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                                                                    Exhibit 10.5

             SECOND AMENDED AND RESTATED ADVISORY SERVICES AGREEMENT

          SECOND AMENDED AND RESTATED ADVISORY SERVICES AGREEMENT (the
"Agreement"), made as of February 1, 2005, by and between BOSTON CAPITAL REAL
ESTATE INVESTMENT TRUST, INC., a Maryland corporation (the "Company"), and
BOSTON CAPITAL REIT ADVISORS, LLC, a Delaware limited liability company (the
"Advisor").

                                   WITNESSETH:

          WHEREAS, the Company will file with the Securities and Exchange
Commission a registration statement on Form S-11 (the "Registration Statement"),
to register its shares of common stock, par value $0.001 per share (the
"Shares"), to be offered to the public, the proceeds from which will be invested
by the Company, and the Company may thereafter sell additional securities or
otherwise raise additional capital; and

          WHEREAS, the Company intends to qualify as a "real estate investment
trust", as defined in the Internal Revenue Code of 1986, as amended (the
"Code"), and to invest its funds in investments permitted by the terms of the
Registration Statement; and

          WHEREAS, the Company desires to avail itself of the experience,
resources, advice, assistance and certain facilities available to the Advisor
and to have the Advisor undertake the duties and responsibilities hereinafter
set forth, on behalf of and subject to the supervision of the Company's Board of
Directors, all as provided herein; and

          WHEREAS, pursuant to that certain Advisory Agreement, dated as of
April 1, 2004, and that certain Amended and Restated Advisory Agreement, dated
as of January 1, 2005, the Advisor has provided and pursuant to this Agreement
will continue to render such services, subject to the supervision of the Board
of Directors, on the terms and conditions hereinafter set forth.

          NOW, THEREFORE, the parties hereto agree as follows:

          1.   APPOINTMENT. The Company hereby appoints the Advisor to serve as
               its investment and management advisor on the terms and conditions
               set forth in this Agreement, and the Advisor hereby accepts such
               appointment.

          2.   DUTIES OF THE ADVISOR. The Advisor undertakes to use its best
               efforts to present to the Company potential investment
               opportunities primarily in real property and other real estate
               investments as well as provide a continuing and suitable
               investment program consistent with the investment policies and
               objectives of the Company as determined and adopted from time to
               time by the Board of Directors. In performance of this
               undertaking, subject to the supervision and direction of the
               Board of Directors, and consistent with the Registration
               Statement, the Advisor shall, pursuant to delegated authority:

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               (a)  obtain or provide such services as may be required to
                    administer the daily operations of the Company;

               (b)  identify investment opportunities for the Company which are
                    consistent with its investment objectives and policies;

               (c)  serve as the Company's investment and financial advisor and
                    provide reports with respect to the Company's portfolio of
                    investments, including, but not limited to, the making of
                    investments in real properties and other real estate
                    investments, as described in the Registration Statement;

               (d)  on behalf of the Company, investigate, select, engage and
                    conduct relations with such persons as the Advisor deems
                    necessary to the proper performance of its obligations
                    hereunder, including, but not limited to, consultants,
                    investors, builders, developers, banks, borrowers, lenders,
                    fiduciaries, financial service companies, mortgagors,
                    brokers, accountants, attorneys, appraisers and others,
                    including its and the Company's affiliates;

               (e)  consult with the Company's officers and directors and assist
                    the Company's Board of Directors in the formulation and
                    implementation of the Company's investment and other
                    policies, and furnish the officers and directors with advice
                    and recommendations concerning the making of investments
                    consistent with the investment policies and objectives of
                    the Company;

               (f)  structure and negotiate the terms of investments in real
                    properties and other real estate investments and obtain the
                    Board of Directors' approval of investments as provided in
                    the Registration Statement, but always consistent with the
                    investment policies and objectives of the Company;

               (g)  obtain from third parties or its affiliates, property
                    management services for the Company's investments in real
                    property;

               (h)  obtain for or provide to the Company such services as may be
                    required in acquiring, managing and disposing of
                    investments, including, but not limited to, the negotiation
                    of purchase contracts and services related to the
                    acquisition of real property and other real estate
                    investments by the Company and its affiliates, disbursing
                    and collecting the funds of the Company, paying the debts
                    and fulfilling the obligations of the Company and handling,
                    prosecuting and settling any claims of the Company and such
                    other services as the Company may require;

               (i)  advise the Company concerning its negotiations with
                    investment banking firms, securities brokers or dealers and
                    other institutions or investors for public or private sales
                    of the Company's securities, or in obtaining

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                    investments for the Company, but in no event in such a way
                    that the Advisor could be deemed to be acting as a dealer or
                    underwriter as those terms are defined in the Securities Act
                    of 1933, as amended;

               (j)  obtain or perform current appraisals for each potential
                    investment in real property or other real estate investment;

               (k)  do all things necessary to assure its ability to render the
                    services contemplated herein, including providing the office
                    space, furnishings and personnel necessary for the
                    performance of the foregoing services as Advisor;

               (l)  from time to time, or at any time reasonably requested by
                    the Company's Board of Directors, make reports to the Board
                    of Directors of its performance of the foregoing services;
                    and

               (m)  within 30 days after the end of each fiscal quarter of the
                    Company, submit to the Company's Board of Directors a
                    statement of the Company's sources of income during such
                    fiscal quarter and make recommendations concerning changes,
                    if any, in the Company's investments to permit the Company
                    to satisfy the requirements of Sections 856(c)(2), 856(c)(3)
                    and 856(c)(4) of the Code (such statement of income may be
                    based upon information supplied by independent contractors
                    of the Company to the extent applicable).

          3.   NO PARTNERSHIP OR JOINT VENTURE. The Company and the Advisor are
               not partners or joint venturers with each other and nothing
               herein shall be construed so as to make them such partners or
               joint venturers or impose any liability as such on either of them
               or their affiliates.

          4.   CERTAIN GUIDELINES. The Advisor shall endeavor to ensure, with
               respect to the Company's investments, that: (a) an appropriate
               policy of title insurance is obtained with respect to any real
               property investment (singly, a "Property," and collectively, the
               "Properties") acquired by the Company, or an opinion of counsel
               as to such title is obtained; (b) any Property acquired by the
               Company is duly insured against loss or damage by fire, with
               extended coverage, and against such other insurable hazards and
               risks as are customary and appropriate in the circumstances; (c)
               a majority of the Company's Board of Directors (including a
               majority of the Independent Directors, as defined below)
               approves, in advance, any investment (other than with respect to
               the initial Properties (as described in the Registration
               Statement) by the Company, on the one hand, with the Advisor or
               any of its affiliates, on the other hand; (d) the Company does
               not make any loans to the Advisor or any of its affiliates; (e)
               the Company's ratio of debt-to-total-assets, at the time of the
               incurrence of any indebtedness, does not exceed 75%; and (f)
               investments in any one Property acquired after the acquisition of
               the initial Properties described in the Registration Statement do
               not exceed 25% of the value of the Company's total assets at the
               time of its acquisition, provided,

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               however, that this limitation shall not preclude the acquisition
               of multiple-building Properties or a group of Properties in a
               purchase from a single seller in transactions that exceed this
               limit. An Independent Director is a Director who is not and
               within the last two years has not been directly or indirectly
               associated with the Advisor by virtue of (i) ownership of an
               interest in the Advisor or its affiliates, (ii) employment by the
               Advisor or its affiliates, (iii) service as an officer or
               director of the Advisor or its affiliates, (iv) performance of
               services, other than as a Director, for the Company, (v) service
               as a director or trustee of more than three real estate
               investment trusts advised by the Advisor, or (vi) maintenance of
               a material business or professional relationship with the Advisor
               or any of its affiliates. A business or professional relationship
               is considered material if the gross revenue derived by the
               Director from the Advisor and affiliates exceeds 5% of either the
               Director's annual gross revenue during either of the last two
               years or the Director's net worth on a fair market value basis.
               An indirect relationship shall include circumstances in which a
               Director's spouse, parents, children, siblings, mothers- or
               fathers-in-law, sons- or daughters-in-law, or brothers- or
               sisters-in-law are or have been associated with the Advisor, any
               of its affiliates, or the Company.

          5.   REIT QUALIFICATION. Notwithstanding anything to the contrary in
               this Agreement, the Advisor shall use its best efforts to refrain
               from taking any action (including, without limitation, the
               furnishing or rendering of services to tenants of a Property or
               managing or operating a Property) which, in its judgment, made in
               good faith and with the exercise of reasonable care, would: (a)
               adversely affect the status of the Company as a "real estate
               investment trust" under the Code and all rules and regulations
               promulgated thereunder; (b) violate any law, rule, regulation or
               statement of policy of any governmental body or agency having
               jurisdiction over the Company or over its securities, of which
               the Advisor should reasonably be aware; or (c) otherwise not be
               permitted by the Registration Statement or the Company's Articles
               of Incorporation or Bylaws, each as they may be amended from time
               to time, except if such action shall be ordered by the Company's
               Board of Directors, in which event the Advisor shall promptly
               notify the Board of Directors of the Advisor's judgment that such
               action would adversely affect the status of the Company as a
               "real estate investment trust" under the Code and shall refrain
               from taking such action, unless, but only to the extent that, the
               Advisor receives specific written instructions from the Board of
               Directors expressly ordering that the action be taken,
               notwithstanding such notification by it to the Board of
               Directors. In such event the Advisor shall have no liability for
               acting in accordance with the specific written instructions of
               the Directors so given.

          6.   INVESTMENT COMPANY STATUS. Notwithstanding anything to the
               contrary in this Agreement, the Advisor shall use its best
               efforts to refrain from any action which, in its judgment, made
               in good faith and in the exercise of reasonable care, would cause
               the Company to be required to register as an investment company
               under the Investment Company Act of 1940, as amended, except
               where such action has been ordered by the Company's Board of
               Directors, in which event

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               the Advisor shall promptly notify the Board of Directors of the
               Advisor's judgment that such action might require such
               registration and shall refrain from taking such action, unless,
               but only to the extent that, the Advisor receives specific
               written instructions from the Board of Directors expressly
               ordering that the actions be taken, notwithstanding such
               notification by it to the Board of Directors. In such event, the
               Advisor shall have no liability for acting in accordance with the
               specific written instructions of the Board of Directors so given.

          7.   BANK ACCOUNTS. The Advisor may establish and maintain one or more
               bank accounts in its own name or in the name of the Company and
               may collect and deposit into any such account or accounts, and
               disburse from any such account or accounts, any money on behalf
               of the Company, under such terms and conditions as the Company's
               Board of Directors may approve. However, the Advisor shall not
               commingle any of the funds in such account with those of the
               Advisor or of other entities managed by the Advisor. Further, the
               Advisor shall, from time to time, render to the Board of
               Directors and to the auditors of the Company a complete
               accounting of such collections and disbursements.

          8.   INFORMATION FURNISHED TO THE ADVISOR. The Company's Board of
               Directors shall at all times keep the Advisor fully informed
               concerning the investment and capitalization policies of the
               Company and the intentions of the Board of Directors concerning
               the future activities and investments of the Company. The Company
               shall furnish the Advisor with a certified copy of all financial
               statements, a signed copy of each report prepared by independent
               certified public accountants and such other information with
               regard to the Company's affairs as the Advisor may from time to
               time reasonably request.

          9.   CONSULTATION AND ADVICE. In addition to the services described
               above, the Advisor shall consult with the Company's Board of
               Directors and shall, at the request of the Board, furnish advice
               and recommendations with respect to other aspects of the business
               and affairs of the Company.

          10.  COMPENSATION. For rendering the services described herein, the
               Company shall pay to the Advisor the following (with the approval
               of the Company's Independent Directors and the concurrence of the
               Advisor, the fees referred to in this Section 10 paid by the
               Company to the Advisor in Shares at net asset value or by Company
               debt instruments):

               (a)  ORGANIZATION AND OFFERING EXPENSES. The Company shall
                    reimburse the Advisor for all organization and offering
                    expenses advanced by the Advisor up to a maximum of 2.25% of
                    Gross Offering Proceeds (as defined below).

               (b)  ASSET MANAGEMENT FEE. The Company shall pay to the Advisor
                    as compensation for the advisory services rendered to the
                    Company under Paragraph 2 above a monthly asset management
                    fee in an amount equal

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                    to 1/12th of 0.75% of the Company's Real Estate Asset Value
                    (as defined below) (the "Asset Management Fee") as of the
                    end of the preceding month. Real Estate Asset Value equals
                    the amount actually paid or allocated to the purchase,
                    development, construction or improvement of the Properties
                    wholly-owned by the Company, including the outstanding
                    principal amount of any mortgage indebtedness on the
                    Properties assumed upon the purchase of the properties, and,
                    in the case of Properties owned by any joint venture or
                    partnership in which the Company is a co-venturer or
                    partner, the Company's portion of such amount actually paid
                    or allocated with respect to such Properties, exclusive of
                    Acquisition Fees and Acquisition Expenses (each as defined
                    below). The Asset Management Fee shall be payable monthly on
                    the last day of such month, or the first business day
                    following the last day of such month, and will be based on
                    the Real Estate Asset Value determined on the last day of
                    the prior month. The Asset Management Fee, which will not
                    exceed fees which are competitive for similar services in
                    the same geographic area, may or may not be taken, in whole
                    or in part as to any year, in the sole discretion of the
                    Advisor. All or any portion of the Asset Management Fee not
                    taken as to any fiscal year shall be deferred without
                    interest and may be taken in such other fiscal year as the
                    Advisor shall determine.

               (c)  ACQUISITION FEE. The Advisor may receive, as compensation
                    payable by the Company for services rendered in connection
                    with the investigation, selection and acquisition (by
                    purchase, investment or exchange) of Properties, acquisition
                    fees in an amount equal to up to 2.7% of Gross Offering
                    Proceeds ("Acquisition Fees") and acquisition expenses in an
                    amount equal to up to 0.5% of Gross Offering Proceeds
                    ("Acquisition Expenses"). In no event shall Acquisition
                    Expenses exceed the lesser of the actual cost of such
                    expenses or 90% of competitive rates charged by unaffiliated
                    persons providing similar services. Gross Offering Proceeds
                    shall mean the aggregate purchase price of all Shares sold
                    for the account of the Company through the offering
                    contemplated by the Registration Statement, without
                    deduction for selling commissions, volume discounts,
                    dealer-manager fees or organization and offering expenses.
                    In no event shall the Advisor receive Acquisition Fees with
                    respect to the acquisition of Properties for which it did
                    not render such services and for which acquisition fees have
                    been previously paid or are owed to another affiliate of the
                    Company. For the purpose of computing Gross Offering
                    Proceeds, the purchase price of any Share sold pursuant to
                    the Registration Statement for which reduced selling
                    commissions are paid to the dealer-manager or any other
                    broker-dealer (where net proceeds as to the Company are not
                    reduced) shall be deemed to be $10.00. In connection with
                    the purchase of a Property, the total of all Acquisition
                    Fees and Acquisition Expenses shall not exceed an amount
                    equal to 6.0% of the contract price of the Property.

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               (d)  SUBORDINATED DISPOSITION FEE. If the Advisor or an affiliate
                    provides a substantial amount of the services (as determined
                    by a majority of the Company's Independent Directors) in
                    connection with the sale of one or more Properties, the
                    Advisor or an affiliate shall receive a subordinated
                    disposition fee equal to the lesser of (i) one-half of a
                    competitive real estate commission, or (ii) 3.0% of the
                    sales price of such Property or Properties ("Subordinated
                    Disposition Fee"). The Subordinated Disposition Fee will be
                    paid only if stockholders have received total dividends in
                    an amount equal to 100% of their aggregate invested capital
                    plus a 6.0% annual cumulative non-compounded return on their
                    net invested capital (the "Stockholders' 6.0% Return"). To
                    the extent that Subordinated Disposition Fees are not paid
                    by the Company on a current basis due to the foregoing
                    limitation, the unpaid fees will be accrued and paid at such
                    time as the subordination conditions have been satisfied.
                    The Subordinated Disposition Fee may be paid in addition to
                    real estate commissions paid to non-affiliates, provided
                    that the total real estate commissions paid to all persons
                    by the Company shall not exceed an amount equal to the
                    lesser of (i) 6.0% of the contract sales price of a
                    Property, or (ii) the competitive real estate commission. In
                    the event this Agreement is terminated prior to such time as
                    the stockholders have received total distributions in an
                    amount equal to 100% of invested capital plus the
                    Stockholders' 6.0% Return, an appraisal of the Properties
                    then owned by the Company shall be made and the Subordinated
                    Disposition Fee on Properties previously sold will be deemed
                    earned if the appraised value of the Properties then owned
                    by the Company plus total distributions received prior to
                    the date of the termination of this Agreement equals 100% of
                    invested capital plus the Stockholders' 6.0% Return. Upon
                    Listing (as defined below), if the Advisor has accrued but
                    not been paid such Subordinated Disposition Fee, then for
                    purposes of determining whether the subordinated conditions
                    have been satisfied, stockholders will be deemed to have
                    received distributions in the amount equal to the product of
                    the total number of Shares outstanding and the average
                    closing price of the Shares over a period of 30 consecutive
                    days during which the Shares are traded, with such period
                    beginning 180 days after Listing.

               (e)  SUBORDINATED SHARE OF NET SALE PROCEEDS. A subordinated
                    share of net sale proceeds shall be payable to the Advisor
                    in an amount equal to 15.0% of net sales proceeds remaining
                    after the stockholders have received distributions equal to
                    the sum of the Stockholders' 6.0% Return and 100% of
                    invested capital ("Subordinated Share of Net Sale
                    Proceeds"). Following Listing, no Subordinated Share of Net
                    Sale Proceeds will be paid to the Advisor.

               (f)  SUBORDINATED INCENTIVE LISTING FEE. Upon listing on a
                    national securities exchange registered under Section 6 of
                    the Securities Exchange Act of 1934, as amended (the
                    "Exchange Act"), or a national market system

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                    registered under Section 11A of the Exchange Act
                    ("Listing"), the Advisor shall be entitled to a subordinated
                    incentive listing fee in an amount equal to 10.0% of the
                    amount by which (i) the market value of the outstanding
                    stock of the Company, measured by taking the average closing
                    price or average of bid and asked price, as the case may be,
                    over a period of 30 consecutive days during which the stock
                    is traded, with such period beginning 180 days after Listing
                    ("Market Value"), plus the total of all distributions paid
                    to stockholders from the Company's inception until the date
                    of Listing, exceeds (ii) the sum of (A) 100% of invested
                    capital and (B) the total distributions required to be paid
                    to the stockholders in order to pay the Stockholders' 6.0%
                    Return from inception through the date of Listing
                    ("Subordinated Incentive Listing Fee"). The Company shall
                    have the option to pay such fee in the form of cash, Shares,
                    a promissory note or any combination of the foregoing. The
                    Subordinated Incentive Fee will be reduced by the amount of
                    any prior payment to the Advisor of any Subordinated Share
                    of Net Sale Proceeds from a sale or sales of a Property. In
                    the event the Subordinated Incentive Fee is paid to the
                    Advisor following Listing, no other performance fee will be
                    paid to the Advisor.

               (g)  CHANGES TO FEE STRUCTURE. In the event of Listing, or,
                    notwithstanding the absence of Listing, in the event the
                    stockholders elect to continue the Company's existence after
                    December 31, 2015, the Company and the Advisor may negotiate
                    in good faith to establish another fee structure appropriate
                    for a perpetual life entity. A majority of the Company's
                    Independent Directors must approve any new fee structure
                    negotiated with the Advisor. In negotiating a new fee
                    structure, the Independent Directors shall consider all of
                    the factors they deem relevant, including, but not limited
                    to: (i) the amount of the advisory fee in relation to the
                    asset value, composition and profitability of the Company's
                    portfolio; (ii) the success of the Advisor in generating
                    opportunities that meet the investment objectives of the
                    Company; (iii) the rates charged to other REITs and to
                    investors other than REITs by advisors performing the same
                    or similar services; (iv) additional revenues realized by
                    the Advisor and its affiliates through their relationship
                    with the Company, including underwriting or broker
                    commissions, servicing, engineering, inspection and other
                    fees, whether paid by the Company or by others with whom the
                    Company does business; (v) the quality and extent of service
                    and advice furnished by the Advisor; (vi) the performance of
                    the investment portfolio of the Company, including income,
                    conversion or appreciation of capital, and number and
                    frequency of problem investments; and (vii) the quality of
                    the Property portfolio of the Company in relationship to the
                    investments generated by the Advisor for its own account.
                    The new fee structure can be no more favorable to the
                    Advisor than the current fee structure.

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               (h)  SPECIAL TERMINATION PAYMENT. The Advisor shall receive a
                    Special Termination Payment (as defined below) if the
                    Company terminates or does not renew this Agreement without
                    cause. The Special Termination Payment shall be an amount
                    equal to the projected Asset Management Fee for the one-year
                    period following the date of the termination of this
                    Agreement.

               (i)  REIMBURSEMENT OF EXPENSES. Except as otherwise expressly
                    limited by the terms of this Agreement, the Company shall
                    reimburse the Advisor or its affiliates for (1) the actual
                    cost to the Advisor or its affiliates of goods, materials
                    and services used for or by the Company and obtained from
                    persons unaffiliated with the Advisor and its affiliates,
                    (2) the cost of administrative services rendered to the
                    Company which are necessary to the prudent operation of the
                    Company, such as legal, accounting, computer, transfer agent
                    and other services which could be performed directly for the
                    Company by independent parties, provided however, that no
                    reimbursement shall be made for personnel costs to the
                    extent that such personnel are used in transactions for
                    which the Advisor receives a separate fee, and (3) the
                    actual cost to the Advisor or its affiliates of any letter
                    of credit or credit enhancement that may be required of any
                    lender or seller in connection with the financing of the
                    acquisition of Properties. Absent the vote of a majority of
                    the Company's Independent Directors, the Advisor shall
                    reimburse the Company for reimbursements paid to the Advisor
                    to the extent that such reimbursements exceed, for any given
                    year, the greater of (i) 2% of the Company's average
                    invested assets (which consists, as defined in the Company's
                    Articles of Incorporation, as amended, of the average book
                    value of the assets of the Company, before reserves for
                    appreciation or bad debts) or (ii) 25% of the Company's net
                    income (which consists, as defined in the Company's Articles
                    of Incorporation, as amended, of the total revenues less
                    total expenses, excluding reserves for depreciation, bad
                    debt and certain other similar non-cash reserves).

          11.  OTHER ACTIVITIES OF THE ADVISOR. Nothing contained herein shall
               prevent the Advisor from engaging in other activities, including,
               without limitation, the rendering of advice to other investors
               (including other REITs) and the management of other programs
               advised, sponsored or organized by the Advisor or its affiliates;
               nor shall this Agreement limit or restrict the right of any
               director, officer, employee or shareholder of the Advisor or its
               affiliates to engage in any other business or to render services
               of any kind to any other partnership, corporation, firm,
               individual, trust or association. Notwithstanding the foregoing,
               however, the Advisor shall devote sufficient resources to the
               administration of the Company to discharge its obligations
               hereunder. The Advisor may, with respect to any investment in
               which the Company is a participant, subject to its contractual
               duties to the Company under this Agreement, also render advice
               and service to each and every other participant therein.

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          12.  ALLOCATION OF INVESTMENT OPPORTUNITIES. Neither the Advisor nor
               any of its affiliates shall be obligated to present to the
               Company investment opportunities that come to their attention,
               even if any of those opportunities may be suitable to the
               Company. In addition, if the Advisor shall have an investment
               opportunity which satisfies the investment criteria of the
               Company, the Advisor shall make that investment opportunity
               available to the Company before such opportunity is invested in
               by the Advisor.

          13.  TERM/TERMINATION OF AGREEMENT. Initially, this Agreement shall
               have a term of one (1) year commencing on the closing date of the
               initial minimum offering under the Registration Statement.
               Following the initial term, subsequent renewals for one (1) year
               terms will be subject to an evaluation of the performance of the
               Advisor by the audit committee of the Company's Board of
               Directors. This Agreement may be terminated by a majority of the
               Independent Directors of the Company or by the Advisor, in all
               cases by giving not less than 60 days' advance notice in writing
               to the other party.

          14.  ACTION UPON TERMINATION. The Advisor shall not be entitled to
               compensation for services performed after the effective date of
               the termination of this Agreement. The Advisor shall, forthwith
               upon such termination:

               (a)  promptly pay over to the Company all monies collected and
                    held for the account of the Company pursuant to this
                    Agreement, after deducting any accrued compensation and
                    reimbursement for its expenses to which it is then entitled
                    under this Agreement;

               (b)  promptly deliver to the Company a full accounting, including
                    a statement showing all amounts collected, disbursed and
                    held by the Advisor, for the period following the date of
                    the last accounting furnished to the Company; and

               (c)  promptly deliver to the Company all property and documents
                    of the Company then in the custody of the Advisor.

          15.  AMENDMENTS. The Agreement shall not be modified except by an
               instrument in writing signed by both parties hereto, or their
               respective successors or assigns, or otherwise as provided
               herein.

          16.  ASSIGNMENT. This Agreement may be assigned upon the consent of
               both parties hereto: (i) upon approval of a majority of the
               Independent Directors of the Company, by the Advisor to a person
               which is an affiliate of the Advisor; or (ii) by either the
               Advisor or the Company to its successor-in-interest. The Advisor
               may delegate some or all of its duties under this Agreement to an
               affiliate. Notwithstanding the foregoing, so long as the Company
               intends to qualify as a real estate investment trust under the
               Code, this Agreement may not

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               be assigned to any entity that serves as a property manager with
               respect to the Properties of the Company.

          17.  GOVERNING LAW. The provisions of this Agreement shall be
               construed and interpreted in accordance with the internal laws of
               The Commonwealth of Massachusetts without giving effect to
               conflicts of laws principles or rules.

          18.  DIRECTORS AND STOCKHOLDERS NOT LIABLE. This Agreement is made on
               behalf of the Company by an officer of the Company, not
               individually, but solely as such officer, and the obligations
               under this Agreement are not binding upon, nor shall resort be
               had to, the private property of any of the directors, officers,
               stockholders, employees or agents of the Company personally, but
               shall bind only the Company.

          19.  INDEMNIFICATION BY THE COMPANY. The Company shall indemnify and
               hold harmless the Advisor (the "Indemnitee") against any or all
               losses or liabilities reasonably incurred by the Indemnitee in
               connection with or by reason of any act or omission performed or
               omitted to be performed on behalf of the Company in such
               capacity, provided, that the Indemnitee has determined, in good
               faith, that the course of conduct which caused the loss or
               liability was in the best interests of the Company. The Company
               shall not indemnify or hold harmless the Indemnitee if: (i) in
               the case that the Indemnitee is not an Independent Director of
               the Company, the loss or liability was the result of negligence
               or misconduct by the Indemnitee, or (ii) in the case that the
               Indemnitee is such an Independent Director, the loss or liability
               was the result of gross negligence or willful misconduct by the
               Indemnitee. Any indemnification of expenses or agreement to hold
               harmless shall be approved by a majority of the Independent
               Directors and may be paid only out of the Net Assets of the
               Company, and no portion may be recoverable from the Company's
               shareholders.

                    The Company shall not provide indemnification for any loss,
               liability or expense arising from or out of an alleged violation
               of federal or state securities laws by such party unless one or
               more of the following conditions are met: (a) there has been a
               successful adjudication on the merits of each count involving
               alleged securities law violations as to the Indemnitee, (b) such
               claims have been dismissed with prejudice on the merits by a
               court of competent jurisdiction as to the Indemnitee; or (c) a
               court of competent jurisdiction approves a settlement of the
               claims against the Indemnitee and finds that indemnification of
               the settlement and the related costs should be made, and the
               court considering the request for indemnification has been
               advised of the position of the Securities and Exchange Commission
               and of the published position of any state securities regulatory
               authority in which securities of the Company were offered or sold
               as to indemnification for violations of securities laws.

          20.  INDEMNIFICATION BY ADVISOR. The Advisor shall indemnify and hold
               harmless the Company from contract or other liability, claims,
               damages, taxes or losses

<Page>
                                       12

               and related expenses, including attorneys' fees, to the extent
               that such liability, claims, damages, taxes, losses and related
               expenses are not fully reimbursed by insurance and are incurred
               by reason of the Advisor's bad faith, fraud, willful misfeasance,
               misconduct, negligence or reckless disregard of its duties, but
               the Advisor shall not be held responsible for any action of the
               Company's Board of Directors in following or declining to follow
               any advice or recommendation given by the Advisor.

          21.  HEADINGS. The section headings hereof have been inserted for
               reference only and shall not be construed to affect the meaning,
               construction or effect of this Agreement.

          22.  NOTICES. All notices, demands and other communication to be given
               or delivered under or by reason of the provisions of this
               Agreement must be in writing and will be deemed to have been
               given on the day established by sender as having been delivered
               personally; on the day delivered by private courier as such day
               is established by evidence obtained by the sender from the
               courier; on the day and at the time established by evidence
               obtained by the sender from a telegraph company if telegraphic
               means of communication are used; or on the day established by a
               return receipt with respect to notices, demands and other
               communications intended to be delivered by U.S. mail. Such
               notices, demands and other communications to be valid, must be
               addressed:

               (a)      If to the Company, to:

                        Boston Capital Real Estate Investment Trust, Inc.
                        c/o Boston Capital Corporation
                        One Boston Place, Suite 2100
                        Boston, Massachusetts 02108-4406
                        Attn:  Jeffrey H. Goldstein, President

                        with a copy to:

                        Nixon Peabody LLP
                        401 Ninth Street, N.W., Suite 900
                        Washington, D.C. 20004-2128
                        Attn:  Molly R. Bryson, Esq.

               (b)      If to the Advisor, to:

                        Boston Capital REIT Advisors, LLC
                        c/o Boston Capital Corporation
                        One Boston Place, Suite 2100
                        Boston, Massachusetts 02108-4406
                        Attn:  John P. Manning, President

<Page>
                                       13

                        with a copy to:

                        Nixon Peabody LLP
                        401 Ninth Street, N.W., Suite 900
                        Washington, D.C. 20004-2129
                        Attn:  Molly R. Bryson, Esq.

               or to such other address or to the attention of such other person
               as recipient party has specified by prior written notice to the
               sending party (or in the case of counsel, to such other readily
               ascertainable business address as such counsel may hereafter
               maintain).

          23.  INITIAL INVESTMENT. Boston Capital Companion Limited Partnership
               ("Companion"), an affiliate of the Advisor, has contributed to
               the Company $200,000 in exchange for 20,000 Shares (the "Initial
               Investment"). Companion may not sell these Shares while the
               Advisory Agreement is in effect, although Companion may transfer
               them to its affiliates. The Advisor and its affiliates may buy
               and sell Shares, and this restriction shall not apply to any
               Shares, other than the Shares acquired through the Initial
               Investment, acquired by the Advisor or its affiliates. The
               Advisor shall not vote any Shares it hereafter acquires in any
               vote for the removal of any of the Company's directors or any
               vote regarding the approval or termination of any contract with
               the Advisor or any of its affiliates. The restrictions contained
               in this Section 23 shall not go into effect until the initial
               closing described in the Registration Statement has occurred.

<Page>
                                       14

          IN WITNESS WHEREOF, we have executed this Agreement as of the date
first above written.

                                   BOSTON CAPITAL REAL ESTATE
                                   INVESTMENT TRUST, INC.

                                   By: /s/ Jeffrey H. Goldstein
                                       -----------------------------------
                                       Jeffrey H. Goldstein, President

                                   BOSTON CAPITAL REIT ADVISORS, LLC

                                   By: Boston Capital Corporation, its manager

                                   By: /s/ John P. Manning
                                       -----------------------------------
                                       John P. Manning, PresidentFiled by Automated Filing Services Inc. (604) 609-0244 - L.A.M. Pharmaceutical, Corp. - Exhibit 4.4

 Exhibit 4.4

 L.A.M. PHARMACEUTICAL, CORP. 

  STOCK BONUS PLAN

  (As amended on April 29, 2005)

      l.     Purpose.
  The purpose of this Stock Bonus Plan is to advance the interests of L.A.M. Pharmaceutical,
  Corp. (the “Company”) and its shareholders, by encouraging and enabling
  selected officers, directors, consultants and key employees upon whose judgment,
  initiative and effort the Company is largely dependent for the successful conduct
  of its business, to acquire and retain a proprietary interest in the Company
  by ownership of its stock, to keep personnel of experience and ability in the
  employ of the Company and to compensate them for their contributions to the
  growth and profits of the Company and thereby induce them to continue to make
  such contributions in the future. 

     2.     Definitions.

	 	 A.  	 “Board” shall mean the board
        of directors of the Company.  

		 	 
	 	 B.  	 “Committee” means the directors
        duly appointed to administer the Plan.  

		 	 
	 	 C.  	 “Plan” shall mean this Stock
        Bonus Plan.  

		 	 
	 	 D.  	 “Bonus Share” shall mean
        the shares of common stock of the Company  reserved pursuant to Section
        4 hereof and any such shares issued to a Recipient pursuant to this Plan. 
      

		 	 
	 	 E.  	 “Recipient” shall mean any
        individual rendering services for the Company to  whom shares are
        granted pursuant to this Plan.

      3.     Administration
  of Plan. The Plan shall be administered by a committee of two or more
  directors appointed by the Board (the “Committee”). The Committee
  shall report all action taken by it to the Board. The Committee shall have full
  and final authority in its discretion, subject to the provisions of the Plan,
  to determine the individuals to whom and the time or times at which Bonus Shares
  shall be granted and the number of Bonus Shares; to construe and interpret the
  Plan; and to make all other determinations and take all other actions deemed
  necessary or advisable for the proper administration of the Plan. All such actions
  and determinations shall be conclusively binding for all purposes and upon all
  persons. 

      4.     Bonus
  Share Reserve. There shall be established a Bonus Share Reserve to which
  shall be credited 52,000,000 shares of the Company's common stock. In the event
  that the shares of common stock of the Company should, as a result of a stock
  split or stock dividend or combination of shares or any other change, or exchange
  for other securities by reclassification, reorganization, merger, consolidation,
  recapitalization or otherwise, be increased or decreased or changed into or
  exchanged for, a different number or kind of shares of stock or other securities
  of the Company or of another corporation, the number of shares then remaining
  in the Bonus Share Reserve shall be appropriately adjusted to reflect such action.
  Upon the grant of shares hereunder, this reserve shall be reduced by the number
  of shares so granted. Distributions of Bonus Shares may, as the Committee shall
  in its sole discretion determine, be made from authorized but unissued shares
  or from treasury shares. All authorized and unissued shares issued as Bonus
  Shares in accordance with the Plan shall be fully paid and non-assessable and
  free from preemptive rights. 

      5.     Eligibility,
  and Granting and Vesting of Bonus Shares. Bonus Shares may be granted
  under the Plan to the Company's (or the Company’s subsidiaries) employees,
  directors and officers, and consultants or advisors to the Company (or its subsidiaries),
  provided however that bona fide services shall be rendered by such consultants
  or advisors and such services must not be in connection with the offer or sale
  of securities in a capital-raising transaction and do not directly or indirectly
  promote or maintain a market for the Company’s securities. 

      The term “employee”
  includes former employees as well as executors, administrators or beneficiaries
  of the estates of deceased employees, guardians or members of a committee for
  incompetent former employees, or similar persons duly authorized by law to administer
  the estate or assets of former employees. 

      The Committee, in its sole discretion,
  is empowered to grant to an eligible participant a number of Bonus Shares as
  it shall determine from time to time. Each grant of these Bonus Shares shall
  become vested according to a schedule to be established by the Committee at
  the time of the grant. For purposes of this plan, vesting shall mean the period
  during which the recipient must remain an employee or provide services for the
  Company. At such time as the employment of the Recipient ceases, any shares
  not fully vested shall be forfeited by the Recipient and shall be returned to
  the Bonus Share Reserve. The Committee, in its sole discretion, may also impose
  restrictions on the future transferability of the bonus shares, which restrictions
  shall be set forth on the notification to the Recipient of the grant. 

      The aggregate number of Bonus
  Shares which may be granted pursuant to this Plan shall not exceed the amount
  available therefore in the Bonus Share Reserve. 

      6.     Form
  of Grants. Each grant shall specify the number of Bonus Shares subject
  thereto, subject to the provisions of Section 5 hereof. 

      At the time of making any grant,
  the Committee shall advise the Recipient by delivery of written notice, in the
  form of Exhibit A hereto annexed. 

      7.     Recipients'
  Representations.

             A.     The
  Committee may require that, in acquiring any Bonus Shares, the Recipient agree
  with, and represent to, the Company that the Recipient is acquiring such Bonus
  Shares for the purpose of investment and with no present intention to transfer,
  sell or otherwise dispose of shares except such distribution by a legal representative
  as shall be required by will or the laws of any jurisdiction in winding-up the
  estate of any Recipient. Such shares shall be transferable thereafter only if
  the proposed transfer shall be permissible pursuant to the Plan and if, in the
  opinion of counsel (who shall be satisfactory to the Committee), such transfer
  shall at such time be in compliance with applicable securities laws. 

             B.     Upon
  receipt of any Bonus Shares, the Recipient shall deliver to the Committee, in
  duplicate, an agreement in writing, signed by the Recipient, in form and substance
  as set forth in Exhibit B hereto annexed, and the Committee shall forthwith
  acknowledge its receipt thereof. 

      8.     Restrictions
  Upon Issuance.

             A.     Bonus
  Shares shall forthwith after the making of any representations required by Section
  6 hereof, or if no representations are required then within thirty (30) days
  of the date of grant, be duly issued and transferred and a certificate or certificates
  for such shares shall be issued in the Recipient's name. The Recipient shall
  thereupon be a shareholder with respect to all the shares 

 2

 represented by such certificate or certificates, shall have
  all the rights of a shareholder with respect to all such shares, including the
  right to vote such shares and to receive all dividends and other distributions
  (subject to the provisions of Section 7(B) hereof) paid with respect to such
  shares. Certificates of stock representing Bonus Shares shall be imprinted with
  a legend to the effect that the shares represented thereby are subject to the
  provisions of this Agreement, and to the vesting and transfer limitations established
  by the Committee, and each transfer agent for the common stock shall be instructed
  to like effect with respect of such shares. 

             B.     In
  the event that, as the result of a stock split or stock dividend or combination
  of shares or any other change, or exchange for other securities, by reclassification,
  reorganization, merger, consolidation, recapitalization or otherwise, the Recipient
  shall, as owner of the Bonus Shares subject to restrictions hereunder, be entitled
  to new or additional or different shares of stock or securities, the certificate
  or certificates for, or other evidences of, such new or additional or different
  shares or securities, together with a stock power or other instrument of transfer
  appropriately endorsed, shall also be imprinted with a legend as provided in
  Section 7(A), and all provisions of the Plan relating to restrictions herein
  set forth shall thereupon be applicable to such new or additional or different
  shares or securities to the extent applicable to the shares with respect to
  which they were distributed. 

             C.     The
  grant of any Bonus Shares shall be subject to the condition that if at any time
  the Company shall determine in its discretion that the satisfaction of withholding
  tax or other withholding liabilities, or that the listing, registration, or
  qualification of any Bonus Shares upon such exercise upon any securities exchange
  or under any state or federal law, or that the consent or approval of any regulatory
  body, is necessary or desirable as a condition of, or in connection with, the
  issuance of any Bonus Shares, then in any such event, such exercise shall not
  be effective unless such withholding, listing, registration, qualification,
  consent, or approval shall have been effected or obtained free of any conditions
  not acceptable to the Company. 

             D.     Unless
  the Bonus Shares covered by the Plan have been registered with the Securities
  and Exchange Commission pursuant to Section 5 of the Securities Act of l933,
  each Recipient shall, by accepting a Bonus Share, represent and agree, for himself
  and his transferees by will or the laws of descent and distribution, that all
  Bonus Shares were acquired for investment and not for resale or distribution.
  The person entitled to receive Bonus Shares shall, upon request of the Committee,
  furnish evidence satisfactory to the Committee (including a written and signed
  representation) to the effect that the shares of stock are being acquired in
  good faith for investment and not for resale or distribution. Furthermore, the
  Committee may, if it deems appropriate, affix a legend to certificates representing
  Bonus Shares indicating that such Bonus Shares have not been registered with
  the Securities and Exchange Commission and may so notify the Company's transfer
  agent. Such shares may be disposed of by a Recipient in the following manner
  only: (l) pursuant to an effective registration statement covering such resale
  or re-offer, (2) pursuant to an applicable exemption from registration as indicated
  in a written opinion of counsel acceptable to the Company, or (3) in a transaction
  that meets all the requirements of Rule l44 of the Securities and Exchange Commission.
  If Bonus Shares covered by the Plan have been registered with the Securities
  and Exchange Commission, no such restrictions on resale shall apply, except
  in the case of Recipients who are directors, officers, or principal shareholders
  of the Company. Such persons may dispose of shares only by one of the three
  aforesaid methods. 

      9.     Limitations.
  Neither the action of the Company in establishing the Plan, nor any action taken
  by it nor by the Committee under the Plan, nor any provision of the Plan, shall
  be construed as giving to any person the right to be retained in the employ
  of the Company. 

      Every right of action by any
  person receiving shares of common stock pursuant to this Plan against any past,
  present or future member of the Board, or any officer or employee of the Company

 3

 arising out of or in connection with this Plan shall, irrespective
  of the place where action may be brought and irrespective of the place of residence
  of any such director, officer or employee cease and be barred by the expiration
  of one year from the date of the act or omission in respect of which such right
  of action arises. 

      10.     Amendment,
  Suspension or Termination of the Plan. The Board of Directors may alter,
  suspend, or discontinue the Plan at any time. 

      Unless the Plan shall theretofore
  have been terminated by the Board, the Plan shall terminate ten years after
  the effective date of the Plan. No Bonus Share may be granted during any suspension
  or after the termination of the Plan. No amendment, suspension, or termination
  of the Plan shall, without a recipient's consent, alter or impair any of the
  rights or obligations under any Bonus Share theretofore granted to such recipient
  under the Plan. 

      11.     Governing
  Law. The Plan shall be governed by the laws of the State of Delaware.

      12.     Expenses
  of Administration. All costs and expenses incurred in the operation
  and administration of this Plan shall be borne by the Company. 

 4

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