i)&nbsp;liens for taxes, assessments or governmental charges unpaid and diligently contested in good faith
by the Borrower or a Subsidiary unless payment is required prior to the contesting of any such taxes and provided no enforcement
proceedings have been commenced with respect to any lien filed in connection with such dispute and adequate reserves have been
established (or are adequately bonded) for such taxes, assessments or governmental charges, (ii)&nbsp;liens for taxes, assessments
or governmental charges not yet due and payable, (iii)&nbsp;liens for labor, materials or supplies and any other liens (exclusive
of those securing Indebtedness) which do not materially interfere with the use of the Properties comprising the Unencumbered Asset
Pool or the operation of the business of the Borrower and are either bonded or do not exceed in the aggregate at any one time $5,000,000.00,
(iv)&nbsp;liens in favor of a Borrower or a Wholly-Owned Subsidiary in connection with a 1031&nbsp;Property, (v)&nbsp;liens deemed
to occur by virtue of investments described in clause&nbsp;(d) of the definition of Cash Equivalents; (vi) liens on cash and cash
equivalents pledged to or for the benefit of any agent, letter of credit issuer, swingline lender or lender under any loan agreement
(including without limitation the Bank of America Credit Agreement) to secure any exposure resulting from one or more lenders becoming
a defaulting lender (<I>&ldquo;Cash Collateral&rdquo;</I>); and (vii)&nbsp;with respect only to assets and Properties not comprising
the Unencumbered Asset Pool and/or assets of or Equity Interests of Excluded Subsidiaries, liens on property existing at the time
of acquisition and refinancing of such liens, liens securing Secured Indebtedness, liens on the Equity Interests of Excluded Subsidiaries,
and liens securing judgments not constituting an Event of Default under Section&nbsp;8.01(h), all in amounts complying with the
applicable financial covenants set forth in Section&nbsp;7.11 hereof.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Person&rdquo;</I>
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Plan&rdquo;</I>
means any employee benefit plan within the meaning of Section&nbsp;3(3) of ERISA (including a Pension Plan), maintained for employees
of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required to contribute
on behalf of any of its employees and not excluded under Section&nbsp;4 of ERISA.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Platform&rdquo;</I>
has the meaning specified in Section&nbsp;6.02.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Preferred
Dividends&rdquo;</I> shall mean, with respect to any Person, dividends or other distributions which are payable to holders of any
Equity Interests in such Person which entitle the holders of such Equity Interests to be paid on a preferred basis prior to dividends
or other distributions to the holders of other types of Equity Interests in such Person.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Pro
Forma Compliance Certificate&rdquo;</I> means a certificate in the form attached hereto as Exhibit E-2.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Projects&rdquo;</I>
shall mean any and all parcels of real property owned by any Consolidated Party or with respect to which the Consolidated Party
owns an interest (whether directly or indirectly) on which are located improvements with a gross leasable area in excess of 50,000
square feet or with respect to which construction and development of such improvements are under development.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Projects
Under Development&rdquo;</I> means any Project under development by any Consolidated Party (a)&nbsp;classified as construction
in progress on FSP&rsquo;s quarterly financial statements; or (b)&nbsp;as to which a certificate of occupancy has not been issued.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Properties&rdquo;</I>
means, as of any date of determination, interests in real property, together with all improvements thereon, owned by any Borrower
or any Consolidated Party, as applicable; and &ldquo;Property&rdquo; means any one of them.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Public
Lender&rdquo;</I> has the meaning specified in Section&nbsp;6.02.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Rating
Agency&rdquo;</I> means S&amp;P, Moody&rsquo;s or any other nationally recognized securities rating agency selected by the Borrower
and approved of by the Administrative Agent in writing.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>Reference
Banks</I>&rdquo; means four major banks in the London Interbank Market.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Register&rdquo;</I>
has the meaning specified in Section&nbsp;10.06(c).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Registered
Public Accounting Firm&rdquo;</I> has the meaning specified in the Securities Laws and shall be independent of the Borrower as
prescribed by the Securities Laws.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;REIT&rdquo;</I>
means a Person qualifying for treatment as a &ldquo;real estate investment trust&rdquo; under the Code.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Related
Parties&rdquo;</I> means, with respect to any Person, such Person&rsquo;s Affiliates and the partners, directors, officers, employees,
agents, trustees and advisors of such Person and of such Person&rsquo;s Affiliates.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Release&rdquo;
</I>means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration
of Hazardous Materials into the environment, or into or out of any Property of a Consolidated Party, including the movement of
any Hazardous Materials through or in the air, soil, surface water, groundwater, of any Property of a Consolidated Party.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Reportable
Event&rdquo;</I> means any of the events set forth in Section&nbsp;4043(c) of ERISA, other than events for which the 30&nbsp;day
notice period has been waived.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Request
for Credit Extension&rdquo; </I>means a Loan Notice.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Required
Lenders&rdquo;</I> means, as of any date of determination, Lenders holding in the aggregate at least 66 2/3% of the Outstanding
Amount; <I>provided, </I>that the Commitment of, and the portion of the Outstanding Amount held or deemed held by, any Defaulting
Lender shall be excluded for purposes of making a determination of Required Lenders.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Requirements&rdquo;</I>
means any law, ordinance, code, order, rule or regulation of any Governmental Authority relating in any way to the acquisition,
ownership, construction, use, occupancy and operation of the Properties comprising the Unencumbered Asset Pool.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Responsible
Officer&rdquo;</I> means (a)&nbsp;the chief executive officer, president, chief operating officer, chief financial officer, treasurer,
assistant treasurer, general counsel or controller of FSP or the president of FSP Property Management LLC, and (b)&nbsp;solely
for purposes of the delivery of incumbency certificates pursuant to Section&nbsp;4.01, the secretary or assistant secretary of
FSP, and (c)&nbsp;solely for purposes of notices given pursuant to Article&nbsp;II, any other officer of FSP so designated by any
of the foregoing officers in a notice to Administrative Agent and (d)&nbsp;solely for purposes of the delivery of any covenant
compliance and/or absence of default certifications pursuant to Sections&nbsp;4.01, 4.02, 6.02(a), 6.12(b) and 6.12(c), the chief
executive officer, president, chief financial officer or treasurer of FSP. Any document delivered hereunder that is signed by a
Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other
action on the part of a Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Restricted
Payment&rdquo;</I> means (a)&nbsp;any dividend or other distribution, direct or indirect, on account of any shares of any class
of the Equity Interests of any Consolidated Party, now or hereafter outstanding (excluding any payment of dividends or other distributions
by FSP based on FSP&rsquo;s good faith estimate of its projected or estimated taxable income or otherwise as necessary to retain
FSP&rsquo;s status as a REIT, to meet the distribution requirements of Section&nbsp;857 of the Internal Revenue Code or to eliminate
any Taxes to which FSP would otherwise be subject), (b)&nbsp;any redemption, retirement, sinking fund or similar payment, purchase
or other acquisition for value, direct or indirect, of any shares of any class of the Equity Interests of any Consolidated Party,
now or hereafter outstanding, and (c)&nbsp;any payment made to retire, or to obtain the surrender of, any outstanding warrants,
options or other rights to acquire shares of any class of the Equity Interests of any Consolidated Party, now or hereafter outstanding.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Sarbanes-Oxley&rdquo;</I>
means the Sarbanes-Oxley Act of 2002.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;S&amp;P&rdquo;</I>
means Standard &amp; Poor&rsquo;s Ratings Services, a division of The McGraw-Hill Companies, Inc. and any successor thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;SEC&rdquo;
</I>means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Secured
Indebtedness&rdquo; </I>means all Indebtedness of a Person that is secured by a mortgage, deed of trust, lien, pledge, encumbrance
or other security interest.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Secured
Recourse Indebtedness&rdquo;</I> means Secured Indebtedness in respect of which recourse for payment is to all assets of a Person,
<I>provided</I> that Secured Indebtedness that is only recourse to all assets of a Person as a result of customary exceptions to
non-recourse liability such as fraud, misapplication of funds, environmental indemnities, and other similar exceptions shall not
be deemed to be Secured Recourse Indebtedness.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Securities
Holdings&rdquo;</I> shall mean common stock, preferred stock, other capital stock, beneficial interests in trusts, membership interests
in limited liability companies and other Equity Interests in entities (other than consolidated Subsidiaries, unconsolidated Subsidiaries
and Sponsored REITS, and other than property that is included as &ldquo;Cash Equivalents,&rdquo; &ldquo;Cash&rdquo; or &ldquo;Marketable
Securities&rdquo; on FSP&rsquo;s balance sheet). The value of Securities Holdings shall be calculated on the basis of the lower
of cost or market value as shown on FSP&rsquo;s balance sheet.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Securities
Laws&rdquo;</I> means the Securities Act of 1933, the Securities Exchange Act of 1934, Sarbanes-Oxley and the applicable accounting
and auditing principles, rules, standards and practices promulgated, approved or incorporated by the SEC or the Public Company
Accounting Oversight Board, as each of the foregoing may be amended and in effect on any applicable date hereunder.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Sponsored
REIT&rdquo;</I> shall have the same meaning as such term is used in FSP&rsquo;s filings with the SEC. For the avoidance of doubt,
a &ldquo;Sponsored REIT&rdquo; shall include a Subsidiary of FSP during the period prior to its syndication.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Subsidiary&rdquo;</I>
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body
(other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a &ldquo;Subsidiary&rdquo; or to &ldquo;Subsidiaries&rdquo;
shall refer to a Subsidiary or Subsidiaries of the Borrowers. Sponsored REITs shall not be considered Subsidiaries.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Suburban
Properties&rdquo;</I> means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto and identified
as a Suburban Property, or (b) any other improved Property that does not meet the definition of a CBD or Urban Infill Property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Swap
Contract&rdquo;</I> means (a)&nbsp;any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate
options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of
any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed
by or subject to any master agreement, and (b)&nbsp;any and all transactions of any kind, and the related confirmations, which
are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement used to document
transactions of the type set forth in clause&nbsp;(a) hereof (any such master agreement, together with any related schedules, a
<I>&ldquo;Master Agreement&rdquo;</I>), including any such obligations or liabilities under any Master Agreement.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Swap
Termination Value&rdquo;</I> means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally
enforceable netting agreement relating to such Swap Contracts, (a)&nbsp;for any date on or after the date such Swap Contracts have
been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b)&nbsp;for any date
prior to the date referenced in clause&nbsp;(a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts,
as determined based upon one or more readily available quotations provided by any recognized dealer in such Swap Contracts (which
may include a Lender or any Affiliate of a Lender) or any independent valuation source reasonably acceptable to the Administrative
Agent (Administrative Agent agrees that Chatham Financial is a reasonably acceptable independent valuation source).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Synthetic
Lease Obligation&rdquo; </I>means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax
retention lease, or (b) an agreement for the use or possession of property creating obligations that do not appear on the balance
sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of
such Person (without regard to accounting treatment).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Taking&rdquo;
</I>means any condemnation for public use of, or damage by reason of, the action of any Governmental Authority, or any transfer
by private sale in lieu thereof, either temporarily or permanently.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Tangible
Net Worth&rdquo;</I> means, for the Consolidated Parties as of any date of determination, the excess of Total Assets over Total
Liabilities, and less the sum of:</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
total book value of all assets of the Borrower properly classified as Intangible Assets; plus</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all amounts representing
any write-up in the book value of any assets of the Borrower resulting from a revaluation thereof subsequent to the balance sheet
date; plus</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to the extent
otherwise includable in the computation of Tangible Net Worth, any subscriptions receivable.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Total Assets and Total Liabilities
shall also exclude an asset or liability created by the Swap Termination Value.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Taxes&rdquo;
</I>means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges in the nature of a tax imposed by any Governmental Authority, including any interest, additions to tax or
penalties applicable thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Threshold
Amount&rdquo;</I> means without duplication (a) with respect to Nonrecourse Indebtedness, such Indebtedness having an aggregate
outstanding principal amount of at least $40,000,000 individually or when aggregated with all such Indebtedness and (b) with respect
to any other Indebtedness of such Person, such Indebtedness having an aggregate outstanding principal amount of at least $20,000,000<B>
</B>individually or when aggregated with all such Indebtedness. For clarification purposes, no Indebtedness and no Guarantee shall
be attributed to any Person hereunder (for purposes of determination of the Threshold Amount of Indebtedness of a Person, including
whether or not such Indebtedness is Nonrecourse Indebtedness unless such Person is the borrower, guarantor or primary obligor thereof
and, if a guarantor, such Indebtedness or Guarantee, as applicable, shall be deemed to be in the amount of such guaranty (and shall
exclude any and all guaranties that are not in liquidated amounts).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Total
Assets&rdquo;</I> means all assets of the Consolidated Parties determined in accordance with GAAP.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Total
Asset Value</I>&rdquo; means, without duplication, for the most recently ended fiscal quarter of FSP, with respect to the Consolidated
Parties on a consolidated basis, the sum of (a)&nbsp;the quotient of annualized NOI for such fiscal quarter minus the aggregate
amount of NOI attributable to each Property sold or otherwise disposed of during such fiscal quarter minus the aggregate amount
of NOI attributable to each Property acquired during the last four fiscal quarters, divided by the Capitalization Rate <I>plus</I>
(b) the acquisition cost of each Property acquired during such prior four fiscal quarters, <I>plus</I> (c) unrestricted cash and
Cash Equivalents, <I>plus</I> (d) the book value of unimproved land holdings, plus (e) the book value of construction in progress,
<I>plus</I> (f) the carrying value of performing mortgage loans to Sponsored REITs, <I>plus</I> (g)&nbsp;the carrying value of
preferred stock investments in Sponsored REITs as shown on FSP&rsquo;s financial statements.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Total
Indebtedness&rdquo; </I>means all Indebtedness of the Consolidated Parties determined on a consolidated basis plus the Consolidated
Parties&rsquo; Equity Percentage of Indebtedness of Unconsolidated Affiliates.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Total
Liabilities&rdquo;</I> means all liabilities of the Consolidated Parties determined in accordance with GAAP.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Total
Secured Indebtedness&rdquo;</I> means, all Indebtedness of the Consolidated Parties that is secured by a mortgage, deed of trust,
lien, pledge, encumbrance or other security interest, and the Consolidated Parties&rsquo; Equity Percentage of the above of Unconsolidated
Affiliates.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Type&rdquo;</I>
means its character as a Base Rate Loan or a Eurodollar Rate Loan.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Unconsolidated
Affiliate(s)&rdquo;</I> means, with respect to any Person (the <I>&ldquo;parent&rdquo;</I>), at any date, any corporation, limited
liability company, partnership, association or other entity that is an Affiliate of such Person, the accounts of which would not
be consolidated with those of the parent in the parent&rsquo;s consolidated financial statements if such financial statements were
prepared in accordance with full consolidation method GAAP as of such date. Unless otherwise specified, all references herein to
&ldquo;Unconsolidated Affiliate&rdquo; or to &ldquo;Unconsolidated Affiliates&rdquo; shall refer to an Unconsolidated Affiliate
or Unconsolidated Affiliates of the Consolidated Parties. Unconsolidated Affiliates shall not include any Sponsored REIT.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Unencumbered
Asset Pool&rdquo;</I> shall be comprised of Properties that meet the following criteria:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Property is 100% fee owned (or ground leased) by a Borrower or any 1031 Intermediary (ground leases to be Financeable Ground Leases
approved by the Administrative Agent in its reasonable discretion, provided, however, that ground leases of real property ancillary
to the primary use of a Property (such as a ground lease of parking facilities ancillary to a Property owned in fee by a Borrower)
shall not require approval by the Administrative Agent);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Property is primarily an industrial, office, flex, or apartment property;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Property is located in the continental United States;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Property or ownership thereof is not subject to any Liens or Negative Pledges (other than pursuant to the Loan Documents) except
for liens specified in subsections (i)-(v), inclusive, of the definition of Permitted Liens.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has the right to sell, transfer or dispose of such Property, provided that if any such Property is subject to a Financeable
Ground Lease approved by Administrative Agent the Borrower shall be deemed to have the right to sell, transfer or dispose of such
Property if the lessor is required to approve of or consent to any sale, transfer or disposition based on reasonable objective
criteria as to the creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements
from the transferor and transferee; and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Property is free of all structural defects or major architectural deficiencies, title defects, Environmental Liability or other
adverse matters that would materially impair the value of the Property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Unencumbered
Asset Value&rdquo;</I> means, without duplication, for the most recently ended fiscal quarter of FSP, with respect to the Unencumbered
Asset Pool, the sum of (a) the quotient of annualized Unencumbered NOI for such fiscal quarter minus the aggregate amount of NOI
attributable to each Property sold or removed from the Unencumbered Asset Pool during such fiscal quarter minus the aggregate amount
of NOI attributable to each Property acquired or added to the Unencumbered Asset Pool during the last four fiscal quarters, divided
by the Capitalization Rate, plus (b) the acquisition cost of each Property acquired or added to the Unencumbered Asset Pool during
such prior four fiscal quarters. For the purposes of calculating the Unencumbered Asset Value, the value of any one Property in
the Unencumbered Asset Pool may not exceed 20% of the aggregate value of the Unencumbered Asset Pool.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Unencumbered
NOI&rdquo; </I>means, the Net Operating Income from the entire Unencumbered Asset Pool for the fiscal quarter most recently ending.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;United
States&rdquo;</I> and <I>&ldquo;U.S.&rdquo;</I> mean the United States of America.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Unsecured
Indebtedness&rdquo;</I> means all Indebtedness which is not secured by a Lien on any property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&ldquo;<I>USD-LIBOR-Reference
Bank Rate</I>&rdquo; means the rate for any Interest Period determined on the basis of the rates at which deposits in U.S. Dollars
are offered by the Reference Banks at approximately 11:00&nbsp;am, London time, on the day that is two London Banking Days preceding
the commencement of such Interest Period to prime banks in the London interbank market for a term equivalent to such Interest Period
commencing on the first day of such Interest Period and in the approximate amount of the Eurodollar Rate Loan being made, continued
or converted.&nbsp; To determine the USD-LIBOR-Reference Bank Rate, the Administrative Agent will request the principal London
office of each of the Reference Banks to provide a quotation of its rate.&nbsp; If at least two such quotations are provided, the
rate for that Interest Period will be the arithmetic mean of the quotations.&nbsp; If fewer than two quotations are provided as
requested, the rate for that Interest Period will be the arithmetic mean of the rates quoted by major banks in New York City, selected
by the Administrative Agent, at approximately 11:00&nbsp;a.m., New York time, on the day that is two London Banking Days preceding
such Interest Period for loans in U.S. Dollars to leading European banks for a period equivalent to such Interest Period commencing
on the first day of such Interest Period and in the approximate amount of the Eurodollar Rate Loan being made, continued or converted.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;U.S.
Tax Compliance Certificate&rdquo; </I>has the meaning assigned to such term in Section&nbsp;3.01(e)(ii)(B).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Voting
Stock&rdquo; </I>means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such
Person, even though the right so to vote has been suspended by the happening of such a contingency.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Wholly-Owned
Subsidiary&rdquo;</I> of a Person means (i)&nbsp;any Subsidiary all of the outstanding voting securities of which shall at the
time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or
by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii)&nbsp;any partnership, limited liability company,
association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which
shall at the time be so owned or controlled. Except as otherwise specifically noted, each reference to &ldquo;Wholly-Owned Subsidiary&rdquo;
contained herein shall be to Subsidiaries of the Consolidated Parties meeting the qualifications noted above. Sponsored REITs shall
not be considered Wholly-Owned Subsidiaries.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;1031
Intermediary&rdquo;</I> means a Person in such person&rsquo;s capacity as an intermediary or accommodation holder in connection
with an exchange of property by a Borrower or a Wholly-Owned Subsidiary intended to qualify under Section 1031 of the Code.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;1031
Property&rdquo;</I> means a property whose legal title or other indicia of ownership is held by a 1031 Intermediary for the benefit
of any Borrower or a Wholly-Owned Subsidiary as part of a 1031 tax exchange intended to qualify under Section 1031 of the Code.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 18pt"><I>Section
1.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Interpretive Provisions</I>. With reference to this Agreement and each other Loan Document, unless otherwise specified
herein or in such other Loan Document:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words &ldquo;include,&rdquo; &ldquo;includes&rdquo;
and &ldquo;including&rdquo; shall be deemed to be followed by the phrase &ldquo;without limitation.&rdquo; The word &ldquo;will&rdquo;
shall be construed to have the same meaning and effect as the word &ldquo;shall.&rdquo; Unless the context requires otherwise,
(i)&nbsp;any definition of or reference to any agreement, instrument or other document (including any Organization Document) shall
be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document),
(ii)&nbsp;any reference herein to any Person shall be construed to include such Person&rsquo;s successors and assigns, (iii)&nbsp;the
words &ldquo;hereto,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; and &ldquo;hereunder,&rdquo; and words of similar import
when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision
thereof, (iv)&nbsp;all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer
to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v)&nbsp;any reference
to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified
or supplemented from time to time, and (vi)&nbsp;the words &ldquo;asset&rdquo; and &ldquo;property&rdquo; shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the computation of periods of time from a specified date to a later specified date, the word &ldquo;from&rdquo; means &ldquo;from
and including;&rdquo; the words &ldquo;to&rdquo; and &ldquo;until&rdquo; each mean &ldquo;to but excluding;&rdquo; and the word
&ldquo;through&rdquo; means &ldquo;to and including.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
references herein to the &ldquo;knowledge&rdquo; of the Borrower shall be deemed to mean the actual knowledge of the chief executive
officer, president, chief financial officer, treasurer, secretary, assistant secretary, chief operating officer or general counsel
of FSP.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term Borrower shall be deemed to include each Borrower individually and collectively and all definitions, representations, warranties,
covenants, rights and remedies provided for herein apply to each Borrower individually and collectively except as the context
otherwise provides. Further, any and all references to Obligations shall mean and refer to the joint Obligations of each Borrower
to the Lenders. Any and all Credit Extensions hereunder shall be advanced to one of the Borrowers but shall represent an Obligation
of all of the Borrowers to the Lenders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting Terms</I>. Generally, all accounting terms not specifically or completely defined herein shall be construed
in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted
pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect on the date
of this Agreement (subject to subsection (a) below) from time to time, applied in a manner consistent with that used in preparing
the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes
of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness
of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the
effects of FASB ASC&nbsp;825 and FASB ASC 470-20 on financial liabilities shall be disregarded.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Changes
in GAAP</I>. If at any time any change in GAAP (or any requirement with respect to adoption of International Financial Reporting
Standards) would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower
or the Required Lenders shall so request, the Administrative Agent, the Lenders and Borrower shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (or any requirement with
respect to adoption of International Financial Reporting Standards) (subject to the approval of the Required Lenders); provided
that, until so amended, (i)&nbsp;such ratio or requirement shall continue to be computed in accordance with GAAP prior to such
change therein (or prior to such requirement with respect to adoption of International Financial Reporting Standards) and (ii)&nbsp;Borrower
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP (or before and after giving effect to such requirement with respect to adoption
of International Financial Reporting Standards).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I></B><I>Consolidation
of Variable Interest Entities</I>. All references herein to consolidated financial statements of the Borrower and their Subsidiaries
or to the determination of any amount for the Borrower and their Subsidiaries on a consolidated basis or any similar reference
shall, in each case, be deemed to include each variable interest entity that any Borrower is required to consolidate pursuant
to FASB ASC&nbsp;810 as if such variable interest entity were a Subsidiary as defined herein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rounding</I>. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated
by dividing the appropriate component by the other component, carrying the result to one place more than the number of places
by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there
is no nearest number).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Times of Day</I>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time
(daylight or standard, as applicable).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower Agent</I>. Each Borrower hereby appoints FSP as agent for the Borrower to execute, on behalf of the Borrower,
documents, instruments and agreements in connection with this credit facility, including, without limitation, documents, instruments
and agreements required for the administration of the Loan, receiving Credit Extensions and exercising interest rate selections
and to receive all notices required to be given to the Borrower under the Loan Documents. Each Borrower shall be jointly and severally
obligated for the Obligations and shall be bound by all actions taken by FSP in connection with the Credit Extensions and the
Obligations. Any Credit Extension received by FSP shall be deemed to have been received by each Borrower.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article II</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">The Commitments
and Credit Extensions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans</I>. Subject to the terms and conditions set forth herein, each Lender severally agrees to make a term loan (each
such loan, a <I>&ldquo;Loan&rdquo;</I>) to the Borrower in the amount of such Lender&rsquo;s Commitment. The Loans shall be advanced
in a single Borrowing on the Closing Date and shall be made ratably by the Lenders in proportion to their respective Applicable
Percentages, at which time the Commitments shall expire. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided
herein.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings, Conversions and Continuations of Loans</I>. (a)&nbsp;The Borrowing, each conversion of Loans from one Type
to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower&rsquo;s irrevocable notice to the
Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later
than 11:00 a.m. (i)&nbsp;three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, and (ii)&nbsp;on the requested date of
any Borrowing of Base Rate Loans. Each telephonic or email notice by the Borrower pursuant to this Section&nbsp;2.02(a) must be
confirmed promptly by delivery to the Administrative Agent of a written Loan Notice, appropriately completed and signed by a Responsible
Officer of the Borrower. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount
of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Borrowing of or conversion to Base Rate Loans shall be in
a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof. Each Loan Notice (whether telephonic or written)
shall specify (i)&nbsp;whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a
continuation of Eurodollar Rate Loans, (ii)&nbsp;the requested date of the Borrowing, conversion or continuation, as the case
may be (which shall be a Business Day), (iii)&nbsp;the principal amount of Loans to be borrowed, converted or continued, (iv)&nbsp;the
Type of Loans to be borrowed or to which existing Loans are to be converted, and (v)&nbsp;if applicable, the duration of the Interest
Period with respect thereto. If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give
a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, a one&nbsp;(1)
month Eurodollar Rate Loan. Any such automatic conversion to one&nbsp;(1) month Eurodollar Rate Loans shall be effective as of
the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests
a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest
Period, it will be deemed to have specified an Interest Period of one month.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Following
receipt of a Loan Notice, the Administrative Agent shall promptly notify each Lender of the amount of its Applicable Percentage
of the applicable Loans (provided, however, that in the case of Borrowings of Eurodollar Loans, such notice shall be given to
each Lender not later than 11:00 a.m. two Business Days prior to the requested date of such Borrowing), and if no timely notice
of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details
of any automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a Borrowing, each Lender
shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the Administrative Agent&rsquo;s
Office not later than 1:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable
conditions set forth in Sections&nbsp;4.01 and 4.02, the Administrative Agent shall make all funds so received available to the
Borrower in like funds as received by the Administrative Agent either by (i)&nbsp;crediting the account of the Borrower on the
books of BMO with the amount of such funds or (ii)&nbsp;wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurodollar Rate Loan. During the existence of a Default, the Required Lenders may elect not to permit any Loans to be
made as, converted to or continued as Eurodollar Rate Loans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period
for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative
Agent shall notify the Borrower and the Lenders of any change in BMO&rsquo;s prime rate used in determining the Base Rate promptly
following the public announcement of such change.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After
giving effect to the Borrowing, all conversions of Loans from one Type to the other, and all continuations of Loans as the same
Type, there shall not be more than six Interest Periods in effect with respect to the Loans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intentionally Omitted</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments</I>. The Borrower may, upon notice to the Administrative Agent, at any time or from time to time voluntarily
prepay Loans in whole or in part without premium (except as set forth below) or penalty; provided that (i)&nbsp;such notice must
be received by the Administrative Agent not later than 11:00 a.m. (A)&nbsp;two Business Days prior to any date of prepayment of
Eurodollar Rate Loans and (B)&nbsp;on the date of prepayment of Base Rate Loans; (ii)&nbsp;any prepayment of Loans shall be in
a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; or, if less, the entire principal amount thereof
then outstanding, and (iii) the Borrower shall pay a prepayment premium equal to (A) 3% of each prepayment made on or before August&nbsp;26,
2014, (B) 2% of each prepayment made after August&nbsp;26, 2014, and on or before August&nbsp;26, 2015, and (C) 1% of each &nbsp;prepayment
made after August&nbsp;26, 2015, and on or before August&nbsp;26, 2016. Each such notice shall specify the date and amount of
such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s)
of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount
of such Lender&rsquo;s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment
of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts
required pursuant to Section&nbsp;3.05, if any. Subject to Section&nbsp;2.18, each such prepayment shall be applied to the Loans
of the Lenders in accordance with their respective Applicable Percentages.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
2.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
2.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
2.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of Loans</I>. The Borrower shall repay to the Lenders on the Maturity Date the aggregate principal amount of
Loans outstanding on such date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;2.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</I>.
(a) Subject to the provisions of subsection&nbsp;(b) below, (i)&nbsp;each Eurodollar Rate Loan shall bear interest on the outstanding
principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period <I>plus
</I>the applicable Eurodollar Rate margin identified in the definition of Applicable Rate; (ii)&nbsp;each Base Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the
Base Rate plus the applicable Base Rate margin identified in the definition of Applicable Rate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
If any amount of principal of any Loan is not paid within five (5) days after the date when due (other than at the Maturity Date,
whether at stated maturity or by acceleration, as to which such five (5) day period shall not apply), such amount shall thereafter
bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted
by applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid within five (5) days
after the date when due (other than at the Maturity Date, whether at stated maturity or by acceleration, as to which such five
(5) day period shall not apply), then upon the request of the Required Lenders, such amount shall thereafter bear interest at
a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the request of the Required Lenders, while any Event of Default exists, the Borrower shall pay interest on the principal amount
of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the
fullest extent permitted by applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued
and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may
be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment,
and before and after the commencement of any proceeding under any Debtor Relief Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate</I>. (a) All computations of interest for
Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year
of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on
the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if
computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall
not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, <I>provided</I> that any
Loan that is repaid on the same day on which it is made shall, subject to Section&nbsp;2.13(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes,
absent manifest error.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
as a result of any restatement of or other adjustment to the financial statements of the Borrower or for any other reason, the
Borrower or the Lenders determine that (i)&nbsp;the Leverage Ratio as calculated by the Borrower as of any applicable date was
inaccurate and (ii)&nbsp;a proper calculation of the Leverage Ratio would have resulted in higher pricing for such period, the
Borrower shall immediately and retroactively be obligated to pay to the Administrative Agent for the account of the Lenders promptly
on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with respect
to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative
Agent or any Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period
over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the Administrative
Agent or any Lender, as the case may be, under Section&nbsp;2.09(b) or under Article&nbsp;VIII. The Borrower&rsquo;s obligations
under this paragraph shall survive for a period of two fiscal quarters of FSP beyond the repayment of all Obligations hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evidence of Debt</I>. (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records
maintained by such Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained
by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made
by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall
not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative
Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest
error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender
(through the Administrative Agent) a Note, which shall evidence such Lender&rsquo;s Loans in addition to such accounts or records.
Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans
and payments with respect thereto.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments Generally; Administrative Agent&rsquo;s Clawback</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General</I>.
All payments to be made by the Borrower shall be made without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative
Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative Agent&rsquo;s Office in
Dollars and in immediately available funds not later than 1:00 p.m. on the date specified herein. The Administrative Agent will
promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided herein) of such payment in
like funds as received by wire transfer to such Lender&rsquo;s Lending Office and if such payments by Borrower are made to Administrative
Agent by 1:00 p.m., the Administrative Agent will distribute such funds to Lenders specified in this Section 2.13(a) on that same
Business Day. All payments received by the Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding
Business Day (and shall be distributed to the Lenders in accordance with this Section&nbsp;2.13(a) on such next succeeding Business
Day) and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on
a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be
reflected in computing interest or fees, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
<I>Funding by Lenders; Presumption by Administrative Agent</I>. Unless the Administrative Agent shall have received notice from
a Lender prior to the proposed date of the Borrowing of Loans that such Lender will not make available to the Administrative Agent
such Lender&rsquo;s share of the Borrowing, the Administrative Agent may assume that such Lender has made such share available
on such date in accordance with Section&nbsp;2.02 and may, in reliance upon such assumption, make available to the Borrower a
corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such
corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount
is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A)&nbsp;in the case of
a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily
charged by the Administrative Agent in connection with the foregoing, and (B)&nbsp;in the case of a payment to be made by the
Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative
Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative
Agent, then the amount so paid shall constitute such Lender&rsquo;s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to
the Administrative Agent.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments
by Borrower; Presumptions by Administrative Agent</I>. Unless the Administrative Agent shall have received notice from the Borrower
prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower
will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand
the amount so distributed to such Lender in immediately available funds with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of
the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">A
notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this subsection&nbsp;(b)
shall be conclusive, absent manifest error.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Failure
to Satisfy Conditions Precedent</I>. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article&nbsp;II, and such funds are not made available to the Borrower
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article&nbsp;IV are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall promptly return such funds (in like funds as received
from such Lender) to such Lender, without interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Obligations
of Lenders Several</I>. The obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section&nbsp;10.04(c)
are several and not joint. The failure of any Lender to make any Loan or to make any payment under Section&nbsp;10.04(c) on any
date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender
shall be responsible for the failure of any other Lender to so make its Loan or to make its payment under Section&nbsp;10.04(c).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Funding
Source</I>. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or
manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Reborrowing.</I> No amount of the Loans that is paid or prepaid may be reborrowed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sharing of Payments by Lenders</I>.<B> </B>If any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, resulting in such Lender&rsquo;s
receiving payment of a proportion of the aggregate amount of such Loans or participations and accrued interest thereon greater
than its<I> pro rata </I>share thereof as provided herein, then the Lender receiving such greater proportion shall (a)&nbsp;notify
the Administrative Agent of such fact, and (b)&nbsp;purchase (for cash at face value) participations in the Loans of the other
Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the
Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and other
amounts owing them, <I>provided</I> that:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
or subparticipations shall be rescinded and the purchase price restored to the extent of such recovery, without interest; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
provisions of this Section shall not be construed to apply to (x)&nbsp;any payment made by or on behalf of the Borrower pursuant
to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of
a Defaulting Lender) or (y)&nbsp;any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee or participant, other than an assignment to the Borrower or any Affiliate thereof (as to which
the provisions of this Section shall apply).</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Borrower consents
to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation
pursuant to the foregoing arrangements may exercise against Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 0.5in"><I>Section 2.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
2.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in Commitments</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Request
for Increase</I>. Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders),
the Borrower may from time to time request an increase in the Aggregate Commitments by an amount (for all such requests, in the
aggregate) not exceeding $50,000,000; provided that (I) any such request for an increase shall be in a minimum amount of $5,000,000,
and (II)&nbsp;the Borrower may make a maximum of three (3) such requests. At the time of sending such notice, the Borrower (in
consultation with the Administrative Agent) shall specify the time period within which each Lender is requested to respond (which
shall in no event be less than ten Business Days from the date of delivery of such notice to the Lenders). Any increase of the
Aggregate Commitments pursuant to this Section 2.16 shall be subject to the agreement of one or more Lenders or Eligible Assignees
(who may or may not then be a Lender hereunder) to provide such increased Commitments pursuant to the terms hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lender
Elections to Increase</I>. Each Lender shall notify the Administrative Agent within such time period whether or not it agrees
to increase its Commitment and, if so, whether by an amount equal to, greater than, or less than its Applicable Percentage of
such requested increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notification
by Administrative Agent; Additional Lenders</I>. The Administrative Agent shall notify the Borrower and each Lender of the Lenders&rsquo;
responses to each request made hereunder. To achieve the full amount of a requested increase and subject to the approval of the
Administrative Agent, the Borrower and/or BMO may also invite additional Eligible Assignees to become Lenders pursuant to a joinder
agreement in form and substance reasonably satisfactory to the Borrower, Administrative Agent and their respective counsel. Arranger
shall use its best efforts to procure such additional or increased Commitments, and facilitate such increase in the Aggregate
Commitments, and Borrower shall reasonably cooperate with Arranger to obtain new Commitments to support any such increase in the
Commitments, <I>provided</I> that Borrower will coordinate all such efforts (including, without limitation, any communications
(written, electronic or oral) with any prospective lending source) through the Arranger. In no event shall any Lender be obligated
to provide an additional Commitment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effective
Date and Allocations</I>. If the Aggregate Commitments are increased in accordance with this Section, the Administrative Agent
and the Borrower shall determine the effective date (the <I>&ldquo;Increase Effective Date&rdquo;</I>) and the final allocation
of such increase. The Administrative Agent shall promptly notify the Borrower and the Lenders of the final allocation of such
increase and the Increase Effective Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conditions
to Effectiveness of Increase</I>. As a condition precedent to such increase, the Borrower shall deliver to the Administrative
Agent a certificate of each Borrower dated as of the Increase Effective Date (in sufficient copies for each Lender) signed by
a Responsible Officer (i)&nbsp;certifying and attaching the resolutions adopted by such Borrower approving or consenting to such
increase, and (ii)&nbsp;certifying that, before and after giving effect to such increase, (A)&nbsp;the representations and warranties
contained in Article&nbsp;V and the other Loan Documents are true and correct in all material respects on and as of the Increase
Effective Date, except (1) to the extent that such representations and warranties specifically refer to an earlier date, in which
case they are true and correct in all material respects as of such earlier date, and (2) except that for purposes of this Section&nbsp;2.16,
(x) the representations and warranties contained in subsections&nbsp;(a), (b) and (c) of Section&nbsp;5.05 shall be deemed to
refer to the most recent statements furnished pursuant to clauses&nbsp;(a) and (b), respectively, of Section&nbsp;6.01; and (y)&nbsp;the
representations and warranties contained in Section&nbsp;5.13(a) shall be deemed to refer to the most recent update to Schedule
5.13(a) furnished pursuant to Section&nbsp;6.02(a)(ii) and shall be true and correct in all material respects as of the effective
date of such update, (z) the representations and warranties contained in the first and second sentences of Section&nbsp;5.21 shall
be deemed to refer to the most recent update to Schedule 5.21 furnished pursuant to Section&nbsp;6.02(a)(i), and shall be true
and correct in all material respects as of the effective date of such update, and (B)&nbsp;no Default or Event of Default exists.
The Applicable Percentages of the Lenders shall be recalculated concurrently with the effectiveness of any increase in the Aggregate
pursuant to this Section&nbsp;2.16.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Conflicting
Provisions.</I> This Section&nbsp;shall supersede any provisions in Section&nbsp;10.01 to the contrary. Without limiting the foregoing,
an increase in Aggregate Commitments pursuant to this Section&nbsp;2.16 and any amendments to this Agreement made to evidence
such increase shall not require the consent of any Lender not participating in such increase.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;2.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;2.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defaulting
Lenders.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Adjustments.
</I>Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until
such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Law:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waivers
and Amendments.</I> That Defaulting Lender&rsquo;s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section&nbsp;10.01.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reallocation
of Payments.</I> Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article&nbsp;VIII or otherwise, and including
any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section&nbsp;10.08), shall be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment of any amounts owing to the Lenders as
a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result
of that Defaulting Lender&rsquo;s breach of its obligations under this Agreement; third, so long as no Event of Default exists,
to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against that Defaulting Lender as a result of that Defaulting Lender&rsquo;s breach of its obligations under this
Agreement, <I>provided</I> that if an Event of Default exists, such payment shall be applied in accordance with Section&nbsp;8.03;
and fourth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <I>provided</I> that if (x)&nbsp;such
payment is a payment of the principal amount of any Loans in respect of which that Defaulting Lender has not fully funded its
appropriate share and (y)&nbsp;such Loans were made at a time when the conditions set forth in Section&nbsp;4.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a
Defaulting Lender that are applied to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Defaulting
Lender Cure.</I> If the Borrower and the Administrative Agent agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as
of the effective date specified in such notice and subject to any conditions set forth therein that Lender will, to the extent
applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent
may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their applicable
Applicable Percentages, whereupon that Lender will cease to be a Defaulting Lender; <I>provided</I> that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver
or release of any claim of any party hereunder arising from that Lender&rsquo;s having been a Defaulting Lender.</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;III<BR>
<BR>
Taxes, Yield Protection and Illegality</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;3.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments
Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.</I> (i)&nbsp;Any and all payments by or on account of any
obligation of the Borrower hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made
free and clear of and without reduction or withholding for any Indemnified Taxes. If, however, applicable Laws require the Borrower
or the Administrative Agent to withhold or deduct any Taxes, such Taxes shall be withheld or deducted in accordance with such
Laws as determined by the Borrower or the Administrative Agent, as the case may be, taking account the information and documentation
to be delivered pursuant to subsection&nbsp;(e) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the Borrower or the Administrative Agent shall be required by applicable Law to withhold or deduct any Taxes, including both United
States federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold or
make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the full amount withheld or deducted
to the relevant Governmental Authority in accordance with applicable Law, and (C) to the extent that the withholding or deduction
is made on account of Indemnified Taxes, the sum payable by the Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to additional sums payable under this Section)
the Administrative Agent or Lender, as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payment
of Other Taxes by the Borrower.</I> Without limiting the provisions of subsection&nbsp;(a)&nbsp;above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax
Indemnifications. </I> (i)&nbsp;Without limiting the provisions of subsection&nbsp;(a) or (b)&nbsp;above, the Borrower shall,
and does hereby, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 10 days
after written demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on
or attributable to amounts payable under this Section) withheld or deducted by the Borrower or the Administrative Agent or paid
by the Administrative Agent or such Lender, as the case may be, and any penalties, interest and reasonable expenses arising therefrom
or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. If the Borrower determines in its good faith judgment that a reasonable basis exists for contesting an Indemnified
Tax, the Administrative Agent and each Lender shall reasonably cooperate, at no cost or expense to Administrative Agent or Lender,
with the Borrower in challenging such Indemnified Tax; <I>provided</I> that neither the Administrative</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Agent nor any Lender shall be required
to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower
or any other Person. The Borrower shall also, and does hereby, indemnify the Administrative Agent, and shall make payment in respect
thereof within 10 days after written demand therefor, for any amount which a Lender for any reason fails to pay indefeasibly to
the Administrative Agent as required by clause&nbsp;(ii) of this subsection; <I>provided</I> that, such Lender shall indemnify
the Borrower to the extent of any payment the Borrower makes to the Administrative Agent pursuant to this sentence. Any claim
against the Borrower pursuant to this Section&nbsp;must be made within 180 days of the payment by the Administrative Agent or
the Lender to which such claim relates and must provide reasonable detail regarding the amount of the claim and the reason thereof.
A reasonably detailed certificate as to the amount of any such payment or liability delivered to the Borrower by a Lender (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive
absent manifest error.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the provisions of subsection&nbsp;(a) or (b) above, each Lender shall, and does hereby, indemnify the Borrower and the
Administrative Agent, and shall make payment in respect thereof within 10 days after written demand therefor, against any and
all Excluded Taxes attributable to such Lender and any and all related losses, claims, liabilities, penalties, interest and expenses
(including the fees, charges and disbursements of any counsel for the Borrower or the Administrative Agent) incurred by or asserted
against the Borrower or the Administrative Agent by any Governmental Authority as a result of the failure by such Lender to deliver,
or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Lender to the
Borrower or the Administrative Agent pursuant to subsection&nbsp;(e). A reasonably detailed certificate as to the amount of such
payment or liability delivered to any Lender by the Administrative Agent or the Borrower shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under this Agreement or any other Loan Document against any amount due to the Administrative Agent under this clause&nbsp;(ii).
The agreements in this clause&nbsp;(ii) shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender the termination of the Aggregate Commitments and the repayment, satisfaction or
discharge of all other Obligations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Evidence
of Payments.</I> As soon as practicable, after any payment of Taxes by the Borrower or by the Administrative Agent to a Governmental
Authority as provided in this Section&nbsp;3.01, the Borrower shall deliver to the Administrative Agent or the Administrative
Agent shall deliver to the Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental
Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment
reasonably satisfactory to the Borrower or the Administrative Agent, as the case may be.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Status
of Lenders; Tax Documentation.</I> (i)&nbsp;Each Lender shall deliver to the Borrower and to the Administrative Agent, at the
time or times prescribed by applicable Laws or when reasonably requested by the Borrower or the Administrative Agent, such properly
completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit the Borrower or the Administrative Agent, as the case may be, to determine (A)&nbsp;whether
or not payments made hereunder or under any other Loan Document are subject to Taxes, (B)&nbsp;if applicable, the required rate
of withholding or deduction, and (C)&nbsp;such Lender&rsquo;s entitlement to any available exemption from, or reduction of, applicable
Taxes in respect of all payments to be made to such Lender by the Borrower pursuant to this Agreement or otherwise to establish
such Lender&rsquo;s status for withholding tax purposes in the applicable jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limiting the generality of the foregoing, if the Borrower is resident for tax purposes in the United States,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Lender that is a &ldquo;United States person&rdquo; within the meaning of Section&nbsp;7701(a)(30) of the Code shall deliver to
the Borrower and the Administrative Agent executed originals of Internal Revenue Service Form W-9 or such other documentation
or information prescribed by applicable Laws or reasonably requested by the Borrower or the Administrative Agent as will enable
the Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding
or information reporting requirements; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;each
Foreign Lender shall deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the request of the Borrower or the Administrative Agent, but only if such Foreign Lender is legally entitled to do so), whichever
of the following is applicable:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(I)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;executed
originals of Internal Revenue Service Form W-8BEN claiming eligibility for benefits of an income tax treaty to which the United
States is a party and/or certifying non-U.S. status,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(II)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;executed
originals of Internal Revenue Service Form W-8ECI,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(III)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;executed
originals of Internal Revenue Service Form W-8IMY and all required supporting documentation,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(IV)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under section&nbsp;881(c) of the Code,
(x)&nbsp;a certificate substantially in the form of Exhibit I-1 to the effect that such Foreign Lender is not (A)&nbsp;a &ldquo;bank&rdquo;
within the meaning of section&nbsp;881(c)(3)(A) of the Code, (B)&nbsp;a &ldquo;10 percent shareholder&rdquo; of the Borrower within
the meaning of section 881(c)(3)(B) of the Code, or (C)&nbsp;a &ldquo;controlled foreign corporation&rdquo; described in section&nbsp;881(c)(3)(C)
of the Code (a <I>&ldquo;U.S. Tax Compliance Certificate&rdquo;</I>) and (y)&nbsp;executed originals of Internal Revenue Service
Form W-8BEN,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(V)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form&nbsp;W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit&nbsp;I-2 or Exhibit I-3, IRS Form
W-9, and/or other certification documents from each beneficial owner, as applicable; <I>provided </I>that if the Foreign Lender
is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption,
such Foreign Lender may provide a U.S.&nbsp;Tax Compliance Certificate substantially in the form of Exhibit&nbsp;I-4 on behalf
of each such direct and indirect partner; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(VI)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;executed
originals of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in United States
federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrower
or the Administrative Agent to determine the withholding or deduction required to be made.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Lender shall promptly (A)&nbsp;notify the Borrower and the Administrative Agent of any change in circumstances which would modify
or render invalid any claimed exemption or reduction, and (B)&nbsp;take such steps as shall not be materially disadvantageous
to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any requirement of applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 0.5in">If a payment
made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section&nbsp;1471(b) or 1472(b)
of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed
by applicable law (including as prescribed by Section&nbsp;1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such Lender&rsquo;s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this paragraph, <I>&ldquo;FATCA&rdquo;
</I>shall include any amendments made to FATCA after the date of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Treatment
of Certain Refunds.</I> Unless required by applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender any refund of Taxes withheld or deducted
from funds paid for the account of such Lender. If the Administrative Agent any Lender determines, in good faith, that it has
received a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid
additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund (but only to</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">the extent of indemnity payments
made, or additional amounts paid, by the Borrower under this Section&nbsp;with respect to the Taxes giving rise to such refund),
net of all out-of-pocket expenses incurred by the Administrative Agent or such Lender, as the case may be, and without interest
(other than any interest paid by the relevant Governmental Authority with respect to such refund), <I>provided</I> that the Borrower,
upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event
the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This subsection shall
not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes that it deems confidential) to the Borrower or any other Person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illegality</I>.
If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful,
for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the
Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank
market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, (i)&nbsp;any obligation of such
Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and
(ii)&nbsp;if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which
is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar
Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, (x)&nbsp;the Borrower shall, upon demand from
such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender
to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be
determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last
day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day,
or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y)&nbsp;if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent
shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar
Rate component thereof until the Administrative is advised in writing by such Lender that it is no longer illegal for such Lender
to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall
also pay accrued interest on the amount so prepaid or converted, together with any additional amounts referenced pursuant to Section&nbsp;3.05,
if any.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inability
to Determine Rates</I>. If the Required Lenders determine that for any reason in connection with any request for a Eurodollar
Rate Loan or a conversion to or continuation thereof that (a)&nbsp;Dollar deposits are not being offered to banks in the London
interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b)&nbsp;adequate and
reasonable means do not exist for determining the Eurodollar Base Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or (c)&nbsp;the Eurodollar Base Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such
Lenders of funding such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x)&nbsp;the
obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended, and (y)&nbsp;in the event of a determination
described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar
Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction
of the Required Lenders) revokes such notice. Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing
of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into
a request for a Borrowing of Base Rate Loans in the amount specified therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increased
Costs.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Increased
Costs Generally.</I> If any Change in Law shall:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets
of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement
reflected in the Eurodollar Rate);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subject
any Lender to any tax of any kind whatsoever with respect to this Agreement or any Eurodollar Rate Loan made by it, or change
the basis of taxation of payments to such Lender in respect thereof (except for Indemnified Taxes covered by Section&nbsp;3.01
and the imposition of, or any change in the rate of, any Excluded Tax payable by such Lender); or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate
Loans made by such Lender or participation therein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">and
the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan the interest
on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase
the cost to such Lender), or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender, the Borrower will pay to such Lender such additional amount or
amounts as will compensate such Lender for such additional costs incurred or reduction suffered; <I>provided</I> that the Borrower
shall not be liable to any Lender for costs incurred more than one hundred eighty (180) days prior to receipt by the Borrower
of the certificate referred to in clause (c) below from such Lender.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Capital
Requirements. </I> If any Lender determines that any Change in Law affecting such Lender or any Lending Office of such Lender
or such Lender&rsquo;s holding company, if any, regarding capital requirements has or would have the effect of reducing the rate
of return on such Lender&rsquo;s capital or on the capital of such Lender&rsquo;s holding company, if any, as a consequence of
this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that which such Lender or such
Lender&rsquo;s holding company would have achieved but for such Change in Law (taking into consideration such Lender&rsquo;s policies
and the policies of such Lender&rsquo;s holding company with respect to capital adequacy), then from time to time, to the extent
that such reduction in rate of return is not reflected in the Base Rate or the Eurodollar Rate, the Borrower will pay to such
Lender, such additional amount or amounts as will compensate such Lender or such Lender&rsquo;s holding company for any such reduction
suffered; <I>provided</I> that the Borrower shall not be liable to any Lender for costs incurred more than one hundred eighty
(180) days prior to receipt by the Borrower of the certificate referred to in clause&nbsp;(c) below from such Lender. Each Lender
shall allocate such cost increases among its customers in good faith and on an equitable basis.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certificates
for Reimbursement.</I> A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its
holding company, as the case may be, as specified in subsection&nbsp;(a) or (b) of this Section&nbsp;and delivered to the Borrower
shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within ten (10) days after receipt thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Delay
in Requests. </I> Failure or delay on the part of any Lender to demand compensation pursuant to the foregoing provisions of this
Section&nbsp;shall not constitute a waiver of such Lender&rsquo;s right to demand such compensation, <I>provided</I> that the
Borrower shall not be required to compensate a Lender pursuant to the foregoing provisions of this Section&nbsp;for any increased
costs incurred or reductions suffered more than nine (9) months prior to the date that such Lender notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender&rsquo;s intention to claim compensation therefor
(except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period
referred to above shall be extended to include the period of retroactive effect thereof).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
for Losses</I>. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly
compensate such Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Borrower pursuant to Section&nbsp;10.13;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">including
any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also
pay any customary administrative fees charged by such Lender in connection with the foregoing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">For
purposes of calculating amounts payable by the Borrower to the Lenders under this Section&nbsp;3.05, each Lender shall be deemed
to have funded each Eurodollar Rate Loan made by it at the Eurodollar Base Rate used in determining the Eurodollar Rate for such
Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable
period, whether or not such Eurodollar Rate Loan was in fact so funded.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitigation
Obligations; Replacement of Lenders</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Designation
of a Different Lending Office.</I> If any Lender requests compensation under Section&nbsp;3.04, or the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section&nbsp;3.01,
or if any Lender gives a notice pursuant to Section&nbsp;3.02, then such Lender shall use reasonable efforts to designate a different
Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i)&nbsp;would
eliminate or reduce amounts payable pursuant to Section&nbsp;3.01 or 3.04, as the case may be, in the future, or eliminate the
need for the notice pursuant to Section&nbsp;3.02, as applicable, and (ii)&nbsp;in each case, would not subject such Lender to
any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay
all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Replacement
of Lenders.</I> If any Lender requests compensation under Sections&nbsp;3.04 or 3.05, or if the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section&nbsp;3.01, or
if a Lender gives notice under Section&nbsp;3.02, the Borrower may replace such Lender in accordance with Section&nbsp;10.13.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;3.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival</I>.
All of the Borrower&rsquo;s obligations under this Article&nbsp;III shall survive termination of the Aggregate Commitments, repayment
of all other Obligations hereunder, and resignation of the Administrative Agent.</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;IV<BR>
<BR>
Conditions Precedent to Credit Extensions</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;4.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
of Initial Credit Extension</I>. The obligation of each Lender to make its Loan hereunder is subject to satisfaction of the following
conditions precedent:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent&rsquo;s receipt of the following, each of which shall be originals or telecopies (followed promptly by originals)
unless otherwise specified, each properly executed by a Responsible Officer of the signing Borrower, each dated the Closing Date
(or, in the case of certificates of governmental officials, a recent date before the Closing Date) and each in form and substance
satisfactory to the Administrative Agent and each of the Lenders:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;fully
executed counterparts of this Agreement, sufficient in number for distribution to the Administrative Agent, each Lender and FSP;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
Note executed by the Borrower in favor of each Lender requesting a Note;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Borrower as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents to which
such Borrower is a party;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Borrower is duly organized
or formed, and that each Borrower is validly existing, in good standing and qualified to engage in business in each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such qualification, except to the
extent that failure to do so would not reasonably be expected to have a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
favorable opinion of counsel to the Borrower (on behalf of each Borrower with the exception of FSP Forest Park IV NC Limited Partnership)
addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit&nbsp;B;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
certificate signed by a Responsible Officer certifying (A) that each Consolidated Party is in compliance in all material respects
with all existing contractual financial obligations except where the failure to comply would not reasonably be expected to have
a Material Adverse Effect, (B) all governmental, shareholder and third party consents and approvals necessary for the Borrower
to enter into the Loan Documents and perform thereunder, if any, have been obtained, except where the failure to obtain would
not reasonably be expected to have a Material Adverse Effect, (C) immediately after giving effect to this Agreement, the other
Loan Documents and all the transactions contemplated therein to occur on such date, (1) to such Responsible Officer&rsquo;s knowledge,
no Default or Event of Default exists, (2) all representations and warranties contained herein are true and correct in all material
respects, and (3) the Borrower is in pro forma compliance with each of the financial covenants set forth in Section&nbsp;7.11
(and including detailed calculations of each such financial covenant) for the fiscal quarter ending June&nbsp;30, 2013 (which
calculation has been delivered to the Administrative Agent prior to Closing); (D)&nbsp;that the conditions specified in Sections&nbsp;4.02(a)
and (b)&nbsp;have been satisfied; (E)&nbsp;that, to such Responsible Officer&rsquo;s knowledge, there has been no event or circumstance
since the date of the Audited Financial Statements that has had or would be reasonably expected to have, either individually or
in the aggregate, a Material Adverse Effect; and (F)&nbsp;a calculation of the Leverage Ratio as of the last day of the fiscal
quarter ending June&nbsp;30, 2013;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 1in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evidence that
all insurance required to be maintained pursuant to the Loan Documents has been obtained and is in effect; and</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 1in; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such other assurances,
certificates, documents or consents as the Administrative Agent or the Required Lenders reasonably may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall not have occurred since June&nbsp;30, 2013 any event or condition that has had or would be reasonably expected, either individually
or in the aggregate, to have a Material Adverse Effect, as determined by Administrative Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
shall not exist any action, suit, investigation, or proceeding pending, or to the knowledge of Borrower, threatened in writing,
in any court or before any arbitrator or Governmental Authority that would reasonably be expected to have a Material Adverse Effect,
as determined by the Administrative Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
fees required to be paid on or before the Closing Date shall have been paid and all reimbursable expenses for which invoices have
been presented to FSP on or before the Closing Date shall have been paid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
waived by the Administrative Agent, the Borrower shall have paid all reasonable fees, charges and disbursements of counsel to
the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced to FSP prior
to or on the Closing Date.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Without limiting the generality
of the provisions of the last paragraph of Section&nbsp;9.03, for purposes of determining compliance with the conditions specified
in this Section&nbsp;4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying
its objection thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;4.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to all Credit Extensions</I>. The obligation of each Lender to honor any Request for Credit Extension (other than a Loan Notice
requesting only a conversion of Loans to the other Type, or a continuation of Loans) is subject to the following conditions precedent:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
representations and warranties of the Borrower contained in Article&nbsp;V of this Agreement shall be true and correct in all
material respects on and as of the date of such Credit Extension, except (i) to the extent that such representations and warranties
specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (ii) except that
for purposes of this Section&nbsp;4.02, (1) the representations and warranties contained in subsections&nbsp;(a), (b) and (c)
of Section&nbsp;5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses&nbsp;(a) and (b), respectively,
of Section&nbsp;6.01; and (2) the representations and warranties contained in Section&nbsp;5.13(a) shall be deemed to refer to
the most recent update to Schedule 5.13(a) furnished pursuant to Section&nbsp;6.02(a)(ii), and shall be true and correct in all
material respects as of the effective date of such update, and (3)&nbsp;the representations and warranties contained in the first
and second sentences of Section&nbsp;5.21 shall be deemed to refer to the most recent update to Schedule&nbsp;5.21 furnished pursuant
to Section&nbsp;6.02(a)(i), and shall be true and correct in all material respects as of the effective date of such update.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds
thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent shall have received a Request for Credit Extension in accordance with the requirements hereof.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Each Request for Credit Extension
(other than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Loans) submitted by the
Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections&nbsp;4.02(a) and (b) have
been satisfied on and as of the date of the applicable Credit Extension.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;V<BR>
<BR>
Representations and Warranties</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Borrower
represents and warrants to the Administrative Agent and the Lenders that:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existence,
Qualification and Power</I>. Each Borrower (a)&nbsp;is duly organized or formed and validly existing under the Laws of the jurisdiction
of its incorporation or organization, (b)&nbsp;has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i)&nbsp;own or lease its assets and carry on its business and (ii)&nbsp;execute, deliver
and perform its obligations under the Loan Documents to which it is a party, and (c)&nbsp;is in good standing, as applicable,
under the Laws of the jurisdiction of its incorporation and is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause&nbsp;(b)(i) or (c), to the extent that failure to do
so would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization;
No Contravention</I>. The execution, delivery and performance by each Borrower of each Loan Document to which such Person is party,
have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a)&nbsp;contravene
the terms of any of such Person&rsquo;s Organization Documents; (b)&nbsp;conflict with or result in any breach or contravention
of, or the creation of any Lien under, or require any payment to be made under (i)&nbsp;any Contractual Obligation to which such
Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii)&nbsp;any order,
injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject;
or (c)&nbsp;violate any Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governmental
Authorization; Other Consents</I>. No approval, consent, exemption, authorization, or other action by, or notice to, or filing
with, any Governmental Authority or any other Person is necessary or required in connection with the execution and delivery of,
and the performance of the Borrower&rsquo;s obligations under this Agreement or any other Loan Document, except where such approval,
consent, exemption, authorization, action, notice or filing has been obtained or made, and except where the failure to do so would
not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binding
Effect.</I> This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and
delivered by each Borrower that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of such Borrower, enforceable against each Borrower that is party thereto in
accordance with its terms, except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other
laws relating to or affecting generally the enforcement of creditors&rsquo; rights and except to the extent that availability
of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any proceeding
therefore may be brought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements; No Material Adverse Effect</I>. (a)&nbsp;The Audited Financial</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Statements (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii)
fairly present in all material respects the financial condition of the Borrower and their Subsidiaries as of the date thereof and
their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other material liabilities,
direct or contingent, of the Borrower and their Subsidiaries as of the date thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
unaudited consolidated balance sheet of the Borrower and their Subsidiaries dated June&nbsp;30, 2013, and the related consolidated
statements of income or operations, shareholders&rsquo; equity and cash flows for the fiscal quarter ended on that date (i) were
prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present in all material respects the financial condition of the Borrower and their Subsidiaries as of
the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses&nbsp;(i) and
(ii), to the absence of footnotes and to normal year-end audit adjustments. Schedule 5.05 sets forth all material indebtedness
and other liabilities, direct or contingent, of the Borrower and their consolidated Subsidiaries as of the Closing Date not otherwise
disclosed or referenced (or otherwise contemplated) in the Form 10-Q report of FSP filed with the SEC for the most recent fiscal
quarter ended prior to the Closing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since
the date of the Audited Financial Statements, there has been no event or circumstance, either individually or in the aggregate,
that has had or would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigation</I>.
There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Borrower, threatened in writing,
at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of their Subsidiaries
or against any of their properties or revenues that (a)&nbsp;question the validity of this Agreement or any other Loan Document,
or any of the Credit Extensions contemplated hereby, or (b)&nbsp;except as specifically disclosed in Schedule&nbsp;5.06, either
individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, and there has been no material
adverse change in the status, or financial effect on any Borrower or any Subsidiary thereof, of the matters described on Schedule&nbsp;5.06.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Default</I>. Neither any Borrower nor any Subsidiary thereof is in default under or with respect to any Contractual Obligation
that would, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No Default has
occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other
Loan Document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership
of Property; Liens</I>. Each Borrower and each Subsidiary has good record and marketable title in fee simple to, or valid leasehold
interests in, all real property necessary or used in the ordinary conduct of its business, except for Permitted Liens and except
for such defects in title as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
The property of the Borrower and its Subsidiaries is subject to no Liens, other than Permitted Liens.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Environmental
Compliance</I>. Except as set forth on Schedule 5.09, no Borrower or any Subsidiary (a) has received any written notice or other
written communication or otherwise has knowledge of any Environmental Liability of Borrower or any Subsidiary which would individually
or in the aggregate reasonably be expected to have a Material Adverse Effect arising in connection with: (i) any non compliance
with or violation of the requirements of any Environmental Law by any Borrower or Subsidiary, or any permit issued under any Environmental
Law to any Borrower or Subsidiary; or (ii) the Release or threatened Release of any Hazardous Materials into the environment;
or (b) to its knowledge, has threatened or actual liability in connection with the Release or threatened Release of any Hazardous
Materials into the environment which would individually or in the aggregate reasonably be expected to have a Material Adverse
Effect. Except as would not reasonably be expected to have a Material Adverse Effect, no Borrower or Subsidiary has received any
Environmental Complaint.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance</I>.
The Properties of the Borrower and the Properties of each of their Subsidiaries are insured with financially sound and reputable
insurance companies that are not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as
are customarily carried by companies engaged in similar businesses and owning similar properties in localities where the Borrower
or the applicable Subsidiary operates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</I>.
The Borrower and each Subsidiary has filed all federal, state and other material tax returns and reports required by applicable
Law to be filed, and has paid, or made adequate provision for the payment of all federal, state and other material Taxes that
have been levied or imposed upon the Borrower or a Subsidiary, as applicable, or their properties, income or assets or that are
otherwise due and payable, except those which are being contested in good faith by appropriate proceedings diligently conducted
and for which adequate reserves have been provided in accordance with GAAP and except, in each case, to the extent that the failure
to do so would not reasonably be expected to have a Material Adverse Effect. There is no proposed tax assessment against the Borrower
or any Subsidiary that would reasonably be expected to have a Material Adverse Effect. Neither any Borrower nor any Subsidiary
thereof is party to any tax sharing agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ERISA
Compliance</I>. (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the
Code and other federal or state laws. Each Pension Plan that is intended to be a qualified plan under Section&nbsp;401(a) of the
Code has received a favorable determination letter from the Internal Revenue Service to the effect that the form of such Plan
is qualified under Section&nbsp;401(a) of the Code and the trust related thereto has been determined by the Internal Revenue Service
to be exempt from federal income tax under Section&nbsp;501(a) of the Code, or an application for such a letter is currently being
processed by the Internal Revenue Service, or such Plan is covered by an opinion letter issued by the Internal Revenue Service.
To the best knowledge of the Borrower, nothing has occurred that would prevent or cause the loss of such tax-qualified status.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are no pending or, to the best knowledge of the Borrower, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There has been no prohibited
transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or would reasonably
be expected to result in a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;No
ERISA Event has occurred, and neither the Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that would
reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan; (ii)&nbsp;the Borrower and
each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and
no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii)&nbsp;as of
the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section&nbsp;430(d)(2)
of the Code) is 60% or higher and neither the Borrower nor any ERISA Affiliate knows of any facts or circumstances that would
reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent
valuation date; (iv)&nbsp;neither the Borrower nor any ERISA Affiliate has incurred any liability to the PBGC other than for the
payment of premiums, and there are no premium payments which have become due that are unpaid; (v)&nbsp;neither the Borrower nor
any ERISA Affiliate has engaged in a transaction that would be subject to Section&nbsp;4069 or Section&nbsp;4212(c) of ERISA;
and (vi)&nbsp;no Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance
has occurred or exists that would reasonably be expected to cause the PBGC to institute proceedings under Title&nbsp;IV of ERISA
to terminate any Pension Plan.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
the Borrower or any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability
under, any active or terminated Pension Plan other than (A)&nbsp;on the Closing Date, those listed on Schedule&nbsp;5.12(d) hereto
and (B)&nbsp;thereafter, Pension Plans not otherwise prohibited by this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiaries;
Other Equity Investments</I>. (a)&nbsp;Set forth on Schedule 5.13 is a complete and accurate list of all Subsidiaries and Joint
Ventures/Unconsolidated Affiliates of the Borrower as of the date of this Agreement and as updated in accordance with the terms
of Section&nbsp;6.02 hereof, including their respective business forms and jurisdictions of organization. The Equity Interests
owned by Borrower in each Subsidiary and Joint Venture/Unconsolidated Affiliate are validly issued, fully paid and non-assessable
and are owned by Borrower free and clear of all Liens other than Permitted Liens.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
set forth on Schedule 5.13 is a complete and accurate list of all Sponsored REITS of the Borrower as of the date of this Agreement,
including their respective business forms and jurisdictions of organization. The Equity Interests owned by Borrower in each Sponsored
REIT are validly issued, fully paid and non-assessable and are owned by Borrower free and clear of all Liens other than Permitted
Liens. The representations with respect to Sponsored REITS are given only as of the Closing Date and only as required under Section&nbsp;2.15
hereof.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Margin
Regulations; Investment Company Act</I>. (a)&nbsp;The Borrower is not engaged, and will not engage, principally in the business
of purchasing or carrying margin stock (within the meaning of Regulation&nbsp;U issued by the FRB) or extending credit for the
purpose of purchasing or carrying margin stock.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Borrower nor any Subsidiary is or is required to be registered as an &ldquo;investment company&rdquo; under the Investment
Company Act of 1940.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosure</I>.
The Borrower has disclosed to the Administrative Agent and the Lenders all material agreements, instruments and corporate or other
restrictions to which it or any of its Subsidiaries are subject, and all other matters known to it, that, individually or in the
aggregate, would reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate or
other information furnished (whether in writing or orally) by or on behalf of any Borrower to the Administrative Agent or any
Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or
under any other Loan Document (in each case, as modified or supplemented by other information so furnished) taken as a whole contains
any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading; <I>provided</I> that, with respect to projected financial information,
the Borrower represents only that such information was prepared in good faith based upon assumptions that Borrower believed to
be reasonable at the time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Laws</I>. Each Borrower and each Subsidiary thereof is in compliance in all material respects with the requirements of all
Laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a)&nbsp;such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b)&nbsp;the failure to comply therewith, either individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxpayer
Identification Number</I>. The Borrower has provided to Administrative Agent prior to Closing a true and correct U.S. taxpayer
identification number for each entity comprising Borrower.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REIT
Status</I>. FSP has elected status as a real estate investment trust under Section&nbsp;856 of the Code and currently is in compliance
in all material respects with all provisions of the Code applicable to the qualification of FSP as a real estate investment trust.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solvency</I>.
Borrower, on a consolidated basis, (a)&nbsp;is not insolvent nor will be rendered insolvent by the Credit Extensions, (b)&nbsp;does
not have unreasonably small capital with which to engage in its business, and (c)&nbsp;has not incurred indebtedness beyond its
ability to pay such indebtedness as it matures. The Borrower, on a consolidated basis, has assets having a value in excess of
amounts required to pay any indebtedness.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;5.21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unencumbered
Asset Pool Properties</I>. Schedule 5.21 hereto contains a complete and accurate list of all Properties comprising the Unencumbered
Asset Pool as of the Closing Date (and as updated in accordance with the terms of Section&nbsp;6.02 hereof). Each Property comprising
the Unencumbered Asset Pool satisfies each of the requirements set forth in the definition of &ldquo;Unencumbered Asset Pool.&rdquo;
The Borrower makes the following representations and warranties, to its knowledge, with respect to each individual Property included
in the Unencumbered Asset Pool, as of the Closing Date (or, if later, as of the date such Property is added to the Unencumbered
Asset Pool) and except as disclosed in the Borrower&rsquo;s filings with the Securities and Exchange Commission or otherwise disclosed
in writing to the Administrative Agent:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Availability
of Utilities.</I> (i) all utility services necessary and sufficient for the use and operation of each Property comprising the
Unencumbered Asset Pool are presently available to the boundaries of each of the Properties comprising the Unencumbered Asset
Pool through dedicated public rights of way or through perpetual private easements; and (ii) the owner has obtained all material
utility installations and connections required for the operation and servicing of each of the Properties comprising the Unencumbered
Asset Pool for its intended purposes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Access.
</I>(i) the rights of way for all roads necessary for the utilization in all material respects of each of the Properties comprising
the Unencumbered Asset Pool for its intended purposes have either been acquired by the appropriate Governmental Authority or have
been dedicated to public use and accepted by such Governmental Authority; (ii) all such roads have been completed and the right
to use all such roads, or suitable substitute rights of way, have been obtained; and (iii) all curb cuts, driveways and traffic
signals required for the operation and use in all material respects of each of the Properties comprising the Unencumbered Asset
Pool are existing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Condition
of Unencumbered Asset Pool Properties.</I> (i) neither the Unencumbered Asset Pool Properties nor any material part thereof is
now damaged or injured as result of any material fire, explosion, accident, flood or other casualty that is not covered by insurance,
and no Taking is pending or contemplated and (ii) Borrower is not aware of any material or patent structural defect in any Property
comprising the Unencumbered Asset Pool.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compliance
with Requirements/Historic Status/Flood Area.</I> The Unencumbered Asset Pool Properties comply in all material respects with
all material Requirements. Borrower has received no written notice alleging any material non-compliance by any of the Properties
comprising the Unencumbered Asset Pool with any Requirements or indicating that any of the Properties comprising the Unencumbered
Asset Pool are located within any historic district or have, or may be, designated as any kind of historic or landmark site under
applicable Requirements. None of the Properties comprising the Unencumbered Asset Pool is located in any special flood hazard
area as defined under applicable Requirements, unless such Property is adequately covered by flood insurance.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Contracts.</I> The Borrower has not made any material contract or arrangement of any kind or type whatsoever (whether oral or
written, formal or informal), the performance of which by the other party thereto would reasonably be expected to give rise to
a Lien on any of the Properties comprising the Unencumbered Asset Pool other than a Permitted Lien.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Violations.
</I>The Borrower has received no written notices of any violation of any applicable material Requirements with respect to any
of the Properties comprising the Unencumbered Asset Pool.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;VI<BR>
<BR>
Affirmative Covenants</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">So long as
any Loan or other Obligation hereunder (other than any unasserted indemnification obligation) shall remain unpaid or unsatisfied
the Borrower shall, and shall (except in the case of the covenants set forth in Sections&nbsp;6.01, 6.02, and 6.03) cause each
Subsidiary to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Statements</I>. Deliver to the Administrative Agent, in form and detail satisfactory to the Administrative Agent (and Administrative
Agent will provide to the Lenders):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as available, but in any event within 90 days after the end of each fiscal year of FSP, a consolidated balance sheet of the
Consolidated Parties as at the end of such fiscal year, and the related consolidated statements of income or operations, shareholders&rsquo;
equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal
year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied
by a report and opinion of a Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to the
Administrative Agent, which report and opinion shall be prepared in accordance with generally accepted auditing standards and
applicable Securities Laws and shall not be subject to any &ldquo;going concern&rdquo; or like qualification or exception or any
qualification or exception as to the scope of such audit;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as available, but in any event within 45 days after the end of each of the first three fiscal quarters of each fiscal year
of FSP, a consolidated balance sheet of the Consolidated Parties as at the end of such fiscal quarter, and the related consolidated
statements of income or operations and cash flows for such fiscal quarter and for the portion of the Borrower&rsquo;s fiscal year
then ended, and any other information included in FSP&rsquo;s Form 10-Q for such fiscal quarter, setting forth in each case in
comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of
the previous fiscal year, all in reasonable detail, such consolidated statements to be certified by the chief executive officer,
chief financial officer, treasurer or controller of the Borrower as fairly presenting, in all material respects, the financial
condition, results of operations and cash flows of the Consolidated Parties in accordance with GAAP, subject only to normal year-end
audit adjustments and the absence of footnotes; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
soon as available, but in any event within thirty (30) days of the filing thereof, executed copies of all federal income tax returns,
reports and declarations of FSP and FSP Investments LLC, FSP Protective TRS Corp., and FSP REIT Protective Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;6.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates;
Other Information</I>. Deliver to the Administrative Agent, in form and detail reasonably satisfactory to the Administrative Agent
(and Administrative Agent will provide to the Lenders):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;concurrently
with the delivery of the financial statements referred to in Sections&nbsp;6.01(a) and (b), a Compliance Certificate of a Responsible
Officer substantially in the form of Exhibit&nbsp;E-1 attached hereto, (A) demonstrating compliance, as of the end of each such
fiscal period, with the financial covenants contained in Section&nbsp;7.11, and (B) stating that, to such Responsible Officer&rsquo;s
knowledge, no Default or Event of Default exists, or if any Default or Event of Default does exist, specifying the nature and
extent thereof and what action the Borrower proposes to take with respect thereto and (C) attaching and certifying to:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
update to Schedule 5.21, which such update shall, in each case, be deemed to replace, amend and restate such schedule, summarizing
total Unencumbered NOI and occupancy rates as of the last day of the applicable quarter;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an
update to Schedule 5.13(a), which such update shall, in each case, be deemed to replace, amend and restate such schedule; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a
listing of all Projects Under Development.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
after any request by the Administrative Agent or any Lender, copies of any detailed audit reports, management letters or recommendations
submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants
in connection with the accounts or books of the Borrower or any Subsidiary, or any audit of any of them;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly
after the same are available, copies of each annual report, proxy or financial statement or other report or communication sent
to the stockholders of the Borrower in their capacity as such, and copies of all annual, regular, periodic and special reports
and registration statements which the Borrower may file or be required to file with the SEC under Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly,
and in any event within five (5) Business Days after receipt thereof by any Borrower or any Subsidiary thereof, copies of each
notice or other correspondence received from the SEC (or comparable agency in any applicable non-U.S. jurisdiction) concerning
any investigation or possible investigation by such agency regarding financial or other operational results of any Borrower or
any Subsidiary thereof; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly,
such additional information regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or compliance
with the terms of the Loan Documents, or an update to the list of Sponsored REITS of the Borrower, as the Administrative Agent
may from time to time reasonably request.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Documents required
to be delivered pursuant to Section&nbsp;6.01(a) or (b) or Section&nbsp;6.02 (c)&nbsp;and (d) (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to
have been delivered on the date (i)&nbsp;on which the Borrower posts such documents, or provides a link thereto on the Borrower&rsquo;s
website on the Internet at the website address listed on Schedule&nbsp;10.02; or (ii)&nbsp;on which such documents are posted on
the Borrower&rsquo;s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have
access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); <I>provided</I> that: (i)&nbsp;the
Borrower shall deliver paper copies of such documents to the Administrative Agent or any Lender upon its request to the Borrower
to deliver such paper copies. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower
with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Borrower
hereby acknowledges that (a)&nbsp;the Administrative Agent and/or BMO will make available to the Lenders materials and/or information
provided by or on behalf of the Borrower hereunder (collectively, <I>&ldquo;Borrower Materials&rdquo;</I>) by posting the Borrower
Materials on IntraLinks or another similar electronic system (the <I>&ldquo;Platform&rdquo;</I>) and (b)&nbsp;certain of the Lenders
(each, a <I>&ldquo;Public Lender&rdquo;</I>) may have personnel who do not wish to receive material non-public information (within
the meaning of the United States federal securities laws) with respect to the Borrower or its Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons&rsquo;
securities. The Administrative Agent, BMO and each Lender agree that all materials and/or information to be provided by or on behalf
of the Borrower shall be deemed to contain material non-public information, unless the Borrower otherwise designates certain information
as not</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6 0; text-align: justify; text-indent: 0in">containing any
material nonpublic information by clearly and conspicuously marking such information as &ldquo;PUBLIC&rdquo; on the first page
thereof. The Borrower hereby agrees that by marking Borrower Materials &ldquo;PUBLIC,&rdquo; the Borrower shall be deemed to have
authorized the Administrative Agent, BMO and the Lenders to treat such Borrower Materials as not containing any material non-public
information with respect to the Borrower or its securities for purposes of United States federal and state securities laws (<I>provided,
however,</I> that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in Section&nbsp;10.07)
and all Borrower Materials marked &ldquo;PUBLIC&rdquo; are permitted to be made available through a portion of the Platform designated
&ldquo;Public Side Information.&rdquo; The Administrative Agent and BMO agree to treat any Borrower Materials that are not marked
&ldquo;PUBLIC&rdquo; as being suitable only for posting on a portion of the Platform not designated &ldquo;Public Side Information.&rdquo;
As of the Closing Date, each applicable Lender represents to the Borrower that it is not a Public Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section&nbsp;6.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices</I>.
Promptly notify the Administrative Agent:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the occurrence of any Default known to Borrower;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the occurrence of an Internal Control Event;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the occurrence of any ERISA Event;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
any material change in accounting policies or financial reporting practices by the Borrower or any Subsidiary; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;with
respect to Sponsored REITs, Borrower shall provide the Administrative Agent with a copy of the applicable confidential offering
memorandum relating thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Each
notice pursuant to this Section&nbsp;6.03 (other than Section&nbsp;6.03(f)) shall be accompanied by a statement of a Responsible
Officer of the Borrower setting forth details of the occurrence referred to therein and stating what action the Borrower has taken
and proposes to take with respect thereto. Each notice pursuant to Section&nbsp;6.03(a) shall describe with particularity any
and all provisions of this Agreement and any other Loan Document that have been breached. The Administrative Agent will provide
written notices received from the Borrower pursuant to this Section&nbsp;6.03 to the Lenders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
of Taxes</I>. Pay and discharge as the same shall become due and payable&nbsp;all Tax liabilities imposed or levied upon it or
its properties or assets, unless (i)&nbsp;the same are being contested in good faith by appropriate proceedings diligently conducted
and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (ii)&nbsp;failure to
pay or discharge such items would not reasonably be expected to have a Material Adverse Effect.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preservation
of Existence, Etc</I>. (a)&nbsp;Preserve, renew and maintain in full force and effect its legal existence and good standing under
the Laws of the jurisdiction of its organization except in a transaction permitted by Section&nbsp;7.04 or 7.05; (b)&nbsp;take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse
Effect; and (c)&nbsp;preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation
of which would reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance
of Properties</I>. (a)&nbsp;Maintain, preserve and protect all of its material properties and equipment necessary in the operation
of its business in good working order and condition, ordinary wear and tear and insured fire or other casualty excepted; (b)&nbsp;make
all necessary repairs thereto and renewals and replacements thereof; and (c)&nbsp;use the standard of care typical in the industry
in the operation and maintenance of its facilities, in each case, except where the failure to do so would not reasonably be expected
to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintenance
of Insurance</I>. Maintain with financially sound and reputable insurance companies not Affiliates of any Borrower, insurance
with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar business, of such types and in such amounts as are customarily carried under similar circumstances by such
other Persons.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance
with Laws</I>. Comply in all material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its business or property, except in such instances in which (a)&nbsp;such requirement of Law or order,
writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b)&nbsp;the failure
to comply therewith would not reasonably be expected to have a Material Adverse Effect.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Books
and Records</I>. Maintain proper books of record and account, in which full, true and correct entries, in material conformity
with GAAP consistently applied shall be made of all financial transactions and matters involving the assets and business of the
Borrower or such Subsidiary, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspection
Rights</I>. Permit representatives appointed by the Administrative Agent and each Lender, including, without limitation, independent
accountants, agents, attorneys, and appraisers to visit and inspect any of its Properties and permit representatives appointed
by Administrative Agent to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom,
and to discuss its affairs, finances and accounts with its directors, officers, and independent public accountants, all at such
reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice to the
Borrower <I>provided, however,</I></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6 0 0; text-align: justify">that when an Event of Default exists
the Administrative Agent or any Lender (or any of their respective or independent contractors) may do any of the foregoing at the
expense of the Borrower at any time during normal business hours and without advance notice; and <I>provided further</I> that it
shall not be a breach of this Section&nbsp;6.10 if, (a)&nbsp;despite Borrowers&rsquo; diligent conduct, the Borrower&rsquo;s independent
public accountants decline to meet or discuss with the Administrative Agent, or (b)&nbsp;despite Borrowers&rsquo; diligent conduct
a tenant at a Property does not permit the Administrative Agent to inspect such Property.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use
of Proceeds</I>. Use the proceeds of the Credit Extensions solely for the following purposes: (a)&nbsp;to finance the acquisition
of real properties and for other investments permitted under Section&nbsp;7.02; (b)&nbsp;to finance investments associated with
Sponsored REITS, including without limitation, loans to Sponsored REITS and the purchase of preferred stock in Sponsored REITS;
(c)&nbsp;to refinance and/or retire existing Indebtedness and (d)&nbsp;for working capital and other general business purposes,
<I>provided, however</I> that no Credit Extensions shall be used to make Restricted Payments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
Borrowers</I>. (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Person (other than an Excluded Subsidiary or a Sponsored REIT) becomes a Wholly-Owned Subsidiary
of any Borrower or if at any time any Person formerly qualifying as an Excluded Subsidiary ceases to meet the requirements for
qualification as an Excluded Subsidiary, the Borrower shall, on or prior to the date that Borrower&rsquo;s next quarterly Compliance
Certificate is due pursuant to Section&nbsp;6.02(a)(i) cause such Person to become a Borrower by executing and delivering to the
Administrative Agent the Joinder Documents, and the Borrower shall cause such Person to deliver to the Administrative Agent documents
of the types referred to in clauses (iii), (iv), (v), (vii) and (ix) of Section&nbsp;4.01(a) (unless waived by Administrative
Agent), all in form, content and scope similar to those provided with respect to the Borrower as of Closing. Notwithstanding the
immediately preceding sentence, if the date on which any Person (other than an Excluded Subsidiary or a Sponsored REIT) becomes
a Wholly-Owned Subsidiary of any Borrower or if at any time any Person formerly qualifying as an Excluded Subsidiary ceases to
meet the requirements for qualification as an Excluded Subsidiary occurs after the end of a fiscal quarter but on or before the
date of Borrower&rsquo;s delivery of the Compliance Certificate for such quarter, the Borrower shall cause such Person to become
a Borrower, in the manner described above, on or prior to the date that Borrower&rsquo;s next quarterly Compliance Certificate
is due pursuant to Section&nbsp;6.02(a)(i). No Person that is not a &ldquo;United States Person&rdquo; within the meaning of Section&nbsp;7701(a)(30)
of the Code shall become a Borrower pursuant to this Section&nbsp;6.12(a) unless all Lenders consent thereto in writing.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Agreement to the contrary (x)&nbsp;to the extent (I)&nbsp;a Borrower (other than FSP) anticipates
becoming or intends to become an Excluded Subsidiary, (II)&nbsp;a Borrower (other than FSP) intends to dispose of a Property and/or
all or substantially all of its assets, or (III) FSP or a Borrower intends to dispose of its Equity Interests in a Borrower, and
(y) the release as a Borrower hereunder of such Borrower referred to in clause (I), Borrower referred to in clause (II) or the
Borrower whose Equity Interests are to be disposed of as contemplated by clause (III), as applicable, will not, on a pro forma
basis with respect to the financial covenants contained in Section&nbsp;7.11 hereof, give rise to one or more Defaults and/or
Events of Default, such Borrower referred to in clause (I), Borrower referred to in clause (II) or Borrower whose Equity Interests
are to be disposed of as contemplated by clause (III), as applicable, shall be released as a Borrower hereunder and such Person&rsquo;s
Property shall be released from the Unencumbered Asset Pool in accordance with the following:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall deliver to the Administrative Agent, not less than ten (10) days prior to the anticipated or intended release of
a Wholly-Owned Subsidiary hereunder, a Pro Forma Compliance Certificate of a Responsible Officer of the Borrower in form attached
as Exhibit E-2, certifying that, (x) immediately before and immediately after such release the Borrower will be in compliance
with the covenants set forth in Section&nbsp;7.11 of this Agreement, and (y) to such Responsible Officer&rsquo;s knowledge, immediately
prior to such release and immediately following such release, no Default or Event of Default exists or will exist under the Agreement
or any of the other Loan Documents; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower or Borrower whose Equity Interests are to be disposed of as contemplated in clause (III) of Section&nbsp;6.12(b), as
applicable, shall automatically be deemed released as a Borrower hereunder, and the applicable Property shall be deemed released
from the Unencumbered Asset Pool, effective as of the date of the Disposition of the Property, assets or Equity Interests, as
applicable, or financing with Secured Indebtedness of such Person and/or its Property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">The Administrative Agent shall,
upon written request therefor given by Borrower after such release has become effective, provide a written confirmation of the
release of the applicable Person as an obligor hereunder and the other Loan Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provisions of this Agreement to the contrary (x) to the extent the Borrower desires a release of a Property from the
Unencumbered Asset Pool but the applicable Borrower owning such Property will not qualify as an Excluded Subsidiary after the
release of such Property and (y) the release of such Property hereunder will not, on a pro forma basis with respect to the financial
covenants contained in Section&nbsp;7.11, give rise to one or more Defaults and/or Events of Default, such Property may be released
from the Unencumbered Asset Pool (but the Person owning such Property shall not be released as a Borrower hereunder) in accordance
with the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall deliver to the Administrative Agent, not less than ten (10) days prior to the anticipated or intended release of
such Property from the Unencumbered Asset Pool a Pro Forma Compliance Certificate of a Responsible Officer of the Borrower in
form attached as Exhibit E-2, certifying that, (x) immediately before and immediately after such release the Borrower will be
in compliance with the covenants set forth in Section&nbsp;7.11 of this Agreement, and (y) to such Responsible Officer&rsquo;s
knowledge, immediately prior to such release and immediately following such release, no Default or Event of Default exists or
will exist under the Agreement or any of the other Loan Documents; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
applicable Property shall automatically be deemed released from the Unencumbered Asset Pool effective as of the date of the Disposition
or the date of the financing with Secured Indebtedness of such Property but the Person owning such Property, to the extent not
qualifying as an Excluded Subsidiary, shall not be released as a Borrower hereunder.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of clarification, (i) the Borrower may, at any time, elect to cause an Excluded Subsidiary to become a Borrower hereunder,
and (ii) no assets owned or held directly by any Excluded Subsidiary shall be included in any calculation involving the value
of or income from Properties comprising of the Unencumbered Asset Pool unless such Excluded Subsidiary is a Borrower as of the
date of such calculation and such assets meet the criteria for inclusion in the Unencumbered Asset Pool as set forth in the definition
of &ldquo;Unencumbered Asset Pool&rdquo;.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Administrative Agent will provide notice to the Lenders of any Borrower or Property additions or releases pursuant to this Section&nbsp;6.12.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REIT
Status</I>. At all times comply with all applicable provisions of the Code necessary to allow FSP to qualify for status as a real
estate investment trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material
Contracts</I>. Comply in all material respects with the terms and conditions of all Contractual Obligations except in such instance
where the failure to comply therewith would not reasonably be expected to have a Material Adverse Effect and, with respect to
any Indebtedness of any Consolidated Party having a principal amount (including undrawn committed or available amounts ) of at
least $20,000,000, within thirty (30) days after closing on such Indebtedness, disclose in writing to Administrative Agent the
financial covenant requirements applicable thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;6.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further
Assurances</I>. At the cost and expense of Borrower and upon request of the Administrative Agent, duly execute and deliver or
cause to be duly executed and delivered, to the Administrative Agent such further instruments, documents and certificates, and
do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Administrative
Agent to carry out more effectively the provisions and purposes of this Agreement and the other Loan Documents.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article&nbsp;VII<BR>
<BR>
Negative Covenants</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 6; text-align: justify; text-indent: 0.5in">So long as
any Loan or other Obligation hereunder (other than unasserted indemnification obligations) shall remain unpaid or unsatisfied,
the Borrower shall not, directly or indirectly:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liens</I>. Create, incur, assume or permit to exist any Lien with respect to any of its property, assets or revenues,
whether now owned or hereafter acquired (or permit any other Subsidiary to do so), other than Permitted Liens.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
7.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments</I>. Make any Investments, except:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in Projects Under Development, undeveloped land holdings, Joint Venture Projects and Joint Ventures, Securities Holdings and Mortgages
to the extent such Investments are not prohibited under Sections&nbsp;7.11(h);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
held by the Borrower in the form of Cash Equivalents;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
of the Borrower, directly or indirectly, in any other Borrower and/or in any Subsidiary (including without limitation, any Excluded
Subsidiary);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit
in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially
troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
held by the Borrower in the form of acquiring, developing, maintaining and operating income producing Properties;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
held by the Borrower in Sponsored REITs, including loans and mortgages to and purchases of preferred Equity Interests in Sponsored
REITs; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
listed on Schedule 7.02(g).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness</I>. Create, incur, assume or suffer to exist any Indebtedness (or permit any other Subsidiary to do so),
except:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
under the Loan Documents;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indebtedness
under the Bank of America Credit Agreement; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
other Indebtedness (including, without limitation, Guarantees of the Borrower in respect of Indebtedness otherwise permitted hereunder)
to the extent such Indebtedness is not prohibited under Section&nbsp;7.11; provided, that to the extent such Indebtedness is in
the form of obligations under any Swap Contract (i) such obligations are (or were) entered into by such Person in the ordinary
course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets,
or property held or reasonably anticipated by such Person, or changes in the value of securities issued by such Person, and not
for purposes of speculation or taking a &ldquo;market view;&rdquo; and (ii) such Swap Contract contains provisions exonerating
the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fundamental Changes</I>. Except as otherwise permitted under this Agreement, merge, dissolve, liquidate, consolidate
with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all
of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists
or would result therefrom:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Subsidiary may merge with (i)&nbsp;the Borrower, or (ii)&nbsp;any one or more other Subsidiaries, <I>provided</I> that when any
Borrower is merging with another Subsidiary, such Borrower shall be the continuing or surviving Person (or the transaction must
be undertaken in compliance with Section 6.12) and the Borrower shall continue to remain in compliance with Section 7.11 and the
merging Borrower shall not be or become an Excluded Subsidiary as a result of such transaction);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
Borrower or Subsidiary may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the
Borrower or to another Subsidiary; provided that if the transferor in such a transaction is a Borrower, then the transferee must
be a Borrower or the transaction must be undertaken in accordance with Section 6.12 hereof;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all
or substantially all of the assets or all of the Equity Interests of Borrower or a Subsidiary may be Disposed of to the extent
such Disposition is permitted pursuant to Section&nbsp;7.05; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FSP
may acquire a Sponsored REIT by merger or consolidation provided that FSP is the surviving Person or a Person wholly-owned by
FSP is the surviving Person and Borrower shall continue to remain in compliance with Section 7.11.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions</I>. Make any Disposition or enter into any agreement to make any Disposition, except:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of equipment or real property to the extent that (i)&nbsp;such property is exchanged for credit against the purchase price of
similar replacement property or (ii)&nbsp;the proceeds of such Disposition are reasonably promptly applied to the purchase price
of such replacement property;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
of property by any Borrower or any Subsidiary to a Borrower (provided after such Disposition, Borrower remains in compliance with
Section 7.11 and the transferee Borrower shall not be or become an Excluded Subsidiary as a result of such transaction) or to
any Subsidiary thereof; provided that if the transferor of such property is a Borrower, the transferee thereof must be a Borrower;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
permitted by Section&nbsp;7.04(a) &ndash; (b); and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dispositions
to the extent that at the time of such Disposition Borrower has complied with the applicable provisions of Section 6.12 hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Nature of Business</I>. Engage in (or permit any other Subsidiary to engage in) any material line of business
substantially different from those lines of business conducted by the Borrower and their Subsidiaries on the date hereof or any
business substantially related or incidental thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions with Affiliates</I>. Permit to exist or enter into, any transaction (including the purchase, sale, lease
or exchange of any property or the rendering of any service) with any Affiliate, except (a)&nbsp;as set forth on Schedule&nbsp;7.08
or (b)&nbsp;transactions not otherwise prohibited hereunder and consistent with past practices, upon fair and reasonable terms
which are no less favorable to the Borrower, than would be obtained in a comparable arm&rsquo;s length transaction with a Person
that is not an Affiliate or (c) transactions not otherwise prohibited hereunder among the Borrowers, Subsidiaries and Sponsored
REITS.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burdensome Agreements</I>. Except in connection with any transaction not prohibited hereunder, enter into or permit any
Subsidiary to enter into any Contractual Obligation (other than this Agreement or any other Loan Document) that (a)&nbsp;limits
the ability (i)&nbsp;of any Subsidiary to make Restricted Payments to the Borrower or to otherwise transfer property to the Borrower,
(ii)&nbsp;of any Subsidiary to become a borrower hereunder or (iii)&nbsp;of the Borrower or any Subsidiary to create, incur, assume
or suffer to exist Liens on property of such Person; or (b)&nbsp;requires the grant of a Lien to secure an obligation of such
Person if a Lien is granted to secure another obligation of such Person; <I>provided</I>, that this Section&nbsp;7.09 shall not
be deemed to restrict the ability of any Borrower or any Excluded Subsidiary from entering into Contractual Obligations of any
type related to Indebtedness <I>provided</I> such Indebtedness does not impose a lien on any Unencumbered Asset Pool Properties
or the Equity Interests of any Borrower and <I>provided further</I> that such Indebtedness would not result in a breach of the
financial covenants set forth in Section 7.11 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Proceeds</I>. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately,
incidentally or ultimately, (i) to purchase or carry margin stock (within the meaning of Regulation&nbsp;U of the FRB) or to extend
credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such
purpose or (ii) other than for the express purposes permitted by Section 6.11 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Covenants</I>. Fail, at any time, to comply with any of the following financial covenants on a consolidated
basis <FONT STYLE="color: #191919">provided that such covenants shall be calculated as of the last day of a calendar quarter</FONT>:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Tangible Net Worth</I>.<B> </B>Borrower shall maintain a Tangible Net Worth equal to or in excess of $810,783,000 plus seventy-five
percent (75%) of the aggregate net proceeds received by Borrower in connection with any offering of stock or other equity in FSP
after the Closing Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum
Leverage Ratio</I>. Borrower shall not permit the ratio of Total Indebtedness to Total Asset Value to exceed 0.60:1.0.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum
Secured Leverage Ratio</I>. Borrower shall not permit the ratio of Total Secured Indebtedness (excluding the Credit Extensions)
to Total Asset Value to exceed 0.30:1.0.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Fixed Charge Coverage Ratio</I>. Borrower shall not permit the ratio of Adjusted EBITDA to Fixed Charges to be less than 1.50:1.0.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum
Unencumbered Leverage Ratio</I>. Borrower shall not permit the ratio of Unsecured Indebtedness to Unencumbered Asset Value to
exceed 0.60:1.0.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Unsecured Debt Service Coverage</I>. Borrower shall not permit the ratio of Unencumbered NOI to the Mortgageability Amount to
be less than 1.50:1.0. For the purpose of calculating NOI for this covenant 7.11(f), items (a)-(d) of the definition of Net Operating
Income shall be adjusted to (i) exclude the amount attributable to the Properties disposed of during such fiscal quarter and (ii)
adjust the amount attributable to Properties owned less than a full fiscal quarter so that such amount is grossed up as if the
Property had been owned for the entire fiscal quarter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dividends
and Distributions</I>. To the extent an Event of Default exists or would result therefrom, Borrower shall not make Restricted
Payments.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Investments</I>.
Borrower shall not permit the aggregate value of the following items of all Consolidated Parties to exceed ten percent (10%) of
Total Asset Value: (A) the total cost budget of Projects Under Development; plus (B) the cost value of all undeveloped holdings
(raw land or land which is not otherwise an operating property other than any properties determined to be Projects Under Development)
determined in accordance with GAAP; plus (C) the value of all Joint Venture Projects plus, without duplication, the cost-basis
value of the Consolidated Parties&rsquo; investment in Joint Ventures (in each case taking into account the Consolidated Parties&rsquo;
Equity Percentage thereof); plus (D) the value of Securities Holdings held by the Consolidated Parties; plus (E) the value of
all Mortgages (excluding loans to Sponsored REITS) held by the Consolidated Parties; plus (F) the value of all foreign investments
held by the Consolidated Parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Maximum
Secured Recourse Indebtedness Value</I>. Borrower shall not permit Secured Recourse Indebtedness of FSP to exceed Fifty Million
Dollars ($50,000,000) in the aggregate. No Borrowers other than FSP shall be permitted to have Secured Recourse Indebtedness.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">In calculating the financial
covenants pursuant to this Section 7.11, any obligations that are secured by Cash Collateral by a Borrower shall not be deemed
to be secured by a mortgage, deed of trust, lien, pledge, encumbrance or other security interest.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational Documents</I>. Permit any Borrower to amend, modify, waive or change its Organization Documents in a manner
materially adverse to the interests of the Lenders in any material respect, or in a manner that would reasonably be expected to
have a Material Adverse Effect on the Borrower.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserved</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sale Leasebacks</I>. Except as would not reasonably be expected to have a Material Adverse Effect, directly or indirectly,
become or remain liable as lessee or as guarantor or other surety with respect to any lease, whether an operating lease or a capital
lease, of any property (whether real or personal or mixed), whether now owned or hereafter acquired, (a)&nbsp;which such Person
has sold or transferred or is to sell or transfer to a Person which is not a Consolidated Party or (b)&nbsp;which such Person
intends to use for substantially the same purpose as any other property which has been sold or is to be sold or transferred by
such Person to another Person which is not a Consolidated Party in connection with such lease.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments of Indebtedness</I>. If any Event of Default has occurred and is continuing or would be directly or indirectly
caused as a result thereof, with respect to Borrower and any Subsidiary thereof (i)&nbsp; amend or modify (or permit the amendment
or modification of) any of the terms of any Indebtedness of such Person if such amendment or modification would accelerate the
maturity date of such Indebtedness or would require an unscheduled payment of such Indebtedness or would effect any type of transfer
of property or assets in payment of Indebtedness or would otherwise have the effect of prepaying such Indebtedness or (ii)&nbsp;prepay,
any Indebtedness of such Person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
7.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in Accounting</I>. Except as required by Laws or GAAP, permit any Borrower or any Subsidiary thereof to make
any changes in accounting policies or reporting practices.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 6 0; text-align: center">Article VIII<BR>
<BR>
Events of Default and Remedies</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
8.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Events of Default</I>.<B> </B>Any of the following shall constitute an Event of Default:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Payment</I>.
The Borrower fails to pay (i)&nbsp;within five (5) days after the same is required to be paid herein (other than at the Maturity
Date, whether at stated maturity, by acceleration or otherwise, as to which such five (5) day period shall not apply), any amount
of principal of any Loan, or (ii)&nbsp;within five (5) days after the same becomes due (other than at the Maturity Date, whether
at stated maturity, by acceleration or otherwise, as to which such five (5) day period shall not apply), any interest on any Loan,
or any fee due hereunder, or (iii)&nbsp;within five (5) days after written notice from Administrative Agent that the same has
become due and payable, any other amount payable hereunder or under any other Loan Document; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Specific
Covenants</I>. The Borrower fails to perform or observe any term, covenant or agreement contained in any of Section&nbsp;6.01,
6.02, 6.03, 6.05, 6.07, 6.11, or 6.12 or Article&nbsp;VII; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other
Defaults</I>. Any Borrower fails to perform or observe any other covenant or agreement (not specified in subsection&nbsp;(a) or
(b) above) contained herein or in any other Loan Document on its part to be performed or observed and such failure continues for
thirty (30) days after delivery of written notice thereof from Administrative Agent, <I>provided</I> that in the case of any such
default which is susceptible to cure but cannot be cured within thirty (30) days through the exercise of reasonable diligence,
if such Borrower commences such cure within the initial thirty (30) days period and thereafter diligently prosecutes same to completion,
such period of thirty (30) days shall be extended for such additional period of time as may be reasonably necessary to cure same,
but in no event shall such extended period exceed sixty (60) additional days; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Representations
and Warranties</I>. Any representation or warranty made or deemed made by or on behalf of any Borrower in or in connection with
this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial
statement or other document furnished by Borrower pursuant to or in connection with this Agreement or any other Loan Document
or any amendment or modification hereof or thereof, shall be incorrect or misleading in any material respect when made or deemed
made; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cross-Default</I>.
(i)&nbsp;The Borrower or any Subsidiary (A)&nbsp;fails to make any payment prior to the delinquency thereof (whether as a result
of scheduled maturity, required prepayment, acceleration, demand, or otherwise) (and all notices and grace periods have elapsed)
in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an
aggregate outstanding principal amount of more than the Threshold Amount, or (B)&nbsp;fails to observe or perform, beyond any
applicable notice and cure periods, any other material agreement or condition relating to any such Indebtedness or Guarantee or
contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which
default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries
of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">cause,
with the giving of notice if required, such Indebtedness to be demanded or to become due prior to its stated maturity or such
Indebtedness to be repurchased, prepaid, defeased or redeemed prior to its stated maturity other than due to the voluntary act
of Borrower or any Subsidiary, or such Guarantee to become payable or cash collateral in respect thereof to be demanded (except
for any default or other event which arises in connection with the disposition of assets, or a change of control of or the sale
of any equity interest in any Subsidiary, so long as such Indebtedness or Guarantee is repaid in full substantially simultaneously
with such disposition or change of control); and/or (ii)&nbsp;there occurs under any Swap Contract an Early Termination Date (as
defined in such Swap Contract) resulting from (A)&nbsp;any event of default under such Swap Contract as to which the Borrower
or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) or (B)&nbsp;any Termination Event (as so defined)
under such Swap Contract as to which the Borrower or any Subsidiary is the sole Affected Party (as so defined) and all transactions
covered by such Swap Contract are Affected Transactions (as so defined) and, in either event, the Swap Termination Value owed
by the Borrower or such Subsidiary as a result thereof is greater than the Threshold Amount; provided that to the extent such
Swap Contract is governed by a master agreement, an Early Termination Date (as so defined) has been designated in respect of all
transactions under such master agreement; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Insolvency
Proceedings, Etc.</I> Any Borrower institutes or consents to the institution of any proceeding under any Debtor Relief Law, or
makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver,
trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent
of such Borrower and the appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor
Relief Law relating to any such Borrower or to all or any material part of its property is instituted without the consent of such
Borrower and continues undismissed or unstayed for 60 calendar days, or an order for relief is entered in any such proceeding;
or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Inability
to Pay Debts; Attachment</I>. (i)&nbsp;Any Borrower becomes unable or admits in writing its inability or fails generally to pay
its debts as they become due, or (ii)&nbsp;any writ or warrant of attachment or execution or similar process is issued or levied
against all or any material part of the property of any Borrower and is not released, vacated or fully bonded within 60 days after
its issue or levy; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Judgments</I>.
There is entered against any Borrower (i) a final judgment or order for the payment of money in an aggregate amount exceeding
$25,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage),
or (ii) any one or more non-monetary final judgments that have, or would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such
judgment or order, or (B) there is a period of thirty (30) consecutive days during which a stay of enforcement of such judgment,
by reason of a pending appeal or otherwise, is not in effect or during which such judgment is not discharged or vacated; or</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>ERISA</I>.
(i)&nbsp;An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would reasonably be
expected to result in liability of the Borrower under Title&nbsp;IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC
in an aggregate amount in excess of $25,000,000, or (ii)&nbsp;the Borrower or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section&nbsp;4201
of ERISA under a Multiemployer Plan in an aggregate amount in excess of $25,000,000; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Invalidity
of Loan Documents</I>. Any Loan Document, at any time after its execution and delivery and for any reason other than in accordance
with the terms hereof or thereof, or satisfaction in full of all the Obligations, is revoked, terminated, canceled or rescinded,
without the prior written approval of Administrative Agent; or any Borrower commences any legal proceeding at law or in equity
to contest, or make unenforceable, cancel, revoke or rescind any of the Loan Documents; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Change
of Control</I>. There occurs any Change of Control.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
8.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remedies Upon Event of Default</I>. If any Event of Default occurs and is continuing, the Administrative Agent shall,
at the request of, or may, with the consent of, the Required Lenders, take any or all of the following actions:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
the commitment, if any, of each Lender to make Loans to be terminated, whereupon such commitments, if any, and obligation shall
be terminated;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;declare
the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or
payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are hereby expressly waived by the Borrower; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or under
applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><I>provided,
however,</I> that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the
Bankruptcy Code of the United States, the obligation, if any, of each Lender to make Loans shall automatically terminate, the
unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due
and payable without further act of the Administrative Agent or any Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
8.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Funds</I>. After the exercise of remedies provided for in Section&nbsp;8.02 (or after the Loans have automatically
become immediately due and payable as set forth in the proviso to Section&nbsp;8.02), any amounts received on account of the Obligations
shall, subject to the provisions of Section&nbsp;2.18, be applied by the Administrative Agent in the following order:</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>First</I>,
to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges
and disbursements of counsel to the Administrative Agent and amounts payable under Article&nbsp;III) payable to the Administrative
Agent in its capacity as such;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>Second</I>,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders (including fees and time
charges for attorneys who may be employees of any Lender) and amounts payable under Article&nbsp;III), ratably among them in proportion
to the respective amounts described in this clause <I>Second</I> payable to them;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>Third</I>,
to payment of that portion of the Obligations constituting accrued and unpaid interest on the Loans and other Obligations, ratably
among the Lenders in proportion to the respective amounts described in this clause Third payable to them;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>Fourth</I>,
to payment of that portion of the Obligations constituting unpaid principal of the Loans ratably among the Lenders;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>Last</I>,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Borrower or as otherwise required
by Law.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article IX<BR>
<BR>
Administrative Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment and Authority</I>. Each of the Lenders hereby irrevocably appoints Bank of Montreal to act on its behalf
as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the
benefit of the Administrative Agent, the Lenders, and no Borrower shall have rights as a third-party beneficiary of any of such
provisions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights as a Lender</I>. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the
term &ldquo;Lender&rdquo; or &ldquo;Lenders&rdquo; shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative
Agent hereunder and without any duty to account therefor to the Lenders.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exculpatory Provisions</I>. The Administrative Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed
in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein
or in the other Loan Documents), <I>provided</I> that the Administrative Agent shall not be required to take any action that,
in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan
Document or applicable law; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained
by the Person serving as the Administrative Agent or any of its Affiliates in any capacity.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">The
Administrative Agent shall not be liable for any action taken or not taken by it (i)&nbsp;with the consent or at the request of
the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent
shall believe in good faith shall be necessary, under the circumstances as provided in Sections&nbsp;10.01 and 8.02) or (ii)&nbsp;in
the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge
of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower or a Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">The
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i)&nbsp;any statement, warranty
or representation made in or in connection with this Agreement or any other Loan Document, (ii)&nbsp;the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)&nbsp;the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of
any Default, (iv)&nbsp;the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or
any other agreement, instrument or document or (v)&nbsp;the satisfaction of any condition set forth in Article&nbsp;IV or elsewhere
herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance by Administrative Agent</I>. The Administrative Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement,</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">instrument,
document or other writing (including any electronic message, Internet or intranet website posting or other distribution) reasonably
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and reasonably believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to
the making of a Loan, that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume
that such condition is satisfactory to such Lender unless the Administrative Agent shall have received notice to the contrary
from such Lender prior to the making of such Loan. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Duties</I>. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent.
The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or
through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to
the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resignation of Administrative Agent</I>. The Administrative Agent may at any time give notice of its resignation to the
Lenders and the Borrower. The Administrative Agent will endeavor to give Borrower advance notice of its intention to resign. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint
a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the
United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment
within 30&nbsp;days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative
Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set forth above; <I>provided
</I>that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1)&nbsp;the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2)&nbsp;all payments,
communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to
each Lender directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in
this Section. Upon the acceptance of a successor&rsquo;s appointment as Administrative Agent hereunder, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent,
and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other
Loan Documents (if not already discharged therefrom as provided above in this Section). The fees payable by the Borrower to a
successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower
and such successor. After the retiring Administrative Agent&rsquo;s resignation hereunder and under the other Loan Documents,
the provisions of this Article and Section&nbsp;10.04 shall continue in effect for the benefit of such retiring Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent was acting as Administrative Agent.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Reliance on Administrative Agent and Other Lenders</I>. Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties
and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions
in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Other Duties, Etc.</I> Anything herein to the contrary notwithstanding, none of the Bookrunner(s), Arranger(s), Documentation
Agent(s), Syndication Agent(s) or other titles as necessary listed on the cover page hereof shall have any powers, duties or responsibilities
under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent or
a Lender hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Agent May File Proofs of Claim</I>. In case of the pendency of any proceeding under any Debtor Relief
Law or any other judicial proceeding relative to any Borrower, the Administrative Agent (irrespective of whether the principal
of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative
Agent shall have made any demand on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders
and the Administrative Agent under Section&nbsp;10.04) allowed in such judicial proceeding; and(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any
monies or other property payable or deliverable on any such claims and to distribute the same;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">and
any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative
Agent shall consent to the making of such payments directly to the Lenders to pay to the Administrative Agent any amount due for
the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and
any other amounts due the Administrative Agent under Section&nbsp;10.04.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Nothing
contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf
of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
9.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Release from Obligations under Loan Documents</I>.<B> </B>The Lenders irrevocably authorize the Administrative Agent
to release any Borrower (other than FSP) from its obligations hereunder and under each of the other Loan Documents to the extent
such release is requested by FSP or such Borrower in accordance the provisions set forth in Section 6.12(b) hereof and upon the
satisfaction of the conditions set forth in such Section 6.12(b) (as reasonably determined by the Administrative Agent). Upon
request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent&rsquo;s authority
to grant releases and terminations pursuant to this Section&nbsp;9.10. Further, the Administrative Agent is hereby authorized
by the Lenders, upon the request of FSP or a Borrower that is released pursuant to Section 6.12(b) hereof, to execute and deliver
to FSP and such Borrower a document (in form and substance acceptable to the Administrative Agent) evidencing such release.</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Article X</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 12; text-align: center">Miscellaneous</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendments, Etc.</I> No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
to any departure by the Borrower therefrom, shall be effective unless in writing signed by the Required Lenders and the Borrower
and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given;<I> provided, however,</I> that no such amendment, waiver or consent shall:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waive
any condition set forth in Section&nbsp;4.01(a) without the written consent of each Lender;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section&nbsp;8.02) without the written
consent of such Lender;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document or amend the definition of &ldquo;Maturity
Date&rdquo; without the written consent of each Lender directly affected thereby;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reduce
the principal of, or the rate of interest specified herein on, any Loan, or any fees or other amounts payable hereunder or under
any other Loan Document without the written consent of each Lender directly affected thereby; <I>provided, however, </I>that only
the consent of the Required Lenders shall be necessary (i)&nbsp;to amend the definition of &ldquo;Default Rate&rdquo; or (ii)
to waive any obligation of the Borrower to pay interest at the Default Rate;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
Section 2.14 or Section&nbsp;8.03 in a manner that would alter the pro rata sharing of payments required thereby without the written
consent of each Lender; or</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change
any provision of this Section or the definition of &ldquo;Required Lenders&rdquo; or any other provision hereof specifying the
number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">and,
<I>provided further, </I>that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent
in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any
other Loan Document. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or
disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent
of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders),
except that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices; Effectiveness; Electronic Communication</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Notices
Generally</I>. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection&nbsp;(b) below), all notices and other communications provided for herein shall be in writing and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopier as follows, and
all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone
number, as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to the Borrower or the Administrative Agent, to the address, telecopier number, electronic mail address or telephone number specified
for such Person on Schedule&nbsp;10.02; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
to any other Lender, to the address, telecopier number, electronic mail address or telephone number specified in its Administrative
Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that the Borrower has marked &ldquo;PUBLIC&rdquo;).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Notices
and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed
to have been given upon confirmation of receipt; notices and other communications sent by telecopier shall be deemed to have been
given when sent (except that, if confirmation of receipt does not occur during normal business hours for the recipient, shall
be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in subsection&nbsp;(b) below, shall be effective as provided
in such subsection&nbsp;(b).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Electronic
Communications</I>. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication
(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, <I>provided
</I>that the foregoing shall not apply to notices to any Lender pursuant to Article&nbsp;II if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent or the
Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Unless
the Administrative Agent otherwise prescribes, (i)&nbsp;notices and other communications sent to an e-mail address shall be deemed
received upon the sender&rsquo;s receipt of an acknowledgement from the intended recipient (such as by the &ldquo;return receipt
requested&rdquo; function, as available, return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient, and (ii)&nbsp;notices or communications posted
to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address
as described in the foregoing clause&nbsp;(i) of notification that such notice or communication is available and identifying the
website address therefor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The
Platform</I>. <FONT STYLE="font-variant: small-caps">The platform is provided &ldquo;as is&rdquo; and &ldquo;as available.&rdquo;
The Agent Parties (as defined below) do not warrant the accuracy or completeness of the borrower materials or the adequacy of
the platform, and expressly disclaim liability for errors in or omissions from the borrower materials. No warranty of any kind,
express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of
third party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Borrower materials
or the platform</FONT>. In no event shall the Administrative Agent or any of its Related Parties (collectively, the <I>&ldquo;Agent
Parties&rdquo;</I>) have any liability to the Borrower, any Lender or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of the Borrower&rsquo;s or the Administrative Agent&rsquo;s
transmission of Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or
expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; <I>provided, however,</I> that in no event shall any Agent Party have any
liability to the Borrower, any Lender or any other Person for indirect, special, incidental, consequential or punitive damages
(as opposed to direct or actual damages).</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Change
of Address, Etc.</I> Each of the Borrower and the Administrative Agent may change its address, telecopier, or telephone number
for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address,
telecopier, or telephone number for notices and other communications hereunder by notice to the Borrower and the Administrative
Agent. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i)&nbsp;an effective address, contact name, telephone number, telecopier number and electronic mail address
to which notices and other communications may be sent and (ii)&nbsp;accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
&ldquo;Private Side Information&rdquo; or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender&rsquo;s compliance procedures and applicable Law, including
United States federal and state securities Laws, to make reference to Borrower Materials that are not made available through the
&ldquo;Public Side Information&rdquo; portion of the Platform and that may contain material non-public information with respect
to the Borrower or its securities for purposes of United States federal or state securities laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reliance
by Administrative Agent and Lenders</I>. The Administrative Agent and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan Notices) purportedly given by or on behalf of the Borrower even if (i)&nbsp;such notices were not made
in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii)&nbsp;the terms thereof, as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify
the Administrative Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities
resulting from the reliance by such Person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices
to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of
the parties hereto hereby consents to such recording.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.03.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Cumulative Remedies; Enforcement</I>. No failure by any Lender or the Administrative Agent to exercise, and
no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided
are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Notwithstanding
anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies hereunder
and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and
proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative Agent
in accordance with Section&nbsp;8.02 for the benefit of all the Lenders; <I>provided, however, </I>that the foregoing shall not
prohibit (a)&nbsp;the Administrative</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Agent
from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative
Agent) hereunder and under the other Loan Documents, (b)&nbsp;any Lender from exercising setoff rights in accordance with Section&nbsp;10.08
(subject to the terms of Section&nbsp;2.14), or (c)&nbsp;any Lender from filing proofs of claim or appearing and filing pleadings
on its own behalf during the pendency of a proceeding relative to any Borrower under any Debtor Relief Law; and <I>provided, further,
</I>that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i)&nbsp;the
Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section&nbsp;8.02 and (ii)&nbsp;in
addition to the matters set forth in clauses&nbsp;(b) and (c) of the preceding proviso and subject to Section&nbsp;2.14, any Lender
may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required
Lenders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.04.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses; Indemnity; Damage Waiver</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Costs
and Expenses</I>. The Borrower shall pay (i)&nbsp;all reasonable out-of-pocket expenses incurred by the Administrative Agent and
its Affiliates (including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection
with the syndication of the credit facilities provided for herein (without duplication of any expenses paid by Borrower pursuant
to the Fee Letter relating to syndication of the credit facilities), the preparation, negotiation, execution, delivery and administration
of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii)&nbsp;all out-of-pocket expenses
incurred by the Administrative Agent or any Lender (including the fees, charges and disbursements of any counsel for the Administrative
Agent or any Lender), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and
the other Loan Documents, including its rights under this Section, or (B)&nbsp;in connection with the Loans made hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
by the Borrower</I>. The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an <I>&ldquo;Indemnitee&rdquo;</I>) against, and
hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the reasonable
fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from
all reasonable fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee
or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of
(i)&nbsp;the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby
or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the consummation of
the transactions contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its
Related Parties only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed
in Section&nbsp;3.01), (ii)&nbsp;any Loan or the use or proposed use of the proceeds therefrom, (iii)&nbsp;any</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">Environmental
Claims or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries, or (iv)&nbsp;any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto
<FONT STYLE="font-variant: small-caps">in all cases whether or not caused by or arising in whole or in part, out of the comparative,
contributory or sole negligence of the Indemnitee</FONT>; <I>provided</I> that such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, claims, damages, liabilities or related expenses (x)&nbsp;are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee or (y)&nbsp;result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such
Indemnitee&rsquo;s obligations hereunder or under any other Loan Document, if the Borrower has obtained a final and nonappealable
judgment in its favor on such claim as determined by a court of competent jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reimbursement
by Lenders</I>. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection&nbsp;(a)
or&nbsp;(b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof) or any Related Party of any
of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), or such Related Party,
as the case may be, such Lender&rsquo;s applicable Applicable Percentage (determined as of the time that the applicable unreimbursed
expense or indemnity payment is sought) of such unpaid amount, <I>provided</I> that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent
(or any such sub-agent) in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent) in connection with such capacity. The obligations of the Lenders under this subsection&nbsp;(c)
are subject to the provisions of Section&nbsp;2.13(d).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Waiver
of Consequential Damages, Etc.</I> To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages
(as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan
Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or the
use of the proceeds thereof. No Indemnitee referred to in subsection&nbsp;(b) above shall be liable for any damages arising from
the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other
Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross
negligence or willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent
jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Payments</I>.
All amounts due under this Section shall be payable not later than ten Business Days after written demand therefor.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Survival</I>.
The agreements in this Section shall survive the resignation of the Administrative Agent, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.05.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments Set Aside</I>. To the extent that any payment by or on behalf of the Borrower is made to the Administrative
Agent or any Lender, or the Administrative Agent or any Lender exercises its right of setoff, and such payment or the proceeds
of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in its discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a)&nbsp;to
the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such setoff had not occurred, and (b)&nbsp;each Lender severally
agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from
or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at
a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under clause&nbsp;(b)
of the preceding sentence shall survive the payment in full of the Obligations and the termination of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.06.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successors and Assigns</I>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Successors
and Assigns Generally</I>. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any
of its rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i)&nbsp;to an assignee in accordance with
the provisions of subsection&nbsp;(b) of this Section, (ii)&nbsp;by way of participation in accordance with the provisions of
subsection&nbsp;(d) of this Section, or<B> </B>(iii)&nbsp;by way of pledge or assignment of a security interest subject to the
restrictions of subsection&nbsp;(f) of this Section (and any other attempted assignment or transfer by any party hereto shall
be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the
parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in subsection&nbsp;(d)
of this Section and, to the extent expressly provided herein, the Related Parties of each of the Administrative Agent and the
Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Assignments
by Lenders</I>. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under
this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); <I>provided</I> that any
such assignment shall be subject to the following conditions:</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Minimum
Amounts</I>. (A) in the case of an assignment of the entire remaining amount of the assigning Lender&rsquo;s Commitment and the
Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum
amount need be assigned; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any case not described in subsection&nbsp;(b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans
of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect
to such assignment is delivered to the Administrative Agent or, if &ldquo;Trade Date&rdquo; is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000 (and in integral multiples of $1,000,000 in excess thereof)
unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members
of an Assignee Group and concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible
Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum
amount has been met.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Proportionate
Amounts</I>. Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender&rsquo;s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Required
Consents</I>. No consent shall be required for any assignment, except to the extent required by subsection&nbsp;(b)(i)(B) of this
Section and, in addition:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consent of the Borrower (such consent not to be unreasonably withheld) shall be required unless (1)&nbsp;an Event of Default has
occurred and is continuing at the time of such assignment; or (2) such assignment is to a Lender, an Affiliate of a Lender, or
an Approved Fund; <I>provided</I>, that the Borrower shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;
and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 36pt; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required if such assignment
is to a Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with respect to such Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Assignment
and Assumption</I>. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may,
in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it
is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>No
Assignment to Certain Persons</I>. No such assignment shall be made (A)&nbsp;to the Borrower or any of the Borrower&rsquo;s Affiliates
or Subsidiaries, or (B)&nbsp;to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause&nbsp;(B), (C)&nbsp;to a natural person, or (D) to a competitor
of the Borrower listed on Schedule&nbsp;10.06(b)(v) attached hereto, as such schedule may be updated from time to time as approved
by the Administrative Agent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain
Additional Payments</I>. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such
assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the
assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution
thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata
share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x)&nbsp;pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y)&nbsp;acquire its full pro rata share of
all Loans in accordance with its applicable Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment
of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable Law without compliance with
the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes
of this Agreement until such compliance occurs.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Subject to acceptance and recording
thereof by the Administrative Agent pursuant to subsection&nbsp;(c) of this Section, from and after the effective date specified
in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest
assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations
under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender&rsquo;s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits
of Sections&nbsp;3.01, 3.04, 3.05, and 10.04 with respect to facts and circumstances occurring prior to the effective date of such
assignment. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated
for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with subsection&nbsp;(d)
of this Section.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Register</I>.
The Administrative Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes),
shall maintain at the Administrative Agent&rsquo;s Office a copy of each Assignment and Assumption delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the <I>&ldquo;Register&rdquo;</I>). The entries in the Register
shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrower
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Participations</I>.
Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural person, a Defaulting Lender or the Borrower or any of the Borrower&rsquo;s Affiliates or Subsidiaries)
(each, a <I>&ldquo;Participant&rdquo;</I>) in all or a portion of such Lender&rsquo;s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); <I>provided</I> that (i)&nbsp;such Lender&rsquo;s
obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to the other parties
hereto for the performance of such obligations and (iii)&nbsp;the Borrower, the Administrative Agent and the Lenders shall continue
to deal solely and directly with such Lender in connection with such Lender&rsquo;s rights and obligations under this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the
sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
<I>provided</I> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the lettered items of the first proviso to Section&nbsp;10.01
that affects such Participant. Subject to subsection&nbsp;(e) of this Section, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections&nbsp;3.01, 3.04 and 3.05<I> </I>to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to subsection&nbsp;(b) of this Section. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section&nbsp;10.08<I> </I>as though it were a Lender, provided such Participant agrees to
be subject to Section&nbsp;2.14 as though it were a Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitations
upon Participant Rights</I>. A Participant shall not be entitled to receive any greater payment under Section&nbsp;3.01 or 3.04
than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant
that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section&nbsp;3.01 unless the Borrower
is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply
with Section&nbsp;3.01(e) as though it were a Lender.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Certain
Pledges</I>. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
(including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.07.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment of Certain Information; Confidentiality</I>. Each of the Administrative Agent and the Lenders agrees to maintain
the confidentiality of the Information (as defined below), except that Information may be disclosed (a)&nbsp;to its Affiliates
and to its and its Affiliates&rsquo; respective partners, directors, officers, employees, agents, trustees, advisors and representatives
<FONT STYLE="font-variant: small-caps">solely in connection with this</FONT> Agreement and the Loan Documents (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b)&nbsp;to the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c)&nbsp;to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d)&nbsp;to any other party hereto,
(e)&nbsp;in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f)&nbsp;subject to
an agreement containing provisions substantially the same as those of this Section, to (i)&nbsp;any assignee of or Participant
in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee
invited to be a Lender pursuant to Section 2.16(c) or (ii)&nbsp;any actual or prospective counterparty (or its advisors) to any
swap or derivative transaction relating to the Borrower and its obligations, (g)&nbsp;with the consent of the Borrower or (h)&nbsp;to
the extent such Information (x)&nbsp;becomes publicly available other than as a result of a breach of this Section or (y)&nbsp;becomes
available to the Administrative Agent, any Lender or any of their respective Affiliates on a nonconfidential basis from a source
other than the Borrower. For purposes of this Section, &ldquo;Information&rdquo; means all information received from the Borrower
or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective businesses, other than any such information
that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower or
any Subsidiary, provided that, in the case of information received from the Borrower or any Subsidiary after the date hereof,
all such information shall be deemed to be confidential unless the Borrower or such Subsidiary has clearly and conspicuously marked
such information as &ldquo;PUBLIC&rdquo; in accordance with Section 6.02 hereof. Any Person required to maintain the confidentiality
of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">Each
of the Administrative Agent and the Lenders acknowledges that (a)&nbsp;the Information may include material non-public information
concerning the Borrower or a Subsidiary, as the case may be, (b)&nbsp;it has developed compliance procedures regarding the use
of material non-public information and (c)&nbsp;it will handle such material non-public information in accordance with applicable
Law, including United States federal and state securities Laws.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
10.08.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of Setoff</I>. If an Event of Default shall have occurred and be continuing, each Lender and each of their respective
Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative
Agent, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time
owing by such Lender or any such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations
of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender, irrespective of whether
or not such Lender shall have made any demand under this Agreement or any other Loan Document and although such obligations of
the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office
holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise
any such right of setoff, (x)&nbsp;all amounts so set off shall be paid over immediately to the Administrative Agent for further
application in accordance with the provisions of Section&nbsp;2.18 and, pending such payment, shall be segregated by such Defaulting
Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Lenders, and (y)&nbsp;the
Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations
owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that such Lender
or their respective Affiliates may have. Each Lender agrees to notify the Borrower and the Administrative Agent promptly after
any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and
application.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.09.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate Limitation</I>. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable
Law (the<I> &ldquo;Maximum Rate&rdquo;</I>). If the Administrative Agent or any Lender shall receive interest in an amount that
exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal,
refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent
or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a)&nbsp;characterize any payment
that is not principal as an expense, fee, or premium rather than interest, (b)&nbsp;exclude voluntary prepayments and the effects
thereof, and (c)&nbsp;amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout
the contemplated term of the Obligations hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt"><I>Section
10.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counterparts; Integration; Effectiveness</I>. This Agreement may be executed in counterparts (and by different parties
hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject
matter hereof. Except as provided in Section&nbsp;4.01, this Agreement shall become effective when it shall have been executed
by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
by telecopy or other electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Survival of Representations and Warranties</I>. All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution
and delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability</I>. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
(a)&nbsp;the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents
shall not be affected or impaired thereby and (b)&nbsp;the parties shall endeavor in good faith negotiations to replace the illegal,
invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the
illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section&nbsp;10.12,
if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting Lenders shall be limited
by Debtor Relief Laws, as determined in good faith by the Administrative Agents, then such provisions shall be deemed to be in
effect only to the extent not so limited.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replacement of Lenders</I>. If any Lender requests compensation under Section&nbsp;3.04, or if the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section&nbsp;3.01,
or if any Lender is a Defaulting Lender, or if any other circumstance exists hereunder that gives the Borrower the right to replace
a Lender as a party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in, and consents required by, Section&nbsp;10.06), all of its interests, rights and obligations under this Agreement and the related
Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), <I>provided</I> that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
Borrower shall have paid to the Administrative Agent the assignment fee specified in Section&nbsp;10.06(b);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans, accrued interest thereon,
accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section&nbsp;3.05)
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of
all other amounts), it being agreed that no prepayment fee shall be payable in connection with any such payment;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the case of any such assignment resulting from a claim for compensation under Section&nbsp;3.04 or payments required to be made
pursuant to Section&nbsp;3.01, such assignment will result in a reduction in such compensation or payments thereafter; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 36pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such
assignment does not conflict with applicable Laws.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">A
Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Etc.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><I>Governing
Law</I>. This Agreement shall be governed by, and construed in accordance with, the law of the state of new york pursuant to Section
5-1401 of the General Obligations Laws of the State of New York (without giving effect to New York&rsquo;s principles of conflicts
of law)</FONT>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><I>Submission
to Jurisdiction</I>. The Borrower irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction
of the courts of the State of New York sitting in New York county and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this agreement
or any other loan document, or for recognition or enforcement of any judgment, and each of the parties hereto irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York
State court or, to the fullest extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that
a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or in any other loan document shall affect any right
that the administrative agent or any lender may otherwise have to bring any action or proceeding relating to this Agreement or
any other loan document against any Borrower or its properties in the courts of any jurisdiction</FONT>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><I>Waiver
of Venue</I>. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement
or any other loan document in any court referred to in paragraph&nbsp;(b) of this section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court</FONT>.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps"><I>Service
of Process</I>. Each party hereto irrevocably consents to service of process in the manner provided for notices in Section&nbsp;10.02.
Nothing in this agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable
law</FONT>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
10.15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver of Jury Trial</I>. <FONT STYLE="font-variant: small-caps">Each party hereto hereby irrevocably waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in any legal proceeding directly or indirectly
arising out of or relating to this Agreement or any other loan document or the transactions contemplated hereby or thereby (whether
based on contract, tort or any other theory). Each party hereto (a)&nbsp;certifies that no representative, agent or attorney of
any other person has represented, expressly or otherwise, that such other person would not, in the event of litigation, seek to
enforce the foregoing waiver and (b)&nbsp;acknowledges that it and the other parties hereto have been induced to enter into this
agreement and the other loan documents by, among other things, the mutual waivers and certifications in this section</FONT>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;10.16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
Advisory or Fiduciary Responsibility</I>. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees, and acknowledges its Affiliates&rsquo; understanding, that: (i)&nbsp;(A)&nbsp;the arranging and other services regarding
this Agreement provided by the Administrative Agent and the Arranger are arm&rsquo;s-length commercial transactions between the
Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other hand, (B)&nbsp;the Borrower
has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C)&nbsp;the
Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii)&nbsp;(A)&nbsp;the Administrative Agent and the Arranger each is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be
acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B)&nbsp;neither the
Administrative Agent nor the Arranger has any obligation to the Borrower or any of its Affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii)&nbsp;the Administrative
Agent, the Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Borrower and its Affiliates, and neither the Administrative Agent nor the Arranger has any obligation
to disclose any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby
waives and releases any claims that it may have against the Administrative Agent and the Arranger with respect to any breach or
alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;10.17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic
Execution of Assignments and Certain Other Documents</I>. The words &ldquo;execution,&rdquo; &ldquo;signed,&rdquo; &ldquo;signature,&rdquo;
and words of like import in any Assignment and Assumption or in any amendment or other modification hereof (including waivers
and consents) shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New&nbsp;York State Electronic Signatures and Records Act, or any other similar state
laws based on the Uniform Electronic Transactions Act.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;10.18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USA
PATRIOT Act</I>. Each Lender that is subject to the Act (as hereinafter defined) and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title&nbsp;III
of Pub. L.&nbsp;107-56 (signed into law October&nbsp;26, 2001)) (the <I>&ldquo;Act&rdquo;</I>), it is required to obtain, verify
and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower in accordance with
the Act. The Borrower shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation
and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under
applicable &ldquo;know your customer&rdquo; and anti-money laundering rules and regulations, including the Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;10.19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time
of the Essence</I>. Time is of the essence of the Loan Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section&nbsp;10.20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-variant: small-caps">Entire
Agreement</FONT></I>. <FONT STYLE="font-variant: small-caps">This Agreement and the other Loan Documents represent the final agreement
among the parties and may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties.
There are no unwritten oral agreements among the parties.</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">[remainder of page left intentionally
blank &ndash; signature pages, exhibits and schedules to follow]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">In
Witness Whereof</FONT>, the parties hereto have caused this Agreement to be duly executed as of the date first above written.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Borrower:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp.,</FONT><BR>
a Maryland corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Holdings LLC, </FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Investments LLC,</FONT><BR>
a Massachusetts limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Property Management LLC</FONT>, a Massachusetts limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>Executive Vice President____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Protective TRS Corp.,</FONT> a<BR>
Massachusetts corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Hillview Center Limited Partnership</FONT>,<BR>
a Massachusetts limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 265.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter________________&#9;</U><BR>
Name: <U>George J. Carter______________&#9;</U><BR>
Title: <U>President_____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Montague Business Center Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Greenwood Plaza Corp</FONT>.,<BR>
a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
380 Interlocken Corp., </FONT><BR>
a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
390 Interlocken LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Blue Lagoon Drive LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Legacy Circle LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Overton Park LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Ravinia Drive LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Northwest Point LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
River Crossing LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
East Baltimore Street LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Westchase LLC,</FONT> a<BR>
limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Eden Bluff Corporate Center I LLC</FONT>, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
121 South Eighth Street LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
1410 East Renner Road LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
1999 Broadway LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Lakeside Crossing I LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Legacy Tennyson Center LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Forest Park IV NC Limited Partnership</FONT>, a North Carolina limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Forest Park IV
LLC, its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter_____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title:<U> President____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Seneca Limited Partnership, </FONT><BR>
a Massachusetts limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter_____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Addison Circle Limited Partnership,</FONT><BR>
a Texas limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>FSP Addison Circle LLC, its General Partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter_____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Collins Crossing Limited Partnership,</FONT><BR>
a Texas limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>FSP Collins Crossing LLC, its General Partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter_____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.3pt; text-indent: -20.15pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Eldridge Green Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>FSP Eldridge Green LLC, its General Partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By:<U> /s/ George J. Carter____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J. Carter_________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -0.25in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President_______________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Liberty Plaza Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter_____________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Ten Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Park Ten LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter</U>________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter</U>_____________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President</U>____________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Ten Phase II Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Park Ten Development
LLC,<BR>
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter</U>________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter</U>_____________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Willow Bend Office Center Limited Partnership</FONT>, a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Willow Bend Office
Center LLC, its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter</U>________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter</U>_____________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title:<U> President____________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Dulles Virginia LLC, </FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By:&#9;<U>/s/ George J.
Carter</U>________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter</U>_____________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 274.5pt; text-indent: -20.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>President____________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
East Baltimore Street LLC, </FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Innsbrook
Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP 4807 <FONT STYLE="font-variant: small-caps">Stonecroft
Boulevard</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 261.35pt; text-indent: -27.35pt">FSP 4820 <FONT STYLE="font-variant: small-caps">Emperor
Boulevard</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP 909 <FONT STYLE="font-variant: small-caps">Davis
Street</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps; color: black">FSP
999 Peachtree Street LLC</FONT>, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 24pt 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Addison
Circle Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Addison
Circle</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Blue
Lagoon Drive Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP C<FONT STYLE="font-variant: small-caps">ollins
Crossing Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Collins
Crossing</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Eldridge
Green Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J.
Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 265.5pt; text-indent: -31.5pt">FSP<FONT STYLE="font-variant: small-caps">
Eldridge Green</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Emperor
Boulevard Limited Partnership</FONT>, a Delaware limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 31.5pt">By:__</TD><TD>FSP 4820 Emperor Boulevard LLC, its general partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 24pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter</U>____________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> George J.
Carter</U>________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title:<U> President_______________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 261.35pt; text-indent: -27.35pt">FSP <FONT STYLE="font-variant: small-caps">Forest
Park</FONT> IV LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP<FONT STYLE="font-variant: small-caps">
Park Ten Development Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Park
Ten Development</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Park
Ten</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Willow
Bend Office Center Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Willow
Bend Office Center</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ George J. Carter____________________&#9;</U><BR>
Name: <U>George J. Carter__________________&#9;</U><BR>
Title: <U>President_________________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Lenders/Agent:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Bank
of Montreal</FONT>, individually in its capacity as Administrative Agent and as a Lender</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">By: <U>/s/ Lloyd Baron______________________&#9;</U><BR>
Name: <U>Lloyd Baron___________________&#9;</U><BR>
Title: <U>Vice President___________________&#9;</U></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">PNC
Bank, National Association</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ David C. Lydon____________________&#9;</U>&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> David C. Lydon</U>_________________&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>Vice President___________________&#9;</U>&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Capital
One Bank, National Association</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ Marlene Schwartz__________________&#9;</U>&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&#9;Name:<U> Marlene Schwartz_______________&#9;</U>&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&#9;Title: <U>Senior Vice
President______________&#9;</U>&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">RBS
Citizens, N.A.</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">By:<U>/s/ Lisa M. Greeley_____________________&#9;</U><BR>
Name: <U>Lisa M. Greeley__________________&#9;</U><BR>
Title: <U>Senior Vice President______________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">TD
Bank, N.A.</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">By: <U>/s/ Scott Widsom_____________________&#9;</U><BR>
Name: <U>Scott Widsom___________________&#9;</U><BR>
Title: <U> Vice President___________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Regions
Financial Corporation</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">By:<U> /s/ Paul E. Burgan_____________________&#9;</U><BR>
Name: <U>Paul E. Burgan__________________&#9;</U><BR>
Title: <U>Vice President____________________&#9;</U></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Branch
banking and trust company</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">By:<U> /s/ Mark Edwards_____________________&#9;</U><BR>
Name: <U>Mark Edwards__________________&#9;</U><BR>
Title: <U>Senior Vice President______________&#9;</U></P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
A</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Loan Notice</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: right">Date: ___________, _____</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">To:&#9;Bank of Montreal, as Administrative
Agent</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to that certain Credit Agreement, dated as of August&nbsp;26, 2013 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the <I>&ldquo;Agreement;&rdquo;</I> the terms defined therein being used herein as therein
defined), among Franklin Street Properties Corp. and the Wholly-Owned Subsidiaries thereof party thereto (collectively, the <I>&ldquo;Borrower&rdquo;</I>),
the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
hereby requests (select one):</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">[_] A Borrowing of Loans&#9;[_]
A conversion or continuation of Loans</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">On ______________________________ (a Business Day).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">In the amount of $_______________.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Comprised of _______________________________.<BR>
[Type of Loan requested]</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">For Eurodollar Rate Loans: with an Interest Period of ___&nbsp;months.</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Borrower:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp., </FONT><BR>
a Maryland corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Name:
__________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;Title:
___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
A</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Form of Loan Notice)</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-indent: -11.5pt">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;B</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Opinion Matters</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The following
opinions are to be covered by the legal opinion letter:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;1.&#9;FSP is a corporation
validly existing and in good standing under the laws of the State of Maryland, and has all requisite corporate power and authority
to own its properties and assets and to conduct its business as it is, to our knowledge, currently conducted. Each of the Massachusetts
LPs is a limited partnership validly existing under the laws of the Commonwealth of Massachusetts, and has all requisite partnership
power and authority to own its properties and assets and to conduct its business as it is, to our knowledge, currently conducted.
Each of Investments and Property Management is a limited liability company validly existing under the laws of the Commonwealth
of Massachusetts, and has all requisite limited liability company power and authority to own its properties and assets and to conduct
its business as it is, to our knowledge, currently conducted. Each of the Delaware Corporate Subsidiaries is a corporation validly
existing and in good standing under the laws of the State of Delaware, and has all requisite corporate power and authority to own
its properties and assets and to conduct its business as it is, to our knowledge, currently conducted. Each of the Delaware LLC
Subsidiaries is a limited liability company validly existing under the laws of the State of Delaware, and has all limited liability
company power to own its properties and assets and to conduct its business as it is, to our knowledge, currently conducted. The
Delaware&nbsp;LP is a limited partnership validly existing and in good standing under the laws of the State of Delaware, and has
all requisite partnership power and authority to own its properties and assets and to conduct its business as it is, to our knowledge,
currently conducted. Each of the Texas Subsidiaries is a limited partnership in good standing under the laws of the State of Texas.
Forest Park LP is a limited partnership in good standing under the laws of the State of North Carolina. Each of the Borrowers set
forth on Schedule II attached hereto is qualified to transact business in the jurisdictions indicated on Schedule II attached hereto,
as the case may be.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;2.&#9;Each of FSP, Protective
TRS and each of the Delaware Corporate Subsidiaries has all requisite corporate power and authority to execute and deliver and
perform its obligations under each Credit Document to which it is a party and to consummate the transactions contemplated thereby.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;3.&#9;Each of Investments,
Property Management and each of the Delaware LLC Subsidiaries has all requisite limited liability company power and authority to
execute and deliver and perform its obligations under each Credit Document to which it is a party and to consummate the transactions
contemplated thereby.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;4.&#9;Each of the Massachusetts
LPs and the Delaware&nbsp;LP has all partnership power and authority to execute and deliver and perform its obligations under each
Credit Document to which it is a party and to consummate the transactions contemplated thereby.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
B</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Opinion Matters)</FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;5.&#9;The execution,
delivery and performance by each of FSP, Protective TRS and each of the Delaware Corporate Subsidiaries of each Credit Document
to which it is a party have been duly authorized by all necessary corporate action on the part of such Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;6.&#9;The execution,
delivery and performance by each of the Delaware LLC Subsidiaries of each Credit Document to which it is a party have been duly
authorized by all necessary limited liability company action on the part of such Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;7.&#9;The execution,
delivery and performance by each of the Massachusetts LPs and the Delaware&nbsp;LP of each Credit Document to which it is a party
have been duly authorized by all necessary partnership action on the part of such Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;8.&#9;Each of the Credit
Documents has been duly executed and delivered by each MD-MA-DE Borrower which is a party thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;9.&#9;Each of the Credit
Documents constitutes the valid and binding obligation of each Borrower, enforceable against each Borrower in accordance with its
respective terms.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;10.&#9;The execution
and delivery by the MD-MA-DE Borrowers of each of the Credit Documents to which such MD-MA-DE Borrowers are parties and the consummation
of the transactions contemplated thereby, do not (a) violate the provisions of the respective Charters, Bylaws, Operating Agreements
or Partnership Agreements of such MD-MA-DE Borrowers; or (b) violate the provisions of the state laws of the Commonwealth of Massachusetts,
the state laws of the State of New York, the Delaware Limited Liability Company statute, the DGCL Statute, the Delaware Revised
Uniform Limited Partnership Act, the Maryland General Corporation Law or the federal laws of the United States of America, in each
case, to the extent applicable to the respective MD-MA-DE Borrowers.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;11.&#9;The execution
and delivery by the TX-NC Subsidiaries of the Credit Documents and the consummation of the transactions contemplated thereby, do
not violate the provisions of the state laws of the State of New York or the federal laws of the United States of America to the
extent applicable to the respective TX-NC Subsidiaries.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;12.&#9;The execution
and delivery by the Borrowers of each of the Credit Documents and the consummation of the transactions contemplated thereby, do
not violate, result in a breach or termination of, or a default under (or an event which, with or without due notice or lapse of
time, or both, would constitute a default under) or accelerate the performance required by, or cause the creation of any lien,
security interest, charge or other encumbrance upon the properties or assets of the Borrowers pursuant to (i)&nbsp;the First Amendment
to Credit Agreement, dated as of August&nbsp;___, 2013 among FSP and the other parties thereto or (ii)&nbsp;any agreement which
has been filed by FSP with the Securities and Exchange Commission (the <I>&ldquo;SEC&rdquo;</I>) as an exhibit to FSP&rsquo;s Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2012, or any other report or registration statement subsequently
filed by the Company with the SEC, in each case as listed on Schedule III attached hereto.</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;13.&#9;FSP is not required
to register as an &ldquo;investment company,&rdquo; as such term is defined in the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify">&#9;14.&#9;No authorization,
approval or consent of, and no filing or registration with, any United States federal or New York state, Maryland state or Massachusetts
state governmental or regulatory authority or agency is required on the part of any Borrower for the execution or delivery by such
Borrower of the Credit Documents to which such Borrower is a party or the consummation of the transactions consummated thereby.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">*Note, no opinion covering the
matters contained in 2, 3, 4, 5, 6, 7, 8, 10 and 13 above is given with respect to FSP Forest Park IV NC Limited Partnership, a
North Carolina limited partnership.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;D</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Note</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: right">August &nbsp;26, 2013</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">For
Value Received</FONT>, the undersigned (individually and collectively the <I>&ldquo;Borrower&rdquo;</I>), jointly and severally
hereby promise to pay to _____________________ or registered assigns (the <I>&ldquo;Lender&rdquo;</I>), in accordance with the
provisions of the Agreement (as hereinafter defined), the principal amount of the Loan made by the Lender to the Borrower under
that certain Credit Agreement, dated as of August&nbsp;26, 2013 (as amended, restated, extended, supplemented or otherwise modified
in writing from time to time, the <I>&ldquo;Agreement;&rdquo;</I> the terms defined therein being used herein as therein defined),
among the Borrower, the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Borrower
jointly and severally promise to pay interest on the unpaid principal amount of the Loan from the date of such Loan until such
principal amount is paid in full, at such interest rates and at such times as provided in the Agreement. All payments of principal
and interest shall be made to the Administrative Agent for the account of the Lender in Dollars in immediately available funds
at the Administrative Agent&rsquo;s Office. If any amount is not paid in full when due hereunder, such unpaid amount shall bear
interest, to be paid upon demand, from the due date thereof until the date of actual payment (and before as well as after judgment)
computed at the per annum rate set forth in the Agreement.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">This Note is
referred to in the Agreement, is entitled to the benefits thereof and may be prepaid in whole or in part subject to the terms and
conditions provided therein. The Borrower may not reborrow any portion of the Loan once repaid. Upon the occurrence and continuation
of one or more of the Events of Default specified in the Agreement, all amounts then remaining unpaid on this Note shall become,
or may be declared to be, immediately due and payable all as provided in the Agreement. The Loan made by the Lender shall be evidenced
by one or more loan accounts or records maintained by the Lender in the ordinary course of business. The Lender may also attach
schedules to this Note and endorse thereon the date, amount and maturity of its Loan and payments with respect thereto.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Borrower,
for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest, demand,
dishonor and non-payment of this Note.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">This
Note shall be governed by and construed in accordance with the laws of the State of New York (without giving effect to New York&rsquo;s
principles of conflicts of laws)</FONT>.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps">[Remainder
of Page Intentionally Blank]</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
D</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">(Form of Note)</FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">In
Witness Whereof</FONT>, the parties hereto have caused this Note to be duly executed as of the date first above written.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">[include final
signature blocks]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Borrower:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp.,</FONT><BR>
a Maryland corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Holdings LLC, </FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Investments LLC,</FONT><BR>
a Massachusetts limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Property Management LLC</FONT>, a <BR>
Massachusetts limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Protective TRS Corp.,</FONT> a<BR>
Massachusetts corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Hillview Center Limited Partnership</FONT>,<BR>
a Massachusetts limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Montague Business Center Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Greenwood Plaza Corp</FONT>.,<BR>
a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
380 Interlocken Corp., </FONT><BR>
a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
390 Interlocken LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Blue Lagoon Drive LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Legacy Circle LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Overton Park LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
One Ravinia Drive LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Northwest Point LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
River Crossing LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
East Baltimore Street LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Westchase LLC,</FONT> a<BR>
limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Eden Bluff Corporate Center I LLC</FONT>, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
121 South Eighth Street LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
1410 East Renner Road LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
1999 Broadway LLC</FONT>,<BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Lakeside Crossing I LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Legacy Tennyson Center LLC,</FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt">By: ______________________________<BR>
Name: __________________________<BR>
Title: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Forest Park IV NC Limited Partnership</FONT>, a North Carolina limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Forest Park IV
LLC, its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Seneca Limited Partnership, </FONT><BR>
a Massachusetts limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Addison Circle Limited Partnership,</FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Addison Circle
LLC, its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Collins Crossing Limited Partnership,</FONT><BR>
a Texas limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>FSP Collins Crossing LLC, its General Partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Eldridge Green Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>FSP Eldridge Green LLC, its General Partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Liberty Plaza Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Holdings LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Ten Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Park Ten LLC,
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Park Ten Phase II Limited Partnership, </FONT><BR>
a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Park Ten Development
LLC,<BR>
its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Willow Bend Office Center Limited Partnership</FONT>, a Texas limited partnership</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">By: FSP Willow Bend Office
Center LLC, its General Partner</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">FSP
Dulles Virginia LLC, </FONT><BR>
a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 274.5pt; text-indent: -20.5pt">By: ___________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Name: _____________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 297pt; text-indent: -20.5pt">Title: ______________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt">FSP <FONT STYLE="font-variant: small-caps">Innsbrook
Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP 4807 <FONT STYLE="font-variant: small-caps">Stonecroft
Boulevard</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 261.35pt; text-indent: -27.35pt">FSP 4820 <FONT STYLE="font-variant: small-caps">Emperor
Boulevard</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP 909 <FONT STYLE="font-variant: small-caps">Davis
Street</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps; color: black">FSP
999 Peachtree Street LLC</FONT>, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 24pt 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Addison
Circle Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Addison
Circle</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Blue
Lagoon Drive Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP C<FONT STYLE="font-variant: small-caps">ollins
Crossing Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Collins
Crossing</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Eldridge
Green Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 265.5pt; text-indent: -31.5pt">FSP<FONT STYLE="font-variant: small-caps">
Eldridge Green</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Emperor
Boulevard Limited Partnership</FONT>, a Delaware limited partnership</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 31.5pt">By:</TD><TD>FSP 4820 Emperor Boulevard LLC, its general partner</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 261.35pt; text-indent: -27.35pt">FSP <FONT STYLE="font-variant: small-caps">Forest
Park</FONT> IV LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP<FONT STYLE="font-variant: small-caps">
Park Ten Development Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>


<!-- Field: Page; Sequence: 133; Section: Part C; Value: 2 -->
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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Park
Ten Development</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Park
Ten</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Willow
Bend Office Center Corp</FONT>., a Delaware corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 265.7pt; text-indent: -31.7pt">FSP <FONT STYLE="font-variant: small-caps">Willow
Bend Office Center</FONT> LLC, a Delaware limited liability company</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 20pt 0 0 245.5pt; text-indent: -11.5pt">By: _______________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Name: _________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt">Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Loan
and Payments with Respect Thereto</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Date</FONT></TD>
    <TD STYLE="width: 15%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Type of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Loan Made</FONT></TD>
    <TD STYLE="width: 15%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Amount of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Loan Made</FONT></TD>
    <TD STYLE="width: 14%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">End of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Interest </FONT><BR>
<FONT STYLE="font-variant: small-caps">Period</FONT></TD>
    <TD STYLE="width: 14%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Amount of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Principal </FONT><BR>
<FONT STYLE="font-variant: small-caps">or Interest </FONT><BR>
<FONT STYLE="font-variant: small-caps">Paid This </FONT><BR>
<FONT STYLE="font-variant: small-caps">Date</FONT></TD>
    <TD STYLE="width: 18%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Outstanding </FONT><BR>
<FONT STYLE="font-variant: small-caps">Principal </FONT><BR>
<FONT STYLE="font-variant: small-caps">Balance </FONT><BR>
<FONT STYLE="font-variant: small-caps">This Date</FONT></TD>
    <TD STYLE="width: 12%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Notation </FONT><BR>
<FONT STYLE="font-variant: small-caps">Made By</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">________</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;E-1</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Compliance Certificate</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: right">Financial Statement Date: _______________,
_____</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD STYLE="text-align: justify">Bank of Montreal, as Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to that certain Credit Agreement, dated as of August&nbsp;26, 2013 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the <I>&ldquo;Agreement;&rdquo;</I> the terms defined therein being used herein as therein
defined), among Franklin Street Properties Corp. (<I>&ldquo;FSP&rdquo;</I>) and certain Wholly-Owned Subsidiaries of FSP from time
to time party thereto (collectively, the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank
of Montreal, as Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
Responsible Officer hereby certifies as of the date hereof that he/she is the _______________________________________ of FSP, and
that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower,
and that:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">[Use following paragraph&nbsp;1
for fiscal year-end financial statements]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">1.&#9;The
Borrower has delivered the year-end audited financial statements required by Section&nbsp;6.01(a) of the Agreement for the fiscal
year of the Borrower ended as of the above date, together with the report and opinion of an independent certified public accountant
required by such section.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">[Use following paragraph&nbsp;1
for fiscal quarter-end financial statements]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">1.&#9;The
Borrower has delivered the unaudited financial statements required by Section&nbsp;6.01(b) of the Agreement for the fiscal quarter
of the Borrower ended as of the above date. Such financial statements fairly present, in all material respects, the financial
condition, results of operations and cash flows of the Consolidated Parties in accordance with GAAP as at such date and for such
period, subject only to normal year-end audit adjustments and the absence of footnotes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">2.&#9;The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her
supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrower during the accounting
period covered by such financial statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">3.&#9;A
review of the activities of the Borrower during such fiscal period has been made under the supervision of the undersigned with
a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations under the Loan
Documents, and</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
E-1</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form of Compliance Certificate)</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">[select one:]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>[to
the knowledge of the undersigned, during such fiscal period no Default or Event of Default has occurred and is continuing.]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">--or--</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: 0.5in"><B>[to
the knowledge of the undersigned, during such fiscal period the following Defaults and Events of Default exist:]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">4.&#9;The
representations and warranties of the Borrower contained in Article&nbsp;V of the Agreement are true and correct in all material
respects on and as of the date hereof, except (a) to the extent that such representations and warranties specifically refer to
an earlier date, in which case they are true and correct as of such earlier date, and (b) except that (i) the representations
and warranties contained in subsections&nbsp;(a), (b) and (c) of Section&nbsp;5.05 refer to the most recent statements furnished
pursuant to clauses&nbsp;(a) and (b), respectively, of Section&nbsp;6.01; and (ii) the representations and warranties contained
in Section&nbsp;5.13(a) refer to the most recent update to Schedule 5.13(a) furnished pursuant to Section&nbsp;6.02(a)(ii), and
are true and correct in all material respects as of the effective date of such update, and (iii) the representations and warranties
contained in the first and second sentences of Section&nbsp;5.21 refer to the most recent update to Schedule 5.21 furnished pursuant
to Section&nbsp;6.02(a)(i), and are true and correct in all material respects as of the effective date of such update.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">5.&#9;The
financial covenant analyses and information set forth on Schedule&nbsp;1 attached hereto are true and accurate on and as of the
Financial Statement Date covered by this Certificate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt; text-align: justify">6.&#9;The
updates to Schedules 5.21 and 5.13(a) attached hereto and the list of all Projects Under Development attached hereto are true
and accurate on and as of the Financial Statement Date covered by this Certificate.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">In
Witness Whereof</FONT>, the undersigned has executed this Certificate as of _______________, _____.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Borrower:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp.,</FONT><BR>
a Maryland corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 22.5pt"></TD><TD>Name:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 22.5pt"></TD><TD>Title:</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps"><B>Schedule
1</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Franklin Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Financial Covenants</B></FONT><BR>
<BR>
<B>__________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">(in thousands, except percentages and ratios)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">UAP
Financial Covenants:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">Minimum Unsecured Debt Service Coverage</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Quarterly </FONT><BR>
<FONT STYLE="font-variant: small-caps">Unencumbered NOI</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Mortgageability <BR>
Amount</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">NOI to <BR>
Mortgageability <BR>
Amount</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Equal to 1.5:1 or more</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">Maximum Unencumbered Leverage Ratio</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Unsecured </FONT><BR>
<FONT STYLE="font-variant: small-caps">Indebtedness</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Unencumbered <BR>
Asset Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Leverage</FONT><BR>
<FONT STYLE="font-variant: small-caps">Ratio</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Not to exceed 60% and no one Property
to exceed 20%</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Borrower
Financial Covenants</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Maximum Leverage Ratio</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Total <BR>
Indebtedness</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Total Asset <BR>
Value</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Indebtedness to <BR>
Total Asset <BR>
Value</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Not to exceed 60%</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Total
Asset Value</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Unencumbered Asset Value&nbsp;&nbsp;(see Schedule A)</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Encumbered Asset Value (see Schedule B)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Unrestricted Cash</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Cash Equivalents</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Book value of unimproved land holdings</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Book value of construction in progress</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Carrying value of performing mortgage loans</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets Held for Syndication </TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage Loan Receivable</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Investment in Sponsored REITs</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Total Asset Value</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Total
Indebtedness</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Loan Balance</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Derivative Termination Value</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Secured Debt</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Other Indebtedness</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Consolidated Parties&rsquo; Equity Percentage of <BR>
&nbsp;&nbsp;Indebtedness of Unconsolidated Affiliates</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Total Indebtedness</TD>
    <TD STYLE="padding-top: 0.25in; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; line-height: 14pt; text-indent: 0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
Secured Leverage Ratio</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">Secured Indebtedness of the Consolidated Parties</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">Total Asset Value</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">% of Secured Indebtedness over Total Asset Value</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">Maximum % of secured Indebtedness not to exceed 30% of Total<BR>
Asset Value</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">Maximum Secured Recourse Indebtedness</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 79%; padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">Secured Recourse Indebtedness of FSP</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 45pt; line-height: 14pt; text-indent: -9pt">Maximum Secured Recourse Indebtedness of FSP</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">$50,000.00</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">Minimum Fixed Charge Coverage Ratio</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Adjusted EBITDA</TD>
    <TD STYLE="vertical-align: bottom; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Fixed Charges</TD>
    <TD STYLE="vertical-align: bottom; width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Adjusted EBITDA to <BR>
Fixed Charge Ratio</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Minimum 1.5:1</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 0.5in; text-align: justify; text-indent: -0.5in">6. Minimum
Tangible Net Worth<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 81%; padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Total Assets, less:</TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Book Value of Intangible Assets</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Write-up of book value subsequent to Balance Sheet date</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Subscriptions Receivable</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Total Liabilities</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Tangible Net Worth</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Required Net Worth</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Required as of [6/30/2013]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: left">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810,783,000.00</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Equity Offering after [6/30/2013] (add 75% of net proceeds from equity offerings)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">ATM Equity Offering after [6/30/2013] (add 75% of net proceeds from equity offerings)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Required Net Worth</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">___________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 6pt 1in; text-align: center">&nbsp;</P>

<P STYLE="font-family: Times New Roman, Times, Serif; margin: 0 0 6pt; line-height: 14pt; text-align: left"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 19pt; text-align: left"><SUP>1</SUP></TD><TD STYLE="width: 5pt"></TD><TD>Total Assets and Total Liabilities shall also exclude an asset or liability created
by the Swap Termination Value.</TD>
</TR></TABLE>

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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Financial Covenants</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>__________ [Date]</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 6pt 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Schedule
A </FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 48%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Unencumbered Asset Value</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Date</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Cap Rate</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Unencumbered <BR>
Asset Value</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Quarterly NOI</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Annual NOI</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">x4</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">7.0%/7.75%<A HREF="#note_ftn2" NAME="notea_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">3</A></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Acquisition costs of new properties</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Unencumbered Asset Value</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 6pt 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Schedule
B</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 48%; border-top: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Unencumbered Asset Value</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Date</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Cap Rate</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">Unencumbered <BR>
Asset Value</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Quarterly NOI</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Annual NOI</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">x4</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">7.0%/7.75%<FONT STYLE="font-size: 10pt">4</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">[Acquisition costs of new properties]</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Encumbered Asset Value</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">$</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; vertical-align: baseline"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>7.0% for CBD or Urban Infill Property/7.75% for Suburban Property</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3
</SUP></FONT>7.0% for CBD or Urban Infill Property/7.75% for Suburban Property</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Consolidated Balance Sheets</B></FONT><BR>
<BR>
<B>(Audited/Unaudited)</B><BR>
<BR>
<B>__________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">[To be inserted]</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Consolidated Statement of Income</B></FONT><BR>
<BR>
<B>(Audited/Unaudited)</B><BR>
<BR>
<B>__________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">[To be inserted]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">EBITDA</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Net Income</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Non-recurring/Extraordinary /GOS/Acq Cost</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Interest including deferred financing costs</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Taxes</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Depreciation &amp; Amortization</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Amortization of leases (in revenue)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Pro Rata Share Unconsolidated Affiliates</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">_______________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">EBITDA</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Capital Item allowance ($.30 sf/year)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">_______________</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Adjusted EBITDA</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Financial Covenants</B></FONT><BR>
<BR>
<B>Quarterly Debt Service</B><BR>
<BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Mortgageability Amount:</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Unsecured</FONT><BR>
<FONT STYLE="font-variant: small-caps">Indebtedness</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Principal (average daily balance during quarter)</TD>
    <TD STYLE="padding-top: 12pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">1 Month Eurodollar Rate + Eurodollar Rate Margin:</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">%</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">10 year US Treasury + 300 bp (estimate)</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">%</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate at end of quarter</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">%</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Fixed rate as defined</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">7.0%</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Rate used for calculation (highest of above)</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Amortization period (months)</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-align: center; text-indent: -9pt">360</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Monthly Payment</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-align: center; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Months in test period</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-align: center; text-indent: -9pt">3</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Debt service:</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt"><FONT STYLE="text-underline-style: double"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.25in; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">1 Month Eurodollar Rate + Eurodollar Rate Margin</TD>
    <TD STYLE="padding-top: 0.25in; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.25in; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">1 Month Eurodollar Rate </TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Eurodollar Margin (a)</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">Total</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-left: 9pt; line-height: 14pt; text-indent: -9pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 9pt">(a)</TD><TD STYLE="text-align: justify">Based on covenant leverage ratio (Maximum Leverage Ratio) grid</TD></TR></TABLE>


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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Property NOI</B></FONT><BR>
<BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 4%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 12%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 14%; border-bottom: windowtext 1pt solid; line-height: 14pt; text-align: center">Actual</TD>
    <TD STYLE="vertical-align: top; width: 13%; border-bottom: windowtext 1pt solid; line-height: 14pt; text-align: center">Actual</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt; text-align: center">Cost</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt; text-align: center">Q NOI</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt; text-align: center">Q NOI</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">Name</P></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">City</P></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">State</P></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">S.F.</P></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">Most<BR>
        Recent FQ</P></TD>
    <TD STYLE="vertical-align: top; line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">Most<BR>
        Recent FQ</P></TD>
    <TD STYLE="vertical-align: bottom">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid">Same<BR>
        Quarter</P></TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; padding-top: 0.25in; line-height: 14pt"><B>Unencumbered NOI</B></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Property NOI for the quarter</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Less: Capital Item allowance ($.30 sf/year, including acquisitions)</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">(a)</TD>
    <TD COLSPAN="5" STYLE="line-height: 14pt">Adjustment for management fees to 3%</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt"><B>Property NOI for the quarter</B></TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Less: New acquisitions (if less than 4 quarters)</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Less: Capital Item allowance ($.30 sf/year, including acquisitions)</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">(a)</TD>
    <TD COLSPAN="5" STYLE="line-height: 14pt">Adjustment for management fees to 3%</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">NOI for Unencumbered Asset Value calculation</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; padding-top: 12pt; line-height: 14pt">Cap rate per loan agreement</TD>
    <TD STYLE="vertical-align: top; padding-top: 12pt; line-height: 14pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-top: 12pt; line-height: 14pt; text-align: center">7.0%/7.75%</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-top: 12pt; line-height: 14pt; text-align: center">7.0%/7.75%</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Value of the Properties:</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Calculated above</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Acquisitions at cost</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; line-height: 14pt">Unencumbered Asset Value</TD>
    <TD STYLE="vertical-align: top; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; padding-top: 0.25in; padding-bottom: 12pt; line-height: 14pt">Encumbered NOI</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; padding-bottom: 12pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; padding-bottom: 12pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 0.25in; padding-bottom: 12pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">(a)</TD>
    <TD COLSPAN="8" STYLE="line-height: 14pt">NOI is net of actual management fees paid, adjustment is to (increase)/decrease fees to 3% level</TD></TR>
</TABLE>


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Management Fee Calculation</B></FONT><A HREF="#note_ftn3" NAME="notea_ftnref3" STYLE="font-size: 65%; vertical-align: 35%">2</A><BR>
<BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">9 Months</TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">6 Months</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">3 Months</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Calculation:</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Total rental revenue for 10-Q</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1.5pt double; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Excluded revenues:</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Amort - Favorable lease</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Lease Induce/Rent reduct</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">FASB 13 Revenue</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Total excluded revenues </TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">-</TD></TR>
<TR>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;Gross revenues </TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD></TR>
<TR>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">3% of Gross Revenues </TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Less Actual management fees charged:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Adjustment required</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0">$</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">-</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: baseline">2</FONT></TD><TD STYLE="text-align: justify">To be adjusted as appropriate to determine management fees for the quarter.</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Franklin
Street Properties Corp.</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Pricing Grid</B></FONT><BR>
<BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><I>&ldquo;Applicable
Rate&rdquo;</I> means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the
most recent compliance certificate received by the Administrative Agent pursuant to Section&nbsp;6.02(a):</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 12pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Leverage Ratio</FONT></TD>
    <TD STYLE="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Eurodollar Rate<BR>
 Margin and Letters<BR>
 of Credit</FONT></TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Base Rate <BR>
Margin</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&lt; 25%</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">145.0 bps</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">45.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&gt; 25% and &lt; 35% [should be less than or equal to in each of the second numbers in this column]</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">155.0 bps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">55.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&gt; 35% and &lt; 45%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">165.0 bps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">65.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&gt; 45% and &lt; 55%</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">190.0 bps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">90.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&gt; 55% </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">220.0 bps</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">120.0 bps</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">If elected
in accordance with the provisions of the definition of &ldquo;Applicable Rate&rdquo; in the Agreement, the Applicable Rate shall
be as provided in the following grid.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 70%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Level</FONT></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Credit Rating</FONT></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Eurodollar Rate<BR>
 Margin and Letters <BR>
of Credit</FONT></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Base Rate <BR>
Margin</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">I</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">A-/A3 (or higher)</TD>
    <TD STYLE="padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">105.0 bps</TD>
    <TD STYLE="vertical-align: top; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">5.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">II</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">BBB+/Baa1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">115.0 bps</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">15.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">III</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">BBB/Baa2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">135.0 bps</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">35.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">IV</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">BBB-/Baa3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">165.0 bps</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">65.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">V</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">&lt;BBB-/Baa3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">215.0 bps</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center">115.0 bps</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;E-2</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Pro Forma Compliance Certificate</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">To:</TD><TD STYLE="text-align: justify">Bank of Montreal, as Administrative Agent</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to that certain Credit Agreement, dated as of August&nbsp;26, 2013 (as amended, restated, extended, supplemented or otherwise
modified in writing from time to time, the &ldquo;Agreement;&rdquo; the terms defined therein being used herein as therein defined),
among Franklin Street Properties Corp. (<I>&ldquo;FSP&rdquo;</I>) and certain Wholly-Owned Subsidiaries of FSP from time to time
party thereto (collectively, the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank of Montreal,
as Administrative Agent.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
Responsible Officer hereby certifies as of the date hereof that he/she is the _______________________________________ of FSP, and
that, as such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">1.&#9;Pursuant
to Section&nbsp;<B>[6.12(b)/6.12(c)]</B> of the Agreement, the Borrower requests the following release: ______________ (the <I>&ldquo;Release&rdquo;</I>).<A
HREF="#note_ftn4" NAME="notea_ftnref4" STYLE="font-size: 65%; vertical-align: 35%">3</A></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">2.&#9;The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her
supervision, a pro forma analysis based on <B>[audited/unaudited]</B> financial statements of the Borrower for the calendar year/quarter
ending _______________ of the effect of the Release on the financial covenants set forth in Section&nbsp;7.11 of the Agreement
(the <I>&ldquo;Pro Forma Analysis&rdquo;</I>).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">3.&#9;Based
on the Pro Forma Analysis, immediately before and immediately after the Release, the Borrower will be in compliance with the covenants
set forth in Section&nbsp;7.11 of the Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">4.&#9;To
the knowledge of the undersigned, immediately prior to such Release and immediately following such Release, no Default or Event
of Default exists or will exist under the Agreement or any of the other Loan Documents.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 36pt; text-indent: 36pt">&nbsp;</P>



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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0.5in"><A HREF="#note_ftnref4" NAME="notea_ftn4" STYLE="font-size: 65%; vertical-align: 35%">3</A></TD><TD STYLE="text-align: justify">Describe requested release of Borrower and/or Property. Include basis thereof, including for any
applicable Property being disposed of, the estimated purchase price, and for any Borrower becoming an Excluded Subsidiary by virtue
of Indebtedness, the amount of such Indebtedness.</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
E-2-<FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form of Pro Forma Compliance Certificate)</P>




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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">In
Witness Whereof</FONT>, the undersigned has executed this Certificate as of _______________, _____.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Borrower:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Franklin
Street Properties Corp.,</FONT><BR>
a Maryland corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 256.5pt; text-indent: -22.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&#9;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;F-1</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Assignment and Assumption</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">This Assignment
and Assumption (this <I>&ldquo;Assignment and Assumption&rdquo;</I>) is dated as of the Effective Date set forth below and is entered
into by and between <B>[the] [each]</B><A HREF="#note_ftn5" NAME="notea_ftnref5" STYLE="font-size: 65%; vertical-align: 35%">4</A>
Assignor identified in item 1 below (<B>[the] [each, an]</B> <I>&ldquo;Assignor&rdquo;</I>) and <B>[the] [each] </B>Assignee identified
in item&nbsp;2 below (<B>[the] [each, an] </B><I>&ldquo;Assignee&rdquo;</I>). <B>[It is understood and agreed that the rights and
obligations of [the Assignors] [the Assignees] hereunder are several and not joint.]</B><A HREF="#note_ftn6" NAME="notea_ftnref6" STYLE="font-size: 65%; vertical-align: 35%">5</A>
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the
<I>&ldquo;Credit Agreement&rdquo;</I>), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this
Assignment and Assumption as if set forth herein in full.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">For an agreed
consideration, <B>[the] [each] </B>Assignor hereby irrevocably sells and assigns to <B>[the Assignee] [the respective Assignees]</B>,
and <B>[the] [each] </B>Assignee hereby irrevocably purchases and assumes from <B>[the Assignor] [the respective Assignors]</B>,
subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i)&nbsp;all of <B>[the Assignor&rsquo;s] [the respective Assignors&rsquo;]
</B>rights and obligations in <B>[its capacity as a Lender] [their respective capacities as Lenders]</B> under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of <B>[the Assignor] [the respective Assignors]</B> under the
respective facilities identified below and (ii)&nbsp;to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of <B>[the Assignor (in its capacity as a Lender)]</B> <B>[the respective Assignors
(in their respective capacities as Lenders)]</B> against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice
claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant
to clause&nbsp;(i) above (the rights and obligations sold and assigned by<B> [the] [any]</B> Assignor to <B>[the] [any]</B> Assignee
pursuant to clauses&nbsp;(i) and (ii) above being referred to herein collectively as <B>[the] [an]</B><I> &ldquo;Assigned Interest&rdquo;</I>).
Each such sale and assignment is without recourse to <B>[the] [any] </B>Assignor and, except as expressly provided in this Assignment
and Assumption, without representation or warranty by <B>[the] [any]</B> Assignor.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="#note_ftnref5" NAME="notea_ftn5" STYLE="font-size: 65%; vertical-align: 35%"></A></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><A HREF="#note_ftnref5" NAME="notea_ftn5" STYLE="font-size: 65%; vertical-align: 35%">4</A></TD><TD STYLE="text-align: justify">For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment
if from a single Assignor, choose the first bracketed language. If the assignment if from multiple Assignors, choose the second
bracketed language.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="#note_ftnref6" NAME="notea_ftn6" STYLE="font-size: 65%; vertical-align: 35%">5</A></TD><TD STYLE="text-align: justify">Include bracketed language if there are either multiple Assignors or multiple Assignees.</TD></TR></TABLE>


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
F-1-<FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form of Assignment and Assumption)</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-top: 14pt; line-height: 14pt; text-align: justify">5.</TD>
    <TD STYLE="width: 27%; padding-top: 14pt; line-height: 14pt; text-align: justify">Assignor[s]:</TD>
    <TD STYLE="width: 61%; padding-top: 14pt; line-height: 14pt; text-align: justify">______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">6.</TD>
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">Assignee[s]:</TD>
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">______________________________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-top: 14pt; line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 76%; line-height: 14pt; text-align: justify"><B>[for each Assignee, indicate [Affiliate] [Approved Fund] of [identify Lender]]</B></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>7.</TD><TD STYLE="text-align: justify">Borrower(s):&nbsp;&nbsp;Franklin
Street Properties Corp. and certain Wholly-Owned Subsidiaries thereof.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify">Administrative Agent:&nbsp;&nbsp;Bank of Montreal, as the administrative agent under the Credit Agreement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">Credit Agreement: Credit Agreement, dated as of August&nbsp;__, 2013, among Franklin Street Properties
Corp. and certain Wholly-Owned Subsidiaries thereof from time to time party thereto, the Lenders from time to time party thereto,
and Bank of Montreal, as Administrative Agent</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify">Assigned Interest[s]:</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Loan(s)</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Assignor[s]</FONT></P></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Assignee[s]</FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Facility<BR>
        Assigned</FONT></P></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Aggregate</FONT><BR>
        <FONT STYLE="font-size: 10pt; font-variant: small-caps">Amount of</FONT><BR>
        <FONT STYLE="font-size: 10pt; font-variant: small-caps">Commitment </FONT><BR>
        <FONT STYLE="font-size: 10pt; font-variant: small-caps">for all Lenders</FONT><A HREF="#note_ftn7" NAME="notea_ftnref7" STYLE="font-size: 65%; vertical-align: 35%">6</A></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Amount
        of<BR>
        Commitment<BR>
        Assigned</FONT></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt; font-variant: small-caps">Percentage</FONT><BR>
        <FONT STYLE="font-size: 10pt; font-variant: small-caps">Assigned of</FONT><BR>
        <FONT STYLE="font-size: 10pt; font-variant: small-caps">Commitment</FONT><A HREF="#note_ftn8" NAME="notea_ftnref8" STYLE="font-size: 65%; vertical-align: 35%">7</A></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">CUSIP<BR>
        Number</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Loan Commitment</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP></SUP></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><SUP>6</SUP></TD><TD STYLE="text-align: justify">Amounts in this column and in the column immediately to the right to be adjusted by the counterparties
to take into account any payments or prepayments made between the Trade Date and the Effective Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>7</SUP></FONT></TD><TD STYLE="text-align: justify">Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.</TD></TR></TABLE>


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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps; background-color: gray">Term</FONT><FONT STYLE="font-variant: small-caps">
Loan</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Assignor[s]</FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Assignee[s]</FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Facility<BR>
        Assigned</FONT></P></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Aggregate<BR>
        Amount of<BR>
        Commitment<BR>
        for all Lenders<A HREF="#note_ftn9" NAME="notea_ftnref9" STYLE="font-size: 65%; vertical-align: 35%">8</A></FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Amount
        of<BR>
        Commitment<BR>
        Assigned</FONT></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">Percentage<BR>
        Assigned of<BR>
        Commitment<A HREF="#note_ftn10" NAME="notea_ftnref10" STYLE="font-size: 65%; vertical-align: 35%">9</A></FONT></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-variant: small-caps">CUSIP<BR>
        Number</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Term Loan Commitment </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">___________%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_____________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">$_________</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">___________%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">[Trade
Date:&#9;__________________]</TD></TR></TABLE>



<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Effective Date:
__________________, 20__ [<FONT STYLE="font-variant: small-caps">to be inserted by Administrative Agent and which shall be the
effective date of recordation of transfer in the register therefor</FONT>.]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The terms set
forth in this Assignment and Assumption are hereby agreed to:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>8</SUP></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9.5pt">To be completed if the Assignor and the Assignee intend that the
minimum assignment amount is to be determined as of the Trade Date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>9</SUP></FONT></TD><TD STYLE="text-align: justify">Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.</TD></TR></TABLE>


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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Assignor:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">[Name
of Assignor]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 28pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>______________________________</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 28pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">Assignee:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">[Name
of Assignee]</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 28pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt">By:</TD><TD>______________________________</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: __________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0 247.5pt; text-indent: -247.5pt"><B>[Consented to and]</B><A HREF="#note_ftn11" NAME="notea_ftnref11" STYLE="font-size: 65%; vertical-align: 35%">10</A></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 247.5pt; text-indent: -247.5pt"><FONT STYLE="font-variant: small-caps">Bank
of Montreal,</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">as Administrative Agent</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 247.5pt">Title:</TD><TD></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 247.5pt; text-indent: -247.5pt"><B></B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 30pt 0 0 247.5pt; text-indent: -247.5pt">By:______________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:__________________________________</P>



<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0 247.5pt; text-indent: -247.5pt"><B>[Consented to:]</B><A HREF="#note_ftn12" NAME="notea_ftnref12" STYLE="font-size: 65%; vertical-align: 35%">11</A></P>



<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 30pt 0 0 247.5pt; text-indent: -247.5pt">By:______________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:__________________________________</P>



<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP></SUP></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><SUP>10</SUP></TD><TD STYLE="text-align: justify">To be added only if the consent of the Administrative Agent is required by the terms of the Credit
Agreement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><SUP>11</SUP></TD><TD STYLE="text-align: justify">To be added only if the consent of the Borrower and/or other parties is required by the terms of
the Credit Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Annex
1 to Assignment and Assumption</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Franklin Street Properties Corp. &ndash; Credit Agreement</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Standard Terms and Conditions for </B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Assignment and Assumption</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Section
1.&#9;Representations and Warranties.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.1.&#9;Assignor</I>. <B> [The] [Each] </B>Assignor (a)&nbsp;represents and warrants that (i)&nbsp;it is the legal and beneficial
owner of <B>[the] [[the relevant]</B> Assigned Interest, (ii)&nbsp;<B>[the] [such] </B>Assigned Interest is free and clear of
any lien, encumbrance or other adverse claim and (iii)&nbsp;it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b)&nbsp;assumes
no responsibility with respect to (i)&nbsp;any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii)&nbsp;the execution, legality, validity, enforceability, genuineness, sufficiency or
value of the Loan Documents or any collateral thereunder, (iii)&nbsp;the financial condition of the Borrower, any of their Subsidiaries
or Affiliates or any other Person obligated in respect of any Loan Document or (iv)&nbsp;the performance or observance by the
Borrower, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt; text-align: justify"><I>Section
1.2.&#9;Assignee</I>. <B> [The] [Each]</B> Assignee (a)&nbsp;represents and warrants that (i)&nbsp;it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby and to become a Lender under the Credit Agreement, (ii)&nbsp;it meets all the requirements to be an assignee under Section&nbsp;10.06(b)(iii)
and (v) of the Credit Agreement (subject to such consents, if any, as may be required under Section&nbsp;10.06(b)(iii) of the
Credit Agreement), (iii)&nbsp;from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as
a Lender thereunder and, to the extent of [the] [the relevant] Assigned Interest, shall have the obligations of a Lender thereunder,
(iv)&nbsp;it is sophisticated with respect to decisions to acquire assets of the type represented by <B>[the] [such] </B>Assigned
Interest and either it, or the Person exercising discretion in making its decision to acquire <B>[the] [such] </B>Assigned Interest,
is experienced in acquiring assets of such type, (v)&nbsp;it has received a copy of the Credit Agreement, and has received or
has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section&nbsp;6.01
thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase<B> [the] [such] </B>Assigned Interest, (vi)&nbsp;it has, independently
and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase<B> [the] [such]
</B>Assigned Interest, and (vii)&nbsp;if it is a Foreign Lender, attached hereto is any documentation required to be delivered
by it pursuant to the terms of the Credit Agreement, duly completed and executed by<B> [the] [such] </B>Assignee; and (b)&nbsp;agrees
that (i)&nbsp;it will, independently and without reliance upon the Administrative Agent, <B>[the] [any] </B>Assignor or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, and (ii)&nbsp;it will perform in accordance with their terms
all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.</P>


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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Section
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments. </FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">From and after
the Effective Date, the Administrative Agent shall make all payments in respect of <B>[the] [each] </B>Assigned Interest (including
payments of principal, interest, fees and other amounts) to<B> [the] [the relevant] </B>Assignor for amounts which have accrued
to but excluding the Effective Date and to <B>[the] [the relevant]</B> Assignee for amounts which have accrued from and after the
Effective Date.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 16pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Section
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Provisions. </FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">This Assignment
and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.
This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery
of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of
a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed
in accordance with, the law of the State of New York (without giving effect to New York&rsquo;s principles of conflicts of law).</P>


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    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
F-2</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Administrative Questionnaire</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 84.95pt; text-indent: -84.95pt"><FONT STYLE="font-variant: small-caps">Administrative
Details Reply Form</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 56%; font: 12pt/14pt Times New Roman, Times, Serif; padding-top: 14pt; border-top: Black 2pt solid"><FONT STYLE="font-variant: small-caps">Fax along with commitment letter to:</FONT></TD>
    <TD STYLE="width: 44%; font: 12pt/14pt Times New Roman, Times, Serif; padding-top: 14pt; border-top: Black 2pt solid"><B>[______________________________]</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt/14pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 12pt/14pt Times New Roman, Times, Serif"><FONT STYLE="font-variant: small-caps"><B>[______________________________]</B></FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: small-caps">I.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Borrower Name:&nbsp;&nbsp;&nbsp;</FONT>Franklin Street Properties Corp</TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">$220,000,000 Senior Unsecured Credit Facility</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: small-caps">II.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Legal Name of Lender for Signature Page: ________________________________</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-variant: small-caps">III.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Name of Lender for any eventual tombstone:</FONT></TD></TR></TABLE>



<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">IV.</FONT></TD>
    <TD STYLE="width: 39%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Domestic Address</FONT></TD>
    <TD STYLE="width: 6%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">V.</FONT></TD>
    <TD STYLE="width: 47%; padding-top: 14pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Eurodollar Address:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 16pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt"><FONT STYLE="font-variant: small-caps">VI.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Contact Information</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Credit Contact</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Operations Contact</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Legal Counsel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Telephone</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Facsimile:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="height: 8.55pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt; line-height: 14pt">E Mail Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Bid Contract</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt; text-align: center"><FONT STYLE="font-variant: small-caps">Draft Documentation Contract</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Name:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Title:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Telephone</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">Facsimile:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
<TR STYLE="height: 8.55pt; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt; line-height: 14pt">E Mail Address:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 8.55pt">
<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
F-2-<FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form of Administrative Questionnaire)</P>


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    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 16pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt"><FONT STYLE="font-variant: small-caps">VII.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Lender&rsquo;s Fed Wire Payment Instructions</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Pay to:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(Name of Lender)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(ABA#)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(City/State)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(Account #)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Account Name)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(Attention)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt"><FONT STYLE="font-variant: small-caps">VIII.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Organizational Structure:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Foreign Br., organized under which
laws, etc.&nbsp;&nbsp;___________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Lenders Tax ID:&nbsp;&nbsp;___________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Tax withholding Form Attached (For
Foreign Buyers)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">[___]&#9;Form W-9</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">[___]&#9;Form W-8</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">[___]&#9;Form 4224 effective: _______________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">[___]&#9;Form 1001</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">[___]&#9;W/Hold ____% Effective
_______________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: justify">[___]&#9;Form 4224 on file with
Bank of Montreal from pervious current years transaction ______</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt"><FONT STYLE="font-variant: small-caps">IX.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Bank of Montreal Payment Instructions:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Pay to:  BMO Harris Bank, N.A.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Chicago, IL</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">ABA # </P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Acct Name: Bank of Montreal</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Acct No: </P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Attention: Agency Services</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Reference: Franklin Street</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 84.95pt"><FONT STYLE="font-variant: small-caps">X.</FONT></TD><TD><FONT STYLE="font-variant: small-caps">Name of Authorized Officer:</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">Name:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">Signature:
&nbsp;&nbsp;_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">Date:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_________________________________________________________________</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 6pt 0 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;G</B></FONT><BR>
<BR>
<FONT STYLE="font-variant: small-caps"><B>Form of Joinder</B></FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to the Credit Agreement, dated as of August&nbsp;__, 2013 (as from time to time amended and in effect, the <I>&ldquo;Credit
Agreement&rdquo;</I>), among Franklin Street Properties Corp. (<I>&ldquo;FSP&rdquo;</I>), those other Borrowers listed on Schedule&nbsp;1
(as amended) of the Credit Agreement (collectively, the <I>&ldquo;Borrower&rdquo;</I>) which from time to time are a party to the
Credit Agreement, Bank of Montreal as Administrative Agent (the <I>&ldquo;Administrative Agent&rdquo;</I>) and the other Lenders
party to the Credit Agreement (collectively, such Lenders with the Administrative Agent, the &ldquo;Lender&rdquo;). Capitalized
terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">In consideration
of and as an inducement to the Lender continuing to provide financing under the Credit Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, ________________________ (the <I>&ldquo;Additional
Borrower&rdquo;</I>), a Wholly-Owned Subsidiary of FSP, hereby acknowledges and agrees to the terms and conditions of the Credit
Agreement and the Note, joins in the agreements of the Borrower under the Credit Agreement and the Note and agrees that all Obligations
of the Borrower under the Loan Documents shall be the obligations, jointly and severally, of the Additional Borrower with the same
force and effect as if the Additional Borrower was originally a Borrower under the Credit Agreement and an original signatory to
the Credit Agreement and the Note. Furthermore, the Additional Borrower shall have all the liabilities and obligations of a maker
under the Note.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The Additional
Borrower further agrees that its liability hereunder is direct and primary and may be enforced by the Lender before or after proceeding
against any other Borrower.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
hereby represents and warrants to the Lender that it has the complete right, power and authority to execute and deliver this Joinder
Agreement and, to perform all of the obligations hereunder and the Obligations under the Loan Documents. This Joinder Agreement
shall be binding upon the undersigned and its successors and assigns and shall inure to the benefit of the Lender and its successors
and assigns.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-variant: small-caps">this
Joinder shall be governed by and construed in accordance with the laws of the State of New&nbsp;York (without giving effect to
New&nbsp;York&rsquo;s principles of conflicts of laws)</FONT>.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
G</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">(Form of Joinder)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Executed as
a sealed instrument as of the ____ day of ___________, ____.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">By:</TD>
    <TD STYLE="width: 5%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 31%; border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Its:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 234pt"></TD><TD STYLE="width: 11.5pt"></TD><TD></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 28pt; line-height: 14pt">By:</TD>
    <TD STYLE="width: 5%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Its:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Acknowledged
and Agreed:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Franklin Street Properties Corp.,<BR>
as agent for each Borrower</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">By: _____________________
(<FONT STYLE="font-variant: small-caps">Seal</FONT>)</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 247.5pt; text-indent: -247.5pt">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
G</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Form of Joinder)</P>




<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
I-1</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[Form
of]<BR>
U.S. Tax Compliance Certificate</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to the Credit Agreement dated as of August 26, 2013 (as extended, renewed, amended or restated from time to time, the <I>&ldquo;Credit
Agreement&rdquo;</I>) among Franklin Street Properties Corp. and the Wholly-Owned Subsidiaries thereof party thereto (collectively,
the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent
(the <I>&ldquo;Administrative Agent&rdquo;</I>). Terms defined in the Credit Agreement are used herein with the same meaning.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to
the provisions of Section&nbsp;3.01 of the Credit Agreement, the undersigned hereby certifies that (i)&nbsp;it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,
(ii)&nbsp;it is not a bank within the meaning of Section&nbsp;881(c)(3)(A) of the Code, (iii)&nbsp;it is not a ten percent shareholder
of the Borrower within the meaning of Section&nbsp;871(h)(3)(B) of the Code and (iv)&nbsp;it is not a controlled foreign corporation
related to the Borrower as described in Section&nbsp;881(c)(3)(C) of the Code.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
has furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By
executing this certificate, the undersigned agrees that (1)&nbsp;if the information provided on this certificate changes, the undersigned
shall promptly so inform the Borrower and the Administrative Agent, and (2)&nbsp;the undersigned shall have at all times furnished
the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar
year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 245.5pt; text-indent: -11.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-top: 28pt; line-height: 14pt">[<FONT STYLE="font-variant: small-caps">Name
of Lender]</FONT>&nbsp;</TD>
    <TD STYLE="padding-top: 28pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 27%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-top: 28pt; line-height: 14pt">By:</TD>
    <TD STYLE="width: 5%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 31%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: windowtext 1pt solid; padding-top: 28pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Title</FONT>:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Date:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">,<FONT STYLE="font-size: 11pt"> 20[_]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0 245.5pt; text-indent: -11.5pt"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 161; Section: Part B -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
I-2</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[Form
of]<BR>
U.S. Tax Compliance Certificate</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(For Foreign Participants That Are Not
Partnerships For U.S. Federal Income Tax Purposes)</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to the Credit Agreement dated as of August 26, 2013 (as extended, renewed, amended or restated from time to time, the <I>&ldquo;Credit
Agreement&rdquo;</I>) among Franklin Street Properties Corp. and the Wholly-Owned Subsidiaries thereof party thereto (collectively,
the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent
(the <I>&ldquo;Administrative Agent&rdquo;</I>). Terms defined in the Credit Agreement are used herein with the same meaning.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to
the provisions of Section&nbsp;3.01 of the Credit Agreement, the undersigned hereby certifies that (i)&nbsp;it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii)&nbsp;it is not a bank within
the meaning of Section&nbsp;881(c)(3)(A) of the Code, (iii)&nbsp;it is not a ten percent shareholder of the Borrower within the
meaning of Section&nbsp;871(h)(3)(B) of the Code, and (iv)&nbsp;it is not a controlled foreign corporation related to the Borrower
as described in Section&nbsp;881(c)(3)(C) of the Code.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate,
the undersigned agrees that (1)&nbsp;if the information provided on this certificate changes, the undersigned shall promptly so
inform such Lender in writing, and (2)&nbsp;the undersigned shall have at all times furnished such Lender with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">[<FONT STYLE="font-variant: small-caps">Name of Participant]</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 16%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; line-height: 14pt">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Title</FONT>:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; border-bottom: Black 0.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Date:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">,<FONT STYLE="font-size: 11pt"> 20[_]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 162; Section: Part B -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
I-3</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[Form
of]<BR>
U.S. Tax Compliance Certificate</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to the Credit Agreement dated as of August 26, 2013 (as extended, renewed, amended or restated from time to time, the <I>&ldquo;Credit
Agreement&rdquo;</I>) among Franklin Street Properties Corp. and the Wholly-Owned Subsidiaries thereof party thereto (collectively,
the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent
(the <I>&ldquo;Administrative Agent&rdquo;</I>). Terms defined in the Credit Agreement are used herein with the same meaning.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to
the provisions of Section&nbsp;3.01 of the Credit Agreement, the undersigned hereby certifies that (i)&nbsp;it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii)&nbsp;its direct or indirect partners/members
are the sole beneficial owners of such participation, (iii)&nbsp;with respect such participation, neither the undersigned nor any
of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section&nbsp;881(c)(3)(A) of the Code, (iv)&nbsp;none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section&nbsp;871(h)(3)(B) of the Code and (v)&nbsp;none
of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section&nbsp;881(c)(3)(C)
of the Code.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i)&nbsp;an IRS Form W-8BEN or (ii)&nbsp;an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner&rsquo;s/member&rsquo;s beneficial owners that is claiming the portfolio interest exemption.
By executing this certificate, the undersigned agrees that (1)&nbsp;if the information provided on this certificate changes, the
undersigned shall promptly so inform such Lender and (2)&nbsp;the undersigned shall have at all times furnished such Lender with
a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such payments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">[<FONT STYLE="font-variant: small-caps">Name of Participant]</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 16%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; line-height: 14pt">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Title</FONT>:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; border-bottom: Black 0.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Date:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">,<FONT STYLE="font-size: 11pt"> 20[_]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 163; Section: Part B -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit
I-4</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>[Form
of]<BR>
U.S. Tax Compliance Certificate</B></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Reference is
made to the Credit Agreement dated as of August 26, 2013 (as extended, renewed, amended or restated from time to time, the <I>&ldquo;Credit
Agreement&rdquo;</I>) among Franklin Street Properties Corp. and the Wholly-Owned Subsidiaries thereof party thereto (collectively,
the <I>&ldquo;Borrower&rdquo;</I>), the Lenders from time to time party thereto, and Bank of Montreal, as Administrative Agent
(the <I>&ldquo;Administrative Agent&rdquo;</I>). Terms defined in the Credit Agreement are used herein with the same meaning.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">Pursuant to
the provisions of Section&nbsp;3.01 of the Credit Agreement, the undersigned hereby certifies that (i)&nbsp;it is the sole record
owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)&nbsp;its
direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)),
(iii)&nbsp;with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned
nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the
ordinary course of its trade or business within the meaning of Section&nbsp;881(c)(3)(A) of the Code, (iv)&nbsp;none of its direct
or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section&nbsp;871(h)(3)(B) of the
Code and (v)&nbsp;none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section&nbsp;881(c)(3)(C) of the Code.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify; text-indent: 0.5in">The undersigned
has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each
of its partners/members that is claiming the portfolio interest exemption: (i)&nbsp;an IRS Form W-8BEN or (ii)&nbsp;an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN from each of such partner&rsquo;s/member&rsquo;s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1)&nbsp;if the information provided on
this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2)&nbsp;the
undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="vertical-align: bottom; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">[<FONT STYLE="font-variant: small-caps">Name of Lender]</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 16%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; padding-top: 28pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; line-height: 14pt">By:</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 14%; border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Name:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt">Title</FONT>:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; border-bottom: Black 0.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">Date:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="line-height: 14pt">,<FONT STYLE="font-size: 11pt"> 20[_]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Exhibit&nbsp;J</B></FONT><BR>
<FONT STYLE="font-variant: small-caps"><B>Schedule Property Portfolio by Designation</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black"><B><U>Count</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black"><B><U>Internal <BR>
Prop ID</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 42%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black"><B><U>Internal Property name</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 18%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black"><B><U>City</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black"><B><U>State</U></B></FONT></TD>
    <TD NOWRAP STYLE="width: 17%; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black"><B><U>Designation</U></B></FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">1</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">302</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Park Seneca Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Charlotte</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">2</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">305</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Hillview Center Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Milpitas</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">3</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">307</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Forest Park IV LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Charlotte</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">4</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">313</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Centennial Technology Center (a)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Colorado Springs</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">5</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">314</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Willow Bend Office Center Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">6</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">315</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Meadow Point Corp (a)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Chantilly</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">7</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">316</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Timberlake (a)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Chesterfield</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">8</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">318</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Federal Way (a)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Federal Way</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">WA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">9</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">320</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Northwest Point LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Elk Grove Village</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">IL</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">10</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">321</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Timberlake East (a)</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Chesterfield</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">11</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">324</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Park Ten Phase II Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">12</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">325</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Montague Business Center Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">San Jose</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">13</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">326</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Addison Circle Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Addison</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">14</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">328</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Collins Crossing Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Richardson</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">15</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">329</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Innsbrook Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Glen Allen</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">16</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">330</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 380 Interlocken Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Broomfield</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">17</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">331</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Blue Lagoon Drive Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Miami</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">FL</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">18</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">332</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Eldridge Green Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">19</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">339</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Greenwood Plaza Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Englewood</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">20</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">340</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP River Crossing LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Indianapolis</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">IN</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">21</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">341</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Park Ten Development Corp.</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">22</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">345</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Liberty Plaza Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Addison</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">23</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">346</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP One Overton Park LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">24</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">349</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 390 Interlocken LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Broomfield</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">25</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">350</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP East Baltimore Street LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Baltimore</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MD</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">26</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">354</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Lakeside Crossing I LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Maryland Heights</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">27</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">355</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Dulles Virginia LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Dulles</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">28</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">356</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 4807 Stonecroft Boulevard LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Chantilly</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">29</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">357</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Eden Bluff Corporate Center I LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Eden Prairie</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MN</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">30</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">362</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 121 South Eighth Street LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Minneapolis</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">MN</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">31</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">364</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Emperor Boulevard Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Durham</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">32</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">365</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Legacy Tennyson Center LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">33</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">366</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP One Legacy Circle LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">34</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">367</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 909 Davis Street LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Evanston</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">IL</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">35</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">368</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 1410 East Renner Road LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Richardson</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">36</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">369</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP One Ravinia Drive LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">37</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">370</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP Westchase&nbsp;&nbsp;LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">38</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">371</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 1999 Broadway LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Denver</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">39</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">372</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">FSP 999 Peachtree Street LLC</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 14.25pt; line-height: 14pt; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 22.05pt; vertical-align: bottom">
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 22.05pt; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 22.05pt; line-height: 14pt; font-size: 11pt"><FONT STYLE="font-size: 11pt; color: black">(a) Owned directly by FSP; all others are subsidiaries of FSP</FONT></TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 22.05pt; line-height: 14pt; font-size: 11pt">&nbsp;</TD>
    <TD NOWRAP STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 22.05pt; line-height: 14pt; font-size: 11pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;1</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Borrower Entities</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-top: 5pt; padding-bottom: 12pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 5pt; padding-bottom: 12pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Jurisdiction of Organization</FONT></TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Franklin Street Properties Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Maryland</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin-top: 14pt; margin-bottom: 0; text-align: center"><B>Material
Subsidiaries of Franklin Street Properties Corp. as of August 26, 2013</B></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 62%; padding-top: 5pt; padding-bottom: 12pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 5pt; padding-bottom: 12pt; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Jurisdiction of Organization</FONT></TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 121 South Eighth Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 1410 East Renner Road LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 1999 Broadway LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 380 Interlocken Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 390 Interlocken LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 4807 Stonecroft Boulevard LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 4820 Emperor Boulevard LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 909 Davis Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP 999 Peachtree Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Addison Circle Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Addison Circle Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Addison Circle LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Blue Lagoon Drive Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Blue Lagoon Drive LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Collins Crossing Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Collins Crossing Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Collins Crossing LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Dulles Virginia LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP East Baltimore Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Eden Bluff Corporate Center I LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Eldridge Green Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Eldridge Green Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
</TABLE>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="width: 62%; padding-top: 5pt; padding-bottom: 12pt; height: 0.3in; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 5pt; padding-bottom: 12pt; height: 0.3in; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Jurisdiction of Organization</FONT></TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Eldridge Green LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Emperor Boulevard Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Forest Park IV LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Forest Park IV NC Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">North Carolina</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Greenwood Plaza Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Hillview Center Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Holdings LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Innsbrook Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Investments LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Lakeside Crossing I LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Legacy Tennyson Center LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Liberty Plaza Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Montague Business Center Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Northwest Point LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP One Legacy Circle LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP One Overton Park LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP One Ravinia Drive LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Seneca Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Ten Development Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Ten Development LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Ten Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Ten LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Park Ten Phase II Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Property Management LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Protective TRS Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP River Crossing LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Westchase LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Willow Bend Office Center Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="width: 62%; padding-top: 5pt; padding-bottom: 12pt; height: 0.3in; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="width: 38%; padding-top: 5pt; padding-bottom: 12pt; height: 0.3in; line-height: 14pt"><FONT STYLE="font-variant: small-caps">Jurisdiction of Organization</FONT></TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Willow Bend Office Center Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Texas</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in; height: 0.3in; line-height: 14pt">FSP Willow Bend Office Center LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; height: 0.3in; line-height: 14pt">Delaware</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">Schedule&nbsp;2.01</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Commitments<BR>
and Applicable Percentages</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"><FONT STYLE="font-variant: small-caps">Lender</FONT></TD><TD STYLE="text-align: center"></TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-variant: small-caps">Term Loan <BR> Commitment</FONT></TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center"><FONT STYLE="font-variant: small-caps">Applicable<BR> Percentage</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">Bank of Montreal</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">50,000,000.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">22.7272727273</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">PNC Bank, National Association</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,000,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.7272727273</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Capital one Bank, National Association</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">40,000,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.1818181818</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">RBS Citizens, N.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.6363636364</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">TD Bank, N.A.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25,000,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.3636363656</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Regions Financial Corporation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,000,000.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8181818182</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">BB&amp;T Corporation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,000,000.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4.5454545454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; padding-left: 19.45pt">Total:</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">220,000,000.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.0000000000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.05</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Supplement to
Interim Financial Statements</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">On July 1, 2013, FSP acquired an
office property with approximately 621,007 rentable square feet for $157.9 million located in Atlanta, Georgia. FSP drew down $150
million on its revolving line of credit under the Bank of America Credit Agreement to fund the purchase of this property.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.06</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Litigation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">None</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.09</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Environmental
Disclosure Items</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">None</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.12(d)</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Pension Plan Obligations</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">None</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.13</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Subsidiaries;
Other Equity Investments</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Part (a). <I>Subsidiaries</I>.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Form of Entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Jurisdiction of</FONT><BR>
<FONT STYLE="font-variant: small-caps">Organization</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">1.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1001 17th Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 121 South Eighth Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">3.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1410 East Renner Road LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">4.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">FSP 1999 Broadway LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">5.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 380 Interlocken Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">6.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 390 Interlocken LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">7.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 4807 Stonecroft Boulevard LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">8.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 4820 Emperor Boulevard LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">9.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 801 Marquette Avenue LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">10.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">FSP 909 Davis Street LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">11.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">FSP 999 Peachtree Street LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">12.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Addison Circle Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">13.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Addison Circle Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">14.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Addison Circle LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">15.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Blue Lagoon Drive Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">16.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Blue Lagoon Drive LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">17.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Collins Crossing Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">18.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Collins Crossing Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">19.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Collins Crossing LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">20.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Dulles Virginia LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">21.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP East Baltimore Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">22.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Eden Bluff Corporate Center I LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">23.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Eldridge Green Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">24.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Eldridge Green Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">25.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Eldridge Green LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">26.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">FSP Emperor Boulevard Limited Partnership</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">limited partnership</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">27.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Forest Park IV LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 5%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Name</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Form of Entity</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Jurisdiction of</FONT><BR>
<FONT STYLE="font-variant: small-caps">Organization</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">28.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Forest Park IV NC Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">North Carolina</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">29.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Greenwood Plaza Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">30.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Hillview Center Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">31.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Holdings LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">32.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Innsbrook Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">33.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Investments LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">34.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Lakeside Crossing I LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">35.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Legacy Tennyson Center LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">36.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Liberty Plaza Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">37.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Montague Business Center Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">38.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Northwest Point LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">39.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP One Overton Park LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">40.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP One Legacy Circle LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">41.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">FSP One Ravinia Drive LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">42.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Seneca Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">43.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Ten Development Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">44.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Ten Development LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">45.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Ten Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">46.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Ten LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">47.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Park Ten Phase II Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">48.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Property Management LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">49.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Protective TRS Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">50.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">FSP PT Houston LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">51.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP REIT Protective Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Massachusetts</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">52.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP River Crossing LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">53.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">FSP Westchase LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">limited liability company</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">54.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Willow Bend Office Center Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">55.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Willow Bend Office Center LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">56.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Willow Bend Office Center Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Part (b). <I>Sponsored REITs</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Sponsored REIT Name</FONT></TD>
    <TD STYLE="width: 30%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Form of Entity</FONT></TD>
    <TD STYLE="width: 23%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Jurisdiction of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Organization</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1441 Main Street Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1441 Main Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1441 Main Street TRS Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 1441 Main Street Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 303 East Wacker Drive Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 303 East Wacker Drive LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 385 Interlocken Development Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 385 Interlocken LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 50 South Tenth Street Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 50 South Tenth Street LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 505 Waterford Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 5601 Executive Drive Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 5601 Executive Drive Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP 5601 Executive Drive LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Centre Point V Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Centre Point V LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Energy Tower I Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Energy Tower TRS Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Energy Tower I Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Energy Tower I LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Galleria North Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Galleria North Limited Partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited partnership</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Texas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Galleria North LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Grand Boulevard Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Grand Boulevard LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Highland Place I Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Lakeside Crossing II Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Sponsored REIT Name</FONT></TD>
    <TD STYLE="width: 30%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Form of Entity</FONT></TD>
    <TD STYLE="width: 23%; padding-top: 14pt; padding-bottom: 6pt; line-height: 14pt; text-align: left"><FONT STYLE="font-variant: small-caps">Jurisdiction of </FONT><BR>
<FONT STYLE="font-variant: small-caps">Organization</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Lakeside Crossing II LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Monument Circle Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Monument Circle LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Phoenix Tower Corp. Liquidating Trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">liquidating trust</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Satellite Place Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Union Centre Corp.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">corporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">FSP Union Centre LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">limited liability company</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 14pt">Delaware</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;5.21</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0; text-align: center">Unencumbered Asset
Pool Properties</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">121 South Eighth Street</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">121 South Eighth Street and 801 Marquette Avenue</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Minneapolis, MN 55403</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">East Baltimore Street</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">120 East Baltimore St.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Baltimore, MD 21202</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">380 Interlocken</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">380 Interlocken Crescent Blvd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Broomfield, CO 80021</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Eden Bluff Corporate
        Center I</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">14800 Charlson Road</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Eden Prairie, MN 55344</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">390 Interlocken</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">390 Interlocken Crescent Blvd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Broomfield, CO 80021</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">East Renner Road</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1410 East Renner Road</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Richardson, TX 75082</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">909 Davis Street</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">909 Davis Street</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Evanston, IL 60201</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Emperor Boulevard</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">4820 Emperor Boulevard</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Durham, NC 27703</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">1999 BROADWAY</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">1</FONT>999 Broadway
        &amp; 2099 Welton Street</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Denver, CO 80202</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Eldridge Green</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1293 Eldridge Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Houston, TX 77027</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Addison Circle</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">15601 Dallas Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Addison, TX 75001</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">FEDERAL WAY</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">501, 505 South 336<SUP>th</SUP> St.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Federal Way, WA 98003</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Blue Lagoon Drive</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">5505 Blue Lagoon Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Miami, FL 33126</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">FOREST PARK IV</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">600 Forest Point Circle</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Charlotte, NC 28273</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Centennial Technology
        Center</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">4820, 4920 Centennial Blvd</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Colorado Springs, CO 80919</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">GREENWOOD PLAZA</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">6550 and 6560 Greenwood Plaza Blvd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Englewood, CO 80111</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Collins Crossing</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1500, 1600 Greenville Ave.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Richardson, TX 75080</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">HILLVIEW CENTER</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">678-686 Hillview Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Milpitas, CA 95035</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Dulles Virginia</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">45925 Horseshoe Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Dulles, VA 20166</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">INNSBROOK</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">5600, 5620, 5640 Cox Rd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Glen Allen, VA 23060</P></TD></TR>
</TABLE>

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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 57%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">LAKESIDE CROSSING I</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">2291 Ball Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Maryland Heights, MO 63146</P></TD>
    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Park Seneca</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1515 Mockingbird Lane</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Charlotte, NC 28209</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Legacy Tennyson</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">5100 &amp; 5160 Tennyson Parkway</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Plano, TX 75024</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Park Ten</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">16285 Park Ten Place</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Houston, TX 77084</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">LIBERTY PLAZA</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">5055, 5057 </FONT>Keller
        Springs Rd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Addison, TX 75001</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Park Ten Phase II</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">16295 Park Ten Place</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Houston, TX 77084</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">MEADOW POINT</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">14151 Park Meadow Dr.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Chantilly, VA 20151</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">River Crossing</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">3815, 3925 River Crossing Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Indianapolis, IN 46240</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">MONTAGUE BUSINESS CENTER</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">2730-2760 Junction Avenue</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">408-410 East Plumeria Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">San Jose, CA 95134</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">480<FONT STYLE="font-variant: small-caps">7 Stonecroft Boulevard</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">4807 Stonecroft Boulevard</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Chantilly, VA 20151</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Northwest Point</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">50 Northwest Point Rd.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Elk Grove Village, IL 60005</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Timberlake</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1370, 1390 Timberlake Manor Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Chesterfield, MO 63017</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">One Legacy Circle</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">7500 Dallas Parkway</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Plano, TX 75024</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Timberlake East</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">1350 Timberlake Manor Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Chesterfield, MO 63017</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">One Overton Park</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">3625 Cumberland Boulevard</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Atlanta, GA 30339</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">WESTCHASE I &amp; II</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">10370 &amp; 10350 </FONT>Richmond
        Ave</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Houston, TX 77042</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">One Ravinia Drive</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">One Ravinia Drive</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Atlanta, Georgia 30346</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">Willow Bend Office Center</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">2740 N. Dallas Pkwy.</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Plano, TX 75093</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-variant: small-caps">999 PEACHTREE STREET</FONT></P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">999 Peachtree Street</P>
        <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">Atlanta, GA 30309</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 14pt">&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;7.02(g)</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Investments</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">None</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;7.08</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Transactions with
Affiliates</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: center">None</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;10.02</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Administrative
Agent&rsquo;s Office;<BR>
Certain Addresses for Notices</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Borrowers</FONT>:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">c/o Franklin Street Properties
Corp.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">401 Edgewater Place, Suite 200</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Wakefield, Massachusetts 01880</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attention: Chief Financial Officer</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (781) 557-1300 [(781) 557-1341]</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Facsimile: (781) 246-2807</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Electronic Mail: jdemeritt@franklinstreetproperties.com</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">With an electronic mail copy to: bfournier@franklinstreetproperties.com,
scarter@franklinstreetproperties.com, gcarter@franklinstreetproperties.com, jdemeritt@franklinstreetproperties.com</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 12%; padding-top: 14pt; line-height: 14pt; text-align: justify">With a copy to:</TD>
    <TD STYLE="width: 88%; padding-top: 14pt; line-height: 14pt; text-align: justify">WilmerHale</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">60 State Street</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">Boston, Massachusetts&nbsp;&nbsp;02109</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">Attention:&nbsp;&nbsp;Kenneth Hoxsie, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">Telephone: &nbsp;(617) 526-6681</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">Telecopier: &nbsp;(617) 526-6000</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 14pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="line-height: 14pt; text-align: justify">Electronic Mail:&nbsp;&nbsp;kenneth.hoxsie@wilmerhale.com</TD></TR>
</TABLE>
<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 150pt 0 0; text-align: center">[Administrative Agent address on
following page(s)]</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><FONT STYLE="font-variant: small-caps">Administrative
Agent</FONT>:</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><I>Administrative Agent&rsquo;s
Office</I></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(for payments and Requests for Borrowings):</I></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Bank of Montreal</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">115 S. LaSalle Street</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17th Floor - West</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chicago, Illinois 60603</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Edward Andjulis</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (312) 461-2290</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Electronic Mail: Edward.Andjulis@bmo.com
and GFSAgencyUS@bmo.com</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><I>Administrative Agent&rsquo;s
Closing Contact</I></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify">Bank of Montreal</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">115 S. LaSalle Street</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">17th Floor - West</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Chicago, Illinois 60603</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Alicia Garcia</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (312) 461-7017</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Electronic Mail: Alicia.garcia@bmo.com</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0; text-align: justify"><I>Other Notices as Administrative
Agent:</I></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bank of Montreal</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 High Street</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">26th Floor</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Lloyd Baron</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (617) 960-2372</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Electronic Mail: Lloyd.Baron@bmo.com</P>


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<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-variant: small-caps">Lenders:</FONT></P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bank of Montreal</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">100 High Street</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">26th Floor</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Boston, Massachusetts 02110</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Attn: Lloyd Baron</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Telephone: (617) 960-2372</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Electronic Mail: Lloyd.baron@bmo.com</P>


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<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center">Schedule&nbsp;10.06(b)(v)</P>

<P STYLE="font: small-caps bold 12pt/14pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: center">Competitors of
Borrower</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 14pt 0 0">Boston Properties, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Brandywine Realty Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Brookfield Office Properties, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Camden Property Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">CB Richard Ellis Group, Inc</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">CommonWealth REIT</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Corporate Office Properties Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Douglas Emmett, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">DTC Real Estate</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Duke Realty Corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Equity Office Management, L.L.C.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Equity Residential</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Highwoods Properties, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Kilroy Realty Corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Lexington Realty Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Liberty Property Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Mack-Cali Realty Corporation</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">MPG Office Trust, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Parkway Properties, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">PS Business Parks, Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Simon Property Group Inc.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">SL Green Realty Corp.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Stifel Nicolaus &amp; Co.</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Vornado Realty Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">Washington Real Estate Investment Trust</P>

<P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 5pt 0 0">W.P. Carey &amp; Co., LLC</P>


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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
<DESCRIPTION>ISDA MASTER AGREEMENT
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">Exhibit 10.2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 50pt"><B>ISDA</B></FONT><FONT STYLE="font-size: 12pt">&reg;</FONT></P>

<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">International Swaps and Derivatives Association,
Inc.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2002 MASTER AGREEMENT</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 43%; padding-right: 0.1in; font: 10pt Times New Roman, Times, Serif; text-align: right">dated as of</TD>
    <TD STYLE="width: 57%; border-bottom: windowtext 1pt dotted; font: 10pt Times New Roman, Times, Serif; text-align: center">August 26, 2013 </TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47%; border-bottom: windowtext 1pt dotted; font: normal 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>FRANKLIN STREET PROPERTIES CORP.</B></FONT></TD>
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; text-align: center">and</TD>
    <TD STYLE="width: 49%; border-bottom: windowtext 1pt dotted; font: normal 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>BANK OF MONTREAL</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">have entered and/or anticipate entering into
one or more transactions (each a &quot;Transaction&quot;) that are or will be governed by this 2002 Master Agreement, which includes
the schedule (the &quot;Schedule&quot;), and the documents and other confirming evidence (each a &quot;Confirmation&quot;) exchanged
between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement
and the Schedule are together referred to as this &quot;Master Agreement&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Accordingly, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpretation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Definitions.</I> </B>The terms
defined in Section 14 and elsewhere in this Master Agreement will have the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">meanings therein specified for the purpose
of this Master Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Inconsistency.</I> </B>In the
event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation
will prevail for the purpose of the relevant Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Single Agreement.</I></B> All
Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this &quot;Agreement&quot;), and the parties would not otherwise enter into any
Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>General Conditions.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party will make each
payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments under this Agreement
will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise
pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where
settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner
customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">Copyright &copy; 2002 by International Swaps
and Derivatives Association, Inc.</P>


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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each obligation of each party
under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect
to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the
relevant Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be
a condition precedent for the purpose of this Section 2(a)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change of Account.</I></B><I>
</I>Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local
Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other
party gives timely notice of a reasonable objection to such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Netting of Payments.</I></B><I> </I>If on any date
amounts would otherwise be payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
the same currency; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0pt; text-indent: 36pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
respect of the same Transaction,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">by each party to the other, then, on such date,
each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate
amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable
by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay
to the other party the excess of the larger aggregate amount over the smaller aggregate amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The parties may elect in respect of two or
more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date
in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction.
The election may be made in the Schedule or any Confirmation by specifying that &quot;Multiple Transaction Payment Netting&quot;
applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such
Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with
effect from the starting date specified in the Schedule or such Confirmation or, if a starting date is not specified in the Schedule
or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different
groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments
or deliveries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Deduction or Withholding for Tax.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Gross-Up.</B> </I>All
payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction
or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then
in effect. If a party is so required to deduct or withhold, then that party (&quot;X&quot;) will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly notify the other party
(&quot;Y&quot;) of such requirement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pay to the relevant authorities
the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional
amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required
or receiving notice that such amount has been assessed against Y;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;promptly forward to Y an official
receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if such Tax is an Indemnifiable
Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary
to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will
equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required
to pay any additional amount to Y to the extent that it would not be required to be paid but for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the failure by Y to comply with
or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the failure of a representation
made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (1) any action taken
by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether
such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Liability.</B> </I>If:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X is required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect
of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X does not so deduct or withhold;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a liability resulting from such
Tax is assessed directly against X,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">then, except to the extent Y has satisfied
or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related
liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement
contained in Section 4(a)(i), 4(a)(iii) or 4(d)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Representations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each party makes the representations contained
in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which
representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case
of the representations in Section 3(f), at all times until the termination of this Agreement). If any &quot;Additional Representation&quot;
is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation
will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional
Representation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Basic Representations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Status.</I></B><I> </I>It
is duly organised and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant
under such laws, in good standing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Powers.</B> </I>It
has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver
this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform
its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has
taken all necessary action to authorise such execution, delivery and performance;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Violation or Conflict</B></I><B>.
</B>Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional
documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Consents.</I></B> All
governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support
Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have
been complied with; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Obligations Binding.</I>
</B>Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and
binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency,
moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of
general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence of Certain Events.</I>
</B>No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and
is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under
this Agreement or any Credit Support Document to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Absence of Litigation.</I> </B>There
is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified
Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official
or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit
Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Accuracy of Specified Information.</I>
</B>All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the
purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material
respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payer Tax Representation.</I>
</B>Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payee Tax Representations.</I>
</B>Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>No Agency.</I></B> It is entering
into this Agreement, including each Transaction, as principal and not as agent of any person or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each party agrees with the other that, so long
as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Furnish Specified Information.</I>
</B>It will deliver to the other party or, in certain cases under clause (iii)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">below, to such government or taxing authority
as the other party reasonably directs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any forms, documents or certificates
relating to taxation specified in the Schedule or any Confirmation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any other documents specified
in the Schedule or any Confirmation; and</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;upon reasonable demand by
such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party
or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction
or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion,
execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in
receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such
other party and to be executed and to be delivered with any reasonably required certification,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">in each case by the date specified in the Schedule
or such Confirmation or, if none is specified, as soon as reasonably practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Maintain Authorisations.</I></B><I>
</I>It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority
that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and
will use all reasonable efforts to obtain any that may become necessary in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Comply With Laws.</B> </I>It will
comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially
impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Agreement.</I></B><I> </I>It
will give notice of any failure of a representation made by it under Section 3(f) to be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">accurate and true promptly upon learning of
such failure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment of Stamp Tax. </I></B>Subject
to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement
by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office
through which it is acting for the purpose of this Agreement is located (&quot;Stamp Tax Jurisdiction&quot;), and will indemnify
the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party's execution or performance
of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Events of Default and Termination Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events of Default.</I></B><I>
</I>The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an
&quot;Event of Default&quot;) with respect to such party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Failure to Pay or Deliver.</I></B><I>
</I>Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or
(4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such
payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to
the party;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Breach of Agreement;
Repudiation of Agreement</I></B><I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure by the party to comply
with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under
Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i),
4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied
within 30 days after notice of such failure is given to the party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the party disaffirms, disclaims,
repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and
delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed
or empowered to operate it or act on its behalf);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit Support Default.</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure by the party or any
Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by
it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the expiration or termination
of such Credit Support Document or the failing or ceasing of such Credit Support Document or any security interest granted by such
party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and
effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all
obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the
other party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the party or such Credit Support
Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support
Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Misrepresentation.
</B></I>A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made
or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to
have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(v)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Default Under Specified
Transaction.</B> </I>The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defaults (other than by failing
to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after
giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defaults, after giving effect
to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any
payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such
default continues for at least one Local Business Day);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;defaults in making any delivery
due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement
relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default
results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under
the documentation applicable to that Specified Transaction; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disaffirms disclaims, repudiates
or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating
to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed
and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed
or empowered to operate it or act on its behalf);</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(vi)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Cross-Default. </B></I>If
&quot;Cross-Default&quot; is specified in the Schedule as applying to the party, the occurrence or existence of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a default, event of default
or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or
any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of
any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone
or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified
in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared,
due and payable under such agreements or instruments before it would otherwise have been due and payable; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a default by such party, such
Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under such agreements
or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate
amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less than the applicable Threshold
Amount;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(vii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Bankruptcy.</B> </I>The
party, any Credit Support Provider of such party or any applicable Specified Entity of such party:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is dissolved (other than pursuant
to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing
its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or
for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official
with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation
or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief
under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up
or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a
judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting
creditors' rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted
or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy
or the entry of an order for relief or the making of an order for its winding-up or liquidation or (11) is not dismissed, discharged,
stayed or restrained in each case within 15 days of the institution or presentation thereof, (5) has a resolution passed for its
winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes
subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar
official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all
its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against
all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged,
stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under
the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) above (inclusive);
or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing
acts; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(viii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Merger Without Assumption.</B>
</I>The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers
all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the
time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the resulting, surviving or
transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any
Credit Support Document to which it or its predecessor was a party; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the benefits of any Credit Support
Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee
entity of its obligations under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination Events.</I></B><I>
</I>The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified
in clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified
in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable,
a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event
is specified pursuant to clause (vi) below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Illegality.</B> </I>After
giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation
or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any
Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable
law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party
or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance
were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the Office through which
such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform
any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery
in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for such party or any Credit
Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment
or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to
receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit
Support Document;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Force Majeure Event
</B></I>After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant
Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered
into, on any day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Office through which such
party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented
from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving
a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating
to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes
impossible or</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">impracticable for such Office so to
perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such
payment, delivery or compliance were required on that day); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such party or any Credit Support
Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to
make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction,
from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of
such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it
becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be
impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery
or compliance were required on that day),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">so long as the force majeure or act
of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party
or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider
to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax Event.</B> </I>Due
to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered
into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law,
the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled
Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section
2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted
or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required
to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Tax Event Upon Merger.</I></B><I>
</I>The party (the &quot;Burdened Party&quot;) on the next succeeding Scheduled Settlement Date will either (1) be required to
pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section
9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which
the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case
as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its
assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement)
to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such
action does not constitute a Merger Without Assumption;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(v)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit Event Upon Merger.
</B></I>If &quot;Credit Event Upon Merger&quot; is specified in the Schedule as applying to the party, a Designated Event (as defined
below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such
party (in each case, &quot;X&quot;) and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness
of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support
Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the
occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate,
will be the Affected Party). A &quot;Designated Event&quot; with respect to X means that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its asets (or any substantial
part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganises, reincorporates
or reconstitutes into or as, another entity;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any person, related group of
persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a
majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control
of X; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X effects any substantial change
in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other
securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations,
any other form of ownership interest; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Additional Termination
Event.</I></B><I> </I>If any &quot;Additional Termination Event&quot; is specified in the Schedule or any Confirmation as applying,
the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional
Termination Event in the Schedule or such Confirmation).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Hierarchy of Events.</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An event or circumstance that
constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute
or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates
to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a
Credit Support Document, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except in circumstances contemplated
by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure
Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other
Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an event or circumstance
which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an
Illegality, except as described in clause (ii) above, and not a Force Majeure Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Deferral of Payments and Deliveries During Waiting
Period.</I></B><I> </I>If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction,
each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not
be due until:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the first Local Business
Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or
Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality
or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event,
as the case may be; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if earlier, the date on
which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such
date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business
Day or Local Delivery Day, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Inability of Head or Home Office to Perform Obligations
of Branch.</I></B><I> </I>If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the
relevant Office is not the Affected Party's head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance
of the relevant obligation or compliance with the relevant provision by the Affected Party's head or home office and (iv) the Affected
Party's head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that
head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to
the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute
an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or
circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may
be, and the Affected Party's head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or
5(a)(iii)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Early Termination; Close-Out Netting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right to Terminate Following Event
of Default.</I></B><I> </I>If at any time an Event of Default with respect to a party (the &quot;Defaulting Party&quot;) has occurred
and is then continuing, the other party (the &quot;Non-defaulting Party&quot;) may, by not more than 20 days notice to the Defaulting
Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination
Date in respect of all outstanding Transactions. If, however, &quot;Automatic Early Termination&quot; is specified in the Schedule
as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the
occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent
analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation
of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4)
or, to the extent analogous thereto, (8).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right to Terminate Following Termination Event.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Notice.</I></B><I> </I>If
a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify
the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party
such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs,
each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature
of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other
party may reasonably require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Transfer to Avoid Termination
Event.</B> </I>If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under
Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental
expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement
in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">If the Affected Party is not able
to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party
may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Any such transfer by a party under
this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent Aril]
not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee
on the terms proposed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Two Affected Parties.</I></B><I>
</I>If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within
30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Right to Terminate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a transfer under Section 6(b)(ii)
or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within
30 days after an Affected Party gives notice under Section 6(b)(i); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Credit Event Upon Merger
or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party,</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">the Burdened Party in the case of a
Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected
Parties, or the Nonaffected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only
one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party,
designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time an Illegality or a Force Majeure
Event has occurred and is then continuing and any applicable Waiting Period has expired:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to clause (B) below,
either party may, by not more than 20 days notice to the other party, designate (1) a day not earlier than the day on which such
notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice
the Affected Transactions in respect of which it is designating the relevant day as an Early Termination Date, a day not earlier
than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of
less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect of less than all
Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day
so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An Affected Party (if the
Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation
to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document)
will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under
Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an
Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Effect of Designation.</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If notice designating an Early
Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so designated, whether
or not the relevant Event of Default or Termination Event is then continuing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the occurrence or effective
designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the
Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount,
if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii).</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Calculations, Payment Date.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Statement.</I> </B>On
or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations
on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail,
such calculations (including any quotations, market data or information from internal sources used in making such calculations),
(2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the
relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation
or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will
be conclusive evidence of the existence and accuracy of such quotation or market data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment Date. </I></B>An
Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant
to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination
Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after
the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement
provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination
Date which is designated as a result of a Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payments on Early Termination. </B>If an Early Termination
Date occurs, the amount, if any, payable in respect of that Early Termination Date (the &quot;Early Termination Amount&quot;) will
be determined pursuant to this</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Section 6(e) and will be subject to Section 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Events of Default.</I>
</B>If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1)
the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative)
determined by the Nondefaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be,
and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency
Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting
Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value
of the Early Termination Amount to the Defaulting Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Termination Events.</I>
</B>If the Early Termination Date results from a Termination Event:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>One Affected Party. </B></I>Subject
to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section
6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the
Affected Party and to the Non-affected Party, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Two <I>Affected Parties.</I></B><I>
</I>Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to the Termination
Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated
Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount equal to
(A) the sum of (1) one-half of the difference between the higher amount so determined (by party &quot;X&quot;) and the lower amount
so determined (by party &quot;Y&quot;) and (11) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (B) the
Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will
pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount to Y.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mid-Market Events.</B>
</I>If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in
accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out
Amounts, the Determining Party will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if obtaining quotations from
one or more third parties (or from any of the Determining Party's Affiliates), ask each third party or Affiliate (I) not to take
account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market
quotations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in any other case, use mid-market
values without regard to the creditworthiness of the Determining Party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Adjustment for Bankruptcy.</B>
</I>In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a party,
the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect
any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period
from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Adjustment for Illegality
or Force Majeure Event </I></B>The failure by a party or any Credit Support Provider of such party to pay, when due, any Early
Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the
occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a
Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise
be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default,
a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions
and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(v)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Pre-Estimate.</B> </I>The
parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount
is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement,
neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Set-Off.</I></B><I> </I>Any Early
Termination Amount payable to one party (the &quot;Payee&quot;) by the other party (the &quot;Payer&quot;), in circumstances where
there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred
or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at
the option of the Non-defaulting Party or the Nonaffected Party, as the case may be (&quot;X&quot;) (and without prior notice to
the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts (&quot;Other
Amounts&quot;) payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective
of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off,
those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected
under this Section 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For this purpose, either the Early Termination
Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other
is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures,
to purchase the relevant amount of such currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If an obligation is unascertained, X may in
good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other
when the obligation is ascertained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Nothing in this Section 6(f) will be effective
to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off,
offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is
at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subject to Section 6(b)(ii) and to the extent
permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred
(whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party may make such a transfer of
this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all
its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party may make such a transfer of
all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts
payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and
11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Any purported transfer that is not in compliance with this Section
7 will be void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contractual Currency</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Payment in the Contractual Currency.</I></B><I>
</I>Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the &quot;Contractual
Currency&quot;). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual
Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent
such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable
procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency
of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls
short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will,
to the extent permitted by applicable law, immediately pay 'such additional amount in the Contractual Currency as may be necessary
to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the
Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such
excess.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Judgments.</I></B><I> To </I>the
extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early
termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount
described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such
party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of
any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will
refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid
in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which
the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and
the rate of exchange at which such party is able, acting in good faith and using</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">commercially reasonable procedures in converting
the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the
judgment or order actually received by such party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Separate Indemnities. </B>To </I>the
extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent obligations from the
other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding
any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or
proof being made for any other sums payable in respect of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Evidence of Loss.</I></B><I> </I>For
the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Entire Agreement.</I></B><I> </I>This
Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties
acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance
(except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available
to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendments.</I></B><I> </I>An
amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced
by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic
messages on an electronic messaging system,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Survival of Obligations.</B> </I>Without
prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination
of any Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Remedies Cumulative.</I></B><I>
</I>Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative
and not exclusive of any rights, powers, remedies and privileges provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Counterparts and Confirmations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement (and each amendment,
modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and
by electronic messaging system), each of which will be deemed an original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties intend that they
are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation
will be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission)
or be created by an exchange of telexes, by an exchange of electronic messages on an electronic messaging system or by an exchange
of e-mails, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties
will specify therein or through another effective means that any such counterpart, telex, electronic message or e-mail constitutes
a Confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(f)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No Waiver of Rights.</B> </I>A failure or delay in
exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single
or partial exercise of any right, power or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">privilege will not be presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the exercise of any other right, power or privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Headings.</I></B><I> </I>The headings
used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration
in interpreting this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Interest and Compensation.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Prior to Early Termination.</I>
</B>Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest on Defaulted Payments.
</I>If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject
to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same
currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date
of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due
pursuant to clause (3)(B) or (C) below), at the Default Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation for Defaulted
Deliveries. </I>If a party defaults in the performance of any obligation required to be settled by delivery, it will on demand
(A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless
otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject
to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value
of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally
scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest
or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any
obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially
reasonable procedures, by the party that was entitled to take delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Interest on Deferred Payments.
If:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party does not pay any amount
that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section
6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand
(after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount
would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable
Deferral Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a payment is deferred pursuant
to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable
law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has
occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other
party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including)
the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no
longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event
of Default with respect to that party occurs, at the Applicable Deferral Rate; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party fails to make any
payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated
by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event
or circumstance giving rise to that Illegality or Force Majeure Event</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">continues and no Event of Default
or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after
judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and
including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event
(or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date
the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period
upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect
of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral
Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation for Deferred
Deliveries. If:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party does not perform any
obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a delivery is deferred pursuant
to Section 5(d); or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a party fails to make a delivery
due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting Period has expired,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">the party required (or that would otherwise
have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate
and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and
to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Early Termination.</I>
</B>Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unpaid Amounts. </I>For the
purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law,
interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required
to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including)
the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to
(but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on Early Termination
Amounts. </I>If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted
by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency,
for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable
Close-out Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.25pt; text-indent: -35.25pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Interest Calculation.</I>
</B>Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days
elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>10.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Offices; Multibranch Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Section 10(a) is specified in the
Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents
to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation,
its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home
office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery
deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will
be deemed to be repeated by each party on each date on which the parties enter into a Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a party is specified as a Multibranch
Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and
make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the
Schedule (but not any other Office unless otherwise agreed by the parties in writing).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Office through which a party enters
into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties
in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing,
its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction
will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries
with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction
or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written
consent of the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A Defaulting Party will on demand indemnify
and hold harmless the other party for and against all reasonable out-of pocket expenses, including legal fees, execution fees and
Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit
Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including,
but not limited to, costs of collection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Effectiveness.</I></B><I> </I>Any
notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or
other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or
in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed effective as
indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if in writing and delivered
in person or by courier, on the date it is delivered;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent by telex, on the
date the recipient's answerback is received;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent by facsimile transmission,
on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving
receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent by certified or registered
mail (airmail, if overseas) or the equivalent (return receipt</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">requested), on the date it is delivered
or its delivery is attempted;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent by electronic messaging
system, on the date it is received; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if sent by e-mail, on the
date it is delivered,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">unless the date of that delivery (or attempted
delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received,
as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective
on the first following day that is a Local Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Change of Details.</I></B><I>
</I>Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or e-mail
details at which notices or other communications are to be given to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law and Jurisdiction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Governing Law. </I></B>This Agreement
will be governed by and construed in accordance with the law specified in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Jurisdiction.</I></B><I> </I>With
respect to any suit, action or proceedings relating to any dispute arising out of or in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">connection with this Agreement (&quot;Proceedings&quot;),
each party irrevocably:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;submits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if this Agreement is expressed
to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a
Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if this Agreement is expressed
to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and
the United States District Court located in the Borough of Manhattan in New York City;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;waives any objection which
it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such
court does not have any jurisdiction over such party; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;agrees, to the extent permitted
by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings
in any other jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Service of Process.</B> </I>Each
party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such party
will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party, The parties
irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv).
Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Waiver of Immunities.</I></B><I>
</I>Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit,
(ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv)
attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to
the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Additional Representation&quot;</I></B><I>
</I>has the meaning specified in Section 3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Additional Termination Event&quot;</I></B><I>
</I>has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Affected Party&quot;</I></B><I>
</I>has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Affected Transactions&quot;</I></B><I>
</I>means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon
Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section
5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document
references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes
a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Affiliate&quot;</I></B><I> </I>means,
subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this
purpose, &quot;control&quot; of any entity or person means ownership of a majority of the voting power of the entity or person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Agreement&quot;</I></B><I> </I>has
the meaning specified in Section I (c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Applicable Close-out Rate&quot;</I></B><I>
</I>means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of the determination of an Unpaid Amount:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of obligations payable or deliverable
(or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of obligations payable or deliverable
(or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of obligations deferred pursuant to
Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in all other cases following the occurrence of
a Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of an Early Termination Amount:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the period from (and including) the relevant
Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Early Termination Amount
is payable by a Defaulting Party, the Default Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Early Termination Amount
is payable by a Non-defaulting Party, the Non-default Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in all other cases, the Applicable
Deferral Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the period from (and including) the date (determined
in accordance with Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if a party fails to pay the
Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment
or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early
Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Early Termination
Amount is payable by a Defaulting Party (but excluding any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">period in respect of which
clause (1) above applies), the Default Rate;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the Early Termination Amount is payable by a Non-defaulting
Party (but excluding any period in respect of which clause (1) above applies), the Non-default Rate; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in all other cases, the Termination Rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Applicable Deferral Rate&quot;</I></B><I>
</I>means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for the purpose of Section 9(h)(i)(3)(A),
the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight
deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative
rate that will reasonably reflect conditions prevailing at the time in that relevant market;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for purposes of Section 9(h)(i)(3)(B)
and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant payer to be a rate offered
to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be
selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of obtaining a representative
rate that will reasonably reflect conditions prevailing at the time in that relevant market; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for purposes of Section 9(h)(i)(3)(C)
and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the arithmetic mean
of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual
cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Automatic Early Termination&quot;</I></B><I>
</I>has the meaning specified in Section 6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Burdened Party&quot;</I></B><I>
</I>has the meaning specified in Section 5(b)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Change in Tax Law&quot;</I></B><I>
</I>means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application
or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Close-out Amount&quot;</I></B><I>
m</I>eans, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount
of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as
a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed
as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms
of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under
Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence
of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 2(a)(iii)) and (b) the option rights
of the parties in respect of that Terminated Transaction or group of Terminated Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Any Close-out Amount will be determined by
the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce
a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions
or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out Amount
will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following
the Early Termination Date as would be commercially reasonable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Unpaid Amounts in respect of a Terminated Transaction
or group of Terminated Transactions and legal fees and out-of-pocket expenses referred to in Section 11 are to be excluded in all
determinations of Close-out Amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In determining a Close-out Amount, the Determining
Party may consider any relevant information, including, without limitation, one or more of the following types of information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;quotations (either firm or indicative)
for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining
Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation,
between the Determining Party and the third party providing the quotation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;information consisting of relevant
market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices,
yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;information of the types described
in clause (i) or (ii) above from internal sources (including any of the Determining Party's Affiliates) if that information is
of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Determining Party will consider, taking
into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant market
data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant
market data are not readily available or would produce a result that would not satisfy those standards. When considering information
described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding
are not and would not be a component of the other information being utilised. Third parties supplying quotations pursuant to clause
(i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users
of the relevant product, information vendors, brokers and other sources of market information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Without duplication of amounts calculated based
on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable
to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection
with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated Transactions
(or any gain resulting from any of them).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Commercially reasonable procedures used in
determining a Close-out Amount may include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;application to relevant market data
from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing
or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in
the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties
that are similar to the Terminated Transaction or group of Terminated Transactions; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;application of different valuation methods
to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or number of the Terminated
Transactions or group of Terminated Transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Confirmation&quot;</I></B><I> </I>has
the meaning specified in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;consent&quot;</I></B><I> </I>includes
a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Contractual Currency&quot;</I></B><I>
</I>has the meaning specified in Section 8(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Convention Court&quot;</I></B><I>
</I>means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction
and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and
the Enforcement of Judgments in Civil and Commercial Matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Credit Event Upon Merger&quot;
</I></B>has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Credit Support Document&quot;</I></B><I>
</I>means any agreement or instrument that is specified as such in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Credit Support Provider&quot;</I></B><I>
</I>has the meaning specified in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Cross-Default&quot;</I></B><I>
</I>means the event specified in Section 5(a)(vi).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Default Rate&quot;</I></B><I> </I>means
a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if
it were to fund or of funding the relevant amount plus I % per annum</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Defaulting Party&quot;</I></B><I>
</I>has the meaning specified in Section 6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Designated Event&quot;</I></B><I>
</I>has the meaning specified in Section 5(b)(v).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Determining Party&quot;</I></B><I>
</I>means the party determining a Close-out Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Early Termination Amount&quot;</I></B><I>
</I>has the meaning specified in Section 6(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Early Termination Date&quot;</I></B><I>
</I>means the date determined in accordance with Section 6(a) or 6(b)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;electronic messages&quot;</I></B><I>
</I>does not include e-mails but does include documents expressed in markup languages, and <B><I>&quot;electronic messaging system&quot;</I></B><I>
will </I>be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;English law&quot;</I></B><I> </I>means
the law of England and Wales, and <I>&quot;English&quot; </I>will be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Event of Default&quot; </I></B>has
the meaning specified in Section 5(a) and, if applicable, in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Force Majeure Event&quot;</I></B><I>
</I>has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;General Business Day&quot;</I></B><I>
</I>means a day on which commercial. banks are open for general business (including dealings in foreign exchange and foreign currency
deposits).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Illegality&quot;</I></B><I> </I>has
the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Indemnifiable Tax&quot;</I></B><I>
</I>means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or
former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such
payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related
person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in
a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such
jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed
its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;law&quot;</I></B><I> </I>includes
any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue
authority), and <B><I>&quot;unlawful&quot;</I></B><I> will </I>be construed accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Local Business Day&quot;</I></B><I>
</I>means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the
relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation
or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant
to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period
expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or
Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where
the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and,
if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to
accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section
5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance
which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to
an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the
case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation
to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Local Delivery Day&quot;</I></B><I>
</I>means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery
are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice,
in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary
market practice for the relevant delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Master Agreement&quot;</I></B><I>
</I>has the meaning specified in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Merger Without Assumption&quot;</I></B><I>
</I>means the event specified in Section 5(a)(viii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Multiple Transaction Payment Netting&quot;</I></B><I>
</I>has the meaning specified in Section 2(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Non-affected Party&quot;</I></B><I>
</I>means, so long as there is only one Affected Party, the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Non-default Rate&quot;</I></B><I>
</I>means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a
relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting
Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that
relevant market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Non-defaulting Party</I></B><I>&quot;
</I>has the meaning specified in Section 6(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Office&quot;</I></B><I> </I>means
a branch or office of a party, which may be such party's head or home office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Other Amounts&quot;</I></B><I>
</I>has the meaning specified in Section 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Payee&quot;</I></B><I> </I>has
the meaning specified in Section 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Payer&quot;</I></B><I> </I>has
the meaning specified in Section 6(f).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Potential Event of Default&quot;</I></B><I>
</I>means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Proceedings&quot;</I></B><I> </I>has
the meaning specified in Section 13(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Process Agent&quot;</I></B><I>
</I>has the meaning specified in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;rate of exchange&quot;</I></B><I>
</I>includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into
the Contractual Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Relevant Jurisdiction&quot;</I></B><I>
</I>means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled
or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located,
(c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Schedule&quot;</I></B><I> </I>has
the meaning specified in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Scheduled Settlement Date&quot;</I></B><I>
</I>means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Specified Entity&quot;</I></B><I>
</I>has the meaning specified in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Specified Indebtedness&quot;</I></B><I>
</I>means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety
or otherwise) in respect of borrowed money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Specified Transaction&quot;</I></B><I>
</I>means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing
or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified
Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable
Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction,
swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity
index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction,
currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit
default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction,
buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security,
commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which
is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future
becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement)
and which, is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities
or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value,
or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any
other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Stamp Tax&quot;</I></B><I> </I>means
any stamp, registration, documentation or similar tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Stamp Tax Jurisdiction&quot;</I></B>
has the meaning specified in Section 4(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Tax&quot;</I></B> means any present
or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto)
that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp,
registration, documentation or similar tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&quot;Tax <I>Event&quot;</I></B><I> </I>has
the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Tax Event Upon Merger</I></B><I>&quot;
</I>has the meaning specified in Section 5(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Terminated Transactions&quot;</I></B><I>
</I>means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected
Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all
Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness
of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early
Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Termination Currency&quot;</I></B><I>
</I>means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency, and
(b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is
expressed to be governed by the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Termination Currency Equivalent&quot;</I></B><I>
</I>means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the &quot;Other Currency&quot;), the amount in the Termination
Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency
as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date,
with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below)
for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign
exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other
Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party
is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by
the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Termination Event&quot;</I></B><I>
</I>means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit
Event Upon Merger or an Additional Termination Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Termination Rate&quot;</I></B><I>
</I>means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party
(as certified by such party) if it were to fund or of funding such amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Threshold Amount&quot;</I></B><I>
</I>means the amount, if any, specified as such in the Schedule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Transaction&quot;</I></B><I> </I>has
the meaning specified in the preamble.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Unpaid Amounts&quot;</I></B><I>
</I>owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions,
the amounts that became payable (or that would have become payable but for Section 2(a)(iii) or due but for Section 5(d)) to such
party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination
Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but
for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or
would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event
Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any
Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in
each case together with any amount of interest accrued or other</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">compensation in respect of that obligation
or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any
obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and
using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is
so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&quot;Waiting Period&quot;</I> </B>means:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of an event or circumstance
under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that
would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event
or circumstance; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in respect of an event or circumstance
under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually
required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that
would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event
or circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">IN WITNESS WHEREOF the parties have executed
this document on the respective dates specified below with effect from the date specified on the first page of this document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt dotted; font-weight: normal; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>FRANKLIN STREET</B></FONT><BR>
<FONT STYLE="font-size: 11pt; text-transform: uppercase"><B>&nbsp;PROPERTIES CORP.</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt dotted; font-weight: normal; font-size: 11pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>BANK OF MONTREAL</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center">(Name of Party)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(Name of Party)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; text-align: justify">By:</TD>
    <TD STYLE="width: 37%; border-bottom: windowtext 1pt dotted; text-align: justify">/s/ John G. Demeritt</TD>
    <TD STYLE="width: 9%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: justify">By:</TD>
    <TD STYLE="width: 36%; border-bottom: windowtext 1pt dotted; text-align: justify">/s/ M. Bubas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Name:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">John G. Demeritt</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Name:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">M. Bubas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Title:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Chief Financial Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Title:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Senior Counsel & Director, Documentation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Date:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">8/26/2013</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">Date:</TD>
    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: justify">8/26/2013</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(Multicurrency</B>&mdash;<B>Cross-Border)</B><FONT STYLE="font-size: 11pt">
</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 48pt"><B>ISDA</B></FONT><FONT STYLE="font-size: 11pt">&reg;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">International Swaps and Derivatives Association,
Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>to the</B></P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2002 Master Agreement</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">dated as of August 26, 2013</P>

<P STYLE="font: 16pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">between</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.1pt; text-align: center; text-indent: 0.7pt">FRANKLIN STREET
PROPERTIES CORP. (&ldquo;Party A&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.7pt">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">BANK OF MONTREAL (&ldquo;Party B&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">Part 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Termination
Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(a)</TD><TD STYLE="text-align: justify"><B><I>&ldquo;Specified Entity&rdquo;</I> </B>means in relation to Party A for the purpose of:&#8213;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(v),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(vi),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(vii),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt 34pt; text-align: justify">Section 5(b)(v),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center">and in relation to Party B for the
purpose of:&#8213;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(v),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(vi),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify">Section 5(a)(vii),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt 34pt; text-align: justify">Section 5(b)(v),&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(b)</TD><TD STYLE="text-align: justify"><B><I>&ldquo;Specified Transaction&rdquo;</I></B> will have the meaning specified in Section 14
of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(c)</TD><TD STYLE="text-align: justify">The <B><I>&ldquo;Cross-Default&rdquo;</I></B> provisions of Section 5(a)(vi) will apply to Party
A and Party B; provided, that the phrase &ldquo;, or becoming capable at such time of being declared,&rdquo; shall be deleted from
clause (1) of such Section 5(a)(vi); and the following language shall be added to the end thereof: &ldquo;provided, however, that
an Event of Default shall not occur under either (1) or (2) above if the default, event of default, or other similar condition
or event referred to in (1) or the failure to pay referred to in (2) is caused not by the unavailability of funds but is caused
solely due to a technical or administrative error which has been remedied within three Local Business Days after a notice of such
failure is given to the party.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&ldquo;<I>Specified Indebtedness</I>&rdquo;</B>
(i) with respect to Party A will mean the obligations under the Credit Agreement (hereinafter defined) and (ii) with respect to
Party B will have the meaning specified in Section 14 but it will not include (i) indebtedness in respect of deposits received
or (ii) any payment not made because of an intervening change in law making such payment illegal, or a Force Majeure Event, provided
that the party had available sufficient funds to make such payment at the time of non-payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&ldquo;Threshold Amount&rdquo;</I></B>
shall have the meaning set forth below, provided that for purposes of &ldquo;<B>Threshold Amount&rdquo;,</B> <B>&ldquo;Equity&rdquo;</B>
means the stockholders&rsquo; equity including retained earnings, total partnership capital, net assets, or total capital and reserves,
as the case may be, of the party or its Credit Support Provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&ldquo;<I>Threshold Amount</I>&rdquo;</B>
means, with respect to Party A, $20,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&ldquo;<I>Threshold Amount</I>&rdquo;</B>
means, with respect to Party B, 3% of the Equity of Party B.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">The <B><I>&ldquo;Credit Event Upon Merger&rdquo;</I></B> provisions of Section 5(b)(v) will apply
to Party A and Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify">The <B><I>&ldquo;Automatic Early Termination&rdquo;</I></B> provision of Section 6(a) will not
apply to Party A and will not apply to Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify"><B><I>&ldquo;Termination Currency&rdquo;</I></B> means U.S. Dollars.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B><I>Additional Termination Event </I></B>will apply. The following will constitute an Additional
Termination Event:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.3pt; text-align: justify">(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Party B&rsquo;s obligations
to lend under the Credit Agreement (including Party B&rsquo;s participation in the Term Loan (hereinafter defined)) are terminated
or Party B ceases to be a party to the Credit Agreement for any reason other than a Party B Exit Event (hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.3pt; text-align: justify">As used herein, &ldquo;<B><I>Party
B Exit Event</I></B>&rdquo; means either the termination by Party B of its rights and obligations under the Credit Agreement or
the voluntary assignment of its rights and obligations thereunder to a third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.3pt; text-align: justify; text-indent: 63pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.85pt; text-align: justify">For the purpose of the foregoing
Termination Event, Party A will be the Affected Party and all Transactions will be Affected Transactions.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 6pt 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Part 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tax
Representations. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payer
Representation</B>.<FONT STYLE="font-size: 12pt"> </FONT>For the purpose of Section 3(e) of this Agreement, Party A and Party B
will each make the following representation:-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">It is not required by any applicable
law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction
or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made
by it to the other party under this Agreement. In making this representation, it may rely on:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the accuracy
of any representations made by the other party pursuant to Section 3(f) of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the satisfaction
of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document
provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the satisfaction
of the agreement of the other party contained in Section 4(d) of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>except</I> that it will not be
a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document
under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Payee
Tax Representations</B>. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified
below, if any:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">The following representation will apply to Party A and<SUP> </SUP>will apply to Party B when Party
B is acting through its Toronto office:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">It is fully eligible for the benefits
of the &ldquo;Business Profits&rdquo; or &ldquo;Industrial and Commercial Profits&rdquo; provision, as the case may be, the &ldquo;Interest&rdquo;
provision or the &ldquo;Other Income&rdquo; provision (if any) of the Specified Treaty with respect to any payment described in
such provisions and received or to be received by it in connection with this Agreement and no such payment is attributable to a
trade or business carried on by it through a permanent establishment in the Specified Jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;Specified Treaty&rdquo; means
with respect to Party A or Party B as Payee, the income tax convention between Canada and the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;Specified Jurisdiction&rdquo;
means, with respect to Party A as Payee, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;Specified Jurisdiction&rdquo;
means, with respect to Party B as Payee, the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">The following representation will not apply to Party A and will apply to Party B when Party B is
acting through its Chicago office:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">Each payment received or to be received
by it in connection with this Agreement will be effectively connected with its conduct of a trade or business in the United States
of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">Party B makes the following representation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">When acting through a non-U.S. office
it is a &ldquo;non-U.S. branch of a foreign person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii) of United States
Treasury Regulations) for United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify">Party B makes the following representation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">With respect to payments made to an
address outside the United States or made by a transfer of funds to an account outside the United States, it is a &ldquo;non-U.S.
branch of a foreign person&rdquo; (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify">Party B makes the following representation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">When acting through a non-U.S. office
it is a &ldquo;foreign person&rdquo; (as that term is used in section 1.6041-4(a)(4) of United States Treasury Regulations) for
United States federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify">The following representation will apply to Party A and will not apply to Party B:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">It has been duly incorporated, created
or organized under the laws of the United States of America or of any State of the United States of America, and it is validly
existing under those laws.</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">Part 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Agreement
to Deliver Documents. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of Sections 4(a)(i) and (ii)
of this Agreement, each party agrees to deliver the following documents, as applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
party shall, as soon as practicable after demand, deliver to the other party any form or document reasonably requested by the other
party, including without limitation, any form or document required to enable such other party to make payments hereunder without
withholding for or on account of Taxes or with such withholding at a reduced rate. Without limiting the generality of the foregoing:<SUP>
</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 16%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Party required to deliver document</B></FONT></TD>
    <TD STYLE="width: 49%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Form/Document/Certificate</B></FONT></TD>
    <TD STYLE="width: 35%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Date by which to be delivered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="color: black">Party A</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Form W-9</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Upon execution of this Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Party B</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Form W-8-ECI, with respect to Transactions entered into by Party B&rsquo;s Chicago Office</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Upon execution of this Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Party B</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Form W-8-BEN, with respect to Transactions entered into by Party B&rsquo;s London and Toronto Offices</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Upon execution of this Agreement</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Party A and Party B</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the purpose of complying with the Code
        (as defined below), any current or future regulations or official interpretations thereof, any agreement entered into pursuant
        to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
        agreement entered into in connection with the implementation of such Sections of the Code, and notwithstanding anything in Section
        4(a)(iii) of this Agreement to the contrary, each party agrees to deliver any form or document that may be required or reasonably
        requested to identify tax status (a &ldquo;FATCA withholding certificate&rdquo;), with any such FATCA withholding certificate to
        be accurate and completed in a manner reasonably satisfactory to the other party.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(1) Promptly upon reasonable demand by the
        other party in writing, but in no event prior to the issuance by the Internal Revenue Service of W-8 and W-9 or equivalent forms
        which include Chapter 4 tax status identification. (2) Promptly upon learning that the information on a previously provided FATCA
        withholding certificate is inaccurate or incomplete.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
documents to be delivered are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Party required to deliver document</B></FONT></TD>
    <TD STYLE="width: 39%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Form/Document/Certificate</B></FONT></TD>
    <TD STYLE="width: 25%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: black"><B>Date by which to be delivered</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Covered by Section 3(d) Representation</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Party A and Party B</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Certificate of incumbency containing specimen signatures of each person executing the Agreement and if requested, any Confirmation</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Upon execution of this Agreement, and if requested, each Confirmation</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Yes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party B</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certified copies of all corporate authorizations
        and any other documents with respect to the execution, delivery and performance of this Agreement.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Upon execution and delivery of this Agreement.</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">Yes</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Party A and Party B</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="color: black">A copy of the most recent annual and quarterly consolidated financial statements of each party</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt"><FONT STYLE="color: black">Promptly after request by the other party, if such financial statements are not available on &ldquo;EDGAR&rdquo; or (i) in the case of Party A, delivered pursuant to the terms of the Credit Agreement (ii) in the case of Party B, its homepage at www.bmo.com </FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-top: 2pt; padding-bottom: 2pt">Yes</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">Part 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Miscellaneous.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Addresses
for Notices</B>. For the purpose of Section 12(a) of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Address(es) for notices or communications
to Party A</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Address:</TD><TD STYLE="text-align: justify">Franklin Street Properties Corp.<BR>
401 Edgewater Place, Suite 200<BR>
Wakefield, MA 01880</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="color: black">Attention:</FONT></TD>
    <TD STYLE="width: 63%"><FONT STYLE="color: black">John G. Demeritt, Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Facsimile:</FONT></TD>
    <TD><FONT STYLE="color: black">(781)&nbsp;&nbsp;557-1335</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Telephone:</FONT></TD>
    <TD><FONT STYLE="color: black">(781)&nbsp;&nbsp;557-1341</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Email&nbsp;Address:</FONT></TD>
    <TD><FONT STYLE="color: black">jdemeritt@franklinstreetproperties.com</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Address(es) for notices or communications
to Party B</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">With respect to Transactions, excluding
FX Transactions and Currency Option Transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Address:</TD><TD STYLE="text-align: justify">Bank of Montreal<BR>
250 Yonge Street, 20th Floor<BR>
Toronto, Ontario M5B 2L7<BR>
Canada</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="color: black">Attention:</FONT></TD>
    <TD STYLE="width: 63%"><FONT STYLE="color: black">Head, Derivative Operations</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Facsimile:</FONT></TD>
    <TD><FONT STYLE="color: black">(416) 552-7905</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Telephone:</FONT></TD>
    <TD><FONT STYLE="color: black">(416) 552-7809</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 99.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">With respect to FX Transactions
and Currency Option Transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in">Address:</TD><TD STYLE="text-align: justify">FX/MM Operations<BR>
129 St. Jacques St. W., 11th Floor, H.O.<BR>
Montreal, Quebec H2Y 1L6<BR>
Canada</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 99.75pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="color: black">Attention:</FONT></TD>
    <TD STYLE="width: 63%"><FONT STYLE="color: black">Manager, FX Operations</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Facsimile:</FONT></TD>
    <TD><FONT STYLE="color: black">(514) 877-2223</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Telephone:</FONT></TD>
    <TD><FONT STYLE="color: black">(514) 877-2203/1245</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">SWIFT ID No:</FONT></TD>
    <TD><FONT STYLE="color: black">BOFMCAT2FXM</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Any other notice sent to Party B
(including without limitation, any notice in connection with Section 5, 6 or 9(b)) shall be copied to the following address:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 63.75pt">Address:</TD><TD STYLE="text-align: justify">Bank of Montreal<BR>
10<SUP>th</SUP> Floor<BR>
100 King Street West<BR>
Toronto, Ontario M5X 1A1</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="color: black">Attention:</FONT></TD>
    <TD STYLE="width: 63%"><FONT STYLE="color: black">Associate General Counsel &amp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Managing Director, Documentation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Telephone:</FONT></TD>
    <TD><FONT STYLE="color: black">(416) 867-4710</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="color: black">Facsimile:</FONT></TD>
    <TD><FONT STYLE="color: black">(416) 956-2318</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; padding-bottom: 2pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD><TD STYLE="text-align: right; width: 33%">ISDA&reg; 2002</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 103.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Process
Agent</B>. For purposes of Section 13(c) of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Party A appoints as its Process Agent:
not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Party B appoints as its Process Agent:
its Office at 3 Times Square, New York, N.Y. 10036.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Offices</B>.
The provisions of Section 10(a) will apply to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Multibranch
Party</B>. For the purpose of Section 10(b) of this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Party A is not a Multibranch Party
and, for the purposes of this Agreement and each Transaction entered into pursuant hereto, will act through its Wakefield, MA Office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Party B is a Multibranch Party and,
for purposes of this Agreement and each Transaction entered into pursuant hereto, may act through its Chicago and Toronto Offices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Calculation
Agent</B>. The Calculation Agent is Party B, unless an Event of Default has occurred and is continuing with respect to Party B,
in which case Party A may appoint a Leading Dealer to act as substitute Calculation Agent for so long as such Event of Default
is continuing. A &ldquo;Leading Dealer&rdquo; means a leading dealer in the relevant market that is not an Affiliate of either
of the parties. All calculations and determinations made by the Calculation Agent shall be made in good faith and in a commercially
reasonable manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit
Support Document(s)</B>. None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Credit
Support Provider</B> None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Governing Law</B>. This Agreement will be governed by and construed in accordance with the laws
of the State of New York (without reference to choice of law doctrine).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><B>Netting of Payments</B>. Multiple Transaction Payment Netting shall not apply to all Transactions,
starting at the date of this Agreement unless otherwise mutually agreed by the parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(j)</TD><TD STYLE="text-align: justify">&ldquo;<B>Affiliate&rdquo;</B> will have the meaning specified in Section 14 of this Agreement.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(k)</TD><TD STYLE="text-align: justify"><B><I>Absence of Litigation.</I></B> For the purpose of Section 3(c):&#8213;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 0 0 0 34pt; text-align: justify"><B><I>&ldquo;Specified Entity&rdquo;</I></B>
means in relation to Party A, none.</P>

<P STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin: 6pt 0 0 34pt; text-align: justify"><B><I>&ldquo;Specified Entity&rdquo;</I></B>
means in relation to Party B, none.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(l)</TD><TD STYLE="text-align: justify"><B><I>No Agency. </I></B>The provisions of Section 3(g) will apply to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 33.75pt">(m)</TD><TD STYLE="text-align: justify"><B><I>Additional Representation </I></B>will apply. For the purpose of Section 3 of this Agreement,
the following will constitute an Additional Representation:&#8213;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">(i)<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Relationship Between
Parties.</B></I> Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that
(absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):&#8213;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 33.75pt">(1)</TD><TD STYLE="text-align: justify"><I>Non-Reliance. </I>It is acting for its own account, and it has made its own independent decisions
to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other
party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations
related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into
that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee
as to the expected results of that Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.25pt; text-align: justify; text-indent: -33.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 33.75pt">(2)</TD><TD STYLE="text-align: justify"><I>Assessment and Understanding </I>It is capable of assessing the merits of and understanding
(on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of
that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 101.25pt; text-align: justify; text-indent: -33.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 67.5pt"></TD><TD STYLE="width: 33.75pt">(3)</TD><TD STYLE="text-align: justify"><I>Status of Parties. </I>The other party is not acting as a fiduciary for or an adviser to it
in respect of that Transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 37.05pt">(n)</TD><TD STYLE="text-align: justify"><B><I>Recording of Conversations.</I></B>&nbsp;&nbsp;Each party (i) consents to the recording of
telephone conversations between the trading, marketing and other relevant personnel of the parties in connection with this Agreement
or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to,
its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence
in any Proceedings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: -37.05pt">Part 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Other
Provisions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2006
ISDA Definitions</B>. This Agreement is subject to the 2006 ISDA Definitions (the &ldquo;Definitions&rdquo;) published by the International
Swaps and Derivatives Association, Inc. as amended and supplemented from time to time. In the event of any inconsistency between
the provisions of this Agreement and the Definitions, this Agreement will prevail. In the event of any inconsistency between the
provisions of any Confirmation and this Agreement or the Definitions, such Confirmation will prevail for the purpose of the relevant
Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify"><B>Bankruptcy Code</B>. The parties hereto intend that this Agreement shall be a &ldquo;swap agreement&rdquo;
for purposes of 11 U.S.C. <FONT STYLE="font-family: Tahoma, Helvetica, Sans-Serif">&sect;</FONT>101(53B) or any successor provisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify"><B>Commodity Exchange Act. </B>Each party represents to the other party on and as of the date hereof
and on each date on which a Transaction is entered into among them that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">such party is an &ldquo;eligible contract participant&rdquo; as defined in the U.S. Commodity Exchange
Act, as amended (the &ldquo;CEA&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">the terms of this Agreement and each Transaction have been subject to individual negotiation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify"><B>Escrow. </B> If by reason of the time difference between the cities in which payments are to
be made or otherwise, it is not possible for simultaneous payments to be made on any date on which both parties are required to
make payments hereunder, either party may at its option and in its sole discretion notify the other party that payments on that
date are to be made in escrow. In this case deposit of the payment due earlier on that date shall be made by 2:00 p.m. (local time
at the place for the earlier payment) on that date with an escrow agent selected by the party giving the notice and reasonably
acceptable to the other party, accompanied by irrevocable payment instructions (a) to release the deposited payment to the intended
recipient upon receipt by the escrow agent of the required deposit of the corresponding payment from the other party on the same
date accompanied by irrevocable payment instructions to the same effect or (b) if the required deposit of the corresponding payment
is not made on that same date, to return the payment deposited to the party that paid it into escrow. The party that elects to
have payments made in escrow shall pay the costs of the escrow arrangements and shall cause those arrangements to provide that
the intended recipient of the payment due to be deposited first shall be entitled to interest on that deposited payment for each
day in the period of its deposit at the rate offered by the escrow agent for that day for overnight deposits in the relevant currency
in the office where it holds that deposited payment (at 11:00 a.m. local time on that day) if that payment is not released by 5:00
p.m. local time on the date it is deposited for any reason other than the intended recipient&rsquo;s failure to make the escrow
deposit it is required to make hereunder in a timely fashion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD STYLE="text-align: justify"><B>WAIVER OF JURY TRIAL: EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT
DOCUMENT OR ANY TRANSACTION. EACH PARTY ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE ENTERED INTO THIS AGREEMENT AND ANY CREDIT
SUPPORT DOCUMENT, AS APPLICABLE, IN RELIANCE ON, AMONG OTHER THINGS, THE MUTUAL WAIVERS IN THIS SECTION. </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD STYLE="text-align: justify">Section 5(b)(ii) of the Agreement shall be deleted in its entirety and replaced with the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>Force Majeure Event.</B> After
giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation
or elsewhere in this Agreement, by reason of any event or circumstance, including, without limitation, any natural, technological,
political, governmental (which for greater certainty includes an act of State) or similar event or circumstance, occurring after
a Transaction is entered into, on any day:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: 34.95pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
office through which such party (which will be the Affected Party) makes and receives payment or deliveries with respect to such
Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such
Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision
of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required
on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible
or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that
day); or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 37.05pt; text-align: justify; text-indent: 34.95pt"><FONT STYLE="font-size: 11pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>such
party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute
or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support
Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying
with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance
were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform,
receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive
or comply if such payment, delivery or compliance were required on that day),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">so long as such event or circumstance
was not anticipated at the date of entering into the Transaction (or, in the case of the Early Termination Amount, the date of
entering into this Agreement, is beyond the control of such Office, such party or such Credit Support Provider, as appropriate,
and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party
or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility
or impracticability;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD STYLE="text-align: justify"><B>2002 Master Agreement Protocol. </B>The parties agree that the definitions and provisions contained
in Annexes 1 to 16 and Section 6 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association,
Inc. on 15th July, 2003 are incorporated into and apply to this Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify"><B>Transfer. </B>Notwithstanding the provisions of Section 7 of the Agreement, Party B will not
unreasonably withhold or delay its consent to assignment of this Agreement or any Transaction hereunder to a third party provided
that: (i) such third party resides in a tax and legal jurisdiction acceptable to Party B (and for the purposes of making such a
determination, Party B may obtain such opinions of legal and/or tax advisors as it considers appropriate); (ii) such assignment
and assumption of this Agreement or any Transaction hereunder is properly documented and executed by all relevant parties; and
(iii) appropriate evidence and documentation of the authority and capacity of, and enforceability against the third party is provided
in a form satisfactory to Party B.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">Notwithstanding that the third party
meets the above criteria, it will not be considered unreasonable for Party B to withhold its consent to the transfer if such transfer
could result (whether for reasons related to the third party transferee or for any other reason) in any material adverse credit,
capital or cost implications for Party A (as determined by it in its sole discretion).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(i)</B></TD><TD STYLE="text-align: justify"><B>Accuracy of Specified Information. </B>Section 3(d) is hereby amended by adding in the third
line thereof after the word &ldquo;respect&rdquo; and before the period, the phrase &ldquo;or, in the case of audited or unaudited
financial statements, a fair presentation in all material respects of the financial condition of the relevant person.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(j)</B></TD><TD STYLE="text-align: justify"><B>Foreign Account Tax Compliance Act. </B>Withholding Tax imposed on payments to non-US counterparties
under the United States Foreign Account Tax Compliance Act. &ldquo;Tax&rdquo; as used in Part 2(a) of this Schedule (Payer Tax
Representation) and &ldquo;Indemnifiable Tax&rdquo; as defined in Section 14 of this Agreement shall not include any U.S. federal
withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended
(the &ldquo;Code&rdquo;), any current or future regulations or official interpretations thereof, any agreement entered into pursuant
to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental
agreement entered into in connection with the implementation of such Sections of the Code (a &quot;FATCA Withholding Tax&quot;).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law
for the purposes of Section 2(d) of this Agreement.<B> </B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(k)</B></TD><TD STYLE="text-align: justify"><B>Additional Definitions</B>. The following definitions shall be added to Section 14 in their
appropriate alphabetical place:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="color: black"><B><I>&ldquo;Credit
Agreement&rdquo;</I></B> means</FONT><FONT STYLE="font: small-caps 12pt Times New Roman, Times, Serif"> </FONT><FONT STYLE="color: black">credit
agreement entered into as of August 26, 2013 among Party A, together with those certain material subsidiaries of Party A thereto
(as the same may be amended from time to time in accordance with the terms of this Agreement), each lender from time to time party
thereto and Party B, as Administrative Agent as amended, supplemented, restated, refinanced or replaced from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B>&ldquo;<I>Term Loan</I>&rdquo;
</B>has the meaning specified in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">FRANKLIN STREET PROPERTIES INC.</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">BANK OF MONTREAL</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">(Name of Party)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="color: black">(Name of Party)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%">By:</TD>
    <TD STYLE="width: 41%; border-bottom: windowtext 1pt solid">/s/ John G. Demeritt</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="color: black">By: </FONT></TD>
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid">/s/ M. Bubas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Name: John G. Demeritt</FONT></TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Name: M. Bubas</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Title: Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Title: Senior Counsel & Director, Documentation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Date: 8/26/2013</FONT></TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD STYLE="padding-top: 6pt"><FONT STYLE="color: black">Date: 8/26/2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>ex10-3.htm
<DESCRIPTION>FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right">Exhibit 10.3</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none"><U>FIRST
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">This <B>FIRST AMENDMENT
TO AMENDED AND RESTATED CREDIT AGREEMENT</B> (this &ldquo;<U>First Amendment</U>&rdquo;) is made and entered into as of the 23rd
day of August, 2013, by and among <B>FRANKLIN STREET PROPERTIES CORP.</B> (the &ldquo;<U>Parent</U>&rdquo;) and each of its Material
Subsidiaries<B> </B>listed on <U>Schedule 1</U> of<B> </B>the Original A&amp;R Credit Agreement (hereinafter defined) or having
executed a Joinder (collectively with the Parent, the &ldquo;<U>Borrowers</U>&rdquo;), <FONT STYLE="text-transform: uppercase"><B>Compass
BANK </B></FONT>(&ldquo;<U>Compass</U>&rdquo;) in its capacity as Lender and Documentation Agent, <B>PNC BANK, NATIONAL ASSOCIATION</B>
(&ldquo;<U>PNC</U>&rdquo;) in its capacity as Lender and Documentation Agent, <B>BANK OF MONTREAL</B> (&ldquo;<U>Bank of Montreal</U>&rdquo;)
in its capacity as Lender and Syndication Agent, <B>RBS CITIZENS, NATIONAL ASSOCIATION </B>(&ldquo;<U>Citizens</U>&rdquo;) in its
capacity as Lender and Syndication Agent, <B>REGIONS BANK </B>(&ldquo;<U>Regions</U>&rdquo;) in its capacity as Lender and Syndication
Agent, <B>U.S. BANK NATIONAL ASSOCIATION</B> (&ldquo;<U>US Bank</U>&rdquo;) in its capacity as Lender, <B>CAPITAL ONE, N.A.</B>
(&ldquo;<U>Capital One</U>&rdquo;) in its capacity as Lender, <B>BRANCH BANKING AND TRUST COMPANY</B> (&ldquo;<U>BB&amp;T</U>&rdquo;)
in its capacity as Lender, <B>TD BANK, N.A.</B> (&ldquo;<U>TD Bank</U>&rdquo;) in its capacity as Lender, and <B>BANK OF AMERICA,
N.A. </B>(&ldquo;<U>Bank of America</U>&rdquo;), as Administrative Agent (&ldquo;<U>Administrative Agent</U>&rdquo;) for itself
and the other lenders party to the Credit Agreement (hereinafter defined) from time to time, Swing Line Lender and L/C Issuer.
Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the Borrowers,
the Administrative Agent and certain Lenders, including, without limitation, Compass, PNC, Bank of Montreal, Citizens, Regions,
US Bank, Capital One, BB&amp;T and TD Bank and Bank of America, are parties to that certain Amended and Restated Credit Agreement
dated as of September 27, 2012 (the &ldquo;<U>Original A&amp;R Credit Agreement</U>&rdquo;) pursuant to which the Lenders party
to the Original A&amp;R Credit Agreement have extended credit to the Borrowers on the terms set forth therein;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>WHEREAS</B>, the Borrowers have requested,
and the Administrative Agent and the Lenders have agreed, to modify certain of the financial covenants in the Original A&amp;R
Credit Agreement. The Original A&amp;R Credit Agreement as amended by this First Amendment is referred to herein as the &ldquo;<U>Credit
Agreement</U>.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;Capitalization Rate&rdquo;. </B>Section 1.01 of the Original A&amp;R Credit
Agreement is hereby amended by deleting the definition of &ldquo;Capitalization Rate&rdquo; appearing therein and replacing it
with the following definition:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>Capitalization Rate</U>&rdquo;
means seven percent (7.0%) for each CBD or Urban Infill Property and seven and three-quarters percent (7.75%) for each Suburban
Property.&rdquo;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;Mortgageability Amount&rdquo;</B>. Section 1.01 of the Original A&amp;R
Credit Agreement is hereby amended by deleting the definition of &ldquo;Mortgageability Amount&rdquo; appearing therein and replacing
it with the following definition:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>Mortgageability Amount</U>&rdquo;
means the product of (a) Unsecured Indebtedness of the Borrowers multiplied by (b) a debt constant based on a thirty (30) year,
mortgage-style principal amortization at an interest rate equal to the greatest of (i) the 10 year Treasury Bill yield plus 300
basis points, (ii) 7.0% and (iii) the one-month Eurodollar Rate plus the Eurodollar Rate margin specified in the Applicable Rate
as of the last day of the most recent calendar quarter.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;Negative Pledge&rdquo;</B>. Section 1.01 of the Original A&amp;R Credit
Agreement is hereby amended by deleting the definition of &ldquo;Negative Pledge&rdquo; appearing therein and replacing it with
the following definition:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>Negative Pledge</U>&rdquo;
means with respect to a given asset, any provision of a document, instrument or agreement which prohibits the creation or assumption
of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; <U>provided</U>, <U>however</U>,
that an agreement that conditions a Person&rsquo;s ability to encumber its assets upon the maintenance of one or more specified
ratios that limit such Person&rsquo;s ability to encumber its assets but that do not generally prohibit the encumbrance of its
assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge. Without limitation of the foregoing proviso,
for the avoidance of doubt, it is understood and agreed that the provisions of the type contained in the Loan Documents condition
the Borrower&rsquo;s ability to encumber its assets but do not generally prohibit the encumbrance of assets or the encumbrance
of specific assets.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;Permitted Liens</B>&rdquo;. Section 1.01 of the Original A&amp;R Credit
Agreement is hereby amended by deleting the definition of &ldquo;Permitted Liens&rdquo; appearing therein and replacing it with the following
definition:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>Permitted Liens</U>&rdquo;
means (i) liens for taxes, assessments or governmental charges unpaid and diligently contested in good faith by the Borrower or
a Subsidiary unless payment is required prior to the contesting of any such taxes and provided no enforcement proceedings have
been commenced with respect to any lien filed in connection with such dispute and adequate reserves have been established (or are
adequately bonded) for such taxes, assessments or governmental charges, (ii) liens for taxes, assessments or governmental charges
not yet due and payable, (iii) liens for labor, materials or supplies and any other liens (exclusive of those securing Indebtedness)
which do not materially interfere with the use of the Properties comprising the Unencumbered Asset Pool or the operation of the
business of the Borrower and are either bonded or do not exceed in the aggregate at any one time $5,000,000.00, (iv) liens in favor
of a Borrower or a Wholly-Owned Subsidiary in connection with a 1031 Property, (v) liens</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">deemed to occur by virtue of investments
described in clause (d) of the definition of Cash Equivalents; (vi) liens on Cash Collateral, and (vii) with respect only to assets
and Properties not comprising the Unencumbered Asset Pool and/or assets of or Equity Interests of Excluded Subsidiaries, liens
on property existing at the time of acquisition and refinancing of such liens, liens securing Secured Indebtedness, liens on the
Equity Interests of Excluded Subsidiaries, and liens securing judgments not constituting an Event of Default under Section 8.01(h),
all in amounts complying with the applicable financial covenants set forth in <U>Section 7.11</U> hereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;CBD or Urban Infill Property&rdquo;. </B>Section 1.01 of the Original A&amp;R
Credit Agreement is hereby amended by adding the following definition for &ldquo;CBD or Urban Infill Property&rdquo; in the correct
alphabetical order therein:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>CBD or Urban Infill
Property</U>&rdquo; means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto and identified
as a CBD or Urban Infill Property, or (b) any other improved Property which is located in markets with characteristics similar
to those identified in clause (a) and is designated by the Agent and the Borrower as a CBD or Urban Infill Property from time to
time.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify"><B>Definition of &ldquo;Suburban Property&rdquo;. </B>Section 1.01 of the Original A&amp;R Credit
Agreement is hereby amended by adding the following definition for &ldquo;Suburban Property&rdquo; in the correct alphabetical
order therein:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;&ldquo;<U>Suburban Properties</U>&rdquo;
means (a) any Property listed on the Schedule Portfolio Property By Designation attached hereto and identified as a Suburban Property,
or (b) any other improved Property that does not meet the definition of a CBD or Urban Infill Property.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify"><B>Section 7.09. </B><U>Section 7.09</U> of the Original A&amp;R Credit Agreement is hereby amended
by deleting the proviso in Section 7.09 and replacing it with the following:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&ldquo;<U>provided</U>, that this <U>Section&nbsp;7.09</U>
shall not be deemed to restrict the ability of any Borrower or any Excluded Subsidiary from entering into Contractual Obligations
of any type related to Indebtedness <U>provided</U> such Indebtedness does not impose a lien on any Unencumbered Asset Pool Properties
or the Equity Interests of any Borrower and <U>provided</U> <U>further</U> that such Indebtedness would not result in a breach
of the financial covenants set forth in <U>Section 7.11</U> of this Agreement.&rdquo;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">8.</TD><TD STYLE="text-align: justify"><B>Section 7.11. </B><U>Section 7.11</U> of the Original A&amp;R Credit Agreement is hereby amended
by deleting <U>Section 7.11</U> appearing therein and replacing it with the following <U>Section 7.11</U>:</TD></TR></TABLE>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"><B>&ldquo;7.11&#9;Financial
Covenants. </B>Fail, at any time, to comply with any of the following financial covenants on a consolidated basis <FONT STYLE="font-weight: normal">provided
that such covenants shall be calculated as of the last day of a calendar quarter</FONT>:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">a.</TD><TD><U>Minimum Tangible Net Worth.</U><FONT STYLE="font-family: Times New Roman, Times, Serif"><B> </B></FONT>Borrower shall maintain
a Tangible Net Worth equal to or in excess of $810,783,000 plus seventy-five percent (75%) of the aggregate net proceeds received
by Borrower in connection with any offering of stock or other equity in FSP after June 30, 2013.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">b.</TD><TD><U>Maximum Leverage Ratio</U>. Borrower shall not permit the ratio of Total Indebtedness to Total Asset Value to exceed 0.60:1.0.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">c.</TD><TD><U>Maximum Secured Leverage Ratio</U>. Borrower shall not permit the ratio of Total Secured Indebtedness (excluding the Credit
Extensions) to Total Asset Value to exceed 0.30:1.0.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">d.</TD><TD><U>Minimum Fixed Charge Coverage Ratio</U>. Borrower shall not permit the ratio of Adjusted EBITDA to Fixed Charges to be less
than 1.50:1.0.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">e.</TD><TD><U>Maximum Unencumbered Leverage Ratio</U>. Borrower shall not permit the ratio of Unsecured Indebtedness to Unencumbered Asset
Value to exceed 0.60:1.0.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">f.</TD><TD><U>Minimum Unsecured Debt Service Coverage</U>. Borrower shall not permit the ratio of Unencumbered NOI to the Mortgageability
Amount to be less than 1.50:1.0. For the purpose of calculating NOI for this covenant 7.11(f), items (a)-(d) of the definition
of Net Operating Income shall be adjusted to (i) exclude the amount attributable to the Properties disposed of during such fiscal
quarter and (ii) adjust the amount attributable to Properties owned less than a full fiscal quarter so that such amount is grossed
up as if the Property had been owned for the entire fiscal quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">g.</TD><TD><U>Dividends and </U>Distributions. To the extent an Event of Default exists or would result therefrom, Borrower shall not
make Restricted Payments.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">h.</TD><TD><U>Investments</U>. Borrower shall not permit the aggregate value of the following items of all Consolidated Parties to exceed
ten percent (10%) of Total Asset Value: (A) the total cost budget of Projects Under Development; plus (B) the cost value of all
undeveloped holdings (raw land or land which is not otherwise an operating property other than any properties determined to be
Projects Under Development) determined in accordance with GAAP; plus (C) the value of all Joint Venture Projects plus, without
duplication, the cost-basis value of the Consolidated Parties&rsquo; investment in Joint Ventures (in each case taking into account
the Consolidated Parties&rsquo; Equity Percentage thereof); plus (D) the value of Securities Holdings held by the Consolidated
Parties; plus (E) the value of all Mortgages (excluding loans to Sponsored REITS) held by the Consolidated Parties; plus (F) the
value of all foreign investments held by the Consolidated Parties.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD><U>Maximum Secured Recourse Indebtedness Value</U>. Borrower shall not permit Secured Recourse Indebtedness of FSP to exceed
Fifty Million Dollars ($50,000,000) in the aggregate. No Borrowers other than FSP shall be permitted to have Secured Recourse Indebtedness.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-indent: 0in">In calculating the financial covenants
pursuant to this Section 7.11, any obligations that are required to be Cash Collateralized by a Borrower under the Agreement and
the other Loan Documents shall not be deemed to be secured by a mortgage, deed of trust, lien, pledge, encumbrance or other security
interest.&rdquo;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify"><B>Section 8.01(e)(i). </B><U>Section 8.01(e)(i)</U> of the Original A&amp;R Credit Agreement is
hereby amended by adding the words &ldquo;(and all notice and grace periods have lapsed)&rdquo; before the words &ldquo;in respect
of any Indebtedness or Guarantee.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">10.</TD><TD STYLE="text-align: justify"><B>Exhibit E-1.</B> <U>Exhibit E-1</U> of the Original A&amp;R Credit Agreement is hereby deleted
and the <U>Exhibit E-1</U> attached hereto is substituted therefor.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify"><B>No Waiver.</B> Nothing contained herein shall be deemed to (i) constitute a waiver of any Default
or Event of Default that may heretofore or hereafter occur or have occurred and be continuing or, except as expressly provided
herein, to otherwise modify any provision of the Original A&amp;R Credit Agreement, or (ii) give rise to any defenses or counterclaims
to Administrative Agent&rsquo;s or any of the Lenders&rsquo; right to compel payment of the Obligations when due or to otherwise
enforce their respective rights and remedies under the Credit Agreement and the other Loan Documents.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">12.</TD><TD STYLE="text-align: justify"><B>Conditions to Effectiveness.</B> This First Amendment shall become effective as of the date
(the &ldquo;<U>Effective Date</U>&rdquo;) when each of the following conditions is met:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 0pt">(a)&#9;receipt
by the Administrative Agent of this First Amendment duly and properly authorized, executed and delivered by each of the Borrowers
and the Lenders;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 0pt">(b)&#9;receipt
by the Administrative Agent of a certificate dated as of the date hereof signed by a Responsible Officer of each Borrower certifying
that, before and after giving effect to the First Amendment, (I) the representations and warranties contained in <U>Article V
</U>of the Credit Agreement are true and correct in all material respects except (i) to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date, and (ii)
except that (1) the representations and warranties contained in subsections&nbsp;(a), (b) and (c) of <U>Section&nbsp;5.05</U>
shall be deemed to refer to the most recent statements furnished pursuant to clauses&nbsp;(a) and (b), respectively, of <U>Section&nbsp;6.01</U>;
and (2) the representations and warranties contained in <U>Section 5.13(a)</U> shall be deemed to refer to the most recent update
to <U>Schedule 5.13(a)</U> furnished pursuant to <U>Section 6.02(a)(ii)</U>, and shall be true and correct in all material respects
as of the effective date of such update, and (3) the representations and warranties contained in the first and second sentences
of <U>Section 5.21</U> shall be deemed to refer to the most recent update to <U>Schedule 5.21</U> furnished pursuant to <U>Section
6.02(a)(i)</U>, and shall be true and correct in all material respects as of the effective date of such update, and (II) no Default
of Event of Default Exists; and</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 72pt; text-indent: 0pt">(c)&#9;payment
of any costs and expenses due to the Administrative Agent or the Lenders, including all of the Administrative Agent&rsquo;s reasonable
legal fees and expenses incurred in connection with the preparation and negotiation of this First Amendment.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify"><B>Representations and Warranties.</B> The Borrowers represent and warrant to the Administrative
Agent and the Lenders as follows:</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(a)&#9;The execution,
delivery and performance by each Borrower of this First Amendment, have been duly authorized by all necessary corporate or other
organizational action, and do not and will not (a) contravene the terms of any of such Borrower&rsquo;s Organization Documents;
(b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be
made under (i) any Contractual Obligation to which such Borrower is a party or affecting such Borrower or the properties of such
Borrower or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral
award to which such Borrower or its property is subject; or (c) violate any Law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(b)&#9;This First
Amendment has been duly executed and delivered by each Borrower that is party thereto. This First Amendment constitutes a legal,
valid and binding obligation of each Borrower, enforceable against each Borrower that is party thereto in accordance with its terms,
except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting
generally the enforcement of creditors&rsquo; rights and except to the extent that availability of the remedy of specific performance
or injunctive relief is subject to the discretion of the court before which any proceeding therefore may be brought.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0in">(c)&#9;No approval,
consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person
is necessary or required in connection with the execution and delivery of, and the performance of the Borrowers&rsquo; obligations
under the Original A&amp;R Credit Agreement as amended by the First Amendment, except where such approval, consent, exemption,
authorization, action, notice or filing has been obtained or made, and except where the failure to do so would not reasonably be
expected to have a Material Adverse Effect.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify"><B>Ratification, etc</B>. Except as expressly amended hereby, the Original A&amp;R Credit Agreement,
the other Loan Documents and all documents, instruments and agreements related thereto are hereby ratified and confirmed in all
respects and shall continue in full force and effect. This First Amendment and the Original A&amp;R Credit Agreement shall hereafter
be read and construed together as a single document, and all references in the Credit Agreement, any other Loan Document or any
agreement or instrument related to the Credit Agreement shall hereafter refer to the Original A&amp;R Credit Agreement as amended
by this First Amendment.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">15.</TD><TD STYLE="text-align: justify"><B>GOVERNING LAW. THIS FIRST AMENDMENT SHALL BE GOVERNED </B>BY<B> AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.</B></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">16.</TD><TD STYLE="text-align: justify"><B>Counterparts</B>. This First Amendment may be executed in any number of counterparts and by
different parties hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of
which counterparts taken together shall be deemed to constitute one and the same instrument. Any counterpart signed by all parties
may be introduced into evidence in any action or proceeding without having to produce or account for the other counterparts. Likewise,
the existence of this First Amendment may be established by the introduction into evidence of counterparts that are separately
signed, provided they are otherwise identical in all material respects.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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INTENTIONALLY LEFT BLANK]</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">IN WITNESS WHEREOF, each of the undersigned
has duly executed this First Amendment to Amended and Restated Credit Agreement as of the date first set forth above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>LENDERS/AGENT:</U></B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BANK OF AMERICA, N.A.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as Administrative Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Oltiana M. Pappas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Oltiana M. Pappas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<BR>
Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in; text-indent: -2.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>BANK OF AMERICA, N.A.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender, L/C Issuer<BR>
and Swing Line Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Oltiana M. Pappas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Oltiana M. Pappas</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>COMPASS BANK, </B>an Alabama banking</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">corporation, individually in its capacity as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">and Documentation Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ S. Kent Gorman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">S. Kent Gorman</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Sr.Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>REGIONS BANK, </B>individually in its capacity as a</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Lender and Syndication Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Paul E. Burgan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Paul E. Burgan</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 40.5pt 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>RBS CITIZENS, NATIONAL</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>ASSOCIATION</B>, individually in its</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">capacity as a Lender and Syndication Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Lisa M. Greeley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Lisa M. Greeley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">SVP</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>BANK OF MONTREAL</B>, individually in</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">its capacity as a Lender and Syndication</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Lloyd Baron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Lloyd Baron</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PNC BANK, NATIONAL ASSOCIATION</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender and Documentation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Andrew D. Coler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Andrew D. Coler</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>U. S. BANK NATIONAL ASSOCIATION</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ David Heller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">David Heller</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CAPITAL ONE, N.A.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Frederick H. Denecke</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Frederick H. Denecke</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>BRANCH BANKING AND TRUST COMPANY</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Mark Edwards</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Mark Edwards</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Senior Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>TD BANK, N.A.</B>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">individually in its capacity as a Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/ Scott Widsom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Scott Widsom</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">Vice President</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Lender Signature Page</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in"><BR>
<BR>
</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>BORROWER</U>:</B></FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FRANKLIN STREET PROPERTIES CORP.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Maryland corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ _/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP HOLDINGS LLC,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP INVESTMENTS LLC,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Massachusetts limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP PROPERTY MANAGEMENT LLC,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Massachusetts limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;Executive Vice President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP PROTECTIVE TRS CORP.,</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Massachusetts corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><B>FSP HILLVIEW CENTER LIMITED PARTNERSHIP</B>, </TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Massachusetts limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">FSP Holdings LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 6%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 46%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><B>FSP MONTAGUE BUSINESS CENTER CORP., </B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 76.5pt 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP GREENWOOD PLAZA CORP.</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>FSP 380 INTERLOCKEN CORP.</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Delaware corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>FSP 390 INTERLOCKEN LLC</B></FONT><FONT STYLE="font-size: 10pt">,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title: &nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>FSP BLUE LAGOON DRIVE LLC</B></FONT><FONT STYLE="font-size: 10pt">,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase"><B>FSP ONE LEGACY CIRCLE LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="text-transform: uppercase"><B>FSP ONE OVERTON PARK LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 52%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>FSP ONE RAVINIA DRIVE LLC</B></FONT><FONT STYLE="font-size: 10pt">,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP NORTHWEST POINT LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP RIVER CROSSING LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP EAST BALTIMORE STREET LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP EDeN BLUFF CORPORATE CENTER I LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP 121 South eighth street LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP 1410 east renner road LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP LAKESIDE CROSSING I LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="text-transform: uppercase"><B>FSP LEGACY TENNYSON CENTER LLC</B></FONT>,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">F<B>SP FOREST PARK IV NC LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a North Carolina limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Forest Park IV LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP PARK SENECA LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Massachusetts limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Holdings LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP ADDISON CIRCLE LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Addison Circle LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP COLLINS CROSSING LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Collins Crossing LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP ELDRIDGE GREEN LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Eldridge Green LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP LIBERTY PLAZA LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Holdings LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10pt"><BR>&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: rgb(98,145,178) 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP PARK TEN LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Park Ten LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP PARK TEN PHASE II LIMITED PARTNERSHIP</B>,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP Park Ten Development LLC, its General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP WILLOW BEND OFFICE CENTER LIMITED</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>PARTNERSHIP</B>, a Texas limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP WILLOW BEND OFFICE CENTER LLC, its </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">General Partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>FSP dulles virginia LLC</B></FONT><FONT STYLE="font-size: 10pt">,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">a Delaware limited liability company</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 52%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><B>FSP INNSBROOK CORP.</B>, a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP 4807 STONECROFT BOULEVARD LLC</B>, a Delaware </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP 4820 EMPEROR BOULEVARD LLC</B>, a Delaware limited </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP 909 DAVIS STREET LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP ADDISON CIRCLE CORP.</B>, a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP ADDISON CIRCLE LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP BLUE LAGOON DRIVE CORP.</B>, a Delaware </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP COLLINS CROSSING CORP.</B>, a Delaware </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP COLLINS CROSSING LLC</B>, a Delaware limited </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP ELDRIDGE GREEN CORP.</B>, a Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP ELDRIDGE GREEN LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>FSP EMPEROR BOULEVARD LIMITED </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>PARTNERSHIP</B>, a Delaware limited partnership</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">FSP 4820 Emperor Boulevard LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP FOREST PARK IV LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP PARK TEN DEVELOPMENT CORP.</B>, a Delaware </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP PARK TEN DEVELOPMENT LLC</B>, a Delaware limited </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP PARK TEN LLC</B>, a Delaware limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP WILLOW BEND OFFICE CENTER CORP.</B>, a </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Delaware corporation</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt 3in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP WILLOW BEND OFFICE CENTER LLC</B>, a Delaware </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">limited liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP WESTCHASE LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP 1999 BROADWAY LLC</B>, a Delaware limited liability </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 12pt">&nbsp;</TD>
    <TD COLSPAN="2"><B>FSP 999 PEACHTREE STREET LLC</B>, a Delaware limited </TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">liability company</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font-size: 10pt">/s/ &nbsp;/s/ George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;George J. Carter</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:&nbsp;&nbsp;President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Borrower Signature Page</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B><I>EXHIBIT&nbsp;E-1</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><B>FORM OF COMPLIANCE CERTIFICATE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">Financial Statement Date: _______________, _____</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America,
N.A., as Administrative Agent</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Reference is made to that
certain Amended and Restated Credit Agreement, dated as of September 27, 2012 (as amended, restated, extended, supplemented or
otherwise modified in writing from time to time, the &ldquo;<U>Agreement</U>;&rdquo; the terms defined therein being used herein
as therein defined), among Franklin Street Properties Corp. (&ldquo;FSP&rdquo;) and certain Wholly-Owned Subsidiaries of FSP from
time to time party thereto (collectively, the &ldquo;<U>Borrower</U>&rdquo;), the Lenders from time to time party thereto, and
Bank of America, N.A., as Administrative Agent, L/C Issuer and Swing Line Lender.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the _______________________________________ of FSP, and that, as
such, he/she is authorized to execute and deliver this Certificate to the Administrative Agent on the behalf of the Borrower, and
that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Use following paragraph&nbsp;1 for fiscal
<B>year-end</B> financial statements]</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">1.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower has delivered the year-end audited financial statements required by <U>Section&nbsp;6.01(a)</U>
of the Agreement for the fiscal year of the Borrower ended as of the above date, together with the report and opinion of an independent
certified public accountant required by such section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>[Use following paragraph&nbsp;1 for fiscal
<B>quarter-end</B> financial statements]</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Borrower has delivered the unaudited financial statements required by <U>Section&nbsp;6.01(b)</U> of the Agreement for the fiscal
quarter of the Borrower ended as of the above date. Such financial statements fairly present, in all material respects, the financial
condition, results of operations and cash flows of the Consolidated Parties in accordance with GAAP as at such date and for such
period, subject only to normal year-end audit adjustments and the absence of footnotes.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">2.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has
caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the
Borrower during the accounting period covered by such financial statements.</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit-E-1<BR>
Form of Compliance Certificate</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">3.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A review of the activities of the Borrower during such fiscal period has been made under the supervision
of the undersigned with a view to determining whether during such fiscal period the Borrower performed and observed all its Obligations
under the Loan Documents, and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>[select one:</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>]</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>[to the knowledge of
the undersigned, during such fiscal period no Default or Event of Default has occurred and is continuing.]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>--or--</I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>[to the knowledge of
the undersigned, during such fiscal period the following Defaults and Events of Default exist:</B><A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%"><B>1</B></A><B>]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">4.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties of the Borrower contained in <U>Article&nbsp;V</U> of the Agreement
are true and correct in all material respects on and as of the date hereof, except (a) to the extent that such representations
and warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (b)
except that (i) the representations and warranties contained in subsections&nbsp;(a), (b) and (c) of <U>Section&nbsp;5.05</U> refer
to the most recent statements furnished pursuant to clauses&nbsp;(a) and (b), respectively, of <U>Section&nbsp;6.01</U>; and (ii)
the representations and warranties contained in <U>Section 5.13(a)</U> refer to the most recent update to <U>Schedule 5.13(a)</U>
furnished pursuant to <U>Section 6.02(a)(ii)</U>, and are true and correct in all material respects as of the effective date of
such update, and (iii) the representations and warranties contained in the first and second sentences of <U>Section 5.21</U> refer
to the most recent update to <U>Schedule 5.21</U> furnished pursuant to <U>Section 6.02(a)(i)</U>,<B> </B>and are true and correct
in all material respects as of the effective date of such update<FONT STYLE="font-family: Times New Roman, Times, Serif"><B>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">5.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial covenant analyses and information set forth on <U>Schedule&nbsp;1</U> attached hereto
are true and accurate on and as of the Financial Statement Date covered by this Certificate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">6.</FONT>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The updates to <U>Schedules 5.21 and 5.13(a)</U> attached hereto and the list of all Projects Under
Development attached hereto are true and accurate on and as of the Financial Statement Date covered by this Certificate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>IN WITNESS WHEREOF,</I>
the undersigned has executed this Certificate as of _______________, _____.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B><U>BORROWER</U></B>:</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">&nbsp;</P></TD>
    <TD STYLE="width: 50%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 6pt 0 0"><B>Franklin Street Properties Corp.,</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">a Maryland corporation</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By: ________________________________</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">Name:</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 2.85pt">Title:</P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">Exhibit-E-1<BR>
Form of Compliance Certificate</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><SUP>[1]</SUP></FONT>
<FONT STYLE="font-size: 9pt">Specify nature and extent thereof and what action Borrower proposes to take with respect thereto.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>SCHEDULE 1</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Financial Covenants</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>__________ [Date]</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 1pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="border-top: windowtext 1pt solid; padding-bottom: 12pt; height: 1pt; font-size: 12pt">(in thousands, except percentages and ratios)</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD COLSPAN="4" STYLE="height: 1pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>UAP Financial Covenants:</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">1. Minimum Unsecured Debt Service Coverage</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD></TR>
<TR STYLE="height: 1pt">
    <TD STYLE="vertical-align: top; width: 43%; padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 21%; padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Quarterly <BR>
<U>Unencumbered NOI</U></TD>
    <TD STYLE="width: 18%; padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Mortgageability <BR>
<U>Amount</U></TD>
    <TD STYLE="width: 18%; padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">NOI to <BR>
Mortgageability<BR>
<U> Amount</U></TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="height: 1pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Equal to 1.5:1 or more</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="height: 1pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">2. Maximum Unencumbered Leverage Ratio</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Unsecured <BR>
<U>Indebtedness</U></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Unencumbered <U><BR>
Asset Value</U></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Leverage<BR>
<U>Ratio</U></TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">Not to exceed 60% and no one Property to exceed 20%</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="height: 1pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Borrower Financial Covenants</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">Maximum Leverage Ratio</P></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt"><U>Total Indebtedness</U></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt"><U>Total Asset Value</U></TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; text-align: center; font-size: 12pt">Indebtedness to<BR>
<U> Total Asset Value</U></TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">Not to exceed 60%</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 1pt; font-size: 12pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 1pt">
    <TD COLSPAN="2" STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Total Asset Value</U></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Unencumbered Asset Value (see Schedule A)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Encumbered Asset Value (see Schedule B)</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Unrestricted Cash</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Cash Equivalents</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Book value of unimproved land holdings</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Book value of construction in progress</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Carrying value of performing mortgage loans</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets
        Held for Syndication</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage
        Loan Receivable</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Investment in Sponsored REITs</P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt">
    <TD STYLE="vertical-align: top; width: 42%; padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 23%; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 18%; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 16%; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt">
    <TD STYLE="vertical-align: top; padding-bottom: 0; font-size: 12pt">Total Asset Value</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt">
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 1pt">
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>Total Indebtedness</U></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Revolver Loan Balance</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Term Loan Balance</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Derivative Termination Value</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Secured Debt</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Other Indebtedness</P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt;  font-size: 12pt">Consolidated Parties&rsquo; Equity Percentage of Indebtedness of Unconsolidated Affiliates</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; font-size: 12pt">Total Indebtedness</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; font-size: 12pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">3. Maximum Secured Leverage Ratio</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured
Indebtedness of the Consolidated Parties</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Asset
Value</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% of Secured
Indebtedness over Total Asset Value</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
% of secured Indebtedness not to exceed 30% of Total Asset Value</P></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 12pt; text-align: center; font-size: 12pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-size: 12pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 35.1pt; vertical-align: top">
    <TD COLSPAN="2" STYLE="height: 35.1pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">4. Maximum Secured Recourse Indebtedness</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-indent: 0in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured
Recourse Indebtedness of FSP</P></TD>
    <TD STYLE="padding-bottom: 6pt; height: 35.1pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; height: 35.1pt; font-size: 12pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum Secured Recourse Indebtedness of FSP</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; text-align: center; font-size: 12pt">$50,000.00</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="height: 0.3in; text-indent: 0in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="height: 0.3in; text-indent: 0in; font-size: 12pt">5.&nbsp;&nbsp;Minimum Fixed Charge Cover Ratio</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.9in">
    <TD STYLE="vertical-align: top; width: 42%; padding-bottom: 12pt; height: 0.9in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 23%; padding-bottom: 12pt; height: 0.9in; text-align: center; font-size: 12pt">Adjusted EBITDA</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-bottom: 12pt; height: 0.9in; text-align: center; font-size: 12pt">Fixed Charges</TD>
    <TD STYLE="vertical-align: bottom; width: 17%; padding-bottom: 12pt; height: 0.9in; text-align: center; font-size: 12pt">Adjusted <BR>
EBITDA to <BR>
Fixed Charge <BR>
Ratio</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Minimum 1.5:1</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">$</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="height: 0.3in; text-indent: 0in; font-size: 12pt">6.&nbsp;&nbsp;Minimum Tangible Net Worth<A HREF="#note_ftn2" NAME="notea_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">2</A></TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Total Assets, less:</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">$</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Book Value of Intangible Assets</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Write-up of book value subsequent to Balance Sheet date</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Subscriptions Receivable</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Total Liabilities</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Tangible Net Worth</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Required Net Worth</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Required as of 6/30/2013</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; text-align: left; font-size: 12pt">$810,783,000</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">Equity Offering after 6/30/2013 (add 75% of net proceeds from equity offerings)</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 31.5pt; vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt; height: 31.5pt; font-size: 12pt">ATM Equity Offering after 6/30/2013 (add 75% of net proceeds from equity offerings)</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-bottom: 12pt; height: 31.5pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="height: 0.3in; vertical-align: top">
    <TD STYLE="height: 0.3in; font-size: 12pt">Required Net Worth</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; height: 0.3in; font-size: 12pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><SUP></SUP></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><SUP>2</SUP> <FONT STYLE="font-size: 9pt">Total Assets and
Total Liabilities shall also exclude an asset or liability created by the Swap Termination Value.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Financial Covenants</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>__________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%; border-bottom: windowtext 2.25pt solid; padding-bottom: 12pt"><B>Schedule A </B></TD>
    <TD STYLE="width: 5%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="width: 3%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: windowtext 2.25pt solid; padding-bottom: 6pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 6pt"><B>Unencumbered Asset Value</B></TD>
    <TD STYLE="padding-bottom: 6pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 6pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Date</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; text-align: center">Cap Rate</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: center">Unencumbered <BR>
Asset Value</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD>
    <TD><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Quarterly NOI</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annual NOI</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">x4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">7.0%/7.75%<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">3</A></TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Acquisition costs of new properties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Unencumbered Asset Value</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><SUP>3</SUP>7.0% for CBD or Urban Infill Property/7.75% for Suburban
Property</P>


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    <!-- Field: /Page -->


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><B>Schedule B</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: windowtext 2.25pt solid; padding-bottom: 6pt"><B>Encumbered Asset Value</B></TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: windowtext 2.25pt solid; padding-bottom: 6pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: windowtext 2.25pt solid; padding-bottom: 6pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: center">Date</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: center">Cap Rate</TD>
    <TD COLSPAN="2" STYLE="border-bottom: windowtext 1pt solid; text-align: center">Encumbered <BR>
Asset Value</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 39%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Quarterly NOI</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Annual NOI</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">x4</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">7.0%/7.75%<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">4</A></TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>[Acquisition costs of new properties]</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">Encumbered Asset Value</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 2.25pt double">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><A HREF="#note_ftnref1" NAME="notea_ftn1" STYLE="font-size: 65%; vertical-align: 35%">1</A>
7.0% for CBD or Urban Infill Property/7.75% for Suburban Property</P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><SUP>4</SUP>7.0% for CBD or Urban Infill Property/7.75% for Suburban
Property</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Consolidated Balance Sheets</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>(Audited/Unaudited)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>__________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">[To be inserted]</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Consolidated Statement of Income</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>(Audited/Unaudited)</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>__________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">[To be inserted]</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="width: 20%; padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">EBITDA</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Net Income</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Non-recurring/Extraordinary /GOS/Acq Cost</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Interest including deferred financing costs</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Taxes</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Depreciation &amp; Amortization</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Amortization of leases (in revenue)</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Pro Rata Share Unconsolidated Affiliates</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">_______________</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">EBITDA</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Capital Item allowance ($.30 sf/year)</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">_______________</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">_______________</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt">Adjusted EBITDA</TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; font-size: 12pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Financial Covenants</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Quarterly Debt Service</B><BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; border-bottom: windowtext 1pt solid; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: windowtext 1pt solid; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: windowtext 1pt solid; padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="width: 21%; border-bottom: windowtext 1pt solid; padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0"><B><U>Mortgageability Amount:</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 3pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><B>&nbsp;</B></TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><BR>
<BR>
</TD>
    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center"><B>Unsecured</B><BR>
<B><U>Indebtedness</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Principal (average daily balance during quarter)</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">$</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">1 Month Eurodollar Rate + Eurodollar Rate Margin &amp; Facility Fee:</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center"><BR>
%</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">10 year US Treasury + 300 bp (estimate)</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">%</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rate at end of quarter</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">%</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Fixed rate as defined</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">7.0%</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Rate used for calculation (highest of above)</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Amortization period (months)</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">360</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Monthly Payment</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Months in test period</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center"><U>3</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>Debt service:</B></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: windowtext 2.25pt double; padding-bottom: 12pt"><FONT STYLE="text-underline-style: double"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><B>1 Month Eurodollar Rate + Eurodollar Rate <BR>
Margin &amp; Facility Fee</B></TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">1 Month Eurodollar Rate </TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Facility Fee (a)</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Eurodollar Margin (a)</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt">Total</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 12pt">(a) Based on covenant leverage ratio (Maximum Leverage Ratio) grid</TD>
    <TD STYLE="padding-bottom: 12pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Property NOI</B><BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 4%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 30%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 8%; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 3%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: windowtext 1pt solid; text-align: center">Actual</TD>
    <TD NOWRAP STYLE="width: 10%; border-bottom: windowtext 1pt solid; text-align: center">Actual</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">Cost</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">Q_ NOI</TD>
    <TD NOWRAP STYLE="text-align: center">Q_ NOI</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP><U>Name</U></TD>
    <TD NOWRAP><U>City</U></TD>
    <TD NOWRAP><U>State</U></TD>
    <TD NOWRAP STYLE="text-align: center"><U>S.F.</U></TD>
    <TD NOWRAP STYLE="text-align: center"><U>Most Recent </U><BR>
<U>FQ</U></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center"><U>Most Recent </U><BR>
<U>FQ</U></TD>
    <TD NOWRAP STYLE="text-align: center"><U>Same </U><BR>
<U>Quarter </U><BR>
<U>Prior Year</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2"><B>Unencumbered NOI</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Property NOI for the quarter</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="5">Less: Capital Item allowance ($.30 sf/year, including acquisitions)</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>(a)</TD>
    <TD NOWRAP COLSPAN="3"><B>Adjustment for management fees to 3%</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3"><B>Property NOI for the quarter</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="4">Less: New acquisitions (if less than 4 quarters)</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="5">Less: Capital Item allowance ($.30 sf/year, including acquisitions)</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>(a)</TD>
    <TD NOWRAP COLSPAN="3"><B>Adjustment for management fees to 3%</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="3">NOI for Unencumbered Asset Value calculation</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Cap rate per loan agreement</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center">7.0%/7.75%<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 1pt solid; text-align: center">7.0%/7.75%<A HREF="#note_ftn2" NAME="notea_ftnref2" STYLE="font-size: 65%; vertical-align: 35%">2</A></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Value of the Properties:</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Calculated above</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Acquisitions at cost</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD>
    <TD NOWRAP STYLE="text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">Unencumbered Asset Value</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; text-align: center">-</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; text-align: center">-</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2"><B>Encumbered NOI</B></TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP COLSPAN="2">&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP>(a)</TD>
    <TD NOWRAP COLSPAN="8">NOI is net of actual management fees paid, adjustment is to (increase)/decrease fees to 3% level</TD></TR>
</TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">_______________________</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><SUP>5</SUP>7.0% for CBD or Urban Infill Property/7.75% for Suburban
Property</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><SUP>6</SUP>7.0% for CBD or Urban Infill Property/7.75% for Suburban
Property</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Management Fee Calculation</B><A HREF="#note_ftn7" NAME="notea_ftnref7" STYLE="font-size: 65%; vertical-align: 35%"><B>7</B></A><BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="width: 30%; height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 5%; height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%; height: 12.75pt; text-align: center">9 Months</TD>
    <TD NOWRAP STYLE="width: 20%; height: 12.75pt; text-align: center">6 Months</TD>
    <TD NOWRAP STYLE="width: 20%; height: 12.75pt; text-align: center">3 Months</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">Calculation:</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 13.5pt; vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="height: 13.5pt">Total rental revenue for 10-Q</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;</TD></TR>
<TR STYLE="height: 13.5pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">Excluded revenues:</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">Amort - Favorable lease</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">Lease Induce/Rent reduct</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">FASB 13 Revenue</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;Total excluded revenues </TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 13.5pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;Gross revenues </TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="height: 13.5pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">3% of Gross Revenues </TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP COLSPAN="2" STYLE="height: 12.75pt">Less Actual management fees charged:</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 12.75pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 12.75pt">&nbsp;</TD></TR>
<TR STYLE="height: 13.5pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 13.5pt">Adjustment required</TD>
    <TD NOWRAP STYLE="height: 13.5pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="border-top: windowtext 1pt solid; border-bottom: windowtext 2.25pt double; height: 13.5pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><SUP>7</SUP> To be adjusted as appropriate to determine management
fees for the quarter.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>Franklin Street Properties Corp.</B><BR>
<B>Pricing Grid</B><BR>
<B>_________________ [Date]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Applicable
Rate</U>&rdquo; means, from time to time, the following percentages per annum, based upon the Leverage Ratio as set forth in the
most recent compliance certificate received by the Administrative Agent pursuant to Section 6.02(b)(i):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: 100%"><B>Leverage Ratio</B></TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Eurodollar <BR>
Rate Margin and <BR>
Letters of Credit</B></TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Base Rate Margin</B></TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Facility Fee</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; line-height: 100%"><U>&lt;</U> 25%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%; width: 10%">135.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%; width: 44%">35.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">20.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; line-height: 100%">&gt; 25% and <U>&lt;</U> 35%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">140.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">40.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">25.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; line-height: 100%">&gt; 35% and <U>&lt;</U> 45%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">145.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">45.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">30.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; line-height: 100%">&gt; 45% and <U>&lt;</U> 55%</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">165.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">65.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">35.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify; line-height: 100%">&gt; 55% </TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">190.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">90.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">40.0 bps</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 2.15pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If elected in accordance
with the provisions of the definition of &ldquo;Applicable Rate&rdquo; in the Agreement, the Applicable Rate shall be as provided
in the following grid.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 17%; border: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Level</B></TD>
    <TD STYLE="width: 23%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Credit Rating</B></TD>
    <TD STYLE="width: 22%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Eurodollar <BR>
Rate Margin and <BR>
Letters of Credit</B></TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Base Rate Margin</B></TD>
    <TD STYLE="width: 19%; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%"><B>Facility Fee</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">I</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">A-/A3 (or higher)</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">100.0 bps</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">0.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">15.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">II</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">BBB+/Baa1</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">105.0 bps</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">5.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">20.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">III</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">BBB/Baa2</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">120.0 bps</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">20.0 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">25.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">IV</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">BBB-/Baa3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">145.0 bps</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">45.00 bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">30.0 bps</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">V</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">&lt;BBB-/Baa3</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">185.0 bps</TD>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">85.0bps</TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center; line-height: 100%">40.0 bps</TD></TR>
</TABLE>




<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE PROPERTY PORTFOLIO BY DESIGNATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="width: 8%; height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 11%; height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B>Internal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 42%; height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B>Internal</B></FONT></TD>
    <TD NOWRAP STYLE="width: 17%; height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 9%; height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 13%; height: 14.25pt">&nbsp;</TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>Count</U></B></FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>Prop ID</U></B></FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>Property name</U></B></FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>City</U></B></FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>State</U></B></FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black"><B><U>Designation</U></B></FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">1</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">302</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Park Seneca Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Charlotte</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">2</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">305</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Hillview Center Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Milpitas</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">3</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">307</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Forest Park IV LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Charlotte</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">4</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">313</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Centennial Technology Center (a)</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Colorado Springs</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">5</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">314</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Willow Bend Office Center Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">6</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">315</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Meadow Point Corp (a)</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Chantilly</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">7</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">316</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Timberlake (a)</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Chesterfield</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">8</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">318</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Federal Way (a)</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Federal Way</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">WA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">9</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">320</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Northwest Point LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Elk Grove Village</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">IL</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">10</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">321</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Timberlake East (a)</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Chesterfield</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">11</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">324</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Park Ten Phase II Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">12</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">325</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Montague Business Center Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">San Jose</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">13</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">326</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Addison Circle Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Addison</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">14</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">328</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Collins Crossing Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Richardson</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">15</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">329</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Innsbrook Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Glen Allen</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">16</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">330</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 380 Interlocken Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Broomfield</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">17</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">331</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Blue Lagoon Drive Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Miami</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">FL</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">18</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">332</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Eldridge Green Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">19</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">339</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Greenwood Plaza Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Englewood</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">20</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">340</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP River Crossing LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Indianapolis</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">IN</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">21</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">341</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Park Ten Development Corp.</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">22</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">345</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Liberty Plaza Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Addison</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">23</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">346</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP One Overton Park LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">24</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">349</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 390 Interlocken LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Broomfield</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">25</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">350</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP East Baltimore Street LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Baltimore</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MD</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">26</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">354</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Lakeside Crossing I LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Maryland Heights</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">27</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">355</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Dulles Virginia LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Dulles</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">28</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">356</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 4807 Stonecroft Boulevard LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Chantilly</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">VA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">29</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">357</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Eden Bluff Corporate Center I LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Eden Prairie</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MN</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">30</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">362</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 121 South Eighth Street LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Minneapolis</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">MN</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">31</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">364</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Emperor Boulevard Limited Partnership</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Durham</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">NC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">32</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">365</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Legacy Tennyson Center LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">33</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">366</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP One Legacy Circle LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Plano</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">34</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">367</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 909 Davis Street LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Evanston</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">IL</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">35</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">368</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 1410 East Renner Road LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Richardson</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Suburban</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">36</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">369</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP One Ravinia Drive LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">37</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">370</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP Westchase&nbsp;&nbsp;LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Houston</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">TX</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">Urban Infill</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">38</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">371</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 1999 Broadway LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Denver</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CO</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">39</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">372</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">FSP 999 Peachtree Street LLC</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">Atlanta</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">GA</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt; font-size: 11pt; text-align: center"><FONT STYLE="font: 11pt Cambria,serif; color: black">CBD</FONT></TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD></TR>
<TR STYLE="height: 14.25pt; vertical-align: bottom">
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="height: 14.25pt; font-size: 11pt"><FONT STYLE="font: 11pt Cambria,serif; color: black">(a) Owned directly by FSP; all others are subsidiaries of FSP</FONT></TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD>
    <TD NOWRAP STYLE="height: 14.25pt">&nbsp;</TD></TR>
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