LOAN
MODIFICATION AGREEMENT

This
Loan  Modification  Agreement (this  Agreement) is made as this 30th day of
June,  2006, by and between  FT-FIN  ACQUISITION LLC, a Delaware limited  liability
company having an address c/o Winthrop Realty Trust, 7 Bulfinch  Place,  Suite 500, P.O.
Box 9507,  Boston,  Massachusetts  02114 (the  Borrower),  KEYBANK  NATIONAL
ASSOCIATION,  a  national banking association,  having an address at 127 Public Square,
Cleveland,  Ohio 44114, NEWSTAR CP FUNDING LLC,  a Delaware limited liability company (Newstar),
having an address c/o Newstar Financial,  Inc., 500 Boylston Street,  Suite 1600,
Boston,  MA 02116,  and the other lending  institutions  which are, or may become Lenders
pursuant to the  Loan Agreement (as hereinafter  defined) (singly and  collectively,  the
Lenders),  KEYBANK NATIONAL  ASSOCIATION,  a  national  banking  association,
with a place of business at 127 Public  Square,  Cleveland,  Ohio 44114,  as agent for
itself  and such  other  lending  institutions  (the  Agent),  and  KEYBANC
CAPITAL  MARKETS,  as the  Arranger,  in  consideration of the mutual covenants contained
herein and the benefits to be derived herefrom:

W I T N E
S S E T H:

WHEREAS,
the Borrower  entered  into a certain loan  arrangement  with Lenders for a loan (the
Loan),  the  proceeds  of which were used to assist  the  Borrower  with its
acquisition  of certain  assets  from  Finova  Capital  Corporation and certain related
entities  consisting of a portfolio of sixteen (16) owned or leased properties,  to pay
certain  closing and  transactional  costs as approved by the Agent and to provide
funding for a working capital of the  Borrower and its  Subsidiaries,  which Loan was
evidenced by certain documents and instruments dated as of November 18,  2004, which
documents and instruments include, without limitation, the following:

| | 1. | That
certain Loan Agreement by and among Borrower,  Lenders,  Agent and the Arranger (the
Loan Agreement) in  connection with the Loan;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------

| | 2. | That
certain  Promissory  Note made by the Borrower  payable to Agent on behalf of the Lenders
in the original  principal amount of $45,000,000.00 (the Keybank Note);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | That
certain  Promissory  Note made by the  Borrower  payable  Newstar in the  original
principal  amount of  $8,000,000.00 (the Newstar Note);
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | That
certain  Guaranty by  FT-Orlando  Property  LLC, a Delaware  limited  liability  company
(the  Orlando  Guarantor) in favor of Agent on behalf of Lenders (the Orlando
Guaranty);
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | That
certain  Guaranty by FT-Fin GP LLC, a Delaware  limited  liability  company (the FT-Fin
Guarantor)  in  favor of Agent on behalf of Lenders (the FT-Fin Guaranty);
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | That
certain  Guaranty  by  FT-Churchill  Property  L.P.,  a Delaware  limited  partnership
(the  Churchill  Guarantor) in favor of Agent on behalf of Lenders (the Churchill
Guaranty);
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

| | 7. | That
certain  Open-End  Leasehold  Mortgage and Security  Agreement  from the Churchill
Guarantor in favor of  Agent on behalf of Lenders (the Churchill Mortgage);
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 8. | That
certain  Leasehold  Mortgage  and  Security  Agreement  from the Orlando  Guarantor in
favor of Agent on  behalf of Lenders (the Orlando Mortgage);
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | That
certain  Collateral  Assignment if Leases and Rents from the Churchill  Guarantor in
favor of Lender with  respect to the Churchill Property (the Churchill Assignment);
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 10. | That
certain  Collateral  Assignment  if Leases and Rents from the Orlando  Guarantor in favor
of Lender with  respect to the Orlando Property (the Orlando Assignment);
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11. | That
certain  Guaranty by  Winthrop  Realty  Trust,  formerly  known as First  Union Real
Estate  Equity and  Mortgage  Investments,  an Ohio business trust (the FU Guarantor;
the FU Guarantor,  together with  the  Orlando  Guarantor,  the  FT-Fin  Guarantor  and
the  Churchill  Guarantor,  individually  and  collectively,  the  Guarantor)
in favor of Agent on  behalf  Lenders  (the FU  Guaranty;  the FU  Guaranty,
together  with the Orlando  Guaranty,  the FT-Fin  Guaranty  and the  Churchill
Guaranty,  collectively, the Guaranty);
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12. | That
certain Ownership Interest Pledge and Security Agreement among Borrower and Agent on
behalf of Lenders;
| | --- | ------------------------------------------------------------------------------------------------------------

| | 13. | That
certain Indemnity Agreement Regarding Hazardous Materials among Borrower, Agent and
Lenders;
| | --- | -------------------------------------------------------------------------------------------------

| | 14. | That
certain Collateral Assignment of Protected Interest Rate Agreement among Borrower, Agent
and Lenders;
| | --- | ----------------------------------------------------------------------------------------------------------

| | 15. | That
certain Cash Management Agreement among Borrower, Agent and certain Other Parties listed
therein;
| | --- | --------------------------------------------------------------------------------------------------------

| | 16. | That
certain  Depository  Account and Pledge  Agreement  among  Borrower,  Agent and Agent and
certain  Other  Parties listed therein;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------

| | 17. | That
certain Security Agreement (All Assets) by and between Agent and Lenders;
| | --- | ------------------------------------------------------------------------------

(the
above-referenced  loan  documents,  together with all other  documents and  instruments
evidencing the Loan are  hereinafter referred to collectively as the Loan Documents;
unless otherwise defined herein,  capitalized terms used  herein shall have the meanings
set forth in the Loan Agreement).

WHEREAS,
simultaneously  herewith (i) the Keybank Note has been amended and restated pursuant to
that certain  Amended and Restated  Promissory Note dated the date hereof in the original
principal  amount of  $48,000,000.00  (the  Keybank Amended Note, of which
amount  $20,000,000.00 has been assigned to certain funds of Eaton Vance) and (ii) the
Newstar Note has been amended and restated  pursuant to that  certain  Amended and
Restated  Promissory  Note dated the  date hereof in the original principal amount of
$25,000,000.00 (the Newstar Amended Note);

- 2 -



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WHEREAS,
simultaneously  herewith the (i)  Churchill  Mortgage and (ii) the Churchill  Assignment,
are being  amended by that certain First Amendment to Open-End Leasehold  Mortgage,
Security Agreement and Collateral  Assignment  of Leases and Rents of even date herewith
among Borrower and Agent on behalf of Lenders;

WHEREAS,
simultaneously  herewith the (i) Orlando  Mortgage and (ii) Orlando  Assignment are being
amended by  that certain First Amendment to Leasehold  Mortgage,  Security Agreement and
Collateral  Assignment of Leases and Rents  of even date herewith among Borrower and
Agent on behalf of Lenders; and

WHEREAS,
the Borrower has requested that the certain  amendments and  modifications to the Loan
Documents and  the Agent and Lenders have so agreed, subject to the terms and conditions
set forth herein.

NOW,
THEREFORE, it is agreed by and between the Agent, Lenders and the Borrower as follows:

| | 1. | Outstanding
Balances.  The Borrower, Agent and the Lenders agree that the outstanding amounts due
under the  Loan Documents as of and including June 29, 2006 are as follows:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Principal | $
51,022,130.11
| | --------- | ---------------

| | Interest | $
381,957.33
| | -------- | ------------

| | 2. | Amount
of Loan.  The total  amount of the Loan is hereby  amended to be increased  to
$73,000,000.00  and all  references  in the Loan  Documents  to a loan in the  amount  of
Fifty  Three  Million  and  00/100  Dollars or  $53,000,000.00 shall
be deleted in their  entirety and replaced with  Seventy  Three  Million and 00/100
Dollars or  $73,000,000.00.  The Lenders  agree to advance to the
Borrower the  difference  ("the  "Additional  Advances")  between  such
increased  Loan  amount  and  the  current  principal  balance of the Loan, a portion of
which Additional  Advances shall be paid directly to the  holders of the  Mortgage  Debt
to repay such  Mortgage  Debt in full,  with the  balance to pay other  closing and
related costs of the Borrower, upon the following terms and conditions:
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | i. | No
Default or Event of Default shall have occurred and be continuing as of the date of the
proposed  Additional Advances;
| | -- | -------------------------------------------------------------------------------------------------------------------------

| | ii. | The
Borrower remains in compliance with the various conditions set forth in Section 5.1
through 5.19 of the  Loan Agreement;
| | --- | ----------------------------------------------------------------------------------------------------------------------------

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| | iii. | The
Borrower is in compliance with the Financial Covenants and shall remain in pro forma
compliance with the  Financial Covenants after giving effect to the Additional Advances;
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | iv. | The
Additional Advances will be advanced on no more than two (2) occasions; and
| | --- | -------------------------------------------------------------------------------

| | v. | The
Borrower has supplied the Agent with satisfactory payoff letters with respect to the
Mortgage Debt being  repaid.
| | -- | ---------------------------------------------------------------------------------------------------------------------

| | 3. | Notes.
All references in the Loan Document to Note or Notes shall mean
collectively the Keybank Amended  Note (in which the Eaton Vance Funds hold an aggregate
$20,000,000.00 interest) and the Newstar  Amended Note.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4.
  Maturity Date. All references to November 18, 2007 as the Maturity
  Date in the Loan Documents shall be deleted and replaced with the following
  date: June 30, 2009.

5.
  First Extended Term. All references to November 18, 2008
  as the First Extended Term in the Loan Documents shall be deleted and replaced
  with the following date: June 30, 2010.

6.
  Second Extended Term. All references to November 18, 2009
  as the Second Extended Term in the Loan Documents shall be deleted and replaced
  with the following date: June 30, 2011.

7.
  Principal Payments. Section 2.5.1 of the Loan Agreement is hereby deleted
  and shall be replaced by the following:

2.5.1.
In  addition  to any other  principal  payments  required  hereunder,  the  Borrower
shall  make the  following principal payments under the Loan:

(i)
On August 1, 2006, a principal payment of $458,437.00;

(ii)
On September 29, 2006, a principal payment of $1,071,675.00;

(iii)
On November 1, 2006, a principal payment in the amount of $466,127.00;

(iv)
On the first day of each quarter  commencing April 1, 2007 and the first day of each
quarter  thereafter,  a principal payment in the amount of $305,556.00.

8. Extension Requirements. In addition to the requirements set forth in the Loan Agreement,
in order to qualify for any extension of the Maturity Date, the Borrower acknowledges and
agrees that in the event that the projected Debt Service Coverage (based solely on income
from leases in full force and effect which have an expiration date beyond the Second
Extended Maturity Date, and an assumed annual debt service constant payment of 7.5% of
the outstanding balance of the Loan as of the applicable Maturity Date) is less than 1.45
to 1.0, or if the Borrower is not evidencing such a 1.45 to 1.0 Debt Service Coverage
(calculated as set forth above) on any Calculation Date during any Extended Term, the
Borrower shall pledge to the Agent cash collateral, as security for Obligations, in
amount equal to the amount by which such projected income is less than the amount
necessary to produce a 1.45 to 1.0

- 4 -



---

Debt Service
Coverage  (calculated  as set forth above).  The Borrower shall take all such action and
execute all such  documents  as the Agent may  require in order to vest,  perfect  and
confirm  any pledge of cash  collateral  required  hereunder.  In  addition,  if such
1.45 to 1.0 Debt  Service  Coverage  is not met in  connection  with any  requested
extension,  the Agent  shall  have the  right to  obtain,  at the  Borrower's  expense,
appraisals  of the  Individual  Properties.

9. Collateral. Without limiting any other term or condition of the Loan Agreement, the
Borrower expressly acknowledges and confirms the requirements of Section 7.22 of the Loan
Agreement with respect to the future collateral rights of the Agent relating to any
Individual Property which is or becomes free of any Debt.

10. Commitment Fee. In connection with the execution of this Agreement, the Borrower agrees
to pay to the Agent the upfront fee agreed to between the Agent and the Borrower.

11. Due Diligence. Agent shall have received and completed a review of such due diligence as
the Agent may require with respect to any Individual Property, including, without
limitation:

| | a)
For the Churchill Property, a title date down endorsement with respect to the existing
title insurance  policy in favor of Agent
| | -----------------------------------------------------------------------------------------------------------------------------------

| | b)
Title update reports for each other Individual Property ; and
| | ----------------------------------------------------------------

| | c)
The other items listed on the closing agenda provided by the Agent.
| | ----------------------------------------------------------------------

| | 12. | Financial
Covenants.
| | --- | --------------------

| | i. | The
definition of Consolidated Debt Service in Section 7.28(a)(viii) is hereby
deleted in its entirety and  shall be replaced by the following:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------

| | ""Consolidated
Debt Service" shall mean (A) the sum of the aggregate actual principal and  interest
paid or payable respecting all Debt of the Borrower and the Borrowers  Subsidiaries
(but excluding, for the purposes of this definition, debt service with respect  any
Mandatory Principal Prepayments), on a consolidated basis, during the Calculation  Period
less (B) with respect to interest payments required with respect to the Loan, the  amount
paid to the Borrower or the Agent pursuant to any Interest Rate Protection Agreement
relating to interest due during the subject Calculation Period."
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ii. | The
text 1.15:1 in Section 7.28.1(b) of the Loan Agreement shall be deleted and
replaced with 1.35:1.
| | --- | ---------------------------------------------------------------------------------------------------------

| | iii. | Section
7.28.1(c) of the Loan Agreement is hereby deleted.
| | ---- | ----------------------------------------------------------

- 5 -



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| | iv. | The
text  $40,000,000.00 in  Section  7.28.4 to the Loan  Agreement  shall be
deleted  and  replaced  with  $25,000,000.00.
| | --- | -------------------------------------------------------------------------------------------------------------------------------

13. Notices. The addresses of Keybank National Association as Lender and as Agent in Section 14.1 of the Loan Agreement, and where such addresses may appear in the Loan Documents, shall be deleted in their entirety and replaced by the following text in their place and stead:

| | KEYBANK NATIONAL ASSOCIATION 
      225 Franklin Street, 18th Floor 
      Boston, Massachusetts 02110 
      Attention: Mr. Jeffry M. Morrison 
      FAX Number: (617) 385-6293
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14.
      LIBOR Rate  Margin.  The  definition  of LIBOR  Rate  Margin in the Loan
Agreement  shall be deleted in its  entirety  and  replaced  with the  following  text in
its place and  stead:  One and three  quarters  percent  (1.75%)  (175 basis
points) per annum.

15.
      Prime Rate  Margin.  The  definition  of Prime  Rate  Margin in the Loan
Agreement  shall be deleted in its  entirety and replaced with the following text in its
place and stead:  Zero percent (0%) per annum.

16. Exhibit  ALA.  Exhibit  ALA is hereby  deleted in its  entirety  and shall be  replaced
by Exhibit ALA annexed  hereto.

17.
      Commitment  Percentages.  Exhibit I to the Loan  Agreement  shall be deleted in its
entirety and replaced with  the following text in its place and stead:

| | Keybank National Association | 38.356%
| | ----------------------------- | -------

| | EatonVance (aggregate via assignment and acceptance) | 27.397%
| | ---------------------------------------------------- | -------

| | NEWSTARCP FUNDING LLC | 34.247%
| | --------------------- | -------

18.
      Fees.  Upon the  execution  hereof,  the  Borrower  shall pay to the Agent all costs and
expenses of the Agent  and Lenders in connection with this Agreement  including,  without
limitation,  legal fees and expenses incurred by the  Agent and the Lenders.

19.
      Additional  Advance Funding.  It is the Borrower's and FU Guarantor's  intent that the
Additional  Advances be  funded,  and the  outstanding  Mortgage  Debt be repaid in full,
by  October  31,  2006.  In the event the  Additional  Advances are not made and the
Mortgage Debt is not repaid by that date, then:

| | i. | The
LIBOR Rate Margin shall increase to two and one half percent (2.5%), and the Prime Rate
Margin shall  increase to three quarters of one percent (.75%),
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

- 6 -



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| | ii. | A
pro rata amount (based on the total amount of principal actually funded (including the
current outstanding  principal balance) to the Borrower to the available amount of
$73,000,000) of the  commitment fees paid by the Borrower in connection with this Loan
Modification Agreement  shall be refunded to the Borrower.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20.
      Representations,  Warranties  and Covenants.  The Borrower  hereby  represents,  warrants
and covenants to the  Agent and Lenders as follows:

| | i. | The
execution  and delivery of this  Agreement by the Borrower,  and the  performance  by the
Borrower of its  obligations and agreements under this Agreement,  are within the
organizational authority of  the  Borrower,  have been duly  authorized by all necessary
organizational  proceedings  on  behalf of the Borrower,  and do not and will not
contravene  any provision of law,  statute,  rule or  regulation  to which the  Borrower
is subject or its  charter,  other  organization  papers,  or any provision or any
amendment  thereof or of any agreement or other  instrument  binding upon the Borrower.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ii. | This
Agreement,  and all other documents,  instruments and agreements relating thereto, as
same may be amended  hereby, constitute the legal, valid and binding obligations of the
Borrower,  enforceable in  accordance with their  respective  terms except as such may be
limited by the application of  bankruptcy,  moratorium,  reorganization  and other laws
affecting  the rights of creditors  generally or by general equitable principles.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | iii. | The
representations  and  warranties  made by the Borrower in the Loan  Documents are true
and correct in all  material  respects on and as of the date of this  Agreement as though
made at and as of such  date (except to the extent that such  representations and
warranties  expressly relate to an  earlier date and except to the extent that
variations  therefrom  are  permitted  under the  terms of the Loan  Documents or have
otherwise been approved in writing by the Agent and the  Lenders).  Except as  previously
disclosed  to the Agent in writing,  no  material  adverse  change has occurred in the
assets, liabilities,  financial condition,  business or prospects  of the Borrower.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | iv. | The
Borrower  has  performed  and  complied in all material  respects  with all terms and
conditions  herein  required to be  performed or complied  with by the Borrower  prior to
or at the time hereof,  and no Event of Default has occurred and is continuing under the
Loan Documents.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | v. | The
Borrower has read and  understands  each of the terms and  conditions  of this  Agreement
and is entering  into this Agreement freely and voluntarily,  without duress, after
having had an opportunity  for  consultation  with independent  counsel of its own
selection,  and not in reliance upon  any  representations,  warranties,  or agreements
made by the Agent and the Lenders and not  set forth in this Agreement.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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21. Conditions  to  Effectiveness.  This  Agreement  shall not  become  effective  unless
and  until  each of the  following  conditions  precedent  has been  fulfilled,  all as
determined  by the Agent and the  Lenders in their sole  discretion (unless waived by the
Agent and the Lenders in writing):

| | i. | This
Agreement,  and all documents,  instruments  and agreements  required  hereunder or
related hereto shall  have been executed by the  appropriate  parties and original
counterpart  signatures  shall  have been delivered to the Agent on behalf of the Lenders.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ii. | All
actions on the part of the Borrower  necessary for the valid  execution,  delivery and
performance of the  terms of this  Agreement  shall have been duly and  effectively
taken and evidence  thereof  satisfactory  to the Agent and to the  Lenders  shall  have
been  provided  to the Agent on  behalf of the Lenders
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | iii. | The
Borrower  shall  have paid to the  Agent on behalf of the  Lenders  in  immediately
available  funds all  amounts required to be paid by the Borrower upon the execution of
this Agreement.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

22.
      Waiver of Claims.  The Borrower hereby  acknowledges  and agrees that it does not have
any offsets,  defenses,  claims,  or  counterclaims  against the Agent or any of the
Lenders or any of their  respective  affiliates,  or their  respective officers,
directors,  employees,  affiliates,  attorneys,  representatives,  predecessors,
successors,  or  assigns with  respect to the Loan  Documents,  or  otherwise,  and that
if the Borrower now has, or ever did have,  any  such offsets,  defenses,  claims,  or
counterclaims  against the Agent or any of the Lenders or any of their respective
affiliates, or their respective officers, directors, employees, affiliates, attorneys,
representatives,  predecessors,  successors,  or assigns,  whether known or unknown,  at
law or in equity,  from the beginning of the world through this  date and through the
time of execution of this Agreement,  all of them are hereby  expressly  WAIVED,  and the
Borrower  hereby RELEASES the Agent and the Lenders and their respective  affiliates,
and their respective officers,  directors,  employees, affiliates, attorneys,
representatives, predecessors, successors, and assigns from any liability therefor.

23.
Miscellaneous.

| | i. | This
Agreement shall be binding upon the Borrower,  the Agent and the Lenders and their
respective  successors  and assigns and shall enure to the benefit of the Agent,  the
Lenders and the  Borrower  and  their respective successors and assigns.
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ii. | Except
as amended  hereby,  the Loan  Documents  shall remain in full force and effect and are
in all respects  hereby ratified and affirmed.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------

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| | iii. | The
execution of this  Agreement and  acceptance of any documents  related  hereto shall not
be deemed to be a  waiver of any breach,  default or Event of Default under the Loan
Documents,  whether or not  known  to the  Agent or to the  Lenders  and  whether  or not
existing  on the date of this  Agreement.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | iv. | Any
determination  that any provision of this Agreement or any application  thereof is
invalid,  illegal,  or  unenforceable  in any respect in any instance  shall not affect
the validity,  legality,  or  enforceability  of such  provision in any other  instance,
or the  validity,  legality,  or  enforceability of any other provision of this Agreement.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | v. | Except
as  otherwise  expressly  provided  for in this  Agreement or in the other  agreements
being  executed  contemporaneously  herewith,  all  of the  terms,  conditions  and
provisions  of the  Loan  Documents  shall  remain the same.  The  Borrower  shall
continue to comply with all of the  terms  and  conditions  of the Loan  Documents,  as
modified  hereby  or  contemporaneously  herewith.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | vi. | All
rights and obligations hereunder,  including matters of construction,  validity, and
performance, shall be  governed by and construed in accordance with the law of the
Commonwealth  of  Massachusetts  and are intended to take effect as sealed instruments.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | vii. | The
captions of this  Agreement are for  convenience  purposes  only,  and shall not be used
in construing the  intent of the parties to this Agreement.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | viii. | This
Agreement may be executed in several  counterparts and by each party on a separate
counterpart,  each of  which when so executed and delivered  shall be an original,  and
all of which together shall  constitute one instrument.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

[Remainder of
Page Intentionally Left Blank]

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IN
WITNESS WHEREOF this Agreement has been duly executed and delivered as a sealed
instrument as of the date  first written above.

|BORROWER: | FT-FIN ACQUISITION LLC, a Delaware limited liability company    
|--------- | ----------------------------------------------------------------
|          |                                                                 
|          | By:                                                             
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|AGENT:    | KEYBANK NATIONAL ASSOCIATION,
a national banking association    
|          |                                                                 
|          | By:                                                             
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|LENDER:   | KEYBANK NATIONAL ASSOCIATION,
a national banking association    
|          |                                                                 
|          |                                                                 
|          | By:                                                             
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          | NEWSTAR CP FUNDING LLC, a Delaware
    limited liability company
|          |                                                                 
|          |                                                                 
|          | By:                                                             
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 
|          |                                                                 

S1



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Guarantor
joins in the  execution to this  Agreement to (i) consent to the terms hereof,  (ii)
represent and  warrant  that as of the date  hereof  there  exist no  offsets,
counterclaims  or  defenses  with  respect to the Loan  Documents,  or the  Guaranty  and
(iii)  reaffirm its  obligations  under the Guaranty as modified by the  Modification
Agreement.

| | GUARANTOR:                                                              
| | ------------------------------------------------------------------------
| |                                                                         
| | FT-ORLANDO PROPERTY LLC,
      
    a Delaware limited liability company
| |                                                                         
| | By:                                                                     
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| | FT-FIN GP LLC, a Delaware limited liability company                     
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| |                                                                         
| | FT-CHURCHILL PROPERTY L.P.,
a Delaware limited partnership              
| |                                                                         
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| | WINTHROP REALTY TRUST                                                   
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