Document:

nen_Ex10_3

		

			Exhibit 10.3

		

		
			THIS NOTE AMENDS AND RESTATES THE NOTE DATED JANUARY 14, 2016 IN THE ORIGINAL PRINCIPAL AMOUNT OF $21,500,000.00 FROM WEBSTER GREEN APARTMENTS, LLC TO BROOKLINE BANK IN ITS ENTIRETY
		

		
			AMENDED AND RESTATED NOTE
		

		
			DATE OF NOTE:
		

		
			March 29, 2018
		

		
			PRINCIPAL AMOUNT OF NOTE:
		

		
			TWENTY-ONE MILLION FIVE HUNDRED THOUSAND AND 00/00 DOLLARS ($21,500,000.00).  Tranche I (i) $20,829,314.71 shall be used to capitalize the acquisition of that certain real property comprising a 77 unit apartment community commonly known as the Webster Green Apartments and located at 757 Highland Avenue, Needham, Massachusetts, as more particularly described in the Mortgage (as hereinafter defined)(the “Property”) and (ii) Tranche II, up to the remaining $670,685.29 shall be used to pay for certain renovation costs associated with the Property
		

		
			MAKER:
		

		
			Hamilton Highlands, LLC, a Massachusetts limited liability company having its principal office at 39 Brighton Avenue
		

		
			Boston, Massachusetts 02134
		

		
			LENDER:
		

		
			Brookline Bank, a Massachusetts savings bank,  having an address of
		

		
			131 Clarendon Street
		

		
			Boston, Massachusetts 02116
		

		
			MATURITY DATE:
		

		
			January 15, 2026
		

		
			LOAN TERM:
		

		
			A period of approximately ninety-three and one-half (93.5) calendar months commencing upon the date hereof and expiring upon the Maturity Date.
		

		
			AMORTIZATION:
		

		
			Interest only until and including the Payment Day (as hereinafter defined) of February 28, 2019.  Commencing with the Payment Day of March 29, 2019 and on each Payment Date thereafter, monthly payments of interest and principal shall be made each in the amount as 

		 

 

determined by Lender to fully amortize the principal amount of this Loan based on an assumed amortization period of thirty (30) years (the “Amortization Period”) with the entire outstanding principal balance being due on the Maturity Date.
		

		
			INTEREST RATE:
		

		
			For the period from the date hereof until and including January 14, 2020:
		

		
			The Interest Rate shall be a variable rate equal to 195 basis points (1.95%) over the one-month (30 day) LIBOR Rate (as hereafter defined).
		

		
			The LIBOR Rate shall be determined by Lender prior to the commencement of each Interest Period as defined hereinbelow.  The LIBOR Rate shall remain in effect, subject to the provisions hereof, from and including the first day of the Interest Period to and excluding the last day of the Interest Period for which it is determined.
		

		
			LIBOR Rate:  The term LIBOR Rate means with respect to each day during Interest Period, the rate for U.S. dollar deposits of thirty (30) day maturity as reported on Reuters Screen LIBOR1 Page as of 11:00 a.m., London time, on the second London business day before the relevant Interest Period begins (or if not so reported, then as determined by Lender from another recognized source or interbank quotation); provided, however that such LIBOR Rate shall not be less than zero at any time during the Loan Term.
		

		
			For the period from January 15, 2020 until and including January 15, 2026:
		

		
			The Interest Rate shall be a  fixed rate for five years and thereafter for one year equal to the applicable Federal Home Loan Bank Rate (as hereafter defined) plus 175 basis points.
		

		
			Federal Home Loan Bank Rate means the interest rate for five (5) year or one (1) year (as applicable) classic advance rate notes of the Federal Home Loan Bank of Boston (or the highest of such rates, if there is more than one such rate).  In the event the Federal Home Loan Bank Rate is no longer available, or becomes unascertainable for any reason, the Lender shall designate a comparable rate which shall be deemed the Federal Home Loan Bank Rate hereunder.  The Federal Home Loan Bank Rate is a reference rate and does not necessarily represent the lowest or best rate charged to any customer.
		

		
			INTEREST PERIOD:
		

		
			The first Interest Period shall begin on the date principal is first advanced under this Note (the “Advance Date”) and end on (but excluding) the next succeeding Payment Day (as hereinafter defined), and thereafter, each period commencing on (and including) the last day of the immediately preceding Interest Period and ending on (but excluding) the next Payment Day (before any adjustment for a day that is not a Business Day), provided, (i) any Interest Period that would otherwise end on (but exclude) a day which is not a Business Day shall not be extended to the next succeeding Business Day; (ii) any Interest Period that ends in a month for 

		 

		

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which there is no day which numerically corresponds to the Payment Day shall end on (but exclude) the last business Day of such month, and (iii) any Interest Period that would otherwise extend past the Maturity Date shall end on (but exclude) the Maturity Date.  No Interest Period shall extend beyond the scheduled Maturity Date of the Note.
		

		
			Interest Calculation Method:    Interest on this Note shall be calculated on the basis of a 360‐day year and charged for the actual number of days elapsed in an interest period; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding during the Interest Period.  All interest payable under this Note is computed using this method.
		

		
			Business Day:   Any day other than a Saturday or a Sunday or any day on which commercial banks in New York, New York, are authorized or required to close.
		

		
			PAYMENT DAY:
		

		
			Commencing April 29, 2018,  and on the same day of each succeeding month during the Loan Term and for February, the last day of February (each a “Payment Day”).
		

		
			MORTGAGED PROPERTY:
		

		
			The premises known as Webster Green Apartments and located at 757 Highland Avenue, Needham, Massachusetts as described in Exhibit A of the Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (the “Mortgage”).
		

		
			PREPAYMENT:
		

		
			Maker may prepay all or any portion of the unpaid principal balance due under this Note by paying, in addition to the payment of principal, accrued interest and any other sums due to the Lender at the time of prepayment, a prepayment premium in an amount equal to the percentage of the amount of principal being prepaid, as follows:
		

		
			Two (2%) percent from the date hereof through and including January 15, 2025; and
		

		
			Zero (0%) percent from January 16, 2025 through and including January 15, 2026.
		

		
			The foregoing premium shall be due in the event of a prepayment by acceleration or otherwise.  In the event any partial prepayment of this Note is permitted, it shall be applied to installments hereof in the inverse order of maturity.  There shall be no prepayment payable if this Note is refinanced by Maker with an agency loan through Walker & Dunlop via Lender or if the Note is refinanced by Lender.
		

		
			A  NOTE PARTY:
		

		
			Maker, any one or more of the persons or entities constituting Maker, any principal Maker, co-Maker, and any guarantor, endorser, or surety of Maker.
		

		
			

		 

		

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			PLACE OF EXECUTION OF NOTE:
		

		
			Boston, Massachusetts
		

		
			For value received, Maker does hereby promise to pay to the order of  Lender at the office of Lender set forth above or at such other place or places or to such other party or parties as the holder of this Note may from time to time designate, the Principal Amount of this Note, or so much thereof as shall be advanced against this Note from time to time in amounts agreed to from time to time by Lender, together with interest thereon, as follows:  on each Payment Day during the Loan Term starting with the 29th day of April, 2018,  until and including the Payment Day of February 28, 2019,  Maker shall make payments of interest only on the principal balance outstanding at the Interest Rate in effect on the date thereof.  Commencing with the Payment Day of March 28, 2019 and on each Payment Date thereafter, Maker shall make payments of principal and interest the amount as determined by Lender to fully amortize the principal amount of this Loan at the end of the Amortization Period.  On the Maturity Date, Maker shall make a final payment equal to the principal and all accrued interest then outstanding.  If any monies paid by the holder of this Note to cure any default of Maker shall not have been repaid, payments made on account of monies due under this Note may, at the option of the holder of this Note, be applied first to repay such monies paid and the balance, if any, shall be applied on account of interest.
		

		
			As a condition to this Note, Maker shall pay Lender a non-refundable original fee in an amount equal to $75,250.00.
		

		
			This Note may be prepaid in full, or in part, subject to payment of the  prepayment premium set forth above.
		

		
			If at any time any amount payable by Maker to Lender on account of principal or interest shall not be paid for a period of fifteen (15) days after the due date thereof, Maker shall then pay to Lender upon demand, in addition to all other amounts payable, a late charge equal to five (5%) percent of the amount so overdue, but in no event less than $15.00.  The foregoing shall not apply to any payment due on the Maturity Date.
		

		
			If a default shall occur in the making of any payment provided for in this Note,  or if any other event designated as an Event of Default in the Mortgage shall occur, after the expiration of any applicable grace period, then, or at any time thereafter, the Lender may (a) declare the entire debt then remaining unpaid, immediately due and payable and (b) the Interest Rate shall be an annual rate equal to four  (4%) percent in excess of the Interest Rate payable in the absence of a default and (c) apply to the indebtedness of Maker to Lender any and all deposits, certificates of deposit or other sums held by Lender of the account of or due as a credit to Maker all of which sums shall be deemed additional security for all obligations of Maker to Lender evidenced by this Note.
		

		
			Failure of the holder hereof to exercise the option for acceleration of maturity following any default, or to exercise any other option granted hereunder, or the acceptance by the holder hereof of partial payment hereunder shall not constitute a waiver of any such default, but such options shall remain continuously in force.
		

		
			

		 

		

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			This Note may not be changed orally, but only by an agreement in writing.
		

		
			The Maker hereby waives presentment for payment, demand, notice of dishonor, diligence in collection, protest, and all other demands and notices (other than notices specifically and expressly provided for herein or in the Mortgage or in any other document that evidences or secures the indebtedness evidenced by this Note) in connection with the delivery, acceptance, performance, default, or enforcement of this Note, the Mortgage or any other security for this Note, and agrees to pay all costs of collection incurred therewith, including reasonable attorneys’ fees and to perform and comply with each of the covenants, conditions, provisions, and agreements of any of the undersigned contained in every instrument evidencing or securing the indebtedness evidenced by this Note.  No extension of the time for the payment of this Note or any installment hereof made by agreement with any person now or hereafter liable for the payment of this Note shall operate to release, discharge, modify, change, or affect the liability of the Maker.
		

		
			If any provision of this Note shall be determined to be invalid or unenforceable under law, such determination shall not affect the validity or enforcement of the remaining provisions of this Note.  Notwithstanding any provision contained in this Note or in any instrument now or hereafter given as security for this Note or in connection with the loan for which this Note is evidence, the maximum amount of interest and other charges in the nature thereof contracted for or payable shall not exceed the maximum amount which may be lawfully contracted for or payable.  If said amount of interest and other charges shall be determined to exceed said maximum amount, the same shall be reduced to said maximum amount.
		

		
			
		

		
			

		 

		

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			This Note shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts.
		

		
			This Note is secured by the Mortgage.
		

		
			This Note consists of six (6) pages plus the signature page.
		

		
			Time is of the essence of this Note.
		

		
			MAKER AND LENDER (BY ACCEPTANCE OF THIS NOTE) MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS NOTE, THE 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 INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR THE ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER TO ACCEPT THIS NOTE AND MAKE THE LOAN.
		

		
			This instrument shall take effect as a sealed instrument.
		

		

		
			End of text.  Signature on following page.
		

		
			
		

		
			

		 

		

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						HAMILTON HIGHLANDS, LLC, a Massachusetts

				
	
					
						limited liability company

				
	
					
						By: NewReal, Inc., a Massachusetts corporation,

				
	
					
						its Manager

				
	
					
						 

				
	
					
						 

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Ronald Brown, President

				

		
			COMMONWEALTH OF MASSACHUSETTS
		

			
					
						SUFFOLK, ss.

				
	
					
						 

				
	
					
						On this ________ day of March, 2018, before me, the undersigned notary public, personally appeared Ronald Brown proved to me through satisfactory evidence of identification, personally known to me to be the person whose name is signed on the preceding or attached document and acknowledged to me that he signed it voluntarily for its stated purpose as President of NewReal, Inc, which is the Manager of Hamilton Highlands, LLC.

				

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						NOTARY PUBLIC

				
	
					
						 

					
					
						 

					
					
						My Commission Expires:

					
					
						 

				

		
			
		

		
			

		 

		

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			BROOKLINB BANK HEREBY AGREES TO THE FOREGOING AMENDED AND RESTATED NOTE, DATED MARCH 29, 2018, IN THE PRINCIPAL AMOUNT OF $21,500,000.00 FROM HAMILTON HIGHLANDS, LLC
		

		
			BROOKLINE BANK
		

			
					
						By:

					
					
						 

				
	
					
						 

					
					
						Jane A. Adler, Vice President

				

		
			 
		

		 

		

			8nen_Ex10_4

		
			Exhibit 10.4
		

		
			LIMITED GUARANTY
		

		
			This GUARANTY is made as of the 29th day of March, 2018, by New England Realty Associates Limited Partnership,  a Massachusetts limited partnership with an address c/o The Hamilton Company, 39 Brighton Avenue, Boston, Massachusetts  02134  (the "Guarantor"), for the purpose of inducing Brookline Bank,  having an address of 131 Clarendon Street, Boston, Massachusetts  02116  (the “Lender”), to make a loan in the amount of Twenty-One Million Five Thousand ($21,500,000.00) Dollars (the “Loan”) to Hamilton Highlands, LLC, a Massachusetts limited liability company, of 39 Brighton Avenue, Boston, Massachusetts  02134 (the “Borrower”).  The Loan will be evidenced by an amended and restated note of the Borrower (the “Note”)  and by a Loan Agreement, as amended, by and between the Lender and Webster Green Apartments, LLC (“Webster”), as assumed by Borrower and will be secured by a Mortgage, Security Agreement and Assignment of Leases and Rents (the “Mortgage”) of certain real property known as 757 Highland Avenue, Needham, Norfolk County, Massachusetts, which is more particularly described in the Mortgage (the "Mortgaged Premises").  The Note, Loan Agreement, Mortgage and all other instruments, whether now existing or hereafter arising, executed in connection with the Loan or any extension or modification thereof or submitted to the Lender are collectively referred to herein as the "Loan Documents."
		

		
			In consideration of the foregoing, Guarantor agrees as follows:
		

		
			1.   Guaranty.   Guarantor unconditionally guarantees to the Lender (all of the matters hereby guaranteed being hereafter referred to for convenience as the "Obligations"):
		

		
			(a)  The full and prompt payment when due of twenty-five percent (25%) of the amount due to the Lender under the Loan Documents, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter;
		

		
			(b)  The full and prompt payment when due of any and all costs of collection relating to the Loan and this Guaranty;
		

		
			(c)  the prompt and full payment of all losses, damages and costs (including Lender’s reasonable attorney’s fees) sustained by the Lender as a result of the occurrence of any one or more of the events set forth in clauses (i) - (ix) of this Section 1(c) with respect to the Loan and/or the Mortgaged Premises
		

		
			 
		

		
			(i)   Guarantor and/or Borrower denying the Lender possession of the Mortgaged Premises after default under the Loan Documents beyond applicable grace, notice and cure periods;
		

		
			(ii) The voluntary bankruptcy of the Borrower, or the involuntary bankruptcy of the Borrower not dismissed within ninety (90) days of its filing;
		

		
			

		 

 

		

		
			(iii) Fraud which induces the making of the Loan to the Borrower to the extent that it adversely affects in any material respect the value of the collateral given as security for the Note or the ability of the Borrower to repay the Note;
		

		
			(iv) The generation, release, storage or disposal of oil, hazardous waste, asbestos or hazardous materials at, on or from the Mortgaged Premises in violation of applicable law or any past, present or future violation of any applicable federal or state law, code, regulation or statute relating to such generation, release, storage and/or disposal at, on or from the Mortgaged Premises;
		

		
			(v)  Failure to pay real estate taxes or maintain fire and casualty insurance with rent loss coverage as provided in the Mortgage prior to the Lender taking possession of the Mortgaged Premises as mortgagee in possession or while Borrower controls the Mortgaged Premises;
		

		
			(vi)  The misapplication of security deposits or of any funds held in trust, or of insurance proceeds;
		

		
			(vii)  The commission of or the continued existence of waste with respect to the Mortgaged Premises;
		

		
			(viii) The misapplication or misappropriation of tax reserve amounts, tenant improvement reserve accounts, prepaid rents or other similar sums paid to or held by the Borrower or any other person or entity in connection with the operation of the Mortgaged Premises; and/or
		

		
			(ix) The failure to apply any rent or income from the Mortgaged Premises regardless of its source first to the payment of principal, interest, real estate taxes and other charges when due under the Loan Documents or to the payment of operating expenses or capital expenditures benefiting the Mortgaged Premises or to distributions in the ordinary course of business prior to the occurrence of any Event of Default set forth in the Mortgage
		

		
			Guarantor’s liability hereunder is direct and unconditional and may be enforced after nonpayment or non-performance by the Borrower, (which nonpayment or nonperformance continues after the expiration of applicable notice and grace periods), of any of the Obligations without requiring Lender to resort to any other person or entity (including, without limitation, the Borrower) or any other right, remedy or collateral.
		

		
			2.   Rights of the Lender.  Guarantor authorizes the Lender, with the assent of Borrower, to alter at any time, in the Lender’s discretion, any of the terms of the Obligations, to take and to hold any security for the Obligations and to accept additional or substituted security, to subordinate, compromise or release any security, to release the Borrower from its liability for all or any part of  the Obligations, to release any Guarantor hereunder or to substitute or add one or more guarantors or endorsers hereunder, and to assign this Guaranty in whole or in part.  The Lender may take any and all of the foregoing actions upon such terms and conditions as the Lender may elect, without giving notice 

		 

		

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to any Guarantor or obtaining the consent of any Guarantor and without affecting the liability of any Guarantor to the Lender.
		

		
			3.   Joint, Several and Independent Liability.  The obligations of Guarantor under this Guaranty are joint and several and independent of the obligations of the Borrower.  The Lender may release or settle with the Borrower or any Guarantor at any time without affecting the continuing liability of any Guarantor.  The Lender may proceed against any Guarantor under this Guaranty without first proceeding against the Borrower, against any other Guarantor or any other person or any security held by the Lender and without pursuing any other remedy.  Lender’s rights under this Guaranty will not be altered or exhausted by any action by Lender until all of the Obligations have been paid, performed and satisfied in full.
		

		
			4.   Waiver of Indulgence.  Guarantor waives notice of acceptance of this Guaranty and all presentment, demand, protest, notice of protest and notices of default or dishonor of any note or other obligation guaranteed hereby and all other suretyship defenses generally.  No extension of time or other indulgence or release of liability or collateral granted by the Lender to the Borrower or to any other guarantor will release or affect the obligations of any Guarantor hereunder and no act, omission or delay on the part of the Lender in exercising any rights hereunder or in taking any action to collect or enforce payment or performance of any of the Obligations shall be a waiver of any such right or release or affect the Obligations.  This Guaranty shall not be impaired by any bankruptcy, insolvency, arrangement, assignment for the benefit of creditors, reorganization or other debtor relief proceedings under any federal or state law, whether now existing or hereafter enacted, with respect to the Borrower or any Guarantor or if for any other reason the Borrower or any other Guarantor has no legal obligation to discharge any of the obligations.
		

		
			5.   Subordination of Rights.  Guarantor covenants and agrees that any indebtedness of the Borrower to the Guarantor, whether arising from payments made by Guarantor pursuant to this Guaranty or otherwise, is hereby subordinated to the Obligations and that after any default under the Note or any of the other Loan Documents, the Guarantor shall hold any funds received from Borrower in trust for the Lender to satisfy the Obligations. This subordination of the indebtedness and other obligations shall continue until all of the Obligations have been paid, performed and satisfied in full.  Nothing in this Section shall prevent any Guarantor from enforcing and collecting any obligation owed to such Guarantor by the Borrower prior to a default under the Note or under any of the other Loan Documents or after the Obligations have been paid, performed and satisfied in full.
		

		
			6.   Financial Statements and Tax Returns.   Guarantor shall furnish the Lender annually by May 1st of each year for as long as any sums are owed to the Lender on account of the Note or other obligations, Guarantor’s financial statement on forms prescribed by the Lender and a complete copy of Guarantor’s federal income tax return for the most recent year. If such tax return is filed on extension, then Guarantor shall provide the Lender with a copy thereof within fifteen (15) days of its filing.
		

		
			7.   Minimum Net Worth.  For as long as any sums are owed to Lender on account of the Note or other obligations, Guarantor shall maintain (a) a minimum net worth of at least Seven Million Fie Hundred Thousand and 00/100 Dollars ($7,500,000.00), and (b) liquid assets (consisting of cash or cash equivalents, bonds, certificates of deposit, mutual funds, marketable stocks and other 

		 

		

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marketable securities), and reoccurring cash flow distributions from Guarantor’s ownership in real estate investments, which shall not be subject to any liens, of at least One Million and 00/100 ($1,000,000.00).
		

		
			8.   Default.  The Lender may declare Guarantor in default under this Guaranty if a Guarantor fails to perform any of its obligations under this Guaranty or under any other guaranty given to the Lender in connection with the Loan, or becomes the subject of any bankruptcy, insolvency, assignment for the benefit of creditors, arrangement, reorganization, or other debtor relief proceeding under any federal or state law, whether now existing or hereafter enacted and such proceeding is not dismissed within ninety (90) days of its filing.
		

		
			9.   Delay; Cumulative Remedies.  No delay or failure by the Lender to exercise any right or remedy against the Borrower or any Guarantor will be construed as a waiver of that right or remedy.  All remedies of the Lender against the Borrower and Guarantor are cumulative.
		

		
			10. Expenses of Collection.  Guarantor shall pay to the Lender on demand any and all reasonable expenses paid or incurred by the Lender, including reasonable attorneys’ fees and disbursements, in connection with the collection or enforcement of the Obligations or this Guaranty.  Until paid to the Lender, such sums will bear interest at the rate set forth in the Note.
		

		
			11. Entire Agreement.  The whole of this Guaranty is set forth herein, and there is no verbal or other written agreement, and no understanding or custom affecting the terms hereof.  This Guaranty can be modified only by a written instrument signed by the parties to be charged.
		

		
			12. Interpretation and Binding Effect.  If any provision of this Guaranty shall be held to be prohibited or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Guaranty.  This Guaranty shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts and shall take effect as a sealed instrument and shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto.  Guarantor submits  to the jurisdiction of the courts of the Commonwealth of Massachusetts, state and federal, without regard to conflict of laws principles for all purposes with respect to this Guaranty and the Guarantor’s relationship with the Lender.
		

		
			13. Termination.   Notwithstanding anything appearing to the contrary in this Guaranty, this Guaranty shall terminate upon full satisfaction of the Loan.
		

		
			
		

		
			

		 

		

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			14. Waiver of Trial by Jury.   GUARANTOR AND LENDER (BY ACCEPTANCE OF THIS GUARANTY) MUTUALLY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS GUARANTY 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 INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF LENDER RELATING TO THE ADMINISTRATION OF THE LOAN OR THE ENFORCEMENT OF THE LOAN DOCUMENTS, AND AGREE THAT NEITHER PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED.  THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR LENDER TO ACCEPT THIS GUARANTY AND MAKE THE LOAN.
		

		

		
			End of text.  Signatures follow.
		

		
			
		

		
			

		 

		

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			NEW ENGLAND REALTY ASSOCIATES LIMITED
		

		
			PARTNERSHIP, a Massachusetts limited partnership
		

			
					
						By:

					
					
						NewReal, Inc., a Massachusetts corporation,

				
	
					
						 

					
					
						its General Partner

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Ronald Brown, President

				

		
			COMMONWEALTH OF MASSACHUSETTS
		

		
			SUFFOLK, ss.
		

		
			On this ________ day of March, 2018, before me, the undersigned notary public, personally appeared Ronald Brown proved to me through satisfactory evidence of identification, personally known to me to be the person whose name is signed on the preceding or attached document and acknowledged to me that he signed it voluntarily for its stated purpose as President of NewReal, Inc, which is the General Partner of NEW ENGLAND REALTY ASSOCIATES LIMITED PARTNERSHIP.
		

		
			 
		

			
					
						 

					
					
						NOTARY PUBLIC

				
	
					
						 

					
					
						My Commission Expires:

					
					
						 

				

		
			 
		

		 

		

			6

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