Document:

Exhibit 10.1

 

April 26, 2021

 

Tremont Realty Advisors LLC

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458

 

 

RE:    Management Agreements with Tremont
Realty Advisors LLC

 

Ladies and Gentlemen:

 

Reference is made to (i) the Agreement
and Plan of Merger (the “Merger Agreement”), dated as of even date herewith, by and between RMR Mortgage Trust (“RMRM”)
and Tremont Mortgage Trust (“TRMT”), pursuant to which, among other things, TRMT will merge with and into RMRM, with RMRM
being the surviving entity in the merger (the “Merger”); (ii) the Management Agreement (the “TRMT Management Agreement”),
dated September 18, 2017, as amended, by and between TRMT and Tremont Realty Advisors LLC (the “Manager”); and (iii) the Management
Agreement, dated January 5, 2021, by and between RMRM and the Manager (the “RMRM Management Agreement,” and together with
the TRMT Management Agreement, the “Management Agreements”). Capitalized terms used in this letter agreement without definition
shall have the meanings given therefor in the TRMT Management Agreement.

 

In connection with TRMT’s entry into the Merger
Agreement, on and subject to the terms set forth in this letter agreement, TRMT gives the Manager notice of TRMT’s termination of
the TRMT Management Agreement effective as of the close of business on the date the Merger is consummated.

 

Pursuant
to Section 17 of the TRMT Management Agreement, upon the effectiveness of the proposed termination of the TRMT Management Agreement,
TRMT is required to pay to the Manager the Termination Fee. By the execution and delivery of this letter agreement by RMRM, TRMT and the
Manager, on and subject to the terms and conditions hereof, the Manager (i) agrees to accept termination of the TRMT Management Agreement
effective upon consummation of the Merger as set forth in the preceding paragraph and (ii) agrees to waive any and all right to receive
payment of the Termination Fee under the TRMT Management Agreement resulting from the termination of the TRMT Management Agreement upon
consummation of the Merger; it being expressly understood and agreed that the notice of termination, termination and waiver provided for
herein apply only in respect of the Merger and will not apply in respect of any Competing Proposal or Superior Proposal (as those terms
are defined in the Merger Agreement) or to any other transaction or arrangement. For the avoidance of doubt, as provided in Section 11
of the TRMT Management Agreement, if the effective termination date of the TRMT Management Agreement pursuant to this letter agreement
does not correspond to the end of a fiscal quarter, the Incentive Fee for the quarter in which the termination occurs shall be calculated
for the period beginning on the day after the end of the quarter immediately preceding such effective termination date and ending on such
effective termination date, which Incentive Fee shall be calculated using Core Earnings for the 12-month period ending on the effective
termination date.

 

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In consideration of the Manager’s
agreement to waive any and all right to receive payment of the Termination Fee from TRMT hereunder, RMRM hereby agrees that, effective
upon consummation of the Merger and the termination of the TRMT Management Agreement as provided herein, the Manager’s expenditures
paid pursuant to Section 14(b) of the TRMT Management Agreement shall be assumed by RMRM and included in the calculation of the “Termination
Fee” under and as defined in the RMRM Management Agreement.

 

Except as expressly provided herein, this letter
agreement shall not amend, modify, alter or waive in any respect any other agreements, rights or obligations of TRMT, RMRM, the Manager
or others under or in respect of the Management Agreements, as applicable.

 

This letter agreement shall be null and
void and of no further force or effect in the event that (i) the Merger is not consummated on or before December 31, 2021 or (ii) the
Merger Agreement is terminated in accordance with its terms.

 

This letter agreement shall be governed
by and construed in accordance with the laws of the State of Maryland without regard to principles of conflicts of law.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	TREMONT MORTGAGE TRUST
	 	 
	 	By:	  /s/ G. Douglas Lanois
	 	 	  G. Douglas Lanois
	 	 	  Chief Financial Officer and Treasurer
	 	 
	 	RMR MORTGAGE TRUST
	 	 
	 	By:	  /s/ G. Douglas Lanois
	 	 	  G. Douglas Lanois
	 	 	  Chief Financial Officer and Treasurer

 

 

 

Accepted and agreed to as of the date
set forth above:

 

	TREMONT REALTY ADVISORS LLC	 
	 	 
	By:	  /s/ Matthew
    P. Jordan	 
	 	  Matthew P. Jordan	 
	 	  President and Chief Executive OfficerExhibit 10.2

 

VOTING AGREEMENT

 

THIS VOTING AGREEMENT (this “Agreement”)
is made as of April 26, 2021, by and between Tremont Mortgage Trust, a Maryland real estate investment trust (“TRMT”), and
Diane Portnoy, an individual having a business address at c/o The Immigrant Learning Center, Inc., 442 Main Street, Malden, MA 02148 (the
 “Shareholder”).

 

RECITALS:

 

1.       The
Shareholder is the beneficial and record owner of 882,407 common shares of beneficial interest, $0.001 par value per share (“Common
Shares”), of RMR Mortgage Trust, a Maryland statutory trust (the “Trust”).

 

2.       The
Trust and TRMT are contemporaneously entering into that certain Agreement and Plan of Merger (the “Merger Agreement”), dated
as of the date hereof, pursuant to which, among other things, TRMT shall merge with and into the Trust, as contemplated by the Merger
Agreement.

 

3.        In
connection with TRMT’s entry into the Merger Agreement, the Shareholder has agreed to vote in favor of the issuance of Common Shares
in the Merger as contemplated by the Merger Agreement, upon the terms and subject to the conditions set forth herein.

 

In consideration of the foregoing,
the Parties agree as follows:

 

SECTION
I 

 

DEFINITIONS

 

Capitalized terms used in this Agreement without
definition shall have the meanings given therefor in the Merger Agreement. The terms set forth below shall have the following meanings:

 

1.1             
“beneficially own”: the meaning set forth in Rule 13d-3 under the Securities Exchange Act of 1933, as amended.

 

1.2             
“Parties”: TRMT and the Shareholder.

 

1.3             
“Transfer”: any sale, transfer, assignment, pledge, tender, encumbrance or other disposition, including through any
 “short sale” or derivative transactions.

 

     

     

    

 

SECTION
II 

 

REPRESENTATIONS AND WARRANTIES

 

The Shareholder hereby represents and warrants
to TRMT, as of the date of this Agreement, that:

 

(a)              
Ownership. The Shareholder has good and marketable title to, and is the sole legal and beneficial owner of, the Common Shares
set forth in the recitals, in each case free and clear of all liabilities, claims, liens, options, proxies, charges, participations and
encumbrances of any kind or character whatsoever, other than those arising under the securities laws or under the Trust’s governing
documents.

 

(b)              
Authority to Execute and Perform Agreements. The Shareholder has the full legal right and power and all authority required
to enter into, execute and deliver this Agreement and to perform fully the Shareholder’s obligations hereunder. This Agreement has
been duly executed and delivered and constitutes the legal, valid and binding obligation of the Shareholder, enforceable against the Shareholder
in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other laws affecting
creditors’ rights and remedies generally and by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

(c)              
No Conflicts; Consents.

 

(i)                
The execution and delivery by the Shareholder of this Agreement does not, and the consummation of the transactions contemplated
hereby will not, conflict with or result in any violation of or default (with or without notice or lapse of time, or both) under (A) any
contract, agreement or other binding arrangement to which the Shareholder is a party or (B) any judgment, order, writ, injunction or decree
of any court, governmental body, administrative agency or arbitrator applicable to the Shareholder.

 

(ii)                No
consents, authorizations, orders or approvals of any governmental commission, board, or other regulatory body are required to be obtained
or made by the Shareholder in connection with the execution and delivery by the Shareholder of this Agreement and the consummation of
the transactions contemplated hereby.

 

(d)              
Investigation. The Shareholder has had a full opportunity to review and discuss this Agreement and the Merger Agreement
and to ask all questions of TRMT, the Trust and the Trust’s trustees and executive officers necessary in order for the Shareholder
to make an informed decision to enter into this Agreement.

 

SECTION
III 

 

COVENANTS

 

3.1             
Voting Arrangements. The Shareholder has revoked or terminated any proxies, voting trusts, voting agreements or similar
arrangements previously given or entered into with respect to any Common Shares and agrees that, except pursuant to this Agreement, it
shall not grant any proxies, deposit any Common Shares into a voting trust, or enter into any voting agreement with respect to any Common
Shares now or hereafter owned, beneficially or of record, by the Shareholder.

 

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3.2             
Lock-Up. The Shareholder will not (a) directly or indirectly, Transfer, or limit its right to vote in any manner, any Common
Shares, or agree to do either of the foregoing, or (b) take any action which, in either case, would have the effect of preventing or disabling
the Shareholder from performing its obligations under this Agreement.

 

SECTION
IV 

 

VOTING; WAIVER OF RIGHTS

 

4.1             
Agreement to Vote. The Shareholder hereby irrevocably agrees that at any meeting of the shareholders of the Trust held on
or before the Merger Effective Time (the “Trust Shareholders Meeting”), and at every adjournment or postponement thereof,
the Shareholder shall appear (in person or by proxy) at such Trust Shareholders Meeting (or any adjournment or postponement thereof),
and cause all of the Common Shares to be counted as present thereat for purposes of calculating a quorum and shall vote (or cause to be
voted) all Common Shares which it is entitled to vote (a) in favor of (i) the approval of the issuance of Common Shares in the Merger
as contemplated by the Merger Agreement, and (ii) any other proposal in respect of which the vote of shareholders of the Trust is requested
that could reasonably be expected to facilitate the issuance of Common Shares in the Merger as contemplated by the Merger Agreement (including
any proposal to adjourn, recess or postpone the Trust Shareholders Meeting to solicit additional proxies in favor of the approval of the
issuance of Common Shares in the Merger as contemplated by the Merger Agreement if there are not sufficient votes to approve the issuance
of Common Shares in the Merger as contemplated by the Merger Agreement on the date on which such Trust Shareholders Meeting is held);
and (b) against (i) the adoption or approval of any Superior Proposal and (ii) any other proposal in respect of which the vote or other
approval of shareholders of the Trust is requested that could reasonably be expected to impede, materially interfere with, materially
delay or prevent the consummation of the Transactions (including the issuance of Common Shares in the Merger as contemplated by the Merger
Agreement).

 

SECTION
V 

 

MISCELLANEOUS

 

5.1             
Termination. This Agreement shall terminate upon the earlier to occur of (i) the Merger Effective Time or (ii) the termination
of the Merger Agreement in accordance with its terms.

 

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5.2             
Notices. All notices, communications and deliveries required or permitted by this Agreement shall be made in writing signed
by the Party making the same, shall specify the section of this Agreement pursuant to which it is given or being made, and shall be deemed
given or made (i) on the date delivered if delivered by e-mail of a .pdf attachment (providing confirmation of transmission) or in person,
or (ii) on the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery on such
day, as follows:

 

If to TRMT, to:

 

Tremont Mortgage Trust

Two Newton Place

255 Washington Street, Suite 300

Newton, Massachusetts 02458

Attn: President

 

If to the Shareholder, to:

 

Diane Portnoy

c/o The Immigrant Learning Center, Inc.

442 Main Street

Malden, MA 02148

 

or to such other representative or at such other
address of a Party as such Party may furnish to the other Parties in writing.

 

5.3             
Section and Other Headings; Interpretation. 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. The words “hereof”, “herein” and
 “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement; and section references are to this Agreement, unless otherwise specified. The singular and plural
use of a defined term shall have the correlative meaning. The words “including” and “include” shall be deemed
to be followed by the words “without limitation.”

 

5.4             
Assignment; Successors in Interest. No assignment or transfer by the Shareholder of its rights and obligations under this
Agreement shall be made except with the prior written consent of TRMT. This Agreement shall be binding upon and shall inure to the benefit
of the Parties and their permitted successors and assigns, and any reference to a Party shall also be a reference to a permitted successor
or assign.

 

5.5             
No Third-Party Beneficiaries. With the exception of the Parties, there shall exist no right of any Person to claim a beneficial
interest in this Agreement or any rights occurring by virtue of this Agreement.

 

5.6             
Amendments. To the extent permitted by law, this Agreement may be amended by a subsequent writing signed by each of the
Parties.

 

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5.7             
Controlling Law; Integration; Waiver. This Agreement shall be interpreted, construed, applied and enforced in accordance
with the laws of The State of Maryland. This Agreement supersedes all negotiations, agreements and understandings among the Parties with
respect to the subject matter of this Agreement and constitutes the entire agreement among the Parties. The failure of any Party at any
time or times to require performance of any provisions of this Agreement shall in no manner affect the right to enforce the same. No waiver
by any Party of any conditions, or of the breach of any term, provision, warranty, representation, agreement or covenant contained in
this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed or construed as a further or continuing
waiver of any such condition or breach of any other term, provision, warranty, representation, agreement or covenant contained in this
Agreement.

 

5.8             
Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this
Agreement, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision
in any other jurisdiction.

 

5.9             
Further Assurances. The Parties shall use all reasonable efforts to take, or cause to be taken, all appropriate action,
to do or cause to be done all things necessary, proper or advisable, and to execute and deliver such documents and other papers, to consummate
the transactions contemplated by this Agreement.

 

5.10           
Specific Performance. The Parties hereto agree that the remedy at law for any breach of this Agreement will be inadequate
and that any Party by whom this Agreement is enforceable shall be entitled to specific performance in addition to any other appropriate
relief or remedy. Such Party may, in its sole discretion, apply to a court of competent jurisdiction for specific performance or injunctive
or such other relief as such court may deem just and proper in order to enforce this Agreement or prevent any violation hereof and, to
the extent permitted by applicable law, each Party waives any objection to the imposition of such relief.

 

5.11           
Counterparts, 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. Delivery of an executed counterpart of a signature page to this
Agreement by e-mail with a pdf or similar attachment shall be effective as delivery of an original executed counterpart of this Agreement.

 

[Signature Page Follows]

 

    - 5 -

     

    

 

IN WITNESS WHEREOF, the Parties have caused this
Agreement to be duly executed and delivered as of the date first above written.

 

	 	TREMONT MORTGAGE TRUST,

a Maryland real estate investment trust
	 	 
	 	 
	 	By:	/s/
    Thomas J. Lorenzini
	 	Name:	Thomas J. Lorenzini
	 	Title:	President
	 	 	 
	 	 	 
	 	DIANE PORTNOY
	 	 
	 	/s/ Diane Portnoy

 

[Signature Page to Voting Agreement]

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