Document:

EX-4.48

 Exhibit 4.48 

LOAN AGREEMENT 
 Dated: As of
December 18, 2020 
 Between 

UNITIL REALTY CORP. 

(“Borrower”) 
 and 

TD BANK, N.A. (“Lender”) 

$4,720,000 TERM LOAN 
 SECURED BY
PROPERTY 
 LOCATED AT 6 Liberty Lane West, Hampton, Rockingham County, New Hampshire 

 LOAN AGREEMENT 

This is an agreement (“Loan Agreement” or “Agreement”) made and entered into as of the 18th day of December,
2020, by and between UNITIL REALTY CORP., a New Hampshire corporation, having an address at 6 Liberty Lane West, Hampton, New Hampshire 03842 (“Borrower”) and TD BANK, N.A., a national banking association having an address at 300
Franklin Street, Manchester, New Hampshire 03101 (“Lender”). 
 WITNESSETH: 

1. BACKGROUND. 
 1.1 Defined Terms.
Capitalized terms used in this Agreement are defined either in Exhibit A, or in specific sections of this Agreement, or in another Loan Document, as referenced in Exhibit A. The definitions of terms herein shall apply equally to the
singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall
be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of
or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, renewed, replaced, supplemented or otherwise modified from
time to time (subject to any restrictions on such amendments, restatements, renewals, replacements, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference to any law or regulation herein shall, unless otherwise
specified, refer to such law or regulation as amended, modified or supplemented from time to time and (f) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties, including cash, securities, accounts and contract rights. All terms defined in this Agreement shall have the defined meanings when used in any other Loan Document unless otherwise defined therein. As
used herein or in any other Loan Document, accounting terms relating to the Borrower, to the extent not defined, shall have the respective meanings given to them under Generally Accepted Accounting Principles (“GAAP”). Any reference to
“value” of assets or property means the lower of cost or market value of such assets or property, determined in accordance with GAAP. 

1.2 Borrower. Borrower is a corporation organized under the laws of the State of New Hampshire. 

 1.3 Land and Improvements; Property. Borrower is the owner of certain land (the
“Land”) located at 6 Liberty Lane West, Town of Hampton, County of Rockingham, New Hampshire and more particularly described in the Mortgage (together with all structures, buildings, additions, extensions, modifications, and all
other improvements of any kind whatsoever, and replacements of any of the foregoing, now or hereafter located at or upon the Land, the “Improvements”). The Land and Improvements are collectively called the
“Property”. 
 1.4 Use of Loan Proceeds. Borrower has applied to Lender for a loan of $4,720,000
(“Loan”) the proceeds of which are to be used by Borrower to pay costs and expenses incident to closing the Loan and for any other purpose. 

1.5 Loan. Subject to all of the terms, conditions and provisions of this Agreement, and of the agreements and instruments referred to
herein, Lender agrees to make the Loan and Borrower agrees to accept and repay the Loan. 
 2. LOAN PROVISIONS. 

2.1 Amount of Loan. The Loan shall be in the amount of $4,720,000. 

2.2 Term of Loan; No Extension Right. The Loan shall be for a term (“Term”) commencing on the date hereof and ending
on December 18, 2030 (“Maturity Date”). There shall be no extension right. 
 2.3 Interest Rate and Payment
Terms. The Loan shall be payable as to interest and principal in accordance with the provisions of the Note. The Note also provides for interest at a Default Rate, late payments charges and prepayment rights, fees and costs. All payments and
prepayments of interest, principal and fees shall be made in lawful money of the United States in immediately available funds, without counterclaim or set off and free and clear of, and without any deductions or withholding for, any taxes or other
payments. 
 2.4 Loan Fees. Borrower shall pay a loan fee in the amount of Four Thousand Seven Hundred Twenty Dollars ($4,720),
representing ten (10) basis points of the amount of the Loan. 
 2.5 Acceleration. The Loan may be accelerated, at the option of
Lender, following an Event of Default. Upon such an acceleration, all principal, accrued interest and costs and expenses shall be due and payable together with interest on such principal at the Default Rate and any applicable prepayment charge or
fee 
 2.6 Cross Default. Borrower expressly acknowledges and agrees that Borrower’s obligations to Lender with respect to the
Loan shall be and hereby are cross defaulted with Borrower’s obligations to Lender under the Unitil Revolving Credit Agreement (as hereinafter defined). The “Unitil Revolving Credit Agreement” means that certain Second Amended
and Restated Credit Agreement dated as of July 25, 2018, as amended, modified and restated, among Unitil Corporation, as borrower, Bank of America, N.A., as Administrative Agent and lender, Citizens Bank, N.A., as syndication agent and lender
and the other lenders party thereto. 

  
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 2.7 Reserved. 

2.8 Changes in Law. 

2.8.1 If any present or future law, governmental rule, regulation, policy, guideline, directive or similar requirement
(whether or not having the force of law) imposes, modifies, or deems applicable any capital adequacy, capital maintenance or similar requirement which affects the manner in which Lender allocates capital resources to its commitments (including any
commitments hereunder), and as a result thereof, in the opinion of Lender, the rate of return on Lender’s capital with regard to the Loan is reduced to a level below that which Lender could have achieved but for such circumstances, then in such
case and upon notice from Lender to Borrower, from time to time, Borrower shall pay Lender such additional amount or amounts as shall compensate Lender for such reduction in Lender’s rate of return. Such notice shall contain the statement of
Lender with regard to any such amount or amounts which shall, in the absence of manifest error, be binding upon Borrower. In determining such amount, Lender may use any reasonable method of averaging and attribution that it deems applicable. For the
avoidance of doubt, the foregoing provisions shall apply to all requests, rules, regulations, guidelines or directives concerning capital adequacy issued in connection with the Dodd-Frank Wall Street Reform and Consumer Protection Act and all
requests, rules, regulations, guidelines or directives concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority) or
the United States financial regulatory authorities, regardless of the date adopted, issued, promulgated or implemented. 

2.8.2 If, after the date hereof, any (a) adoption of, or change in, United States federal, state or foreign laws,
regulations or treaties, or any governmental or quasi-governmental rules, regulations, policies, guidelines, requests or directives (whether or not having the force of law), including the Dodd-Frank Wall Street Reform and Consumer Protection Act and
all requests, rules, regulations, guidelines or directives issued in connection therewith regardless of the date enacted, adopted or issued, or (b) change in the interpretation, promulgation, implementation or administration of or under any
United States federal, state or foreign laws, regulations or treaties, or any governmental or quasi-governmental rules, regulations, policies, guidelines, requests or directives (whether or not having the force of law), including the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives issued in connection therewith regardless of the date enacted, adopted or issued, by any court, governmental, quasi-governmental, central bank
or comparable agency or monetary authority that is charged with the interpretation or administration thereof, shall (1) subject Lender to any tax of any kind whatsoever with respect to any loans made by it, or change the basis of taxation of
payments 

  
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to Lender in respect thereof (except for changes in the rate of tax on the overall net income of Lender); (2) impose, modify, or hold applicable, any reserve, special deposit, compulsory loan, or
similar requirement against assets held by, deposits or other liabilities in, or for the account of, advances, loans, or other extension of credit (including participations therein) by, or any other acquisition of funds by, any office of Lender
which is not otherwise included in the determination of the rate under the Note; or (3) shall impose on such Lender any other condition; and the result of any of the foregoing is to materially increase the cost to Lender of making or
maintaining the loan evidenced by the Note, or to reduce any amount receivable under the Note, this Agreement or any other Loan Document, then, in any such case, Borrower shall promptly pay Lender, upon its demand, any additional amounts necessary
to compensate Lender for such additional costs or reduced amount receivable which Lender reasonably deems to be material as determined by Lender, with respect to the Loan. A certificate as to any additional amounts payable pursuant to this paragraph
submitted by Lender to Borrower shall be presumptive evidence of such amounts owing. Lender agrees to use reasonable efforts to avoid, or to minimize, any amounts which might otherwise be payable pursuant to this paragraph provided however, that
such efforts shall not cause the imposition on Lender of any additional costs or legal regulatory burdens deemed by Lender in good faith to be material. 

3. SECURITY FOR THE LOAN; LOAN AND SECURITY DOCUMENTS. 

3.1 Security. All Obligations shall be secured by the following “Security” which Borrower agrees to provide and maintain:

 3.1.1 Mortgage and Security Agreement. A first priority mortgage and security agreement
(“Mortgage”) on (i) the Property, (ii) all land, improvements, furniture, fixtures, goods, equipment, and other assets (including, without limitation, accounts, contracts, contract rights, Licenses and Permits, general
intangibles, documents and instruments), including all after-acquired property, owned, or in which Borrower has or obtains any interest, in connection with the Property; (iii) all insurance proceeds and other proceeds therefrom, and
(iv) all other assets of Borrower whether now owned or hereafter acquired and related to the Property. 
 3.1.2
Collateral Assignment of Leases and Rents. A first priority collateral assignment of leases and rents (“Assignment of Leases and Rents”) with respect to all leases, subleases and occupancy rights of the Property and all
income and profits to be derived from the operation and leasing of the Property. 
 3.1.3 Environmental Compliance and
Indemnification Agreement. A compliance and indemnification agreement with respect to environmental matters (“Environmental Indemnity”) from Borrower (also on occasion referred to as “Indemnitor”). 

  
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 3.2 Loan Documents and Security Documents. The Loan shall be made, evidenced,
administered, secured and governed by all of the terms, conditions and provisions of the “Loan Documents”, each as the same may be hereafter amended, restated, renewed, replaced, supplemented or otherwise modified from time to time,
consisting of: (i) this Loan Agreement; (ii) the $4,720,000 promissory note (“Note”); (iii) the Mortgage and related UCC financing statements; (iv) the Assignment of Leases and Rents; (v) UCC financing
statements; (vi) the Environmental Indemnity from Borrower; and (vii) any other documents, instruments, or agreements executed to further evidence or secure the Loan. 

Each of the Loan Documents listed in items (i) through (vii), inclusive is dated of even date herewith. The Mortgage, Assignment of
Leases and Rents and Environmental Indemnity, are sometimes collectively referred to as the “Security Documents”. 
 The
Borrower authorizes the Lender at any time and from time to time to file financing statements, continuation statements, and amendments thereto describing the Collateral without the signatures of the Borrower. 

4. CONTINUING AUTHORITY OF AUTHORIZED REPRESENTATIVES. Lender is authorized to rely upon the continuing authority of the persons, officers, signatories
or agents hereafter designated (“Authorized Representatives”) to bind Borrower with respect to all matters pertaining to the Loan and the Loan Documents including, but not limited to, the selection of interest rates. Such
authorization may be changed only upon written notice to Lender accompanied by evidence, reasonably satisfactory to Lender, of the authority of the person giving such notice and such notice shall be effective not sooner than five (5) Business
Days following receipt thereof by Lender. The present Authorized Representatives are listed on Exhibit C. Lender shall have a right of approval, not to be unreasonably withheld or delayed, over the identity of the Authorized Representatives
so as to assure Lender that each Authorized Representative is a responsible and senior official of Borrower. 
 5. LENDER’S CONSULTANTS. 

5.1 Right to Employ. Lender shall have the right to employ its own personnel, or one or more engineers, architects, builders or other
construction specialists, environmental advisors, scientists, accountants, and attorneys to act as an advisor to Lender in connection with the Loan (each of which shall be a Lender’s “Consultant”). 

5.2 Functions. The functions of a Lender’s Consultant shall include, without limitation: (i) inspection and physical review
of the Property; (ii) review and analysis of any work to be done in connection with the Property; (iii) review and analysis of environmental matters; and (iv) review and analysis of financial and legal matters. 

5.3 Payment. The costs and fees of Lender’s Consultants shall be the obligation of the Borrower upon accrual and paid by Borrower
upon demand therefor. 
 5.4 Access. Borrower shall provide Lender’s Consultants with continuing access to all aspects of the
Property and books and records related thereto at reasonable times during the day and upon at least two (2) Business Days’ prior written notice to Borrower. 

  
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 5.5 No Liability. Neither Lender nor any of its Consultants shall have liability to
Borrower, or any third party, on account of: (i) services performed by Lender’s Consultant; (ii) any failure or neglect by Lender’s Consultant to properly perform services; or (iii) any approval or disapproval of work, plans
or other matters. Neither Lender nor Lender’s Consultant shall have any obligation regarding proper performance of work related to the Property. Borrower shall have no rights under or relating to any agreement, report, or similar document
prepared by any Lender’s Consultant for Lender. 
 6. LOAN DISBURSEMENT. 

6.1 Advance of Loan Proceeds. Lender shall, subject to compliance with all of the other terms, conditions and provisions of this
Agreement, make disbursement of the Loan proceeds entirely at closing. 
 7. CONDITIONS PRECEDENT. It shall be a condition precedent of Lender’s
obligation to close and fund the Loan that each of the following conditions precedent be satisfied in full (as determined by Lender in its discretion which discretion shall be exercised in good faith having due regard for the advice of Lender’s
Consultants), unless specifically waived in writing by Lender at or prior to closing and funding the Loan: 
 7.1 Satisfactory Loan
Documents. Each of the Loan Documents and Security Documents shall be satisfactory in form, content and manner of execution and delivery to Lender and its counsel. 

7.2 No Material Change. No material adverse change shall have occurred in the financial condition, business, affairs, operations or
control of Borrower, since the date of the financial statements most recently delivered to Lender: September 30, 2020 for Borrower. 

7.3 Warranties and Representations Accurate. All warranties and representations made by or on behalf of Borrower, to Lender shall be
true, accurate and complete in all material respects and shall not omit any material fact necessary to make the same not misleading. 
 7.4
Financials and Appraisals. Lender shall have received and approved: (i) financial statements from Borrower complying with the standards set forth in Section 9.2.; (ii) an appraisal of the Property from an appraiser acceptable to
Lender setting forth an appraised value of the Property which results in a Loan to Value Ratio not in excess of 80%. 
 7.5 Validity and
Sufficiency of Security Documents. The Mortgage and the other Security Documents shall create a valid and perfected lien on the property described therein (“Collateral”) and each of the Security Documents and related UCC filings
shall have been duly recorded and filed to the satisfaction of Lender and its counsel. 

  
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 7.6 No Other Liens; Taxes and Municipal Charges Current. The Collateral shall not be
subject to any liens or encumbrances, whether inferior or superior to the Loan Documents or the Security Documents, except in respect of: (i) real estate taxes and personal property taxes not yet due and payable; and (ii) Permitted
Encumbrances, if any. All real estate taxes, personal property taxes and other municipal charges relating to any of the Collateral shall be current. 

7.7 Property Matters. Lender shall have received and independently approved each of the following: (i) evidence of Licenses and
Permits for the Property sufficient to allow the Property to be operated in the ordinary course of business; and (ii) copies of all executed leases and lease guaranties related to the Property. 

7.8 Compliance With Law. Lender shall have received and independently approved evidence that: 

(i) Present Compliance. All real estate and tangible personal property constituting or intended to constitute Collateral
for the Loan complies with all applicable Legal Requirements and the provisions of all applicable Licenses and Permits. 

(ii) No Prohibitions or Violations. There are no applicable Legal Requirements which prohibit or adversely limit the use
of the Property for the purposes the same are intended for, nor is there any outstanding and uncured violation of any applicable Legal Requirements. 

(iii) Licenses and Permits. All Licenses and Permits and private approvals of every nature whatsoever, if any, which are
reasonably necessary in order to allow the operation of the Property as contemplated by this Agreement and as needed under applicable Legal Requirements have been duly and finally received with all appeal periods therefrom having elapsed, with no
appeal having been taken therefrom, and with no violations existing under the terms thereof. 
 7.9 Title Insurance; Other Evidence of
Perfection. Lender shall have received: (i) a mortgagee’s title insurance policy with endorsements which are all in form and substance acceptable to Lender and its counsel; and (ii) such other evidence of the perfection of its
security interests as Lender and its counsel may reasonably require. 
 7.10 Survey. Lender shall have received and approved
(i) a current, on-site instrument survey of the Land containing a certification thereon, or on a separate surveyor’s certificate, of a Registered Land Surveyor acceptable to Lender which meets
Lender’s survey requirements, or (ii) a lesser plan or survey and an affidavit sufficient to remove the survey exception from the mortgagee’s title insurance policy, all of which must be acceptable to Lender. 

7.11 Condition of Property. There shall have been no material unrepaired or unrestored damage or destruction by fire or otherwise to
any of the real or tangible personal property comprising or intended to comprise the Collateral. 

  
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 7.12 No Takings. Neither the Property nor any material portion thereof shall have
been taken by eminent domain nor shall there be any threat of such a taking. 
 7.13 Insurance. Borrower shall have provided to
Lender with respect to the Property and the Collateral evidence of: (i) insurance coverages which meet the property, hazard and other insurance requirements set forth on Exhibit D of this Loan Agreement to the satisfaction of Lender and
Lender’s Consultants; and (ii) prepayment of the premiums for such insurance for at least one (1) year. 
 7.14
Reserved. 
 7.15 Hazardous Waste, Hazardous Materials and Toxic Substances. Lender shall have received, and in its sole
discretion approved and accepted, satisfactory reports addressed to Lender from acceptable, qualified professionals prepared in accordance with Lender’s protocols indicating the acceptability of the environmental risk associated with the
Property, addressing the existence of any Hazardous Materials at, or which may affect, the Property and the Property’s compliance with Environmental Legal Requirements. 

7.16 Organizational Documents and Entity Agreements. Lender shall have received and approved the charter documents and by-laws of Borrower. 
 7.17 Votes, Consents and Authorizations. Lender shall have received and
approved certified copies of all corporate votes, consents and authorizations as may be reasonably required to evidence authority for: (i) closing the Loan and the transactions contemplated hereby; (ii) providing continuing authorization
to designated persons to deal in all respects on behalf of Borrower; and (iii) the execution of all Loan Documents. 
 7.18 Legal
and Other Opinions. Lender shall have received and approved legal opinion letters from counsel representing Borrower which meet Lender’s legal opinion requirements. 

Lender shall also have received from qualified attorneys, engineers, surveyors and architects, such other certificates, opinions, surveys, and other evidence
of compliance with each of the conditions herein set forth as Lender may reasonably require. 
 7.19 Leasing Matters. Lender shall
have approved all tenants and leases in effect at the time of closing, and shall have received satisfactory estoppel certificates from all such tenants. 

7.20 No Default. There shall not be any Default under any of the Loan Documents. 

8. WARRANTIES AND REPRESENTATIONS. Borrower warrants and represents to Lender for the express purpose of inducing Lender to enter into this Agreement,
to make the Loan, and to otherwise complete all of the transactions contemplated hereby, that as of the date of this Agreement, upon the date the Loan is funded and at all times thereafter 

  
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 until the Loan has been repaid and all Obligations to Lender and any Affiliate Counterparty and any other
Affiliate of Lender have been satisfied as follows: 
 8.1 Financial Information. True, accurate and complete financial statements of
Unitil Corporation (which consolidate financial information of Borrower therein) have been delivered to Lender and the same fairly present the financial condition of Unitil Corporation as of the dates thereof and no material and adverse change has
occurred in such financial condition since the dates thereof. All financial statements of Borrower hereafter furnished to Lender shall be true, accurate and complete and shall fairly present the financial condition of Borrower as of the dates
thereof. 
 8.2 No Violations. The consummation of the Loan and the subsequent payment and performance of the Obligations evidenced
and secured by the Loan Documents shall not constitute a violation of, or conflict with, any law, order, regulation, contract, agreement or organizational document to which Borrower is a party or by which Borrower, or the property thereof, may be
bound. 
 8.3 No Litigation. There is no material litigation now pending, or to the best of Borrower’s knowledge threatened,
against Borrower which if adversely decided could materially impair the ability of Borrower to pay and perform its obligations hereunder or under the other Loan Documents. 

8.4 Leases. True and complete copies of all leases of the Property which are now in effect (and all guaranties thereof) have been
delivered to Lender. Such leases have not been further amended or changed in any respect and are in full force and effect, enforceable in accordance with the terms thereof, subject, however, to the terms of the Loan Documents. 

8.5 Compliance With Legal Requirements. The Borrower and the Property complies with, and shall continue to comply with, all material
Legal Requirements and any and all covenants, conditions, restrictions or other matters which materially affect the Obligations or the Property. 

8.6 Required Licenses and Permits. All Licenses and Permits which are reasonably required in order to operate the Property in the usual
course of business have been duly and properly obtained, and will remain in full force and effect, and have been, and shall be complied with, in all material respects. 

8.7 Curb Cuts and Utility Connections. All required curb cuts, utility connections and Licenses and Permits therefor have been duly
obtained and are in full force and effect and all utility services as reasonably required for water, gas, electric, telephone, sewer and storm drainage and sanitary waste disposal are and shall be available as a matter of right and to an extent
adequate to serve the Property for their intended uses. 
 8.8 Good Title and No Liens. Borrower is the lawful owner of the Property
and of areas over, under or on which utility or passage easements are required to make use of the Property and parking as contemplated by the Loan Documents, and is and will be the lawful owner of the Property, free and clear of all liens and
encumbrances of any nature whatsoever, except for the matters, if any, which are listed as Permitted Encumbrances in the Mortgage. 

  
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 8.9 Use of Proceeds. The proceeds of the Loan shall be used as set forth in
Section 1.4 of this Agreement. No portion of the proceeds of the Loan shall be used directly or indirectly, and whether immediately, incidentally or ultimately (i) to purchase or carry any margin stock, or to extend credit to others for
the purpose thereof, or to repay or refund indebtedness previously incurred for such purpose, or (ii) for any purpose which would violate or is inconsistent with the provisions of regulations of the Board of Governors of the Federal Reserve
System including, without limitation, Regulations G, T, U and X thereof. 
 8.10 Entity Matters. 

8.10.1 Organization. Borrower is a duly organized validly existing corporation in good standing under the laws of New
Hampshire, and is duly qualified in the jurisdiction where the Property is situated and in each jurisdiction where the nature of its business is such that qualification is required and has all requisite power and authority to conduct its business
and to own its property, as now conducted or owned, and as contemplated by this Loan Agreement. 
 8.10.2 Ownership and
Taxpayer Identification Numbers. All of the stockholders of Borrower, and a description of the ownership interests of Borrower held by the same, are listed in Exhibit B and no additional ownership interests, or rights or instruments
convertible into such ownership interests, shall be issued, nor shall any ownership change, except for Permitted Transfers. The taxpayer identification number of Borrower is accurately stated in Exhibit B. 

8.10.3 Authorization. All required corporate actions and proceedings have been duly taken so as to authorize the
execution and delivery by Borrower of the Loan Documents. 
 8.11 Valid and Binding. Each of the Loan Documents constitute legal,
valid and binding obligations of Borrower; and each constitute legal, valid and binding obligations of the parties thereto, in accordance with the respective terms thereof, subject to bankruptcy, insolvency and similar laws of general application
affecting the rights and remedies of creditors and, with respect to the availability of the remedies of specific enforcement, subject to the discretion of the court before which any proceeding therefor may be brought. 

8.12 Deferred Compensation and ERISA. Borrower does not have any pension, profit sharing, stock option, insurance or other arrangement
or plan for employees covered by Title IV of the Employment Retirement Security Act of 1974, as now or hereafter amended (“ERISA”) except as may be designated to Lender in writing by Borrower from time to time (“ERISA
Plan”) and no “Reportable Event” as defined in ERISA has occurred and is now continuing with respect to any such ERISA Plan. The granting of the Loan, the performance by Borrower of its obligations under the Loan Documents and
Borrower’s conducting of its operations do not and will not violate any provisions of ERISA. 

  
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 8.13 Conditions Satisfied. Assuming that Lender and Lender’s Consultants have
approved all matters requiring their approval, all of the conditions precedent to closing and funding the Loan set forth in Section 7 have been satisfied. 

8.14 No Material Change; No Default. There has been no material adverse change in the financial condition, business, affairs or control
of Borrower since the date of their respective last financial statements most recently delivered to the Lender in accordance with the requirements of Section 9.2 hereof. No Default exists under any of the Loan Documents. There is no Default on
the part of Borrower under this Agreement or any of the other Loan Documents and no event has occurred and is continuing which could constitute a Default under any Loan Document. Borrower has filed all required federal, state and local tax returns
and has paid all taxes due pursuant to such returns or any assessments against Borrower or the Property. 
 8.15 No Broker or Finder.
Neither Borrower, nor anyone on behalf thereof, has dealt with any broker, finder or other person or entity who or which may be entitled to a broker’s or finder’s fee, or other compensation, payable by Lender in connection with this Loan.

 8.16 Background Information and Certificates. All of the factual information contained or referred to in Section 1 of this
Agreement and in the Exhibits to this Agreement or the other Loan Documents, and in the certificates and opinions furnished to Lender by or on behalf of Borrower in connection with the Property or the Loan, is true, accurate and complete in all
material respects, and omits no material fact necessary to make the same not misleading. 
 8.17 Reserved. 

8.18 Indemnitor’s Warranties and Representations. Borrower has no reason to believe that any warranties or representations made in
writing by any Indemnitor to Lender are untrue, incomplete or misleading in any respect. 
 8.19 Condemnation/Casualty. There are no
condemnation proceedings or the like pending or, to the Borrower’s best knowledge, threatened in writing against the Property or any portion thereof nor has there occurred any casualty at the Property. 

8.20 Other Indebtedness. Borrower has no financial obligation under any indenture, debt instrument, mortgage, deed of trust, loan
agreement or the like other than such indebtedness arising under the Loan Documents or Permitted Additional Debt. 
 8.21 Special
Assessments. Except as may be set forth in the Title Policy, as of the date hereof there are no pending, or to the Borrower’s best knowledge, proposed special or other assessments for public improvements or otherwise affecting the Property.

 8.22 Subsidiaries. Borrower has and will have no subsidiaries. 

  
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 8.23 Solvency. Neither Borrower nor any Indemnitor is insolvent and neither Borrower
nor any Indemnitor will be rendered insolvent by the transaction contemplated under the Loan Documents. 
 8.24 Flood Zone. No
portion of the Property is located in any special flood hazard area designated as such by any Governmental Authority. 
 8.25 Compliance
with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. (a) Borrower, Borrower’s principals, and Affiliates, and (b) to the best of Borrower’s knowledge, after having made diligent inquiry, each Person owning
an indirect interest of 20% or more in Borrower: (1) is not currently identified on OFAC List, (2) is not a person with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo, economic sanction, or
other prohibition of United States law, regulation, or Executive Order of the President of the United States, and (3) is not in violation of any Legal Requirements relating to terrorism or money laundering. Borrower has implemented procedures,
and will consistently apply those procedures throughout the term of the Loan, to ensure the foregoing representations and warranties remain true and correct during the term of the Loan. 

8.26 General. Borrower has disclosed all materials facts and conditions which are necessary to make the representations and warranties
set forth herein or in any other Loan Document not materially misleading. 
 8.27 Use of Property. The Property will be used
exclusively as an office building. 
 9. COVENANTS. Borrower covenants and agrees that from the date hereof and so long as any
indebtedness remains unpaid hereunder, or any of the Loan or other Obligations remains outstanding, as follows: 
 9.1 Notices.
Borrower shall, with reasonable promptness, but in all events within three (3) days after it has actual knowledge thereof, notify Lender in writing of the occurrence of any act, event or condition which constitutes a Default under any of the
Loan Documents. Such notification shall include a written statement of any remedial or curative actions which Borrower proposes to undertake to cure or remedy such Default. Borrower shall promptly notify Lender in writing of (i) any material
litigation which is not covered by insurance and (ii) of any other litigation against Borrower or the Property in which the amount in controversy exceeds $500,000. 

9.2 Financial Statements and Reports. Borrower shall keep adequate records and books of account in accordance with generally accepted
accounting principles. Borrower shall cause Unitil Corporation to furnish or cause to be furnished to Lender from time to time, all financial statements and reports and other information, all in form, manner of presentation and substance acceptable
to Lender that are required to be delivered pursuant to Sections 6.01 and 6.02 of the Unitil Revolving Credit Agreement. If Unitil Corporation terminates the Unitil Revolving Credit Agreement or if Lender is no longer a lender party thereto for any
reason, Borrower shall furnish or cause to be furnished to Lender on or before April 30 of each year, annual financial statements of Borrower in form and substance acceptable to Lender. 

  
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 9.3 Payment of Taxes and Other Obligations. Subject to the right to contest set forth
in Section 10.1, Borrower shall duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental charges payable by it, or with respect to the Property, as well as
all claims or obligations for labor, materials, supplies or services or for borrowed funds in any amount. 
 9.4 Conduct of Business;
Compliance With Law. Borrower shall engage solely in the ownership and operation of the Property, and will not enter into any new ventures, or undertake any Investments, except as permitted in Section 9.8, or any new business dealings,
without Lender’s express prior written consent in each instance. Borrower shall operate the Property and conduct its affairs in a lawful manner and in compliance with all Legal Requirements (including without limitation, Access Laws (as defined
in the Mortgage) applicable thereto and all provisions of ERISA. 
 9.5 Insurance. Borrower shall at all times maintain in full force
and effect the insurance coverages set forth in Exhibit D of this Loan Agreement and shall cause Lender to be designated as mortgagee/loss payee/additional insured in accordance with the requirements of Exhibit D. Without limiting the generality of
the insurance requirements set forth on Exhibit D, either (i) the casualty and property insurance policy required hereunder shall specifically cover insured losses as defined in the Terrorism Risk Insurance Act of 2002 (hereinafter referred to
as “TRIA”), whether or not TRIA remains in force and effect, or (ii) excess coverage with respect to such insured losses shall be provided, which excess coverage must be in an amount, from an insurer, and in accordance with the
terms and conditions acceptable to Lender. The Borrower agrees not to decline coverage for such insured losses offered in accordance with TRIA with any casualty and property insurance policy obtained or renewed by the Borrower without the prior
written consent of the Lender. All insurance premiums shall be paid annually, in advance, and Lender shall be provided with evidence of such prepayment of insurance premiums prior to closing and thereafter at least thirty (30) days prior to
each annual renewal or replacement of such coverages. 
 9.6 Restrictions on Liens, Transfers and Additional Debt. 

9.6.1 Prohibited Transactions. Except for Permitted Transactions Borrower shall not: 

(i) create or incur, or suffer to be created or incurred, or to exist, any encumbrance, mortgage, pledge, lien, charge or other
security interest of any kind upon the Property (or any portion thereof) and/or any of its assets of any character related to the Property, or any portion thereof, whether now owned or hereafter acquired or upon the proceeds or products thereof;

  
 13 

 (ii) create or incur any indebtedness for borrowed funds with respect to the
Property whether secured or unsecured either directly or as a guarantor except for the Loan; 
 (iii) directly or indirectly
permit any sale, transfer, exchange, assignment, lien, charge or pledge of or grant of any security interest in any direct or indirect ownership interests in Borrower; or 

(iv) sell, convey, transfer, assign or exchange the Property (or any portion thereof) and/or any of its assets of any character
related to the Property, or any portion thereof, whether now owned or hereafter acquired. 
 (v) engage in any Division
Series Transaction. 
 9.6.2 Permitted Transactions. The term “Permitted Transactions” means
Permitted Transfers, Permitted Additional Debt, Permitted Encumbrances and Approved Leases provided that Permitted Transactions shall in no event be deemed to permit any Division Series Transaction. 

9.6.3 Permitted Transfers. The term “Permitted Transfers” shall mean: 

(i) the Security Documents and other agreements in favor of Lender; 

(ii) transactions, whether outright or as security, for which Lender’s prior written consent has been obtained (which
include without limitation borrowings under the Unitil Revolving Credit Agreement), which consent may be withheld, granted or granted conditionally, subject to such protective and other conditions as Lender may require in its sole and absolute
discretion; and 
 (iii) sales or dispositions in the ordinary course of business of worn, obsolete or damaged items of
personal property or fixtures which are suitably replaced. 
 9.6.4 Permitted Additional Debt. The term “Permitted Additional
Debt” shall mean: 
 (i) transactions, whether secured or unsecured, for which Lender’s prior written consent
has been obtained, which consent may be withheld, granted or granted conditionally subject to such protective and other conditions as Lender may require in its sole and absolute discretion; and 

(ii) indebtedness incurred in the ordinary course of business for the purchase of goods or services which are unsecured and
payable, without interest, within thirty (30) days of billing and not evidenced by a promissory note or similar instrument. 

  
 14 

 9.6.5 Additional Funds. All funds required for the operation of the
Property in excess of those available from ordinary cash flow of the Property shall be provided by Borrower, or its owners, as additional equity contributions or by Permitted Additional Debt. 

9.6.6 Right to Accelerate Loan. The Loan shall become due and payable in full, and the Lender shall have the right to
accelerate the Loan and declare an Event of Default, at the option of Lender, upon any breach or violation of the provisions of Section 9.6. 

9.6.7 Lender’s Options. Lender may, at its option, in lieu of accelerating the Loan, and in its sole and absolute
discretion, agree to waive compliance with the provisions of this Section 9.6. in any instance upon compliance with such terms and conditions as Lender may impose, including, without limitation, the payment of a material fee and a change in the
interest rate and other terms. Except for Permitted Transfers which do not require the consent of Lender, Lender may grant or withhold, or conditionally grant, its consent to any proposed transfer in its sole and absolute discretion. In the case of
a sale or transfer with Lender’s prior written consent, or any such Permitted Transfer, the seller or transferor shall remain jointly and severally liable with the purchaser or transferee for all liabilities of Borrower or its owners hereunder.

 9.7 Reserved. 
 9.8
Reserved. 
 9.9 Indemnification Against Payment of Brokers’ Fees. Borrower agrees to defend, indemnify and save harmless
Lender from and against any and all liabilities, damages, penalties, costs, and expenses, relating in any manner to any brokerage or finder’s fees in respect of the Loan. 

9.10 Limitations On Certain Transactions. Borrower agrees to the following limitations: 

9.10.1 No Merger or Acquisition. Borrower shall not dissolve or liquidate, nor, without the prior written consent of
Lender, merge or consolidate with or otherwise acquire all or substantially all of the assets of any other entity or engage in any Division Series Transaction. 

9.10.2 Contracts of a Material or Significant Nature. Borrower shall not, without the prior written consent of Lender,
enter into any merger or consolidation agreements or engage in any Division Series Transaction. 
 9.11 Reserved. 

  
 15 

 9.12 Deposit of Proceeds; Other Bank Accounts. 

9.12.1 Deposit Account. Borrower shall establish and maintain a demand (checking) account with Lender for purposes of
this Section. The following account(s) have been opened for the purpose of creating a depository account for the Property: Account No. 9247256632 at TD Bank, N.A. in the name of Unitil Realty Corp. (or such other account maintained by Borrower
at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the “Deposit Account”). Borrower hereby authorizes Lender, on or after the date when any amount (including, without limitation, any Expenses) becomes due
under the Note, the Mortgage, this Agreement or any other Loan Document, (the “Charge Date”) to charge the Deposit Account, or any other deposit account of Borrower at Lender, to satisfy all amounts due under this Agreement, the
Note or the other Loan Documents. If any Charge Date shall fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right to charge the Deposit Account on either the first (1st) Business Day immediately preceding or the first (1st)
Business Day immediately following any such Charge Date until the Obligations shall be paid in full. Borrower agrees to have sufficient collected funds in the Deposit Account to enable Lender to charge such Deposit Account for each payment due under
the Loan Documents on the due date thereof. The failure of Lender to so charge such account due to insufficient funds in such Deposit Account shall not affect or limit Borrower’s obligation to make any required payment under the Loan Documents.
If sufficient funds are not available in the Deposit Account on any Charge Date to pay the amounts then due and payable, Lender, in its sole discretion, is authorized to: (a) charge the Deposit Account and/or such other account(s) for such
lesser amount as shall then be available; and/or (b) charge the Deposit Account and/or such other account(s) on such later date or dates that funds shall be available in the Deposit Account and/or such other account(s) to satisfy the payment
then due (or balance of such payment then due). Notwithstanding the foregoing, Borrower shall only be entitled to receive credit in respect of any payments due for funds actually received by Lender as a result of any such charges to the Deposit
Account and such other account(s). Borrower shall be liable to Lender for any late fees or interest at the Default Rate on any payments not made on a timely basis by Borrower because of insufficient funds in the Deposit Account on any Charge Date.
In the event the Deposit Account continues to contain insufficient funds to fully satisfy the payments due Lender under the Note or any other Loan Document, Borrower shall be responsible for making all such payments from another source and in no
event shall the obligations of Borrower under the Note or any other Loan Document be affected or diminished as a result of any shortages in the Deposit Account, it being understood and agreed that Borrower shall at all times remain liable for
payment in full of all indebtedness under the Note and the other Loan Documents. 
 9.12.2 Charge Discontinuation.
Lender may, at Lender’s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days’ written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all
payments under the Loan Documents to Lender at the address set forth in Lender’s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston, Maine, 04243-5600. 

  
 16 

 9.12.3 Security Interest. The Borrower and each endorser of the Note
grant to the Lender, for itself and as agent for any Affiliate Counterparty or other Affiliate of Lender holding any Obligations, a continuing lien on and security interest in any and all deposits or other sums at any time credited by or due from
the Lender or any Affiliate Counterparty or other Affiliate of Lender to the Borrower and/or each endorser of the Note and any cash, securities, instruments, or other property of the Borrower and each endorser of the Note in the possession of the
Lender or any Affiliate Counterparty or other Affiliate of Lender whether for safekeeping or otherwise, or in transit to or from the Lender or any Affiliate Counterparty or other Affiliate of Lender (regardless of the reason the Lender or any
Affiliate Counterparty or other Affiliate of Lender had received the same or whether the Lender or any Affiliate Counterparty or other Affiliate of Lender has conditionally released the same) as security for the full and punctual payment and
performance of all of the liabilities and obligations of the Borrower and/or the endorser of the Note to the Lender or any Affiliate Counterparty or other Affiliate of Lender and such deposits and other sums may be applied or set off against such
liabilities and obligations of the Borrower or any endorser of the Note to the Lender or any Affiliate Counterparty or other Affiliate of Lender at any time, whether or not such are then due, whether or not demand has been made and whether or not
other collateral is then available to the Lender or any Affiliate Counterparty or other Affiliate of Lender. 
 9.13 Place for Records;
Inspection. Borrower shall maintain all of its business records at the address specified at the beginning of this Agreement. Upon reasonable notice and at reasonable times during normal business hours Lender shall have the right (through such
agents or Consultants as Lender may designate) to visit and inspect the Property, to examine Borrower’s property and make copies of and abstracts from Borrower’s books of account, correspondence and other records and to discuss its
financial and other affairs with any of its owners and any accountants hired by Borrower, it being agreed that Lender shall use reasonable efforts to not divulge information obtained from such examination to others except in connection with Legal
Requirements and in connection with administering the Loan, enforcing its rights and remedies under the Loan Documents and in the conduct, operation and regulation of its banking and lending business (which may include, without limitation, the
transfer of the Loan or of participation interests therein). Any transferee of the Loan or any holder of a participation interest in the Loan shall be entitled to deal with such information in the same manner and in connection with any subsequent
transfer of its interest in the Loan or of further participation interests therein. 
 9.14 Costs and Expenses. Borrower shall pay
all costs and expenses (excluding salaries or wages of full time employees of Lender) of any nature incurred by Lender at any time and from time to time in connection with the implementation of the Loan, the administration of the Loan, the
negotiation or entering into of any “workout” of the Loan, any modification of the Loan, the exercise or enforcement of Lender’s (or any Affiliate 

  
 17 

 Counterparty’s) powers, rights and/or remedies under the Loan Documents, or any Hedging Contract
including, without limitation, outside legal counsel fees and disbursements, allocated costs of in-house legal counsel, accounting fees, consulting fees, brokerage fees, appraisal fees, inspection fees, plan
review fees, travel costs, fees and out-of-pocket costs of independent engineers and consultants, court costs, receiver’s fees, management fees and costs incurred
in the repair, maintenance and operation of, taking possession of or selling all or any part of the Property, all filing, registration or recording fees, taxes and other charges, and all costs and expenses incident to the execution, acknowledgment,
delivery and recording and/or filing of the Mortgage, any other Loan Documents or any Hedging Contract, any mortgage supplemental hereto or thereto, any security instrument with respect to the Collateral, and any instrument of further assurance, and
all Federal, state, county and municipal stamp taxes and other taxes, duties, impositions, assessments and charges arising out of or in connection with the execution and delivery of the Mortgage, any other Loan Documents or any mortgage supplemental
hereto or thereto, any security instrument with respect to any other Collateral, any other Loan Document or any instrument of further assurance, and any costs and expenses required to be paid under this Agreement, the Mortgage or any other Loan
Document or any Hedging Contract (collectively, “Expenses”). Borrower’s obligations to pay Expenses shall include, without limitation, all reasonable attorneys’ fees and other costs and expenses reasonably incurred for
preparing and conducting litigation or dispute resolution arising from any breach by Borrower or Indemnitor of any covenant, warranty, representation or agreement under any one or more of the Loan Documents or any Hedging Contract, including,
without limitation, in connection with any bankruptcy, insolvency, reorganization, liquidation or similar debtor relief event, action or proceeding and any claim of the Lender or against the Lender filed in connection therewith. 

9.15 Compliance with Legal Requirements; Zoning. Borrower shall comply with all Legal Requirements applicable to the Property,
Borrower, or both. Borrower shall not, without the Lender’s prior consent, seek, make, suffer, consent to or acquiesce in any change or variance in any zoning or land use laws or other conditions of current use of the Property or any portion
thereof in any way that would have a material adverse effect on the current operation and use of the Property. Borrower shall not use or permit the use of any portion of the Property in any manner that could result in such use becoming a legal non-conforming use (to the extent the Property is not a legal non-conforming use as of the date of this Agreement) under any zoning or land use law or any other applicable law
or modify any agreements in any material respect relating to zoning or land use matters or relating to the joinder or merger of lots for zoning, land use or other purposes, without the prior written consent of the Lender, not to be unreasonably
withheld, conditioned, or delayed. Without limiting the foregoing, in no event shall Borrower take any action that would reduce or impair either (a) the number of parking spaces at the Improvements or (b) access to the Property from
adjacent public roads. Further, without the Lender’s prior written consent, Borrower shall not file or subject any part of the Property to any declaration of condominium or co-operative or convert any
part of the Property to a condominium, co-operative or other direct or indirect form of multiple ownership and governance. 

  
 18 

 9.16 Indemnification. Borrower shall at all times, both before and after repayment of
the Loan and Hedging Obligations, at its sole cost and expense defend, indemnify, exonerate and save harmless Lender, any Affiliate Counterparty and any other Affiliate of Lender and all those claiming by, through or under Lender, any Affiliate
Counterparty and/or any other Affiliate of Lender (each an “Indemnified Party”) against and from all damages, losses, liabilities, obligations, penalties, claims, litigation, demands, defenses, judgments, suits, proceedings, costs,
disbursements or expenses of any kind whatsoever, including, without limitation, reasonable attorneys’ fees and experts’ fees and disbursements, which may at any time (including, without limitation, before or after discharge or foreclosure
of the Mortgage) be imposed upon, incurred by or asserted or awarded against any Indemnified Party and arising from or out of: 

(i) any Hazardous Materials or any violation of, or failure to comply with, any Environmental Legal Requirements all as more
particularly provided for in the Environmental Indemnity with respect to the Property or any other Collateral; 
 (ii) any
liability for damage to person or property arising out of any violation of any Legal Requirement applicable to the Property, Borrower, or both, 

(iii) any act, omission, negligence or conduct at the Property, or arising or claimed to have arisen, out of any act, omission,
negligence or conduct of Borrower or any contractor, sub-contractor, tenant, occupant, invitee or Affiliate thereof, which is in any way related to the Property; or 

(iv) any liability, loss, damage and expense, including reasonable attorneys’ fees, which it may or shall incur (or be
imposed upon) by reason of the execution of this Agreement and any other Loan Document and any Hedging Contract, the making of the Loan and/or any commercially reasonable action taken in good faith by Lender hereunder or under the other Loan
Documents, or by any Affiliate Counterparty under any Hedging Contract including, without limitation, the exercise of the Lender’s rights and remedies under the Loan Documents, or any Affiliate Counterparty’s rights and remedies under any
Hedging Contract . 
 Notwithstanding the foregoing, an Indemnified Party shall not be entitled to indemnification in respect of claims
arising from acts of its own gross negligence or willful misconduct to the extent that such gross negligence or willful misconduct is determined by the final judgment of a court of competent jurisdiction, not subject to further appeal, in
proceedings to which such Indemnified Party is a proper party. 

  
 19 

 9.17 Leasing Matters. 

9.17.1 Lender’s Further Approval Required. Borrower shall be at liberty to modify, amend or terminate existing
leases, or enter into new leases, of premises within the Property on commercially reasonable terms and conditions, except that without Lender’s prior written consent in each instance: (i) no lease or leases involving more than fifty
percent (50%) of the rentable space at the Property in the aggregate shall be terminated except for material breach of a tenant’s monetary obligation, and (ii) no existing lease shall be modified or amended, and no new lease shall be
entered into, on terms and conditions which are materially less favorable than those set forth in the approved existing Lease. Lender shall not unreasonably withhold, delay or condition its consent to any such requested termination or deviation so
long as the request is consistent with then existing market conditions. Lender shall be provided, within ten (10) Business Days following execution thereof, with a full and complete copy of each permitted lease and any amendment or modification
thereof. Any lease, or modification or amendment of lease, which has been so approved by Lender, and, if so requested by Lender as to which the tenant has executed an SNDA Agreement, estoppel certificate, or both, acceptable to Lender, and any
lease, or modification or amendment of lease which does not require Lender’s approval, shall be an “Approved Lease”. 

9.17.2 Borrower’s Requests Any request by Borrower for an approval from Lender with respect to leasing matters
shall be accompanied, at a minimum, by the following: (i) the proposed lease or amendment or modification thereof complete with all applicable schedules and exhibits; (ii) a complete copy of any proposed guaranty; (iii) comprehensive
financial information with respect to the proposed tenant, sub-tenant or assignee and, if applicable, the proposed guarantor (as to new leases or amendments or modifications to existing leases involving
material economic changes, and as to proposed sub-lets or assignments); (iv) a brief written summary of the proposed permitted uses and a discussion of how such uses relate to other tenancies then existing at
the Property; (v) an executive summary of the terms and conditions of the proposed lease, sub-lease or assignment, and, if applicable, the proposed guaranty; and (vi) an executive summary of the
facts and conditions relating to any proposed termination of lease. 
 9.17.3 Lender Response Lender shall act on
requests from Borrower for any approval under Section 9.17 in a commercially reasonable manner and shall use commercially reasonable efforts to respond to any such request within twenty-five (25) days following Lender’s receipt
thereof. Lender’s response may consist of an approval or disapproval of the request, or a conditional approval thereof subject to specified conditions, or a request for further data or information, or any combination thereof. In order to
expedite the processing of requests for such approvals, Borrower agrees to provide Lender with as much advance information as is possible in a commercially reasonable manner in advance of Borrower’s formal request for an approval. 

9.17.4 SNDAs and Estoppels. Lender shall have the right to require each tenant to execute and deliver to Lender a
subordination, non-disturbance of possession and attornment agreement (“SNDA Agreement”) in form, content and manner of execution acceptable to Lender and, from time to time, an estoppel
certificate in form and manner of execution acceptable to Lender. 

  
 20 

 9.18 Reserved. 

9.19 Springing Debt Service Coverage Ratio. If the Unitil Revolving Credit Agreement is terminated by Unitil Corporation or if Lender
is no longer a lender party to such Unitil Revolving Credit Agreement for any reason, then Borrower shall maintain a Debt Service Coverage Ratio (as hereinafter defined) of not less than 1.15 to 1.0, which covenant shall be tested annually on a
trailing twelve month basis at the end of each fiscal year of Borrower. As used herein, Debt Service Coverage Ratio shall mean the sum of (a) Borrower’s earnings before interest, taxes, depreciation and amortization, minus cash taxes,
minus distributions, divided by (b) all scheduled principal and interest on all debt for the period being tested. 
 9.20
Replacement Documentation. Upon receipt of an affidavit of an officer of Lender as to the loss, theft, destruction or mutilation of the Note or any other security document which is not of public record, and, in the case of any such loss,
theft, destruction or mutilation, upon surrender and cancellation of such Note or other security document, Borrower will issue, in lieu thereof, a replacement Note or other security document in the same principal amount thereof and otherwise of like
tenor. 
 9.21 Reserved. 

9.22 Compliance with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Borrower shall comply with all Legal
Requirements relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereafter in effect. Borrower shall not use the proceeds of the Loan in any manner that will violate the United States Trading with the Enemy
Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or the United States Anti-Terrorism Order or any United States enabling legislation or executive
order relating to any of the same. Without limiting the foregoing, Borrower, Borrower’s principals, constituents, investors and Affiliates (a) will not permit itself to become a blocked person described in Section 1 of the United
States Anti-Terrorism Order; and (b) will not (i) conduct any business or engage in any transaction or dealing with any blocked person, including the making or receiving any contribution of funds, goods or services to or for the benefit of
any blocked person; (ii) deal in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224; or (iii) engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order No. 13224, the USA Patriot Act (the “Patriot Act”) or any other Legal Requirements
relating to money laundering, anti-terrorism, trade embargos and economic sanctions, now or hereinafter in effect. No Person owning an interest in Borrower, directly or indirectly, shall be a blocked person at any time. Upon Lender’s request
from time to time during the term of the Loan, Borrower shall certify in writing to Lender that Borrower’s representations, warranties, covenants and obligations under Section 8.26 and this Section 9.22 remain true and correct and
have not been breached. Borrower shall immediately notify Lender in writing if any of such representations, warranties or covenants are no longer true or have been breached or if Borrower has a reasonable 

  
 21 

 basis to believe that they may no longer be true or have been breached. In connection with such an event,
Borrower shall comply with all Legal Requirements and directives of governmental authorities and, at Lender’s request, provide to Lender copies of all notices, reports and other communications exchanged with, or received from, governmental
authorities relating to such an event. Borrower shall also reimburse Lender any expenses incurred by Lender in evaluating the effect of such an event on the Loan and Lender’s interest in the collateral for the Loan, in obtaining any necessary
license from governmental authorities as may be necessary for Lender to enforce its rights under the Loan Documents, and in complying with all Legal Requirements applicable to Lender as the result of the existence of such an event and for any
penalties or fines imposed upon Lender as a result thereof. 
 10. SPECIAL PROVISIONS. 

10.1 Right to Contest. 

10.1.1 Taxes and Claims by Third Parties. Notwithstanding the provisions of Section 9.3 which obligate Borrower to
pay taxes and other obligations to third parties when due, it is agreed that any tax, assessment, charge, levy, claim or obligation to a third party (expressly excluding an obligation created under the Loan Documents) need not be paid while the
validity or amount thereof shall be contested currently, diligently and in good faith by appropriate proceedings and if Borrower shall have adequate unencumbered (except in favor of Lender) cash reserves with respect thereto, and provided that
(a) such contest does not create a default by landlord under any lease assigned to Lender, (b) there is no reason to believe that the contest will not be resolved prior to the Maturity Date, and (c) no Event of Default exists; and
provided, further, that Borrower shall pay all taxes, assessments, charges, penalties, interest, levies or obligations: (i) immediately upon the commencement of proceedings to enforce any lien which may have attached as security therefor,
unless such proceeding is stayed by proper court order pending the outcome of such contest; and (ii) as to claims for labor, materials or supplies, prior to the imposition of any lien on the Property unless the lien is discharged or bonded as
set forth in Section 11.1.4. 
 10.1.2 Legal Requirements. Borrower may contest any claim, demand, levy or
assessment under any Legal Requirements by any person or entity if: (i) the contest is based upon a material question of law or fact raised by Borrower in good faith; (ii) Borrower properly commences and thereafter diligently pursues the
contest; (iii) the contest will not materially impair the ability to ultimately comply with the contested Legal Requirement should the contest not be successful and the conduct of the contest will not materially interfere with the ability to
obligate all tenants under Approved Leases to pay rent without offset; (iv) Borrower demonstrates to Lender’s reasonable satisfaction that Borrower has the financial capability to undertake and pay for such contest and any corrective or
remedial action then or thereafter reasonably likely to be necessary; (v) if the likely cost of complying with the Legal Requirement in the event the contest is not successfully resolved, as determined in good faith by Lender, is more than
$500,000, there is 

  
 22 

 no reason to believe that the contest will not be resolved prior to the Maturity Date;
(vi) no Event of Default exists; and (vii) if the contest relates to an Environmental Legal Requirement, in addition to the foregoing conditions, the contest will not materially impair the taking of any required remedial action. 

11. EVENTS OF DEFAULT. The following provisions deal with Default, Events of Default, notice, grace and cure periods, and certain rights of Lender
following an Event of Default. 
 11.1 Default and Events of Default. The term “Default” as used herein or in any of
the other Loan Documents means an Event of Default, or any fact or circumstance which constitutes, or upon the lapse of time, or giving of notice, or both, could constitute, an Event of Default. Each of the following events, unless cured within any
applicable grace period set forth or referred to below in this Section 11.1, or in Section 11.2, shall constitute an “Event of Default”: 

11.1.1 Generally. A default by Borrower in the performance of any term, provision or condition of this Agreement to be
performed by Borrower, or a breach, or other failure to satisfy, any other term, provision, condition, covenant or warranty under this Agreement and such default remains uncured beyond any applicable specific grace period provided for in this
Agreement, or as set forth in Section 11.2 below; 
 11.1.2 Note, Mortgage and Other Loan Documents and Hedging
Contracts; Payment Default. A default by Borrower in the performance of any term or provision of the Note, or of the Mortgage, or of any of the other Loan Documents, or of any Hedging Contract or a breach, or other failure to satisfy, any other
term, provision, condition, representation or warranty under the Note, the Mortgage or any other Loan Document or of any Hedging Contract, regardless of whether the then undisbursed portion, if any, of the Loan is sufficient to cover any payment of
money required thereby, and the specific grace period, if any, allowed for the default in question shall have expired without such default having been cured; 

11.1.3 Financial Status and Insolvency. 
  

	A.	 Borrower shall: (i) admit in writing its inability to pay its debts generally as they become due;
(ii) file a petition in bankruptcy or a petition to take advantage of any insolvency act; (iii) make an assignment for the benefit of creditors; (iv) consent to, or acquiesce in, the appointment of a receiver, liquidator or trustee of
itself or of the whole or any substantial part of its properties or assets; (v) file a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy
laws or any other applicable law; (vi) have a court of competent jurisdiction enter an order, judgment or decree appointing a receiver, liquidator or trustee of Borrower, or of the whole or any substantial part of the property or assets of
Borrower, and such order, judgment or decree shall remain unvacated or not set aside or unstayed for fifteen (15) days; (vii) have a petition filed against it seeking reorganization, 

  
 23 

	 	
arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Federal Bankruptcy laws or any other applicable law and such petition shall remain undismissed for
fifteen (15) days; (viii) have, under the provisions of any other law for the relief or aid of debtors, any court of competent jurisdiction assume custody or control of Borrower or of the whole or any substantial part of its property or assets
and such custody or control shall remain unterminated or unstayed for fifteen (15) days; (ix) have an attachment or execution levied against any substantial portion of the property of Borrower or against any portion of the Collateral which is
not discharged or dissolved by a bond within fifteen (15) days; or (x) cease any material portion of its business operations as presently conducted; or 

  

	 	B.	 any such event occurs with respect to a space tenant occupying more than 25,000 rentable square feet
(“Major Tenant”), or if the lease of a Major Tenant is terminated for default, or if the lease of a Major Tenant is rejected or terminated in any bankruptcy or reorganization proceedings and, in any of such instances, Borrower shall
not have obtained a replacement tenant or tenants, having a financial condition not less favorable than the original tenant at the time the lease was approved or deemed approved, pursuant to an executed lease or leases acceptable to Lender as
provided in Section 9.17. within three (3) months after notice from Lender or rejection or termination in bankruptcy or reorganization proceedings, as the case may be. 

11.1.4 Liens. A lien for the performance of work, or the supply of materials, or a notice of contract, or an attachment,
judgment, execution or levy is filed against the Land or the Improvements and remains unsatisfied or is not discharged or dissolved by a bond (or by cash collateral acceptable to Lender) for a period of five (5) days after the filing thereof.

 11.1.5 Trustee Process. A writ or other process naming Lender as trustee for any assets of Borrower is served upon
the Lender. 
 11.1.6 Breach of Representation or Warranty. Any statement, representation or warranty made by Borrower
herein or in any other instrument or document relating to the Loan or any Hedging Contract or the Property shall at any time be determined by Lender to be false or misleading in any material respect when made, or any warranty shall be materially
breached, or Borrower commits fraud. 
 11.1.7 Default Under Assigned Contract or Lease. Borrower defaults under any
material lease of the Property or under any contract assigned to Lender and such default is not cured within the grace period applicable thereto such that the tenant or contracting party obtains the right to terminate the contract or lease or to
claim material damages. 

  
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 11.1.8 Other Agreements with Lender and Affiliates. Borrower breaches
or violates the terms of, or if a default (and expiration of any applicable cure period), or an “Event of Default” or “Termination Event”, occurs under, any Hedging Contract or any other existing or future agreement (related or
unrelated) between Borrower and Lender and/or any Affiliate Counterparty or other Affiliate of Lender. 
 11.1.9
Agreements with Others. Borrower defaults beyond any (i) grace period in the payment of principal or interest of any indebtedness of Borrower (other than to Lender or any Affiliate Counterparty or other Affiliate of Lender) in excess of
Five Hundred Thousand Dollars ($500,000) in the aggregate; or (ii) if Borrower otherwise defaults under the terms of any such indebtedness if the effect of such default is to enable the holder of such indebtedness to accelerate the payment of
Borrower’s obligations, which are the subject thereof, prior to the maturity date or prior to the regularly scheduled date of payment. 

11.1.10 Reserved. 

11.1.11 Default – Unitil Revolving Credit Agreement. A default by Unitil Corporation in the payment or performance
of any term or provision of the Unitil Revolving Credit Agreement or in any related loan document to which Unitil Corporation is a party, or the breach, or any other failure to satisfy any other term, provision, condition or warranty imposed upon
Unitil Corporation in the Unitil Revolving Credit Agreement or in any of the related loan documents to which Unitil Corporation is a party or by which Unitil Corporation is bound. 

11.1.12 Invalidity of Loan Documents. A final nonappealable judgment is entered finding that the Loan Documents or any
Hedging Contract are invalid or unenforceable or if Borrower or any of the Borrower Parties, in any judicial or quasi-judicial case, action or proceeding directly or indirectly contests the validity or enforceability of the Loan Documents or any
Hedging Contract or takes any action, directly or indirectly, that contests or hinders, delays, obstructs or interferes with the pursuit of any rights or remedies by Lender (including the commencement and/or prosecution of a foreclosure action,
judicial or non-judicial, the appointment of a receiver for the Property or any portion thereof, the right to take possession of the Collateral or any portion thereof or any enforcement of the terms of the
Assignment of Leases and Rents) after an Event of Default. 
 11.1.13 Judgment. A judgment for the payment of money
involving more than $500,000 is entered against Borrower and Borrower fails to discharge the same, or fails to cause it to be discharged or bonded off to Lender’s reasonable satisfaction, within thirty (30) days from the date of the entry
of such judgment. 
 11.1.14 Material Adverse Change. The existence or occurrence at any time of one or more
conditions or events or there is any change in Borrower’s financial condition which, in Lender’s sole opinion, has or would be reasonably likely to have a Material Adverse Effect. 

  
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 11.2 Grace Periods and Notice. As to each of the foregoing events the following
provisions relating to grace periods and notice shall apply: 
 11.2.1 No Notice or Grace Period. There shall be no
grace period and no notice provision with respect to: 
 A. nonpayment of interest, and installments of principal prior to
maturity, when due; 
 B. nonpayment of principal at maturity; 

C. nonpayment of any other monetary obligations hereunder, under any other Loan Documents or any Hedging Contract when due;

 D. defaults under Sections 11.1.3 (Financial Status and Insolvency), 11.1.4 (Liens), 11.1.6 (Breach of Representation or
Warranty), 11.1.8 (Other Agreements with Lender and Affiliates), 11.1.9 (Agreements with Others), 11.1.11 (Default—Unitil Revolving Credit Agreement), 11.1.12 (Invalidity of Loan Documents), or 11.1.13 (Judgment); 

E. nonmonetary defaults which are not reasonably capable of being cured; and 

F. breaches or defaults under Section 9.6 (Restrictions on Liens, Transfers and Additional Debt), and Section 9.19
(Springing Debt Service Coverage Ratio) if in effect. 
 11.2.2 Nonmonetary Defaults Capable of Cure. As to
nonmonetary defaults which are reasonably capable of being cured or remedied, unless there is a specific shorter or longer grace period provided for in this Loan Agreement or in another Loan Document, there shall be a fifteen (15) day grace
period following notice from Lender. However, where there is an emergency situation in which there is danger to person or property such curative action shall be commenced as promptly as possible. 

11.3 Certain Lender Remedies. If an Event of Default shall occur: 

11.3.1 Accelerate Debt. Lender may accelerate and declare the Obligations and indebtedness evidenced by the Note and
secured by the Mortgage immediately due and payable (provided that, in the case of a voluntary petition in bankruptcy filed by Borrower or (after the expiration of the grace period, if any, set forth in Section 11.1.3 above) an involuntary
petition in bankruptcy filed against Borrower, such acceleration shall be automatic); and 

  
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 11.3.2 Pursue Remedies. Lender may pursue any and all remedies
provided for hereunder, or under any one or more of the other Loan Documents. 
 11.3.3 Hedging Contracts. Lender or
any Affiliate Counterparty or any other Affiliate of Lender may pursue any and all remedies provided for under any Hedging Contract. 
 11.4
Written Waivers. If a Default or an Event of Default is waived by Lender, in its sole discretion, pursuant to a specific written instrument executed by an authorized officer of Lender, the Default or Event of Default so waived shall be deemed
to have never occurred. 
 12. ADDITIONAL REMEDIES OF LENDER. 

12.1 Remedies. Upon the occurrence of an Event of Default, whether or not the Obligations and the indebtedness evidenced by the Note
and secured by the Mortgage shall be due and payable or Lender shall have instituted any foreclosure or other action for the enforcement of the Mortgage or the Note, Lender may, in addition to any other remedies which Lender may have hereunder or
under the other Loan Documents, and not in limitation thereof, and in Lender’s sole and absolute discretion: 
 12.1.1
Enter and Perform. Enter upon the Property to perform obligations under leases, or to operate, maintain, repair and improve the Property and employ watchmen to protect the Property, all at the risk, cost and expense of Borrower, consent to
such entry being hereby given by Borrower; 
 12.1.2 Discontinue Work. At any time discontinue any work commenced in
respect of the Property or change any course of action undertaken by it and not be bound by any limitations or requirements of time whether set forth herein or otherwise; 

12.1.3 Exercise Rights. Exercise the rights of Borrower under any contract or other agreement in any way relating to the
Property and take over and use all or any part of the labor, materials, supplies and equipment contracted for by Borrower, whether or not previously incorporated into the realty; and 

12.1.4 Other Actions. In connection with any work or action undertaken by Lender pursuant to the provisions of the Loan
Documents, 
 (i) engage builders, contractors, architects, engineers and others for the purpose of furnishing labor,
materials and equipment, 
 (ii) pay, settle or compromise all bills or claims which may become liens against the property
constituting the Collateral, or which have been or may be incurred in any manner in connection with the Property or for the discharge of liens, encumbrances or defects in the title of the Property or the Collateral, 

  
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 (iii) take or refrain from taking such action hereunder as Lender may from
time to time determine, and 
 (iv) engage marketing and leasing agents and real estate brokers to advertise, lease or sell
portions or all of the Property or other Collateral upon such terms and conditions as Lender may in good faith determine. 
 12.2
Reimbursement. Borrower shall be liable to Lender for all sums paid or incurred pursuant to any of the Loan Documents whether the same shall be paid or incurred pursuant to this section or otherwise, and all payments made or liabilities
incurred by Lender hereunder of any kind whatsoever shall be paid by Borrower to Lender upon demand with interest at the Default Rate as provided in this Agreement or the Note from the date of payment by Lender to the date of payment to Lender and
repayment of such sums with such interest shall be secured by the applicable Security Documents. 
 12.3 Power of Attorney. For the
purpose of exercising the rights granted by this Section 12, as well as any and all other rights and remedies of Lender, Borrower hereby irrevocably constitutes and appoints Lender (or any agent designated by Lender) its true and lawful attorney-in-fact, upon and following any Event of Default, to execute, acknowledge and deliver any instruments and to do and perform any acts permitted hereunder or by law in
the name and on behalf of Borrower. 
 13. SECURITY INTEREST AND SET-OFF. 

13.1 Security Interest. Borrower hereby grants to Lender for itself and as agent for any Affiliate Counterparty or other Affiliate
holding any Obligations, a lien, security interest and right of setoff, as security for all Obligations, and all other obligations and liabilities to Lender, whether now existing or hereafter arising, upon and against all deposits, credits,
collateral and property, now or hereafter in the possession, custody, safekeeping or control of Lender or any entity under the control of TD Bank US Holdings Company, or in transit to any of them; provided, however, that in no event shall any lien
be granted hereunder in respect of any Hedging Obligations to the extent that the Person granting such lien is not an “eligible contract participant” as defined in the Commodities Exchange Act and the regulations thereunder. 

13.2 Set-Off and Debit. (i) If any payment is not made when due under any of the Loan
Documents, after giving regard to applicable grace periods, if any, or (ii) if any Event of Default or other event which would entitle Lender to accelerate the Loan occurs, or (iii) at any time, whether or not any Default or Event of
Default exists in the event any attachment, trustee process, garnishment, or other levy or lien is, or is sought to be, imposed on any property of Borrower; then, in any such event, any such deposits, balances or other sums credited by or due from
Lender, or from any Affiliate Counterparty or other Affiliate of Lender, to Borrower may to the fullest extent not prohibited by applicable law at any time or from time to time, without regard to the existence, sufficiency or adequacy of any other
collateral, and without notice or compliance with any other condition precedent now or hereafter imposed by statute, rule of law or otherwise, all of which are hereby waived, be set off, debited and appropriated, and applied by Lender 

  
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 against any or all of Borrower’s Obligations irrespective of whether demand shall have been made and
although such Obligations may be unmatured, in such manner as Lender in its sole and absolute discretion may determine. Within five (5) Business Days of making any such set off, debit or appropriation and application, Lender agrees to notify
Borrower thereof, provided the failure to give such notice shall not affect the validity of such set off, debit or appropriation and application. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT TO ANY OTHER
COLLATERAL WHICH SECURES THE LOAN, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER, ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

13.3 Right to Freeze. Lender shall also have the right, at its option, upon the occurrence of any event which would entitle Lender to
set off or debit as set forth in Section 13.2, to freeze, block or segregate any such deposits, balances and other sums so that Borrower may not access, control or draw upon the same. 

13.4 Additional Rights. The rights of Lender and each Affiliate Counterparty and any other Affiliate of Lender under this
Section 13 are in addition to, and not in limitation of, other rights and remedies, including other rights of set off, which Lender or any Affiliate Counterparty and any other Affiliate of Lender may have. 

13.5 Keepwell. Borrower hereby absolutely and unconditionally and irrevocably undertakes to provide such funds or other support as may
be needed from time to time by each guarantor (if any) to honor all of its obligations under any guaranty in respect of any Hedging Obligations (provided that the obligations of the Borrower hereunder shall be up to the maximum amount of such
liability that can be incurred without rendering its obligations hereunder or otherwise voidable under applicable law relating to fraudulent conveyance or fraudulent transfer and not for any greater amount). The Borrower intends that this
Section 13.5 constitutes, and this Section 13.5 shall be deemed to constitute, a “keepwell, support or other agreement” for the benefit of each guarantor (if any) for all purposes of Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act and all regulations thereunder. 
 14. CASUALTY AND TAKING. 

14.1 Casualty and Obligation To Repair. In the event of any damage or destruction to the Property or the other Collateral by reason of
fire or other hazard or casualty in excess of Fifty Thousand Dollars ($50,000) (collectively, a “Casualty”), Borrower shall give immediate written notice thereof to Lender and proceed with reasonable diligence, in full compliance
with all Legal Requirements and the other requirements of the Loan Documents, to repair, restore, rebuild or replace the affected property (collectively, the “Repair Work”). 

14.2 Adjustment of Claims. All insurance claims shall be adjusted by Borrower, at Borrower’s sole cost and expense, but subject to
Lender’s prior written approval which approval shall not be unreasonably withheld; provided that if any Default exists under any of the Loan Documents, Lender shall have the right to adjust and compromise such claims without the approval of
Borrower. 

  
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 14.3 Payment and Application of Insurance Proceeds. All proceeds of insurance shall
be paid to Lender and, at Lender’s option, be applied to Borrower’s Obligations or released, in whole or in part, to pay for the actual cost of repair, restoration, rebuilding or replacement (collectively, “Cost To
Repair”). In the event any such insurance proceeds shall be used to reduce the Obligations, the same shall be applied by Lender, after the deduction therefrom and repayment to Lender of any and all costs incurred by Lender in the recovery
thereof (including reasonable attorneys’ fees and disbursements), in any manner it shall designate, including but not limited to, the application of such proceeds to the then unpaid installments of the principal balance due under the Note in
the inverse order of their maturity, such that the regular payments, if any, under the Note shall not be reduced or altered in any manner. Any prepayment of the Note from the proceeds of insurance shall be without prepayment premium. If the Cost To
Repair does not exceed $500,000, Lender shall release so much of the insurance proceeds as may be required to pay for the actual Cost to Repair in accordance with the provisions of Section 14.4. Notwithstanding the foregoing, Lender shall also
release so much of the insurance proceeds as may be required to pay for the actual Cost To Repair if: 
 (i) in Lender’s
good faith judgment such proceeds together with any additional funds as may be deposited with and pledged to Lender are sufficient to pay for the Cost To Repair; 

(ii) in Lender’s good faith judgment the Repair Work is likely to be completed prior to the Maturity Date; and 

(iii) no Default exists under the Loan Documents. 

14.4 Conditions To Release of Insurance Proceeds. If Lender elects or is required to release insurance proceeds, Lender may impose
reasonable conditions on such release which shall include, but not be limited to, the following: 
 (i) Prior written
approval by Lender, which approval shall not be unreasonably withheld or delayed of plans, specifications, cost estimates, contracts and bonds for the restoration or repair of the loss or damage; 

(ii) Waivers of liens (including, without limitation, with respect to any liens or instruments under the New Hampshire
Mechanic’s Lien Statute),, architect’s certificates, contractor’s sworn statements and other evidence of costs, payments and completion as Lender may reasonably require; 

(iii) If the Cost To Repair does not exceed $500,000, the funds to pay therefor shall be released to Borrower. Otherwise, funds
shall be released upon final completion of the Repair Work, unless Borrower requests earlier funding, in which event partial monthly disbursements equal to 90% of the value of the work completed shall be made prior to final completion of the repair,
restoration or replacement and the balance of the disbursements shall be made upon full completion and the receipt by Lender of satisfactory evidence of payment and release of all liens; 

  
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 (iv) Determination by Lender that the undisbursed balance of such proceeds
on deposit with Lender, together with additional funds deposited for the purpose by Borrower, shall be at least sufficient to pay for the remaining Cost To Repair, free and clear of all liens and claims for lien; 

(v) All work to comply with the standards, quality of construction and Legal Requirements applicable to the original
construction of the Property; and 
 (vi) the absence of any Default under any Loan Documents. 

14.5 Taking. 
 14.5.1 Notice of
Taking. Borrower, immediately upon obtaining knowledge of the institution of any proceedings for the condemnation of the Property or any part thereof, will notify Lender of the pendency of such proceedings. Lender (i) may participate in any
such proceedings and Borrower from time to time will deliver to Lender all instruments requested by it to permit such participation, and (ii) may be represented by counsel selected by Lender (at Borrower’s expense). 

14.5.2 Assignment/ Payment of Award. Any award or compensation payable has been assigned under the Mortgage by Borrower to Lender and
shall be paid to Lender; and Borrower, upon request by Lender, shall make, execute and deliver any and all instruments requested for the purpose of confirming the assignment of the aforesaid awards and compensation to Lender free and clear of any
liens, charges or encumbrances of any kind or nature whatsoever. Lender shall be under no obligation to question or challenge the amount of any such award or compensation and may accept the same in the amount in which the same shall be paid. 

14.5.3 Application of Proceeds. The proceeds of any award or compensation so received shall, at the option of Lender, either be applied
toward the payment of the Obligations notwithstanding the fact that the Obligations may not then be due and payable, and/or to the restoration of the Improvements (in the case of a partial taking or temporary condemnation that affects the
Improvements in such a way that restoration is required to such Improvements) in accordance with Section 14.4 of the Loan Agreement. In the event that any portion of the condemnation awards or compensation shall be used to reduce the
Obligations, the same shall be applied by Lender in any manner it shall designate, in its discretion, including but not limited to, application of such award or compensation to the then unpaid installments of the principal balance due under the Note
in the inverse order of their maturity such that the regular payments under the Note shall not be reduced or altered in any manner. Lender shall not be limited to the interest paid on the proceeds of any award or compensation, but shall be entitled
to the payment by Borrower of interest at the applicable rate provided for in the Note. 

  
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 15. GENERAL PROVISIONS. 

15.1 Notices. Any notice or other communication in connection with this Loan Agreement, the Note, the Mortgage, or any of the other
Loan Documents, shall be in writing, and (i) deposited in the United States Mail, postage prepaid, by registered or certified mail, or (ii) hand delivered by any commercially recognized courier service or overnight delivery service such as
Federal Express, addressed: 
 If to Lender: 

TD Bank, N.A. 
 300 Franklin
Street 
 Manchester, New Hampshire 03101 

Attention: Timothy J. Whitaker, Director 
 If to
Borrower: 
 Unitil Realty Corp. 

6 Liberty Lane West 
 Hampton, New
Hampshire 03842 
 Attention: Todd R. Diggins, Treasurer 

Any such addressee may change its address for such notices to such other address in the United States as such addressee shall have specified by written notice
given as set forth above. All periods of notice shall be measured from the deemed date of delivery. Lender shall be fully entitled to rely upon any facsimile or other electronic transmission or other writing purported to be sent by any Authorized
Representative as being genuine and authorized. 
 A notice shall be deemed to have been given, delivered and received for the purposes of
all Loan Documents upon the earliest of: (i) if sent by such certified or registered mail, on the third Business Day following the date of postmark, or (ii) if hand delivered at the specified address by such courier or overnight delivery
service, when so delivered or tendered for delivery during customary business hours on a Business Day, or (iii) if so mailed, on the date of actual receipt as evidenced by the return receipt, or (iv) if so delivered, upon actual receipt.

 15.2 Limitations on Assignment. Borrower may not assign this Agreement or the monies due thereunder or convey or, except for a
Permitted Transaction, encumber the Property or other Collateral or any interest therein without the prior written consent of Lender in each instance. 

15.3 Further Assurances. Borrower shall upon request from Lender from time to time execute, seal, acknowledge and deliver such further
instruments or documents which Lender may reasonably require to better perfect and confirm its rights and remedies hereunder, under the Note, under the Mortgage and under each of the other Loan Documents. 

  
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 15.4 Parties Bound The provisions of this Agreement and of each of the other Loan
Documents shall be binding upon and inure to the benefit of Borrower and Lender and their respective successors and assigns, except as otherwise prohibited by this Agreement or any of the other Loan Documents. 

This Agreement is a contract by and between Borrower and Lender for their mutual benefit, and no third person shall have any right, claim or interest against
either Lender or Borrower by virtue of any provision hereof. 
 15.5 Waivers, Extensions and Releases. Lender may at any time and
from time to time waive any one or more of the conditions contained herein or in any of the other Loan Documents, or extend the time of payment of the Loan, or release portions of the Collateral from the provisions of this Agreement and from the
Mortgage or any other Security Document, but any such waiver, extension or release shall be deemed to be made in pursuance and not in modification hereof, and any such waiver in any instance, or under any particular circumstance, shall not be
considered a waiver of such condition in any other instance or any other circumstance. 
 15.6 Governing Law; Consent to Jurisdiction;
Mutual Waiver of Jury Trial. 
 15.6.1 Substantial Relationship. It is understood and agreed that all of the Loan
Documents were negotiated, executed and delivered in the State of New Hampshire, which State the parties agree has a substantial relationship to the parties and to the underlying transactions embodied by the Loan Documents. 

15.6.2 Place of Delivery. Borrower agrees to furnish to Lender at the Lender’s office in Manchester, New Hampshire
all further instruments, certifications and documents to be furnished hereunder. 
 15.6.3 Governing Law. This
Agreement and each of the other Loan Documents shall in all respects be governed, construed, applied and enforced in accordance with the internal laws of the State of New Hampshire without regard to principles of conflicts of law. 

15.6.4 Consent to Jurisdiction. Borrower hereby consents to personal jurisdiction in any state or Federal court located
within the State of New Hampshire. BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS LOAN AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW HAMPSHIRE OR ANY FEDERAL COURT SITTING THEREIN AND
CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF SUCH COURT AND SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON BORROWER BY MAIL AT THE ADDRESS SET FORTH IN THIS LOAN AGREEMENT. BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE
TO THE VENUE OF ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT FORUM. 

  
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 15.6.5 Jury Trial Waiver. BORROWER AND LENDER MUTUALLY HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON THIS LOAN AGREEMENT, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LOAN AGREEMENT OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE
EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR BORROWER AND LENDER TO ENTER INTO THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 15.7 Survival. All representations, warranties, covenants and agreements of Borrower herein or in any other
Loan Document, or in any notice, certificate, or other paper delivered by or on behalf of Borrower pursuant hereto are significant and shall be deemed to have been relied upon by Lender notwithstanding any investigation made by Lender or on its
behalf and shall survive the delivery of the Loan Documents and the making of the Loan and each advance pursuant thereto. No review or approval by Lender, or by its Consultants or representatives, of any plans and specifications, opinion letters,
certificates by professionals or other item of any nature shall relieve Borrower or anyone else of any of the obligations, warranties or representations made by or on behalf of Borrower under any one or more of the Loan Documents. 

15.8 Cumulative Rights. All of the rights of Lender hereunder and under each of the other Loan Documents and any other agreement now or
hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly, together, or in such combination as Lender may determine in its sole good faith judgment. 

15.9 Claims Against Lender. 

15.9.1 Borrower Must Notify. Lender shall not be in default under this Agreement, or under any other Loan Document,
unless a written notice specifically setting forth the claim of Borrower shall have been given to Lender within thirty (30) days after Borrower first had actual knowledge or actual notice of the occurrence of the event which Borrower alleges
gave rise to such claim and Lender does not remedy or cure the default, if any there be, with reasonable promptness thereafter. Such actual knowledge or actual notice shall refer to what was actually known by, or expressed in a written notification
furnished to, any of the persons or officials referred to in Exhibit C as Authorized Representatives. 
 15.9.2
Remedies. If it is determined by the final order of a court of competent jurisdiction, which is not subject to further appeal, that Lender has breached any of its obligations under the Loan Documents and has not remedied or cured the same
with reasonable promptness following notice thereof, Lender’s responsibilities shall be limited to: (i) where the breach consists of the failure to 

  
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grant consent or give approval in violation of the terms and requirements of a Loan Document, the obligation to grant such consent or give such approval and to pay Borrower’s reasonable
costs and expenses including, without limitation, reasonable attorneys’ fees and disbursements in connection with such court proceedings; and (ii) the case of any such failure to grant such consent or give such approval, or in the case of
any other such default by Lender, where it is also so determined that Lender acted in bad faith, or that Lender’s default constituted gross negligence or willful misconduct, the payment of any actual, direct, compensatory damages sustained by
Borrower as a result thereof plus Borrower’s reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements in connection with such court proceedings. 

15.9.3 Limitations. In no event, however, shall Lender be liable to Borrower or anyone else for other damages such as,
but not limited to, indirect, speculative or punitive damages whatever the nature of the breach by Lender of its obligations under this Loan Agreement or under any of the other Loan Documents. In no event shall Lender be liable to Borrower or anyone
else unless a written notice specifically setting forth the claim of Borrower shall have been given to Lender within the time period specified above. 

15.10 Obligations Absolute. Except to the extent prohibited by applicable law which cannot be waived, the Obligations of Borrower under
the Loan Documents shall be joint and several, absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of the Loan Documents under all circumstances whatsoever, including, without limitation, the existence of
any claim, set off, defense or other right which Borrower may have at any time against Lender whether in connection with the Loan or any unrelated transaction, except for any such claim, setoff, defense or other right, if any, as to which a written
notice shall have been given to Lender in accordance with the provisions of Section 15.9. 
 15.11 Table of Contents, Title and
Headings. Any Table of Contents, the titles and the headings of sections are not parts of this Loan Agreement or any other Loan Document and shall not be deemed to affect the meaning or construction of any of their provisions. 

15.12 Counterparts. This Loan Agreement may be executed in several counterparts, each of which when executed and delivered is an
original, but all of which together shall constitute one instrument. In making proof of this agreement, it shall not be necessary to produce or account for more than one such counterpart which is executed by the party against whom enforcement of
such loan agreement is sought. The parties acknowledge and agree that this document and any related documents, and any amendments or waivers hereto or thereto, may be executed and delivered by facsimile, electronic copies in portable document format
(“PDF”) or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by combination of such means or by any digital or electronic signature process or program, and that any
signature so delivered shall be treated as and have the same force and effect as an original signature, and copies of the same may be used and introduced as 

  
 35 

 evidence at any legal proceedings including, without limitation, trials and arbitrations, relating to or
arising under this document. Notwithstanding the foregoing, Lender may, in its sole and exclusive discretion, also require delivery of this document and any related documents, and any amendments or waivers hereto or thereto, with an original
signature for its records. 
 15.13 Reserved. 

15.14 Right to Sell. Lender shall have the unrestricted right at any time or from time to time, and without Borrower’s consent, to
transfer and/or assign all or any portion of its rights and obligations hereunder to one or more banks or other financial institutions or entities (each, an “Assignee”), and Borrower agrees that it shall execute, or cause to be
executed, such documents, including without limitation, amendments to this Agreement and to any other documents, instruments and agreements executed in connection herewith as Lender shall deem necessary to effect the foregoing. In addition, at the
request of Lender and any such Assignee, Borrower shall issue one or more new promissory notes, as applicable, to any such Assignee and, if Lender has retained any of its rights and obligations hereunder following such assignment, to Lender, which
new promissory notes shall be issued in replacement of, but not in discharge of, the liability evidenced by the Note held by Lender prior to such assignment and shall reflect the amount of the respective commitments and loans held by such Assignee
and Lender after giving effect to such assignment. Upon the execution and delivery of appropriate assignment documentation, amendments and any other documentation required by Lender in connection with such assignment, and the payment by Assignee of
the purchase price agreed to by Lender, and such Assignee, such Assignee shall be a party to this Agreement and shall have all of the rights and obligations of Lender hereunder (and under any and all other guaranties, documents, instruments and
agreements executed in connection herewith) to the extent that such rights and obligations have been assigned by Lender pursuant to the assignment documentation between Lender and such Assignee, and Lender shall be released from its obligations
hereunder and thereunder to a corresponding extent. 
 15.15 Right to Participate. Lender reserves the right to transfer, assign
and/or grant participation interests in the Loan, but no such transfer, assignment or grant of participation interests shall affect or limit the rights and obligations of Lender, Borrower as set forth in the Loan Agreement. Lender may disclose to,
or share with, any actual or prospective Assignee, transferee or participant all information, including, but not limited to, financial information, in Lender’s possession regarding the Loan, Borrower, or the Property. 

15.16 Pledge by the Lender. The Lender may at any time pledge all or any portion of its interest and rights under this Agreement and
the other Loan Documents (including all or any portion of the Note) to any of the twelve (12) Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341. No such pledge or the enforcement thereof shall release
the Lender from its obligations hereunder or under any of the other Loan Documents. 

  
 36 

 15.17 Time Of the Essence. Time is of the essence of each provision of this Agreement
and each other Loan Document. 
 15.18 No Oral Change. (a) This Agreement and each of the Loan Documents is intended by the
parties as the final, complete and exclusive statement of the transactions evidenced by this Agreement and the other Loan Documents; all prior or contemporaneous promises, agreements, and understandings, whether oral or written, are deemed to be
superseded by this Agreement and each of the other Loan Documents, and no party is relying on any promise, agreement or understanding not set forth in this Agreement or any of the other Loan Documents; (b) This Loan Agreement and each of the
other Loan Documents may only be amended, terminated, extended or otherwise modified by a writing signed by the party against which enforcement is sought (except no such writing shall be required for any party which, pursuant to a specific provision
of any Loan Document, is required to be bound by changes without such party’s assent); in no event shall any oral agreements, promises, actions, inactions, knowledge, course of conduct, course of dealings or the like be effective to amend,
terminate, extend or otherwise modify this Loan Agreement or any of the other Loan Documents and (c) Any amendment, waiver or consent with respect to this Loan Agreement or any of the other Loan Documents that (i) amends or modifies this
Section 15.18, (ii) except to the extent that Lender is similarly adversely impacted, modifies any other provision of this Loan Agreement or other Loan Document in a manner that adversely impacts the rights of an Affiliate Counterparty:
(x) with respect to the priority hereunder or thereunder of any security for any Hedging Obligations (including, without limitation, the definitions of Affiliate Counterparty, Obligations, Hedging Contract and Hedging Obligations, or
(y) as an indemnitee hereunder or thereunder; or (iii) imposes any additional obligations of an Affiliate Counterparty, in each case under this Section 15.18(c) shall, in addition to the consent of the Lender, require the consent of
any Affiliate Counterparty. 
 15.19 Monthly Statements. While Lender may issue invoices or other statements on a monthly or periodic
basis (a “Statement”), it is expressly acknowledged and agreed that: (i) the failure of Lender to issue any Statement on one or more occasions shall not affect Borrower’s obligations to make payments under the Loan
Documents as and when due; (ii) the inaccuracy of any Statement shall not be binding upon Lender and so Borrower shall always remain obligated to pay the full amount(s) required under the Loan Documents as and when due notwithstanding any
provision to the contrary contained in any Statement; (iii) all Statements are issued for information purposes only and shall never constitute any type of offer, acceptance, modification, or waiver of the Loan Documents or any of Lender’s
rights or remedies thereunder; and (iv) in no event shall any Statement serve as the basis for, or a component of, any course of dealing, course of conduct, or trade practice which would modify, alter, or otherwise affect the express written
terms of the Loan Documents. 
 15.20 USA Patriot Act. Lender is subject to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56) (signed into law October 26, 2001)) (the “Act”) and hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow Lender to identify the Borrower in accordance with the Act. 

  
 37 

 15.21 Severability. The provisions of this Agreement are severable, and if any one
clause or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in
any manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 
 Borrower
and Lender explicitly consent to the electronic delivery of the terms of the transaction evidenced by this agreement. Borrower and Lender agree that their present intent to be bound by this agreement may be evidenced by transmission of digital
images of signed signature pages via facsimile, email, SMS or other digital transmission and affirms that such transmission indicates a present intent to be bound by the terms of the agreement and is deemed to be valid execution and delivery as
though an original ink or electronic signature. Borrower shall deliver original executed signature pages to Lender, but any failure to do so shall not affect the enforceability of this agreement. An electronic image of this agreement (including
signature pages) shall be as effective as an original for all purposes. 
 [remainder of page intentionally left blank] 

  
 38 

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

			
	 BORROWER:

	
	UNITIL REALTY CORP.
		
	By:	 	/s/ Todd. R. Diggins
		 	Name: Todd. R. Diggins
		 	Title: Treasurer
	
	LENDER:
	
	TD BANK, N.A.
		
	By:	 	/s/ Timothy J. Whitaker
		 	Name: Timothy J. Whitaker
		 	Title: Director

 [Signature Page to Loan Agreement] 

					
		  	 EXHIBITS:
  
	  	
	 	  	 	  	Section Reference
Number
			
	Exhibit A	  	-         Definitions	  	1.1
			
	Exhibit B	  	-         Ownership Interests and Taxpayer Identification Numbers	  	8.10.2
			
	Exhibit C	  	-         Authorized Representatives	  	4 and 15.9.1
			
	Exhibit D	  	-         Required Hazard Property and Other Insurance	  	7.13 and 9.5

 EXHIBIT A TO LOAN AGREEMENT 

DEFINITIONS 
 Affiliate means with
respect to any Person, (a) any Person which, directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with such Person, or (b) any Person who is a director or officer (i) of
such Person, (ii) of any subsidiary of such Person, or (iii) of any Person described in clause (a) above. For purposes of this definition, control of a Person means the power, direct or indirect, (x) to vote 5% or more of the
Capital Stock having ordinary voting power for the election of directors (or comparable equivalent) of such Person, or (y) to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Control
may be by ownership, contract, or otherwise. 
 Affiliate Counterparty means a Person who is an Affiliate of the Lender at the time such Person
entered into any Hedging Contract. 
 Agreement as defined in the Preamble. 

Approved Lease as defined in Section 9.17.1. 

Assignment of Leases and Rents as defined in Section 3.1.2. 

Authorized Representatives as defined in Section 4 and listed on Exhibit C. 

Borrower as defined in the Preamble. 
 Business
Day shall mean any day of the year on which offices of TD Bank, N.A. are not required or authorized by law to be closed for business in Concord, New Hampshire. If any day on which a payment is due is not a Business Day, then the payment shall be
due on the next day following which is a Business Day. Further, if there is no corresponding day for a payment in the given calendar month (i.e., there is no “February 30th”), the payment shall be due on the last Business Day of the
calendar month. 
 Capital Stock means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a
corporation, any and all other ownership interests in a Person (other than a corporation) and any and all warrants or options to purchase any of the foregoing. 

Casualty as defined in Section 14.1. 
 Charge
Date as defined in Section 9.12. 
 Collateral as defined in Section 7.5. 

Commodity Exchange Act means the Commodity Exchange Act (7 U.S.C Section 1 et seq.) as amended from time to time and any successor statute. 

  
 A-1 

 Consultant as defined in Section 5.1. 

Cost To Repair as defined in Section 14.3. 

Default as defined in Section 11.1. 
 Default
Rate as defined in the Note. 
 Deposit Account as defined in Section 9.12. 

Division Series Transaction means with respect to Borrower, any transaction event or occurrence pursuant to which Borrower (a) divides into two or
more Persons (whether or not the original Borrower survives such division) or (b) creates or reorganizes into one or more series in each case as contemplated under the laws of any jurisdiction. 

Dollars means lawful money of the United States. 

Environmental Indemnity as defined in Section 3.1.5. 

Environmental Laws as defined in the Environmental Indemnity. 

ERISA and ERISA Plan each as defined in Section 8.12. 

Event of Default as defined in Section 11.1. 

Expenses as defined in Section 9.14 

Governmental Authority means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank). 
 Hazardous Substances shall have the meaning set
forth in the Environmental Indemnity. 
 Hedging Contract means each ISDA Master Agreement and schedules and related confirmation and/or any other
documents, instruments, or agreements executed to further evidence or secure the Hedging Obligations as the same may be hereafter amended, restated, renewed, replaced, supplemented or otherwise modified from time to time. 

Hedging Obligations means all obligations of Borrower to Lender or any Affiliate Counterparty or any other Affiliate of Lender under any agreement,
contract or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act and shall include without limitation, any interest rate swap transactions, basis swaps, forward rate transactions,
commodity swaps, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange transactions, cap transactions, floor transactions, collar transactions, forward transactions,
currency swap transactions, cross-currency rate swap transactions, currency options or similar agreements including, without limitation, the Hedging Contracts. 

  
 A-2 

 Improvements as defined in Section 1.3. 

Indemnified Party as defined in Section 9.16. 

Indemnitor as defined in Section 3.1.3. 

Investment means the acquisition of any real or tangible personal property or of any stock or other security, any loan, advance, bank deposit, money
market fund, contribution to capital, extension of credit (except for accounts receivable arising in the ordinary course of business and payable in accordance with customary terms), or purchase or commitment or option to purchase or otherwise
acquire real estate or tangible personal property or stock or other securities of any party or any part of the business or assets comprising such business, or any part thereof. 

Land as defined in Section 1.3. 
 Legal
Requirements means all applicable federal, state, county and local laws, by-laws, rules, regulations, codes and ordinances, and the requirements of any governmental agency or authority having or claiming
jurisdiction with respect thereto, including, but not limited to, those applicable to taxation, zoning, subdivision, building, health, fire, safety, sanitation, the protection of the handicapped (including, without limitation, Access Laws (as
defined in the Mortgage)), and environmental matters and shall also include all orders and directives of any court, governmental agency or authority having or claiming jurisdiction with respect thereto. 

Lender as defined in the Preamble. 
 Licenses and
Permits means all licenses, permits, authorizations and agreements issued by or agreed to by any governmental authority, or by a private party pursuant to a Permitted Encumbrance, and including, but not limited to, building permits, occupancy
permits and such special permits, variances and other relief as may be required pursuant to Legal Requirements which may be applicable to the Property. 

Loan as defined in Section 1.4. 
 Loan
Agreement as defined in the Preamble. 
 Loan Documents as defined in Section 3.2. 

MAI means Member of the Appraisers Institute. 
 Major
Lease means the lease or occupancy agreement of a Major Tenant. 
 Major Tenant as defined in Section 11.1.3.B. 

  
 A-3 

 Material Adverse Effect means (a) a material adverse effect with respect to (i) the
business, assets, properties, financial condition, stockholders’ equity, contingent liabilities, prospects, material agreements or results of operations of Borrower, (ii) Borrower’s ability to pay and perform the Obligations in
accordance with the terms hereof, the other Loan Documents and any Hedging Contracts, or (iii) the validity or enforceability of this Agreement or any of the other Loan Documents or any Hedging Contract or the rights and remedies, liens,
security interests or collateral of Lender hereunder or thereunder; or (b) Borrower becoming subject to any Division Series Transaction. 

Maturity means the Maturity Date or, upon acceleration of the Loan, if the Loan has been accelerated by Lender upon an Event of Default. 

Maturity Date as defined in Section 2.2. 

Mortgage as defined in Section 3.1.1. 
 New
Hampshire Mechanic’s Lien Statute means Chapter 447 of the New Hampshire Revised Statutes Annotated, as amended and in effect from time to time. 

Note as defined in Section 3.2. 
 Obligations
means the payment of the entire principal of the Note and the interest, Hedging Obligations and any and all other sums payable, and all other monetary and non-monetary obligations and liabilities of Borrower
to Lender, any Affiliate Counterparty and/or any other Affiliate of Lender, under the Note, the Mortgage, any other Loan Documents and any Hedging Contract as well as, without limitation, all loans, advances, indebtedness, notes, liabilities,
corporate and commercial credit card advances, deposit account overdrafts, lockbox, cash management, or other services (including electronic funds transfers and automated clearing house transactions) and all other amounts, in each case, liquidated
or unliquidated, owing by Borrower to Lender, any Affiliate Counterparty or any other Affiliate of Lender any time, of each and every kind, nature and description, whether arising under this Agreement or otherwise, and whether secured or unsecured,
direct or indirect (that is, whether the same are due directly by Borrower to Lender, any Affiliate Counterparty or any other Affiliate of Lender; or are due indirectly by Borrower to Lender or any Affiliate of Lender as endorser, guarantor or other
surety, or as borrower of obligations due third persons which have been endorsed or assigned to Lender, any Affiliate Counterparty or any other Affiliate of Lender, or otherwise), absolute or contingent, due or to become due, now existing or
hereafter arising or contracted, including, without limitation, payment when due of all amounts outstanding respecting any of the Loan Documents or any Hedging Contract, and the performance and observance of all the other provisions hereof and of
the Note, the other Loan Documents and any Hedging Contract. 
 OFAC List means the list of specially designated nationals and blocked persons
subject to financial sanctions that is maintained by the U.S. Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office of Foreign Assets Control (“OFAC”)
pursuant to any of the rules and 

  
 A-4 

 
regulations of OFAC or pursuant to any Legal Requirements, including, without limitation, trade embargo, economic sanctions, or other prohibitions imposed by Executive Order of the President of
the United States or pursuant to OFAC implemented regulation. The OFAC List currently is accessible through the internet website www.treas.gov. 
 Other
Hedging Contract means any ISDA Master Agreement and schedules and related confirmation any other documents, instruments, or agreements executed to evidence or secure interest rate swap transactions, basis swaps, forward rate transactions,
commodity swaps, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange transactions, cap transactions, floor transactions, collar transactions, forward transactions,
currency swap transactions, cross-currency rate swap transactions, currency options or similar agreements between Borrower and a Person other than Lender (or any Affiliate Counterparty or any other Affiliate of Lender). 

Permitted Additional Debt as defined in Section 9.6.4. 

Permitted Encumbrances as defined in the Mortgage. 

Permitted Transactions as defined in Section 9.6.2. 

Permitted Transfers as defined in Section 9.6.3. 

Person means an individual, a partnership, a corporation, a limited liability company, a corporation, a business trust, a joint stock company, a trust,
an unincorporated association, a Governmental Authority or any other entity of whatever nature (including, without limitation, a joint venture). 

Property as defined in Section 1.3. 
 Registered
Land Surveyor means a land surveyor or engineer licensed as such in the jurisdiction where the Property is situated. 
 Repair Work as defined in
Section 14.1. 
 Reportable Event as defined in Section 8.12. 

Security as defined in Section 3.1. 
 Security
Documents as defined in Section 3.2. 
 Statement as defined in Section 15.19. 

SNDA Agreement as defined in Section 9.17.4. 

TRIA as defined in Section 9.5. 
 UCC means
the Uniform Commercial Code in effect in the State of New Hampshire. 

  
 A-5 

 EXHIBIT B TO LOAN AGREEMENT 

OWNERSHIP INTERESTS AND 

TAXPAYER IDENTIFICATION NUMBERS 
 Ownership
Interests: 
 Stockholders: 
 Unitil Realty Corp. is a wholly
owned subsidiary of Unitil Corporation, which holds 100% of Unitil Realty Corp’s issued and outstanding common stock. There is no preferred stock authorized or outstanding. 

Taxpayer Identification Number: 

02-0407239 

  
 B-1 

 EXHIBIT C TO LOAN AGREEMENT 

AUTHORIZED REPRESENTATIVES 

UNITIL REALTY CORP. 

AUTHORIZED REPRESENTATIVES 
  

			
	 NAME
	  	 TITLE

	John R. Closson	  	President
		
	Daniel J. Hurstak	  	Vice President & Controller
		
	Todd R. Diggins	  	Treasurer
		
	Sandra L. Whitney	  	Secretary

  
 C-1 

 EXHIBIT D TO LOAN AGREEMENT 

REQUIRED PROPERTY, HAZARD AND OTHER INSURANCE 

Borrower shall at all times provide and maintain the following insurance coverages with respect to the Property and the Collateral issued by companies
qualified to do business in the State of New Hampshire [or other applicable jurisdictions], having an AM Best’s Rating of not less than A and otherwise acceptable to Lender in its sole discretion: 

(i) property damage insurance on an all-risk basis including vandalism and malicious mischief,
earthquake, flood, collapse, boiler explosion, sprinkler coverage, cost of demolition, increased costs of construction and the value of the undamaged portion of the building) covering all the building(s) including contents, fixtures and personal
property located on the Property to the extent of the full insurable value thereof, on a replacement cost basis including agreed amount/waiver of coinsurance endorsements (with deductibles not in excess of $100,000). Certain coverages may be subject
to sublimits and annual aggregate limitations less than the full replacement value of the building(s) including contents and personal property located on the Property in accordance with customary industry practice for such exposures; 

(ii) liability insurance, with underlying and umbrella coverages totaling not less than $1,000,000 per occurrence and $2,000,000 in the
aggregate or such other amounts as may be determined by Lender from time to time; 
 (iii) automobile liability insurance (including non-owned automobile) with a coverage of $1,000,000 per occurrence during construction; 
 (iv)
worker’s compensation, employer’s liability and other insurance required by law; 
 (v) such other insurance coverages in such
amounts as Lender may request in consultation with Borrower, consistent with the customary practices of prudent developers and owners of similar properties. 

A certificate of insurance or other evidence of property coverage in the form of Acord 27 (Evidence of Property Coverage), Acord 25
(Certificate of Insurance), or a 30-day binder (with proof of payment) in form acceptable to Lender, shall be delivered at closing of the Loan, prior to the first advance of the Loan and upon each renewal or
replacement of such insurance. Notwithstanding the foregoing, an actual insurance policy or certified copy thereof is required for flood insurance, if building(s) is located in a “Special Flood Hazard Area” (Flood Zones A or V). 

Flood insurance shall be provided if the property or the collateral is located in a flood prone, flood risk or flood hazard area as designated
pursuant to the Federal Flood Disaster Protection Act of 1973, as amended, and the Regulations thereunder, or if otherwise reasonably required by Lender. 

  
 D-1 

 Lender shall be named as lender loss payee on policies of property damage/all-risk insurance for the building(s) including contents and personal property located on the Property. 

With respect to liability insurance, the Lender shall be named as an additional insured with respect to the Property or the Collateral. 

The property damage/all-risk insurance shall have a so-called
“Mortgagee’s endorsement” or “Lender’s loss-payable endorsement” which shall provide in substance as follows: 
  

	 	A.	 Loss or damage, if any, under the policy shall be paid to Lender and its successors and assigns (which shall be
collectively referred to herein as “Lender”) in whatever form or capacity its interest may appear and whether said interest be vested in said Lender in its individual or in its disclosed or undisclosed fiduciary or representative
capacity, or otherwise, or vested in a nominee or trustee of said Lender. 

  

	 	B.	 The insurance under the policy, or under any rider or endorsement attached thereto, as to the interest only of
Lender, its successors and assigns, shall not be invalidated nor suspended: 

  

	 	(a)	 by any error, omission or change respecting the ownership, description, possession or location of the subject
of the insurance or the interests therein or the title thereto; or 

  

	 	(b)	 by the commencement of foreclosure or similar proceedings or the giving of notice of sale of any of the
property covered by the policy by virtue of any mortgage, deed of trust, or security interest; or 

  

	 	(c)	 by any breach of warranty, act, omission, neglect, or noncompliance with any provisions of the policy by the
named insured, or anyone else, whether before or after a loss, which under the provisions of the policy of insurance, would invalidate or suspend the insurance as to the named insured, excluding, however, any acts or omissions of Lender while
exercising active control and management of the insured property. 

  

	 	C.	 Insurer shall provide Lender with not less than thirty (30) days’ prior written notice of
cancellation of the policy (for non-payment or any other reason) or of the non-renewal thereof. 

 

	 	D.	 The insurer reserves the right to cancel the policy at any time, but only as provided by its terms. However, in
such case the policy shall continue in force for the benefit of Lender for thirty (30) days after written notice of such cancellation is received by Lender and shall then cease. 

  
 D-2 

	 	E.	 Should legal title to and beneficial ownership of any of the property covered under the policy become vested in
Lender or its agents, successors or assigns, insurance under the policy shall continue for the term thereof for the benefit of Lender. 

  

	 	F.	 All notices herein provided to be given by the insurer to Lender in connection with this policy and
Lender’s loss payable endorsement shall be mailed to or delivered to Lender by certified or registered mail, return receipt requested, as follows: 

TD Bank, N.A., ISAOA, ATIMA 
 ME2-003-028 
 32 Chestnut Street 

Lewiston, Maine 04240 
 Attention: 

  
 D-3EX-4.49

 Exhibit 4.49 

MORTGAGE AND SECURITY AGREEMENT 

Dated: December 18, 2020 

from 
 UNITIL REALTY CORP.,
Mortgagor 
 a New Hampshire corporation, 

having an office at: 
 6 Liberty
Lane West 
 Hampton, New Hampshire 03842 

to 
 TD BANK, N.A., Mortgagee
 
 a national banking association 

having an office at: 
 300 Franklin
Street 
 Manchester, New Hampshire 03101 

This document serves as a Fixture Filing under the 

New Hampshire Uniform Commercial Code. 

LOCATION OF PROPERTY: 
  

			
	 Street Address
	  	 : 6 Liberty Lane West

	 City/Town
	  	 : Hampton

	 County
	  	 : Rockingham

	 State
	  	 : New Hampshire

 MORTGAGE AND SECURITY AGREEMENT (the “Mortgage”), dated as of
December 18, 2020, given by UNITIL REALTY CORP., a New Hampshire corporation, having an address at 6 Liberty Lane West, Hampton, New Hampshire 03842 (“Mortgagor”), in favor of TD BANK, N.A., a national banking association,
having an office at 300 Franklin Street, Manchester, New Hampshire 03842 (“Mortgagee”). 
 W I T
N E S S E T H: 
 WHEREAS, Mortgagor is the owner of, that certain parcel of
real property commonly known as 6 Liberty Lane West, located in the Town of Hampton, County of Rockingham, New Hampshire, as more particularly described in Schedule A attached hereto and made a part hereof;  

WHEREAS, concurrently herewith, Mortgagor is borrowing from Mortgagee the principal sum of $4,720,000 (the “Mortgage
Amount”) and, in connection therewith, Mortgagor has executed and delivered to Mortgagee that certain (a) Mortgage Loan Note, dated of even date herewith, made by Mortgagor, as borrower, in favor of Mortgagee, as lender, in the
original principal amount of $4,720,000 (such Mortgage Loan Note, as the same may be hereafter amended, modified, restated, renewed, replaced, supplemented or extended, being hereinafter called the “Note”) and (b) Loan
Agreement, dated of even date herewith, between Mortgagor and Mortgagee (as the same may be hereafter amended, modified, restated, renewed, replaced, supplemented or extended being hereinafter called the “Loan Agreement”),
which Note and Loan Agreement evidence certain indebtedness and other obligations of Mortgagor to Mortgagee; and  
 WHEREAS,
to secure the payment of the indebtedness and other amounts under the Note and the Loan Agreement in the Mortgage Amount, together with interest thereon at the interest rate or rates set forth in the Note, and together with any other sums that may
become due and payable hereunder or under the Note, the Loan Agreement or the other Loan Documents and under any Hedging Contract (as hereinafter defined), and to secure the performance by Mortgagor of its obligations hereunder, under the Note, the
Loan Agreement and the other Loan Documents and any Hedging Contract, and all other Obligations (as hereinafter defined), Mortgagor has agreed to execute and deliver this Mortgage to Mortgagee. 

Certain Definitions 

As used in this Mortgage, unless the context otherwise specifies or requires, the following terms shall have the meanings herein specified,
such definitions to be applicable equally to the singular and to the plural forms of such terms. 
 “Affiliate” shall have
the meaning set forth in the Loan Agreement. 
 “Affiliate Counterparty” shall have the meaning set forth in the
Loan Agreement. 

  
 2 

 “Agreements” shall mean all agreements, contracts, certificates,
instruments, franchises, permits, licenses, plans, specifications, warranties, guarantees, and other documents, now or hereafter entered into, and all rights therein and thereto, respecting or pertaining to the use, occupation, construction,
management or operation of the Land and any part thereof and any Improvements or respecting any business or activity conducted at the Property or any part thereof, or relating to any of the Chattels, and all right, title and interest of Mortgagor
therein and thereunder, including, without limitation, the right, upon the happening of an Event of Default hereunder, to receive and collect any sums payable to Mortgagor thereunder. 

“Chattels” shall mean the Equipment, the Fixtures, the Personal Property and all other assets of Mortgagor. 

“Claim” shall mean any action, claim, counterclaim, cross-claim, cause of action, suit, liability, demand, loss, expense,
penalty, fine, judgment or other cost of any kind or nature whatsoever, including, without limitation, all fees, costs and expenses incurred in connection therewith of attorneys, consultants, contractors and experts. 

“Code” shall mean the Uniform Commercial Code in effect in the State, as amended from time to time. 

“Default Rate” shall have the meaning set forth in the Note. 

“Easements” shall mean all easements,
rights-of-way or use, rights, strips and gores of land, streets, ways, alleys, passages, sewer rights, water, water courses, water rights and powers, air rights, mineral
rights and development rights, and all estates, rights, titles, interests, privileges, liberties, servitudes, tenements, hereditaments and appurtenances of any nature whatsoever, in any way now or hereafter belonging, relating or pertaining to the
Land and/or the Improvements and the reversion and reversions, remainder and remainders, and all land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Land, to the center line thereof and all the
estates, rights, titles, interest, dower and rights of dower, curtesy and rights of curtesy, property, possession, claim and demand whatsoever, both at law and in equity, of Mortgagor of, in and to the Land and/or the Improvements and every part and
parcel thereof, with the appurtenances thereto. 
 “Equipment” shall mean all “equipment,” as such term is
defined in Article 9 of the Code, now owned or hereafter acquired by Mortgagor, which is used at or in connection with the Improvements or the Land or is located thereon or therein (including, but not limited to, all machinery, equipment,
furnishing, and electronic data-processing and other office equipment now owned or hereafter acquired by Mortgagor and any and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts,
equipment and accessories installed thereon or affixed thereto. Notwithstanding the foregoing, Equipment shall not include any property belonging to tenants under leases at the Property, except to the extent that Mortgagor shall have any rights or
interest therein. 

  
 3 

 “Events of Default” shall mean the events and circumstances described as
such in Section 2.01 hereof. 
 “Expenses” shall have the meaning set forth in the Loan Agreement. 

“Fixtures” shall mean all Equipment now owned, or the ownership of which is hereafter acquired, by Mortgagor which is so
related to the Land and/or Improvements that it is deemed fixtures or real property under the law of the particular state in which the Equipment is located, including, without limitation, all building or construction materials intended for
construction, reconstruction, alteration or repair of or installation at the Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter attached to, installed in or used
in connection with (temporarily or permanently) any of the Property, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, cleaning, call and sprinkler systems, fire extinguishing apparatuses and equipment,
heating, ventilating, plumbing, laundry, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals,
dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, gas, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned
jointly, to the extent of Mortgagor’s interest therein) and all other utilities whether or not situated in Easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together
with all accessions, appurtenances, additions, replacements, betterments and substitutions for any of the foregoing and the proceeds thereof. Notwithstanding the foregoing, “Fixtures” shall not include any property which tenants are
entitled to remove pursuant to leases at the Property, except to the extent that Mortgagor shall have any right or interest therein. 

“Hedging Contract” shall have the meaning set forth in the Loan Agreement. 

“Hedging Obligations” shall have the meaning set forth in the Loan Agreement. 

“Improvements” shall mean all structures, buildings, additions, extensions, modifications, and all other improvements of any
kind whatsoever, and replacements of any of the foregoing, now or hereafter located at or upon the Land. 
 “Intangibles”
shall mean all “general intangibles” (as such quoted term is defined in the Code) in any way relating to the Property, or any part thereof, and that Mortgagor owns, including, without limitation, all intellectual property, goodwill and
books and records relating to the business operated or to be operated on the Property or any part thereof, together with all unearned premiums, accrued, accruing or to accrue under all insurance policies now or hereafter obtained by Mortgagor
insuring the Mortgaged Property and all rights and interest of Mortgagor thereunder. 
 “Impound Account” shall have the
meaning set forth in Section 1.09(c). 
 “Interest Rate” shall have the meaning accorded such term in the Note. 

  
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 “Land” shall mean the real property described in Schedule A attached hereto
and by this reference made a part hereof, including, without limitation, all of the air space, easements, rights, privileges, royalties and appurtenances thereunto belonging or in anywise appertaining thereto, and all of the estate, right, title,
interest, claim or demand whatsoever of Mortgagor therein and in the streets, alleys and ways adjacent thereto, either at law or in equity, in possession or expectancy, now or hereafter acquired. 

“Laws” shall mean any federal, state or local law, statute, rule, regulation, ordinance, order, decree, directive,
requirement, code, notice of violation or rule of common law, now or hereafter in effect, and in each case as amended, and any judicial or administrative interpretation thereof by a Governmental Authority or otherwise, including any judicial or
administrative order, determination, consent decree or judgment. 
 “Loan” shall mean the loan from Mortgagee to Mortgagor
evidenced by the Note and the Loan Agreement, which are being secured by, among other things, this Mortgage. 
 “Loan
Agreement” shall have the meaning accorded such term in the recitals of this Mortgage. 
 “Loan
Documents” shall have the meaning set forth in the Loan Agreement and shall include, without limitation, this Mortgage, the Note and the Loan Agreement and all other documents, agreements, instruments, certificates, title policies and the
like securing and/or evidencing the Mortgage Amount and other Obligations and/or executed and/or delivered by or on behalf of Mortgagor in connection with the closing of the Loan or at any time thereafter (but excluding any Hedging Contract). 

“Mortgage Amount” shall have the meaning accorded such term in the recitals of this Mortgage. 

“Mortgaged Property” shall have the meaning accorded such term in the Granting Clause of this Mortgage. 

“Note” shall have the meaning accorded such term in the recitals of this Mortgage. 

“Obligations” shall have the meaning accorded such term in the Granting Clause of this Mortgage. 

“Person” shall have the meaning set forth in the Loan Agreement. 

“Personal Property” shall mean all furniture, furnishings, objects of art, machinery, goods, tools, supplies, appliances,
contract rights, accounts, including, without limitation, all bank accounts maintained by or on behalf of Mortgagor, the Impound Account (as hereafter defined), if any, and any other accounts established pursuant to any of the Loan Documents or any
Hedging Contract, accounts receivable, franchises, licenses, certificates and permits, and all other personal property of any kind 

  
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or character whatsoever (as defined in and subject to the provisions of the Code), other than Fixtures, which are now or hereafter owned by Mortgagor and which are located within or about the
Property, together with all accessories, replacements and substitutions thereto or therefor and the proceeds thereof, and the right, title and interest of Mortgagor in and to any of the Personal Property which may be subject to the lien of any
security interest, as defined in the Code, superior to the lien of this Mortgage, and all proceeds and products of the foregoing. 

“Power of Sale” shall mean the right, power and authority of Mortgagee to sell or cause the sale of the Mortgaged Property
and/or a part or parts thereof, at public sale or auction, after any Event of Default and in accordance with and pursuant to any statute or law of the state or jurisdiction in which the Property are located permitting the sale of property subject to
a mortgage or security agreement in a non-judicial foreclosure sale, as any such statute or law may be in effect on the date hereof, or may be hereinafter enacted and/or modified or amended, or any successor
statute or statutes, and/or under and pursuant to any other laws or regulations now in effect and/or hereafter enacted, which provides for and/or enables the property encumbered by a mortgage to be sold by a mortgagee and/or its respective agents
and/or representatives in a public and/or private non-judicial sale, including, without limitation, the STATUTORY POWER OF SALE pursuant to New Hampshire RSA 479:25. 

“Property” shall mean, collectively, the Land and the Improvements. 

“State” shall mean the State of New Hampshire. 

All terms of this Mortgage not defined above shall have the respective meanings accorded such terms in this Mortgage. All capitalized terms
used herein but not defined in this Mortgage shall have the meanings ascribed thereto in the Loan Agreement. 
 Granting Clause

 NOW, THEREFORE, Mortgagor, in consideration of the premises and in order to secure payment of the principal of the Note
and the interest and any and all other sums payable on the Note, under this Mortgage or the other Loan Documents, and all Hedging Obligations as well as, without limitation, all loans, advances, indebtedness, notes, liabilities, and all other
amounts, in each case, liquidated or unliquidated, owing by Mortgagor to Mortgagee or any Affiliate Counterparty or any other Affiliate of Mortgagee any time, of each and every kind, nature and description, whether arising under this Mortgage or
otherwise, and whether secured or unsecured, direct or indirect (that is, whether the same are due directly by Mortgagor to Mortgagee or any Affiliate Counterparty or any other Affiliate thereof; or are due indirectly by Mortgagor to Mortgagee or
any Affiliate Counterparty or any other Affiliate thereof as endorser, guarantor or other surety, or as borrower of obligations due third Persons which have been endorsed or assigned to Mortgagee or any Affiliate Counterparty or any other Affiliate
thereof, or otherwise), absolute or contingent, due or to become due, now existing or hereafter arising or contracted, including, without limitation, payment when due of all amounts outstanding respecting any of the Loan Documents or any Hedging

  
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Contract and the performance and observance of all the other provisions hereof, of the Note, the other Loan Documents and any Hedging Contract (all of such sums payable, indebtedness and
obligations are hereinafter referred to, collectively, as the “Obligations”), hereby gives, grants, mortgages, bargains, sells, warrants, aliens, remises, releases, conveys, assigns, transfers, hypothecates, deposits, pledges, sets
over and confirms unto Mortgagee for itself and as agent for any Affiliate Counterparty or any other Affiliate holding any Obligations, and its successors and assigns, with MORTGAGE COVENANTS, except for those permitted encumbrances and other
matters set forth on Schedule B of the title insurance policy insuring the lien of this Mortgage (collectively, the “Permitted Encumbrances”), all its estate, right, title and interest in, to and under any and all of the following
described property (collectively, the “Mortgaged Property”), whether now owned or held or hereafter acquired: 

(a) the Land; 

(b) the Improvements; 

(c) the Easements; 

(d) the Chattels; 

(e) the Intangibles; 

(f) the Agreements; 

(g) all awards or payments, including interest thereon, which may heretofore and hereafter be made with respect to the
Property, whether from the exercise of the right of eminent domain or condemnation (including but not limited to any transfer made in lieu of or in anticipation of the exercise of the right), or for a change of grade, or for any other injury to or
decrease in the value of the Property; 
 (h) all proceeds in respect of the Mortgaged Property under any insurance
policies covering the Mortgaged Property, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Mortgaged Property; 

(i) all refunds, rebates or credits in connection with reduction in real estate taxes and assessments charged against the
Property as a result of tax appeal or any applications or proceedings for reduction or otherwise; 
 (j) all leases and
other agreements affecting the use, enjoyment or occupancy of the Property or any part thereof heretofore or hereafter entered into (collectively, the “Leases”) and all right, title and interest of Mortgagor therein and thereunder,
including, without limitation, cash, letters of credit or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, additional rents, revenues, income, issues and profits (including all
oil and gas or other mineral royalties and bonuses) from the Land and the Improvements (collectively, the “Rents”) and all proceeds from the sale or other disposition of the Leases; 

  
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 (k) the right, in the name and on behalf of Mortgagor, to appear in and
defend any action or proceeding brought with respect to the Mortgaged Property and to commence any action or proceeding to protect the interest of Mortgagee in the Mortgaged Property; and 

(l) all proceeds of any of the foregoing converted into cash, property, claims or otherwise. 

TO HAVE AND TO HOLD unto Mortgagee and its successors and assigns, forever to its and their own proper use and behoof; and Mortgagor
also does for itself, its successors and assigns, covenant with Mortgagee, and their successors and assigns, that at and until the ensealing of these presents, it is well seized of the Property in fee simple, and has good right to mortgage, bargain
and sell the same and that the same are free from all encumbrances whatsoever except for the Permitted Encumbrances. 
 This Mortgage is
upon the STATUTORY CONDITION, upon the breach of which or any covenant, agreement, or condition of Mortgagor under any of the Loan Documents or Hedging Contract, Mortgagee shall have the STATUTORY POWER OF SALE. 

This Mortgage is intended to constitute (i) a Mortgage Deed under New Hampshire RSA c. 479; (ii) a security agreement and financing
statement under the Code as enacted in the State; and (iii) a notice of assignment of rents or profits. This Mortgage shall also operate as a financing statement filed as a fixture filing in accordance with the applicable provisions of the
Code. 
 This Mortgage is also intended to operate and be construed as an unconditional, absolute and present assignment of the Leases,
Rents, issues and profits of the Mortgaged Property, and not an assignment in the nature of a pledge of the Leases, Rents, issues and profits or a mere grant of a security interest therein, Mortgagor hereby agreeing, that Mortgagee is entitled to
receive the Leases, Rents, issues and profits of the Mortgaged Property prior to an Event of Default and without entering upon or taking possession of the Mortgaged Property; provided however that Mortgagee shall not be obligated to perform or
discharge any obligation of Mortgagor under any Lease, the assignment of Leases, Rents, issues and profits provided for in this Mortgage in no manner placing on Mortgagee any responsibility for (i) the control, care, management or repair of the
Mortgaged Property, (ii) the carrying out of any of the terms and conditions of any Lease, (iii) any waste committed on the Mortgaged Property, or (iv) any dangerous or defective condition on the Mortgaged Property (whether known or
unknown). Mortgagor further agrees that neither the foregoing assignment of Leases, Rents, issues and profits, nor the assignment provided for in the Assignment of Leases and Rents, nor the exercise of any of Mortgagee’s rights and remedies in
Article II hereof shall be deemed to make Mortgagee a mortgagee-in-possession or otherwise 

  
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responsible or liable in any manner with respect to the Leases, the Mortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof, unless and until Mortgagee, in
person or by agent, assumes actual possession thereof. The appointment of any receiver for the Mortgaged Property by any court at the request of Mortgagee or by agreement with Mortgagor, or the entering into possession of any part of the Mortgaged
Property by such receiver, shall not be deemed to make Mortgagee a mortgagee-in-possession or otherwise responsible or liable in any manner with respect to the Leases,
the Mortgaged Property or the use, occupancy, enjoyment or operation of all or any portion thereof. So long as no Event of Default shall exist, however, and so long as Mortgagor is not in default of any obligation, covenant or agreement contained in
any Lease, Mortgagor shall have a license, which license shall terminate automatically and without notice upon any Event of Default or a default by Mortgagor under any Lease to collect, but not prior to accrual, all Rents. Mortgagor agrees to
collect and hold all rents in trust for Mortgagee and to use the Rents for the payment of the cost of operating and maintaining the Mortgaged Property and for the payment of the Expenses and other obligations of Mortgagor pursuant to the Loan
Documents and any Hedging Contract before using the Rents for any other purpose. 
 ARTICLE I 

Particular Covenants of Mortgagor 

Mortgagor represents, warrants, covenants and agrees as follows: 

SECTION 1.01 Mortgagor represents and warrants that it has a good and marketable title to an indefeasible fee estate in the Property subject to
no lien, charge or encumbrance, other than the Permitted Encumbrances; that it will own the Chattels free and clear of liens and claims; that this Mortgage is and will remain a valid and enforceable first lien on the Mortgaged Property subject only
to the exceptions referred to above or in Schedule A; that the execution and delivery of each of this Mortgage, the Note, the other Loan Documents and the Hedging Contracts have been duly authorized by Mortgagor and that there is no provision in any
document relating to Mortgagor that evidences or establishes the existence of Mortgagor requiring further consent for such action by any other Person; that it is duly organized, validly existing and is in good standing under the laws of the state of
its organization; that it has (i) all necessary licenses, authorizations, registrations, permits and/or approvals and (ii) full power and authority to own its properties and carry on its business as presently conducted and the execution
and delivery by it of and performance of its obligations under this Mortgage, the Note and the other Loan Documents or any Hedging Contract will not result in Mortgagor being in default under any provisions of any document that evidences or
establishes the existence of Mortgagor or of any mortgage, credit or other agreement to which Mortgagor is a party or by which it is bound or that affects Mortgagor or the Property, or any part thereof; that it will preserve such title, and will
forever warrant and defend the same unto Mortgagee and its successors and assigns, and will forever warrant and defend the validity and priority of such lien hereof against the claims of all Persons and parties whomsoever, subject only to the
Permitted Encumbrances. 

  
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 SECTION 1.02 (a) Mortgagor will, at the sole cost and expense of Mortgagor, and without
expense to Mortgagee, do, execute, acknowledge and deliver all and every such further acts, deeds, conveyances, mortgages, assignments, notices of assignment, transfers and assurances as Mortgagee shall from time to time reasonably require, for the
better assuring, conveying, mortgaging, assigning, transferring and confirming unto Mortgagee the property and rights hereby conveyed, mortgaged or assigned or intended now or hereafter so to be, or that Mortgagor may be or may hereafter become
bound to convey, mortgage or assign to Mortgagee, or for more effectively carrying out the intention or facilitating the performance of the terms of this Mortgage, or for filing, registering or recording this Mortgage and, on demand, will execute
and deliver and hereby authorizes Mortgagee to execute and record in the name of Mortgagor to the extent it may be lawful to do so, chattel mortgages or comparable security instruments to evidence more effectively the lien hereof upon the Mortgaged
Property or any part thereof. Mortgagor will also, at Mortgagee’s request, sign any affidavits or other documents or instruments which may be necessary to maintain the priority of the lien of this Mortgage with respect to the Mortgaged Property
or any part thereof, or to release or enforce such lien, including but not limited to any amendments, corrections, deletions or additions to this Mortgage. 

(b) Mortgagor expressly agrees, intending that Mortgagee rely thereon, that this Mortgage shall also constitute a
“security agreement,” as such term is defined in the Code with respect to the Chattels, Intangibles and other Mortgaged Property. Mortgagor further expressly agrees, intending that Mortgagee rely thereon, that this Mortgage, to the
extent permitted by law, shall also constitute a “financing statement,” and a “fixture filing” as such term is defined in the Code with respect to the Fixtures (and for purposes thereof, Mortgagor confirms (i) the
addresses of Mortgagor (Debtor) and Mortgagee (Secured Party) are set forth above, (ii) this Mortgage is to be filed for recording in appropriate public records of the county or counties where the Mortgaged Property is located,
(iii) Mortgagor is the record owner of the Mortgaged Property, (iv) Mortgagor’s state of organization is New Hampshire; and (v) Mortgagor’s exact legal name is as set forth on Page 1 of this Mortgage. By its execution of
this Mortgage, Mortgagor hereby authorizes Mortgagee to file and/or record this Mortgage as a security instrument and fixture filing with respect to the Mortgaged Property or any part thereof, and authorizes Mortgagee to file one or more financing
statements, amendments, fixture filings, renewals or continuation statements with respect to the Mortgaged Property or any part thereof, and authorizes Mortgagee to file any other document or instrument as may from time to time be permitted under
the Code or which Mortgagee may otherwise deem desirable in connection with the Mortgaged Property or any part thereof. If requested by Mortgagee, Mortgagor agrees to sign all such financing statements, amendments, renewal or continuation statements
and other instruments and documents or, at Mortgagee’s option, Mortgagee is hereby authorized by Mortgagor to sign all such financing statements, amendments, renewals or continuation statements, documents and 

  
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instruments in Mortgagor’s name as Mortgagor’s attorney-in-fact. The foregoing authorization includes
Mortgagor’s irrevocable authorization for Mortgagee at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Chattels (a) as “all assets” of Mortgagor or words of similar
effect, regardless of whether any particular asset comprised in the Chattels falls within the scope of the Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (b) as being of an equal or lesser
scope or with greater detail. 
 SECTION 1.03 (a) Mortgagor forthwith upon the execution and delivery of this Mortgage, and thereafter from
time to time, will cause this Mortgage, and any other security instrument creating a lien or evidencing the lien hereof upon the Chattels and/or the Intangibles and each instrument of further assurance to be filed, registered and/or recorded in such
manner and in such places as may be required by any present or future law in order to publish notice of and fully to protect the lien hereof upon, and the interest of Mortgagee in, the Mortgaged Property. 

(b) Mortgagor will pay all filing, registration or recording fees, taxes and other charges, and all costs and expenses incident
to the execution, acknowledgment, delivery and recording and/or filing of this Mortgage, the other Loan Documents, any mortgage supplemental hereto, any security instrument with respect to the Chattels or the Intangibles, and any instrument of
further assurance, and all Federal, state, county and municipal stamp taxes and other taxes, duties, impositions, assessments and charges arising out of or in connection with the execution and delivery of the Note, this Mortgage or any mortgage
supplemental hereto, any security instrument with respect to the Chattels and/or the Intangibles, any other Loan Document or any instrument of further assurance. 

(c) Upon Mortgagor’s full satisfaction of the Obligations, and termination of all obligations, if any, of Mortgagee to
make future advances under the Note, at Mortgagor’s request and at Mortgagor’s sole cost and expense (including, without limitation, the payment of all reasonable legal fees and disbursements), Mortgagee shall execute and deliver to
Mortgagor a release of the lien of this Mortgage and termination statements as to any Uniform Commercial Code financing statements filed by Mortgagee in respect of the Mortgaged Property. Mortgagor shall be responsible for the recordation and filing
of such release and termination statements, and the cost thereof. 
 SECTION 1.04 Mortgagor will punctually pay the principal and interest
and all other sums to become due in respect of the Note, the Loan Documents and any Hedging Contract at the time and place and in the manner specified in the Note, the Loan Documents and any Hedging Contract, and all such principal and interest due
in respect of the Note and the Loan Documents and amounts due under any Hedging Contract are hereby deemed an obligation due under this Mortgage. 

  
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 SECTION 1.05 Mortgagor will, so long as it is the owner of the Mortgaged Property or any
part thereof, do all things necessary to preserve and keep in full force and effect its existence, franchises, rights and privileges as a business or entity under the laws of the state of its organization and will comply with all regulations, rules,
ordinances, statutes, orders and decrees of any governmental authority or court applicable to Mortgagor or to the Mortgaged Property or any part thereof. 

SECTION 1.06 All right, title and interest of Mortgagor in and to all extensions, improvements, betterments, renewals, substitutes and
replacements of, and all additions and appurtenances to, the Mortgaged Property hereafter acquired by, or released to, Mortgagor, or constructed, assembled or placed by Mortgagor on the Property or any part thereof, and all conversions of the
security constituted thereby, immediately upon such acquisition, release, construction, assembling, placement or conversion, as the case may be, and in each such case, without any further mortgage, conveyance, assignment or other act by Mortgagor,
shall become subject to the lien of this Mortgage as fully and completely, and with the same effect, as though now owned by Mortgagor and specifically described in the Granting Clause hereof, but at any and all times Mortgagor will execute and
deliver to Mortgagee any and all such further assurances, mortgages, conveyances or assignments thereof as the Mortgagee may require for the purpose of expressly and specifically subjecting the same to the lien of this Mortgage. 

SECTION 1.07 (a) Mortgagor, from time to time when the same shall become due and payable, will pay and discharge all taxes of every kind and
nature, all general and special assessments, levies, permits, inspection and license fees, all water and sewer rents and charges, and all other public charges whether of a like or different nature, imposed upon or assessed against the Mortgaged
Property, or any part thereof, or upon the revenues, rents, issues, income and profits of the Mortgaged Property, or any part thereof, or arising in respect of the occupancy, use or possession thereof (collectively, the
“Impositions”). Mortgagor will, upon the request of Mortgagee, deliver to Mortgagee receipts evidencing the payment of all such Impositions, or any part thereof, or the revenues, rents, issues, income or profits thereof. 

(b) Mortgagor will pay, from time to time when the same shall become due, all lawful claims and demands of mechanics,
materialmen, laborers and others, which claims and demands, if unpaid, might result in, or permit the creation of, a lien on the Mortgaged Property or any part thereof, or on the revenues, rents, issues, income and profits arising therefrom and in
general will do or cause to be done everything necessary so that the lien of this Mortgage shall be fully preserved, at the sole cost and expense of Mortgagor, without expense to Mortgagee. 

(c) Nothing in this Section 1.07 shall require the payment or discharge of any obligation imposed upon Mortgagor by this
Section so long as Mortgagor shall in good faith and at its own cost and expense contest the same in accordance with Section 10.1 of the Loan Agreement by appropriate legal proceedings that shall operate to prevent the collection thereof or
other 

  
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realization thereon and the sale or forfeiture of the Property or any part thereof to satisfy the same; provided that during such contest Mortgagor shall, at the option of Mortgagee, provide
security satisfactory to Mortgagee, assuring the discharge of Mortgagor’s obligation hereunder and of any additional charge, penalty or expense arising from or incurred as a result of such contest; and provided further that if, at any time,
payment of any obligation imposed upon Mortgagor by subsection (a) of this Section shall become necessary to prevent the delivery of a tax deed, or its equivalent, conveying the Property or any other part of the Mortgaged Property, or any part
thereof, because of non-payment, then Mortgagor shall pay the same in sufficient time to prevent the delivery of such tax deed or its equivalent. 

SECTION 1.08 Mortgagor will pay any and all taxes, charges, fees and/or levies by reason of Mortgagee’s ownership of and interest in the
Note, this Mortgage or the other Loan Documents or any Hedging Contract and/or resulting from the exercise by Mortgagee of any of its rights and/or remedies provided for under this Mortgage, except for income taxes. The obligations assumed by
Mortgagor pursuant to this Section 1.08 shall survive the exercise by Mortgagee of any of its rights and/or remedies under this Mortgage. 

SECTION 1.09 (a) Mortgagor shall keep the Property and Chattels insured against such perils and hazards, and in such amounts and with such
limits, as Mortgagee may from time to time require, and in any event will continuously maintain, at Mortgagor’s sole cost and expense, the policies of insurance required under the terms of the Loan Agreement. 

(b) Mortgagor shall not take out separate insurance concurrent in form or contributing in the event of loss with that required
to be maintained under this Section 1.09, unless Mortgagee is included thereon as a named insured with loss payable to Mortgagee under the standard mortgage endorsement. Mortgagor shall immediately notify Mortgagee whenever any such separate
insurance is taken out and shall promptly deliver to Mortgagee the policy or policies of such insurance. 
 (c) Upon the
request of Mortgagee, Mortgagor shall establish and maintain at all times while this Mortgage continues in effect an impound account (the “Impound Account”) with Mortgagee for payment of real estate taxes and assessments and
insurance on the Mortgaged Property and as additional security for the Obligations. Upon the request of Mortgagee, Mortgagor shall deposit in the Impound Account an amount determined by Mortgagee to be necessary to ensure that there will be on
deposit with Mortgagee an amount which, when added to the monthly payments subsequently required to be deposited with Mortgagee hereunder on account of real estate taxes, assessments and insurance premiums, will result in there being on deposit with
Mortgagee in the Impound Account an amount sufficient to pay the next due annual installment of real estate taxes and assessments on the Mortgaged Property at least one (1) month prior to the delinquency date thereof (if paid in

  
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one installment) and the next due annual insurance premiums with respect to the Mortgaged Property at least one (1) month prior to the delinquency date thereof (if paid in one installment).
Commencing on the next monthly payment date under the Note and continuing thereafter on each monthly payment date under the Note, Mortgagor shall pay to Mortgagee, concurrently with and in addition to the monthly payment due under the Note and until
the Obligations are fully paid and performed, deposits in an amount equal to one-twelfth (1/12) of the amount of the annual real estate taxes and assessments that will next become due and payable on the
Mortgaged Property, plus one-twelfth (1/12) of the amount of the annual premiums that will next become due and payable on insurance policies which Mortgagor is required to maintain hereunder, each as estimated
and determined by Mortgagee. So long as no default hereunder has occurred and is continuing, all sums in the Impound Account shall be held by Mortgagee in the Impound Account to pay said taxes, assessments and insurance premiums in one installment
before the same become delinquent. Mortgagor shall be responsible for ensuring the receipt by Mortgagee, at least thirty (30) days prior to the respective due date for payment thereof, of all bills, invoices and statements for all taxes,
assessments and insurance premiums to be paid from the Impound Account, and so long as no default hereunder has occurred and is continuing, Mortgagee shall pay the governmental authority or other party entitled thereto directly to the extent funds
are available for such purpose in the Impound Account. In making any payment from the Impound Account, Mortgagee shall be entitled to rely on any bill, statement or estimate procured from the appropriate public office or insurance company or agent
without any inquiry into the accuracy of such bill, statement or estimate and without any inquiry into the accuracy, validity, enforceability or contestablility of any tax, assessment, valuation, sale, forfeiture, tax lien or title or claim thereof.
The Impound Account shall not, unless otherwise explicitly required by applicable law, be or be deemed to be escrow or trust funds, but, at Mortgagee’s option and in Mortgagee’s discretion, may either be held in a separate account or be
commingled by Mortgagee with the general funds of Mortgagee. No interest on funds contained in the Impound Account, if any, shall be paid by Mortgagee to Mortgagor. The Impound Account is solely for the protection of Mortgagee and entails no
responsibility on Mortgagee’s part beyond the payment of taxes, assessments and insurance premiums following receipt of bills, invoices or statements therefor in accordance with the terms hereof and beyond the allowing of due credit for the
sums actually received. Upon assignment of this Mortgage by Mortgagee, any funds in the Impound Account shall be turned over to assignee and any responsibility of Mortgagee, as assignor, with respect thereto shall terminate. If the total funds in
the Impound Account shall exceed the amount of payments actually applied by Mortgagee for the purposes of the Impound Account, such excess may be credited by Mortgagee on subsequent payments to be made hereunder or, at the option of Mortgagee,
refunded to Mortgagor. If, however, the Impound Account shall not contain sufficient funds to pay the sums required when the same shall become due and payable, Mortgagor shall, within (10) days after receipt of written notice therefor, deposit
with Mortgagee the full amount of any such deficiency. If 

  
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Mortgagor shall fail to deposit with Mortgagee the full amount of such deficiency as provided above, Mortgagee shall have the option, but not the obligation, to make such deposit, and all amounts
so deposited by Mortgagee, together with interest thereon at the applicable Default Rate from the date so deposited by Mortgagee, until actually paid by Mortgagor, shall be immediately paid by Mortgagor on demand and shall be secured by this
Mortgage. If there is a default under this Mortgage which is not cured within any applicable grace or cure period, Mortgagee may, but shall not be obligated to, apply at any time the balance then remaining in the Impound Account against the
Obligations in whatever order Mortgagee shall subjectively determine. No such application of the Impound Account shall be deemed to cure any default hereunder. Upon full payment of the Obligations in accordance with its terms or at such earlier time
as Mortgagee may elect, the balance of the Impound Account then in Mortgagee’s possession shall be paid over to Mortgagor and no other party shall have any right or claim thereto. 

(d) Mortgagor shall give Mortgagee prompt written notice of any damage to, or destruction of, the Improvements, or any part
thereof, or of any other casualty or loss at or affecting the Property or the Chattels. Mortgagee’s rights with respect to any insurance claim in respect of any such damage, destruction, casualty or loss shall be as provided in the Loan
Agreement. To the fullest extent permitted by applicable law, the proceeds of any insurance coming into the possession of Mortgagee in respect of any damage, destruction, casualty or loss shall not be deemed trust funds, and Mortgagee shall have the
option, in its sole discretion, to apply any insurance proceeds it may receive pursuant hereto or otherwise to the payment of the Obligations, or to allow all or a portion of such proceeds to be used for the restoration of the Mortgaged Property in
accordance with the terms of the Loan Agreement. 
 (e) Mortgagor shall promptly commence and diligently continue to perform
the repairs, restoration and rebuilding of the portion of the Improvements damaged or destroyed in accordance with the terms of the Loan Agreement. 

SECTION 1.10 If Mortgagor shall fail to perform any of the covenants contained in Sections 1.01, 1.03, 1.05, 1.07, 1.08, 1.09, 1.12 or 1.20
hereof, Mortgagee may make advances to perform the same on its behalf upon ten (10) days’ prior written notice to Mortgagor, and all sums so advanced shall be a lien upon the Mortgaged Property and shall be secured hereby. Mortgagor will
repay on demand all sums so advanced on its behalf with interest at the Default Rate. The provisions of this Section shall not prevent any default in the observance of any covenant contained in said Sections 1.01, 1.03, 1.05, 1.07, 1.08, 1.09, 1.12
or 1.20 from constituting an Event of Default. To the extent permitted by law, Mortgagee shall be subrogated to all right, title, lien or equity, notwithstanding any release of record, of all Persons to whom Mortgagor may have paid any monies as
provided in this Section 1.10, provided, however, that nothing in this Section 1.10 shall be deemed or construed to relieve Mortgagor of the obligation to make any such payment. 

  
 15 

 SECTION 1.11 (a) Mortgagor will permit Mortgagee and its agents, accountants and attorneys
to visit and inspect the Property and examine its records and books of account and to discuss its affairs, finances and accounts with the officers of Mortgagor as provided in the Loan Agreement. 

(b) Mortgagor will deliver to Mortgagee the financial reports and statements as and when required pursuant to [Section 9.2 of]
the Loan Agreement. 
 (c) Mortgagor, within five (5) business days upon request in person, or within seven
(7) business days upon request by mail, will furnish a written statement duly acknowledged of the amount due whether for principal or interest on the Note and whether any offsets, counterclaims or defenses exist against Mortgagee, or the
Obligations, or any part thereof. 
 SECTION 1.12 Mortgagor will not commit any waste on the Mortgaged Property, or any part thereof, or
make any change in the use of the Mortgaged Property, or any part thereof, that will in any way decrease the value of the Mortgaged Property or increase the risk of fire or other hazard or casualty arising out of construction or operation. Mortgagor
will, at all times, maintain the Improvements in good operating order and condition and will promptly make, from time to time, all repairs, renewals, replacements, additions and improvements in connection therewith which are necessary or desirable
to such end. The Improvements shall not be demolished or substantially altered, nor shall any Chattels be removed without the prior written consent of Mortgagee, except where appropriate replacements free of superior title, liens and claims are
immediately made having value at least equal to the value of the removed Chattels. 
 SECTION 1.13 Mortgagor, immediately upon obtaining
knowledge of the institution of any proceedings for the condemnation of the Property or Chattels or any part thereof, will notify Mortgagee of the pendency of such proceedings. Mortgagee’s rights with respect to any such proceedings shall be as
provided in the Loan Agreement (including, without limitation, Mortgagee’s right to participate, and to be represented by counsel selected by Mortgagee, in such proceedings). Any award or compensation payable in connection with any such
proceedings is hereby assigned to and shall be paid to Mortgagee, which assignment is in addition to and not in limitation of any security interest granted herein. The proceeds of any award or compensation shall be applied as provided in the Loan
Agreement. 
 SECTION 1.14 (a) Mortgagor will not (i) execute an assignment of any Leases affecting the Property or any part thereon, or
the Rents, or any part thereof, from the Property, except in favor of Mortgagee, or (ii) subject in all respects to the terms of the Loan Agreement, except where the lessee under any Lease is in default thereunder, terminate or consent to the
cancellation or surrender of any such Lease, now existing or hereafter entered into, having an unexpired term of one (1) year or more, except that, subject in all respects to the terms of the Loan Agreement, any Lease may be cancelled provided
that promptly after the cancellation or surrender 

  
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 thereof a new Lease is entered into with a new lessee having a credit standing, in the reasonable judgment
of Mortgagee, at least equivalent to that of the lessee whose lease was cancelled, on substantially the same or better terms as the terminated or cancelled Lease, or (iii) subject in all respects to the terms of the Loan Agreement, modify any
such Lease so as to shorten the unexpired term thereof or so as to decrease the amount of the Rents payable thereunder, or (iv) subject in all respects to the terms of the Loan Agreement, accept prepayments of any installments of Rents to
become due under such Leases, except prepayments in the nature of security for the performance of the lessees thereunder, or (v) subject in all respects to the terms of the Loan Agreement, in any other manner materially impair the value of the
Mortgaged Property or the security of this Mortgage in the reasonable judgment of Mortgagee. 
 (b) Subject in all respects
to the terms of the Loan Agreement, Mortgagor will not execute any Lease of all or a substantial portion of the Property except for actual occupancy by the lessee thereunder, and will at all times promptly and faithfully perform, or cause to be
performed promptly, all of the covenants, conditions and agreements contained in all Leases of the Property, or any part thereof, now or hereafter existing, on the part of the lessor thereunder to be kept and performed and will at all times do all
things necessary to compel performance by the lessee under each Lease of all obligations, covenants and agreements by such lessee to be performed thereunder. If any of such Leases provide for the giving by the lessee of an estoppel certificate with
respect to the status of any such Leases, Mortgagor shall exercise its right to request such certificates within ten (10) days of any demand therefor by Mortgagee. 

(c) Mortgagor shall furnish to Mortgagee all information concerning lessees or occupants of the Property or Improvements as
required under the Loan Agreement. 
 SECTION 1.15 Unless otherwise prohibited by applicable law, each Lease of the Property, or of any part
thereof, shall provide that, in the event of the enforcement by Mortgagee of the remedies provided for by law or by this Mortgage, the lessee thereunder will, upon request of any Person succeeding to the interest of Mortgagor as a result of such
enforcement, automatically become the lessee of said successor in interest, without change in the terms or other provisions of such Lease; provided, however, that said successor in interest shall not be bound by (i) any payment of
rent or additional rent for more than one (1) month in advance, except prepayments in the nature of security for the performance by said lessee of its obligations under said Lease, or (ii) any amendment or modification of the Lease made
without the consent of Mortgagee or such successor in interest. Each such Lease shall provide that upon request by such successor in interest, such lessee shall execute and deliver an instrument or instruments confirming such attornment. 

SECTION 1.16 Mortgagor hereby agrees that if in connection with the closing of the Loan (a) any of the Loan Documents or Hedging
Contracts executed by Mortgagor misstates or inaccurately reflects the true and correct terms and provisions of 

  
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 the Loan or the Hedging Obligations or (b) Mortgagor failed to execute any documents or instruments
that should have been executed by Mortgagor (regardless of whether said misstatement, inaccuracy or failure was due to the unilateral mistake of Mortgagee, the mutual mistake of Mortgagor and Mortgagee, or clerical error), then in such event,
Mortgagor shall, within ten (10) days of Mortgagee’s request, and in order to correct any such misstatement, inaccuracy or failure, execute such new Loan Documents and/or Hedging Contracts as Mortgagee or any Affiliate Counterparty or any
other Affiliate of Mortgagee may deem necessary or desirable to remedy said inaccuracy, mistake or failure. 
 SECTION 1.17 Mortgagor will
receive the advances secured by this Mortgage, and will hold the right to receive such advances, as a trust fund to be applied first for the purpose of paying the cost of contractors and materialmen for any improvements to the Property. 

SECTION 1.18 Mortgagor agrees that it shall indemnify and hold Mortgagee and any Affiliate Counterparty and any of its other Affiliates and
their respective successors and assigns harmless against any loss or liability, cost or expense, including without limitation, any judgments, reasonable attorneys’ fees, costs of appeal bonds and printing costs, arising out of or relating to
any proceedings instituted by any contractor, subcontractor, materialman or other claimant alleging priority over the lien of this Mortgage by virtue of any work performed at the Property or materials provided to Mortgagor or any other party in
connection with the Property. 
 SECTION 1.19 Mortgagor shall execute and deliver to the appropriate governmental authority any affidavit,
instrument, document and/or filing required pursuant to any applicable statute, ordinance, rule and/or regulation in connection with the Property, the Note, the other Loan Documents and any Hedging Contracts and/or the business and affairs of
Mortgagor. 
 SECTION 1.20 Mortgagor expressly covenants and agrees to pay in full all Expenses required to be paid hereunder and under the
Loan Agreement and any other Loan Document as and when provided herein or therein, as applicable. 
 SECTION 1.21 RESERVED 

SECTION 1.22 Mortgagor agrees as follows: 

(a) Mortgagor agrees that the Property shall at all times comply, to the extent applicable with the requirements of the
Americans with Disabilities Act of 1990, as amended from time to time, the Fair Housing Amendments Act of 1988, as amended from time to time, all state and local laws and ordinances related to handicapped access and all rules, regulations, and
orders issued pursuant thereto including, without limitation, the Americans with Disabilities Act Accessibility Guidelines for Buildings and Facilities, as amended from time to time (collectively, “Access Laws”). 

  
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 (b) Notwithstanding any provisions set forth herein or in any other
documents regarding Mortgagee’s approval or alterations of the Property, Mortgagor shall not alter the Property in any manner that would increase Mortgagor’s responsibilities for compliance with the applicable Access Laws without the prior
written approval of Mortgagee. The foregoing shall apply to tenant improvements constructed by Mortgagor or by any of its tenants. Mortgagee may condition any such approval upon receipt of a certificate of Access Laws compliance from an architect,
engineer, or other Person reasonably acceptable to Mortgagee. 
 (c) Mortgagor agrees to give prompt notice to Mortgagee of
the receipt by Mortgagor of any complaints related to violations of any Access Laws and of commencement of any proceedings or investigations related to compliance with applicable Access Laws. 

SECTION 1.23 Except as expressly permitted under the terms of the Loan Agreement, Mortgagor shall not, directly or indirectly, sell, convey,
dispose of, alienate, hypothecate, lease, assign, pledge, mortgage, encumber or otherwise transfer (each a “Transfer” and, collectively, “Transfers”) the Property, or any part thereof or interest therein (including,
without limitation, any ownership interests, directly or indirectly, in Mortgagor), in any manner or way, whether voluntarily or involuntarily, and any such Transfer shall constitute an Event of Default hereunder giving Mortgagee the right, at its
sole option, to declare any or all of the Obligations secured hereby immediately due and payable and to otherwise exercise any of its other rights and remedies contained in Article II hereof; and if such acceleration occurs during any period when a
prepayment fee is payable pursuant to the provisions set forth in the Note, then, in addition, such prepayment fee shall then be immediately due and payable to the same extent as though Mortgagor were prepaying the entire Obligations secured hereby
on the date of such acceleration. 
 SECTION 1.24 The parties hereto agree that all sums that may or shall become due and payable by
Mortgagor to Mortgagee or any Affiliate Counterparty or any other Affiliate of Mortgagee in accordance with any Hedging Contract, whether or not such Hedging Contract is directly between Mortgagor and Mortgagee or between Mortgagor and any Affiliate
Counterparty or any other Affiliate of Mortgagee or any of their respective Affiliates, assignors or assignees, shall be secured by this Mortgage and shall constitute part of the Obligations secured hereby and the other Security Documents. Subject
to the terms of Section 2.02, the lien of this Mortgage insofar as it secures payment of sums that may or shall become due and payable by Mortgagor to Mortgagee or any Affiliate Counterparty or any other Affiliate in accordance with any Hedging
Contract is and shall continue to be equal in priority to the lien of this Mortgage insofar as it secures payment of the principal amount (but not interest (including interest at the Default Rate) consistent with Section 2.02 below) due under
the Note. 
 (End of Article I) 

  
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 ARTICLE II 

Events of Default and Remedies 

SECTION 2.01 The occurrence of any Default or Event of Default as defined in the Loan Agreement shall constitute a Default or Event of
Default, as applicable, under this Mortgage. 
 Upon the occurrence of an Event of Default: 

I. Acceleration of the Obligations. During the continuance of any such Event of Default, Mortgagee, by written notice given to
Mortgagor, may declare the entire principal of the Note then outstanding (if not then due and payable), and all accrued and unpaid interest thereon, together with all other Obligations, to be due and payable immediately, notwithstanding anything to
the contrary herein or in the Note, the other Loan Documents or any Hedging Contract; 
 II. Possession of the Mortgaged Property.
During the continuance of any such Event of Default, with or without the appointment of a receiver, or an application therefor, Mortgagee personally, or by its agents or attorneys, may enter into and upon all or any part of the Property, and each
and every part thereof, and may exclude Mortgagor, its agents and servants wholly therefrom; and having and holding the same, may use, operate, manage and control the Property and conduct the business thereof, either personally or by its
superintendents, managers, agents, servants, attorneys or receivers; and upon every such entry, Mortgagee, at the expense of Mortgagor, from time to time, either by purchase, repairs or construction, may maintain and restore the Mortgaged Property,
whereof it shall become possessed as aforesaid, may complete the construction of any of the Improvements and in the course of such completion may make such changes in the contemplated Improvements as it may deem desirable and may insure the same;
and likewise, from time to time, at the expense of Mortgagor, Mortgagee may procure title reports, title insurance, surveys, appraisals and such other reports as Mortgagee, in its sole discretion, shall deem necessary, and make all necessary or
proper repairs, replacements, renewals and such useful alterations, additions, betterments and improvements thereto and thereon as to it may deem advisable; and in every such case Mortgagee shall have the right to manage and operate the Property and
to carry on the business thereof and exercise all rights and powers of Mortgagor with respect thereto either in the name of Mortgagor or otherwise as it shall deem best; and the license of Mortgagor to collect Rents shall be automatically and
without notice revoked, and Mortgagee shall be entitled to collect and receive all earnings, revenues, rents, issues, profits and income of the Property and every part thereof, all of which shall for all purposes constitute property of Mortgagor;
and in furtherance of such right Mortgagee may collect the Rents payable under all Leases of the Property directly from the lessees thereunder upon notice to each such lessee that an Event of Default exists hereunder accompanied by a demand on such
lessee for the payment to Mortgagee of all Rents due and to become due under its Lease, and Mortgagor, for the benefit of Mortgagee and each such lessee hereby 

  
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covenants and agrees that the lessee shall be under no duty to question the accuracy of Mortgagee’s statement of default and shall unequivocally be authorized to pay said Rents to Mortgagee
without regard to the truth of Mortgagee’s statement of default and notwithstanding notices from Mortgagor disputing the existence of an Event of Default such that the payment of Rent by the lessee to Mortgagee pursuant to such a demand shall
constitute performance in full of the lessee’s obligation under the Lease for the payment of Rents by the lessee to Mortgagor; and after deducting the expenses of conducting the business thereof and of all maintenance, repairs, renewals,
replacements, alterations, additions, betterments and improvements and amounts necessary to pay for taxes, assessments, insurance and prior or other proper charges upon the Mortgaged Property, or any part thereof, as well as just and reasonable
compensation for the services of Mortgagee and for all attorneys, counsel, agents, clerks, servants and other employees by it properly engaged and employed, Mortgagee shall apply the moneys arising as aforesaid, first to the payment of
accrued interest under the Note, second, to the payment of the principal of the Note, when and as the same shall become payable, and finally to the payment of any other Obligations and sums required to be paid by Mortgagor under this
Mortgage or the other Loan Documents or any Hedging Contract. 
 III. Foreclosure and Other Remedies. Mortgagee, with or without
entry, personally or by its agents or attorneys, insofar as applicable, may: 
 (1) sell (and in the case of any default by
any purchaser, resell) the Mortgaged Property, or any part thereof, to the extent permitted and pursuant to the procedures provided by law, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one
or more sales as an entirety or in parcels, and at such time and place upon such terms and after such notice thereof as may be determined by Mortgagee or as required or permitted by law; or 

(2) institute proceedings for the complete or partial foreclosure of this Mortgage; 

(3) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the
specific performance of any covenant, condition or agreement in the Note, this Mortgage or the other Loan Documents or any Hedging Contract, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the
enforcement of any other appropriate legal or equitable remedy or otherwise as Mortgagee shall elect; or 
 (4) exercise any
other right or remedy of a mortgagee or secured party under the laws of the State. 
 IV. Power of Sale. Mortgagor hereby
unconditionally and irrevocably gives, grants, sets over and confirms unto Mortgagee the Power of Sale, which Power of Sale may be unconditionally exercised at any time or times after an Event of Default

  
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and in connection therewith, Mortgagor hereby (a) consents to any one or more adjournments of the sale date which Mortgagee may grant, consent to and/or schedule, whether or not Mortgagor is
notified of such adjournment and (b) waives any and all objections Mortgagor may have to the date of sale, the place of sale, the terms of sale and any other matter selected by Mortgagee. The sale by Mortgagee of less than the whole of the
Mortgaged Property shall not exhaust the right to sell any remainder of the Mortgaged Property, and Mortgagee is specifically empowered to make a successive sale or sales until the whole of the Mortgaged Property shall be sold. If the proceeds of
the sale of less than the whole of the Mortgaged Property is less than the aggregate of the Obligations or any other obligations secured hereby and payable under subsection (d) of Section 2.02, then this Mortgage and the lien hereof shall
remain in full force and effect as to the unsold portion of the Mortgaged Property just as though no sale had been made. 
 V. Assent to
Decree. Mortgagor hereby assents to the passage of a decree for the sale of the Mortgaged Property, or any part thereof, by any court having jurisdiction, without notice to Mortgagor (except as expressly required by applicable law). 

VI. Appointment of Receiver. After the happening of any Event of Default and during its continuance, or upon the commencement of any
proceedings to foreclose this Mortgage or to enforce the specific performance hereof or in aid thereof or upon the commencement of any other judicial proceeding to enforce any right of Mortgagee, Mortgagee shall be entitled, as a matter of right, if
it shall so elect, without the giving of notice to any other party and without regard to the adequacy or inadequacy of any security for the Obligations, forthwith either before or after declaring the unpaid principal of the Note to be due and
payable, to appoint a receiver or receivers in respect of the Property and/or other Mortgaged Property, and Mortgagor hereby consents to the appointment of such receiver or receivers. 

VII. Rights of a Secured Party. Mortgagee shall also have such other rights and/or remedies provided to a Mortgagee and/or a secured
party by the Code. 
 VIII. Other Remedies. Mortgagee shall have the right, from time to time, to bring an appropriate action to
recover any sums required to be paid by Mortgagor under the terms of this Mortgage, as they become due, without regard to whether or not any other obligations or liabilities shall be due, and without prejudice to the right of Mortgagee thereafter to
bring an action of a mortgage foreclosure, or any other action, for any default by Mortgagor existing at the time the earlier action was commenced. In addition, Mortgagee shall have the right to set-off all or
any part of any amount due by Mortgagor to Mortgagee under any of the Loan Documents, against any indebtedness, liabilities or obligations owing by Mortgagee in any capacity to Mortgagor, including any obligation to disburse to Mortgagor any funds
or other property on deposit with or otherwise in the possession, control or custody of Mortgagee. 

  
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 SECTION 2.02 (a) Mortgagee may adjourn from time to time any sale by it to be made under or
by virtue of this Mortgage by announcement at the time and place appointed for such sale or for such adjourned sale or sales; and, except as otherwise provided by any applicable provision of law, Mortgagee, without further notice or publication, may
make such sale at the time and place to which the same shall be so adjourned. 
 (b) Upon the completion of any sale or sales
made by Mortgagee under or by virtue of this Article II, Mortgagee, or an officer of any court empowered to do so, shall execute and deliver to the accepted purchaser or purchasers a good and sufficient instrument, or good and sufficient
instruments, conveying, assigning and transferring all estate, right, title and interest in and to the property and rights sold and shall execute and deliver to the appropriate governmental authority any affidavit, instrument, document and/or filing
required pursuant to any applicable statute, ordinance, rule and/or regulation, of the State. As long as the Obligations secured by this Mortgage remain unpaid, Mortgagee is hereby irrevocably appointed the true and lawful attorney of Mortgagor, in
its name and stead, to make all necessary conveyances, assignments, transfers and deliveries of the Mortgaged Property and rights so sold and for that purpose Mortgagee may execute all necessary instruments of conveyance, assignment and transfer,
including, without limitation, any affidavit, instrument, document or filing required pursuant to any applicable statute, rule or regulation of the State, as the same may be amended from time to time, and may substitute one or more Persons with like
power, Mortgagor hereby ratifying and confirming all that its said attorney or such substitute or substitutes shall lawfully do by virtue hereof. Nevertheless Mortgagor, if so requested by Mortgagee, shall ratify and confirm any such sale or sales
by executing and delivering to Mortgagee or to such purchaser or purchasers all such instruments as may be advisable, in the reasonable judgment of Mortgagee, for that purpose, and as may be designated in such request. Any such sale or sales made
under or by virtue of this Article II, whether made under or by virtue of judicial proceedings or of a judgment or decree of foreclosure and sale, shall operate to divest all the estate, right, title, interest, claim and demand whatsoever, whether
at law or in equity, of Mortgagor in and to the properties and rights so sold, and shall be a perpetual bar both at law and in equity against Mortgagor and against any and all Persons claiming or who may claim the same, or any part thereof, from,
through or under Mortgagor. 
 (c) In the event of any sale made under or by virtue of this Article II (whether made under or
by virtue of judicial proceedings, a judgment or decree of foreclosure or a Power of Sale), the entire principal of, and interest on, the Note, if not previously due and payable, and all other sums required to be paid by Mortgagor pursuant to this
Mortgage, any other Loan Document or any Hedging Contract, immediately thereupon, shall, anything in the Note, this Mortgage, any other Loan Document or any Hedging Contract to the contrary notwithstanding, become due and payable. 

  
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 (d) The purchase money proceeds or avails of any sale made under or by
virtue of this Article II, together with any other sums which then may be held by Mortgagee under this Mortgage, whether under the provisions of this Article II or otherwise, shall be applied as follows: 

First: To the payment of all Expenses, including without limitation, the costs and expenses of such sale, including, but not
limited to, the reasonable compensation to Mortgagee, its agents and counsel, and any sums that may be due under and/or pursuant to any statute, rule, regulation and/or law which imposes any tax, charge, fee and/or levy in connection with and/or
arising from the exercise of any right and/or remedy under this Mortgage or the requirement that any sum be paid in order to record and/or file any deed, instrument of transfer or other such document in connection with any such sale and of any
judicial proceedings wherein the same may be made, and of all expenses, liabilities and advances made or incurred by Mortgagee under this Mortgage, together with interest at the Default Rate on all advances made by Mortgagee and all taxes or
assessments, except any taxes, assessments or other charges subject to which the Mortgaged Property shall have been sold. 

Second: To the payment of the whole amount then due, owing or unpaid upon the Note for interest on the unpaid principal,
including, without limitation, interest at the Default Rate from and after the happening of any Event of Default from the due date of any such payment of principal until the same is paid. 

Third: On a pari passu basis, to the payment of the whole amount then due, owing or unpaid (x) upon the Note for
principal, and (y) all Hedging Obligations. 
 Fourth: To the payment of the whole amount then due, owing or unpaid upon
the other Obligations and any other sums required to be paid thereunder with interest on such other Obligations and other sums at the Default Rate from and after the happening of any Event of Default from the due date of any such other Obligations
and other sums until the same is paid. 
 Fifth: To the payment of the whole amount then due, owing or unpaid upon any other
note made by Mortgagor held by Mortgagee for principal and interest, with interest on the unpaid principal at the default rate set forth in such other note, if applicable, from and after the happening of any Event of Default described in
Section 2.01 from the due date of any such payment of principal until the same is paid. 
 Sixth: To the payment of any
other Obligations and any other sums required to be paid by Mortgagor pursuant to any provision of this Mortgage, the Note or the other Loan Documents or any Hedging Contract. 

Seventh: To the payment of the surplus, if any, to Mortgagor. 

  
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 (e) Upon any sale made under or by virtue of this Article II, whether made
under or by virtue of judicial proceedings, a judgment or decree of foreclosure and sale, or a Power of Sale, Mortgagee may bid for and acquire the Mortgaged Property or any part thereof and in lieu of paying cash therefor may make settlement for
the purchase price by crediting upon the Obligations of Mortgagor secured by this Mortgage the net sales price after deducting therefrom the expenses of the sale and the costs of the action and any other sums which Mortgagee is authorized to deduct
under this Mortgage. 
 SECTION 2.03 (a) In case an Event of Default described in Section 2.01 shall have occurred and be continuing,
then, upon written demand of Mortgagee, Mortgagor will pay to Mortgagee the whole amount which then shall have become due and payable on the Note, for principal or interest or both, and all amounts due under any Hedging Contract, as the case may be,
and after the happening of said Event of Default will also pay to Mortgagee interest at the Default Rate on the then unpaid principal of the Note, and the sums required to be paid by Mortgagor pursuant to any provision of this Mortgage, and in
addition thereto such further amount as shall be sufficient to cover all outstanding Expenses including, without limitation, the costs and expenses of collection, including reasonable compensation to Mortgagee, its agents, and counsel and any
expenses incurred by Mortgagee hereunder. In the event Mortgagor shall fail forthwith to pay such amounts upon such demand, Mortgagee shall be entitled and empowered to institute such action or proceedings at law or in equity as may be advised by
its counsel for the collection of the sums so due and unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against Mortgagor and collect, out of the property of
Mortgagor wherever situated, as well as out of the Mortgaged Property, in any manner provided by law, moneys adjudged or decreed to be payable. 

(b) Mortgagee shall be entitled to recover judgment as aforesaid either before or after or during the pendency of any
proceedings for the enforcement of the provisions of this Mortgage; and the right of Mortgagee to recover such judgment shall not be affected by any entry or sale hereunder, or by the exercise of any other right, power or remedy for the enforcement
of the provisions of this Mortgage along with the amount of any other Obligations, or the foreclosure of the lien hereof; and in the event of a sale of the Mortgaged Property, or any part thereof, and of the application of the proceeds of sale, as
in this Mortgage provided, to the payment of the debt hereby secured (including all Obligations), Mortgagee shall be entitled to enforce payment of, and to receive all amounts then remaining due and unpaid upon the Note, the other Loan Documents and
the Hedging Contracts and to enforce payment of all other charges, payments and costs due under this Mortgage, the other Loan Documents and the Hedging Contracts and shall be entitled to recover judgment for any portion of the debt remaining unpaid,
with interest at the Default Rate. In case of the commencement of any case against Mortgagor under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect or any proceedings for its reorganization or involving the
liquidation of its assets, then Mortgagee shall be entitled to prove the whole amount of principal and interest due upon the Note to the full amount thereof, and all other payments, charges and costs and other Obligations due under this Mortgage,
without deducting therefrom any proceeds obtained from the sale of the whole or any part of the Mortgaged Property; 

  
 25 

 
provided, however, that in no case shall Mortgagee receive a greater amount than such principal and interest and such other payments, charges and costs and other Obligations from
the aggregate amount of the proceeds of the sale of the Mortgaged Property and the distribution from the estate of Mortgagor. 

(c) No recovery of any judgment by Mortgagee and no levy of an execution under any judgment upon the Mortgaged Property or upon
any other property of Mortgagor shall affect in any manner or to any extent, the lien of this Mortgage upon the Mortgaged Property, or any part thereof, of any liens, rights, powers or remedies of Mortgagee hereunder, but such liens, rights, powers
and remedies of Mortgagee shall continue unimpaired as before. 
 (d) Any moneys thus collected by Mortgagee under this
Section 2.03 shall be applied to the Obligations by Mortgagee in accordance with the provisions of subsection (d) of Section 2.02. 

SECTION 2.04 After the happening of any Event of Default and immediately upon the commencement of any action, suit or other legal proceedings
by Mortgagee to obtain judgment for the principal of, or interest on, the Note, and/or all other Obligations and/or other sums required to be paid by Mortgagor pursuant to any provision of this Mortgage, or of any other nature in aid of the
enforcement of the Note or of this Mortgage, Mortgagor will (a) consent to the service of process as provided in Section 3.11 hereof and enter its voluntary appearance in such action, suit or proceeding, and (b) if required by
Mortgagee, consent to the appointment of a receiver or receivers of the Mortgaged Property, or any part thereof, and of all the earnings, revenues, rents, issues, profits and income thereof. 

SECTION 2.05 Notwithstanding the appointment of any receiver, liquidator or trustee of Mortgagor, or of any of its property, or of the
Mortgaged Property or any part thereof, Mortgagee shall be entitled to retain possession and control of all property now or hereafter held under this Mortgage. 

SECTION 2.06 No remedy herein conferred upon or reserved to Mortgagee is intended to be exclusive of any other remedy or remedies, and each
and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission of Mortgagee to exercise any right or power accruing upon
any Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Event of Default or any acquiescence therein; and every power and remedy given by this Mortgage to Mortgagee may be exercised from time to
time as often as may be deemed expedient by Mortgagee. Nothing in this Mortgage shall affect the obligation of Mortgagor to pay the principal of, and interest on, the Note in the manner and at the time and place therein respectively expressed. 

  
 26 

 SECTION 2.07 Mortgagor will not at any time insist upon, or plead, or in any manner whatever
claim or take any benefit or advantage of any stay or extension or moratorium law, any exemption from execution or sale of the Mortgaged Property or any part thereof, wherever enacted, now or at any time hereafter in force, which may affect the
covenants and terms of performance of this Mortgage, nor claim, take or insist upon any benefit or advantage of any law now or hereafter in force providing for the valuation or appraisal of the Mortgaged Property, or any part thereof, prior to any
sale or sales thereof which may be made pursuant to any provision herein, or pursuant to the decree, judgment or order of any court of competent jurisdiction; nor, after any such sale or sales, claim or exercise any right under any statute
heretofore or hereafter enacted to redeem the property so sold or any part thereof and Mortgagor hereby expressly waives all benefit or advantage of any such law or laws, and covenants not to hinder, delay or impede the execution of any power herein
granted or delegated to Mortgagee, but to suffer and permit the execution of every power as though no such law or laws had been made or enacted. Mortgagor, for itself and all who may claim under it, waives, to the extent that it lawfully may, all
right to have the Mortgaged Property, or any part thereof, marshaled upon any foreclosure hereof. Mortgagor, for itself and all who may claim under it, further waives and relinquishes (i) all rights to a marshalling of the assets of Mortgagor,
including the Mortgaged Property, or to a sale in the inverse order of alienation in the event of a foreclosure of the Mortgaged Property, and agrees not to assert any right under any law pertaining to the marshalling of assets, the sale in inverse
order of alienation, the exemption of homestead, the administration of estates of decedents, or other matters whatsoever to defeat, reduce or affect the right of Mortgagee under the terms of this Mortgage to a sale of the Mortgaged Property without
any prior or different resort for collection, or the right of Mortgagee to the payment of the Obligations out of the proceeds of sale of the Mortgaged Property in preference to every other claimant whatsoever, (ii) any right to bring or utilize
any defense, counterclaim or setoff; provided, if any defense, counterclaim or setoff is timely raised in a foreclosure action, such defense, counterclaim or setoff shall be dismissed, and (iii) any and all rights and remedies which Mortgagor
may have or be able to assert by reason of the provisions of any Laws pertaining to the rights and remedies of sureties. 
 SECTION 2.08
During the continuance of any Event of Default, and pending the exercise by Mortgagee of its right to exclude Mortgagor from all or any part of the Property, Mortgagor agrees to pay the fair and reasonable rental value for the use and occupancy of
the Mortgaged Property, or any part thereof that is in its possession for such period, and upon default of any such payment, will vacate and surrender possession of the Mortgaged Property, or any part thereof, to Mortgagee or to a receiver, if any,
and in default thereof may be evicted by any summary action or proceeding for the recovery of possession of the Property for non-payment of rent, however designated. 

(End of Article II) 

  
 27 

 ARTICLE III 

Miscellaneous 

SECTION 3.01 In the event any one or more of the provisions contained in this Mortgage or in the Note shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall, at the option of Mortgagee, not affect any other provision of this Mortgage, but this Mortgage shall be construed as if such invalid, illegal or
unenforceable provision had never been contained herein or therein. 
 SECTION 3.02 All notices hereunder shall be in writing and shall be
deemed to have been sufficiently given or served for all purposes if given or served in accordance with the provisions of Section 15.1 of the Loan Agreement to the addressee(s) and address(es) specified therein (as such address(es) may be
changed pursuant to the provisions of Section 15.1 of the Loan Agreement). 
 SECTION 3.03 All covenants hereof shall be construed as
affording to Mortgagee rights additional to and not exclusive of the rights conferred under the provisions of the laws of the State or any other applicable law. 

SECTION 3.04 All of the grants, terms, conditions, provisions and covenants of this Mortgage shall run with the land, shall be binding upon
Mortgagor and shall inure to the benefit of Mortgagee, for itself and as agent for any Affiliate Counterparty or other Affiliate of Mortgagee holding any Obligations, subsequent holders of this Mortgage and their respective successors and assigns.
For the purpose of this Mortgage, the term “Mortgagor” shall include and refer to the mortgagor named herein, any subsequent owner of the Mortgaged Property, or any part thereof, and their respective heirs, executors, legal
representatives, successors and assigns. If there is more than one Mortgagor, all their undertakings hereunder shall be deemed joint and several. 

SECTION 3.05 Nothing in this Mortgage, the Note or in any other Loan Documents between Mortgagor and Mortgagee shall require Mortgagor to pay,
or Mortgagee to accept, interest in an amount which would subject Mortgagee to any penalty or forfeiture under applicable law. In the event that the payment of any charges, fees or other sums due hereunder or under the Note or any other Loan
Documents, which are or could be held to be in the nature of interest and which would subject Mortgagee to any penalty or forfeiture under applicable law, then, ipso facto, the obligations of Mortgagor to make such payment shall be reduced to the
highest rate authorized under applicable law. Should Mortgagee receive any payment which is or would be in excess of the highest rate authorized under law, such payment shall have been, and shall be deemed to have been, made in error, and shall
automatically be applied to reduce the outstanding principal balance of the Obligations. 

  
 28 

 SECTION 3.06 (a)This Mortgage and all of the terms, covenants, provisions, conditions and
grants contained in this Mortgage cannot be altered, amended, waived, modified or discharged orally, and no executory agreement shall be effective to modify, waive or discharge, in whole or in part, anything contained in this Mortgage unless it is
in writing and signed by the party against whom enforcement of the modification, alteration, amendment, waiver or discharge is sought. 

(b) Any amendment, waiver or consent with respect to this Mortgage that (i) amends or modifies this Section 3.06,
(ii) except to the extent that Mortgagee is similarly adversely impacted, modifies any other provision of this Mortgage in a manner that adversely impacts the rights of an Affiliate Counterparty: (x) with respect to the priority hereunder of
any security for any Hedging Obligations (including, without limitation, the definitions of Affiliate Counterparty, Obligations, Hedging Contract and Hedging Obligations, and the provisions of Section 2.02(d) hereof), or (y) as an
indemnitee hereunder; or (iii) imposes any additional obligations on an Affiliate Counterparty, in each case under this Section 3.06(b) shall, in addition to the consent of Mortgagee, require the consent of any Affiliate Counterparty. 

SECTION 3.07 Mortgagor acknowledges that it has received a true copy of this Mortgage. 

SECTION 3.08 Time is of the essence as to each of Mortgagor’s obligations under this Mortgage. 

SECTION 3.09 The information set forth on the cover hereof is hereby incorporated herein. 

SECTION 3.10 The Mortgaged Property includes, and shall be deemed to include, inter alia, the Chattels and the Intangibles,
regardless of whether they are held or hereafter acquired, by Mortgagor in, to and under the Mortgaged Property. By executing and delivering this Mortgage, Mortgagor has granted, in the same manner and with the same effect described in the Granting
Clause hereof, to Mortgagee for itself and as agent for any Affiliate Counterparty or other Affiliate holding any Obligations, as additional security, a security interest in the Chattels and the Intangibles which are subject to the Code. If any
Event of Default shall occur, Mortgagee shall have, in addition to any and all other rights and remedies set forth in this Mortgage and any other Loan Document, and may exercise without demand, any and all rights and remedies granted to a secured
party under the Code, including, but not limited to, the right to take possession of the Chattels and the Intangibles, or any part thereof, and the right to advertise and sell the Chattels and the Intangibles, or any part thereof, pursuant to and in
accordance with the power of sale provided for in this Mortgage. Mortgagor agrees that any notice of sale or other action intended by Mortgagee with respect to the Chattels and the Intangibles, or any part thereof, shall constitute reasonable notice
if it is sent to Mortgagor not less than ten (10) days prior to any such sale or intended action. The proceeds of any such sale of the Chattels and the Intangibles, or any part thereof, shall be applied in the manner set forth in of
Section 2.02 (d) of this Mortgage. 

  
 29 

 SECTION 3.11 The enforcement of this Mortgage shall be governed, construed and interpreted
by the laws of the State (without giving effect to the State’s principles of conflicts of law). 
 SECTION 3.12 By inspecting the
Property or other Mortgaged Property, or by accepting or approving anything required to be observed, performed or fulfilled by Mortgagor or to be given to Mortgagee pursuant to this Mortgage or any of the other Loan Documents or any Hedging
Contract, Mortgagee shall not be deemed to have warranted or represented the condition, sufficiency, legality, effectiveness or legal effect of the same, and such acceptance or approval shall not constitute any warranty or representation with
respect thereto by Mortgagee. 
 SECTION 3.13 Mortgagor and Mortgagee shall upon a mutual agreement to do so execute such documents as may
be necessary in order to effectuate the modification of this Mortgage, including the execution of substitute mortgages, so as to create two or more coordinate liens on the Mortgaged Property or a portion thereof in such amounts as may be mutually
agreed upon but in no event to exceed, in the aggregate, the Mortgage Amount, together with all other Obligations secured by this Mortgage. Mortgagor shall pay all costs in connection with said modification, including, but not limited to, title
examination costs, title insurance premiums, charges, and any mortgage recording taxes. Nothing contained herein shall require Mortgagee to execute said documents if the property encumbered by said coordinate mortgages shall be less than the
property mortgaged hereby. 
 SECTION 3.14 If Mortgagor consists of two (2) or more Persons, the term “Mortgagor” shall refer
to all Persons signing this Mortgage as Mortgagor, and to each of them, and all of them are jointly and severally bound, obligated, and liable hereunder. Mortgagee may release, compromise, modify or settle with any of Mortgagor, in whole or in part,
without impairing, lessening or affecting the obligations and liabilities of the others of Mortgagor hereunder or under any of the Loan Documents or any Hedging Contract. Any of the acts mentioned aforesaid may be done without the approval or
consent of, or notice to, any of Mortgagor. 
 SECTION 3.15 MORTGAGOR, AND BY ITS ACCEPTANCE HEREOF, MORTGAGEE, MUTUALLY HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST IN RESPECT OF ANY LITIGATION BASED ON THIS MORTGAGE, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS MORTGAGE
OR ANY OTHER LOAN DOCUMENTS CONTEMPLATED TO BE EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS WAIVER IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH
INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE AND CONSTITUTES A MATERIAL INDUCEMENT FOR MORTGAGOR AND MORTGAGEE TO ENTER INTO THE TRANSACTIONS CONTEMPLATED HEREBY. MORTGAGOR AND MORTGAGEE ARE EACH HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER. 

  
 30 

 SECTION 3.16 MORTGAGOR HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH
ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF MORTGAGEE ON THIS MORTGAGE, ANY AND EVERY RIGHT MORTGAGOR MAY HAVE (I) TO OBJECT TO THE JURISDICTION OR VENUE OF ANY STATE COURT IN HILLSBOROUGH COUNTY OR ANY FEDERAL COURT LOCATED IN
THE STATE , (II) TO INJUNCTIVE RELIEF, (III) TO INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER THAN COMPULSORY COUNTERCLAIMS), AND (IV) TO HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. NOTHING HEREIN
CONTAINED SHALL PREVENT OR PROHIBIT MORTGAGOR FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION AGAINST MORTGAGEE WITH RESPECT TO ANY ASSERTED CLAIM. THE FOREGOING WAIVERS ARE GIVEN KNOWINGLY AND VOLUNTARILY BY MORTGAGOR. MORTGAGEE IS HEREBY
AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF ANY OR ALL OF THE FOREGOING WAIVERS. 
 SECTION
3.17 Mortgagee, in its sole discretion, shall have the right to announce and publicize relevant information with respect to the financing secured by this Mortgage, as it deems appropriate or desirable, by means and media selected by Mortgagee,
including, but not limited to, newspapers, magazines, trade publications and the like. Such publicity may, at Mortgagee’s discretion, include all pertinent information relating to the Note, the Loan Agreement, the Mortgage and the Property
including, without limitation, the term, purpose, interest rate, Mortgage Amount, name of Mortgagor and Mortgagee, location of the Property and the nature of any Improvements. The form and content of the published information shall be in the sole
discretion of Mortgagee. All expenses related to such publicity shall be the sole responsibility of Mortgagee. 
 SECTION 3.18 Mortgagor
hereby indemnifies Mortgagee and any Affiliate Counterparty and any other of its Affiliates (including their respective agents and representatives) and holds Mortgagee and any Affiliate Counterparty and any other of its Affiliates (including their
respective agent and representatives) harmless from and against any and all Claims and Expenses directly or indirectly arising out of or resulting from any transaction, act, omission, event or circumstance in any way connected with the Loan, other
Obligations, the Mortgaged Property, the Loan Documents or any Hedging Contract, including, without limitation, any Claim arising out of or resulting from any assertion or allegation that Mortgagee or any Affiliate Counterparty or any other
Affiliate of Mortgagee is liable for any act or omission of Mortgagor or any other Person in connection with the ownership, development, financing, operation or sale of the Mortgaged Property, or any part thereof; provided, however,
that Mortgagor shall not be obligated to indemnify Mortgagee or any Affiliate Counterparty or any other Affiliate of Mortgagee with respect to any Claim that is determined by a final non-appealable order or
judgment as arising solely from the gross negligence or willful misconduct of 

  
 31 

 Mortgagee or any Affiliate Counterparty or any other of its Affiliates, or any of their respective agents or
representatives to the extent that such gross negligence or willful misconduct is determined by the final judgment of a court of competent jurisdiction, not subject to further appeal, in proceedings to which such Mortgagee, or any Affiliate
Counterparty or any other Affiliates of Mortgagee or any of their respective agents or representatives is a proper party. The agreements and indemnifications contained in this Section shall apply to Claims arising both before and after the repayment
of the Loan and the Hedging Obligations and shall survive the repayment of the Loan and any Hedging Obligations, any foreclosure or deed in lieu thereof and any other action by Mortgagee or any Affiliate Counterparty or any other Affiliates of
Mortgagee to enforce the rights and remedies of Mortgagee or any Affiliate Counterparty or any other Affiliate Counterparty or any other Affiliate of Mortgagee hereunder or under the other Loan Documents or under any Hedging Contract. 

SECTION 3.19 This Mortgage may be executed in any number of counterparts, and each of such counterparts shall for all purposes be deemed to be
an original and all such counterparts shall together constitute but one and the same mortgage. 
 SECTION 3.20 Mortgagor and Mortgagee
acknowledge and agree that an Affiliate Counterparty or other Affiliate of Mortgagee may be providing a Hedging Contract as an accommodation to the Mortgagor; accordingly, it is intended by the parties that all Hedging Obligations shall be secured
by this Mortgage and Mortgagee, as agent for such Affiliate Counterparty or other Affiliate, shall collect and pay over to such Affiliate Counterparty or other Affiliate amounts received from Mortgagor and/or the collateral to satisfy the Hedging
Obligations in the manner and order set forth in this Mortgage and the other Loan Documents. The parties acknowledge that Mortgagee has the right to acquire a participation or other interest in the Hedging Obligations to facilitate the
collateralization of the same. 
 (End of Article III) 

[NO FURTHER TEXT ON THIS PAGE] 

  
 32 

 IN WITNESS WHEREOF, this Mortgage has been duly executed by Mortgagor as of the day
and year first above written. 
  

									
		 		 	MORTGAGOR:
	 Signed, Sealed and Delivered
 In the
Presence of:
	 		 	UNITIL REALTY CORP.
				
	

	 		 	By:	 	/s/ Todd R. Diggins
	Witness:	 		 		 	Name: Todd R. Diggins
		 		 		 	Title: Treasurer

  

			
	MORTGAGEE:
	
	TD Bank, N.A.
		
	By:	 	/s/ Timothy J. Whitaker
	 Name: Timothy J. Whitaker
 Title:
Director

 [Signature Page to Mortgage and Security Agreement] 

 ACKNOWLEDGEMENT 

STATE OF NEW HAMPSHIRE 
 COUNTY OF Rockingham 

The foregoing Instrument was acknowledged before me this 16th day of December, 2020, by
Todd R. Diggins, duly authorized Treasurer of UNITIL REALTY CORP., a New Hampshire corporation, on behalf of the same. 
  

			
		
		 	/s/ Sandra L. Whitney
		 	Notary Public
		 	My Commission Expires: 1/22/25
		 	 Seal
  

	 Affix Seal/ Stamp within
 box
	 	

 STATE OF NEW HAMPSHIRE 

COUNTY OF Hillsborough 
 The foregoing instrument
was acknowledged before me this 16th day of December, 2020, by Timothy J. Whitaker, duly authorized Director of TD BANK, N.A., a national
banking association, on behalf of the same. 
  

			
		
		 	/s/ Camille Holton Dicroce
		 	Notary Public
		 	My Commission Expires: 9/21/21
		 	 Seal
  

		 
	 Affix Seal/ Stamp within
 box
	 	

 SCHEDULE A 

Legal Description 
 Unitil-6 Liberty Lane West 
 A certain tract of land with all improvements thereon, located in Hampton,
Rockingham County, New Hampshire, shown as Parcel 2 on a certain plan entitled, “Subdivision Plan for Asset Title Holding, Inc., Liberty Lane West, County of Rockingham, Hampton, NH” by Richard P. Millette and Associates, dated
November 11, 1994, last revised December 22, 1994, recorded in the Rockingham County Registry of Deeds as Plan No. D-23674 (the “Plan”), and more particularly bounded and described as
follows: 
 Beginning at an iron rod in the southerly sideline of Timber Swamp Road, said rod being the northwesterly corner of the parcel
herein conveyed; 
 thence proceeding along the said southerly sideline of Timber Swamp Road N 64°
-28’ -10” E, a distance of 52.71 feet, to an iron rod; 

thence proceeding N 67° -02’ -20” E along the said southerly sideline of Timber Swamp
Road, a distance of 139.81 feet to an iron rod; 
 thence continuing along the southerly sideline of Timber Swamp Road N 58°
-47’ -30” E, a distance of 500.53 feet to an iron pipe found at the northeasterly corner of the herein described premises at land now or formerly of Asset Title Holding, Inc.,; 

thence turning and running along land of said Asset Title Holding, Inc. S 26° -49’ -00”
E, a distance of 635.45 feet to an iron rod at other land of said Asset Title Holding, Inc.; 
 thence continuing along said other land of
Asset Title Holding, Inc. S 26° -49’ -00” E, a distance of 29.19 feet to an iron rod at the southeasterly corner of the herein described premises; 

thence turning and running S 84° -36’ -16” W, still along other land of Asset Title
Holding, Inc., a distance of 36.33 feet to an iron rod; 
 thence proceeding along a curve to the left which has a radius of 770.00 feet, an
arc length of 615.06 feet, along said other land of Asset Title Holding, Inc., to an iron rod; 
 thence proceeding along a curve to the
right which has a radius of 305.00 feet, an arc length of 146.18 feet to an iron rod; 
 thence proceeding S 66° -17’ -57” W, a distance of 162.03 feet to an iron rod; 

 thence proceeding along a curve to the right which has a radius of 25.00 feet, an arc length
of 39.27 feet to an iron rod; 
 thence proceeding N 23° -42’ -03” W, a distance of
124.58 feet to an iron rod; 
 thence proceeding along a curve to the right which has a radius of 305.00 feet, an arc length of 123.55 feet
to an iron rod; 
 thence proceeding N 00° -29’ -28” W, a distance of 190.96 feet to
an iron rod; 
 thence proceeding along a curve to the right which has a radius of 55.00 feet, an arc length of 40.19 feet to an iron rod;

 thence proceeding along a curve to the left which has a radius of 145.00 feet, an arc length of 169.32 feet to an iron rod; 

thence proceeding N 25° -31’ -50” W, a distance of 33.75 feet to an iron rod; 

thence proceeding along a curve to the right which has a radius of 25.00 feet, an arc length of 39.27 feet to an iron rod at the southerly
sideline of said Timber Swamp Road at the point of beginning, the last ten mentioned courses being along the land of said Asset Title Holding, Inc. 

Said parcel containing 531,627 square feet (12.20 acres). 

Together with a perpetual nonexclusive easement, in common with others, to (a) use, maintain, repair and replace the common access road
serving the premises granted and conveyed hereby, as currently located on Parcel 1 of the Plan (such access road being shown on the Plan as “Paved Drive” and “Access Road Area”) and, (b) install, use, maintain, repair,
replace and add utilities (including water, sewer, drainage, electricity, telephone, gas, fire alarm and security systems) serving the premises granted and conveyed hereby and located within or on either side of such common access road.

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