Exhibit
10.12


 


4411 The 25 Way

4420 The 25 Way

Albuquerque, NM


PURCHASE AND SALE AGREEMENT


 


 


by and between


 


 


HUB PROPERTIES TRUST,


 


 


as Seller,


 


 


and


 


 


SENIOR HOUSING PROPERTIES TRUST,


 


 


as Purchaser


 


 






 


 


November 12, 2010


 

















 


TABLE OF CONTENTS


 


	
   

  	
   

  	
  Page

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title Policy

  	
  2

  
	
  1.7

  	
  Improvements

  	
  2

  
	
  1.8

  	
  Land

  	
  2

  
	
  1.9

  	
  Leases

  	
  2

  
	
  1.10

  	
  Other Property

  	
  2

  
	
  1.11

  	
  Permitted Exceptions

  	
  2

  
	
  1.12

  	
  Property

  	
  2

  
	
  1.13

  	
  Purchase Price

  	
  2

  
	
  1.14

  	
  Purchaser

  	
  3

  
	
  1.15

  	
  Rent Roll

  	
  3

  
	
  1.16

  	
  Seller

  	
  3

  
	
  1.17

  	
  Title Company

  	
  3

  
	
  1.18

  	
  Update

  	
  3

  
	
  SECTION 2.

  	
  PURCHASE AND SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  3

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  4

  
	
  3.1

  	
  Title

  	
  4

  
	
  3.2

  	
  No Other Diligence

  	
  4

  
	
  SECTION 4.

  	
  CONDITIONS TO THE PURCHASER’S
  OBLIGATION TO CLOSE

  	
  5

  
	
  4.1

  	
  Closing Documents

  	
  5

  
	
  4.2

  	
  Title Policy

  	
  6

  
	
  4.3

  	
  Environmental Reliance Letters

  	
  6

  
	
  4.4

  	
  Condition of Property

  	
  6

  
	
  4.5

  	
  Other Conditions

  	
  6

  
	
  SECTION 5.

  	
  CONDITIONS TO SELLER’S OBLIGATION
  TO CLOSE

  	
  6

  
	
  5.1

  	
  Purchase Price

  	
  6

  
	
  5.2

  	
  Closing Documents

  	
  7

  
	
  5.3

  	
  Other Conditions

  	
  7

  
	
  SECTION 6.

  	
  REPRESENTATIONS AND WARRANTIES OF
  SELLER

  	
  7

  
	
  6.1

  	
  Status and Authority of the Seller

  	
  7

  
	
  6.2

  	
  Action of the Seller

  	
  7

  
	
  6.3

  	
  No Violations of Agreements

  	
  7

  
	
  6.4

  	
  Litigation

  	
  7

  
	
  6.5

  	
  Existing Leases, Etc.

  	
  8

  
	
  6.6

  	
  Agreements, Etc.

  	
  9

  
	
  6.7

  	
  Not a Foreign Person

  	
  9

  
	
  SECTION 7.

  	
  REPRESENTATIONS AND WARRANTIES OF
  PURCHASER

  	
  10

  



 

















 


	
  7.1

  	
  Status and Authority of the Purchaser

  	
  10

  
	
  7.2

  	
  Action of the Purchaser

  	
  10

  
	
  7.3

  	
  No Violations of Agreements

  	
  11

  
	
  7.4

  	
  Litigation

  	
  11

  
	
  SECTION 8.

  	
  COVENANTS OF THE SELLER

  	
  11

  
	
  8.1

  	
  Approval of Agreements

  	
  11

  
	
  8.2

  	
  Operation of Property

  	
  12

  
	
  8.3

  	
  Compliance with Laws, Etc.

  	
  12

  
	
  8.4

  	
  Compliance with Agreements

  	
  12

  
	
  8.5

  	
  Notice of Material Changes or Untrue Representations

  	
  12

  
	
  8.6

  	
  Insurance

  	
  12

  
	
  8.7

  	
  Approval of 2011 Capital Expenditure Budget

  	
  12

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  12

  
	
  9.1

  	
  Real Property Apportionments

  	
  12

  
	
  9.2

  	
  Closing Costs

  	
  15

  
	
  SECTION 10.

  	
  DAMAGE TO OR CONDEMNATION OF
  PROPERTY

  	
  16

  
	
  10.1

  	
  Casualty

  	
  16

  
	
  10.2

  	
  Condemnation

  	
  16

  
	
  10.3

  	
  Survival

  	
  17

  
	
  SECTION 11.

  	
  DEFAULT

  	
  17

  
	
  11.1

  	
  Default by the Seller

  	
  17

  
	
  11.2

  	
  Default by the Purchaser

  	
  17

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  18

  
	
  12.1

  	
  Allocation of Liability

  	
  18

  
	
  12.2

  	
  Brokers

  	
  18

  
	
  12.3

  	
  Publicity

  	
  18

  
	
  12.4

  	
  Notices

  	
  18

  
	
  12.5

  	
  Waivers, Etc.

  	
  20

  
	
  12.6

  	
  Assignment; Successors and Assigns

  	
  20

  
	
  12.7

  	
  Severability

  	
  21

  
	
  12.8

  	
  Counterparts Complete Agreement, Etc.

  	
  21

  
	
  12.9

  	
  Performance on Business Days

  	
  21

  
	
  12.10

  	
  Attorneys’ Fees

  	
  21

  
	
  12.11

  	
  Section and Other Headings

  	
  22

  
	
  12.12

  	
  Time of Essence

  	
  22

  
	
  12.13

  	
  Governing Law

  	
  22

  
	
  12.14

  	
  Arbitration

  	
  22

  
	
  12.15

  	
  Like Kind Exchange

  	
  23

  
	
  12.16

  	
  Recording

  	
  23

  
	
  12.17

  	
  Non-liability of Trustees of Seller

  	
  23

  
	
  12.18

  	
  Non-liability of Trustees of Purchaser

  	
  24

  
	
  12.19

  	
  Waiver and Further Assurances

  	
  24

  



 


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PURCHASE AND SALE AGREEMENT


 


THIS PURCHASE AND SALE AGREEMENT is made as of November 12,
2010, by and between HUB PROPERTIES TRUST,
a Maryland real estate investment trust (the “Seller”), and SENIOR HOUSING PROPERTIES TRUST, a Maryland
real estate investment trust (the “Purchaser”).


 


WITNESSETH:


 


WHEREAS, the Seller is the owner of
the Property (this and other capitalized terms used and not otherwise defined
herein shall have the meanings given such terms in Section 1); and


 


WHEREAS, the Seller wishes to sell
to the Purchaser, and the Purchaser desires to purchase from the Seller, the
Property, subject to and upon the terms and conditions hereinafter set forth;


 


NOW, THEREFORE, in consideration of the
mutual covenants herein contained and other good and valuable consideration,
the mutual receipt and legal sufficiency of which are hereby acknowledged, the
Seller and the Purchaser hereby agree as follows:


 


SECTION 1.                                  DEFINITIONS.


 


Capitalized terms used in this Agreement shall have the
meanings set forth below or in the section of this Agreement referred to below:


 


1.1                            “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.


 


1.2                            “Business Day”  shall mean any day other than a Saturday, Sunday
or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.


 


1.3                            “Closing”  shall have the meaning given such term in Section 2.2.


 


1.4                            “Closing Date”  shall have the meaning given such term in Section 2.2.


 


1.5                            “Existing Survey”  shall mean the existing ALTA survey of the
Property.


 

















 


1.6                            “Existing Title Policy”  shall mean, the existing title insurance
policy for the Property.


 


1.7                            “Improvements”  shall mean, the Seller’s entire right, title
and interest in and to the existing office buildings, fixtures and other
structures and improvements situated on, or affixed to, the Land.


 


1.8                            “Land”  shall mean, the Seller’s entire right, title
and interest in and to (a) the parcel(s) of land described in Schedule
A hereto, together with (b) all easements, rights of way, privileges,
licenses and appurtenances which the Seller may own with respect thereto.


 


1.9                            “Leases”  shall mean the leases identified in the Rent
Roll and any other leases hereafter entered into in accordance with the terms
of this Agreement.


 


1.10                    “Other Property”  shall mean the Seller’s entire right, title
and interest in and to (a) all fixtures, machinery, systems, equipment and
items of personal property owned by the Seller and attached or appurtenant to,
located on and used in connection with the ownership, use, operation or
maintenance of the Land or Improvements, if any, and (b) all intangible
property owned by the Seller arising from or used in connection with the
ownership, use, operation or maintenance of the Land or Improvements, if any.


 


1.11                    “Permitted Exceptions”  shall mean, collectively, (a) liens for
taxes, assessments and governmental charges not yet due and payable or due and
payable but not yet delinquent; (b) the Leases; (c) the exceptions to
title set forth in the Existing Title Policy; (d) all matters shown on the
Existing Survey, and (e) such other nonmonetary encumbrances with respect
to the Property as may be shown on the Update which are not objected to by the
Purchaser (or which are objected to, and subsequently waived, by the Purchaser)
in accordance with Section 3.1.


 


1.12                    “Property”  shall mean, collectively, all of the Land,
the Improvements and the Other Property.


 


1.13                    “Purchase Price”  shall mean Thirty-Three Million Four Hundred
Twenty-Nine Thousand Seven Hundred Fifty Dollars ($33,429,750).


 


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1.14                    “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.


 


1.15                    “Rent Roll”  shall mean Schedule B to this Agreement.


 


1.16                    “Seller”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.


 


1.17                    “Title Company”  shall mean Stewart Title Guaranty Company.


 


1.18                    “Update”  shall have the meaning given such term in Section 3.1.


 


SECTION 2.                                  PURCHASE
AND SALE; CLOSING.


 


2.1                            Purchase
and Sale.  In consideration of the payment of the
Purchase Price by the Purchaser to the Seller and for other good and valuable
consideration, the Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from the Seller, the Property for the
Purchase Price, subject to and in accordance with the terms and conditions of
this Agreement.


 


2.2                            Closing.  The purchase and sale of the Property shall
be consummated at a closing (the “Closing”) to be held at the offices of
Sullivan & Worcester LLP, One Post Office Square, Boston,
Massachusetts, or at such other location as the Seller and the Purchaser may
agree, at 10:00 a.m., local time, on June 30, 2011, as the same may
be accelerated or extended by agreement of the parties (the “Closing Date”).


 


2.3                            Purchase
Price.


 


(a)                       At Closing, the Purchaser
shall pay the Purchase Price to the Seller, subject to adjustment as provided
in Article 9.


 


(b)                      The Purchase Price, as
adjusted as provided herein, shall be payable by wire transfer of immediately
available funds on the Closing Date to an account or accounts to be designated
by the Seller.


 


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SECTION 3.                                  TITLE, DILIGENCE MATERIALS, ETC.


 


3.1                            Title.  Prior to the execution of this Agreement, the
Seller has delivered the Existing Title Policy and the Existing Survey to the
Purchaser.


 


Within ten (10) days after the execution hereof,
the Purchaser shall order an update to the Existing Title Policy (an “Update”)
from the Title Company.  The Purchaser shall
deliver to the Seller a copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set
forth on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser
shall make any such election by written notice to the  Seller given on or prior to the fifth (5th) Business Day after the
Seller’s notice of its unwillingness or inability to cure (or deemed election
not to cure) such defect and time shall be of the essence with respect to the
giving of such notice.  Failure of the
Purchaser to give such notice shall be deemed an election by the Purchaser to
proceed in accordance with clause (ii) above.


 


3.2                            No Other
Diligence.  The
Purchaser
acknowledges that, except as provided in Section 3.1, (i) the
Purchaser has had the opportunity to fully investigate and inspect the physical
and environmental condition of the Property, and to review and analyze all
title examinations, surveys, environmental assessment reports, building
evaluations, financial data and other investigations and materials pertaining
to the Property which the Purchaser deems necessary to determine the
feasibility of the Property and its decision to acquire the Property, (ii) 


 


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the Purchaser shall not be conducting any further title
examinations, surveys, environmental assessments, building evaluations,
financial analyses or other investigations with respect to the Property, and (iii) the
Purchaser shall not have any right to terminate this Agreement as a result of
any title examinations, surveys, environmental assessments, building
valuations, financial analyses or other investigations with respect to the
Property.


 


SECTION 4.                                  CONDITIONS
TO THE PURCHASER’S OBLIGATION TO CLOSE.


 


The obligation of the Purchaser to acquire the Property
shall be subject to the satisfaction of the following conditions precedent on
and as of the Closing Date:


 


4.1                            Closing
Documents.  The Seller shall have delivered,
or cause to have been delivered, to the Purchaser the following:


 


(a)                       (i) A good and
sufficient deed in the form attached as Schedule C hereto, with respect
to the Property, in proper statutory form for recording, duly executed and
acknowledged by the Seller, conveying title to the Property, free from all
liens and encumbrances other than the Permitted Exceptions;


 


(b)                      An assignment by the Seller
and an assumption by the Purchaser, in form and substance reasonably
satisfactory to the Seller and the Purchaser, duly executed and acknowledged by
the Seller and the Purchaser, of all of the Seller’s right, title and interest
in, to and under the Leases and all of the Seller’s right, title and interest,
if any, in, to and under all transferable licenses, contracts, permits and
agreements affecting the Property;


 


(c)                       A bill of sale by the
Seller, without warranty of any kind, in form and substance reasonably
satisfactory to the Seller and the Purchaser, with respect to any personal
property owned by the Seller, situated at the Property and used exclusively by
the Seller in connection with the Property (it being understood and agreed that
no portion of the Purchase Price is allocated to personal property);


 


(d)                      To the extent the same are
in the Seller’s possession, original, fully executed copies of all material
documents and agreements, plans and specifications and contracts, licenses and
permits pertaining to the Property;


 


- 5 -

















 


(e)                       To the extent the same are
in the Seller’s possession, duly executed original copies of the Leases;


 


(f)                          A closing statement showing
the Purchase Price, apportionments and fees, and costs and expenses paid in
connection with the Closing; and


 


(g)                       Such other conveyance
documents, certificates, deeds and other instruments as the Purchaser, the
Seller or the Title Company may reasonably require and as are customary in like
transactions in sales of property in similar transactions.


 


4.2                            Title Policy.  The Title Company shall be prepared to issue, upon
payment of the title premium at its regular rates, a title policy in the amount
of the Purchase Price, insuring title to the Property is vested in the
Purchaser or its designee or assignee, subject only to the Permitted
Exceptions, with such endorsements as shall be reasonably required by the
Purchaser.


 


4.3                            Environmental
Reliance Letters.  The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.


 


4.4                            Condition
of Property.  The Property shall be in
substantially the same physical condition as on the date of this Agreement,
ordinary wear and tear and, subject to Section 10.1, casualty
excepted.


 


4.5                            Other
Conditions.  All representations and
warranties of the Seller herein shall be true, correct and complete in all
material respects on and as of the Closing Date and the Seller shall have
performed in all material respects all covenants and obligations required to be
performed by the Seller on or before the Closing Date.


 


SECTION 5.                                  CONDITIONS
TO SELLER’S OBLIGATION TO CLOSE.


 


The obligation of the Seller to convey the Property to
the Purchaser is subject to the satisfaction of the following conditions
precedent on and as of the Closing Date:


 


5.1                            Purchase
Price.  The Purchaser shall have
delivered to the Seller the Purchase Price payable hereunder, subject to the
adjustments set forth in Section 2.3, together with any closing
costs to be paid by the Purchaser under Section 9.2.


 


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5.2                            Closing
Documents.  The Purchaser shall have
delivered to the Seller duly executed and acknowledged counterparts of the
documents described in Section 4.1, where applicable.


 


5.3                            Other
Conditions.  All representations and
warranties of the Purchaser herein shall be true, correct and complete in all
material respects on and as of the Closing Date and the Purchaser shall have
performed in all material respects all covenants and obligations required to be
performed by the Purchaser on or before the Closing Date.


 


SECTION 6.                               REPRESENTATIONS
AND WARRANTIES OF SELLER.


 


To induce the Purchaser to enter into this Agreement,
the Seller represents and warrants to the Purchaser as follows:


 


6.1                            Status and
Authority of the Seller.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.


 


6.2                            Action of
the Seller.  The Seller has taken all
necessary action to authorize the execution, delivery and performance of this
Agreement, and upon the execution and delivery of any document to be delivered
by the Seller on or prior to the Closing Date, this Agreement and such document
shall constitute the valid and binding obligation and agreement of the Seller,
enforceable against the Seller in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws of general application affecting the rights and
remedies of creditors.


 


6.3                            No
Violations of Agreements.  Neither the
execution, delivery or performance of this Agreement by the Seller, nor
compliance with the terms and provisions hereof, will result in any breach of
the terms, conditions or provisions of, or conflict with or constitute a
default under, or result in the creation of any lien, charge or encumbrance
upon the Property pursuant to the terms of any indenture, mortgage, deed of
trust, note, evidence of indebtedness or any other agreement or instrument by
which the Seller is bound.


 


6.4                            Litigation.  To the Seller’s actual knowledge, it has not
received written notice that any investigation, action or proceeding is pending
or threatened, which (i) questions
the 


 


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validity of this Agreement or any action taken or to be
taken pursuant hereto, or (ii) involves
condemnation or eminent domain proceedings against the Property or any portion
thereof.


 


6.5                            Existing
Leases, Etc.  Subject to Section 8.1,
other than the Leases listed in the Rent Roll, the Seller has not entered into
a contract or agreement with respect to the occupancy of the Property that will
be binding on the Purchaser after the Closing. 
To the Seller’s actual knowledge: (a) the copies of the Leases
heretofore delivered by the Seller to the Purchaser are true, correct and
complete copies thereof; and (b) such Leases have not been amended except
as evidenced by amendments similarly delivered and constitute the entire
agreement between the Seller and the tenants thereunder.  Except as otherwise set forth in the Rent
Roll or the Leases: (i) to the Seller’ actual knowledge, each of its Leases
is in full force and effect on the terms set forth therein; (ii) to the
Seller’s actual knowledge, there are no uncured defaults or circumstances which
with the giving of notice, the passage of time or both would constitute a
default thereunder which would have a material adverse effect on the business
or operations of the Property; (iii) to the Seller’s actual knowledge,
each of its tenants is legally required to pay all sums and perform all
material obligations set forth therein without any ongoing concessions,
abatements, offsets, defenses or other basis for relief or adjustment; (iv) to
the Seller’s actual knowledge, none of its tenants has asserted in writing or
has any defense to, offsets or claims against, rent payable by it or the
performance of its other obligations under its Lease which would have a
material adverse effect on the on-going business or operations of the Property;
(v) the Seller has no outstanding obligation to provide any of its tenants
with an allowance to perform, or to perform at its own expense, any tenant
improvements; (vi) none of its tenants has prepaid any rent or other
charges relating to the post-Closing period; (vii) to the Seller’s actual
knowledge, none of its tenants has filed a petition in bankruptcy or for the
approval of a plan of reorganization or management under the Federal Bankruptcy
Code or under any other similar state law, or made an admission in writing as
to the relief therein provided, or otherwise become the subject of any
proceeding under any federal or state bankruptcy or insolvency law, or has
admitted in writing its inability to pay its debts as they become due or made
an assignment for the benefit of creditors, or has petitioned for the
appointment of or has had appointed a receiver, trustee or custodian for any of
its property, in any case that would have a material adverse effect on the
business or operations of the 


 


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Property; (viii) to the Seller’s actual knowledge,
none of its tenants has requested in writing a modification of its Lease, or a
release of its obligations under its Lease in any material respect or has given
written notice terminating its Lease, or has been released of its obligations
thereunder in any material respect prior to the normal expiration of the term
thereof, in any case that would have a material adverse effect on the on-going
business or operations of the Property; (ix) to the Seller’s actual
knowledge, except as set forth in the Leases, no guarantor has been released or
discharged, voluntarily or involuntarily, or by operation of law, from any
obligation under or in connection with any of its Leases or any transaction
related thereto; and (x) all brokerage commissions currently due and
payable with respect to each of its Leases have been paid.  To the Seller’s actual knowledge, the other
information set forth in the Rent Roll is true, correct and complete in all
material respects.


 


6.6                            Agreements, Etc.  Other than the Leases, the Seller has not
entered into any contract or agreement with respect to the Property which will
be binding on the Purchaser after the Closing other than contracts and
agreements being assumed by the Purchaser or which are terminable upon thirty
(30) days notice without payment of premium or penalty.


 


6.7                            Not a
Foreign Person.  The Seller is
not a “foreign person” within the meaning of Section 1445 of the United
States Revenue Code of 1986, as amended, and the regulations promulgated
thereunder.


 


The representations and warranties made in this Agreement
by the Seller shall be continuing and shall be deemed remade by the Seller as
of the Closing Date, with the same force and effect as if made on, and as of,
such date.  All representations and
warranties made in this Agreement by the Seller shall survive the Closing for a
period of one (1) year, and upon expiration shall be of no further force
or effect except to the extent that with respect to any particular alleged
breach, the Purchaser gives the Seller written notice prior to the expiration
of said one (1) year period of such alleged breach with reasonable detail
as to the nature of such breach.


 


Except as otherwise expressly provided in this Agreement
or in any documents to be delivered to the Purchaser at the Closing, the Seller
has not made, and the Purchaser has not relied on, any information, promise,
representation or warranty, express or implied, regarding the Property, whether
made by the Seller, on the Seller’s behalf or otherwise, including, without 


 


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limitation, the physical condition of the Property, the
financial condition of the tenants under the Leases, title to or the boundaries
of the Property, pest control matters, soil conditions, the presence, existence
or absence of hazardous wastes, toxic substances or other environmental
matters, compliance with building, health, safety, land use and zoning laws,
regulations and orders, structural and other engineering characteristics,
traffic patterns, market data, economic conditions or projections, and any
other information pertaining to the Property or the market and physical
environments in which they are located. 
The Purchaser acknowledges that (i) the Purchaser has entered into
this Agreement with the intention of relying upon its own investigation or that
of third parties with respect to the physical, environmental, economic and
legal condition of the Property and (ii) the Purchaser is not relying upon
any statements, representations or warranties of any kind, other than those
specifically set forth in this Agreement or in any document to be delivered to
the Purchaser at the Closing, made (or purported to be made) by the Seller or
anyone acting or claiming to act on the Seller’s behalf.  The Purchaser has inspected the Property and
is fully familiar with the physical condition thereof and shall purchase the
Property in its “as is”, “where is” and “with all faults” condition on the
Closing Date.  Notwithstanding anything
to the contrary contained herein, in the event that any party hereto has actual
knowledge of the default of any other party (a “Known Default”), but
nonetheless elects to consummate the transactions contemplated hereby and
proceeds to Closing, then the rights and remedies of such non-defaulting party
shall be waived with respect to such Known Default upon the Closing and the
defaulting party shall have no liability with respect thereto.


 


SECTION 7.                               REPRESENTATIONS
AND WARRANTIES OF PURCHASER.


 


To induce the Seller to enter into this Agreement, the
Purchaser represents and warrants to the Seller as follows:


 


7.1                            Status and
Authority of the Purchaser.  The Purchaser
is duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.


 


7.2                            Action of
the Purchaser.  The Purchaser has taken all
necessary action to authorize the execution, delivery and performance of this
Agreement, and upon the execution and delivery of any document to be delivered
by the Purchaser on or 


 


- 10 -

















 


prior to the Closing Date, this Agreement and such
document shall constitute the valid and binding obligation and agreement of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws of general application affecting the
rights and remedies of creditors.


 


7.3                            No
Violations of Agreements.  Neither the
execution, delivery or performance of this Agreement by the Purchaser, nor
compliance with the terms and provisions hereof, will result in any breach of the
terms, conditions or provisions of, or conflict with or constitute a default
under, or result in the creation of any lien, charge or encumbrance upon any
property or assets of the Purchaser pursuant to the terms of any indenture,
mortgage, deed of trust, note, evidence of indebtedness or any other agreement
or instrument by which the Purchaser is bound.


 


7.4                            Litigation.  The Purchaser has received no written notice
that any investigation, action or proceeding is pending or threatened which
questions the validity of this Agreement or any action taken or to be taken
pursuant hereto.


 


The representations and warranties made in this
Agreement by the Purchaser shall be continuing and shall be deemed remade by
the Purchaser as of the Closing Date with the same force and effect as if made
on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of one (1) year, and upon expiration
shall be of no further force or effect except to the extent that with respect
to any particular alleged breach, the Seller gives the Purchaser written notice
prior to the expiration of said one (1) year period of such alleged breach
with reasonable detail as to the nature of such breach.


 


SECTION 8.                               COVENANTS
OF THE SELLER.


 


The Seller hereby covenants with the Purchaser between
the date of this Agreement and the Closing Date as follows:


 


8.1                            Approval of
Agreements.  Not to enter into, modify, amend
or terminate any Lease or any other material agreement with respect to the
Property, which would encumber or be binding upon the Property from and after
the Closing Date, without in each instance obtaining the prior written consent
of the Purchaser.


 


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8.2                            Operation
of Property.  To continue to operate the
Property consistent with past practices.


 


8.3                            Compliance
with Laws, Etc.  To comply in all
material respects with (i) all laws, regulations and other requirements
from time to time applicable of every governmental body having jurisdiction of
the Property, or the use or occupancy thereof, and (ii) all material
terms, covenants and conditions of all agreements affecting the Property.


 


8.4                            Compliance
with Agreements.  To comply with each and every
material term, covenant and condition contained in the Leases and any other
material document or agreement affecting the Property and to monitor compliance
thereunder consistent with past practices.


 


8.5                            Notice of
Material Changes or Untrue Representations.  Upon learning of any material change in any
condition with respect to the Property or of any event or circumstance which
makes any representation or warranty of the Seller to the Purchaser under this
Agreement untrue or misleading, promptly to notify the Purchaser thereof.


 


8.6                            Insurance.  To maintain, or cause to be maintained, all
existing property insurance relating to the Property.


 


8.7                            Approval of
2011 Capital Expenditure Budget.  The Seller
shall prepare for the Purchaser’s review and approval prior to December 31,
2010, a 2011 capital expenditure budget for the Property (the “2011 CapEx
Budget”) (including, without limitation, budgeted items for “building
improvements” and “development and redevelopment”).


 


SECTION 9.                               APPORTIONMENTS.


 


9.1                            Real
Property Apportionments.  (a)  The
following items shall be apportioned at the Closing as of the close of business
on the day immediately preceding the Closing Date:


 


(i)                                                     annual rents, operating
costs, taxes and other fixed charges payable under the Leases;


 


(ii)                                                 percentage rents and other
unfixed charges payable under the Leases;


 


(iii)                                             fuel, electric, water and
other utility costs;


 


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(iv)                                             municipal assessments and
governmental license and permit fees;


 


(v)                                                 Real estate taxes and
assessments other than special assessments, based on the rates and assessed
valuation applicable in the fiscal year for which assessed;


 


(vi)                                             Water rates and charges;


 


(vii)                                         Sewer and vault taxes and
rents; and


 


(viii)                                     all other items of income and
expense normally apportioned in sales of property in similar situations in the
jurisdiction where the Property is located.


 


If any of the foregoing cannot be apportioned at the
Closing because of the unavailability of the amounts which are to be apportioned,
such items shall be apportioned on the basis of a good faith estimate by the
parties and reconciled as soon as practicable after the Closing Date but, in
any event, no later than one (1) year after the Closing Date.


 


(b)                      If there are water, gas or
electric meters located at the Property, the Seller shall obtain readings
thereof to a date not more than thirty (30) days prior to the Closing Date and
the unfixed water rates and charges, sewer taxes and rents and gas and
electricity charges, if any, based thereon for the intervening time shall be
apportioned on the basis of such last readings. 
If such readings are not obtainable by the Closing Date, then, at the
Closing, any water rates and charges, sewer taxes and rents and gas and
electricity charges which are based on such readings shall be prorated based
upon the per diem charges obtained by using the most recent period for which
such readings shall then be available. 
Upon the taking of subsequent actual readings, the apportionment of such
charges shall be recalculated and the Seller or the Purchaser, as the case may
be, promptly shall make a payment to the other based upon such
recalculations.  The parties agree to
make such final recalculations within sixty (60) days after the Closing Date.


 


(c)                       If any refunds of real
property taxes or assessments, water rates and charges or sewer taxes and rents
shall be made after the Closing, the same shall be held in trust by the Seller
or the Purchaser, as the case 


 


- 13 -

















 


may be, and shall first be applied
to the unreimbursed costs incurred in obtaining the same, then to any required
refunds to tenants under the Leases, and the balance, if any, shall be paid to
the Seller (for the period prior to the Closing Date) and to the Purchaser (for
the period commencing with the Closing Date).


 


(d)                     If, on the Closing Date, the
Property shall be or shall have been affected by any special or general
assessment or assessments or real property taxes payable in a lump sum or which
are or may become payable in installments of which the first installment is
then a charge or lien and has become payable, the Seller shall pay or cause to
be paid at the Closing the unpaid installments of such assessments due and as
of the Closing Date.


 


(e)                       No insurance policies of the
Seller are to be transferred to the Purchaser, and no apportionment of the
premiums therefor shall be made.


 


(f)                        At the Closing, the Seller
shall transfer to the Purchaser the amount of all unapplied security deposits
held pursuant to the terms of the Leases.


 


(g)                      Brokerage commissions,
tenant improvement expenses and other amounts payable by the Seller as landlord
under Leases entered into by the Seller after the date hereof, or in connection
with the renewal or extension of any existing Lease, shall be allocated between
the Seller and the Purchaser at Closing based upon their respective periods of
ownership (calculated on a straight-line basis over the initial term or
extension or renewal period, as applicable), and the Purchaser shall reimburse
the Seller at the Closing for all amounts so allocated to the Purchaser and
paid by the Seller prior to the Closing. 
The Purchaser shall receive a credit at Closing for all unpaid brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as landlord under any such new Lease, renewal or extension that are
allocated to the Seller in accordance with the terms hereof.


 


(h)                      Amounts payable after the
date hereof on account of capital expenditures under the 2010 capital
expenditure budget previously prepared by the Seller (the “2010 CapEx Budget”)
and the 2011 CapEx Budget (together with the 2010 CapEx Budget, collectively,
the “CapEx Budget”) (including, without limitation, budgeted items for “building
improvements” and “development and redevelopment”), shall 


 


- 14 -

















 


be allocated between the Seller and
the Purchaser at Closing based upon their respective periods of ownership (on a
straight line basis), and the Purchaser shall reimburse the Seller at the
Closing for all amounts so allocated to the Purchaser and paid by the Seller
prior to the Closing.  The Purchaser
shall receive a credit at Closing for all unpaid amounts payable on account of
capital expenditures under the CapEx Budget allocated to the Seller in
accordance with the terms hereof.


 


(i)                          If a net amount is owed by
the Seller to the Purchaser pursuant to this Section 9.1, such
amount shall be credited against the Purchase Price.  If a net amount is owed by the Purchaser to
the Seller pursuant to this Section 9.1, such amount shall be added
to the Purchase Price paid to the Seller.


 


(j)                          If, on the Closing Date,
there are past due rents with respect to any Lease, amounts received by the
Purchaser with respect to such Lease after the Closing Date shall be applied, first,
to rents due or to become due during the calendar month in which the Closing
occurs, and then, to all other rents due or past due in inverse order to
the order in which they became due (i.e., first to arrearages most
recently occurring, then to older arrearages). 
Any such past due rents received by the Purchaser, once applied in the
foregoing order of priority, to the extent applicable to the period prior to
the Closing Date, shall be paid by the Purchaser to the Seller.  In no event shall the Seller have any right
to take any action to collect any past due rents or other amounts following the
Closing; provided, however, the Purchaser shall use commercially
reasonable efforts to collect such past due rents and other amounts, except
that the Purchaser shall have no obligation to institute any legal action or
proceeding or otherwise enforce any of its rights and remedies under any Lease
in connection with such commercially reasonable efforts.


 


The provisions of this Section 9.1 shall
survive the Closing.


 


9.2                            Closing
Costs.


 


(a)                       The Purchaser shall pay (i) the
costs of closing and diligence in connection with the transactions contemplated
hereby (including, without limitation, all premiums, charges and fees of the
Title Company in 


 


- 15 -

















 


connection with the title
examination and insurance policies to be obtained by the Purchaser, including
affirmative endorsements), (ii) fifty percent (50%) of all documentary,
stamp, sales, intangible and other transfer taxes and fees incurred in
connection with the transactions contemplated by this Agreement, and (iii) fifty
percent (50%) of all state, city, county, municipal and other governmental
recording and filing fees and charges.


 


(b)                      The Seller shall pay (i) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (ii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.


 


(c)                       Except as otherwise set
forth in this Section 9.2, each party shall pay the fees and
expenses of its attorneys and other consultants.


 


SECTION 10.                       DAMAGE TO
OR CONDEMNATION OF PROPERTY.


 


10.1                    Casualty.  If, prior to the Closing, the Property is
materially destroyed or damaged by fire or other casualty, the Seller shall
promptly notify the Purchaser of such fact. 
In such event, the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days
after the giving of the Seller’s notice (and, if necessary, the Closing Date
shall be extended until one day after the expiration of such ten-day period).  If the Purchaser elects to terminate this
Agreement as aforesaid, this Agreement shall terminate and be of no further
force and effect and no party shall have any liability to the other hereunder.  If less than a material part of the Property
shall be affected by fire or other casualty or if the Purchaser shall not elect
to terminate this Agreement as aforesaid, there shall be no abatement of the
Purchase Price and the Seller shall assign to the Purchaser at the Closing the
rights of the Seller to the proceeds, if any, under the Seller’s insurance
policies covering the Property with respect to such damage or destruction and
there shall be credited against the Purchase Price the amount of any
deductible, any proceeds previously received by Seller on account thereof and
any deficiency in proceeds.


 


10.2                    Condemnation.  If, prior to the Closing, a material part of
the Property (including access or parking thereto), is taken by eminent domain
(or is the subject of a pending taking which has not yet been consummated), the
Seller shall notify the 


 


- 16 -

















 


Purchaser of such fact promptly after obtaining
knowledge thereof and the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days
after the giving of the Seller’s notice (and, if necessary, the Closing Date
shall be extended until one day after the expiration of such ten-day
period).  If the Purchaser elects to
terminate this Agreement as aforesaid, this Agreement shall terminate and be of
no further force and effect and no party shall have any liability to the other
hereunder.  If less than a material part
of the Property shall be affected or if the Purchaser shall not elect to
terminate this Agreement as aforesaid, the sale of the Property shall be
consummated as herein provided without any adjustment to the Purchase Price
(except to the extent of any condemnation award received by the Seller prior to
the Closing) and the Seller shall assign to the Purchaser at the Closing all of
the Seller’s right, title and interest in and to all awards, if any, for the
taking, and the Purchaser shall be entitled to receive and keep all awards for
the taking of the Property or portion thereof.


 


10.3                    Survival.  The parties’ obligations, if any, under this Section 10
shall survive the Closing.


 


SECTION 11.                       DEFAULT.


 


11.1                    Default by
the Seller.  If the transaction herein
contemplated fails to close as a result of the default of the Seller hereunder,
or the Seller having made any representation or warranty herein which shall be
untrue or misleading in any material respect, or the Seller having failed to
perform any of the material covenants and agreements contained herein to be
performed by the Seller, the Purchaser may, as its sole remedy, either (x) terminate
this Agreement (in which case, the Seller shall reimburse the Purchaser for all
of the fees, charges, disbursements and expenses of the Purchaser’s attorneys),
or (y) pursue a suit for specific performance.


 


11.2                    Default by
the Purchaser.  If the transaction herein
contemplated fails to close as a result of the default of the Purchaser
hereunder, or the Purchaser having made any representation or warranty herein
which shall be untrue or misleading in any material respect, or the Purchaser
having failed to perform any of the covenants and agreements contained herein
to be performed by it, the Seller may terminate this Agreement (in which case,
the Purchaser shall reimburse the Seller for all of the fees, charges, disbursements
and expenses of the Seller’s attorneys).


 


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SECTION 12.                          MISCELLANEOUS.


 


12.1                    Allocation
of Liability.  It is expressly understood and
agreed that the Seller shall be liable to third parties for any and all
obligations, claims, losses, damages, liabilities, and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Seller that occurred in connection with the ownership or operation of the
Property during the period in which the Seller owned the Property prior to the
Closing and the Purchaser shall be liable to third parties for any and all
obligations, claims, losses, damages, liabilities and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Purchaser that occur in connection with the ownership or operation of the Property
during the period in which the Purchaser owns the Property after the
Closing.  The provisions of this Section
12.1 shall survive the Closing.


 


12.2                    Brokers.  Each of the parties hereto represents to the
other parties that it dealt with no broker, finder or like agent in connection
with this Agreement or the transactions contemplated hereby.  Each party shall indemnify and hold harmless
the other party and its respective legal representatives, heirs, successors and
assigns from and against any loss, liability or expense, including reasonable
attorneys’ fees, charges and disbursements arising out of any claim or claims
for commissions or other compensation for bringing about this Agreement or the
transactions contemplated hereby made by any other broker, finder or like
agent, if such claim or claims are based in whole or in part on dealings with
the indemnifying party.  The provisions
of this Section 12.2 shall survive the Closing.


 


12.3                    Publicity.  The parties agree that, except as otherwise
required by law or the rules of the national securities exchange upon which the
applicable party’s shares are listed for trading, and except for the exercise
of any remedy hereunder, no party shall, with respect to this Agreement and the
transactions contemplated hereby, contact or conduct negotiations with public
officials, make any public pronouncements, issue press releases or otherwise
furnish information regarding this Agreement or the transactions contemplated
to any third party without the consent of the other party, which consent shall
not be unreasonably withheld, conditioned or delayed.


 


12.4                    Notices.  (a) 
Any and all notices, demands, consents, approvals, offers, elections and
other communications required 


 


- 18 -

















 


or permitted under this Agreement shall be deemed
adequately given if in writing and the same shall be delivered either in hand,
by telecopier with confirmed receipt, or by mail or Federal Express or similar
expedited commercial carrier, addressed to the recipient of the notice,
postpaid and registered or certified with return receipt requested (if by
mail), or with all freight charges prepaid (if by Federal Express or similar
carrier).


 


(b)                      All notices required or
permitted to be sent hereunder shall be deemed to have been given for all
purposes of this Agreement upon the date of acknowledged receipt, in the case
of a notice by telecopier, and, in all other cases, upon the date of receipt or
refusal, except that whenever under this Agreement a notice is either received
on a day which is not a Business Day or is required to be delivered on or
before a specific day which is not a Business Day, the day of receipt or
required delivery shall automatically be extended to the next Business Day.


 


(c)                       All such notices shall be
addressed,


 


if to the Seller, to:


 


c/o CommonWealth REIT

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

Telecopier No. (617) 928-1305


 


with a copy to:


 


Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

Telecopier No. (213) 621-5035


 


if to the Purchaser, to:


 


Senior Housing Properties Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David J. Hegarty

Telecopier No. (617) 796-8349


 


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with a copy to:


 


Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

Attn:  Nancy S. Grodberg, Esq.

Telecopier No. (617) 338-2880


 


(d)                      By notice given as herein
provided, the parties hereto and their respective successor and assigns shall
have the right from time to time and at any time during the term of this
Agreement to change their respective addresses effective upon receipt by the
other parties of such notice and each shall have the right to specify as its
address any other address within the United States of America.


 


12.5                    Waivers,
Etc.  Subject to the terms of the last
paragraph of Section 6, any waiver of any term or condition of this
Agreement, or of the breach of any covenant, representation or warranty
contained herein, in any one instance, shall not operate as or be deemed to be
or construed as a further or continuing waiver of any other breach of such
term, condition, covenant, representation or warranty or any other term,
condition, covenant, representation or warranty, nor shall any failure at any
time or times to enforce or require performance of any provision hereof operate
as a waiver of or affect in any manner such party’s right at a later time to
enforce or require performance of such provision or any other provision
hereof.  This Agreement may not be
amended, nor shall any waiver, change, modification, consent or discharge be
effected, except by an instrument in writing executed by or on behalf of the
party against whom enforcement of any amendment, waiver, change, modification,
consent or discharge is sought.


 


12.6                    Assignment;
Successors and Assigns.  Subject to Section
12.15, this Agreement and all rights and obligations hereunder shall not be
assignable, directly or indirectly, by any party without the written consent of
the other, except that the Purchaser may assign this Agreement to any entity
wholly owned, directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create 


 


- 20 -

















 


any rights in or to be enforceable in any part by any
other persons.


 


12.7                    Severability.  If any provision of this Agreement shall be
held or deemed to be, or shall in fact be, invalid, inoperative or
unenforceable as applied to any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions or in all cases, because of the conflict
of any provision with any constitution or statute or rule of public policy or
for any other reason, such circumstance shall not have the effect of rendering
the provision or provisions in question invalid, inoperative or unenforceable
in any other jurisdiction or in any other case or circumstance or of rendering
any other provision or provisions herein contained invalid, inoperative or
unenforceable to the extent that such other provisions are not themselves
actually in conflict with such constitution, statute or rule of public policy,
but this Agreement shall be reformed and construed in any such jurisdiction or
case as if such invalid, inoperative or unenforceable provision had never been
contained herein and such provision reformed so that it would be valid,
operative and enforceable to the maximum extent permitted in such jurisdiction
or in such case.


 


12.8                    Counterparts
Complete Agreement, Etc.  This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
shall supersede and take the place of any other instruments purporting to be an
agreement of the parties hereto relating to the subject matter hereof.


 


12.9                    Performance
on Business Days.  In the event the date on which
performance or payment of any obligation of a party required hereunder is other
than a Business Day, the time for payment or performance shall automatically be
extended to the first Business Day following such date.


 


12.10            Attorneys’
Fees.  If any lawsuit or arbitration or other legal
proceeding arises in connection with the interpretation or enforcement of this
Agreement, the prevailing party therein shall be entitled to receive from the
other party the prevailing party’s costs and expenses, including reasonable
attorneys’ fees incurred in connection therewith, in preparation therefor and
on appeal therefrom, which amounts shall be included in any judgment therein.


 


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12.11            Section and
Other Headings.  The headings contained in this
Agreement are for reference purposes only and shall not in any way affect the
meaning or interpretation of this Agreement.


 


12.12            Time of
Essence.  Time shall be of the essence with respect to
the performance of each and every covenant and obligation, and the giving of
all notices, under this Agreement.


 


12.13            Governing
Law.  This Agreement shall be interpreted,
construed, applied and enforced in accordance with the laws of The Commonwealth
of Massachusetts.


 


12.14            Arbitration.  Any party hereto may elect to submit any
dispute hereunder that has an amount in controversy in excess of $250,000 to
arbitration hereunder.  Any such
arbitration shall be conducted in Boston, Massachusetts in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining and the decision of the arbitrators with respect to such dispute
shall be binding, final and conclusive on the parties.


 


In the event any party hereto shall elect to submit any
such dispute to arbitration hereunder, the Seller and the Purchaser shall each
appoint and pay all fees of a fit and impartial person as arbitrator with at
least ten (10) years’ recent professional experience in the general subject
matter of the dispute.  Notice of such
appointment shall be sent in writing by each party to the other, and the
arbitrators so appointed, in the event of their failure to agree within thirty
(30) days after the appointment of the second arbitrator upon the matter so
submitted, shall appoint a third arbitrator. 
If either the Seller or the Purchaser shall fail to appoint an
arbitrator, as aforesaid, for a period of ten (10) days after written notice
from the other party to make such appointment, then the arbitrator appointed by
the party having made such appointment shall appoint a second arbitrator and
the two (2) so appointed shall, in the event of their failure to agree upon any
decision within thirty (30) days thereafter, appoint a third arbitrator.  If such arbitrators fail to agree upon a
third arbitrator within forty five (45) days after the appointment of the
second arbitrator, then such third arbitrator shall be appointed by the
American Arbitration Association from its qualified panel of arbitrators, and
shall be a person having at least ten (10) years’ recent professional
experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel 


 


- 22 -

















 


engaged by the parties, and the fees of expert witnesses
and other witnesses called for by the parties, shall be paid by the respective
party engaging such counsel or calling or engaging such witnesses.


 


The decision of the arbitrators shall be rendered within
thirty (30) days after appointment of the third arbitrator.  Such decision shall be in writing and in
duplicate, one counterpart thereof to be delivered to the Seller and one to the
Purchaser.  A judgment of a court of
competent jurisdiction may be entered upon the award of the arbitrators in
accordance with the rules and statutes applicable thereto then obtaining.


 


12.15            Like Kind Exchange.  At either
party’s request, the non-requesting party will take all actions reasonably
requested by the requesting party in order to effectuate all or any part of the
transactions contemplated by this Agreement as a forward or reverse like-kind
exchange for the benefit of the requesting party in accordance with Section
1031 of the Internal Revenue Code and, in the case of a reverse exchange, Rev.
Proc. 2000-37, including executing an instrument acknowledging and consenting
to any assignment by the requesting party of its rights hereunder to a qualified
intermediary or an exchange accommodation titleholder.  In furtherance of the foregoing and
notwithstanding anything contained in this Agreement to the contrary, the
requesting party may assign its rights under this Agreement to a “qualified
intermediary” or an “exchange accommodation titleholder” in order to
facilitate, at no cost or expense to the other, a forward or reverse like-kind
exchange under Section 1031 of the Internal Revenue Code; provided, however,
that such assignment will not relieve the requesting party of any of its
obligations hereunder.  The
non-requesting party will also agree to issue all closing documents, including
the deed or other operative conveyance instrument, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the
requesting party prior to Closing. 
Notwithstanding the foregoing, in no event shall the non-requesting
party incur or be subject to any liability that is not otherwise provided for
in this Agreement.


 


12.16            Recording.  This Agreement may not be recorded without
the prior written consent of both parties.


 


12.17            Non-liability
of Trustees of Seller.  The Declaration of Trust establishing the Seller, dated
September 12, 1996, as amended and supplemented, as filed with the State
Department of Assessments and Taxation of Maryland, provides that no trustee,
officer, shareholder, employee or agent of the Seller shall be 


 


- 23 -

















 


held to any
personal liability, jointly or severally, for any obligation of, or claim
against, the Seller.  All persons dealing
with the Seller in any way shall look only to the assets of the Seller for the
payment of any sum or the performance of any obligation.


 


12.18            Non-liability
of Trustees of Purchaser.  The Amended and Restated Declaration of Trust
establishing Senior Housing Properties Trust, dated September 20, 1999, as
amended and supplemented, as filed with the State Department Of Assessments and
Taxation of Maryland, provides that no trustee, officer, shareholder, employee
or agent of Senior Housing Properties Trust shall be held to any personal
liability, jointly or severally, for any obligation of, or claim against,
Senior Housing Properties Trust.  All persons
dealing with Senior Housing Properties Trust in any way shall look only to the
assets of Senior Housing Properties Trust for the payment of any sum or the
performance of any obligation.


 


12.19            Waiver and
Further Assurances.  The Purchaser hereby
acknowledges that it is a sophisticated purchaser of real properties and that
it is aware of all disclosures the Seller is or may be required to provide to
the Purchaser in connection with the transactions contemplated hereby pursuant
to any law, rule or regulation (including those of Massachusetts and those of
the state in which the Property is located).  
The Purchaser hereby acknowledges that, prior to the execution of this
Agreement, the Purchaser has had access to all information necessary to acquire
the Property and the Purchaser acknowledges that the Seller has fully and
completely fulfilled any and all disclosure obligations with respect
thereto.  The Purchaser hereby fully and
completely discharges the Seller from any further disclosure obligations whatsoever
relating to the Property.  In addition to
the actions recited herein and contemplated to be performed, executed, and/or
delivered by the Seller and the Purchaser, the Seller and the Purchaser agree
to perform, execute and/or deliver or cause to be performed, executed and/or
delivered at the Closing or after the Closing any and all such further acts,
instruments, deeds and assurances as may be reasonably required to establish,
confirm or otherwise evidence the Seller’s satisfaction of any disclosure
obligations or to otherwise consummate the transactions contemplated hereby.


 


[Signature page follows.]


 


- 24 -

















 


IN WITNESS WHEREOF, the parties have caused
this Agreement to be executed as a sealed instrument as of the date first above
written.


 


	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HUB PROPERTIES TRUST,  a Maryland real

  estate investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John
  C. Popeo

  
	
   

  	
   

  	
  John C. Popeo, Treasurer and
  Chief

  Financial Officer

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  SENIOR HOUSING PROPERTIES TRUST,
  a

  Maryland real estate investment trust

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David
  J. Hegarty

  
	
   

  	
   

  	
  David J. Hegarty, President

  



 


- 25 -
















 


SCHEDULE A


 


Land


 


[See attached legal description.]


 

















 


4411 The 25 Way

4420 The 25 Way

Albuquerque, NM


 


Tract A-1 of the Plat of Tracts A-1 & H1-A-1 of
The 25, Albuquerque, Bernalillo County, New Mexico, as the same is shown and
designated on the plat thereof, filed in the Office of the County Clerk of
Bernalillo County, New Mexico on November 18, 2002, in Plat Book 2002C, page 371;
and


 


Tract G-1 of the Plat of Tracts B1-A, B2-A, C-1, E-1,
F-1 & G-1 of The 25, Albuquerque, Bernalillo County, New Mexico, as
the same are shown and designated on the plat thereof, filed in the Office of
the County Clerk of Bernalillo County, New Mexico on April 30, 2001, in
Plat Book 2001C, page 119;


 


Tracts B2-A, C-1 and E-1 of the Plat of Tracts B1-A,
B2-A, C-1 E-1F-1 & G-1 of The 25, Albuquerque, Bernalillo County, New
Mexico, as the same are shown and designated on the plat thereof, filed in the
Office of County Clerk of Bernalillo County, New Mexico on April30, 2001, in
Plat Book 2001VC, page 119.


 


A Parcel lying and situate within Section 26,
Township 11 North, Range 3 East, New Mexico Principal Meridian, City of
Albuquerque, Bernalillo County, New Mexico, comprising a portion of Tract
lettered ‘A’ of The 25, as the same is shown and designated on the subdivision
plat thereof, filed in the Office of the County Clerk of Bernalillo County, New
Mexico, on November 23, 1999, in Volume 99C, Folio 318, being more
particularly described as follows:


 


Beginning at the northwest corner of described Parcel,
comprising a portion of the existing building and the land situate within said
Tract ‘A’, The 25, describing the area along the face of the interior walls as
per the architectural floor plans, from whence a tie to the southwest corner of
said Tract ‘A’ marked by a found rebar with yellow plastic cap “PS 11993”,
bears S 49° 06’ 38” W, a distance of 651.89 feet;


 


Thence from said beginning point, S 61° 02’ 41” E, a
distance of 0.54 feet to an angle point;


 


Thence N 28° 57’ 19” E, a distance of 0.54 feet to an
angle point;

Thence S 61° 02’ 41” E, a distance of 11.00 feet to an angle point; 

Thence S 28° 57’ 19” W, a distance of 0.54 feet to an angle 


 

















 


point; 

Thence S 61° 02’ 41” E, a distance of 1.50 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 0.54 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 11.00 feet to an angle point; 

Thence S 28° 57’ 19” W, a distance of 0.54 feet to an angle point; 

Thence S 61° 02’ 41” E, a distance of 1.50 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 0.33 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 11.00 feet to an angle point;

Thence S 28° 57’ 19” W, a distance of 6.58 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 117.67 feet to an angle point; 

Thence S 28° 57’ 19” W, a distance of 9.72 feet to an angle point;

Thence S 61° 02 41” E, a distance of 1.61 feet to an angle point; 

Thence S 31° 02’ 41” E, a distance of 29.12 feet to an angle point;

Thence N 88° 57’ 19” E, a distance of 28.64 feet to an angle point;

Thence S 28° 57’ 17” W, a distance of 31.95 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 28.95 feet to an angle point;

Thence S 28° 57’ 19” W, a distance of 89.63 feet to an angle point; 

Thence S 61° 02’ 41” E, a distance of 22.83 feet to an angle point;

Thence S 28° 57’ 20” W, a distance of 181.07 feet to an angle point; 

Thence N 61° 02’ 41” W, a distance of 151.30 feet to an angle point; 

Thence N 28° 57’ 19” E, a distance of 26.11 feet to an angle point;

Thence N 61° 02’ 41” W, a distance of 99.53 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 87.03 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 9.52 feet to an angle point;


 

















 


Thence N 58° 57’ 19” E, a distance of 29.12 feet to an
angle point;

Thence N 01° 02’ 41” W, a distance of 29.12 feet to an angle point; 

Thence N 61° 02’ 41” W, a distance of 9.52 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 119.28 feet to an angle point;

Thence N 61° 02’ 41” W, a distance of 6.79 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 11.00 feet to an angle point; 

Thence S 61° 02’ 41” E, a distance of 0.54 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 1.50 feet to an angle point;

Thence N 61° 02’ 41” W, a distance of 0.54 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 11.00 feet to an angle point;

Thence S 61° 02’ 41” E, a distance of 0.54 feet to an angle point;

Thence N 28° 57’ 19” E, a distance of 1.50 feet to an angle point;

Thence N 61° 02’ 41” W, a distance of 0.54 feet to an angle point;

Thence N 28 °57’ 19” E, a distance of 11.00 feet to the point of beginning.


 

















 


SCHEDULE B


 


Rent Roll


 


[See attached copy.]


 

















 


4411 The 25 Way

Albuquerque, NM


 


INDEX


Lease


 


4411 The 25 Way


AHS Mexico Holdings, Inc.


 


1.                                    Lease
Agreement, dated April 21, 2003, by and between AGB Twenty-Five LLC (“Landlord”)
and AHS New Mexico Holdings, Inc. (“Tenant”).


 


2.                                    Guaranty, dated April 21, 2003,
from Ardent Health Services, LLC (“Guarantor”) to AGB Twenty-Five LLC (“Landlord”).
 –COPY


 


3.                                    First Amendment
to Lease, dated August 2, 2010, by and between Hub Properties Trust (“Landlord”)
and AHS New Mexico Holdings, Inc. (“Tenant”).  Note: 
Joinder attached.


 

















 


INDEX


Lease


 


4411 The 25 Way


Boeing – SVS, Inc.


 


1.                                    Lease
Agreement, dated October, 1999, by and between AGB Albuquerque, L.L.C. (“Landlord”)
and SVS, Inc. (“Tenant”).


 


2.                                    First
Amendment to Lease, dated December 21, 2000, by and between AGB Twenty-Five, LLC
successor in interest to AGB Albuquerque, L.L.C. (“Landlord”) and Boeing-SVS, Inc.
formerly known as SVS, Inc. (“Tenant”). Note: Executed Form of
Guaranty dated January 1, 2000 attached.


 


3.                                    Second
Amendment to Lease, dated March 13, 2002, by and between AGB Twenty-Five, LLC (“Landlord”)
and Boeing-SVS, Inc. (“Tenant”) and The Boeing Company (“Guarantor”).


 


4.                                    Commencement
Date Letter, dated March 15, 2002, from Melanie Pizzonia, Facility Manager,
agent for AGB Twenty-Five, LLC to Boeing Realty Corporation, Attn. Phil Cyburt,
President, acknowledged by Stephen J. Baker. 
Re:  Expansion Premises Commencement
Date of August 1, 2002.


 


5.                                    Third
Amendment to Lease, dated __, 2003, by and between AGB Twenty-Five, LLC (“Landlord”) and
Boeing-SVS, Inc. (“Tenant”) and The Boeing Company (“Guarantor”).


 


6.                                    Fourth
Amendment to Lease, dated August __, 2003, by and between AGB Twenty-Five, LLC (“Landlord”)
and Boeing-SVS, Inc. (“Tenant”).


 


7.                                    Fifth
Amendment to Lease, dated January 6, 2009, by and between Hub Properties Trust
successor in interest to AGB Twenty-Five, LLC (“Landlord”), Boeing-SVS, Inc.
(“Tenant”) and The Boeing Company (“Guarantor”).


 

















 


INDEX


Lease


 


4411 The 25 Way


Intermec Technologies Corp.


 


1.                                    Lease
Agreement, dated May 29, 2001, by and between AGB Twenty-Five, LLC (“Landlord”)
and Intermec Technologies Corporation (“Tenant”).


 

















 


INDEX


Sublease


 


4411 The 25 Way


Intermec Technologies Corp.


 


1.                                    Sublease
Agreement, dated June 20, 2002, by and between Intermec Technologies
Corporation (“Sublessor”) and Datacom Sciences, Inc. (“Sublessee”). Note:
Landlord’s consent attached; Term Commences on August 1, 2002 and ends on August 31,
2011.


 


2.                                    Consent and
Indemnity Agreement, dated September, 2002, by and between AGB Twenty-Five.
LLC (“Landlord”) and Datacom Sciences, Inc. (“Sublessee). Re: Open House
event


 

















 


INDEX


Lease


 


4411 The 25 Way


Radiology Associates of Albuq., P.A.


 


1.            Lease
Agreement,
dated October 1, 2002, by and between AGB Twenty-Five LLC (“Landlord”) and
Radiology Associates of Albuquerque, P.A. (“Tenant”).


 
















 


INDEX


Sublease


 


4411 The 25 Way


Radiology Associates of Albuq., P.A.


 


1.                                    Sublease
Agreement, dated January 1, 2007, by and between Radiology Associates of
Albuquerque, P.A. (“Sublessor”) and Advanced Imaging, LLC, (“Subtenant”).  Note: 
Expiration date of February 28, 2013.


 


2.                                    Consent to
Sublease Agreement, dated January 19, 2007, by and among Hub Properties Trust (“Landlord”),
Radiology Associates of Albuquerque, P.A. (“Tenant”) and Advanced Imaging, LLC,
(“Subtenant”).


 


3.                                    Letter
Agreement, dated June 19, 2007, from Sara V.
Rhodes, Radiology Associates of Albuquerque, P.A. (“Tenant”) and Eugene Rivera,
MD, Advanced Imaging, LLC (“Subtenant”) agreed to and acknowledge on July 3,
2007 by Jennifer B. Clark, Senior Vice President, Hub Properties Trust.      Re: Correction
in Work Letter, Section 3 to read 12,620 rsf.


 

















 


4420 The 25 Way

Albuquerque, NM


 


INDEX

Lease


 


4420 The 25 Way


Sitel fka ClientLogic


 


1.                                    Lease
Agreement,
dated September __, 1999, by and between AGB Albuquerque, L.L.C.  (“Landlord”) and ClientLogic Corporation (“Tenant”).


 


2.                                    Lease
Guaranty, dated 1999, from ClientLogic Holding Corporation (“Guarantor”) to AGB
Albuquerque, L.L.C. (“Landlord”).


 


3.                                    Lease
Commencement Letter, dated June 12, 2001, from ClientLogic Corporation
agreed and accepted by Melissa J. Bailey, Corporate Real Estate Officer.


 


4.                                    First
Amendment to Lease, dated April 16, 2008, by and between Hub
Properties Trust, successor in interest to AGB Albuquerque, L.L.C.  (“Landlord”) and Sitel Operating Corporation,
successor in interest to ClientLogic Corporation (“Tenant”).


 


5.                                    Second
Amendment to Lease, dated April 1, 2010, by and between Hub Properties Trust (“Landlord”)
and Sitel Operating Corporation (“Tenant”).


 

















 


SCHEDULE C


 


Form of Deed


 

















 


SPECIAL WARRANTY DEED


 


AGB TWENTY-FIVE, L.L.C., for consideration paid, grants
Hub Properties Trust, a Maryland real estate investment trust, whose address is
400 Centre Street, Newton, Maryland 02458, the real estate located in
Bernalillo County, New Mexico described on Exhibit A attached
hereto, subject to the matters described in Exhibit B attached
hereto, with special warranty covenants.


 


[Signature on following page]


 

















 


Witness its hand and seal this ___ day of September,
2003.


 


	
   

  	
   

  	
  AGB TWENTY-FIVE, L.L.C.,

  
	
   

  	
   

  	
  a Delaware limited liability

  company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:  AG Asset
  Manager, Inc., its

  Manager

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  STATE OF

  	
   

  	
              )

  	
   

  	
   

  
	
   

  	
    )      ss.

  	
   

  	
   

  
	
  COUNTY OF

  	
   

  	
    )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
								



This instrument was acknowledged before me on ______________,
2003 by ___________, as ____________ of AGB Twenty-Five, L.L.C.


 


	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  
	
  My commission expires:

  	
   

  	
   

  
	
   

  	
   

  	
   

  


















 


EXHIBIT A


 


(See attached document)


 

















 


EXHIBIT B


 


(see attached document)