Document:

Exhibit 10.2

Loan No.   527600:11 ASSIGNMENT OF LEASES AND RENTS HAMILTON PARK TOWERS, LLC (Assignor)   TO JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.) (Assignee) Dated: As of May   31, 2018 Location of Property: 175 Freeman Street, Brookline, Norfolk County,   Massachusetts Record and Return To: Carlton Fields One State Street, Suite   1800 Hartford, CT 06103 Attention: Frank A. Appicelli, Esq. 114250575.5 

    

 

THIS ASSIGNMENT   OF LEASES AND RENTS (this “Assignment”) made as of the 31st day of May, 2018,   by HAMILTON PARK TOWERS, LLC, a Delaware limited liability company, having   its principal place of business in care of The Hamilton Company, Inc., 39   Brighton Avenue, Boston, Massachusetts 02134 (“Assignor”), to and for the   benefit of JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), a Michigan   corporation, having an address at 197 Clarendon Street, C-3, Boston,   Massachusetts 02116 (“Assignee”). W I T N E S S E T H: THAT Assignor for good   and valuable consideration, receipt whereof is hereby acknowledged, hereby   grants, transfers and absolutely and unconditionally assigns to Assignee the   entire lessor’s interest in and to all current and future leases and   subleases (including, without limitation, all guaranties thereof or letters   of credit given to secure lessee’s obligations) and other agreements   affecting the use, enjoyment or occupancy of all or any part of that certain   lot or piece of land, more particularly described in Exhibit A hereto,   together with the buildings, structures, fixtures, additions, enlargements, extensions,   modifications, repairs, replacements and improvements now or hereafter   located thereon (hereinafter collectively referred to as the “Mortgaged   Property”) (including any use or occupancy arrangements created pursuant to   Section 365(h) of Title 11 of the United States Code (the “Bankruptcy Code”)   or otherwise in connection with the commencement or continuance of any   bankruptcy, reorganization, arrangement, insolvency, dissolution,   receivership or similar proceedings, or any assignment for the benefit of   creditors in respect of any tenant or occupant of any portion of the   Mortgaged Property), together with any extension or renewal of the same; The   leases and other agreements described above together with all other present   and future leases and present and future agreements and any extension or   renewal of the same are hereinafter collectively referred to as the “Leases”;   TOGETHER WITH all income, rents, issues, revenues, security deposits,   proceeds of letters of credit given to secure lessees’ obligations and   profits arising from the Leases and renewals thereof, all guaranties and   other security and credit enhancement instruments relating thereto (including   but not limited to letters of credit) and together with all income, rents,   issues and profits, revenues and proceeds (including, but not limited to, all   oil and gas or other mineral royalties and bonuses) from the use, enjoyment   and occupancy of the Mortgaged Property (including any payments received   pursuant to Section 502(b) of the Bankruptcy Code or otherwise in connection   with the commencement or continuance of any bankruptcy, reorganization,   arrangement, insolvency, dissolution, receivership or similar proceedings, or   any assignment for the benefit of creditors, in respect of any tenant or   occupant of any portion of the Mortgaged Property and all claims as a   creditor in connection with any of the foregoing) (hereinafter collectively   referred to as the “Rents”) and all proceeds from the sale, cancellation,   surrender or other disposition of the Leases and the right to receive and   apply the Rents to the payment of the Loan (as hereinafter defined). THIS   ASSIGNMENT is made in consideration of that certain loan (the “Loan”) made by   Assignee to Assignor evidenced by that certain mortgage note made by Assignor   to Assignee, dated the date hereof, in the principal sum of $125,000,000 (the   “Note”) and secured by that certain mortgage, assignment of leases and rents   and security agreement given by 2 114250575.5 

    

 

Assignor to   Assignee, dated the date hereof, in the principal sum of $125,000,000,   covering the Mortgaged Property (the “Mortgage”). This Assignment, the Note,   the Mortgage and other documents now or hereafter executed by Assignor and/or   others and by or in favor of Assignee which evidence, secure, guarantee or   are executed in connection with the Loan (such documents collectively   hereinafter referred to as the “Loan Documents”). ASSIGNOR WARRANTS that (i)   Assignor is the sole owner of the entire lessor’s interest in the Leases;   (ii) that the rent roll or occupancy schedule attached as an exhibit to the   application, in connection with the Loan, given by Assignor to Assignee (the   “Rent Roll”) is a true, accurate and complete list of all Leases or options   to lease now in effect at the Mortgaged Property; (iii) the Leases are valid   and enforceable and have not been altered, modified or amended in any manner   whatsoever except as herein set forth; (iv) none of the Rents reserved in the   Leases have been assigned or otherwise pledged or hypothecated; (v) except   for last month’s rents and security deposits, none of the Rents have been   collected for more than one (1) month in advance; (vi) Assignor has full   power and authority to execute and deliver this Assignment and the execution   and delivery of this Assignment has been duly authorized and does not   conflict with or constitute a default under any law, judicial order or other   agreement affecting Assignor or the Mortgaged Property; and (vii) there exist   no offsets or defenses to the payment of any portion of the Rents. ASSIGNOR   COVENANTS with Assignee that Assignor shall not, without the prior written   consent of Assignee, (a) lease all or any part of the Mortgaged Property, (b)   alter or change the terms of any Lease or cancel or terminate, abridge or   otherwise modify the terms of any Lease, (c) consent to any assignment of or   subletting under any Lease not in accordance with its terms, (d) cancel,   terminate, abridge or otherwise modify any guaranty of any Lease or the terms   thereof, (e) except for last month’s rents and security deposits, collect or   accept prepayments of installments of Rents for a period of more than one (1)   month in advance or (f) further assign the whole or any part of the Leases or   the Rents; provided, however, the actions described in clause (a) above may   be taken if the Leases are on forms approved by Assignee and if the taking of   such action is in the ordinary course of Assignor’s business and, provided   further, the actions described in clauses (b), (c) and (d) above may be taken   if the taking of such action is in the ordinary course of Assignor’s   business. ASSIGNOR FURTHER COVENANTS with Assignee that, with respect to each   Lease, Assignor shall (a) observe and perform each and every provision   thereof on the lessor’s part to be fulfilled or performed under each Lease   and not do or permit to be done anything to impair the value of the Lease as   security for the Loan, (b) promptly send to Assignee copies of all notices of   default which Assignor shall send or receive thereunder, (c) enforce all of   the terms, covenants and conditions contained in such Lease upon the lessee’s   part to be performed, (d) execute and deliver, at the request of Assignee,   all such further assurances, confirmations and assignments in connection with   the Mortgaged Property as Assignee shall, from time to time, require and (e)   upon request, furnish Assignee with executed copies of all Leases; provided,   however, the notice to Assignee referenced in clause (b) above shall not be   required for residential leases in an apartment complex or mobile home   facility. 3 114250575.5 

    

 

THIS ASSIGNMENT   is made on the following terms, covenants and conditions: 1. Present   Assignment. Assignor does hereby absolutely and unconditionally assign to   Assignee Assignor’s right, title and interest in all current and future   Leases and Rents, it being intended by Assignor that this assignment   constitutes a present, absolute and unconditional assignment and not an   assignment for additional security only. Such assignment to Assignee shall   not be construed to bind Assignee to the performance of any of the covenants,   conditions or provisions contained in any such Lease or otherwise to impose   any obligation upon Assignee. Assignor agrees to execute and deliver to   Assignee such additional instruments, in form and substance reasonably   satisfactory to Assignee, as may hereinafter be requested by Assignee to   further evidence and confirm said assignment. Nevertheless, subject to the   terms of this Paragraph 1, Assignee grants to Assignor a revocable license to   operate and manage the Mortgaged Property and to collect the Rents. Assignor   shall hold the Rents or a portion thereof sufficient to discharge all current   sums due on the Loan for use in the payment of such sums. Upon an Event of Default   (as defined in the Mortgage) and until such Event of Default is cured, the   license granted to Assignor herein shall be automatically revoked by Assignee   and Assignee shall immediately be entitled to receive and apply all Rents,   whether or not Assignee enters upon and takes control of the Mortgaged   Property. Assignee is hereby granted and assigned by Assignor the right, at   its option, upon the revocation of the license granted herein to enter upon   the Mortgaged Property in person, by agent or by court appointed receiver to   collect the Rents. Any Rents collected after the revocation of the license   herein granted may be applied toward payment of the Loan in such priority and   proportion as Assignee, in its discretion, shall deem proper. 2. Remedies of Assignee.   Upon or at any time after an Event of Default, until such Event of Default is   cured, Assignee may, at its option, without waiving such Event of Default,   without notice and without regard to the adequacy of the security for the   Loan, either in person or by agent, with or without bringing any action or   proceeding, or by a receiver appointed by a court, enforce its interest in   the Leases and Rents and take possession of the Mortgaged Property and have,   hold, manage, lease and operate the Mortgaged Property on such terms and for   such period of time as Assignee may deem proper and either with or without   taking possession of the Mortgaged Property in its own name, demand, sue for   or otherwise collect and receive all Rents, including those past due and unpaid   with full power to make from time to time all alterations, renovations,   repairs or replacements thereto or thereof as may seem proper to Assignee and   may apply the Rents to the payment of the following in such order and   proportion as Assignee in its sole discretion may determine, any law, custom   or use to the contrary notwithstanding: (a) all expenses of managing and   securing the Mortgaged Property, including, without being limited thereto,   the salaries, fees and wages of a managing agent and such other employees or   agents as Assignee may deem necessary or desirable and all expenses of   operating and maintaining the Mortgaged Property, including, without being   limited thereto, all taxes, charges, claims, assessments, water charges,   sewer rents and any other liens, and premiums for all insurance which   Assignee may deem necessary or desirable, and the cost of all alterations,   renovations, repairs or replacements, and all expenses incident to taking and   retaining possession of the Mortgaged Property; and (b) the Loan, together   with all costs and attorneys’ fees. In addition to the rights which Assignee   may have herein, upon the occurrence of an Event of Default until such Event   of Default is cured, Assignee, at its option, may either require Assignor to   pay monthly in advance to Assignee, or any receiver appointed to collect the   Rents, the fair 4 114250575.5 

    

 

and reasonable   rental value for the use and occupation of such part of the Mortgaged   Property as may be in possession of Assignor or may require Assignor to   vacate and surrender possession of the Mortgaged Property to Assignee or to   such receiver and, in default thereof, Assignor may be evicted by summary   proceedings or otherwise. For purposes of Paragraphs 1 and 2, during the   continuance of an Event of Default, Assignor grants to Assignee its   irrevocable power of attorney, coupled with an interest, to take any and all   of the aforementioned actions and any or all other actions designated by   Assignee for the proper management and preservation of the Mortgaged   Property. The exercise by Assignee of the option granted it in this Paragraph   2 and the collection of the Rents and the application thereof as herein   provided shall not be considered a waiver of any default by Assignor under   the Note, the Mortgage, the Leases, this Assignment or the Loan Documents. 3.   No Liability of Assignee. Assignee shall not be liable for any loss sustained   by Assignor resulting from Assignee’s failure to let the Mortgaged Property   after an Event of Default or from any other act or omission of Assignee in   managing the Mortgaged Property after default unless such loss is caused by   the gross negligence, willful misconduct or bad faith of Assignee. Assignee   shall not be obligated to perform or discharge any obligation, duty or   liability under the Leases or under or by reason of this Assignment and   Assignor shall, and hereby agrees to, indemnify Assignee for and hold   Assignee harmless from, any and all liability, loss or damage which may or   might be incurred under the Leases or under or by reason of this Assignment   and from any and all claims and demands whatsoever, including the defense of any   such claims or demands which may be asserted against Assignee by reason of   any alleged obligations and undertakings on its part to perform or discharge   any of the terms, covenants or agreements contained in the Leases, unless   such claim arises from the gross negligence or willful misconduct of   Assignee. Should Assignee incur any such liability, the amount thereof,   including costs, expenses and reasonable attorneys’ fees, shall be secured   hereby and by the Mortgage and the Loan Documents and Assignor shall   reimburse Assignee therefor immediately upon demand and upon the failure of   Assignor so to do Assignee may, at its option, declare all sums secured   hereby, the Note, and the Mortgage and the Loan Documents immediately due and   payable. This Assignment shall not operate to place any obligation or   liability for the control, care, management or repair of the Mortgaged   Property upon Assignee, nor for the carrying out of any of the terms and   conditions of the Leases; nor shall it operate to make Assignee responsible   or liable for any waste committed on the Mortgaged Property by the tenants or   any other parties, or for any dangerous or defective condition of the   Mortgaged Property, including, without limitation, the presence of any   Hazardous Materials (as defined in the Mortgage), or for any negligence   (other than gross negligence) in the management, upkeep, repair or control of   the Mortgaged Property resulting in loss or injury or death to any tenant,   licensee, employee or stranger until such time that Assignee has obtained   actual, unopposed possession of the Mortgaged Property. 4. Notice to   Lessees.Assignor hereby authorizes and directs the lessees named in the   Leases or any other or future lessees or occupants of the Mortgaged Property   upon receipt from Assignee of written notice to the effect that Assignee is   then the holder of the Mortgage and that a default exists thereunder or under   this Assignment, the Note or the other Loan Documents to pay over to Assignee   all Rents and to continue so to do until otherwise notified by Assignee. 5   114250575.5 

    

 

5. Other   Security.Assignee may take or release other security for the payment of the   Loan, release any party primarily or secondarily liable therefor and apply   any other security held by it to the reduction or satisfaction of the Loan   without prejudice to any of its rights under this Assignment. 6. Other   Remedies. Nothing contained in this Assignment and no act done or omitted by   Assignee pursuant to the power and rights granted to Assignee hereunder shall   be deemed to be a waiver by Assignee of its rights and remedies under the   Note, the Mortgage or the Loan Documents and this Assignment is made and   accepted without prejudice to any of the rights and remedies possessed by   Assignee under the terms thereof. The right of Assignee to collect the Loan   and to enforce any other security therefor held by it may be exercised by   Assignee either prior to, simultaneously with, or subsequent to any action   taken by it hereunder. 7. No Mortgagee in Possession. Nothing herein   contained shall be construed as constituting Assignee a “mortgagee in   possession” in the absence of the taking of actual possession of the   Mortgaged Property by Assignee. In the exercise of the powers herein granted   Assignee, no liability shall be asserted or enforced against Assignee, all   such liability being expressly waived and released by Assignor, until such   time that Assignee is adjudicated to be a mortgagee in possession. 8.   Conflict of Terms.In case of any conflict between the terms of this   Assignment and the terms of the Mortgage, the terms of the Mortgage shall   prevail. 9. No Oral Change. This Assignment and any provisions hereof may not   be modified, amended, waived, extended, changed, discharged or terminated   orally, or by any act or failure to act on the part of Assignor or Assignee,   but only by an agreement in writing signed by the party against whom the   enforcement of any modification, amendment, waiver, extension, change,   discharge or termination is sought. 10. Certain Definitions. Unless the   context clearly indicates a contrary intent or unless otherwise specifically   provided herein, words used in this Assignment may be used interchangeable in   singular or plural form and the word “Assignor” shall mean “each Assignor and   any subsequent owner or owners of the Mortgaged Property or any part thereof   or any interest therein,” the word “Assignee” shall mean “Assignee and any   subsequent holder of the Note,” the word “Note” shall mean “the Note and any   other evidence of indebtedness secured by the Mortgage,” the word “person”   shall include an individual, corporation, partnership, trust, unincorporated   association, government, governmental authority, and any other entity, the   words “Mortgaged Property” shall include any portion of the Mortgaged   Property and any interest therein, and the word “Loan” shall mean the   principal balance of the Note with interest thereon as provided in the Note   and the Mortgage and all other sums due pursuant to the Note, the Mortgage,   this Assignment and the other Loan Documents; whenever the context may   require, any pronouns used herein shall include the corresponding masculine,   feminine or neuter forms, and the singular form of nouns and pronouns shall   include the plural and vice versa. 11. Non-Waiver. The failure of Assignee to   insist upon strict performance of any term hereof shall not be deemed to be a   waiver of any term of this Assignment. Assignor shall not be relieved of   Assignor’s obligations hereunder by reason of (i) failure of Assignee to 6   114250575.5 

    

 

comply with any   request of Assignor or any other party to take any action to enforce any of   the provisions hereof or of the Mortgage, the Note or the other Loan   Documents, (ii) the release, regardless of consideration, of the whole or any   part of the Mortgaged Property, or (iii) any agreement or stipulation by   Assignee extending the time of payment or otherwise modifying or   supplementing the terms of this Assignment, the Note, the Mortgage or the   Other Security Documents. Assignee may resort for the payment of the Loan to   any other security held by Assignee in such order and manner as Assignee, in   its discretion, may elect. Assignee may take any action to recover the Loan,   or any portion thereof, or to enforce any covenant hereof without prejudice   to the right of Assignee thereafter to enforce its rights under this   Assignment. The rights of Assignee under this Assignment shall be separate,   distinct and cumulative and none shall be given effect to the exclusion of   the others. No act of Assignee shall be construed as an election to proceed   under any one provision herein to the exclusion of any other provision. 12.   Inapplicable Provisions. If any term, covenant or condition of this   Assignment is held to be invalid, illegal or unenforceable in any respect,   this Assignment shall be construed without such provision. 13. Duplicate   Originals. This Assignment may be executed in any number of duplicate   originals and each such duplicate original shall be deemed to be an original.   14. Governing Law. This Assignment shall be governed and construed in   accordance with the laws of the State in which the real property encumbered   by the Mortgage is located. 15. Termination of Assignment. Upon payment in   full of the Loan, Assignor shall execute and deliver a discharge of this   Assignment following Assignor’s request and at Assignor’s sole cost and   expense. 16. Limitation on Liability. The provisions of Paragraph 46 of the   Mortgage are incorporated herein by this reference to the fullest extent as   if the text of such paragraph were set forth in its entirety herein. THIS   ASSIGNMENT, together with the covenants and warranties therein contained,   shall inure to the benefit of Assignee and any subsequent holder of the   Mortgage and shall be binding upon Assignor, its heirs, executors,   administrators, successors and assigns and any subsequent owner of the   Mortgaged Property. [Remainder of page left intentionally blank.] 7   114250575.5 

    

 

IN WITNESS   WHEREOF, Assignor has executed this Assignment as instrument under seal as of   the day and year first above written. an ASSIGNOR: HAMILTON PARK TOWERS, LLC,   a Delaware limited liability company By: Harold Brown Manager By: NewReal,   Inc., a Massachusetts corporation, Manager By: '""2 => / By:   Harold Bto'wn, er COMMONWEALTH OF MASSACHUSETTS ) ) ss. Boston ) COUNTY OF   SUFFOLK On this, thday of May, 2018, before me, the undersigned notary   public, personally appeared Harold Brown, proved to me through satisfactory   evidence of identification, being a driver's license or other state or   federal governmental document bearing a photographic image, to be the person   whose name is signed above, and acknowledged to me that he signed it   voluntarily as the Manager of HAMILTON PARK TOWERS, LLC, a Delaware limited   liability company and as the Treasurer of NewReal, Inc., a Massachusetts   corporation, the Manager of HAMILTON PARK TOWERS, LLC. LNotarial Seal] Notary   Public &.elk{ £. ... ...._ My CommissiOn Expires: <3 \ tt( /d l   Qualified in the Commonwealth of Massachusetts --t NOTARY PUBLIC Commonwealth   of M•seachueen. Comm1ss1o March 19.2021 - ASSIGNMENT OF LEASES AND RENTS ®. !   SALLY E. MICHAEL Myn Expires 

    

 

COMMONWEALTH OF   MASSACHUSETTS ) ) ss. Boston ) COUNTY OF SUFFOLK On this, th/ ay of May,   2018, before me, the undersigned notary public, personally appeared Ronald   Brown, proved to me through satisfactory evidence of identification, being a   driver's license or other state or federal governmental document bearing a   photographic image, to be the person whose name is signed above, and   acknowledged to me that he signed it voluntarily as the President of NewReal,   HAMILTON PARK TOWERS, LLC. Inc., a Massachusetts corporation, the Manager of   [Notarial Seal] NOTARY PUBLIC Commonwealth of Massachusetta March 19.2021   ASSIGNMENT OF LEASES AND RENTS SALLY E. MICHAEL My Commission Expires 

    

 

EXHIBIT A LEGAL   DESCRIPTION Real property in the Town of Brookline, County of Norfolk,   Commonwealth of Massachusetts, described as follows: A certain parcel of   land, with buildings thereon, situated in Brookline, Norfolk County,   Massachusetts, bounded and described as follows: Beginning at a point on the   northerly sideline of Freeman Street, said point being the point of curvature   of a curve connecting the northerly side of Freeman Street and the easterly   sideline of Pleasant Street; Thence running along said curved line to the   right of radius 30.57 feet a distance of 44.56 feet to a point of tangency,   said point being on the easterly sideline of Pleasant Street; Thence running   along said easterly sideline of Pleasant Street North 01° 19' 00" East a   distance of 31.37 feet to an angle point; Thence turning and running along   said easterly sideline of Pleasant Street North 00° 44' 40" West a   distance of 336.10 feet to a point of curvature; Thence running along a   curved line to the right of radius 20.00 feet a distance of 34.54 feet to a   point of tangency, said point being on the southerly sideline of Thatcher   Street; Thence running along said southerly sideline of Thatcher Street South   81° 49' 38" East a distance of 438.23 feet to a point of curvature;   Thence running along a curved line to the right of the radius 20.00 feet a   distance of 31.35 feet to a point of tangency, said point being on the   westerly sideline of St. Paul Street; Thence running along the westerly side   of St. Paul Street South 08° 00' 00" West a distance of 370.47 feet to a   point of curvature; Thence running along a curved line to the right of the   radius 20.00 feet a distance of 31.34 feet to a point of tangency, said point   being on the northerly sideline of Freeman Street; Thence running along the   northerly sideline of Freeman Street North 82° 14' 30" West a distance   of 372.80 feet to the point of beginning A-1 114250575.5Exhibit 10.3

Loan No.   527600:11 GUARANTY AGREEMENT THIS GUARANTY AGREEMENT (the “Guaranty”), is   entered into effective as of May 31, 2018 by NEW ENGLAND REALTY ASSOCIATES   LIMITED PARTNERSHIP, a Massachusetts limited partnership (“NE Realty”) and   HBC HOLDINGS, LLC, a Massachusetts limited liability company (“HBC”, and   together with NE Realty, collectively, jointly and severally, the   “Guarantor”), in favor of JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.), a   Michigan corporation (the “Lender”), and the subsequent owners and holders of   the herein below defined Note. RECITALS: A. Hamilton Park Towers, LLC, a   Delaware limited liability company (the “Borrower”) has requested a loan (the   “Loan”) from Lender in the amount of $125,000,000 to be evidenced by the   Mortgage Note of even date herewith executed by Borrower, payable to Lender   in the original principal sum of $125,000,000 (the “Note”), and secured by,   inter alia, the Mortgage, Assignment of Leases and Rents and Security   Agreement of even date herewith executed by Borrower in favor of Lender   covering certain property in Norfolk County, Massachusetts (the “Mortgage”);   B. Section 19 of the Note sets forth certain amounts, obligations and other   liabilities for which Borrower is fully liable to Lender (the “Recourse   Obligations”), notwithstanding limitations on Borrower’s liability pursuant   to said Section 19 of the Note; C. Guarantor will benefit directly and   substantially from the making of the Loan; and D. As a condition to making   the Loan, Lender has required that Guarantor guarantee the payment of the   Recourse Obligations and performance of the obligations set forth in Section   1 below (the “Guaranteed Obligations”). AGREEMENT: NOW, THEREFORE, as a   material inducement to Lender to agree to make the Loan to Borrower, and for   other good and valuable consideration, the receipt and sufficiency of which   are hereby acknowledged, Guarantor hereby does irrevocably and   unconditionally warrant and represent unto and covenant with Lender as   follows: 1. Guaranty.Guarantor hereby (a) guarantees unto Lender the full and   timely payment of the amounts due, or to become due, to Lender under the   Recourse Obligations and (b) agrees with Lender to pay to Lender (i) the   amounts due under the Recourse Obligations within five (5) days from the date   Lender notifies Guarantor of Borrower’s failure to pay the same, if and when   the same becomes due, and at the place specified in the Note for payment and   (ii) Lender’s reasonable attorneys’ fees and all court costs incurred by   Lender in enforcing or protecting any of Lender’s rights, remedies or   recourses hereunder. 2. Guarantor’s Representations and Warranties. Guarantor   hereby warrants and represents unto Lender as follows: 114250603.5 

    

 

(a) that this   Guaranty constitutes the legal, valid and binding obligation of Guarantor and   is fully enforceable against Guarantor in accordance with its terms; (b)   Guarantor is solvent and the execution of this Guaranty Agreement does not   render Guarantor insolvent. Any and all financial statements, balance sheets,   net worth statements and other financial data which have heretofore been   furnished to Lender with respect to Guarantor fairly and accurately present   the financial condition of Guarantor as of the date they were furnished to   Lender and, since that date, there has been no material adverse change in the   financial condition of Guarantor; (c) that there are no legal proceedings or   material claims or demands pending against or, to the best of Guarantor's   knowledge threatened against, Guarantor or any of its assets which would   materially adversely impact Guarantor’s ability to repay its obligations   hereunder; (d)that the execution and delivery of this Guaranty and the   assumption of liability hereunder have been in all respects authorized and   approved by Guarantor and its general partner; Guarantor has full authority   and power to execute this Guaranty and to perform its obligations hereunder;   and (e) that neither the execution nor the delivery of this Guaranty nor the   fulfillment and compliance with the provisions hereof will conflict with,   result in a breach of, constitute a default under or result in the creation   of any lien, charge, or encumbrance upon any property or assets of Guarantor   under any agreement or instrument to which Guarantor is now a party or by   which it may be bound. 3. Waiver. Guarantor hereby waives (a) all notices of   acceptance hereof, protest, demand and dishonor, presentment, notice of   nonpayment, notice of intention to accelerate maturity, notice of   acceleration of maturity and all notices and demands of any kind now or   hereafter provided for by any statute or rule of law other than the five (5)   day notice referred to in Paragraph 1 above, (b) any and all requirements   that Lender institute any action or proceeding, or exhaust or attempt to   enforce any or all of Lender’s right, remedies or recourses against Borrower   or anyone else or in respect of any mortgaged property or collateral covered   by any Loan Documents (as defined in the Mortgage), or join Borrower or any   other persons liable on the Recourse Obligations in any action to enforce   this Guaranty as a condition precedent to bringing an action against   Guarantor upon this Guaranty, it being expressly agreed that the liability of   Guarantor hereunder shall be primary and not secondary, (c) any defense   arising by reason of any disability, insolvency, lack of authority or power,   death, insanity, minority, dissolution or any other defense of Borrower, or   any other surety, co-maker, endorser or guarantor of the Recourse Obligations   (even though rendering same void, unenforceable or otherwise uncollectible),   it being agreed that Guarantor shall remain liable hereon regardless of   whether Borrower or any other such person be found not liable thereon for any   reason, (d) all suretyship defenses of every kind and nature and (e) any   claim Guarantor might otherwise have against Lender by virtue of Lender’s   invocation of any right, remedy or recourse permitted it hereunder or under   the Loan Documents. This is a guaranty of payment and not a guaranty of   collection. 2 114250603.5 

    

 

4. Subsequent   Acts. Guarantor hereby agrees with Lender that (a) the payments called for   and provisions contained in the Loan Documents, including specifically (but   without limitation) the Note, may be renewed, extended, rearranged, modified,   released or canceled, (b) all or any part of any mortgaged property and   collateral for the indebtedness may be released from, and any new or   additional security may be added to, the lien and security interest of the Loan   Documents, (c) any additional parties who may become personally liable for   repayment of the Note may hereafter be released from their liability   hereunder and thereon and (d) Lender may take, or delay in taking or refuse   to take, any and all action with reference to the Note and the other Loan   Documents (regardless of whether same might vary the risk or alter the   rights, remedies or recourses of Guarantor), including specifically (but   without limitation) the settlement or compromise of any amount allegedly due   thereunder, all without notice or consideration to or the consent of   Guarantor, and no such acts shall in any way release, diminish or affect the   absolute nature of Guarantor’s obligations and liabilities hereunder. It is   the intent of Guarantor and Lender that such obligations and liabilities   hereunder are primary, absolute and unconditional under any and all   circumstances and that, until the Recourse Obligations are fully and finally   satisfied, such obligations and liabilities shall not be discharged or   released, in whole or in part, by any act or occurrence which, but for this   Paragraph 4, might be deemed a legal or equitable discharge or release of   Guarantor. 5. Remedies Cumulative.Guarantor hereby agrees with Lender that   all rights, remedies and recourses afforded to Lender by reason of this   Guaranty or otherwise are (a) separate and cumulative and may be pursued   separately, successively or concurrently, as occasion therefor shall arise,   and (b) non-exclusive and shall in no way limit or prejudice any other legal   or equitable right, remedy or recourse which Lender may have. 6.   Subordination and No Subrogation. If, for any reason whatsoever, Borrower now   is or hereafter becomes indebted to Guarantor, such indebtedness and all   interest thereon, shall, at all times, be subordinate in all respects to the   Loan Documents, and Guarantor shall not be entitled to enforce or receive   payment thereof until the Recourse Obligations have been fully satisfied.   Notwithstanding anything to the contrary contained in this Guaranty or any   payments made by Guarantor hereunder, Guarantor shall not have any right of   subrogation in or under the Loan Documents or to participate in any way   therein or in any right, title or interest in and to any mortgaged property   or any collateral for the Loan, all such rights of subrogation and   participation, together with any other contractual, statutory or common law   right which Guarantor may have to be reimbursed for any payments Guarantor   may make to Lender pursuant to this Guaranty, being hereby expressly waived   and released. 7. Law Governing and Severability.This Guaranty shall be   governed by and construed in accordance with the laws of the Commonwealth of   Massachusetts and is intended to be performed in accordance with, and only to   the extent permitted by, such laws.If provision of this Guaranty or the   application thereof to any person or circumstance, for reason and to any   extent, shall be invalid or unenforceable, neither the remainder of any any   this Guaranty nor the application of such provision to any other persons or   circumstances shall be affected thereby, but rather the same shall be   enforced to the greatest extent permitted by law. 8. Successors and Assigns.   This Guaranty and all the terms, provisions and conditions hereof shall be   binding upon Guarantor and the Guarantor’s heirs, legal 3 114250603.5 

    

 

representatives,   successors and assigns and shall inure to the benefit of Lender, its   successors and assigns and all subsequent holders of the Note. 9. Paragraph   Headings. The paragraph headings inserted in this Guaranty have been included   for convenience only and are not intended, and shall not be construed, to   limit or define in any way the substance of any paragraph contained herein.   10.Effect of Bankruptcy. This Guaranty shall continue to be effective or   reinstated, as the case may be, if at any time payment to Lender of all or   any part of the Recourse Obligations is rescinded or must otherwise be   restored or refunded by Lender pursuant to any insolvency, bankruptcy,   reorganization, receivership or other debtor relief proceeding involving   Borrower. In the event that Lender must rescind or restore any payment   received by Lender in satisfaction of the Recourse Obligations, as set forth   herein, any prior release or discharge of the terms of this Guaranty given to   Guarantor by Lender shall be without effect and this Guaranty shall remain in   full force and effect. 11.Notices. All notices hereunder shall be given at   the following address: If to NE Realty: New England Realty Associates Limited   Partnership, 39 Brighton Avenue, Boston, MA 02134; If to HBC: HBC Holdings,   LLC, 39 Brighton Avenue, Boston, MA 02134; If to Lender:John Hancock Life   Insurance Company (U.S.A.), Real Estate Finance Group, 197 Clarendon Street, C-2,   Boston, Massachusetts 02116, Re: Loan No. 527600:11. All notices given   hereunder shall be in writing and shall be considered properly given if   delivered either personally to such other party, or sent by nationally   recognized overnight courier delivery service or by certified mail of the   United States Postal Service, postage prepaid return receipt requested,   addressed to the other party as set forth above (or to such other address or   person as either party entitled to notice may by notice to the other party   specify). Unless otherwise specified, notices shall be deemed given as   follows: (i) if delivered personally, when delivered, (ii) if delivered by   nationally recognized overnight courier delivery service, on the day   following the day such material is sent or (iii) if delivered by certified   mail, on the third day after the same is deposited in the United States   Postal Service as provided above. 12. Benefit. Guarantor warrants and   represents that Guarantor has received, or will receive, direct or indirect benefit   from the execution and delivery of this Guaranty. 13. No Representations by   Lender. Neither Lender nor anyone acting on behalf of Lender has made any   representation, warranty or statement to Guarantor to induce Guarantor to   execute and deliver this Guaranty. 14. Application of Foreclosure Proceeds.   In the event of any foreclosure sales of the mortgaged property and   collateral covered by the Loan Documents, the proceeds of such sales shall be   applied first to the discharge of that portion of the indebtedness then   remaining unpaid as to which Guarantor is not fully personally liable   pursuant to this Guaranty, it being the express intention of the parties that   the application of the proceeds of such foreclosure sales shall 4 114250603.5   

    

 

be in such a   manner as not to extinguish or reduce Guarantor’s personal liability   hereunder until all of the indebtedness as to which Guarantor is not   personally liable hereunder has been paid in full. Nothing contained in this   Paragraph 14 shall be construed to require that Lender foreclose the liens   and security interests created in the Loan Documents as a condition precedent   to bringing an action against Guarantor upon this Guaranty, or as an   agreement that Guarantor’s liability is limited to any deficiency remaining   after such a foreclosure. 15. Joint and Several Liability. If more than one   person is included in the definition of Guarantor, the liability of all such   persons hereunder shall be joint and several. [Remainder of page   intentionally left blank; signature page follows] 5 114250603.5 

    

 

EXECUTED, as an   instrument under seal, effective as of the date first above written.   GUARANTORS: NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP, a   Massachusetts limited partnership By: NewReal, Inc., is General Partner By:   Ronald Brown, its President HBC HOLDINGS, LLC, a Massachusetts limited   liability company By: ..-Jameson Brown, Manager

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