Document:

LIMITED LIABILITY COMPANY AGREEMENT

 

OF

 

SENTIO-SLR BOSTON TRS PORTFOLIO, LLC

 

a Delaware Limited Liability Company

 

Dated as of December 6th, 2013

 

THE LIMITED LIABILITY COMPANY INTERESTS
REPRESENTED BY THIS AGREEMENT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS IN RELIANCE UPON EXEMPTIONS FROM
REGISTRATION AS PROVIDED IN THOSE STATUTES. THE SALE, ASSIGNMENT, TRANSFER, EXCHANGE, MORTGAGE, PLEDGE OR OTHER DISPOSITION OF
ANY LIMITED LIABILITY COMPANY INTEREST IS RESTRICTED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT, AND THE EFFECTIVENESS
OF ANY SUCH SALE OR OTHER DISPOSITION MAY BE CONDITIONED UPON, AMONG OTHER THINGS, RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL
SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH SALE OR OTHER DISPOSITION CAN BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND APPLICABLE STATE SECURITIES LAWS. BY ACQUIRING THE LIMITED LIABILITY COMPANY INTERESTS REPRESENTED
BY THIS AGREEMENT, EACH MEMBER REPRESENTS THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF ITS LIMITED LIABILITY COMPANY INTERESTS
WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID STATUTES AND RULES AND REGULATIONS THEREUNDER AND THE TERMS AND PROVISIONS
OF THIS AGREEMENT

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 ORGANIZATIONAL MATTERS	1
	 	 	 
	1.1	Formation and Continuation; Filings	1
	1.2	Name	2
	1.3	Principal Place of Business; Other Places of Business	2
	1.4	Business Purpose	3
	1.5	Powers	3
	1.6	Designated Agent for Service of Process	3
	1.7	Term	3
	 	 	 
	ARTICLE 2 CAPITAL; CAPITAL ACCOUNTS AND MEMBERS	3
	 	 	 
	2.1	Generally; Initial Capital Contributions	3
	2.2	Additional Contributions	4
	2.3	Default Loans; Default Contributions; and Reallocation of Interests	4
	2.4	Capital Accounts	8
	2.5	Additional Members	8
	2.6	Invested Capital	8
	2.7	Liability of Members	9
	2.8	Member Loans	9
	2.9	Loans by Third Parties	10
	2.10	Dilution	10
	 	 	 
	ARTICLE 3 DISTRIBUTIONS	10
	 	 	 
	3.1	Distributions of Cash Available for Distribution	10
	3.2	Distributions Upon Liquidation	13
	3.3	Withholding	13
	3.4	Distributions in Kind	13
	3.5	Limitations on Distributions	13
	 	 	 
	ARTICLE 4 ALLOCATIONS OF NET PROFITS AND NET LOSSES	13
	 	 	 
	4.1	Timing of Allocations	13
	4.2	Economic Effect of Allocations	14
	 	 	 
	ARTICLE 5 OPERATIONS	14
	 	 	 
	5.1	Management	14
	5.2	Limitations on Authority of the Managing Member	15
	5.3	Reimbursement and Remuneration Generally	16
	5.4	Reliance by Third Parties	16
	5.5	Records and Reports	16
	5.6	Indemnification and Liability	17

 

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	 	 	Page
	 	 	 
	5.7	Duties and Conflicts	18
	5.8	REIT Protections	20
	5.9	Right of First Offer	20
	 	 	 
	ARTICLE 6 INTERESTS AND TRANSFERS OF INTERESTS	20
	 	 	 
	6.1	Transfers	20
	6.2	Purchase Right/Obligation	22
	6.3	Further Restrictions	23
	6.4	Rights of Assignees	24
	6.5	Admissions, Withdrawals and Removals	24
	6.6	Admission of Assignees as Substitute Members	24
	6.7	Withdrawal of Members	25
	6.8	Conversion of Membership Interest	25
	 	 	 
	ARTICLE 7 DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE COMPANY	25
	 	 	 
	7.1	Limitations	25
	7.2	Exclusive Causes	26
	7.3	Effect of Dissolution	26
	7.4	No Capital Contribution Upon Dissolution	26
	7.5	Liquidation	27
	 	 	 
	ARTICLE 8 MISCELLANEOUS	27
	 	 	 
	8.1	Amendments	27
	8.2	Member Representations and Warranties; Indemnification	28
	8.3	Entire Agreement	31
	8.4	Further Assurances	31
	8.5	Notices	31
	8.6	Tax Matters	32
	8.7	Governing Law	32
	8.8	Construction	32
	8.9	Captions - Pronouns	32
	8.10	Binding Effect	32
	8.11	Severability	33
	8.12	Confidentiality	33
	8.13	Interpretation	33
	8.14	No Third Party Beneficiaries	34
	8.15	No Right of Setoff (Except for Amounts Owing Under OpCo LLC Agreement)	34
	8.16	Counterparts	34
	8.17	Mandatory Arbitration	34
	8.18	Attorney's Fees	35
	8.19	Injunctive Relief and Enforcement	35
	8.20	Appointment of Managing Member as Attorney-in-Fact	35

  

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	 	 	Page
	 	 	 
	8.21	Force Majeure	36
	8.22	Limitation On Creditors’ Interests	36
	8.23	No Liability For Return of Capital	36
	Section 1.	Capitalized Terms. Capitalized words and phrases used and not otherwise defined in
    this Agreement shall have the following meanings:	1
	Section 2	Regulatory Allocations. Notwithstanding the provisions of Article 4, the following
    special allocations shall be made in the following order of priority:	5

  

	Exhibit A	-	Capitalized Terms
	Exhibit B	-	Members, Initial Invested Capital Balance and Percentage Interests
	Exhibit C	-	Communities and Subsidiary Owners
	Exhibit D	-	List of Existing Competing Communities
	Exhibit E	-	Additional Allocation Provisions
	Exhibit F	-	Call Purchase Price

 

SCHEDULE 8.2.1(g) -Brokers

 

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LIMITED LIABILITY COMPANY AGREEMENT

OF

SENTIO-SLR BOSTON TRS PORTFOLIO LLC

 

THIS LIMITED LIABILITY
COMPANY AGREEMENT (the “Agreement”) of SENTIO-SLR BOSTON TRS PORTFOLIO LLC (the “Company”)
is made and entered into as of December ___, 2013 (the “Effective Date”), by and between Sentio Boston TRS,
LLC (“Sentio”), and Oaktree SLR, LLC, a Massachusetts limited liability company (“SLR”).
Sentio and SLR are herein collectively referred to as “Members” and each individually referred to as a “Member.”
The Company is organized under the Delaware Limited Liability Company Act, 6 Del.C. § 18-101, et seq.
(as amended from time to time, the “Act”). Capitalized terms used herein are defined in Exhibit A hereto
or as elsewhere provided herein.

 

RECITALS

 

A.             Certain
Affiliates (as defined below) of Sentio and SLR are parties to that certain Purchase and Sale Agreement dated as of August 28,
2013 (as the same may have been or may hereafter be amended or modified in accordance with the terms thereof, the “Purchase
Agreement”).

 

B.              In
connection with the transactions contemplated by the Purchase Agreement, the Company has been formed under the Act for purposes
of owning one hundred percent (100%) of the membership interests in Compass TRS, LLC and Standish Village TRS, LLC, each a Delaware
limited liability company (the “Operating Companies”) and the tenant under the respective lease of the Compass
and Standish Village Communities. The Company was formed by filing the Certificate (as defined below) with the Secretary of State
of the State of Delaware under and pursuant to the provisions of the Act.

 

C.              The
Members desire to adopt this Agreement in accordance with the Act. This Agreement replaces and supersedes in its entirety any
existing limited liability company agreement of the Company.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the mutual covenants and promises contained herein and for other good and valuable consideration the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
1

ORGANIZATIONAL MATTERS

 

1.1          Formation
and Continuation; Filings

 

1.1.1         The
Company was formed under and pursuant to the provisions of the Act and on the terms and conditions set forth in the Certificate
as filed with the Secretary of State of the State of Delaware. The Members hereby agree to continue the Company as a limited liability
company under the Act for the purposes and upon the terms and conditions hereinafter set forth. The rights and liabilities of
the Members of the Company shall be as provided in the Act, the Certificate and this Agreement. In the event of any inconsistency
between any terms and conditions contained in this Agreement, the Certificate and any non-mandatory provisions of the Act, the
terms and conditions contained in this Agreement shall govern and override the provisions of the Certificate and the Act. Each
of Sentio and SLR is admitted to the Company as a member of the Company upon its execution of this Agreement.

 

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1.1.2         The
fact that the Certificate is on file in the office of the Secretary of State shall constitute notice that the Company is a limited
liability company pursuant to Section 18-207 of the Act.

 

1.1.3         The
Certificate may be amended or restated by the Managing Member as provided in the Act as deemed necessary or desirable by the Managing
Member; provided that, the Certificate may not be amended or restated without the written consent of any other Member that
would be materially adversely affected thereby.

 

1.1.4         Sharon
Kaiser, as an “authorized person” within the meaning of the Act, executed, delivered and filed the Certificate of
the Company with the Secretary of State of the State of Delaware, which filing is hereby approved and ratified. Effective as of
the Effective Date, his powers as an “authorized person” shall cease, and the Managing Member shall become (and thereafter
shall continue as) the designated “authorized person” within the meaning of the Act. To the extent not inconsistent
with this Agreement, the Managing Member may execute on behalf of the Company, and file and record (or cause to be filed and recorded)
and publish, if required by applicable laws, such other and further certificates, statements or other instruments as may be necessary
or desirable under the laws of the State of Delaware or the state in which any of the Company Assets are located in connection
with the formation and continuation of the Company and the commencement and carrying on of its business. Subject to the terms
and conditions of this Agreement, the Managing Member may also cause to be made, on behalf of the Company, such additional filings
and recordings as the Managing Member reasonably shall deem necessary or advisable.

 

1.2          Name.
The name of the Company shall be SENTIO-SLR BOSTON TRS PORTFOLIO, LLC. The Company may also conduct business through Subsidiaries
of the Company or at the same time under one or more fictitious names if the Managing Member determines that such is necessary
or advisable. The Managing Member may change the name of the Company, from time to time, in accordance with applicable law.

 

1.3          Principal
Place of Business; Other Places of Business. The principal place of business of the Company is located at 189 S. Orange
Avenue, St. 1700, Orlando, Florida 32801, or such other place within or outside the State of Delaware as the Managing Member may
from time to time designate. The Company may maintain offices and places of business at such other place or places within or outside
the State of Delaware, as the Managing Member deems necessary or advisable.

 

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1.4          Business
Purpose. The business of the Company is solely to (a) own, hold, finance, pledge and manage the sole equity interest in each
of the Operating Companies and (b) take any and all actions and make any and all decisions (i) in its capacity as the sole member
of each of the Operating Companies which leases the Property, including, without limitation, in connection with the leasing and
operation of the Property and the ownership of incidental personal property (including intangible personal property) necessary
for the operation of the Property; and (ii) in connection with the ownership, financing, refinancing, selling, assigning, transferring
and prosecuting or defending any and all legal proceedings relating to the interests of the Company in each of the Operating Companies;
and do any and all other acts or things that may be necessary or incidental to carry on the business of the Company as described
in clauses (a) and (b) above. The Company is not authorized to, and shall not, engage in any business other than as described
in this Section 1.4..

 

1.5          Power.
In furtherance of its purposes and business, but subject to all of the provisions of this Agreement, the Company shall have and
may exercise all of the powers and rights that can be conferred upon limited liability companies formed pursuant to the Act, and
may also engage in such other lawful business purposes or activity in which a limited liability company may be engaged under applicable
law (including, without limitation, the Act) and enter into any agreement or other undertaking, in each case which the Managing
Member deems reasonably necessary or advisable in connection therewith or incidental thereto.

 

1.6          Designated
Agent for Service of Process. So long as required by the Act, the Company shall continuously maintain a registered office
and a registered agent for service of process on the Company in the State of Delaware. As of the Effective Date, the address of
the registered office of the Company in the State of Delaware is 2711 Centerville Road, Suite 400, Wilmington, Delaware. The Company’s
registered agent for service of process at such address is Corporation Service Company. The agent may be changed from time to
time as the Managing Member determines. The Company may also from time to time maintain a registered office and a registered agent
for service of process on the Company in any other state or jurisdiction as the Managing Member determines necessary or advisable.

 

1.7          Term.
The term of the Company commenced on the filing of the Certificate with the Secretary of State of the State of Delaware, and shall
continue until the Company is dissolved in accordance with the terms of this Agreement. Notwithstanding the dissolution of the
Company, the existence of the Company shall continue as a separate legal entity until termination pursuant to this Agreement.

 

ARTICLE
2

CAPITAL; CAPITAL ACCOUNTS AND MEMBERS

 

2.1          Generally;
Initial Capital Contributions.

 

2.1.1         The
names, addresses, Capital Contributions (including additional Capital Contributions), Capital Account balances, Invested Capital
balances and Percentage Interests of the Members shall at all times be set forth in the books and records of the Company, which
shall be supplemented from time to time by the Managing Member to reflect the admission of Additional Members and Substitute Members
pursuant to this Agreement, as well as to reflect any changes in the Members’ respective Capital Contributions, Capital
Account balances, Invested Capital balances and Percentage Interests pursuant to the terms of this Agreement.

 

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2.1.2         Concurrently
upon the closing of the transactions contemplated by the Purchase Agreement, Members have each agreed to fund the Capital Contributions
reflected in Exhibit B attached hereto.

 

2.2          Additional
Contributions.

 

2.2.1         Except
as set forth in this Section 2.2, or as otherwise required by law, no Member or Assignee shall be required to make any
additional Capital Contributions to the Company.

 

2.2.2         Subject
to the other terms of this Agreement, as and when appropriate from time to time to satisfy the capital needs of the Company, the
Managing Member shall determine if, when and to what extent additional Capital Contributions are necessary and shall require the
Members to make additional Capital Contributions in accordance with this Section 2.2. If the Managing Member determines
that any additional Capital Contributions are necessary in accordance with the foregoing and are permitted by the terms of this
Agreement, the Managing Member shall give written notice to each Member indicating each Member’s required amount thereof.
In all events, the Members shall be obligated to make such additional Capital Contributions only in proportion to their then respective
Percentage Interests. Notwithstanding anything herein to the contrary, the Managing Member’s determination as to what extent
additional Capital Contributions are necessary shall be made in good faith, using prudent business judgment and based the bona
fide anticipated capital needs of the Company.

 

2.2.3         The
written notice described in Section 2.2.2 above shall contain a due date, which shall not be fewer than ten (10) Business
Days after the date such notice is given (the “Due Date”), and each Member shall be required to contribute
to the Company its additional Capital Contributions in immediately available funds (United States dollars) by such Due Date. Notwithstanding
the foregoing or any provision herein to the contrary, the Managing Member agrees to use commercially reasonable efforts to provide
as much time as practicable between the date that such written notice is delivered and the Due Date; provided, however,
that in no event shall the foregoing be deemed or construed to require the Managing Member to ever provide notice more than thirty
(30) days before the applicable Due Date. The Managing Member shall cause the Company’s books and records to be updated
to reflect such additional Capital Contributions and any corresponding changes to the Members’ Capital Account balances,
Percentage Interests and Invested Capital balances as a result thereof.

 

2.3          Default
Loans; Default Contributions; and Reallocation of Interests.

 

2.3.1         If
a Member fails to advance in immediately available funds (United States dollars) to the Company any additional Capital Contribution
required pursuant to Section 2.2 (with respect to each Member, a “Required Capital Contribution”) by
5:00 p.m. local time in New York, New York, on the Due Date therefor (a “Non-Contributing Member”), a non-defaulting
Member may, so long as such non-defaulting Member does not have an outstanding Default Loan made to it hereunder (a “Lending
Eligible Member”), deliver, at any time within thirty (30) days after the Due Date, a notice to the Non-Contributing
Member (a “Default Contribution Notice”) which shall include the following statement set forth in all capital
letters “NOTE: YOU HAVE FAILED TO MAKE A REQUIRED CAPITAL CONTRIBUTION TO SENTIO-SLR BOSTON TRS PORTFOLIO, LLC, IN THE AMOUNT
OF $________, AND THE UNDERSIGNED CAN ELECT TO FUND THE SAME AS A “DEFAULT LOAN” AS SUCH TERM IS DEFINED IN SECTION
2.3 OF THE LIMITED LIABILITY COMPANY AGREEMENT OF SENTIO BOSTON TRS PORTFOLIO LLC, IF SUCH REQUIRED CAPITAL CONTRIBUTION IS
NOT MADE BY YOU ON OR BEFORE FIVE (5) BUSINESS DAYS FOLLOWING THE EFFECTIVE DATE OF THIS NOTICE.” At any time after the
5th Business Day following the date on which a Default Contribution Notice is delivered (such 5th Business
Day, an “Outside Contribution Date”), a Lending Eligible Member may (or may cause any of its Affiliates to)
(a “Lending Member”), but shall not be obligated to, make a loan which shall be recourse only to the Non-Contributing
Member’s Interest (a “Default Loan”) to the Non-Contributing Member in an amount equal to the Required
Capital Contribution which the Non-Contributing Member is required to make pursuant to Section 2.2, provided that
such Non-Contributing Member has not made such Required Capital Contribution on or before the date that such Lending Member makes
such Default Loan as provided below.

 

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2.3.2         If
a Default Loan(s) shall be made in accordance with this Section 2.3, the Lending Member shall notify the Non-Contributing
Member and the Company of the amount and date of the Default Loan(s), and the Capital Account balance and Invested Capital balance
of the Non-Contributing Member shall be credited to reflect the payment of the proceeds of the Default Loan to the Company. Each
Default Loan shall be deemed to be made to the Non-Contributing Member, with the proceeds of each Default Loan by the Lending
Member delivering the same to the Company in immediately available funds (United States dollars) on such Non-Contributing Member’s
behalf. A Default Loan shall be deemed to have been advanced on the date actually advanced by the Lending Member. Default Loans
shall earn interest on the outstanding principal amount thereof at a rate equal to the Default Loan Rate from the date actually
advanced by the Lending Member until the date the same is repaid in full. If the Lending Member is a REIT Member, then upon the
request of such Lending Member, the Default Loan shall be structured in a manner consistent with the requirements of Code Section
856(c)(4), as determined by such Lending Member in its reasonable discretion.

 

2.3.3         Default
Loans shall be secured as provided in Section 2.3.4 and shall have a term of ninety (90) days (the “Default Loan
Term”) and be repayable by and collectible from the Non-Contributing Member as set forth in this Section 2.3.
A Lending Member making a Default Loan may, in the exercise of such Lending Member’s sole and absolute discretion, extend
(for a period(s) to be determined by such Lending Member) the Default Loan Term of a Default Loan. If a Default Loan is made,
the Non-Contributing Member shall not receive any distributions pursuant to Articles 3 and 7 while the Default Loan
remains unpaid. Instead, the Non-Contributing Member’s share of all such distributions or such other proceeds shall (until
all Default Loans plus all accrued and unpaid interest thereon, if any, shall have been paid in full) first be paid to the Lending
Member. Such payments shall be applied first to the payment of any accrued and unpaid interest on such Default Loans and then
to the repayment of the principal amounts thereof, but shall be considered, for all other purposes of this Agreement, to have
been distributed to the Non-Contributing Member. Such Non-Contributing Member’s right to receive distributions shall be
immediately reinstated prospectively upon the full repayment of a Default Loan, including all accrued and unpaid interest thereon
to the Lending Member.

 

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2.3.4         If
a Default Loan is made, as security therefor, the Non-Contributing Member hereby pledges and grants to the Lending Member a continuing
lien and first priority security interest in all of such Non-Contributing Member’s Interest to secure the payment of the
principal of, and interest on, such Default Loan in accordance with the provisions hereof, and for such purpose this Agreement
shall constitute a security agreement. The Non-Contributing Member hereby authorizes the Lending Member to file such financing
statements, continuation statements or other documents or other documents and take such other actions as the Lending Member determines
necessary or desirable to grant, perfect or continue the perfection of such security interest in such Non-Contributing Member’s
Interest. In addition, the Non-Contributing Member shall promptly execute, acknowledge and deliver such pledges, financing statements,
continuation statements or other documents and take such other actions as the Lending Member shall request in order to more effectively
grant, perfect or continue the perfection of such security interest in such Non-Contributing Member’s Interest. Each Lending
Member is hereby appointed the attorney-in-fact of, and is hereby authorized on behalf of, each Non-Contributing Member, to execute,
acknowledge and deliver all such documents and to take all such other actions as may be required to grant and perfect a security
interest in such Non-Contributing Member’s Interest in favor of such Lending Member; provided, however, that each
Member agrees it shall not exercise its power as attorney-in-fact unless it has made a Default Loan and the Non-Contributing Member
has failed to execute, acknowledge and deliver all such documents within five (5) Business Days after demand therefor by its Lending
Member. Such appointment and authorization are coupled with an interest and shall be irrevocable.

 

2.3.5         If
a Default Loan, including all accrued and unpaid interest thereon, has not been repaid in full on or before the expiration of
the Default Loan Term, (a) in addition to any other rights or remedies provided in this Agreement, the Lending Member shall
have all rights and remedies available at law or in equity against the Non-Contributing Member’s Interest, (b) the
Default Loan shall from and after the expiration of the Default Loan Term continue to accrue interest at the Default Loan Rate
until repaid in full, and (c) the Non-Contributing Member shall be liable for the reasonable fees and expenses incurred by
the Lending Member (including reasonable attorneys’ fees and disbursements) in connection with any enforcement or foreclosure
upon any Default Loan and such costs shall, to the extent enforceable under applicable laws, be added to the principal amount
of the applicable Default Loan. At any time during the Default Loan Term, the Non-Contributing Member shall have the right to
repay, in full, the Default Loan (including interest and any other charges thereon).

 

2.3.6         If
the Lending Eligible Member provides a Default Contribution Notice to the Non-Contributing Member as provided in Section 2.3.1
above, the Non-Contributing Member does not make the Required Capital Contribution on or before the Outside Contribution Date,
and a Lending Eligible Member elects not to make (or elects not to cause any of its Affiliates to make) a Default Loan within
thirty (30) days after the Outside Contribution Date, the Lending Eligible Member may elect, at any time within thirty (30) days
after the Outside Contribution Date by notice to the Company and the Non-Contributing Member, to have the Company return the Required
Capital Contribution contributed by the Lending Eligible Member and, promptly following such election the Company shall return
such corresponding Required Capital Contribution to the Lending Eligible Member (with a corresponding debit to the Non-Contributing
Member’s Capital Account balance and Invested Capital balance).

 

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2.3.7         In
lieu of exercising any other rights or remedies provided in this Agreement, or available at law or in equity against the Non-Contributing
Member’s Interest in connection with a Default Loan, any Lending Member who made a Default Loan shall be entitled at any
time following the expiration of the Default Loan Term and prior to repayment in full of the Default Loan (including interest
and any other charges thereon), to elect, by the delivery of a notice to the Non-Contributing Member, (x) to have such Default
Loan (plus the accrued interest and any other charges thereon) treated as satisfied by the Non-Contributing Member in exchange
for the Non-Contributing Member’s transfer of a corresponding portion of the Percentage Interest of the Non-Contributing
Member to the Lending Member or (y) if such Lending Member is an Affiliate of a Lending Eligible Member, to cause such Affiliate
to transfer such Default Loan to such Lending Eligible Member and have such Default Loan (plus the accrued interest and any other
charges thereon) treated as satisfied by the Non-Contributing Member in exchange for the Non-Contributing Member’s transfer
of a corresponding portion of the Percentage Interest of the Non-Contributing Member to such Lending Eligible Member, in either
case as provided below. Any such election by the Lending Member pursuant to either clause (x) or (y) above of this
Section 2.3.7, shall, as of the date of any such election shall result in the following:

 

(a)          the
Percentage Interest of the Lending Member or Lending Eligible Member, as applicable, shall be adjusted and shall be amended in
order to reflect an increase in such Member’s Percentage Interest by adding thereto a percentage amount equal to the product
of (A) 1.5 times (B) the quotient (expressed as a percentage) of (I) the sum of the principal amount of the applicable
Default Loan plus the accrued and unpaid interest plus any other charges owing thereon, divided by (II) the sum of the total
Invested Capital balances of all Members through and including the date that the Lending Member made the Default Loan to the Non-Contributing
Member (assuming, for purposes of this Section 2.3.7(a)(B)(II), that a Capital Contribution in the amount of the Default
Loan plus the accrued and unpaid interest plus any other charges owing thereon was made on such date immediately prior to such
calculation);

 

(b)          the
Percentage Interest of the Non-Contributing Member shall be reduced by the percentage amount added to the Percentage Interest
of the Lending Member or Lending Eligible Member, as applicable, pursuant to clause (a) above;

 

(c)          the
Lending Member or Lending Eligible Member, as applicable, shall be treated, as applicable, as having acquired a portion of the
Non-Contributing Member’s Interests; and

 

(d)          in
no event shall the Percentage Interest of any Member be greater than 100% or less than -0-% as a result of the foregoing dilution,
and in the event that any Member’s Percentage Interest is reduced to -0-% as result of the foregoing dilution, such Member
shall automatically and without further action be removed from, and shall be deemed to have withdrawn as a member of the Company
and from thereafter shall have no further rights or obligations as member of the Company, except for those obligations that expressly
survive a Member’s ceasing to be a member of the Company.

 

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2.3.8         Notwithstanding
anything to the contrary herein, if at any time a Member’s Percentage Interest shall be reduced to one and one-half percent
(1.5%) or less pursuant to Section 2.3.7(a) above (a “De Minimis Member”), the consent of such De Minimis
Member shall no longer be required, to the extent applicable, in connection with a Major Decision (as hereinafter defined).

 

2.3.9         After
the date that a Lending Member or Lending Eligible Member, as applicable, elects to acquire the portion of the Non-Contributing
Member’s Interest pursuant to Section 2.3.7 above, there shall be no right on the part of the Non-Contributing Member
to cure or repay the Default Loan or to reverse the reallocation and transfer provided herein.

 

2.3.10       Any
Affiliate of a Lending Eligible Member that makes a Default Loan pursuant to this Section 2.3 shall be an express third
party beneficiary of Sections 2.3.2 through 3.3.7.

 

2.4          Capital
Accounts. A Capital Account shall be established and maintained for each Member in accordance with Code Section 704 as set
forth in this Agreement.

 

2.5          Additional
Members. Subject to compliance with Section 5.2 hereof, the Managing Member may issue new Interests directly
from the Company and admit one or more recipients of such Interests as additional Members (“Additional Members”)
from time to time, on such terms and conditions and for such Capital Contributions as the Managing Member may determine, and the
Percentage Interests of the existing Members shall thereupon be diluted in accordance with Section 2.10; provided, however,
that such Additional Members shall have at least the same obligations hereunder as do the other Members at the time of admission.
As a condition to being admitted to the Company, each Additional Member shall execute an agreement to be bound by the terms and
conditions of this Agreement and such other documents as the Managing Member shall deem appropriate but consistent herewith.

 

2.6          Invested
Capital.

 

2.6.1         The
Company shall maintain a separate account reflecting each Member’s invested capital, which shall be designated as such Member’s
“Invested Capital,” as and for the purposes described in this Agreement. Such account shall initially include
each Member’s initial Capital Contributions and is reflected on Exhibit B attached hereto, and shall thereafter be
(a) increased by (i) any additional Capital Contributions by such Member to the Company, measured by Gross Asset Value net of
liabilities to which such property is subject, and (ii) assumptions by such Member of any Company liabilities to the extent made
with the consent of the Managing Member; and (b) decreased (but not below zero) by (i) distributions to such Member by the Company
pursuant to Section 3.1.3 below, and (ii) assumptions by the Company of any of such Member’s liabilities to the extent
made with the consent of the Managing Member or by operation of law.

 

2.6.2         Except
as otherwise provided in this Agreement or with the prior written consent of the Managing Member: (a) no Member shall demand
or be entitled to receive a return of or interest on its Capital Contributions, Capital Account balance or Invested Capital balance,
(b) no Member shall withdraw any portion of its Capital Contributions or receive any distributions from the Company as a return
of capital on account of such Capital Contributions, and (c) the Company shall not redeem or repurchase the Interest of any
Member.

 

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2.7          Liability
of Members. Except as otherwise required by any non-waivable provision of the Act or other applicable law: (a) no Member shall
be personally liable in any manner whatsoever for any debt, liability or other obligation of the Company, whether such debt, liability
or other obligation arises in contract, tort, or otherwise; and (b) no Member shall in any event have any liability whatsoever
in excess of (i) the amount of its Capital Contributions, if any, (ii) its share of any assets and undistributed profits
of the Company, (iii) the amount of any unconditional obligation of such Member to make additional Capital Contributions to the
Company pursuant to this Agreement, and (iv) the amount of any wrongful distribution to such Member, if, and only to the extent,
such Member has actual knowledge (at the time of the distribution) that such distribution is made in violation of the Act. The
foregoing shall not, however, limit the personal liability of a Member for its obligations to the Company under this Agreement
or to the Company or any other Person under any other agreement to which such Member may be a party, including, without limitation,
the liability of a Member or any Person under the Purchase Agreement, Management Agreement, or any guaranty thereof. In no event
shall any partner, member, manager, officer, director, stockholder, shareholder or owner of either Member or any Affiliate thereof
be liable for the obligations of the Members hereunder, except as expressly provided in this Agreement, the Purchase Agreement,
the Management Agreement, or any guaranty thereof.

 

2.8          Member
Loans. 

 

2.8.1         No
Member shall be required to make any loans or otherwise lend any funds to the Company or its Subsidiaries.

 

2.8.2         A
Member or an Affiliate of any Member may make loans to the Company or its Subsidiaries with the consent of such Member and the
Managing Member, provided that such loans made by a Member or any Affiliate thereof shall be on commercially reasonable
terms no less favorable to the Company or its Subsidiaries than might be available from independent third parties as reasonably
determined by the Managing Member.

 

2.8.3         No
loans made by any Member to the Company shall have any effect on such Member’s Capital Account balance, Invested Capital
balance, Percentage Interest, such loans representing a debt of the Company payable or collectible solely from the assets of the
Company in accordance with the terms and conditions upon which such loans were made.

 

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2.9          Loans
by Third Parties. Subject to Section 5.2.1, the Managing Member may, from time to time, cause the Company to borrow
funds or enter into any similar credit, guarantee, financing or refinancing arrangements (collectively, “Credit Arrangements”),
or cause or permit Subsidiaries of the Company to do the same, for any purpose consistent with the purpose of the Company from
or with any Person upon such terms as are acceptable to Managing Member (provided that the provisions of Section
2.8.2 with respect to any Credit Arrangements provided by the Managing Member or any Affiliate of the Managing Member shall
apply), and to pledge, enter into a negative pledge or otherwise secure such borrowings or similar arrangements with or with respect
to any Company Assets; provided, however, that Credit Arrangements for more than $1,000,000.00 in any one instance shall be deemed
to be a “Major Decision” as that term is hereinafter defined and subject to the provisions of Section 5.2.1 hereof.
The Members shall cooperate to secure any Credit Arrangements, such cooperation to include each Member agreeing to recourse guaranty’s
if required. The Members acknowledge that, as of the Effective Date, the Company and/or its applicable Subsidiaries are subject
to the Credit Arrangements under the Credit Facility Documents in connection with the Credit Facility. Subject to Section 5.2.1,
upon the maturity, expiration or other repayment or termination of any Credit Arrangements (including the Credit Facility) to
which the Company and/or any of its Subsidiaries is a party: (a) the Managing Member shall use commercially reasonable efforts
to arrange replacement Credit Arrangements on terms acceptable to the Managing Member in an amount not less than the then outstanding
principal balance of the Credit Facility, and/or (b) the Managing Member shall have the right to provide or cause an Affiliate
of the Managing Member to provide such replacement Credit Arrangements in lieu of any such third party replacement Credit Arrangements
(provided that any such replacement Credit Arrangements provided by the Managing Member or any Affiliate thereof shall
be on commercially reasonable terms no less favorable to the Company or its Subsidiaries than might be available from independent
third parties as reasonably determined by the Managing Member).

 

2.10        Dilution.

 

2.10.1       Subject
to the provisions of Section 5.2.1 hereof, the Managing Member may at any time and from time to time, designate an additional
Percentage Interest to any new or existing Member in exchange for such consideration as the Managing Member may
determine; provided that all then-existing Percentage Interests shall be diluted pro rata in connection therewith.
For the avoidance of doubt, no such approval shall be required in connection with any dilution pursuant to Section 2.3.7.

 

2.10.2       All
dilution under this Section 2.10 shall be effected without compensation to the Members from whom such Percentage Interests
are taken, except as otherwise agreed in writing by all Members.

 

ARTICLE
3

DISTRIBUTIONS

 

3.1          Distributions
of Cash Available for Distribution.

 

3.1.1         Generally.
Except as otherwise provided in this Section 3.1 or in Section 3.2 and Article 7, no Member shall be
entitled to receive distributions from the Company.

 

3.1.2         Distributions
of Cash Available for Distribution. The Managing Member shall cause the Company to distribute Cash Available for Distribution
(if any) (excluding distributions of Cash Available for Distribution that are attributable to a Capital Event which shall be governed
by Section 3.1.3 and/or in conjunction with the final liquidation of the Company which shall be governed by Section
3.2 and Article 7) to the Members from time to time to the extent the Managing Member determines that the Company has
Cash Available for Distribution in the following order of priority:

 

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(a)          First,
to the Members who have made Default Loans in accordance with Section 2.3 on a pro rata basis in accordance with the amounts
of their respective unpaid Default Loans until each of them has received cumulative payments pursuant to this Section 3.1.2(a)
equal to all interest due in respect of such Default Loans.

 

(b)          Second,
to the Members who have made Default Loans pursuant to Section 2.3 on a pro rata basis in accordance with the amounts of
their respective Default Loans until each of them has received cumulative payments pursuant to this Section 3.1.2(b) equal
to the outstanding principal amounts of its respective Default Loans.

 

(c)          Third,
to Sentio, until Sentio has achieved a ten percent (10%) cumulative, non-compounding annual Rate of Return.

 

(d)          Fourth,
to SLR, until SLR has achieved an ten percent (10%) cumulative, non-compounding annual Rate of Return.

 

(e)          Fifth,
until Sentio and SLR have achieved a cumulative (taking into account distributions made pursuant to Sections 3.1.2(c) and 3.1.2(d)
above) thirteen percent (13%) cumulative, non-compounding annual Rate of Return, to the Members on a pro rata basis in accordance
with their respective Percentage Interest.

 

(f)          Sixth,
(i) unless any Management Agreement has been terminated for cause (as defined in such Management Agreement) or as a result of
any performance termination rights provided therein as of the date of such distribution, (x) seventy five percent (75%) to Sentio,
and (y) twenty five percent (25%) to SLR, and (ii) in the event any Management Agreement has been terminated for cause (as defined
in such Management Agreement) or as a result of any performance termination rights provided therein as of the date of such distribution,
on a pro rata basis to the Members in accordance with their respective Percentage Interests.

 

3.1.3         Distributions
Upon Capital Event. Cash Available for Distribution that is attributable to any Capital Event shall be distributed to the
Members after the receipt of the Cash Available for Distribution. All such distributions shall be made in the following order
of priority:

 

(a)          First,
to the Members who have made Default Loans in accordance with Section 2.3 on a pro rata basis in accordance with the amounts
of their respective unpaid Default Loans until each of them has received cumulative payments pursuant to this Section 3.1.3(a)
equal to all interest due in respect of such Default Loans.

 

(b)          Second,
to the Members who have made Default Loans pursuant to Section 2.3 on a pro rata basis in accordance with the amounts of
their respective Default Loans until each of them has received cumulative payments pursuant to this Section 3.1.3(b) equal
to the outstanding principal amounts of its respective Default Loans.

 

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(c)          Third,
to Sentio, until Sentio has achieved a ten percent (10%) cumulative Rate of Return.

 

(d)          Fourth,
to SLR, until SLR has achieved a ten percent (10%) cumulative Rate of Return.

 

(e)          Fifth,
to Sentio to the extent of its Invested Capital balance.

 

(f)          Sixth,
to SLR to the extent of its Invested Capital balance.

 

(g)          Seventh,
until Sentio and SLR have achieved a cumulative (taking into account distributions made pursuant to Sections 3.1.2(c) and 3.1.2(d)
above) thirteen percent (13%) cumulative, non-compounding annual Rate of Return, to the Members on a pro rata basis in accordance
with their respective Percentage Interest.

 

(h)          Eighth,
(i) unless any Management Agreement has been terminated for cause (as defined in such Management Agreement) or as a result of
any performance termination rights provided therein as of the date of such distribution, (x) seventy five percent (75%) to Sentio,
and (y) twenty five percent (25%) to SLR, and (ii) in the event any Management Agreement has been terminated for cause (as defined
in such Management Agreement) or as a result of any performance termination rights provided therein as of the date of such distribution,
on a pro rata basis to the Members in accordance with their respective Percentage Interests.

 

3.1.4         Distributions
shall be Aggregated with those of PropCo LLC. In determining and calculating the cumulative Rate of Return at any given point
in time in connection with Section 3.1.2 and Section 3.1.3 herein, the distributions of Cash Available for Distribution
and Cash Available for Distribution that is attributable to any Capital Event (as each such term is defined in the PropCo LLC
Agreement) at such given point in time, to (a) Sentio under the provisions of this Agreement shall be aggregated with such distributions
to Sentio Boston, LLC under the provisions of the PropCo LLC Agreement, and (ii) to SLR under the provisions of this Agreement
shall be aggregated with such distributions to Oaktree SLR, LLC under the provisions of the PropCo LLC Agreement. For purposes
hereof, distributions hereunder shall be made in accordance with the order of priority contained in Section 3.1.2 and Section
3.1.3 hereof, as applicable, as if such distributions were distributions of additional Cash Available for Distribution and
Cash Available for Distribution that is attributable to any Capital Event, as applicable, for the same measurement period pursuant
to the PropCo LLC Agreement after all distributions of actual Cash Available for Distribution and Cash Available for Distribution
that is attributable to any Capital Event have been made pursuant to the PropCo LLC Agreement for such measurement period.

 

3.1.5         Shortfall
in Rate of Return. For purposes of Section 3.1.2 and Section 3.1.3, if the Members shall fail to achieve their
respective Rate of Return, as applicable, in any given year, such shortfall must be made up in future years if and to the extent
that the Company then has sufficient Cash Available for Distribution. However, if, in any given year, the Members achieve a return
in excess of their respective Rate of Return, as applicable, such excess shall not be taken into account for purposes of determining
whether or not the Members achieved the Rate of Return, as applicable, in any subsequent year.

 

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3.2          Distributions
Upon Liquidation. Distributions made in conjunction with the final liquidation of the Company shall be applied or distributed
as provided in Article 7.

 

3.3          Withholding.
The Company may withhold distributions or portions thereof if it is required to do so by any applicable rule, regulation or law,
and each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of
federal, state, local or foreign taxes that the Managing Member in good faith determines the Company is required to withhold or
pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. Any amount paid on behalf
of or with respect to a Member pursuant to this Section 3.3 shall be treated as having been distributed to such Member
as an advance against the next distributions that would otherwise be made to such Member, and such amount shall be satisfied by
offset from such next distributions. Each Member will furnish the Managing Member with such information as may reasonably be requested
by the Managing Member from time to time to determine whether withholding is required, and each Member will promptly notify the
Managing Member if such Member determines at any time that it is subject to withholding.

 

3.4          Distributions
in Kind. No right is given to any Member to demand or receive property other than cash as provided in this Agreement. The
Managing Member may determine to make a distribution in kind of Company Assets to the Members, and such Company Assets shall be
distributed in such a fashion as to ensure that the fair market value thereof is distributed and allocated in accordance with
this Article 3 and Articles 4 and 7 hereof; provided, however, that, except upon a dissolution and
winding up of the Company, no Member shall be compelled to accept a distribution consisting, in whole or in part, of any Company
Assets in kind unless the ratio that the fair market value of such distribution-in-kind bears to such Member’s total distribution
does not exceed the ratio that the fair market value of similar distributions-in-kind bears to the total distributions of other
Members receiving distributions concurrently therewith (if any).

 

3.5          Limitations
on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, neither the Company nor the Managing
Member, on behalf of the Company, shall make a distribution to any Person in violation of the Act or other applicable law.

 

ARTICLE
4

ALLOCATIONS OF NET PROFITS AND NET LOSSES

 

4.1          Timing
of Allocations. Net Profits and Net Losses shall be determined and allocated with respect to each fiscal year or other period
of the Company: (a) as of the end of such fiscal year, (b) at such times as the Gross Asset Value of any Company Asset is adjusted
pursuant to the definition thereof, and (c) at such other times as may be required or permitted pursuant to this Agreement or
otherwise under the Code. Subject to the other provisions of this Agreement, an allocation to a Member of a share of Net Profits
or Net Losses shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken
into account in computing Net Profits or Net Losses.

 

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4.2          Economic
Effect of Allocations.  After giving effect to the allocations set forth in Section 2 of Exhibit E,
for purposes of adjusting the Capital Accounts of the Members, Net Profits and Net Losses and, to the extent necessary, individual
items of income, gain, loss, credit and deduction, for any fiscal year or other period shall be allocated among the Capital Accounts
of the Members in a manner that as closely as possible gives economic effect to the provisions of Articles 3 and 7
and the other relevant provisions of this Agreement as determined by the Managing Member in its good faith discretion.

 

ARTICLE
5

OPERATIONS

 

5.1          Management.

 

5.1.1         Except
for Major Decisions, (i) the business activities of the Company shall be managed solely by the Managing Member and the policies
and decisions of the Company shall be determined by the Managing Member, (ii) the Managing Member, on behalf of the Company may
enter into, and perform the duties and obligations under, any and all contracts, agreements or instruments contemplated or permitted
under this Agreement or deemed reasonably necessary by the Managing Member, in all cases without the consent or approval of the
other Members, including, without limitation, any agreements or instruments to mortgage, pledge, encumber, finance, sell, convey,
or otherwise transfer the Communities, and (iii) the Managing Member may authorize any Person (including any Member) to enter
into, and perform the duties and obligations under, any contract, agreement or instrument on behalf of the Company. Except as
may be specifically authorized by the Managing Member in advance in writing, no other Member shall have the right to bind the
Company or act for or on behalf of the Company.

 

5.1.2         Except
as otherwise provided in this Agreement, the Managing Member shall have the sole power and authority to bind the Company, except
and to the extent that such power is expressly delegated in writing to any other Person by the Managing Member (including, without
limitation, through the appointment of officers of the Company).

 

5.1.3         Except
as otherwise expressly provided in this Agreement or as the Managing Member may delegate, the other Members shall not participate
in the management of the Company, and shall have no right, power or authority to act for or on behalf of, or otherwise bind, the
Company. Except as expressly provided in this Agreement or required by any non-waivable provisions of applicable law, Members
shall have no right to vote on or consent to any other matter, act, decision, or document involving the Company or its business.
No Member shall take any action in the name of or on behalf of the Company, including, without limitation, assuming any obligation
or responsibility on behalf of the Company, unless such action, and the taking thereof by such Member, shall have been expressly
authorized by the Managing Member or shall be expressly and specifically authorized by this Agreement.

 

 

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5.2          Limitations
on Authority of the Managing Member.

 

5.2.1         Notwithstanding
any contrary provision of this Agreement, without SLR Consent in each instance (except to the extent that SLR is a De Minimis
Member at such time) (a “Major Decision”), the Company shall not and shall not permit any of its Subsidiaries
to:

 

(a)          change
the primary business purpose of the Company as set forth in Section 1.4;

 

(b)          appoint
any new Manager and/or terminate any Management Agreement for any Community, except (i) in connection with a sale or other transfer
of the applicable Community to the extent such sale or other transfer has been consented to by SLR as provided herein, (ii) upon
the occurrence of any breach or default by Manager in accordance with the applicable Management Agreement for such Community,
or (iv) upon the occurrence of any other termination of the applicable Management Agreement pursuant to the terms thereof or pursuant
to any pooling agreement related to such Management Agreement; or

 

(c)          sell
or refinance one (1) or more Communities (except in connection with a Sentio Portfolio Sale, in which case no SLR Consent shall
be required); or

 

(d)          the
admission to the Company of Additional Members pursuant to Section 2.5 hereof; or

 

(e)          make
Credit Arrangements for more than $1,000,000.00 in any one instance as set forth in Section 2.9 hereof; or

 

(f)          cause
there to be any dilution of any Member’s Percentage Interest pursuant to Section 2.10; provided, however, that no SLR Consent
shall be required in connection with any dilution pursuant to Section 2.3.7; or

 

(h)         dissolution,
liquidation or termination of the Company pursuant to Section 7.2 (a) (except in connection with a Sentio Portfolio Sale, in which
case no SLR Consent shall be required).

 

5.2.2         Notwithstanding
any contrary provision of this Agreement, the Managing Member shall have no authority to: (a) do any act in contravention of this
Agreement or (b) knowingly perform any act that would subject any Member to liability for the debts, liabilities or obligations
of the Company or another Member.

 

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5.3          Reimbursement
and Remuneration Generally. The Managing Member shall not be compensated for acting in such capacity, but shall be entitled
to reimbursement for actual and commercially reasonable third party expenses incurred in furtherance of the business or management
of the Company. Distributions received by the Members pursuant to Articles 3 and 7 are not, and shall not be deemed
to be, remuneration within the meaning of this Section 5.3.

 

5.4          Reliance
by Third Parties. Any Person dealing with the Company or the Managing Member may rely upon a certificate signed by the Managing
Member (or any one or more of its agents designated by the Managing Member for such purpose or given such authority) as to:

 

5.4.1         The
identity of the Managing Member, any Member of the Company or any Officer;

 

5.4.2         The
existence or non-existence of any facts which constitute a condition precedent to acts by the Managing Member or in any other
manner germane to the affairs of the Company;

 

5.4.3         The
Persons who are authorized to execute and deliver any instrument or document for or on behalf of the Company; or

 

5.4.4         Any
act or failure to act by the Company or as to any other matter whatsoever involving the Company or any Member.

 

5.5          Records
and Reports.

 

5.5.1         The
Managing Member shall cause to be kept (and made available to each Member), at the principal place of business of the Company,
or at such other location as the Managing Member shall reasonably deem appropriate, full and proper ledgers, other books of account,
and records of all receipts and disbursements, other financial activities, and the internal affairs of the Company for at least
the current and past three (3) fiscal years.

 

5.5.2         The
Members agree that the books of the Company shall be kept for accounting purposes in accordance with U.S. generally accepted accounting
principles, consistently applied, and shall be kept for tax reporting purposes in accordance with applicable provisions of the
Code. Subject to Code Section 448, the books of the Company may be kept on such other methods of accounting for tax and financial
reporting purposes as may be determined by the Managing Member. The fiscal year of the Company shall end on December 31 of each
year.

 

5.5.3         The
Managing Member shall also:

 

(a)          provide
to each Member within ninety (90) days following the end of each fiscal year of the Company or as soon as reasonably practicable
thereafter, a report that shall include all necessary information required by the Members for preparation of their federal, state
and local income or franchise tax or information returns, including each Member’s allocable share of Net Profits, Net Losses
and any other items of income, gain, loss, deduction and credit for such fiscal year;

 

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(b)          provide
to each Member within forty-five (45) days following the end of each fiscal quarter of the Company or as soon as reasonably practicable
thereafter, a copy of an unaudited balance sheet of the Company as of the end of such fiscal quarter, and the related unaudited
statement of income and changes in the financial position of the Company for such fiscal quarter; and

 

(c)          make
available to each Member a copy of the Company’s federal, state and local income tax or information returns for each fiscal
year or portion thereof, concurrent with the filing of such returns.

 

5.5.4         Members
(personally or through an authorized representative) may, for purposes reasonably related to their Interests, examine and copy
(at their own cost and expense) the books and records of the Company at all reasonable business hours.

 

5.6          Indemnification
and Liability.

 

5.6.1         The
Company shall indemnify and hold harmless the Managing Member, each of its members, managers, officers and agents, each of the
Members and their members, managers, officers and agents and all officers and agents of the Company (each an “Indemnitee”)
to the full extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, expenses
of any nature (including reasonable attorneys’ fees and disbursements and other costs of litigation, whether pending or
threatened), judgments, fines, settlements and other amounts, of any nature whatsoever, known or unknown, liquid or unliquid (collectively,
“Liabilities”) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal,
administrative or investigative, in which the Indemnitee may be involved, or threatened to be involved as a party or otherwise,
arising out of or incident to the business of the Company, if (a) the Indemnitee acted in good faith in a manner such Person believed
to be within the scope of such Indemnitee’s authority and in, or not contrary to, the best interests of the Company, and
(b) the Indemnitee’s conduct did not constitute fraud, bad faith, willful misconduct, gross negligence or material breach
of this Agreement. Notwithstanding anything to the contrary herein, the foregoing indemnity shall not extend to any Liabilities
arising from a Member’s breach of its representations, warranties, covenants or acknowledgements in Section 8.2.

 

5.6.2         Expenses
incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this Section 5.6 shall
be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the
Company of a satisfactory written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined
that such Indemnitee is not entitled to be indemnified as authorized in this Section 5.6.

 

5.6.3         The
indemnification provided by this Section 5.6 shall be in addition to any other rights to which an Indemnitee may be entitled
under any agreement, as a matter of law or equity or otherwise, and shall inure to the benefit of the heirs, successors, assigns
and administrators of the Indemnitee.

 

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5.6.4         Any
indemnification provided hereunder shall be satisfied solely out of the Company Assets. No Member, or owner of any Member, shall
be subject to personal liability by reason of these indemnification provisions.

 

5.6.5         No
Indemnitee shall be denied indemnification in whole or in part under this Section 5.6 by reason of the fact that the Indemnitee
had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted
by the terms of this Agreement.

 

5.6.6         Except
as set forth in Section 5.6.3, the provisions of this Section 5.6 are for the benefit of the Indemnitees only and
shall not be deemed to create any rights for the benefit of any other Person.

 

5.6.7         None
of the officers of the Company, the Managing Member or any Member (except as provided in Section 8.2) shall be liable to
the Company or to any other Member for any Liabilities sustained or incurred as a result of any act or omission of such Person
if (a) such Person acted in good faith in a manner such Person believed to be within the scope of such Person’s authority
and in, or not contrary to, the best interests of the Company, and (b) such Person’s conduct did not constitute fraud, bad
faith, willful misconduct or a material breach of this Agreement.

 

5.6.8         The
Managing Member is hereby authorized on behalf of the Company to cause the Company to indemnify, hold harmless and release any
agents and/or advisors of the Company, the Managing Member and the Company’s Affiliates, to the same extent provided with
respect to the Indemnitees in this Section 5.6.

 

5.7          Duties
and Conflicts.

 

5.7.1         The
Members, in connection with their respective duties, responsibilities, rights and obligations hereunder, shall at all times have
a duty to act in good faith, but recognizing that each Member may act in its own economic self-interest and in accordance with
such tax and business objectives as it deems appropriate or desirable for such Member and shall not have any fiduciary duties
to the Company, any other Member or any other Person bound by this Agreement. So long as a Member acts in good faith and in accordance
with the express provisions of this Agreement, such Member shall not be in breach of any duties (including any fiduciary duties
that may otherwise be imposed by law) or have any Liabilities to the Company, any other Member or any other Person bound by this
Agreement, whether at law or in equity. The provisions of this Agreement, to the extent that they expand, restrict or eliminate
the duties and Liabilities of a Member otherwise existing at law or in equity, are agreed by the Members to replace fully and
completely such other duties and Liabilities of each Member. Subject to the foregoing, but notwithstanding anything else in this
Agreement to the contrary or otherwise applicable law, whenever a Member or the Members are required or permitted to make a decision,
take or approve an action, or omit to do any of the foregoing: (a) “in its discretion,” under a similar grant of authority
or latitude, or without an express standard of behavior (including, without limitation, standards such as “reasonable”),
then each Member shall be entitled to consider only such interests and factors, including its own, as it desires, and shall, to
the fullest extent permitted by law, have no duty or obligation to consider any other interests or factors whatsoever (other than
the duty to act in good faith), or (b) with an express standard of behavior (including, without limitation, standards such as
“reasonable”), then each Member shall comply with such express standard but shall not be subject to any other, different
or additional standard (other than the standard of good faith).

 

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5.7.2         Notwithstanding
the provisions of Section 5.7.1, but subject to the provisions of Section 5.7.3, each Member and its Affiliates
may engage or invest in, and devote its and their time to, any other business venture or activity of any nature and description,
whether or not such activities are considered competitive with the Company, its Subsidiaries or the businesses of any of them
(the “Right to Compete”), and neither the Company nor any other Member shall have any right by virtue of this
Agreement or the relationship created hereby in or to such other venture or activity of any Member (or to the income or proceeds
derived therefrom), and the pursuit of such other venture or activity shall not be deemed wrongful or improper. The Right to Compete
of each Member and its Affiliates does not require the notice to, approval from, or other sharing with, any of the other Members
or the Company. The legal doctrines of “corporate opportunity,” “business opportunity” and similar doctrines
shall not be applied to any such competitive venture or activity of a Member or its Affiliates. No Member or its Affiliates shall
have any obligation to the Company or its other Members with respect to any opportunity.

 

5.7.3         Notwithstanding
anything to the contrary in this Agreement, unless approved by the Managing Member in its sole and absolute discretion, neither
SLR nor any of its Affiliates, directly or indirectly, shall at any time during which SLR is a Member, and for a period of two
(2) years thereafter:

 

(a)          participate
in the de novo development or construction of any Competing Community;

 

(b)          acquire
any fee, leasehold, management or other interest in any Competing Community (other than the Competing Communities identified on
Exhibit D); or

 

(c)          if
SLR or any of its Affiliates operates or manages a Competing Community (including the Competing Communities identified on Exhibit
D hereto), transfer any executive director or sales and marketing director of any Community to such Competing Community or,
except as reasonably necessary to provide residents or patients with an alternative level of care not provided at a Community,
recommend the removal or transfer of a resident or patient from such Community to such Competing Community; provided, however,
that the foregoing restriction shall not apply to any recommendation of the removal or transfer of a resident or patient if
it is in the best interest of the care of the resident or patient.

 

Any violation of this
Section 5.7.3 by SLR or any of its Affiliates shall be deemed a Material Default by SLR, and Sentio shall have all the
rights and remedies available to it under this Agreement and under applicable law or in equity. Notwithstanding anything to the
contrary in this Agreement, the provisions of this Section 5.7.3 shall survive: (a) SLR’s ceasing to be a member
of the Company for any reason, and (b) the expiration or sooner termination of this Agreement.

 

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5.8          REIT
Protections.

 

5.8.1         Notwithstanding
anything to the contrary in this Agreement, for so long as any Member is a REIT Member, unless the REIT Member shall otherwise
consent in writing (which consent may be withheld in such REIT Member’s sole and absolute discretion), the Company shall
not (and shall not permit any Subsidiary of the Company to) take any action, or refrain from taking any action that, in the judgment
of such REIT Member, in its sole and absolute discretion, could adversely affect the ability such REIT Member (or any Affiliate
thereof) to continue to qualify as a REIT under the Code.

 

5.8.2         So
long as SLR is a Member of the Company, SLR covenants and agrees that SLR shall not be the Manager (or treated as the Manager
for U.S. federal income tax purposes), become a Subsidiary of Manager or merge or consolidate with Manager.

 

5.9           Right
of First Offer. For so long as SLR is a Member of the Company and/or SLR or any of its Affiliates remains the manager
of one or more Communities, Sentio shall have a right of first offer (“ROFO”) to invest or otherwise participate
in all joint ventured investments of the SLR Parties with any Real Estate Investment Trust (REIT) which also involve the ownership
or operation of assisted living, memory care, senior apartments, or other senior housing facilities (an “Investment Opportunity”).
SLR shall deliver written notice to Sentio of any Investment Opportunity, which details the terms and conditions of the Investment
Opportunity. Sentio shall have fifteen (15) Business Days from receipt of such notice to notify SLR of Sentio’s intent to
exercise the ROFO with respect to the Investment Opportunity. If Sentio fails to respond to SLR within the fifteen (15) Business
Day period referenced in the immediately preceding sentence, or if Sentio and the SLR Parties do not execute a written agreement
for the Investment Opportunity within sixty (60) days of the initial written notice delivered by SLR, Sentio’s ROFO with
respect to that Investment Opportunity shall terminate, at which point the SLR Parties shall be entitled to offer the Investment
Opportunity to any and all third parties on terms and conditions substantially similar to those presented to Sentio.

 

Notwithstanding the failure of Sentio
to exercise the ROFO with respect to an Investment Opportunity, in no event shall the SLR Parties be entitled to pursue an Investment
Opportunity which otherwise violates the non-compete provisions of Section 5.7.3 of this Agreement.

 

ARTICLE
6

INTERESTS AND TRANSFERS OF INTERESTS

 

6.1          Transfers.

 

6.1.1         Generally.

 

(a)          Except
as permitted in this Article 6 or pursuant to Section 2.3.7, no Member shall Transfer all or any part of its
Interest. Each Member agrees that to the extent it desires that all or any portion of its Interest be at any time held by any
other Person, such Member will Transfer its Interest, or part thereof, to such Person only through a direct Transfer in the manner
contemplated in this Article 6, and that, except as expressly authorized in Section 6.1.2, no Transfer or other
disposition of any stock, partnership, limited liability company or other beneficial interest in any Member or its Controlling
Person(s), will be effected, directly or indirectly, unless approved by the other Members in their sole and absolute discretion.
The approval by any Member to Transfer in any one or more instances shall not limit or waive the requirement to obtain approval
in any other or future instance. Any Transfer of an Interest in contravention of this Article 6 shall be null and void
and shall be deemed a Material Default, and the other Members shall have all the rights and remedies available under this Agreement
and applicable law or in equity. Notwithstanding anything set forth in this Agreement to the contrary, the public issuance of
common stock, convertible debt, equity or other similar securities by Sentio, its Subsidiaries or Affiliates, and the Transfer
of such securities, whenever issued, will not constitute a prohibited Transfer under this Article 6.

 

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(b)          As
a condition to the effectiveness of a Transfer that is permitted under this Section 6.1.1 or under Section 6.1.2,
the transferor shall bear and pay all related fees and costs including any Company Expenses.

 

(c)          Except
as otherwise expressly provided in this Article 6, the recipient of any Interest (or part thereof) Transferred in accordance
with this Article 6 shall be an Assignee only, with only the rights provided in Section 6.4, unless and until admitted
as a Substitute Member pursuant to Section 6.6.

 

(d)          Notwithstanding
anything in this Agreement to the contrary, except as expressly provided in Section 2.3.4, no Member or its Affiliates
may, directly or indirectly, mortgage, pledge or hypothecate its Interest (or part thereof) in the Company except to the extent
permitted hereunder or by the Managing Member in its sole and absolute discretion.

 

(e)          No
Member may Transfer more than 49% of the total Interests of the Company unless such Member Transfers all of such Member’s
Interests in the Company.

 

6.1.2         Permitted
Transfers. Notwithstanding anything in this Agreement to the contrary, but subject to the conditions set forth in this Article
6, the following Transfers of Interests shall be permitted:

 

(a)          Transfers
by Sentio of all or any portion of its Interest to any Person, including any Affiliate (i) in connection with a merger, consolidation,
share exchange, existing (as of the date hereof) equity investment agreement, or reorganization to which Sentio (or any parent
or Affiliate thereof) is a party, or (ii) that acquires all or substantially all of the assets or stock of Sentio (or any parent
thereof);

 

(b)          Transfers
by either SLR or Sentio to their respective Affiliates, subject to the limitations of Section 5.8.2;

 

(c)          Except
for Transfers otherwise expressly permitted pursuant to Sections 6.1.2(b) above, Transfers by SLR of all or any portion
of its Interest to any other Person with the prior written consent of Sentio, which consent may be given or withheld in Sentio’s
sole and absolute discretion;

 

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(d) Transfers
of ownership interests in SLR among current SLR Members and to: a trust controlled by current SLR Members for estate planning
purposes; or upon the death of an owner of an interest in SLR; provided, however, that no Transfer shall be permitted in the event
such Transfer could, as determined by Managing Member, in its sole discretion, adversely affect the ability of the REIT Member
(or any Affiliate thereof) to continue to qualify as a REIT under the Code.

 

In the event that
Sentio Transfers all its Interest in accordance with any of the provisions of this Section 6.1.2, such transferee shall
automatically become a Substitute Member pursuant to Section 6.6 and shall become the Managing Member. 

 

6.2          Purchase
Right/Obligation.

 

6.2.1         Sentio
shall have the right (the “Call Right”) to purchase, or cause the Company to purchase, all but not less than
all of the Interest of SLR, together with all of SLR’s or its Affiliate’s “Interest” (as defined in the
PropCo LLC Agreement) in the PropCo LLC, when any of the following conditions exists (each, a “Call Right Trigger Event”):

 

(a)          any
time after the occurrence, and during the continuance of a Material Default by SLR;

 

(b)          any
time within sixty (60) days after Sentio has actual knowledge of the occurrence of any SLR Change of Control or Material SLR Transaction;

 

(c)          at
any time within sixty (60) days after the expiration or earlier termination of the last of the Management Agreement[s];

 

(d)          at
any time within sixty (60) days after SLR has failed to consent to any Major Decision requiring its consent pursuant to Section
5.2 hereof provided that Sentio has requested such consent in writing and SLR has either expressly denied such consent or has
failed to respond to such request with ten (10) days; or

 

(e)          a
“Call Right Trigger Event” (as defined in the PropCo LLC Agreement) has occurred under the PropCo LLC Agreement.

 

6.2.2         The
procedure by which the Call Right may be exercised and the determination of the purchase price of the interests purchased pursuant
thereto, are set forth in Exhibit F hereto.

 

6.2.3         Additionally,
without limiting any other provision or restriction upon Transfer contained herein, in the event SLR receives a bona fide written
offer (“Offer”) to purchase SLR’s Interest which SLR wishes to accept, SLR shall first offer to sell
all of its Interest covered by the Offer to Sentio, and Sentio shall have the first option to acquire such Interest at the price
and upon the terms and conditions set forth in the Offer. This option is hereinafter referred to as the “Right of First
Refusal.” Such Right of First Refusal is subject to the following additional terms:

 

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(a)          Notice
of any Offer shall be given by SLR in writing to the Company and Sentio. Such notice shall state the Interests being offered and
the basis upon which the proposed Transfer would otherwise be permitted pursuant to this Agreement, and shall contain a copy of
the Offer. The Right of First Refusal period of Sentio shall commence upon the date of the proper delivery of the notice and shall
terminate, unless exercised, fifteen (15) days thereafter, unless sooner terminated by written refusal of the Sentio delivered
to SLR. An election to exercise a Right of First Refusal shall be made in writing and transmitted to SLR. If Sentio and SLR do
not complete a transaction for the purchase of SLR’s Interests within sixty (60) days of the initial written notice delivered
by SLR, Sentio’s Right of First Refusal with respect to the Offer shall terminate.

 

(b)          Upon
the failure or neglect of Sentio to exercise its Right of First Refusal, SLR, for a period of ninety (90) days from the date when
Sentio’s Right of First Refusal expired, have the right to sell the Interests covered by the Offer to the person or entity
making such Offer upon the exact terms and conditions set forth in such Offer; provided, however, no other provision of this Agreement
is intended to be waived or modified by this provision and such Transfer must otherwise comply with all other restrictions and
conditions upon Transfer contained herein. If SLR fails to so sell such Interests within such ninety (90) day period, or if any
material term of the Offer is changed, modified or supplemented, then Interests may not be sold without first again giving Sentio
a Right of First Refusal with respect thereto.

 

6.3          Further
Restrictions. Notwithstanding any contrary provision in this Agreement, any otherwise permitted Transfer to any Person shall
be null and void if:

 

(a)          such
Transfer may cause a termination of the Company for federal or state, if applicable, income tax purposes (unless otherwise waived
by the Managing Member or unless such Transfer is made pursuant to Section 2.3.7 or 6.2);

 

(b)          such
Transfer may cause the Company to cease to be classified as a partnership for federal or state income tax purposes, provided,
however, that if as a result of such Transfer one Member (for purposes of this Section 6.3(b), the “Acquiring
Member”) would own one hundred percent (100%) of the outstanding Interests, and following such Transfer the Company
would constitute a disregarded entity for United States federal income tax purposes with respect to the Acquiring Member, such
Transfer shall be a permitted Transfer;

 

(c)          such
Transfer may require the registration of such Transferred Interest pursuant to any applicable federal or state securities laws;

 

(d)          such
Transfer may cause the Company to become a “Publicly Traded Partnership,” as such term is defined in Sections 469(k)(2)
or 7704(b) of the Code;

 

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(e)          such
Transfer may subject the Company, the Managing Member or its or their Affiliates to regulation under the Investment Company Act
of 1940, the Investment Advisers Act of 1940 or the Employee Retirement Income Security Act of 1974, each as amended;

 

(f)          such
Transfer may result in a violation of any applicable law;

 

(g)          such
Transfer is made to any Person who lacks the legal right, power or capacity to own such Interest; or

 

(h)          the
Company does not receive written instruments (including, without limitation, copies of any instruments of Transfer and such Assignee’s
consent to be bound by this Agreement as an Assignee) that are in a form satisfactory to the Managing Member (in its reasonable
discretion).

 

6.4          Rights
of Assignees. Until such time, if any, as the transferee in any permitted Transfer pursuant to this Article 6 is admitted
to the Company as a Substitute Member pursuant to Section 6.6: (a) such transferee shall be an Assignee only, and only
shall receive, to the extent Transferred, the distributions and allocations of income, gain, loss, deduction, credit, or similar
items to which the Member that Transferred its Interest would be entitled, and (b) such Assignee shall not be entitled or enabled
to exercise any other rights or powers of a Member, such other rights remaining with the transferring Member. In such a case,
the transferring Member shall remain a Member, and shall remain liable for the satisfaction of all obligations contained herein
as a Member, even if such transferring Member has Transferred its entire Economic Interest to one or more Assignees (subject to
Section 6.5); but this sentence does not apply to a Transfer under Section 6.2 (which is deemed to be a Transfer
to a Substitute Member). In the event any Assignee desires to make a further assignment of any Economic Interest, such Assignee
shall be subject to all of the provisions of this Agreement relating to restrictions on Transfer to the same extent as any Member
desiring to make such an assignment.

 

6.5          Admissions,
Withdrawals and Removals. No Person shall be admitted to the Company as a Member except in accordance with Section 2.5
(in the case of Persons obtaining an Interest directly from the Company) or Section 6.6 (in the case of transferees
of a permitted Transfer of an Interest from another Person). No Member shall be entitled to retire or withdraw from being a Member
of the Company except (a) in accordance with Section 6.7, or (b) with the consent of each other Member, which consent may
be given or withheld in each such Member’s sole and absolute discretion. No Member shall be subject to removal except in
accordance with Sections 2.3.7 or 6.2. No admission, withdrawal or removal of a Member shall cause the dissolution
of the Company. Any purported admission, withdrawal or removal which is not in accordance with this Agreement shall be null and
void.

 

6.6          Admission
of Assignees as Substitute Members.

 

6.6.1         An
Assignee shall become a Substitute Member only if and when each of the following conditions are satisfied:

 

(a)          The
assignor of the Interest Transferred sends written notice to the Managing Member requesting the admission of the Assignee as a
Substitute Member and setting forth the name and address of the Assignee, the Capital Account transferred, the Percentage Interest
transferred, and the effective date of the Transfer;

 

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(b)          Each
Member consents in writing to the admission of such Assignee as a Substitute Member, which consent shall not be unreasonably withheld
or delayed; and

 

(c)          The
Managing Member receives from the Assignee (i) such information concerning the Assignee’s financial capacities and investment
experience as the Managing Member may reasonably request, and (ii) written instruments (including, without limitation, copies
of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a Substitute Member) that are
in a form satisfactory to the Managing Member (as determined in the Managing Member’s reasonable discretion).

 

Notwithstanding the foregoing, upon the
Transfer by Sentio of all or any portion of its Interest in accordance with Section 6.1.2, the transferee shall automatically
become a Substitute Member without having to comply with Sections 6.6.1(a)-(c).

 

6.6.2         Upon
the admission of any Substitute Member, the books and records of the Company shall be amended by the Managing Member to reflect
the name, address, Capital Contributions, Capital Account balance, Invested Capital balance and Percentage Interest of such Substitute
Member and to eliminate or adjust, if necessary, the name, address, Capital Contributions, Capital Account balance, Invested Capital
balance and Percentage Interest of the predecessor of such Substitute Member.

 

6.7          Withdrawal
of Members. If a Member has transferred all of its Interest to one or more Assignees, then such Member shall withdraw from
the Company if and when all such Assignees have been admitted as Substitute Members in accordance with this Agreement.

 

6.8          Conversion
of Membership Interest. Upon the Incapacity of a Member, such Incapacitated Member’s Membership Interest shall automatically
be converted to an Economic Interest only, and such Incapacitated Member (or its executor, administrator, trustee, or receiver,
as applicable) shall thereafter be deemed an Assignee for all purposes hereunder, with the same Economic Interest as was held
by such Incapacitated Member prior to its Incapacity, but without any other rights of a Member unless the holder of such Economic
Interest is admitted as a Substitute Member pursuant to Section 6.6 above.

 

ARTICLE
7

DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE COMPANY

 

7.1          Limitations.
The Company may be dissolved, liquidated, and terminated only pursuant to the provisions of this Article 7, and the parties
hereto do hereby irrevocably waive any and all other rights they may have to cause a dissolution of the Company or a sale or partition
of any or all of the Company Assets.

 

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7.2          Exclusive
Causes. Notwithstanding the Act, the following and only the following events shall cause the Company to be dissolved, liquidated,
and terminated:

 

(a)          Subject
to compliance with Section 5.2.1 hereof, the written consent of the Managing Member;

 

(b)          The
Transfer of all or substantially all of the Company Assets and the receipt of all consideration therefor, except that if non-monetary
consideration is received upon such disposition the Company shall not be dissolved pursuant to this clause until such consideration
is converted into United States dollars or a money equivalent;

 

(c)          Judicial
dissolution; or

 

(d)          At
any time that there are no Members, unless the business of the Company is continued in accordance with the Act.

 

To the fullest extent permitted by law,
any dissolution of the Company other than as provided in this Section 7.2 shall be a dissolution in contravention of this
Agreement.

 

7.3          Effect
of Dissolution. The dissolution of the Company shall be effective on the day on which the event occurs giving rise to the
dissolution, but the Company shall not terminate until it has been wound up and its assets have been distributed as provided in
Section 7.5 of this Agreement and the Certificate has been cancelled by the filing of a certificate of cancellation with
the office of the Delaware Secretary of State. Notwithstanding the dissolution of the Company, prior to the termination of the
Company, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement.

 

7.4          No
Capital Contribution Upon Dissolution. Each Member shall look solely to the assets of the Company for all distributions with
respect to the Company, its Capital Contributions thereto, its Capital Account, its Invested Capital and its share of Net Profits
or Net Losses, and shall have no recourse therefor (upon dissolution or otherwise) against any other Member, except to a Non-Contributing
Member pursuant to Section 2.3 on account of any Default Loan. Accordingly, if any Member has a deficit balance in its
Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the
year during which the liquidation occurs), then such Member shall have no obligation to make any Capital Contribution with respect
to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever.

 

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7.5           Liquidation.

 

7.5.1      Upon
dissolution of the Company, the Company shall thereafter engage in no further business other than that which is necessary to wind
up the business, and the Managing Member (or such other Person as the Managing Member may determine) shall act as the “Liquidator”
of the Company. A reasonable time shall be allowed for the winding up of the affairs of the Company in order to minimize any losses
attendant upon such a winding up. In the event the Liquidator reasonably believes that it is prudent to do so, cash or other assets
held in reserve may be placed in a liquidating trust or other escrow immediately prior to the termination of the Company in order
to ensure that any and all obligations of the Company are satisfied. After allocating (pursuant to Article 4 of this Agreement)
all income, gain, loss, deductions and credit resulting from the liquidation of the Company Assets, the Liquidator shall apply
and distribute the cash proceeds thereof as follows (it being understood that any amounts to be paid to a Lending Member pursuant
to Section 2.3 shall be paid to such Lending Member out of the following distributions that would otherwise be made to
the Non-Contributing Member, but that such amounts shall be deemed to have been distributed to the Non-Contributing Member and
immediately repaid by the Non-Contributing Member to the Lending Member):

 

(a)          First,
to the payment of (i) the debts and liabilities of the Company (including any outstanding amounts due under any Credit Arrangements
encumbering the Company Assets (or any part thereof) and, to the extent permitted by law, to Members who are creditors) and (ii)
the expenses of liquidation; then

 

(b)          Second,
to the establishment of any Reserves which the Liquidator shall determine in its commercially reasonable judgment to be reasonably
necessary for contingent, unliquidated or unforeseen Liabilities or obligations of the Company or its Subsidiaries or the Members
arising out of or in connection with the Company or its Subsidiaries. Such Reserves may, in the commercially reasonable discretion
of the Liquidator, be paid over to a national bank or national trust company selected by the Liquidator and authorized to conduct
business as an escrowee to be held by such bank or trust company as escrowee for a period as reasonably determined by the Liquidator
for the purposes of disbursing such Reserves to satisfy the Liabilities and obligations described above, and at the expiration
of such period distributing any remaining balance as provided hereinafter in this Section 7.5.1; then

 

(c)          Third,
subject to Section 2.3, to the Members in accordance with Section 3.1.3.

 

7.5.2       Notwithstanding
Section 7.5.1, in the event that the Liquidator determines that an immediate sale of all or any portion of the Company
Assets would cause undue loss to the Members, the Liquidator, in order to avoid such loss to the extent not then prohibited by
the Act, may either defer liquidation of and withhold from distribution for a reasonable time any Company Assets except those
necessary to satisfy, including the provision of reasonable Reserves for, the Company’s debts and obligations, or distribute
the Company Assets to the Members in kind in a manner otherwise in accordance with the distribution procedure of Section 7.5.1.

 

ARTICLE
8

MISCELLANEOUS

 

8.1           Amendments.

 

8.1.1       Each
Additional Member and Substitute Member shall become a signatory hereto by signing a counterpart signature page to this Agreement,
and such other instruments, in such manner, as the Managing Member shall determine. By so signing, each Additional Member and
Substitute Member, as the case may be, shall be deemed to have adopted and to have agreed to be bound by all of the provisions
of this Agreement.

 

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8.1.2      In
addition to amendments specifically authorized herein, amendments may be made to this Agreement from time to time by the Managing
Member, without the consent of any other Member: (a) to delete or add any provision of this Agreement required to be so deleted
or added by any federal or state law, rule or regulation (provided that any such amendment may not adversely affect
the Economic Interest or other material rights of any Member without such Member’s consent); (b) to take such actions
as may be necessary (if any) to insure that the Company will be treated as a partnership for federal income tax purposes (provided
that any such amendment may not adversely affect the Economic Interest of any Member without such Member’s consent);
and (c) to reflect the admission of any Additional Member pursuant to Section 2.5 or Substitute Member pursuant to
Section 6.6. Notwithstanding the foregoing, no such amendment may be made without the consent of all Members to be
adversely affected to the extent that such amendment would: (i) adversely modify the limited liability of a Member, or (ii) cause
a disproportionate reduction in the Percentage Interest of any Member relative to other similarly situated Members except as otherwise
expressly provided in this Agreement. All other amendments shall require the approval of each Member.

 

8.1.3      In
making any amendments, there shall be prepared and filed by, or for, the Managing Member such documents and certificates as may
be required under the Act and under the laws of any other jurisdiction applicable to the Company.

 

8.2           Member
Representations and Warranties; Indemnification.

 

8.2.1      Representations
and Warranties. Each Member (solely on behalf of itself and not with respect to any other Member) hereby represents, warrants,
covenants and acknowledges as follows to the Company and the other Member(s):

 

(a)          Such
Member is duly incorporated, organized or formed (in the event such Member is not a corporation), validly existing and in good
standing under the laws of its state of incorporation, organization or formation (as the case may be). Such Member has the requisite
power and authority to own its property and to carry on its business as now conducted, to the extent material to its rights and
obligations under this Agreement. Such member is in compliance with all Requirements of Law to the extent material to its rights
and obligations under this Agreement.

 

(b)          Such
Member has all requisite power and authority, and the legal right, to enter into this Agreement, to consummate the transactions
contemplated hereby and to perform its obligations hereunder in accordance with the terms and provisions hereof.

 

(c)          All
acts and other proceedings required to be taken by such Member to authorize the execution, delivery and performance of this Agreement
and the consummation of the transactions contemplated hereby have been duly and properly taken.

 

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(d)          This
Agreement has been duly executed and delivered by such Member and constitutes the valid and binding obligation of such Member,
enforceable against it in accordance with its terms, except as enforceability may be affected by (i) the effect of bankruptcy,
insolvency, reorganization, moratorium or other similar laws relating to or affecting the rights of creditors; (ii) the effect
of general principles of equity and the limitation of certain remedies by certain equitable principles of general applicability;
and (iii) the fact that the rights to indemnification hereunder may be limited by applicable laws, including federal or state
securities laws.

 

(e)          The
execution, delivery and performance by such Member of this Agreement and the transactions contemplated hereby will not constitute
a material breach of any term or provision of, or a material default under (i) any outstanding indenture, mortgage, loan
agreement or other similar contract or agreement to which such Member or any of its Affiliates is a party or by which it or any
of its Affiliates or its or their property is bound; (ii) its certificate or articles of incorporation or bylaws or other governing
documents; (iii) any material applicable law; or (iv) any material order, writ, judgment or decree having applicability to it.

 

(f)          Such
Member has obtained all approvals and consents required to be obtained by it in connection with the execution and delivery of
this Agreement and the consummation of the transactions contemplated to occur on the Effective Date from all Persons having approval
or consent rights, and has made all material filings and registrations, required from or by any governmental body, authority,
bureau or agency in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby.

 

(g)          Except
as set forth on Schedule 8.2.1(g) hereto, Such Member has not incurred any obligation to a broker or finder for payment of any
commission or fee in connection with the execution and delivery of this Agreement and the consummation of the transactions contemplated
hereby, including its admission as a Member, for which the Company or any other Member may become liable.

 

(h)          To
the extent applicable to such Member, to such Member’s actual knowledge, such Member has complied in all material respects
with the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, which comprises Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot
Act”) and the regulations promulgated thereunder, and the rules and regulations administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”). Neither such Member nor any of its Affiliates is included on the
List of Specially Designated Nationals and Blocked Persons maintained by OFAC, or a resident in, or organized or chartered under
the laws of, (A) a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section 311 or 312 of the
Patriot Act as warranting special measures due to money laundering concerns or (B) any foreign country that has been designated
as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental group or organization,
such as the Financial Action Task Force on Money Laundering, of which the United States is a member and with which designation
the United States representative to the group or organization continues to concur.

 

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(i)           Such
Member is acquiring its Interest for its own account and not for the account of any other Person. Such Member is acquiring its
Interest solely for investment and not with a view to, or for resale in connection with, the distribution or other disposition
thereof either currently or after the passage of a fixed or determinable period of time or upon the occurrence or non-occurrence
of any predetermined event or circumstance in violation of the Securities Act. Such Member understands that the sale and issuance
of the Interests has not been registered under the Securities Act, applicable state securities laws or the securities or similar
law of any other jurisdiction whatsoever, and, therefore, the Interests cannot be Transferred or otherwise disposed of unless
they are subsequently registered under the securities and similar laws of each applicable jurisdiction, or unless exemptions from
such registration requirements are available. Such Member understands that Transfers and dispositions of its Interest can be made
only (i) as explicitly permitted or contemplated under the terms of this Agreement and (ii) in compliance with the Securities
Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder and all applicable state securities
and “blue sky” laws; and such Member understands that the Company is under no obligation to register the offer or
sale of any Interests in any jurisdiction whatsoever or to assist such Member in complying with any exemption from registration
under the securities or similar laws of any jurisdiction whatsoever.

 

(j)          Such
Member understands and is able to bear the economic risk of an investment in the Company and can afford to sustain a total loss
on such investment. Such Member further acknowledges that there are substantial risks in the investment (including loss of the
entire amount of such investment), that such Member is capable of evaluating the merits and risks of the investment in the Company
and such Member has evaluated such risks and determined that the Interest is a suitable investment for such Member. Such Member
has such knowledge and experience in business, financial and tax matters, including experience in investing in non-listed and
non-registered securities, and is a sophisticated investor capable of utilizing the information made available to it in connection
with its investment in the Interest to evaluate the merits and risks of its investment in the Company, to make an informed investment
decision with respect thereto and to protect its interests in connection with such investment.

 

(k)          Such
Member, or each beneficial owner (within the meaning of Rule 501 of Regulation D promulgated under the Securities Act (“Regulation
D”)) of such Member, (i) is an “accredited investor” as such term is defined in Rule 501 of Regulation D
and (ii) has not been formed for the specific purpose of acquiring the Interest unless each beneficial owner of such entity is
qualified as an accredited investor within the meaning of Rule 501 of Regulation D.

 

(l)          Such
Member and its legal, tax, accounting and financial advisers have been provided an opportunity to ask questions of and receive
information from a Person or Persons acting on behalf of the Company concerning the investment in the Company, the Company Assets,
the Company, and such other matters as such Member and any of its advisors have deemed necessary or desirable. All such questions
have been answered to the full satisfaction of such Member and any such advisors, and such Member has received all such information
requested, but such Member has in all events relied upon its own due diligence in evaluating this Agreement, the Interests, the
Communities and the other Company Assets.

 

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(m)          Such
Member has consulted and been advised by its own legal counsel and tax advisor in connection with, and acknowledges that no representations
as to potential profit, tax consequences of any sort (including the tax consequences resulting from forming or operating the Company,
conducting the business of the Company, executing this Agreement, consummating the transactions provided for herein, making Capital
Contributions, being admitted to the Company, receiving or not receiving distributions from the Company, or being allocated Net
Profits and Net Losses), cash flows or funds from operations or yield, if any, with respect to the Company, have been made by
the Company, any Member or any Affiliate of any Member or any employee or representative thereof, and that projections and any
other financial information and documentation that may have been in any manner submitted to such Member from any source shall
not constitute any representation or warranty of any kind or nature, express or implied and such Member is not relying on any
representations or warranties of any other Person in connection therewith, including the Company or any other Member.

 

8.2.2      Member
Indemnity. Each Member agrees to indemnify, defend and hold harmless the Company, the other
Member, each officer, director, agent and Affiliate of the Company and each other Member from and against any and all Liabilities
arising out of or based upon any false representation or warranty made by such Member herein or in any other document or certificate
delivered to the Company by such Member in connection with such Member’s acquisition of its Interest.

 

8.2.3      Survival.
Notwithstanding anything to the contrary in this Agreement, the provisions of this Section
8.2 shall survive: (a) a Member’s ceasing to be a member of the Company for any reason, and (b) expiration or sooner
termination of this Agreement.

 

8.3           Entire
Agreement. This Agreement, the PropCo LLC Agreement and the other Transaction Documents constitute
the entire agreement between the parties hereto pertaining to the subject matter hereof and thereof and fully supersede any and
all prior or contemporaneous agreements or understandings between the parties hereto pertaining to the subject matter hereof and
thereof.

 

8.4           Further
Assurances. Each of the parties hereto does hereby covenant and agree on behalf of itself,
its successors, and its assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver
such other instruments, documents and statements, and to take such other action as may be required by law or reasonably necessary
to effectively carry out the purposes of this Agreement.

 

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8.5           Notices.
Any notice, consent, payment, demand, or communication required or permitted to be given by any provision of this Agreement
shall be in writing and shall be (a) delivered personally to the Person or to an officer of the Person to whom the same is
directed, or (b) sent by electronic mail, facsimile or registered or certified mail, return receipt requested, postage prepaid,
addressed as follows: if to the Company, to the Company at the address set forth in Section 1.3 hereof, or to such other
address as the Company may from time to time specify by notice to the Members; if to a Member, to such Member at the address set
forth in Exhibit B, or to such other address as such Member may from time to time specify by notice to the Company.
Any such notice shall be deemed to be delivered, given and received for all purposes as of: (i) the date so delivered, if delivered
personally, (ii) upon confirmed receipt, if sent by facsimile or electronic mail, or (iii) on the date of receipt or refusal indicated
on the return receipt, if sent by registered or certified mail, return receipt requested, postage and charges prepaid and properly
addressed.

 

8.6           Tax
Matters.

 

8.6.1      Sentio
shall be designated and shall serve as “Tax Matters Partner” (as defined in Code Section 6231), to oversee or handle
matters relating to the taxation of the Company.

 

8.6.2      The
Member designated as “Tax Matters Partner” may make all elections for federal income and all other tax purposes (including,
without limitation, pursuant to Section 754 of the Code) in accordance with this Agreement, and as the Tax Matters Partner, such
Member shall have the right and obligation to take all actions authorized and required, respectively, by the Code for the Tax
Matter Partner.

 

8.6.3      Preparation
of the income tax returns of the Company shall be the responsibility of the Managing Member. If the Managing Member engages a
certified public accountant for the preparation and or review of any or all of the income tax returns, the expense shall be a
Company Expense.

 

8.7           Governing
Law. This Agreement, including its existence, validity, construction, and operating effect,
and the rights of each of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Delaware
without regard to otherwise governing principles of choice of law or conflicts of law.

 

8.8           Construction.
The Members intend that this Agreement shall be construed as if all parties prepared this Agreement.

 

8.9           Captions
- Pronouns. Any titles or captions contained in this Agreement are for convenience only and
shall not be deemed part of the text of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as appropriate.

 

8.10        Binding
Effect. Except as otherwise expressly provided herein, this Agreement shall be binding on
and inure to the benefit of the Members, their heirs, executors, administrators, successors and all other Persons hereafter holding,
having or receiving a Membership Interest or Economic Interest, whether as Assignees, Substitute Members or otherwise.

 

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8.11        Severability.
In the event that any provision of this Agreement as applied to any party or to any circumstance, shall be adjudged by
a court to be void, unenforceable or inoperative as a matter of law, then the same shall in no way affect any other provision
in this Agreement, the application of such provision in any other circumstance or with respect to any other party, or the validity
or enforceability of the Agreement as a whole.

 

8.12        Confidentiality.
Each Party hereto agrees that the provisions of this Agreement, all understandings, agreements and other arrangements between
and among the parties, and all other non-public information received from or otherwise relating to, the Company and the Company
Assets shall be confidential, and shall not be disclosed or otherwise released to any other Person (other than another party hereto)
without the written consent of the Managing Member. The obligations of the parties hereunder shall not apply to: (a) the extent
that the disclosure of information otherwise determined to be confidential is required by applicable law, or by any regulations
or securities exchange listing rules applicable to such party or its Affiliates, provided that (i) prior to disclosing
such confidential information, a party shall notify the Company thereof, which notice shall include the basis upon which such
party believes the information is required to be disclosed; and (ii) such party shall, if requested by the Company, provide
reasonable cooperation with the Company to protect the continued confidentiality thereof; (b) the disclosure of confidential information
to any financial advisors, attorneys, accountants, other professional advisors, investors and Lenders of a Member who agree to
hold confidential such information substantially in accordance with this Section 8.12 or who are otherwise bound by a duty
of confidentiality to such Member; (c) the disclosure of the fact that SLR and Sentio are the owners of the Company; (d) the disclosure
of the fact that Sentio is the Managing Member and SLR is not; and (e) such disclosures as may be contained in any public announcement
approved by both Sentio and SLR. Notwithstanding anything to the contrary in this Agreement, the provisions of this Section
8.12 shall survive: (x) a Member’s ceasing to be a member of the Company for any reason, and (y) the dissolution
and/or termination of the Company.

 

8.13        Interpretation.
All references herein to Articles, Sections, subparagraphs, Exhibits and addenda shall be deemed to be references to Articles,
Sections and subparagraphs of, and Exhibits and addenda to, this Agreement unless the context shall otherwise require. All Exhibits
and addenda attached hereto shall be deemed incorporated herein as if set forth in full herein. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The term “or” is not exclusive. The word “extent” in the phrase “to the extent” shall mean
the degree to which a subject or other thing extends, and such phrase shall not mean simply “if.” The words “date
hereof” shall refer to the date set forth on the cover page of this Agreement. All accounting terms not defined in this
Agreement shall have the meanings determined by United States generally accepted accounting principles as in effect from time
to time. The words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Unless otherwise
expressly provided herein, any agreement, instrument or statute defined or referred to herein or in any agreement or instrument
that is referred to herein means such agreement, instrument or statute as from time to time amended, modified or supplemented,
including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable
successor statutes and references to all attachments thereto and instruments incorporated therein. Time is of the essence of the
provisions hereof.

 

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8.14        No
Third Party Beneficiaries. None of the provisions of this Agreement shall be for the benefit
of or be enforceable by any creditor of the Company or by any creditor of any Member except as expressly provided in Section
2.3 with respect to an Affiliate of a Member that is a Lending Member. This Agreement is not intended to confer any rights
or remedies hereunder upon, and shall not be enforceable by, any Person other than the parties hereto and, solely with respect
to the provisions of (a) Sections 5.6 and 8.2.2 each Indemnitee and each other indemnified Person addressed therein,
and (b) Section 2.3 any Affiliate of a Member that is a Lending Member.

 

8.15        No
Right of Setoff (Except for Amounts Owing Under PropCo LLC Agreement). No Member will
assert (or will permit its Affiliates to assert) any right of setoff against any other Member or such other Member’s Affiliates
for any normal trade activity except to the extent otherwise specifically permitted herein. Notwithstanding the foregoing or anything
in this Agreement to the contrary, Sentio shall have the right to, or cause the Company to, offset any amounts otherwise owing
to SLR for the Purchase Price upon exercise of a Call Right pursuant to Section 6.2 hereof against any amounts owing by
SLR or any Affiliate of SLR to Sentio or any Affiliate of Sentio under the PropCo LLC upon the exercise of a “Call Right”
(as defined in the PropCo LLC Agreement).

 

8.16        Counterparts.
This Agreement may be executed in any number of multiple counterparts, each of which shall be deemed to be an original
copy and all of which shall constitute one agreement, binding on all parties hereto. Delivery of an executed counterpart of a
signature page to this Agreement by facsimile or other electronic means (including in “PDF” format) shall be effective
as delivery of a manually executed counterpart of this Agreement.

 

8.17        Mandatory
Arbitration. Any controversy, dispute or claim of whatsoever nature arising out of, in connection
with, or in relation to the interpretation, performance or breach of this Agreement (other than any controversy, dispute or claim
arising out of, in connection with, or in relation to Section 5 of Exhibit F), including any claim based on contract,
tort or statute, shall be determined by final and binding, confidential arbitration by the AAA in accordance with its then-existing
Commercial Arbitration Rules, and the sole arbitrator shall be selected in accordance with such AAA rules. Any arbitration hereunder
shall be governed by the United States Arbitration Act, 9 U.S.C. §§ 1-16 (or any successor legislation thereto),
and judgment upon the award rendered by the arbitrator may be entered by any state or federal court having jurisdiction thereof.
Neither the Members nor the arbitrator shall disclose the existence, content or results of any arbitration hereunder without the
prior written consent of all Members except to the extent necessary to enforce the award or required by applicable law; provided,
however, that either Member may disclose the existence, content or results of any such arbitration to its partners,
officers, directors, employees, agents, attorneys and accountants and to any other Person to whom disclosure is required by applicable
law, including pursuant to an order of a court of competent jurisdiction, or by any regulations or securities exchange listing
rules applicable to such party or its Affiliates. Unless otherwise agreed by the parties, any arbitration hereunder shall be held
at a neutral location selected by the arbitrator in the metropolitan area of Boston, Massachusetts. The cost of the arbitrator
and the expenses relating to the arbitration (exclusive of legal fees) shall be borne equally by both Members unless otherwise
specified in the award of the arbitrator. Such fees and costs paid or payable to the arbitrator shall be included in costs and
reasonable attorneys’ fees for purposes of Section 8.18 and the arbitrator shall specifically have the power to award
to the prevailing party pursuant to such Section such party’s costs and expenses incurred in such arbitration, including
fees and costs paid to the arbitrator. Each Member’s obligation under this Section 8.17 will survive the dissolution,
liquidation and winding up of the Company.

 

    	34

    	 

    

  

8.18         Attorney's
Fees. If any action at law or in equity is necessary to enforce or interpret the terms of
this Agreement or to resolve any dispute under this Agreement, the losing party shall pay the attorney’s fees, costs and
necessary disbursements of the prevailing party in addition to any other relief to which such prevailing party may be entitled.

 

8.19         Injunctive
Relief and Enforcement. In the event of a breach by a Member of the terms of this Agreement,
the Company or the other Members shall be entitled to institute, legal proceedings to obtain damages for any such breach (in accordance
with Section 8.17), or to enforce the specific performance of this Agreement by such Member and to enjoin such Member from
any further violation of this Agreement and to exercise such remedies cumulatively or in conjunction with all other rights and
remedies provided by law. Each Member acknowledges that money damages for any breach by such Member of the provisions of this
Agreement would not be a sufficient remedy for any breach of this Agreement by such Member and that in addition to all other remedies
the Company and the non-breaching Members shall be entitled to specific performance and injunctive or other equitable relief for
any such breach.

 

8.20         Appointment
of Managing Member as Attorney-in-Fact.

 

8.20.1     Each
Member, including each Additional Member and Substitute Member, by its execution of this Agreement, irrevocably constitutes and
appoints the Managing Member as its true and lawful attorney-in-fact with full power and authority in its name, place, and stead
to execute, acknowledge, deliver, swear to, file, and record at the appropriate public offices such certificates and other instruments,
and all amendments thereto, which the Managing Member deems appropriate to form, qualify or continue the Company as a limited
liability company (or other entity in which the Members will have limited liability comparable to that provided in the Act), in
the jurisdictions in which the Company may conduct business or in which such formation, qualification, or continuation is, in
the opinion of the Managing Member, necessary or desirable to protect the limited liability of the Members or operate the Company.

 

8.20.2    The
appointment by all Members of the Managing Member as attorney-in-fact shall be deemed to be a power coupled with an interest,
in recognition of the fact that each of the Members under this Agreement will be relying upon the power of the Managing Member
to act as contemplated by this Agreement in any filing and other action by it on behalf of the Company, shall survive the Incapacity
of any Person hereby giving such power, and the transfer or assignment of all or any portion of the Interest of such Person in
the Company, and shall not be affected by the subsequent Incapacity of the principal; provided, however, that in
the event of the assignment by a Member of all of its Interest in the Company, the foregoing power of attorney of an assignor
Member shall survive such assignment only until such time as the Assignee shall have been admitted to the Company as a Substitute
Member and all required documents and instruments shall have been duly executed, filed, and recorded to effect such substitution.

 

    	35

    	 

    

  

8.21         Force
Majeure. The parties to this Agreement shall be excused from performance of their obligations
(other than any obligation to pay money under this Agreement) where they are prevented from so performing by revolutions, terrorism
or similar disorders, wars, acts of enemies, strikes, fires, floods, acts of God, or, without limiting the foregoing, by any cause
not within the control of the party whose performance is interfered with, and which, by the exercise of commercially reasonable
diligence, the party is unable to prevent. All parties shall perform such parts or aspects of their obligations as are not interfered
with by these causes.

 

8.22         Limitation
On Creditors’ Interests. No creditor who makes a non-recourse loan to the Company shall
have or acquire at any time, as a result of making such loan, any direct or indirect interest in the profits, capital, or property
of the Company, other than as a secured creditor.

 

8.23         No
Liability For Return of Capital. No Member shall be personally liable for the return of all
or any part of the Capital Contributions of the other Members. Any such return shall be made solely from Company Assets.

  

(Signature Page Follows)

 

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IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement as of Effective Date set forth above.

  

	Sentio:	 
	 	 
	SENTIO BOSTON TRS, LLC,	 
	a Delaware limited liability company	 
	 	 	 
	By:	/s/ John Mark Ramsey	 
	 	 	 
	Name:	John Mark Ramsey	 
	 	 	 
	Title:	Authorized Signatory	 
	 	 	 
	SLR:	 
	 	 
	OAKTREE SLR, LLC	 
	a Massachusetts limited liability company	 
	 	 	 
	By:	/s/ Robert F. Larkin	 
	 	 	 
	Name:	Robert F. Larkin	 
	 	 	 
	Title:	Manager	 

 

    	A-1

    	 

    

  

EXHIBIT A

 

CAPITALIZED TERMS

 

Capitalized words and
phrases used and not otherwise defined in this Agreement shall have the following meanings:

 

“Acquiring
Member” is defined in Section 6.3(b).

 

“Act”
is defined in the Preamble.

 

“Additional
Members” is defined in Section 2.5.

 

“Affiliate”

 

means, with reference
to a specified Person, any Person which, directly or indirectly (including through one or more intermediaries), controls or is
controlled by or is under common control with any other Person, including any Subsidiary of a Person. For purposes of this definition
and the definition of “Controlling Person” below, the term “control” (including the correlative
meanings of the terms “controlled by” and “under common control with”), as used with respect
to any Person, shall mean the possession, directly or indirectly (including through one or more intermediaries), of the power
to direct or cause the direction of the management and policies of such Person, through the ownership or control of voting securities,
partnership interests or other equity interests, by contract or otherwise.

 

“Agreement”
is defined in the Preamble.

 

“Assignee”
means any Person (a) to whom a Member (or Assignee thereof) Transfers all or any part of its Interest in accordance with the terms
of this Agreement, and (b) that has not been admitted to the Company as a Substitute Member pursuant to Section 6.6.

 

“Bankruptcy
Event” means, with respect to any Member, (a) such Member commences a voluntary proceeding seeking liquidation,
reorganization or other relief of or against such Member under any bankruptcy, insolvency or other similar law now or hereafter
in effect, (b) such Member is adjudged as bankrupt or insolvent, or a final and non-appealable order for relief under any
bankruptcy, insolvency or similar law now or hereafter in effect has been entered against such Member, (c) such Member executes
and delivers a general assignment for the benefit of the Member’s creditors, (d) such Member files an answer or other pleading
admitting or failing to contest the material allegations of a petition filed against such Member in any proceeding of the nature
described in clause (b) above, (e) such Member seeks, consents to or acquiesces in the appointment of a trustee, receiver
or liquidator for such Member or for all or any substantial part of such Member’s properties or assets, (f) any proceeding
seeking liquidation, reorganization or other relief under any bankruptcy, insolvency or other similar law now or hereafter in
effect that has not been dismissed within one hundred twenty (120) days after the commencement thereof with respect to such Member,
(g) the appointment without such Member’s consent or acquiescence of a trustee, receiver or liquidator has not been vacated
or stayed within ninety (90) days of such appointment with respect to such Member, or (h) an appointment referred to in clause
(g) above is not vacated within 90 days after the expiration of any such stay.

 

    	A-1

    	 

    

  

“Business Day”
means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which national banks in the City of New York,
New York are authorized or obligated, by law or executive order, to close.

 

“Call Right”
is defined in Section 6.2.1.

 

“Call Right
Trigger Event” is defined in Section 6.2.1.

 

“Capital Contributions”
means with respect to any Member at any time, the aggregate amount of money and the initial Gross Asset Value of any property
(other than money) contributed, or deemed contributed, by such Member to the Company as of such time, including any initial Capital
Contribution and additional Capital Contribution.

 

“Capital Event”
means any sale, exchange, condemnation, insurance recovery, or other disposition of Company Assets, or a loan or a refinancing
of a loan to the extent the proceeds of such loan are made available to the Company, but excludes incidental sales occurring in
the ordinary course of business.

 

“Cash Available
for Distribution” means at the date of determination, all Company cash receipts (excluding the proceeds from Capital
Contributions or Default Loans by any Member), after deducting payments for Company Expenses, payments required to repay any debts
or other obligations of the Company, capital expenditures, deferred amortization and any other amounts set aside for the restoration,
increase or creation of Reserves, as determined by the Managing Member, in its sole discretion.

 

“Certificate”
means the Certificate of Formation for the Company filed with the Secretary of State of the State of Delaware, pursuant to Section
18-201 of the Act, as the same has been or may hereafter be amended and restated.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or any corresponding provision or provisions of prior or succeeding law.
Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding
provision of future law.

 

“Community”
means each independent living, congregate care, skilled nursing, assisted living and/or Alzheimer’s care facility/community
identified on Exhibit C hereto, including the real property and improvements thereon and relating thereto and associated
personal property owned directly or indirectly by the Company, including through the applicable Subsidiary of the Company (collectively,
the “Communities”).

 

“Company”
is defined in the Preamble.

 

“Company Assets”
means all direct and indirect assets and property, whether tangible or intangible (including monies) and whether real, personal,
or mixed, from time to time owned by or held for the benefit of the Company, including all direct or indirect interests in the
Communities.

 

    	A-2

    	 

    

  

“Company Expenses”
means, with respect to any fiscal period, the amount of expenses accrued or paid by or on behalf of the Company in the ordinary
course of business during the period, including without limitation, all fees to Manager[s] pursuant to Management Agreement[s],
cash expenses, such as insurance premiums, legal, accounting, and bookkeeping. Company Expenses shall include the actual cost
of goods, materials, and administrative services used for or by the Company, whether incurred by the Managing Member, any Affiliate
thereof, or any non-Affiliate in performing functions set forth in this Agreement reasonably requiring the use of such goods,
materials, or administrative services.

 

“Competing
Community” means any assisted living facility/community, senior independent living facility/community or memory care
facility/community operating or under construction or development within a five (5) mile radius outward from the outside boundary
of any Community.

 

“Controlling
Person”

 

means, with respect
to any Person, (a) any other Person(s) which, directly or indirectly (including through one or more intermediaries), controls
such Person, including any partners, shareholders, principals, members, trustees and/or beneficiaries of any such Person(s) to
the extent the same control such Person, and (b) any other Person(s) which controls, directly or indirectly (including through
one or more intermediaries), any other Controlling Person(s).

 

“Credit Arrangements”
is defined in Section 2.9.

 

“Credit Facility”
means the loan made to the “Borrowers” under the Credit Facility Agreement in the original principal amount of $10,885,000,
which loan is secured in part by the Communities or pursuant to which one or more of the Communities is subject to a negative
pledge in accordance with the Credit Facility Documents.

 

“Credit Facility
Agreement” means that certain Loan Agreement dated as of December ___, 2013 by and among (i) the “Borrower”
thereunder, and (ii) CBRE Capital Markets, Inc., as the same may have been or may from and after the Effective Date be further
amended, restated, modified or supplemented from time to time.

 

“Credit Facility
Documents” means, collectively, the Credit Facility Agreement and the other documents and instruments executed in connection
with the Credit Facility Agreement and the Credit Facility.

 

“Default Contribution
Notice” is defined in Section 2.3.1.

 

“Default Loan”
is defined in Section 2.3.1.

 

“Default Loan
Term” is defined in Section 2.3.3.

 

    	A-3

    	 

    

 

 “Default
Loan Rate” means the then applicable Prime Rate plus 10% per annum; provided, however, that in no event shall the Default
Loan Rate exceed the highest lawful rate of interest allowable under applicable law.

 

“De Minimis
Member” is defined in Section 2.3.8.

 

“Due Date”
is defined in Section 2.2.3.

 

“Economic Interest”
means a Person’s right to share in the Net Profits, Net Losses, or similar items of, and to receive distributions from,
the Company, but does not include any other rights of a Member including, without limitation, the right to vote or to participate
in the management of the Company, or, except as specifically provided in this Agreement or required under the Act, any right to
information concerning the business and affairs of the Company.

 

“Effective
Date” is defined in the Preamble.

 

“Fair
Market Value” means, with respect to the Company Assets, the fair market value thereof determined in accordance
with the procedures set forth in Exhibit F and this definition. The Fair Market Value of the Company Assets shall in all
events be obtained and determined by (i) assuming that the Communities are unencumbered by any lease (including the applicable
OpCo Lease) or management agreements (including the applicable Management Agreement), but imputing for purposes of such determination
a fair market value management fee that would be paid to a third party manager to manage each such Community, and (ii) taking
into account the positive or negative effect on the value of the Company Assets attributable to such factors as the interest rate,
amortization schedule, maturity date, prepayment penalty and other terms and conditions of any encumbrance placed thereon by the
Company or the applicable Subsidiary of the Company at the time of such determination.

 

“Gross Revenues”
shall mean and include all revenue and income of any kind received or collected from the operation of the Communities, and received
as rent, or other charges for use or occupancy of space or facilities or services in the Communities in a specific period, net
of bad debt/write offs, (a) including but not limited to, (to the extent applicable to the Communities) Medicare, Medicaid
(however denominated under State law); CHAMPUS/Tricare, Blue Cross and/or Blue Shield, managed care plans, or other private insurance
plans or employee assistance programs; parking revenues; income from vending machines photocopy machines, and other such devices;
late charges; interest on past due rentals; payments under any licenses, concessions, or other agreements for advertising signs,
telecommunications services, antennas, or like devices; all lease modification, amendment, surrender, or cancellation payments;
all proceeds in lieu of rental revenues from any business interruptions insurance policies; all escalation payments; and all payments
made by residents, or other users of the Communities for extra services, including, without limitation, the use of any personal
property used in connection with the Communities and the provision of any healthcare or other personal services; but (b) excluding
any and all investment income, insurance proceeds (other than business interruption proceeds as set forth in (a) above), litigation
proceeds (other than relating to collection actions), eminent domain awards or condemnation proceeds, proceeds from the sale or
disposition of capital assets, excise or sales or use taxes or similar taxes imposed at the point of sale and collected directly
from residents or guests of the Communities, any cash refunds, rebates or discounts to residents, security or resident fee deposits
until such time as the same are applied to current fees and other charges due and payable, gratuities to employees of the Communities,
proceeds of any sale of the Communities or any financing transaction affecting the Communities, and dividends on insurance policies.

 

    	A-4

    	 

    

 

 “Imputed
Closing Costs” means, with respect to the determination of the Purchase Price pursuant to Exhibit F, an amount
equal to six percent (6)% of the Fair Market Value of the Company Assets, representing the estimated closing costs
that would normally be incurred by the Company or its Subsidiaries for title insurance premiums, survey costs, brokerage commissions,
and other customary closing costs if the Company Assets were sold.

 

“Incapacity”
means, (a) as to any Member who is an individual, the death, total physical disability or entry by a court of competent jurisdiction
adjudicating such Member incompetent to manage his or her person or his or her estate; (b) as to any Member that is a corporation
or limited liability company, the filing of a certificate of dissolution, or its equivalent, for the corporation or limited liability
company or the revocation of its charter; (c) as to any Member that is a partnership, the dissolution and commencement of winding
up of the partnership; (d) as to any Member that is an estate, the distribution by the fiduciary of the estate’s entire
interest in the Company; (e) as to any trustee of a trust that is a Member, the termination of the trust (but not the substitution
of a new trustee); or (f) as to any Member, a Bankruptcy Event occurs with respect to such Member.

 

“Indemnitee”
is defined in Section 5.6.1.

 

“Invested Capital”
is defined in Section 2.6.1.

 

“Lender”
means any third party lender extending credit to the Company or any of its Subsidiaries.

 

“Lending Eligible
Member” is defined in Section 2.3.1.

 

“Lending Member”
is defined in Section 2.3.1.

 

“Liabilities”
is defined in Section 5.6.1.

 

“Liquidator”
is defined in Section 7.5.1.

 

“Major Decision”
is defined in Section 5.2.1.

 

“Management
Agreement” means, with respect to each Community, the Management Agreement dated of even date with the Effective Date
between the applicable Subsidiary of the Company, as lessee, and Manager, as manager, with respect to the management and operations
of such Community, as the same may be amended, modified or supplemented from time to time in accordance with the terms thereof.

 

“Manager”
means Senior Living Residences, LLC, a Massachusetts limited liability company.

 

    	A-5

    	 

    

  

“Managing Member”
means, initially, Sentio, and any other Person that succeeds to Sentio in such capacity.

 

“Material SLR
Transaction” means the SLR Parties, or any of them, become a party to, or participate in, or directly or indirectly
consent to or approve, any transaction or arrangement involving the direct or indirect investment in any SLR Party by any Sentio
Competitor; provided, however, that the following transactions shall not be deemed a Material SLR Transaction to the extent
they are entered into by a SLR Party(ies) in the ordinary course of its (their) business:

 

(a)            sale(s)
of real property or other real estate assets, or leasehold or joint venture interests held by the SLR Parties in such assets,
or interests of any SLR Party(ies) as a manager under a management agreement(s) relating to such assets, provided that any such
interests do not include, directly or indirectly, corporate or other voting rights in, or other rights to participate in the management
of or otherwise control, any SLR Party (except as the parenthetical clause in subparagraph (b) below permits);

 

(b)          entry
into a joint venture agreement or management agreement with a Sentio Competitor, provided that such joint venture agreement
or management agreement relates only to a particular property or properties and does not include, directly or indirectly, corporate
or other voting rights in, or other rights to participate in the management of or otherwise control, any SLR Party (other than,
in the case of a joint venture agreement, any such voting rights in, or any such rights to participate in the management of or
otherwise control, the joint venture that is governed by such joint venture agreement); or

 

(c)           obtaining
customary mortgage or other financing from, or entering into a lease with, a Sentio Competitor; provided that such financing
arrangement or lease relates only to a particular property or properties and does not include, directly or indirectly, including
as result of the exercise of any remedies thereunder, corporate or other voting rights in, or other rights to participate in the
management of or otherwise control, any SLR Party (other than as security for applicable financing, the pledge of the equity or
similar interest of the SLR Party that owns directly the particular property or properties that are the subject of such financing).

 

Notwithstanding the foregoing,
but subject to Sentio’s rights upon the occurrence of a SLR Change of Control, the Members hereby acknowledge and agree
that the purchase by a Sentio Competitor of securities of a SLR Party in a widely marketed underwritten public offering of such
securities pursuant to an effective registration statement filed with the Securities and Exchange Commission shall not be considered
a Material SLR Transaction.

 

    	A-6

    	 

    

  

“Material Default”
means, with respect to any Member, any of (a) a default by such Member specifically designated as a Material Default in Sections
5.7.3 or 6.1.1(a) of this Agreement, (b) the occurrence of a “Material Default” with respect to any Affiliate
of such Member under the PropCo LLC Agreement, (c) other than defaults covered by clause (a) or (b), a default by such Member
in the performance or observance of any of its covenants or obligations under this Agreement with respect to the payment of money
(including, without limitation, Required Capital Contributions) due hereunder which such default continues beyond any applicable
grace and cure periods, or if no such grace and cure period shall be contained herein, which such default continues uncured for
a period of ten (10) days after written notice of the default is given by the non-defaulting Member to the defaulting Member,
(d) other than defaults covered by clauses (a), (b) or (c) above, a default by such Member in the performance or observance of
any of its material covenants or obligations under this Agreement, which such default continues beyond any applicable grace and
cure periods, or if no such grace and cure period shall be contained herein, which such default continues uncured for a period
of thirty (30) days after written notice of the default is given by the non-defaulting Member to the defaulting Member, (e) any
act or omission by such Member that shall constitute fraud, willful misconduct or gross negligence or the willful misapplication
or misappropriation of funds by a Member, (f) a Bankruptcy Event occurs with respect to such Member, or (g) a material representation
or warranty of such Member contained in this Agreement being untrue in any material respect when made.

 

“Members”
means the Persons owning Membership Interests, any Substitute Members and any Additional Members, with each Member being referred
to, individually, as a “Member.”

 

“Membership
Interest” or “Interest” means the entire ownership interest of a Member in the Company at any particular
time, including without limitation, the Member’s Economic Interest, any and all rights to vote and otherwise participate
in the Company’s affairs, and the rights to any and all benefits to which a Member may be entitled as provided in this Agreement,
together with the obligations of such Member to comply with all of the terms and provisions of this Agreement.

 

“Non-Contributing
Member” is defined in Section 2.3.1.

 

“OFAC”
is defined in Section 8.2.1.

 

“OpCo Lease”
means, with respect to each Community, the Lease of even date with the Effective Date between the applicable Subsidiary of Propco
LLC, as lessor, and the applicable Subsidiary of the Company, as lessee, for the lease of such Community, as the same may be amended,
modified or supplemented from time to time in accordance with the terms thereof.

 

“Outside Agreement
Date” is defined in Section 5 of Exhibit F.

 

“Outside Contribution
Date” is defined in Section 2.3.1.

 

“Patriot Act”
is defined in Section 8.2.1.

 

“Percentage
Interest” means, with respect to each Member, initially the percentage set forth opposite such Member’s name on
Exhibit B attached hereto, as the same may be amended or otherwise modified from time to time.

 

    	A-7

    	 

    

  

“Person”
means and includes an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated organization,
a government or any department or agency thereof, or any entity similar to any of the foregoing.

 

“Portfolio
Sale” means a sale of seventy-five percent (75%) or more of the assets in the senior housing portfolio of Sentio Healthcare
Properties, Inc.

 

“Prime Rate”
means a rate equal to the annual rate on such date announced by the Bank of New York to be its prime, base or reference rate
for 90-day unsecured loans to its corporate borrowers of the highest credit standing but in no event greater than the maximum
rate then permitted under applicable law. If the Bank of New York discontinues its use of such prime, base or reference rate or
ceases to exist, the Managing Member shall designate the prime, base or reference rate of another state or federally chartered
bank based in New York to be used for the purpose of calculating the Prime Rate hereunder.

 

“PropCo LLC”
means Sentio-SLR Boston Portfolio LLC, a Delaware limited liability company.

 

“PropCo LLC
Agreement” means that certain Limited Liability Company Agreement of PropCo LLC of even date with the Effective Date
by and between Sentio Boston LLC, a Delaware limited liability company and Oaktree SLR, LLC, as members thereof, as the
same may be amended, modified or supplemented from time to time in accordance with the terms thereof.

 

“Purchase Agreement”
is defined in the Recitals.

 

“Purchase Notice”
is defined in Section 1 of Exhibit F.

 

“Purchase Price”
is defined in Section 2 of Exhibit F.

 

“Qualified
Appraiser” is defined in Section 5 of Exhibit F.

 

“Rate of Return”
means, with respect to a Member as of a specified moment, the annualized rate of return (calculated as provided below) achieved,
with respect to all Capital Contributions made by that Member, as a consequence of all distributions made to that Member as of
such moment (as the same may be calculated by the Managing Member, in its reasonable discretion).

 

In determining the Rate
of Return, the following shall apply:

 

(a)          All
calculations shall assume that (i) the pertinent Capital Contributions were made by the Member effective as of the last day of
the calendar month within which the member’s funds were made available to the Company in immediately available funds or,
in the case of SLR’s contribution of the Communities pursuant to Section 2.1.2, the last day of the calendar month
within which the Effective Date occurred and (ii) the pertinent distributions were made to the Member as of the last day of the
calendar month within which such distributions were treated as paid pursuant to this Agreement.

 

    	A-8

    	 

    

  

(b)          All
distribution amounts shall be based on the amount of the distribution prior to the application of any federal, state or local
income tax laws (including any laws requiring withholding or deductions).

 

(c)          The
rate of return shall be expressed as an annual rate, but all amounts shall be calculated to reflect the return that would be achieved
were such interest to compound on the last day of each calendar month. In other words, a particular rate of return shall be deemed
to be achieved only if the distributions are sufficient to provide sums equal to the returns that would be achieved by applying
a monthly rate equal to 1/12 of the annual rate, with interest compounding on the last day of each calendar month.

 

(d)          Neither
the allocation of Net Profits or Net Losses, nor the payment of any taxes by a Member, shall affect the calculation of the Rate
of Return.

 

(e)          The
Managing Member shall apply such other principles as it reasonably determines to be appropriate for calculating the Rate of Return
in a manner consistent with the intent of the foregoing. For example, for such purpose the Managing Member may use the “XIRR”
function in the most recent version of Microsoft Excel software.

 

“REIT”
means a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

 

“REIT Member”
means any Member that has elected and remains qualified to be taxed as a REIT or who is an Affiliate of a Person who has elected
and remains qualified to be taxed as a REIT.

 

“Regulation
D” is defined in Section 8.2.1.

 

“Regulations”
means temporary and final Treasury Regulations promulgated under the Code, as such regulations may be amended from time to time
(including corresponding provisions of succeeding Treasury Regulations).

 

“Reserves”
means funds set aside or amounts allocated to reserves that shall be maintained in amounts reasonably deemed sufficient by the
Managing Member for working capital, and to pay taxes, insurance, debt service, and other liabilities, costs or expenses incident
to the existence of the Company or its Subsidiaries or the conduct of business by the Company or its Subsidiaries as contemplated
hereunder.

 

“Required Capital
Contribution” is defined in Section 2.3.1.

 

“Requirement
of Law” means, as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or
other governmental authority, in each case applicable to or binding upon such Person or any of its property or to which such Person
or any of its property is subject.

 

“ROFO”
is defined in Section 5.9.

 

    	A-9

    	 

    

  

“Right to Compete”
is defined in Section 5.7.

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Sentio”
is defined in the Preamble, and shall include its successors and assigns.

 

“Sentio Competitor”
means any (a) healthcare REIT (i.e., a REIT that principally owns or provides financing for health care related properties (including
hospitals, out-patient centers and/or clinics, senior housing, senior apartments or care facilities and/or medical office buildings)),
(c) any Affiliate of such healthcare REIT or (d) any other Person as to which, at the time of any Material SLR Transaction of
the type described in clause (a) of the definition thereof, or the commencement of any arrangement of the type described
in clause (b) of the definition thereof, forty percent (40%) or more of the consolidated gross revenues or consolidated
net operating income of such Person and its consolidated Affiliates (in each case, as determined in accordance with GAAP and for
the current fiscal year and/or the fiscal year preceding such current fiscal year and/or the fiscal year following such current
fiscal year of such Person and its consolidated Affiliates) has historically been generated or received, or on a pro forma basis
(taking into account pending, announced and completed transactions) is expected to be generated or received, in either case directly
or indirectly, from facilities or properties owned or controlled by a healthcare REIT and/or its Affiliates.

 

“SLR”
is defined in the Preamble, and shall include, subject to the provisions of Article 6, its successors and assigns.

 

“SLR Change
of Control” means with respect to any of SLR, Manager or its Controlling Person(s), the occurrence of any of the following
(whether directly or indirectly, or in a single transaction or a series of transactions), as applicable:

 

(a)         the
sale of all or substantially all of such Person’s assets, stock, membership or partnership interests other than to an Affiliate
of such Person but expressly excluding Transfers of ownership interests in SLR among current SLR Members and
to: a trust controlled by current SLR Members for estate planning purposes; or upon the death of an owner of an interest
in SLR; or

 

(b)         the
merger, reorganization, share exchange, recapitalization, restructuring or consolidation of such Person with any other Person,
other than (i) with an Affiliate of such Person or (ii) in connection with a transaction that would result in the voting securities
of such Person outstanding immediately prior thereto to continue to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 51% of the combined voting power of the voting securities of such Person
or such surviving entity outstanding immediately after such transaction.

 

With respect to SLR,
an “SLR Change of Control” shall also occur if neither Robert Larkin nor Peter Mullin possess, directly or indirectly,
the power to direct or cause the direction of the management and policies of SLR, whether through membership, ownership of voting
securities, by contract or otherwise.

 

    	A-10

    	 

    

  

With respect to Manager,
an an “SLR Change of Control” shall also occur if neither Robert Larkin nor Peter Mullin oversee and manage the day-to-day
operations of the Manager.

 

“SLR Consent”
means the express written consent of SLR.

 

“SLR Party”
means SLR or any Affiliate of SLR (collectively, the “SLR Parties”).

 

“Subsidiary”
means, with respect to any Person, any Affiliate of such Person which is directly or indirectly, through one or more intermediaries,
controlled by such Person. Without limiting the foregoing, with respect to the Company, “Subsidiary” includes
those initial Subsidiaries of the Company set forth on Exhibit C hereto.

 

“Substitute
Member” means any Person (a) to whom a Member (or Assignee thereof) Transfers all or any part of its Interest, and (b)
which has been admitted to the Company as a Substitute Member pursuant to Section 6.6.

 

“Transaction
Documents” means the “Documents” as set forth in the Purchase Agreement.

 

“Transfer”
means sale, exchange, assignment, pledge, transfer, gift, hypothecation, mortgage, encumbrance or other form of disposition, directly
or indirectly, by operation of law or otherwise. The term “Transferred” shall have a correlative meaning.

 

“Treasury Regulations”
means proposed, temporary and final Treasury Regulations promulgated under the Code, as such regulations may be amended from time
to time (including corresponding provisions of succeeding Treasury Regulations).

 

    	A-11

    	 

    

  

EXHIBIT B

 

MEMBERS, INITIAL INVESTED CAPITAL BALANCE
AND PERCENTAGE INTERESTS

 

 

	Name and Address of Members	 	Initial 
Invested 
Capital
    
Balance	 	 	Percentage 
Interest	 
	SENTIO BOSTON TRS LLC 
Attn: John Mark Ramsey 
Attn:
    Scott Larche 
189 S. Orange Ave., Suite 1700 
Orlando, Florida 32801 
Telephone: 407-999-2426 
Fax: (407) 999-5210	 	$	950.00	 	 	 	95	%
	OAKTREE SLR, LLC 
c/o Robert F. Larkin and 
Peter G. Mullin 
Senior
    Living Residences, LLC 
388 East Eighth Street 
South Boston, MA 02127 
Telephone: 617-269-3757 
Fax: 617.268.1380	 	$	50.00	 	 	 	5	%

 

    	B-1

    	 

    

  

EXHIBIT C

 

COMMUNITIES AND SUBSIDIARY OWNERS

 

	Community Name	 	Address	 	Description	 	Subsidiary Fee Owner
	Compass on the Bay 	 	1380 Columbia Road, Boston MA 	 	39 unit assisted living and memory care residence	 	Compass Landlord, LLC
	 	 	 	 	 	 	 
	Standish Village	 	1190 Adams Street Dorchester, MA	 	85 unit assisted living and memory care residence	 	Standish Village Landlord, LLC

         

    	C-1

    	 

    

 

EXHIBIT D

 

LIST OF EXISTING COMPETING COMMUNITIES

 

[To be Provided by SLR]

 

    	D-1

    	 

    

  

EXHIBIT E

 

ADDITIONAL ALLOCATION PROVISIONS

 

Section 1. Capitalized Terms. Capitalized
words and phrases used and not otherwise defined in this Agreement shall have the following meanings:

 

“Adjusted Capital
Account” means, with respect to any Member, the balance, if any, in such Member’s Capital Account as of the end
of the relevant fiscal year, after giving effect to the following adjustments:

 

(a)           Add
to such Capital Account the following items:

 

(i)          The
amount, if any, that such Member is obligated to contribute to the Company within ninety (90) days after liquidation of such Member’s
Interest; and

 

(ii)         The
amount that such Member is obligated to restore or is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c)
or the penultimate sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

 

(b)          Subtract
from such Capital Account such Member’s share of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6).

 

The foregoing definition of Adjusted Capital
Account is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith.

 

“Adjusted Capital
Account Deficit” means, with respect to any Member, the deficit balance, if any, in such Member’s Adjusted Capital
Account.

 

“Capital Account”
means the Capital Account maintained for each Member on the Company’s books and records in accordance with the following
provisions:

 

(a)          To
each Member’s Capital Account there shall be added (i) such Member’s Capital Contributions, (ii) such Member’s
allocable share of Net Profits and any items in the nature of income or gain that are specially allocated to such Member pursuant
to Exhibit E or other provisions of this Agreement, and (iii) the amount of any Company liabilities assumed by such Member
or which are secured by any property distributed to such Member.

 

(b)          From
each Member’s Capital Account there shall be subtracted (i) the amount of (A) cash and (B) the Gross Asset Value of any
Company Assets (other than cash) distributed to such Member (other than any payment of principal and/or interest to such Member
pursuant to the terms of a loan made by the Member to the Company or any fees paid to a Member) pursuant to any provision of this
Agreement, (ii) such Member’s allocable share of Net Losses and any other items in the nature of expenses or losses that
are specially allocated to such Member pursuant to Exhibit E or other provisions of this Agreement, and (iii) liabilities
of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company.

 

    	E-1

    	 

    

  

(c)          In
the event any Interest is Transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital
Account of the transferor to the extent it relates to the Interest so Transferred.

 

(d)          In
determining the amount of any liability for purposes of subparagraphs (a) and (b) above, there shall be taken into
account Code Section 752(c) and any other applicable provisions of the Code and Regulations.

 

(e)          The
foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to
comply with Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consistent with such
Regulations. In the event that the Managing Member shall determine that it is prudent to modify the manner in which the Capital
Accounts, or any additions or subtractions thereto, are computed in order to comply with such Regulations, the Managing Member
may make such modification, provided that it is not likely to have a material effect on the amounts distributable to any Member
pursuant to Article 7 upon the dissolution of the Company. The Managing Member shall also make (i) any adjustments that
are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of Company capital
reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q),
and (ii) any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply
with Regulations Sections 1.704-1(b) and 1.704-2.

 

“Company Minimum
Gain” has the meaning set forth in Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase “partnership
minimum gain.”

 

“Depreciation”
means, for each fiscal year or other period, an amount equal to the federal income tax depreciation, amortization or other cost
recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an
asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, Depreciation
shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization
or other cost recovery deduction for such year or other period bears to such beginning adjusted tax basis; provided, however,
that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period is zero,
Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the
Managing Member.

 

“Gross Asset
Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as
follows:

 

    	E-2

    	 

    

  

(a)          The
initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset,
as reasonably determined and agreed to by the Managing Member and the contributing Member.

 

(b)          The
Gross Asset Values of all Company Assets immediately prior to the occurrence of any event described in subparagraph (i),
subparagraph (ii), subparagraph (iii) or subparagraph (iv) below shall be adjusted to equal their respective
gross fair market values, as reasonably determined by the Managing Member using such reasonable method of valuation as it may
adopt, as of the following times:

 

(i)            the
acquisition of an additional Interest (other than in connection with the execution of this Agreement) by a new or existing Member
in exchange for more than a de minimis Capital Contribution, if the Managing Member reasonably determines that such adjustment
is necessary or appropriate to reflect the relative interests of the Members in the Company;

 

(ii)           the
distribution by the Company to a Member of more than a de minimis amount of Company Assets as consideration for an Interest,
if the Managing Member reasonably determines that such adjustment is necessary or appropriate to reflect the relative interests
of the Members in the Company;

 

(iii)          the
liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and

 

(iv)        at
such other times as the Managing Member shall reasonably determine necessary or advisable in order to comply with Regulations
Sections 1.704-1(b) and 1.704-2.

 

(c)          The
Gross Asset Value of any Company Asset distributed to a Member shall be the gross fair market value of such asset on the
date of distribution as reasonably determined by the Managing Member.

 

(d)          The
Gross Asset Values of Company Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such
assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account
in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset
Values shall not be adjusted pursuant to this subparagraph (d) to the extent that an adjustment pursuant to subparagraph
(b) above is made in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph
(d).

 

(e)          If
the Gross Asset Value of a Company Asset has been determined or adjusted pursuant to subparagraph (a), subparagraph
(b) or subparagraph (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account
with respect to such Company Asset for purposes of computing Net Profits and Net Losses.

 

    	E-3

    	 

    

  

“Member Minimum
Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result
if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i)
with respect to “partner minimum gain.”

 

“Member Nonrecourse
Debt” has the meaning set forth in Regulations Section 1.704-2(b)(4) for the phrase “partner nonrecourse debt.”

 

“Member Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(i) for the phrase “partner nonrecourse deductions.”

 

“Net Profits”
or “Net Losses” means, for each fiscal year or other period, an amount equal to the Company’s taxable
income or loss for such year or period determined in accordance with Code Section 703(a) (for this purpose, all items of income,
gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income
or loss), with the following adjustments:

 

(a)          Any
income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or
Net Losses pursuant to this definition of Net Profits and Net Losses shall be added to such taxable income or loss;

 

(b)          Any
expenditure of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant
to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Net Profits or Net Losses
pursuant to this definition of Net Profits and Net Losses, shall be subtracted from such taxable income or loss;

 

(c)          Gain
or loss resulting from any disposition of Company Assets where such gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the Company Assets disposed of, notwithstanding that the adjusted tax
basis of such Company Assets differs from its Gross Asset Value;

 

(d)          In
lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income
or loss, there shall be taken into account Depreciation for such fiscal year or other period;

 

(e)          To
the extent an adjustment to the adjusted tax basis of any asset included in Company Assets pursuant to Code Section 734(b) or
Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining
Capital Accounts as a result of a distribution other than in liquidation of a Member’s Interest, the amount of such adjustment
shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases
the basis of the asset) from the disposition of the asset and shall be taken into account for the purposes of computing Net Profits
and Net Losses;

 

(f)          If
the Gross Asset Value of any Company Asset is adjusted in accordance with subparagraph (b) or subparagraph (c) of
the definition of Gross Asset Value, the amount of such adjustment shall be taken into account in the taxable year of such adjustment
as gain or loss from the disposition of such asset for purposes of computing Net Profits or Net Losses; and

 

    	E-4

    	 

    

  

(g)          Notwithstanding
any other provision of this definition of Net Profits and Net Losses, any items that are specially allocated pursuant to Exhibit
E hereof shall not be taken into account in computing Net Profits or Net Losses. The amounts of the items of Company income,
gain, loss or deduction available to be specially allocated pursuant to Exhibit E shall be determined by applying rules
analogous to those set forth in this definition of Net Profits and Net Losses.

 

“Nonrecourse
Deductions” has the meaning set forth in Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

 

“Nonrecourse
Liability” has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

 

“Regulatory
Allocations” is defined in Section 2.8 of this Exhibit E.

 

Section 2 Regulatory Allocations.
Notwithstanding the provisions of Article 4, the following special allocations shall be made in the following order of
priority:

 

2.1.          If
there is a net decrease in Company Minimum Gain during a Company taxable year, then each Member shall be allocated items of Company
income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Member’s share
of the net decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g)(2). This Section
2.1 of this Exhibit E is intended to comply with the minimum gain chargeback requirement of Regulations Section 1.704-2(f)
and shall be interpreted consistently therewith.

 

2.2.          If
there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt during any Company taxable year, then
each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance
with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such taxable year (and,
if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum Gain attributable
to such Member Nonrecourse Debt, determined in a manner consistent with the provisions of Regulations Section 1.704-2(g)(2). This
Section 2.2 of this Exhibit E is intended to comply with the partner nonrecourse debt minimum gain chargeback requirement
of Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

2.3.          If
any Member unexpectedly receives an adjustment, allocation, or distribution of the type contemplated by Regulations Section 1.704-1(b)(2)(ii)(d)(4),
(5) or (6), then items of income and gain shall be allocated to all such Members (in proportion to the amounts of
their respective Adjusted Capital Account Deficits) in an amount and manner sufficient to eliminate the Adjusted Capital Account
Deficit of such Member as quickly as possible. It is intended that this Section 2.3 of this Exhibit E qualify and
be construed as a “qualified income offset” within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d)
and shall be interpreted consistently therewith.

 

    	E-5

    	 

    

  

2.4.          If
the allocation of any item of Net Losses to a Member as provided in Section 4.1 would create or increase an Adjusted Capital
Account Deficit, there shall be allocated to such Member only that amount of such items of Net Losses as will not create or increase
an Adjusted Capital Account Deficit. The allocated item that would, absent the application of the preceding sentence, otherwise
be allocated to such Member shall be allocated to the other Members in accordance with their relative Percentage Interests, subject
to the limitations of this Section 2.4 of this Exhibit E.

 

2.5.          To
the extent that an adjustment to the adjusted tax basis of any Company Asset pursuant to Code Section 734(b) or Code Section 743(b)
is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4),
to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of
its Interest, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases
the basis of the asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to
the Members in accordance with their interests in the Company in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Members to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4)
applies.

 

2.6.          The
Nonrecourse Deductions for each taxable year of the Company shall be allocated to the Members in accordance with their respective
Percentage Interests.

 

2.7.          The
Member Nonrecourse Deductions shall be allocated each year to the Member that bears the economic risk of loss (within the meaning
of Regulations Section 1.752-2) for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable.

 

2.8.          The
allocations set forth in this Section 2 of this Exhibit E (the “Regulatory Allocations”) are
intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2(i).

 

Section 3. Tax Allocations.

 

3.1.          Except
as provided in Section 3.2 of this Exhibit E, for income tax purposes under the Code and the Regulations each Company
item of income, gain, loss, deduction and credit shall be allocated between the Members as its correlative item of “book”
income, gain, loss, deduction or credit is allocated pursuant to Article 4 and this Exhibit E.

 

    	E-6

    	 

    

  

3.2.          Tax
items with respect to Company Assets that are contributed to the Company with a Gross Asset Value that varies from their basis
in the hands of the contributing Member immediately preceding the date of contribution shall be allocated between the Members
for income tax purposes pursuant to Regulations promulgated under Code Section 704(c) so as to take into account such variation.
With respect to the Members’ initial Capital Contributions, the Company shall account for such variation under any method
approved under Code Section 704(c) and the applicable Regulations as chosen by the Managing Member, including, without limitation,
the “traditional method” as described in Regulations Section 1.704-3(b). If the Gross Asset Value of any Company Asset,
whenever acquired, is later determined or adjusted pursuant to subparagraph (a), subparagraph (b) or subparagraph (c) of the definition
of “Gross Asset Value” in Section 1 of this Exhibit E, subsequent allocations of income, gain, loss,
deduction and credit with respect to such Company Asset shall take account of any variation between the adjusted basis of such
Company Asset for federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the
Regulations promulgated thereunder under any method approved under Code Section 704(c) and the applicable Regulations as chosen
by the Managing Member. Allocations pursuant to this Section 3.2 of this Exhibit E are solely for purposes
of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital
Account or share of Net Profits, Net Losses and any other items or distributions pursuant to any provision of this Agreement.

 

Section 4. Other
Provisions.

 

4.1.          For
any fiscal year or other period during which any part of a Membership Interest or Economic Interest is Transferred between the
Members or to another Person, the portion of the Net Profits, Net Losses and other items of income, gain, loss, deduction and
credit that are allocable with respect to such part of a Membership Interest or Economic Interest shall be apportioned between
the transferor and the transferee under any method allowed pursuant to Section 706 of the Code and the applicable Regulations
as determined by the Managing Member.

 

4.2.          In
the event that the Code or any Regulations require allocations of items of income, gain, loss, deduction or credit different from
those set forth in Article 4 or this Exhibit E, the Managing Member is hereby authorized to make new allocations
in reliance on the Code and such Regulations, and no such new allocation shall give rise to any claim or cause of action by any
Member.

 

4.3.          The
Members acknowledge and are aware of the income tax consequences of the allocations made by Article 4 and this Exhibit
E and hereby agree to be bound by the provisions of Article 4 and this Exhibit E in reporting their shares of
Net Profits, Net Losses and other items of income, gain, loss, deduction and credit for federal, state and local income tax purposes.

 

4.4.          All
matters concerning the allocations and other determinations provided for in Article 4 and this Exhibit E and any
accounting procedures not expressly provided for in this Agreement shall be determined by the Managing Member in a manner consistent
with the terms and intent of this Agreement.

 

    	E-7

    	 

    

 

EXHIBIT F

 

CALL PURCHASE PRICE

 

Section 1. Purchase
Notice. Sentio may exercise its Call Right at any time after a Call Right Trigger Event by providing written notice to SLR
of Sentio’s desire to do so (the “Purchase Notice”); provided that Sentio or its applicable Affiliate
concurrently therewith exercises its “Call Right” in accordance with the terms of the PropCo LLC Agreement.

 

Section 2. Purchase
Price. If Sentio is entitled to and delivers to SLR a Purchase Notice, Sentio shall be obligated to purchase (or, at Sentio’s
sole election, to cause the Company to purchase), and SLR shall be obligated to sell, all of the Interest of SLR for an amount
equal to the Purchase Price. For the purposes hereof, the “Purchase Price” shall be equal to that amount that
SLR would receive if, as of the effective date of the Purchase Notice, all of the Company Assets were sold at their Fair Market
Value, the Company had immediately paid all Company debts and liabilities (including all amounts due and owing under any Credit
Arrangements, but specifically excluding any so-called prepayment premiums or defeasance costs that would be due and payable in
connection with the prepayment of any such debts and liabilities prior to the stated maturity therefor) and Imputed Closing Costs
and distributed the net proceeds of the sale and any other liquid assets of the Company among the Members in accordance with the
provisions of Sections 3.2 and 7.5 (without regard to any other costs of liquidation or the establishment of any
Reserves, but assuming for such purposes that the ); provided in each case (regardless of whether or not any Management Agreements
remain in place) that the provisions of Sections 3.1.3(h)(ii) (and not 3.1.3(h)(i)) shall apply.

 

Section 3. Escrow
Arrangements. Upon delivery of a valid Purchase Notice, (a) a binding contract shall be deemed to exist between SLR and Sentio
with respect to the sale and purchase of SLR’s Interest, and (b) the closing shall be held pursuant to an escrow arrangement
acceptable to SLR and Sentio in the exercise of their reasonable judgment on a Business Day selected by Sentio not less than twenty
(20) days and not more than sixty (60) days after the determination of the Fair Market Value of all of the Company Assets pursuant
to Section 5 of this Exhibit F. At the closing, (i) subject to the provisions of Section 8.15, Sentio shall
pay (or, at Sentio’s sole election, cause the Company to pay, provided that Sentio shall be solely responsible for
any Required Capital Contribution to the Company in connection therewith) the Purchase Price by wire transfer of immediately available
funds (United States dollars) to an account designated in writing by SLR; (ii) SLR shall deliver to Sentio or its designee (including,
at Sentio’s sole election, the Company) an assignment of all of SLR’s Interest, which such assignment shall be free
and clear of all legal and equitable claims (other than the legal and equitable claims, if any, of Sentio pursuant to this Agreement)
and all liens and encumbrances; (iii) SLR and Sentio each shall (or, at Sentio’s sole election, Sentio shall cause the Company
to) execute an agreement acceptable to such Members in the exercise of their reasonable judgment whereby (x) each Member shall
(or, at Sentio’s sole election, Sentio shall cause the Company to) represent and warrant to the other that each is duly
organized, validly existing, has the necessary power and authority to consummate the subject transactions and that the consummation
of the subject transactions requires no consents or approvals which have not been obtained, and (y) SLR shall represent to Sentio
(or, at Sentio’s sole election, the Company) that SLR is the owner of its Interest free and clear of all liens and encumbrances
and that the Transfer is being made free and clear of all legal and equitable claims (other than the legal and equitable claims
of Sentio pursuant to this Agreement); (iv) the purchase price to be paid by Sentio (or, at Sentio’s sole election, the
Company) shall be adjusted to account for, and fully repay, any outstanding Default Loans (and any unpaid interest and any charges
thereon) owing by SLR; and (v) if applicable, the Members shall execute all amendments to fictitious name, limited liability
company or similar certificates necessary to effect the withdrawal of SLR from the Company. The closing of the purchase by Sentio
(or, at Sentio’s sole election, the Company) of SLR’s Interest hereunder shall occur concurrently with, and shall
be conditioned upon the concurrent closing of the purchase by Sentio or an Affiliate of Sentio, of SLR’s or its Affiliate’s
“Interest” in the PropCo LLC pursuant to the terms of the PropCo LLC Agreement. Each party shall pay its own costs
and expenses in connection with the conveyance of SLR’s Interest to Sentio (or, at Sentio’s sole election, the Company).

 

    	F-1

    	 

    

  

Section 4. Survival.
Sentio’s Call Right provided in Section 6.2 and this Exhibit F shall survive any Transfer or purported Transfer
of SLR’s Interest.

 

Section 5. Fair Market
Value Determination. Following the delivery of the Purchase Notice, Sentio and SLR shall negotiate in good faith for a period
of up to fifteen (15) days (the “Outside Agreement Date”) to determine the Fair Market Value of all of the
Company Assets as of the effective date of such Purchase Notice. If Sentio and SLR reach an agreement with respect to such Fair
Market Value on or before the Outside Agreement Date, then the same shall be confirmed in writing and the amount so agreed upon
shall be used by the parties to determine the Purchase Price in accordance with the definition thereof. If Sentio and SLR are
unable to mutually agree upon such Fair Market Value for the Company Assets on or before the Outside Agreement Date, then the
determination thereof shall be submitted to appraisal arbitration as follows:

 

5.1.          SLR
and Sentio shall each by notice to the other appoint one appraiser who shall by profession be an independent MAI certified appraiser
who shall have been active over the five (5) year period ending on the date of such appointment in the appraisal of similar properties
to the Communities (herein, a “Qualified Appraiser”). Each such Qualified Appraiser shall be appointed within
fifteen (15) days after the Outside Agreement Date.

 

5.2.          Each
such Qualified Appraiser shall determine the Fair Market Value of the Company Assets as of the effective date of the Purchase
Notice and consistent with the definition thereof set forth in this Agreement and, to the extent consistent with sound appraisal
practice as then existing at the time of any such appraisal, take into account and shall give appropriate consideration to all
three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no
one method or approach shall be deemed conclusive simply by reason of the nature of the Company’s or its Subsidiaries’
businesses or because such approach may have been used for purposes of determining the Fair Market Value at the time of acquisition
thereof by the Company or its Subsidiaries. Each such Qualified Appraiser’s determination shall be made within sixty (60)
days after the Outside Agreement Date, and shall be set forth in a written report delivered to each of Sentio and SLR on or before
such date; provided, however, that if either Sentio or SLR fails to appoint its Qualified Appraiser within the time permitted,
or if two (2) Qualified Appraisers shall have been so appointed but only one such Qualified Appraiser shall have made such determination
and delivered its written report within such sixty (60) day period, then the determination of such sole Qualified Appraiser shall
be final and binding upon Sentio and SLR.

 

    	F-2

    	 

    

  

5.3.          If
the two (2) Qualified Appraisers shall have been appointed and shall have made their determinations within the respective requisite
periods set forth above and if the difference between the amounts so determined shall not exceed five percent (5%) of the lesser
of such amounts then the Fair Market Value of the Company Assets shall be an amount equal to fifty percent (50%) of the sum of
the amounts so determined. If the difference between the amounts so determined shall exceed five percent (5%) of the lesser of
such amounts, then Sentio and SLR shall again negotiate in good faith for a period of up to fifteen (15) days to determine the
Fair Market Value and if they are unable to agree upon a Fair Market Value within such time period (the “Second Outside
Agreement Date”), then they shall jointly select a third (3rd) Qualified Appraiser meeting the above requirements
within ten (10) days of the Second Outside Agreement Date. In the event Sentio and SLR fail to agree upon Fair Market Value by
the Second Outside Agreement Date and to appoint a third (3rd) Qualified Appraiser within ten (10) days of the Second
Outside Approval Date, the two (2) Qualified Appraisers initially appointed by the parties shall mutually select the third (3rd)
Qualified Appraiser.

 

5.4.          Any
third (3rd) Qualified Appraiser appointed by the two (2) initial Qualified Appraisers or by mutual agreement of Sentio
and SLR, as applicable, shall be instructed to determine the Fair Market Value of the Company Assets within thirty (30) days after
appointment of such third (3rd) Qualified Appraiser and consistent with the provisions of Section 5.2 of this
Exhibit F above applicable to the two (2) initial Qualified Appraisers.

 

5.5.          If
a third (3rd) Qualified Appraiser is thus appointed, then the determination of the three (3) Qualified Appraisers which
differs most in terms of dollar amount from the determinations of the other two (2) Qualified Appraisers shall be excluded, and
fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Sentio and SLR as the Fair
Market Value of the Company Assets as of the effective date of the Purchase Notice.

 

5.6.          Sentio
and SLR shall each pay one-half (1/2) of the fees and expenses of each Qualified Appraiser appointed hereunder (whether or not
selected by such party).

 

This provision for
determination of Fair Market Value of the Company Assets shall be specifically enforceable to the extent such remedy is available
under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided
by applicable law.

 

    	F-3

    	 

    

  

SCHEDULE 8.2.1(g)

 

BROKERS INVOLVED
IN TRANSACTION

 

    	F-4PURCHASE
AND SALE AGREEMENT

 

By And Among

 

SENTIO-SLR BOSTON PORTFOLIO, LLC,

 

a Delaware limited liability company

 

as
“Buyer”;

 

BAY VIEW OF BOSTON ASSOCIATES LIMITED
PARTNERSHIP

 

a Massachusetts limited partnership

 

as
“Seller”; and

 

STEWART TITLE GUARANTY COMPANY

as
“Escrow Agent”

 

Dated as of

 

September 18, 2013

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I TERMINOLOGY	2
	1.1	Defined Terms	2
	1.2	Additional Defined Terms	5
	 	 	 
	ARTICLE II PURCHASE AND SALE	6
	2.1	Property	6
	2.2	Assumption of Liabilities	8
	2.3	Purchase Price	9
	2.4	Earnest Money Deposit	9
	2.5	Adjustment of Purchase Price	9
	2.6	Escrow Agent.	11
	 	 	 
	ARTICLE III DUE DILIGENCE PERIOD	12
	3.1	Due Diligence Period	12
	3.2	Buyer’s Responsibilities	13
	3.3	Continuing Diligence and Inspection Rights	13
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER	13
	4.1	Organization; Good Standing	13
	4.2	Consent of Third Parties	13
	4.3	Authority; Enforceability	13
	4.4	Absence of Conflicts	13
	4.5	No Judgments	14
	4.6	No Governmental Approvals	14
	4.7	Insurance	14
	4.8	Litigation	14
	4.9	Compliance with Laws	14
	4.10	Environmental Matters	15
	4.11	Assessments	15
	4.12	Property Agreements	15
	4.13	Licenses	15
	4.14	Resident Agreements	15
	4.15	Medicare; Medicaid	16
	4.16	Condemnation	16
	4.17	Condition of Property	16
	4.18	Independent Property	16
	4.19	Full Disclosure	16
	4.20	Utilities Access	17
	4.21	Zoning	17
	4.22	FIRPTA	17
	4.23	Interests; Title	17
	4.24	Title Encumbrances	17
	4.25	Affordable Housing Units	17
	4.26	No New Survey Matters	17

 

    	i

    	 

    

 

TABLE OF CONTENTS (cont’d)

 

	 	 	Page
	 	 	 
	4.27	Loans	17
	4.28	Patriot Act Compliance	18
	4.29	Broker’s or Finder’s Fees	18
	4.30	Insolvency	18
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER	18
	5.1	Organization and Good Standing	18
	5.2	Authorization and Binding Effect of Documents	19
	5.3	Absence of Conflicts	19
	5.4	Consents	19
	5.5	Patriot Act Compliance	19
	5.6	Broker’s or Finder’s Fees	19
	5.7	Financial Capacity	19
	 	 	 
	ARTICLE VI OTHER COVENANTS	20
	6.1	Conduct of Business Prior to the Closing	20
	6.2	Notification of Certain Matters	21
	6.3	Title; Additional Documents	21
	6.4	Other Consents	21
	6.5	Inspection and Access	21
	6.6	Confidentiality	22
	6.7	Publicity	22
	6.8	Commercially Reasonable Efforts	22
	6.9	Reports	23
	6.10	Post-Closing Obligations of Seller	23
	6.11	No Other Representations or Warranties	23
	6.12	Noncompetition	23
	6.13	Exclusivity	23
	6.14	Employees	24
	 	 	 
	ARTICLE VII CONDITIONS PRECEDENT TO THE OBLIGATION OF BUYER TO CLOSE	24
	7.1	Accuracy of Representations and Warranties; Closing Certificate	24
	7.2	Performance of Agreement	25
	7.3	No Adverse Change	25
	7.4	[Reserved.]	25
	7.5	[Reserved.]	25
	7.6	Title Insurance and Survey	25
	7.7	Other Inspections	27
	7.8	Delivery of Closing Documents	27
	7.9	Licenses	28
	7.10	Termination of Existing Leases & Management Agreements	29
	7.11	Governmental Approvals	29
	7.12	Third-Party Consents	29

 

    	ii

    	 

    

  

TABLE OF CONTENTS (cont’d)

 

	 	 	Page
	 	 	 
	7.15	Management Agreement	29
	7.16	Operating Agreement	29
	 	 	 
	ARTICLE VIII CONDITIONS PRECEDENT TO THE  OBLIGATION OF SELLER TO CLOSE	29
	8.1	Accuracy of Representations and Warranties	29
	8.2	Performance of Agreements	30
	8.3	Delivery of Closing Documents	30
	8.4	Management Agreement	30
	8.5	Operating Agreement	30
	8.6	Mortgage Release	30
	 	 	 
	ARTICLE IX CLOSING	30
	9.1	Closing Date and Place	30
	9.2	Deliveries of Seller	30
	9.3	Deliveries of Buyer	32
	9.4	Closing Costs	32
	 	 	 
	ARTICLE X INDEMNIFICATION	32
	10.1	General	32
	10.2	Indemnification by Seller	33
	10.3	Indemnification by Buyer	33
	10.4	Administration of Indemnification	33
	 	 	 
	ARTICLE XI DEFAULT AND TERMINATION	35
	11.1	Right of Termination	35
	11.2	Remedies upon Default	36
	11.3	Specific Performance	36
	11.4	Obligations Upon Termination	37
	11.5	Termination Notice	37
	11.6	Sole and Exclusive Remedy	37
	 	 	 
	ARTICLE II MISCELLANEOUS	37
	12.3	Further Actions	37
	12.4	Notices	37
	12.5	Entire Agreement	38
	12.6	Binding Effect; Benefits	38
	12.7	Assignment	39
	12.8	Governing Law	39
	12.9	Amendments and Waivers	39
	12.10	Joint and Several	39
	12.11	Severability	39
	12.12	Headings	39
	12.13	Counterparts	39
	12.14	References	40

 

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TABLE OF CONTENTS (cont’d)

 

	 	 	Page
	 	 	 
	12.15	Schedules and Exhibits	40
	12.16	Attorneys’ Fees	40
	12.17	Section 1031 Exchange/Tax Planning	40
	12.18	Casualty	40
	12.19	Condemnation	41
	12.20	Limited Liability	41
	12.21	Survival of Defined Terms	41
	12.22	Time of Essence	42
	12.23	No Third-Party Beneficiary	42
	12.24	WAIVER OF JURY TRIAL	42

  

    	iv

    	 

    

 

	SCHEDULES	 
	 	 
	Schedule 2.1(a)	Excluded Real Property
	Schedule 2.1(h)	Excluded Intellectual Property
	Schedule 2.1A	Excluded Property
	Schedule 2.2(a)	Existing Mortgage
	Schedule 2.2(c)	Assumed Obligations
	Schedule 2.3	Purchase Price Allocation
	Schedule 4.2	Consents of Third Parties
	Schedule 4.4	Conflicts
	Schedule 4.5	Judgments
	Schedule 4.6	Governmental Approvals
	Schedule 4.7	Seller’s Insurance
	Schedule 4.8	Litigation
	Schedule 4.9	Compliance with Laws
	Schedule 4.10	Environmental Matters
	Schedule 4.14	Exceptions to Rent Roll
	Schedule 4.15	Provider Agreements
	Schedule 4.17	Condition of the Property
	Schedule 4.18	Independent Property
	Schedule 4.20	Utilities Access
	Schedule 4.23	Exceptions to Seller Ownership
	Schedule 4.24	Title Encumbrances
	Schedule 4.25	Affordable Housing Units
	Schedule 4.27	Loans
	Schedule 4.29	Broker’s or Finder’s Fees
	Schedule 7.12	Required Consents
	 	 
	EXHIBITS	 
	 	 
	EXHIBIT A	Legal Description of the Property
	EXHIBIT B	List of Required Due Diligence Items for The Property
	EXHIBIT B-1	Due Diligence Items To Be Delivered by 5 Days after Effective Date
	EXHIBIT B-2	Due Diligence Items To Be Delivered by 5 Days Prior to Closing
	EXHIBIT C	List of Property Agreements
	EXHIBIT D	List of Licenses Required for the Property
	EXHIBIT E	Evidence of Zoning for the Property
	EXHIBIT F	Rent Roll
	EXHIBIT G	Form Resident Agreement
	EXHIBIT H	Outstanding Citations
	EXHIBIT I	Form of Management Agreement
	EXHIBIT I-1	Form of Operating Agreement
	EXHIBIT I-2	Form of Bill of Sale
	EXHIBIT J	Form of Audit Letter
	EXHIBIT K	 Form of Guaranty
	EXHIBIT L	 Form of Opinion Letter from Seller’s Counsel
	EXHIBIT L-1	 Form of Opinion Letter from Buyer’s Counsel
	EXHIBIT M	 Form of Pooling Agreement

 

    	 

    	 

    

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT (this “Agreement”) is dated the 18th day of September, 2013, by and among: SENTIO-SLR
BOSTON PORTFOLIO, LLC, a Delaware limited liability company, or its successors or assigns (the “Buyer”);
BAY VIEW OF BOSTON ASSOCIATES LIMITED PARTNERSHIP a Massachusetts limited partnership (“Seller”) and
STEWART TITLE GUARANTY COMPANY (the “Escrow Agent”).

 

RECITALS:

 

A.           Seller
owns that certain 39-unit assisted living and memory care facility known as Compass on the Bay located at 1380 Columbia Road, Boston,
Massachusetts and certain real and personal property associated therewith (the “Compass Facility”).

 

B.            Buyer
desires to acquire, and Seller is willing to convey to Buyer, the Compass Facility and certain real and personal property associated
therewith pursuant to the terms described herein.

 

Accordingly, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

 

ARTICLE I

TERMINOLOGY

 

1.1          Defined
Terms. As used herein, the following terms shall have the meanings indicated:

 

Accrued
Employee Benefits: Shall mean any accrued wages, salary, vacation or other accrued paid time off or benefits for the employees
of the Property, including without limitation those employees who will continue to be employed at the Property after the Closing.

 

Adjustment
Amount: The amount computed under Section 2.5 hereof.

 

Affiliate:
With respect to any specified person or entity, any other person or entity which, directly or indirectly controls, is controlled
by, or is under common control with, the specified person or entity.

 

Applicable
Law: Any federal, state, municipal, county, local, foreign or other statute, law, ordinance, rule or regulation or any order,
writ, injunction, judgment, plan or decree of any court, arbitrator, department, commission, board, bureau, agency, authority,
instrumentality or other body, whether federal, state, municipal, county, local, foreign or other.

 

Closing:
The consummation of the purchase and sale of the Property in accordance with the terms of this Agreement on the Closing Date or
at such earlier or later date and time as may be agreed upon by the parties.

 

    	2

    	 

    

  

Code:
The Internal Revenue Code of 1986, as amended.

 

Documents:
This Agreement, all Exhibits and Schedules hereto, and each other agreement, certificate or instrument to be delivered pursuant
to this Agreement.

 

Due Diligence
Period: The period commencing on the Effective Date and ending on 6:00 PM Eastern Time on the date which is thirty (30) days
after the Effective Date, during which time Buyer may, at reasonable times with prior notice to Seller, investigate the financial,
legal, operational, environmental and all other aspects of the Property as Buyer may desire. Buyer acknowledges that Seller has
either produced all items requested by Buyer as described on Exhibit B hereto (or Buyer has waived its right to receive
such items), except for those items described on Exhibit B-1 hereto which Seller shall produce for, or make available
to, Buyer within ten (10) days after the Effective Date. Seller shall also produce for Buyer those items listed on Exhibit
B-2 at least fifteen (15) days prior to the Closing.

 

Effective
Date: The date first written above.

 

Equity
Contribution Amount: The funds required to be contributed by Seller to the Buyer pursuant to the Joint Venture Agreement, which
constitutes five percent (5%) of the funds (exclusive of any financing obtained by the Buyer) necessary to consummate the transactions
contemplated by this Agreement. For the avoidance of doubt, the Seller’s Equity Contribution Amount shall be calculated by
(a) determining the total transaction costs associated with Closing the acquisition contemplated by this Agreement, (b) subtracting
any financing obtained by the Buyer, and (c) multiplying the difference by five percent (5%). The Seller’s Equity Contribution
Amount shall be mutually agreed upon by the parties no later than five (5) days prior to the Closing.

 

Existing
Manager: Shall mean Senior Living Residences, LLC.

 

GAAP:
Generally accepted accounting principals as applied in the United States.

 

Knowledge:
As used in this Agreement, the term “knowledge” when used to refer to the knowledge of Seller shall mean the actual
knowledge of any member, manager, officer, employee, or consultant of Seller, including Existing Manager, or any matter which any
such person should have knowledge of upon reasonable inquiry.

 

Licenses:
All certificates, licenses, and permits issued by governmental authorities which are required to be held by an owner or tenant
in connection with the ownership, use, occupancy, operation, and maintenance of the Property as an assisted living and memory care
facility.

 

    	3

    	 

    

 

Lien:
Any mortgage, deed to secure debt, deed of trust, pledge, hypothecation, right of first refusal, security, encumbrance, charge,
claim, option or lien of any kind, whether voluntarily incurred or arising by operation of law or otherwise, affecting any assets
or property, including any agreement to give or grant any of the foregoing, any conditional sale or other title retention agreement,
and the filing of or agreement to give any financing statement with respect to any assets or property under the Uniform Commercial
Code or Applicable Law.

 

Loss:
Any and all costs, obligations, liabilities, demands, claims, settlement payments, awards, judgments, fines, penalties, damages
and reasonable out-of-pocket expenses, including court costs and reasonable attorneys’ fees, whether or not arising out of
a third-party claim.

 

Other
Assets: The Resident Agreements, Resident Deposits, Property Agreements, Intellectual Property and all other property and assets
included within the definition of "Property" in Section 2.1 of this Agreement other than Real Property, Personal Property
and Excluded Property.

 

Permitted
Lien: Any (i) statutory liens that secure a governmentally required payment, including without limitation Taxes, not yet due,
(ii) zoning regulations and restrictive covenants and easements of record that do not detract in any material respect from the
present use of the Property and do not materially and adversely affect, impair or interfere with the use of any property affected
thereby, (iii) public utility easements of record, in customary form, to serve the Property, (iv) the Existing Mortgages,
and (v) any other condition of title as may be approved by Buyer in writing prior to the end of the Due Diligence Period.

 

Post-Closing
Licensee: The Buyer, Tenant or their designee to whom all Licenses will be transferred or otherwise obtained in accordance
with Applicable Law for the operation of the Property as an assisted living and memory care facility.

 

Taxes:
All federal, state, local and foreign taxes including, without limitation, income, gains, transfer, unemployment, withholding,
payroll, social security, real property, personal property, excise, sales, use and franchise taxes, levies, assessments, imposts,
duties, licenses and registration fees and charges of any nature whatsoever, whether or not recorded, including interest, penalties
and additions with respect thereto and any interest in respect of such additions or penalties, but excluding all transfer, conveyance,
intangibles, mortgage transfer, and documentary stamp taxes payable in connection with the transactions contemplated by this Agreement.

 

Tenant:
That entity established by Buyer to lease the Property upon purchase by the Buyer. 

 

Title
Insurer:      The Title Insurer is as follows:

 

Stewart Title Guaranty Company

c/o Terrance Miklas

One Washington Mall- Suite 1400

Boston, MA 02108

O 617-933-2415 | M 617-293-8171 | F 617-727-8372

TMiklas@stewart.com

 

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1.2           Additional
Defined Terms. As used herein, the following terms shall have the meanings defined in the recitals or Section indicated below:

 

	Agreed Upon Title Defects	Section 7.6(b)
	Agreement	Preamble
	Assumed Obligations	Section 2.2(c)
	Buyer	Preamble
	Cap	Section 10.4(f)
	CERCLA	Section 4.10
	Closing Date	Section 9.1
	Compass Facility	Recital A
	Compass Village Purchase Agreement	Section 11.1(h)
	Earnest Money Deposit	Section 2.4
	Environmental Laws	Section 4.10
	Escrow Agent	Preamble
	Escrowed Funds	Section 2.6
	Existing Mortgage	Section 2.2(a)
	Excluded Property	Section 2.1A
	Floor	Section 10.4(f)
	Guarantor	Section 7.14
	Guaranty	Section 7.14
	Improvements	Section 2.1(a)
	Indemnified Party	Section 10.4(a)
	Indemnifying Party	Section 10.4(a)
	Land	Section 2.1(a)
	Mortgage Holder	Section 6.14
	Mortgage Release	Section 6.14
	OFAC	Section 4.28
	Patriot Act	Section 4.28
	Permitted Buyer-Assignee	Section A.12.7
	Permitted Exception	Section 7.6(b)
	Personal Property	Section 2.1(a)
	Post-Closing Adjustment Amounts	Section 2.5(f)
	Preliminary Adjustment Amount	Section 2.5(f)
	Property	Section 2.1
	Property Agreements	Section 2.1(c)
	Proration Date	Section 2.5(a)
	Proration Schedule	Section 2.5(a)
	Purchase Price	Section 2.3
	Real Property	Section 2.1(a)
	Records	Section 6.10
	Rent Roll	Section 4.14
	Required Cure Items	Section 7.6(b)
	Resident Agreements	Section 2.1(d)
	Resident Deposits	Section 2.1(d)
	SEC	Section 6.6(c)
	Seller	Preamble
	Standish Village Purchase Agreement	Section 11.1(h)
	Survey	Section 7.6(d)
	Title Commitment	Section 7.6(a)
	Title Defect	Section 7.6(b)
	Title Notice	Section 7.6(b)
	Transaction Costs	Section 9.4
	Transition Period Sublease	Section 7.9(c)

 

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ARTICLE II

PURCHASE AND SALE

 

2.1           Property.
Upon and subject to the terms and conditions provided herein, at Closing, Seller will sell, transfer, assign and convey to Buyer,
and Buyer will purchase from Seller the following (collectively, the “Property”):

 

(a)          Real
Property. All of Seller’s right, title, and interest in and to that certain parcel of real property consisting of land
(“Land”) and all buildings, structures, fixtures and other improvements (“Improvements”)
located thereon. The Land is more particularly described on Exhibit A attached to this Agreement. The Land and Improvements
(collectively, the “Real Property”) shall be deemed to include all licenses, and all rights-of-way, beneficial
easements and appurtenances related to the Real Property, other than as set forth on Schedule 2.1(a).

 

(b)          Personal
Property. Except as otherwise expressly set forth herein, all furnishings, machinery, equipment, vehicles, supplies, inventory,
linens, medicine, foodstuffs, consumable and other personal property of any type or description, including, without limitation,
all beds, chairs, sofas, wheelchairs, tables, kitchen and laundry equipment associated with and present at the Property (collectively,
the “Personal Property”).

 

(c)          Property
Agreements. All rights of Seller in, to and under all contracts, leases, agreements, commitments and other arrangements, and
any amendments, modifications, supplements, renewals and extensions thereof, used or useful in the operation of the Property made
or entered into by Seller as of the Effective Date, or between the Effective Date and the Closing in compliance with this Agreement
(the “Property Agreements”). Notwithstanding the foregoing, Property Agreements expressly excludes any contracts,
leases, agreements, commitments and other arrangements, and any amendments, modifications, supplements, renewals and extensions
entered into by Seller after the Effective Date and prior to the Closing in breach of Section 6.1, and any Property Agreements
for which consents to the assignment thereof to the Buyer have not been obtained as of the Closing, unless waived by Buyer. Buyer
shall have no obligation under the Property Agreements unless such Property Agreements are listed on Schedule 2.2(c).

 

(d)          Resident
Agreements. All rights of Seller in, to and under all occupancy, residency, leases, tenancy and similar written agreements
entered into in the ordinary course of business with residents of the Property, including any amendments, modifications, supplements,
renewals and extensions thereof (“Resident Agreements”), and all deposits, initial service fees and advances
of any kind or nature from any resident of the Property (“Resident Deposits”).

 

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(e)          Records.
True and complete copies of all the books, records, accounts, files, logs, ledgers, journals and architectural, mechanical and
electrical plans and specifications pertaining to or used in the operation of the Property, however such data is stored.

 

(f)           Licenses.
Any and all Licenses now held in the name of the Seller, or any Affiliate(s) of the Seller, and any renewals, extensions, amendments
or modifications thereof to the extent that same may be legally assignable

 

(g)          Claims
and Causes of Action. Rights in and to any claims or causes of action to the extent they are in the nature of enforcing a guaranty,
warranty, or a contract obligation to complete improvements, make repairs, or deliver services to the Property after the Closing;
provided, however, that all rights, claims and causes of action referred to in this section shall remain the property of Seller
to the extent same relate to, or entitle recovery by Seller as a result of Seller’s ownership of, the Property during the
time period prior to the Closing.

 

(h)          Intellectual
Property. Except as set forth in Schedule 2.1(h), any and all rights of Seller, if any, with respect to the use of (a)
all trade names, trademarks, service marks, copyrights, patents, jingles, slogans, symbols, logos, inventions, computer software,
operating manuals, designs, drawings, plans and specifications, marketing brochures, the “Compass on the Bay”
names, logos, symbols, trademarks and web sites, or other proprietary material, process, trade secret or trade right used by Seller
or its Affiliates in the operation of the Property and (b) all registrations, applications and licenses for any of the foregoing;
provided, however, that except as provided in this Agreement, Seller makes no representation or warranty as to its rights, if any,
in such Intellectual Property, it being intended that Seller convey to Buyer all such rights that Seller may have in the intellectual
property without warranty or representation as to such rights. Buyer acknowledges that an affiliate of Seller owns the service
mark described in U.S. Patent and Trademark Office Reg. Number 4,268,574 (the “Registered Mark”) and that the
Registered Mark is expressly excluded from the Intellectual Property being conveyed by Seller to Buyer; provided, however, that
upon request of Buyer, Seller shall cause a Licensing Agreement in the form as is annexed to Schedule 2.1(h), to
be executed by the holder of the Registered Mark so as to permit Buyer to utilize such Registered Mark in accordance with the Licensing
Agreement.

 

2.1A      Excluded
Assets.   Expressly excluded from the property and assets being conveyed by Seller to Buyer pursuant hereto are (i) cash and
cash equivalents of Seller, (ii) all accounts receivable, and any other receivable or claim of the Seller arising from any action
by Seller prior to the Closing including, but not limited to, providing services to residents, billed and unbilled, recorded or
unrecorded, accrued and existing with respect to services up to the Closing Date; (iii) the personal property listed on Schedule
2.1(A) attached hereto and made a part hereof; (iv) Seller’s bank accounts and intercompany accounts; (v) life insurance
policies, if any, of officers and other employees of Seller or affiliates and other insurance policies relating to the Standish
Facility, including any and all rights of Seller to make claims or receive any proceeds thereunder; (vi) all refunds or credits,
if any, of income taxes and other tax refunds or abatements due to or from Seller and accrued prior to the Closing Date; (vii)
all corporate records of Seller and all financial and tax records of Seller is required to maintain by law; (viii) vehicles, if
any, used in connection with the Standish Facility; (ix) vendor and utility deposits and prepaid expenses including prepaid expenses
relating to insurance and taxes, to the extent that Buyer has not reimbursed Seller for such amounts at the Closing as an Adjustment;
and (x) insurance proceeds and settlements, if any, related to the time prior to the Closing (collectively, the “Excluded
Assets”).

 

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2.1B.      Structure
of Transaction. The parties acknowledge that Seller will be a member of Buyer pursuant to a certain Limited Liability Company
Agreement of Sentio-SLR Boston Portfolio, LLC (the “Joint Venture Agreement”) by and between Seller and Sentio Boston,
LLC (“Sentio”). Although the transaction contemplated by this Agreement is structured so that the Buyer is purchasing
a 100% ownership in the Compass Facility, the substance of the transaction is that notwithstanding the conveyance by the Seller
to the Buyer of the one hundred percent (100%) ownership in the Compass Facility, Seller is retaining a five per cent (5%) ownership
interest in the Compass Facility as a result of its capital contribution to the Buyer pursuant to, and subject to, the provisions
of the Joint Venture Agreement. Accordingly, the parties hereto acknowledge and agree that it is the intention of the parties,
and Seller’s objective, that the conveyance of the Compass Facility by Seller be deemed, for tax purposes: (a) to be a sale
of only a ninety-five per cent (95%) interest (the “Conveyed Interest”) in the Compass Facility; (b) a retention of
a five per cent (5%) interest (the “Retained Interest”) by Seller therein; and (c) a contribution of such Retained
Interest to the Buyer pursuant to the Joint Venture Agreement so as to constitute as to such Retained Interest a tax-deferred contribution
of property to a partnership in exchange for an interest in the partnership (i.e. Seller’s member interest in Buyer) pursuant
to the requirements of Section 721 of the Internal Revenue Code of 1986, as amended. Buyer agrees to cooperate with the Seller,
at no additional cost or expense to Buyer, in structuring the transaction to achieve this objective. Buyer agrees that all funds,
proceeds and other property received by Seller on account of the Conveyed Interest as well as other assets owned by Seller but
not required to be contributed to Buyer pursuant to the Joint Venture Agreement (all such funds, proceeds and other property as
described in this sentence to be referred to as the “Conveyed Interest Proceeds”) may be distributed to Seller’s
members and other persons without any claim whatsoever by Buyer as to such Conveyed Interest Proceeds.

 

2.2          Assumption
of Liabilities.

 

(a)          Buyer
acknowledges that, effective as of the Closing, Buyer shall assume and undertake to pay, discharge, and perform the liabilities
and obligations of Seller from and after Closing and pursuant to the terms of an assumption agreement acceptable to Buyer, under
the existing loans secured by the Property identified on Schedule 2.2(a) (collectively, the “Existing Mortgage”).

 

(b)          Other
than the Existing Mortgage, Buyer is assuming no liabilities attributable to the operation or ownership of the Property which accrued
or occurred on or prior to the Closing, all of which Seller shall pay, discharge and perform when due. Specifically, without limiting
the foregoing, Buyer shall not assume (i) any claim, action, suit, or proceeding pending as of the Closing or any subsequent claim,
action, suit, or proceeding arising out of or relating to any event occurring prior to Closing, with respect to the manner in which
Seller conducted its businesses on or prior to the Closing (ii) any liability for Taxes other than real property taxes from and
after Closing, or (iii) any liability under any Property Agreements, except for the Assumed Obligations listed in Schedule 2.2(c).

 

    	8

    	 

    

 

(c)          Buyer
acknowledges that, effective as of the Closing, Buyer shall assume and undertake to pay, discharge, and perform only the liabilities
and obligations of Seller under the Property Agreements listed in Schedule 2.2(c) (but not the Property Agreements which
are entered into after the Effective Date hereof not in compliance with this Agreement or Property Agreements for which consents
to the assignment thereof to the Buyer hereunder have not been obtained as of the Closing), to the extent such liabilities and
obligations arise during and relate to any period from and after the Closing (collectively, the “Assumed Obligations”).

 

2.3          Purchase
Price. The purchase price for the Property shall be an amount equal to ELEVEN MILLION SEVEN HUNDRED THOUSAND AND NO/100 U.S.
DOLLARS ($11,700,000.00), (the “Purchase Price”), plus or minus (whichever is applicable) the Adjustment
Amount, and shall be paid by Buyer to Seller at Closing as follows:

 

(a)     By
the grant to Seller of an equity interest of five percent (5%) in Buyer; and

 

(b)     in
cash via wire transfer of immediately available funds in an amount equal to (i) the Purchase Price, as adjusted, and reduced by
(ii) Seller’s Equity Contribution Amount.

 

Prior to the expiration of the Due Diligence
Period, Buyer and Seller shall agree upon an allocation of the Purchase Price for local, state and federal tax purposes; which
allocation will specify the Purchase Price for the Property by Real Property, Personal Property and Other Assets. The agreed allocation
will be attached to this Agreement in the form shown on Schedule 2.3.

 

2.4          Earnest
Money Deposit. Buyer will, within five (5) days after the Effective Date deposit FIFTY EIGHT THOUSAND FIVE HUNDRED AND NO/100
U.S. DOLLARS ($58,500.00), and, within two (2) business days after the expiration of the Due Diligence Period so long as Buyer
has not terminated this Agreement, an additional FIFTY EIGHT THOUSAND FIVE HUNDRED AND NO/100 U.S. DOLLARS ($58,500.00) (the “Earnest
Money Deposit”) with Escrow Agent. The Earnest Money Deposit will be refunded to Buyer if Buyer terminates this Agreement
prior to the expiration of the Due Diligence Period as permitted under Section 11.1(a). After the expiration of the Due Diligence
Period, the Earnest Money Deposit will be non-refundable to Buyer and will be paid to Seller if this Agreement is terminated for
any reason other than Buyer's termination of this Agreement under Section 11.1(b), Section 11.1(c), Section 11.1(e),
Section 11.1(f) or Section 11.2(a)(i). Upon Closing, the Earnest Money Deposit shall be applied to the Purchase Price.

 

2.5          Adjustment
of Purchase Price.

 

(a)          All
income and expenses (including prepaid expenses) of the Property shall be prorated on a daily basis between Seller and Buyer as
of 11:59 p.m., on the date (the “Proration Date”) immediately preceding the Closing. Such items to be prorated
shall include, without limitation:

 

		(i)	Payments under Assumed Obligations;

 

		(ii)	The amount of Accrued Employee Benefits;

 

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		(iii)	Utility charges, if any, based on utility charges for the
month immediately preceding the Closing; and

 

		(iv)	Real property taxes, which for the fiscal year 2014 shall
be pro-rated based upon the actual year fiscal 2014 tax amounts, if available, and if not, available, then upon the actual assessed
value for fiscal year 2014, but to the extent the actual assessed value for fiscal year 2014 is unavailable, the actual assessed
value for fiscal year 2013 and applying either (a) the fiscal year 2014 tax rate if known, or (b) to the extent the fiscal year
2014 tax rate is unavailable, the fiscal year 2013 tax rate. Should actual taxes for the current year vary from estimated taxes,
each party shall have the right to demand and receive from the other a re-proration of taxes and reimbursement for the prorated
amount or variation thereof. Any capital expenditure escrow accounts held by the Mortgage Holder and related to the Existing Mortgage.

 

Buyer and Seller shall prepare a proposed
schedule (the “Proration Schedule”) prior to Closing that shall include the items listed above and any other
applicable income and expenses with regard to the Property. Seller and Buyer will use all reasonable efforts to finalize and agree
upon the Proration Schedule at least two (2) business days prior to Closing.

 

(b)          Any
escrow accounts held by any utility companies, and any cash deposits made by Seller or Seller’s Affiliates prior to Closing
to secure obligations under Assumed Obligations shall be either paid to Seller or, if assigned to Buyer, Seller shall receive a
credit at Closing for any such deposits.

 

(c)          With
respect to any amounts held by Seller in a resident escrow or trust account under any Property Agreement, at or promptly following
Closing, Seller shall return the same to the depositor thereof (to the extent the amounts held in any such accounts have not been
applied against amounts owing by the depositor thereof in accordance with the terms of the applicable Property Agreement) or transfer
such resident escrow or trust account under any Property Agreement to Buyer, whereupon Buyer shall be solely responsible for such
resident escrow or trust account so transferred to Buyer. With respect to any cash security or other deposits actually held by
Seller pursuant to the Property Agreements (i.e., other than amounts held in a resident escrow or trust account), at Closing, Seller
shall credit Buyer for all such deposits (to the extent such security or other deposits have not been applied against delinquent
amounts owing under such Property Agreements as provided therein).

 

(d)          Seller
shall receive all income from, and shall be responsible for, all expenses of the Property attributable to the period prior to the
Proration Date, unless otherwise provided for in this Agreement. In the event Buyer receives any payment from a tenant for rent
due for any period prior to the Proration Date or payment of any other receivable of Seller, Buyer shall forward such payment to
Seller.

 

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(e)          Buyer
shall receive all income from, and shall be responsible for, all expenses of the Property attributable to the period from and after
the Proration Date, unless otherwise provided for in this Agreement. In the event Seller or Seller’s Affiliates receive any
payment from a tenant for rent due for any period from and after the Proration Date, Seller shall forward such payment to Buyer.

 

(f)           The
parties agree that any amounts that may become due under this Section 2.5 shall be paid at Closing as can best be determined
(such amount, the “Preliminary Adjustment Amount”). A post-Closing reconciliation of pro-rated items shall be
made by the Buyer and Seller within ninety (90) days after Closing and any amounts due at that time shall be promptly forwarded
to the respective party in a lump sum payment. Any additional amounts which may become due after such determination shall be forwarded
at the time they are received. Any amounts due under this Section 2.5 which cannot be determined within ninety (90) days
after Closing shall be reconciled as soon thereafter as such amounts can be determined. Any amounts due under this Section 2.5
after the Closing shall be referred to as the “Post-Closing Adjustment Amounts”. Buyer and Seller agree that
each shall have the right to audit the records of the other for up to one (1) year following Closing in connection with any such
post-Closing reconciliation.

 

(g)          Buyer
shall receive a credit towards the Purchase Price for the Accrued Employee Benefits, if any, and any other obligations as otherwise
expressly agreed by the Buyer and Seller.

 

(h)          This
Section 2.5 shall survive the Closing.

 

2.6         Escrow
Agent.

 

(a)          By
its execution and delivery of this Agreement, Escrow Agent agrees to be bound by the terms and conditions in Section 2.4
of this Agreement to the extent applicable to its duties, liabilities and obligations as “Escrow Agent.” Escrow Agent
shall hold and dispose of the funds deposited with the Escrow Agent pursuant to this Agreement (“Escrowed Funds”)
in accordance with the terms of this Agreement. Escrow Agent shall incur no liability in connection with the safekeeping or disposition
of the Escrowed Funds for any reason other than Escrow Agent’s breach of contract, willful misconduct or gross negligence.
Escrow Agent shall be reimbursed by Buyer and Seller, jointly and severally, for all out-of-pocket costs and expenses incurred
in connection with its obligations hereunder. If Escrow Agent is in doubt as to its duties or obligations with regard to the Escrowed
Funds, or if the Escrow Agent receives conflicting instructions from Buyer and Seller with respect to the Escrowed Funds, the Escrow
Agent shall not be required to disburse the Escrowed Funds and may, at its option, continue to hold the Escrowed Funds until both
Buyer and Seller agree as to their disposition, or until a final judgment is entered by a court of competent jurisdiction directing
their disposition, or the Escrow Agent may interplead the Escrowed Funds in accordance with the laws of the Commonwealth of Massachusetts.
Escrow Agent shall not be responsible for the preservation of principal or any interest on the Escrowed Funds except as is actually
earned, or for the loss of any interest or principal resulting from the withdrawal of the Escrowed Funds prior to the date interest
is posted thereon.

 

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(b)          The
Escrow Agent may resign upon written notice to the Seller and Buyer. If a successor escrow agent is not appointed by the Seller
and Buyer within this thirty (30) day period, the Escrow Agent may, but shall have no duty to, petition a court of competent jurisdiction
to name a successor. If no successor escrow agent is appointed within thirty (30) days after such written notice, the Escrow Agent
may withhold performance by it pursuant to Section 2.6(a) until such time as a successor escrow agent is appointed and,
at such time, the Escrow Agent shall deliver the Escrowed Funds or other documents, instruments or items, if any, delivered to
the Escrow Agent hereunder to any such successor escrow agent; provided, however, the Escrow Agent shall act in accordance
with any joint written instructions from the Seller and Buyer.

 

(c)          The
Escrow Agent may be removed, with or without cause, by the Buyer and Seller acting jointly at any time by providing written notice
to the Escrow Agent.

 

(d)          This
Section 2.6 shall survive the Closing or the expiration or any termination of this Agreement.

 

ARTICLE III

DUE DILIGENCE PERIOD

 

3.1          Due
Diligence Period. During the Due Diligence Period, Buyer shall have the right to a complete physical inspection of the Property
as the Buyer deems appropriate to review and evaluate the Property, the nature and extent of the Property, and operations of the
Property, and all rights and liabilities related thereto. In consideration of the execution of this Agreement, Seller agrees to
cause to be provided to or made available to Buyer, at no cost to Buyer, all items requested on the attached Exhibit B,
via electronic mail submission or electronic data room, in an electronic format from which Buyer can generate an accurate and complete
paper copy that is both legible and suitable for inspection and review. Buyer acknowledges receipt as of the date hereof of all
items listed on Exhibit B, other than those items listed on the attached Exhibit B-1. Buyer may request
that other items be provided by Seller in addition to those specifically listed in Exhibit B, which items shall be
mutually agreed upon by the Buyer and Seller in their reasonable discretion; provided, however, that neither Buyer’s request
for such additional items nor Seller’s agreement to provide those additional items shall extend or enlarge the Due Diligence
Period. During the Due Diligence Period, Buyer shall have reasonable access to the Property at all reasonable times during normal
business hours for the purpose of conducting reasonably necessary tests, including surveys and architectural, engineering, geotechnical
and environmental inspections and tests, provided that, when practicable, (a) Buyer will give Seller prior notice of any such
inspection or test and (b) all such tests shall be conducted by Buyer in compliance with Buyer’s responsibilities set
forth in Section 3.2 below. In the course of its investigation of the Property, Buyer may make inquiries to third parties
such as Existing Manager, parties to Property Agreements and municipal, local and other government officials and representatives;
provided that Buyer shall not contact any parties to Property Agreements (other than the applicable Seller or the Existing Manager)
without Seller’s prior written consent (not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing,
Buyer may contact and file permit applications with any governmental authorities required to obtain the permits and approvals described
in Section 7.8(a) hereof. Seller shall cooperate with Buyer’s due diligence during normal business hours so long as Buyer
gives at least twenty-four (24) hours’ notice to Seller, conducts such due diligence during normal business hours and is
not disruptive to the operation of Seller’s business at the Property.

 

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3.2          Buyer’s
Responsibilities. In conducting any inspections, investigations or tests of the Property, Buyer shall (i) not unreasonably
disturb the tenants or interfere with their use of the Property; (ii) not materially or unreasonably interfere with the operation
and maintenance of the Property; (iii) not materially damage any part of the Property or any personal property owned or held
by any tenant or any third party; (iv) not injure or otherwise cause bodily harm to Seller or its agents, guests, invitees,
contractors and employees or any tenants or their guests or invitees; (v) comply in all material respects with all Applicable
Laws; and (vi) not permit any Liens to attach to the Property by reason of the exercise of its rights hereunder.

 

3.3          Continuing
Diligence and Inspection Rights. Following the expiration of the Due Diligence Period, and prior to the Closing or any earlier
termination of this Agreement, at reasonable times and upon reasonable notice, Buyer or Buyer’s agent(s), consultants, or
other retained professionals shall have the right, at Buyer’s expense, to perform or complete such further inspections and
assessments of the Property as Buyer deems necessary or desirable to comply with Buyer’s internal requirements or the requirements
of Buyer’s lenders, investors, or members, including, without limitation, further inspection of environmental and structural
aspects, assessments of the compliance of the Property with all Applicable Laws, and customary pre-closing walk-throughs. Notwithstanding
the foregoing, all such inspections and assessments by Buyer shall be subject to the terms and conditions of Section 3.2
above and shall not extend Buyer’s rights to terminate this Agreement pursuant to Section 11.1(a) hereof.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

Seller represents and
warrants to Buyer as of the Effective Date and as of the Closing as follows:

 

4.1          Organization;
Good Standing. Seller is validly existing and in good standing under the laws of the State of Massachusetts, with all requisite
company power and authority to carry on its business in the manner and in the location in which such business has been and is now
being conducted, to execute and deliver this Agreement, and to perform its obligations hereunder. Seller has the full right, power
and authority and has obtained any and all consents required to enter into this Agreement, all of the documents to be delivered
by Seller at the Closing and to consummate or cause to be consummated the transactions contemplated hereby.

 

4.2          Consent
of Third Parties. Except for the approval of the “Lender” and “HUD” (as those terms are defined in
Schedule 2.2(a) hereof under the Existing Mortgage and except as otherwise set forth on Schedule 4.2, no consent or approval
of any third party is required as a condition to the entering into, performance or delivery of this Agreement by Seller other than
such consent as has been previously obtained.

 

4.3          Authority;
Enforceability. The execution and delivery of this Agreement has been duly authorized by Seller, and this Agreement constitutes
the valid and binding obligation and agreement of Seller, enforceable against Seller in accordance with its terms.

 

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4.4          Absence
of Conflicts. Subject to obtaining the consents and approvals under the Existing Mortgage and as described on Schedule 4.2
and the payment in full of the existing mortgage on the Property at the Closing, neither the execution, delivery or performance
of this Agreement will (i) conflict with or result in any breach of any of the terms, conditions or provisions of, (ii) constitute
a default under, (iii) result in a violation of, or (iv) give any third party the right to modify, terminate, or accelerate
any obligation under, the provisions of the articles of organization or operating agreement of Seller and/or its Affiliates, any
indenture, mortgage, lease, loan agreement or other agreement or instrument to which Seller and/or its Affiliates is bound or affected,
the Property Agreements or any Applicable Law.

 

4.5          No
Judgments. Except as set forth on Schedule 4.5, there are no judgments presently outstanding and unsatisfied against
the Property, the Seller or any of Seller’s assets.

 

4.6          No
Governmental Approvals. Except as set forth on Schedule 4.6, No order, permission, consent, approval, license,
authorization, registration or validation of, or filing with, or exemption by, any governmental agency, commission, board
or public authority is required to authorize, or is required in connection with the execution, delivery and performance by Seller
of this Agreement or the taking of any action contemplated by this Agreement, which has not been obtained.

 

4.7          Insurance.
Schedule 4.7 sets forth an accurate summary of all general liability, fire, theft, professional liability and other insurance
maintained with respect to the Property, currently and for the last three (3) years. Neither Seller, nor to Seller’s Knowledge,
Existing Manager has taken any action or failed to act in a manner, including the failure of Seller or Existing Manager to give
any notice or information, which would limit or impair the rights of Seller or Existing Manager under such insurance policies.
Seller shall provide Buyer with current loss runs within fifteen (15) days after the end of each month from the Effective Date
until the Closing. Prior to Closing Seller will promptly notify Buyer of any potential losses or claims that may be covered by
the insurance of which Seller has Knowledge.

 

4.8          Litigation.
Except as set forth on Schedule 4.8, there is no pending or, to Seller’s Knowledge, considered or threatened judgment,
litigation, proceeding, investigation or inquiry (by any person, governmental or quasi-governmental agency or authority or otherwise)
to which Seller or the Property is a party, including without limitation, litigation brought by Seller against any third party.

 

4.9          Compliance
with Laws. Except as provided on Schedule 4.9, to Seller’s Knowledge, the Property has been constructed and has
been and is presently used and operated in compliance in all respects with, and in no way in violation of, any Applicable Laws
affecting the Property or any part thereof. Neither the Seller nor the Existing Manager has received notice of any such violation.

 

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4.10        Environmental
Matters. Neither Seller nor Existing Manager has generated, stored or disposed of any hazardous substance at or on the Property,
and, except as set forth in Schedule 4.10, Seller has no Knowledge of any previous or present generation, storage, disposal
or existence of any hazardous substance at or on the Property other than in accordance with all Applicable Laws. The term “hazardous
substance” shall mean “hazardous waste,” “toxic substances,” “petroleum products,” “pollutants,”
or other similar or related terms as defined or used from time to time in the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended (“CERCLA”) (42 U.S.C. §§ 1801, et seq.), the Resource
Conservation and Recovery Act, as amended (42 U.S.C. § 6921, et seq.), similar state laws, and regulations (the
“Environmental Laws”) adopted thereunder. Neither
Seller, nor, to Seller’s Knowledge, Existing Manager, has filed or been required to file any notice reporting a release
of any hazardous substance into the environment, and no notice pursuant to Section 103(a) or (c) of the CERCLA, 42 U.S.C. § 9601,
et seq. or any other Environmental Law has been or was required to be filed. Neither
Seller, nor, to Seller’s Knowledge, Existing Manager, has received any notice letter under any Environmental Law or
any notice or claim, and there is no investigation pending, contemplated, or to Seller’s Knowledge threatened, to the effect
that Seller or Existing Manager is or may be liable for or as a result of the release or threatened release of hazardous substance
into the environment or for the suspected unlawful presence of any hazardous waste on the Property. Seller agrees to indemnify
and hold Buyer, Tenant, and their Affiliates harmless from any Loss resulting from a breach of this Section 4.10. Notwithstanding
the provisions of ARTICLE X, the agreement to indemnify in this Section 4.10 shall survive the Closing without limitation.

 

4.11        Assessments.
There are no special or other assessments for public improvements or otherwise now affecting the Property, now pending or, to Seller’s
Knowledge, threatened special assessments affecting the Property, and no contemplated improvements affecting the Property that
may result in special assessments affecting the Property.

 

4.12        Property
Agreements. The Property Agreements listed on Exhibit C hereto are in full force and effect and are all of the
agreements relating to or affecting the Property. Seller is not in default of any of its obligations under any of the Property
Agreements, and Seller has no Knowledge of any default on the part of any other party thereto.

 

4.13        Licenses.
Exhibit D attached hereto is a true and complete list of all Licenses held by the Seller. The Licenses listed on
Exhibit D are valid and to Seller’s Knowledge no material violations exist with respect to such Licenses. To
Seller’s Knowledge, no other Licenses are required to be held by the Seller for the lawful ownership, use, occupancy, operation
and maintenance of the Property as an assisted living and memory care facility. No applications, complaints or proceedings are
pending or, to the Knowledge of Seller, contemplated or threatened which may (i) result in the revocation, modification, non-renewal
or suspension of any License or of the denial of any pending applications, (ii) the issuance of any cease and desist order, or
(iii) the imposition of any fines, forfeitures, or other administrative actions with respect to the Property or its operation.
A list of all unsatisfied or otherwise outstanding citations with respect to the Property or its operation is shown on Exhibit
H.

 

4.14        Resident
Agreements. Except as otherwise noted on Schedule 4.14, the rent roll attached hereto as Exhibit F (the
“Rent Roll”) is true and complete, and no Resident Agreement currently in effect with respect to the Property
contains any material financial concession from the standard form of Resident Agreement for the Property attached hereto as Exhibit
G. Seller is not in default under any of its material obligations under any Resident Agreement or any lease, and, except
as set forth on the Rent Roll, Seller has no Knowledge of any material default on the part of any other party thereto. All of the
Resident Agreements identified on the Rent Roll are currently in full force and effect as of the date of the Rent Roll.

 

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4.15        Medicare;
Medicaid. Except as set forth in Schedule 4.15, no portion of the income from any Property is attributable to Medicare,
Medicaid or any public or private third party payor or other program, except for certain payment from private insurers pursuant
to long-term care policies. To Seller’s Knowledge, all billing practices of Seller and Existing Manager with respect to private
insurance companies have been in compliance with all Applicable Laws.

 

4.16        Condemnation.
Neither Seller nor Existing Manager has received any written notice of any pending or contemplated condemnation, eminent domain
or similar proceeding, with respect to all or any portion of the Property.

 

4.17        Condition
of Property.

 

(a)          Real
Property. Except as described on Schedule 4.17, with regard to the Property, to the Seller’s Knowledge:  (i) there
are no material structural defects, (ii) there is no insect or rodent infestation, (iii) the roof is free of leaks, (iv) there
are no leaks in the foundation, (v) there are no toxic mold or mold-related problems, and (vi) all mechanical and utility
systems servicing the Real Property are in good condition and proper working order, free of material defects and in substantial
compliance with all Applicable Laws.

 

(b)          Personal
Property. Except as described on Schedule 4.17: (i) the Personal Property comprises all material assets, rights or property
used in the operation of the assisted living facility located on the Real Property and constitutes all of the personal property
used or required for the operation of the Property as an assisted living facility, and (ii) all of the Personal Property is in
good condition, working order and repair (ordinary wear and tear excepted).

 

(c)          Intellectual
Property. Except as described on Schedule 4.17, the Intellectual Property comprises all material assets, rights or property
used in operation of the operation of the assisted living facility located on the Real Property and constitutes all the intellectual
property used for the operation of the Property as an assisted living facility.

 

4.18        Independent
Property. Except as described on Schedule 4.18, the Property is an independent unit which does not rely on facilities
(other than facilities of public utility, sewer and water companies) located on any property not included in the Property (i) to
fulfill any zoning, building code, or other municipal or governmental requirement, or (ii) for structural support or the furnishing
of any essential building systems or utilities, including, but not limited to, electric, plumbing, mechanical, heating, ventilating
and air conditioning systems. No building or other improvements not included in the Property relies on any part of the Property
to fulfill any zoning, building code, or other municipal or governmental requirement or for structural support or the furnishing
of any essential building systems or utilities.

 

4.19        Full
Disclosure. To the Seller’s Knowledge, none of the representations or warranties in this Agreement by Seller, any descriptive
information concerning the Property set forth in this Agreement, or any Schedule or Exhibit attached hereto and referenced
herein contains any untrue statement of a fact or omits to state a fact necessary to make the statements of fact contained therein
not misleading.

 

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4.20        Utilities
Access. Except as described on Schedule 4.20, the Real Property has adequate water supply, storm and sanitary sewer
facilities, adequate access to telephone, gas and electricity connections, adequate fire protection,
drainage, means of ingress and egress to and from public highways and, without limitation, other public utilities. Except as described
on Schedule 4.20, the parking facilities located on the Property comply with all Applicable Laws or meet requisite exceptions
or variances to such laws. All public utilities are installed and operating, and all installation and connection charges have been
paid in full. All streets and roads necessary for access to and full utilization of the Property, and every part thereof, have
been built, completed, dedicated, and accepted for maintenance and public use by the appropriate governmental authorities or are
otherwise owned and maintained by local governments for public use. Seller has no Knowledge of any fact or condition existing that
would result or could result in the termination or reduction of the current access from the Property to the existing roads and
highways or to sewer or other utility services presently serving the Property.

 

4.21        Zoning.
Except as provided on Schedule 4.9, the current use of the Property is permitted under the applicable municipal zoning ordinances,
or special exceptions, variances, or conditions thereto, and the Property complies, to the extent required (including any waiver
or grandfathering), with all conditions, restrictions and requirements of such zoning ordinances and all amendments thereto. Evidence
of such compliance for the Property is contained on Exhibit E.

 

4.22        FIRPTA.
Seller is not a “foreign person” within the meaning of Section 1445 of the Code
and the Regulations issued thereunder.

 

4.23        Interests;
Title. Except as described on Schedule 4.23, Seller owns one hundred percent (100%) of the ownership interest in the
Property, free and clear of all Liens except Permitted Exceptions and Permitted Liens. There are no outstanding options or other
rights to purchase or otherwise acquire any ownership interest in the Property.

 

4.24        Title
Encumbrances. Except as described on Schedule 4.24, Seller is not in default under any of its material obligations under
any recorded agreement, easement or instrument encumbering title to the Property, and Seller has no Knowledge of any material default
on the part of any other party thereto.

 

4.25        Affordable
Housing Units. Except as described on Schedule 4.25, no bedroom or unit in the Property is leased or reserved for lease
as an affordable housing unit or for low- or moderate-income residents. Except as described on Schedule 4.25, the Property
is not required to lease or reserve any unit or bedroom as an affordable housing unit or bedroom or for low-income or moderate-income
residents pursuant to a presently existing agreement or Applicable Law.

 

4.26        No
New Survey Matters. Since the dates of the most recent surveys for the Real Property (complete and accurate copies of which
have been or will be provided to Buyer pursuant to Section 7.6(d)), to Seller’s Knowledge, no new survey matters have
arisen in connection with the Real Property which would otherwise be required under the applicable ALTA/ACSM standards to be shown
thereon.

 

4.27        Loans.
Except for the Existing Mortgage, and as otherwise described on Schedule 4.27, there are no loans secured by the Property.

 

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4.28        Patriot
Act Compliance. To the extent applicable to Seller, to Seller’s Knowledge Seller has complied in all material respects
with the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, which comprises Title III of the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “Patriot
Act”) and the regulations promulgated thereunder, and the rules and regulations administered by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”), to the extent such laws are applicable to Seller. Seller is not included
on the List of Specially Designated Nationals and Blocked Persons maintained by the OFAC, nor is it a resident in, or organized
or chartered under the laws of, (A) a jurisdiction that has been designated by the U.S. Secretary of the Treasury under Section
311 or 312 of the Patriot Act as warranting special measures due to money laundering concerns or (B) any foreign country that
has been designated as non-cooperative with international anti-money laundering principles or procedures by an intergovernmental
group or organization, such as the Financial Action Task Force on Money Laundering, of which the United States is a member and
with which designation the United States representative to the group or organization continues to concur.

 

4.29        Broker’s
or Finder’s Fees. Except as provided on Schedule 4.29, no agent, broker, investment banker or other person or
firm acting on behalf of or under the authority of Seller or any Affiliate of Seller is or will be entitled to any broker’s
or finder’s fee or any other commission or similar fee, directly or indirectly, in connection with the transactions contemplated
by this Agreement. This Section 4.29 shall survive the Closing or the expiration or any termination of this Agreement.

 

4.30        Insolvency.
Neither Seller nor any of its Affiliates have, and to Seller’s Knowledge, Existing Manager has not (i) commenced a voluntary
case or had entered against them a petition for relief under any Applicable Law relative to bankruptcy, insolvency, or other relief
for debtors, (ii) caused, suffered or consented to the appointment of a receiver, trustee, administrator, conservator, liquidator,
or similar official in any federal, state or foreign judicial or non-judicial proceeding to hold, administer, and/or liquidate
all or substantially all of their respective assets, (iii) had filed against them any involuntary petition seeking relief
under any Applicable Law relative to bankruptcy, insolvency, or other relief to debtors which involuntary petition is not dismissed
within sixty (60) days, or (iv) made a general assignment for the benefit of creditors.

 

ARTICLE V

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer represents and
warrants to Seller as of the Effective Date and as of the Closing as follows:

 

5.1          Organization
and Good Standing. Buyer is a limited liability company duly organized, validly existing and in good standing under the laws
of the State of Delaware. Buyer has all requisite corporate power to own, operate, and lease the Property and carry on business
as it is now being conducted and as the same will be conducted following the Closing.

 

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5.2          Authorization
and Binding Effect of Documents. The execution and delivery of this Agreement has been duly authorized by Buyer, and this Agreement
constitutes the valid and binding obligation and agreement of Buyer, enforceable in accordance with its terms (subject to the effect
of bankruptcy, insolvency fraudulent conveyance, reorganization, moratorium and similar laws affecting creditor’s rights
and remedies generally, and to limitations imposed by general principles of equity, whether applied by a court of law or of equity).

 

5.3          Absence
of Conflicts. Neither the execution and delivery of this Agreement, nor compliance with the terms and provisions hereof, will
(i) conflict with or result in any breach of any of the terms, conditions or provisions of, (ii) constitute a default
under, (iii) result in a violation of, or (iv) give any third party the right to modify, terminate, or accelerate any
obligation under, the provisions of the articles of organization or operating agreement of Buyer and/or its Affiliates, any indenture,
mortgage, lease, loan agreement or other agreement or instrument to which Buyer and/or its Affiliates is bound or affected, or
any Applicable Law to which Buyer and/or its Affiliates is subject.

 

5.4          Consents.
The execution, delivery and performance by Buyer and/or its Affiliates of this Agreement and the other Documents, and consummation
by Buyer and/or its Affiliates of the transactions contemplated hereby and thereby, do not and will not require the authorization,
consent, approval, exemption, clearance or other action by or notice or declaration to, or filing with, any court or administrative
or other governmental body, or the consent, waiver or approval of any other person or entity, excluding consents that Seller is
obligated to obtain under Section 7.12 below.

 

5.5          Patriot
Act Compliance. To the extent applicable to Buyer, to Buyer’s actual knowledge upon reasonable inquiry, Buyer has complied
in all material respects with the Patriot Act and the regulations promulgated thereunder, and the rules and regulations administered
by OFAC, to the extent such laws are applicable to Buyer. Buyer is not included on the List of Specially Designated Nationals and
Blocked Persons maintained by the OFAC, nor is it a resident in, or organized or chartered under the laws of, (A) a jurisdiction
that has been designated by the U.S. Secretary of the Treasury under Section 311 or 312 of the Patriot Act as warranting special
measures due to money laundering concerns or (B) any foreign country that has been designated as non-cooperative with international
anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task
Force on Money Laundering, of which the United States is a member and with which designation the United States representative to
the group or organization continues to concur.

 

5.6          Broker’s
or Finder’s Fees. No agent, broker, investment banker, or other person or firm acting on behalf of Buyer or any of its
Affiliates or under its authority, is or will be entitled to any broker’s or finder’s fee or any other commission or
similar fee, directly or indirectly, from Buyer or any of its Affiliates in connection with the transactions contemplated by this
Agreement. This Section 5.6 shall survive the Closing or the expiration or any termination of this Agreement.

 

5.7          Financial
Capacity. Buyer represents and warrants that Buyer, or an Affiliate thereof, has the requisite financial capacity to complete
the transactions contemplated hereby and to pay to Seller all amounts due hereunder.

 

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5.8          Suitability.   Buyer
has no Knowledge of any facts that would deem it not suitable or qualified to own or operate the Standish Facility or obtain all
licenses and governmental approvals with respect thereto.

 

ARTICLE VI

OTHER COVENANTS

 

6.1          Conduct
of Business Prior to the Closing. Seller covenants and agrees that from the Effective Date through the Closing, unless Buyer
otherwise consents in writing, Seller, its Affiliates and Existing Manager shall:

 

(a)          Operate
the Property in the ordinary course of business, including (i) incurring expenses consistent with the past practices, (ii) using
commercially reasonable efforts to preserve the Property’s present business operations, organization and goodwill and its
relationships with residents, customers, employees, advertisers, suppliers and other contractors, and (iii) maintaining the Licenses
listed on Exhibit D.

 

(b)          Operate
the Property and otherwise conduct business in accordance with the terms or conditions of the Licenses listed on Exhibit
D, all Applicable Laws having jurisdiction over any aspect of the operation of the Property and all applicable insurance
requirements.

 

(c)          Maintain
the books and records for the Property.

 

(d)          Timely
comply in all material respects with the Property Agreements.

 

(e)          Not
sell, lease, grant any rights in or to or otherwise dispose of, or agree to sell, lease or otherwise dispose of, the Property in
whole or in part, except to residents of the facility in the ordinary course of business using a form of resident agreement agreed
upon by Seller and Buyer.

 

(f)           Take
commercially reasonable efforts to maintain the Personal Property currently in use in reasonably good operating condition and repair,
except for ordinary wear and tear, in a manner consistent with past practices.

 

(g)          Perform
all covenants, terms, and conditions and make all payments in a timely fashion, under the Existing Mortgage and any loans listed
on Schedule 4.27.

 

(h)          Not
amend or modify the Property Agreements or take or fail to take any action thereunder outside the ordinary course of Seller’s
business.

 

(i)           Subject
to Section 12.18 below, not make any alterations or improvements to the Property or make any capital expenditure with respect
to the Property in excess of ONE HUNDRED THOUSAND AND NO/100 U.S. DOLLARS ($100,000.00) other than those that are required by Applicable
Law or that are necessary to preserve the coverage under or comply with the terms of any insurance policy with respect to the Property.

 

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(j)           Not
enter into any agreement which calls for annual payments in excess of TEN THOUSAND AND NO/100 U.S. DOLLARS ($10,000.00) or for
a term in excess of one year, unless such agreement can be terminated upon not more than sixty (60) days prior written notice without
the payment of any termination fee or penalty payment.

 

(k)          Provide
the Buyer with a current Rent Roll on the first day of each month.

 

6.2          Notification
of Certain Matters. Seller shall give prompt written notice to Buyer, and Buyer shall give prompt written notice to Seller,
of (i) the occurrence, or failure to occur, of any event that would be likely to cause any of its respective representations or
warranties contained in this Agreement to be untrue or inaccurate in any material respect at any time from the Effective Date to
the Closing, and (ii) any failure to comply with or satisfy, in any material respect, any covenant, condition, or agreement to
be complied with or satisfied under this Agreement. If, prior to Closing, either Buyer or Seller obtains Knowledge of any matter
that causes the representations or warranties of the other party contained in this Agreement to be untrue or inaccurate in any
material respect, such party shall promptly notify the other party thereof in writing.

 

6.3          Title;
Additional Documents. At the Closing, Seller shall transfer and convey to Buyer good and indefeasible fee simple title to the
Property, free and clear of any Liens except Permitted Exceptions and Permitted Liens. At the Closing, all warranties and guaranties,
to the extent in existence and assignable or transferable, relating to the Property shall be transferred by Seller to, and shall
be held and owned by, Buyer. The acceptance of the deed by the Buyer or its nominee as the case may be, shall be deemed to be a
full performance and discharge of Sellers obligations hereunder with regard to delivery of Title to the Property as required by
this Agreement.

 

6.4          Other
Consents. Seller shall obtain the consents or waivers to the transactions contemplated by this Agreement required under the
Property Agreements.

 

6.5          Inspection
and Access. Seller shall, commencing on the Effective Date of this Agreement, open the assets, books, accounting records, correspondence
and files of Seller (to the extent related to the operation of the Property) for examination by Buyer, its officers, attorneys,
accountants and agents, with the right to make copies of such books, records and files or extracts therefrom. Such access will
be available to Buyer during normal business hours, upon notice, in such manner as will not unreasonably interfere with the conduct
of the business of the Property. Seller will make available to Buyer such additional data and other available information regarding
the Property as Buyer may reasonably request. Those books, records and files which relate to the Property that are not transferred
to Buyer shall be preserved and maintained by Seller for two (2) years after the Closing, or such greater amount of time required
by Applicable Law, and those books, records and files relating to the Property the possession of which is being transferred to
Buyer hereunder shall be maintained and preserved by Buyer for a period of two (2) years after the Closing, or such greater amount
of time required by Applicable Law.

 

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6.6          Confidentiality.

 

(a)          Confidential
Information. Any and all nonpublic information, documents, and instruments delivered to Buyer by Seller or its agents or Affiliates
and any and all nonpublic information, documents, and instruments delivered to Seller by Buyer or its agents or Affiliates, including,
without limitation, this Agreement, the Documents and all agreements
referenced herein, are of a confidential and proprietary nature. Buyer and Seller agree that prior to Closing, each will maintain
the confidentiality of all such confidential information, documents or instruments delivered to each by the other party or its
agents in connection with the negotiation of, or in compliance with, this Agreement, and only disclose such information, documents,
and instruments to their duly authorized officers, directors, attorneys, accountants, consultants, other advisers, representatives
and agents, or as otherwise required by Applicable Law. Buyer and Seller further agree that if the transactions contemplated hereby
are not consummated and this Agreement is terminated, each will return all such documents and instruments and all copies thereof
in their possession to the other party. This Section 6.6(a) shall only survive Closing as to Seller (and not Buyer) but
shall survive as to both Seller and Buyer in the event this Agreement is terminated prior to Closing. 

 

(b)          Confidentiality
of Agreement. Seller and Buyer will not disclose the terms or existence of this Agreement to any third party without the prior
written consent of the other party or its agents, except that Seller and Buyer may disclose such terms to their respective attorneys,
accountants, consultants, engineers, other advisers, members, shareholders, lenders, the Buyer’s potential investors or
lenders, and as required by Applicable Law or by Section 7.9 without such prior written consent. This
Section 6.6(b) shall survive Closing and shall survive in the event this Agreement is terminated prior to Closing with
respect to the Seller. 

 

(c)          Permitted
Uses of Information. Notwithstanding the forgoing, nothing in this Section 6.6 shall prevent the Buyer from making
any disclosure regarding this Agreement to the Securities and Exchange Commission (the “SEC”) necessary
to comply with any reporting, disclosure, or filing requirements imposed upon the Buyer by the
SEC. 

 

(d)          Irreparable
Harm. Seller and Buyer recognize that any breach of this Section 6.6 would result in irreparable harm to the other
party; therefore, the Seller or the Buyer shall be entitled to an injunction to prohibit any such breach or anticipated breach,
without the necessity of proving actual damages or posting a bond, cash or otherwise, in addition to all of other legal and equitable
remedies. 

 

6.7          Publicity.
Seller agrees that no public release or announcement concerning the transactions contemplated hereby shall be issued by any party
without the prior written consent of Buyer, except as required by Applicable Law.

 

6.8          Commercially
Reasonable Efforts. Subject to the terms and conditions of this Agreement, each party will use its commercially reasonable
efforts to satisfy any condition for which such party is responsible hereunder and to consummate and make effective as soon as
practicable the transactions contemplated by this Agreement.

 

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6.9          Reports.
Seller shall file on a current and timely basis until the Closing, all reports and documents required to be filed with respect
to the Licenses. True and complete copies of all such reports filed as of the Effective Date and continuing through the Closing
shall be promptly supplied to Buyer by Seller.

 

6.10        Post-Closing
Obligations of Seller. Following Closing, Seller shall use, and shall cause Seller’s Affiliates to use, reasonable diligent
efforts to cooperate with Buyer and its Affiliates to (a) confirm that all Licenses are obtained and held by the proper entity
for operation of the Property, and (b) to the extent not previously transferred to Buyer, to provide any records in Seller’s
custody or control which may be requested of Buyer by any authorized governmental agency. Further, upon Buyer’s request,
for a period of one (1) year after Closing, Seller shall make the operating statements and any and all books, records, correspondence,
financial data, leases, delinquency reports and all other documents and matters maintained by Seller or its agents and relating
to receipts and expenditures pertaining to the Property for the three (3) most recent full calendar years and the current calendar
year (collectively, the “Records”) available to Buyer for inspection, copying and audit by Buyer's designated
accountants, and at Buyer's expense. This Section 6.10 shall survive the Closing.

 

6.11        No
Other Representations or Warranties.

 

(a)          Buyer
agrees that, except for the representations and warranties made by Seller and expressly set forth in this Agreement, neither the
Seller nor any of its Affiliates or its respective representatives has made (and shall not be construed as having made) to Buyer
or any representatives thereof any representation or warranty of any kind.

 

(b)          Seller
agrees that, except for the representations and warranties made by Buyer and expressly set forth in this Agreement, neither Buyer
nor any of its Affiliates or its representatives have made (and shall not be construed as having made) to Seller or to any of Seller’s
Affiliates or any respective representatives thereof any representation or warranty of any kind.

 

6.12        Noncompetition.
After the Closing, Seller and Seller’s Affiliates shall not directly or indirectly (unless acting in accordance with Buyer’s
written consent) own, manage, operate, finance or participate in the ownership, management, operation or financing of, or permit
its name to be used by or in connection with, any competitive business or enterprise located within a five (5) mile radius of the
Real Property for a period of two (2) years after the Closing. For purposes of this Section 6.12, the term “competitive
business or enterprise” shall mean a nursing home, continuing care, memory care or assisted living facility. This Section
6.12 shall survive Closing. Buyer does acknowledge and consent to Seller’s Affiliate’s ownership and operation
after the Closing of the property known as “Compass on the Bay”, located at 1380 Columbia Road, Boston, Massachusetts,
and further agrees that the ownership and operation of that property shall not be deemed a breach of this Section 6.12.

 

6.13        Exclusivity.
From and after the Effective Date to the Closing or termination of this Agreement according to the terms hereof, Seller shall not
take any action, directly or indirectly, to encourage, initiate or engage or participate in discussions or negotiations with, or
provide any information to, any party, other than Buyer, concerning a potential transaction involving the purchase and sale of
the Property, the purchase and sale of all or substantially all of the ownership interest of Seller, or any transaction similar
to the foregoing.

 

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6.14 Existing Mortgages.
The parties shall use their respective commercially reasonable efforts and cooperate with each other to obtain from the current
holder (the “Mortgage Holder”) of the Existing Mortgage approval of Buyer’s assumption of the Existing
Mortgage at Closing and a full release (the “Mortgage Release”) of Seller as of the Closing Date from all obligations
under the Existing Mortgage arising from and after Closing (the “Released Mortgage Obligations”), including
by cooperating with the Mortgage Holder’s requests for due diligence information and legal opinions, to the extent reasonable
and customary. Notwithstanding anything in this Agreement to the contrary, from and after the Effective Date, Buyer shall be permitted
to discuss the assumption of the Existing Mortgage and the Mortgage Release directly with the Mortgage Holder. Buyer shall contact
the Mortgage Holder regarding, and apply for approval of, the assumption of the Existing Mortgage no later than ten (10) business
days after the Effective Date. Buyer shall be responsible for paying all fees, costs and expenses related to the assumption of
the Existing Mortgage and the Mortgage Release, including all assumption fees and costs charged by the Mortgage Holder, but specifically
excluding the fees and expenses of Seller’s counsel and other advisors, which fees and expenses shall be the sole responsibility
of Seller. The immediately prior sentence shall survive termination of this Agreement.

 

6.14        Employees.
To the extent that Seller has employees, the Buyer or its designee has the right, but not the obligation, to make offers of employment
to all of the employees of the Seller to commence effective upon the Closing. Seller agrees to terminate all employees who accept
employment with Buyer or its designee as of the Closing and shall satisfy all accrued payroll and benefits obligations thereto
as of the Closing other than the Accrued Employee Benefits. Buyer acknowledges that Seller has disclosed to Buyer that as of the
Effective Date, Seller has no employees.

 

ARTICLE VII

CONDITIONS PRECEDENT TO THE

OBLIGATION OF BUYER TO CLOSE

 

Buyer’s obligation
to close pursuant to the terms of this Agreement is subject to the satisfaction, on or prior to the Closing, of each of the following
conditions, unless waived by Buyer in writing:

 

7.1          Accuracy
of Representations and Warranties; Closing Certificate. Except for any changes permitted by the terms of this Agreement or
consented to in writing by Buyer, each of the representations and warranties made by Seller in this Agreement or in any certificate
delivered pursuant to Section 9.2 that is qualified as to knowledge or materiality shall be true and correct in all respects
when made and shall be true and correct in all respects at and as of the Closing as though such representations and warranties
were made or given on and as of the Closing, and each of such representations and warranties that is not qualified as to knowledge
or materiality shall be true and correct when made and shall be true and correct in all material respects at and as of the Closing
as though such representations and warranties were made or given on and as of the Closing. For purposes of determining whether
the representations and warranties made by the Seller pursuant to this Agreement are true and correct at and as of the Closing,
the Schedules and Exhibits shall be deemed to include only that information contained therein on the date such Schedules and Exhibits
are acknowledged pursuant to Section 12.15, and shall be deemed to exclude any information disclosed to Buyer pursuant to
Section 6.2 or otherwise.

 

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7.2          Performance
of Agreement. Seller and its Affiliates shall have performed in all material respects all of their covenants, agreements and
obligations required by this Agreement to be performed or complied with by them prior to or upon the Closing.

 

7.3          No
Adverse Change. No change or development shall have occurred which has or is likely to materially affect the Property, its
use or its value.

 

7.4          [Reserved.]

 

7.5          [Reserved.]

 

7.6          Title
Insurance and Survey.

 

(a)          Within
five (5) days after the execution of this Agreement, Buyer shall order commitments for owner’s policies of title insurance
(the “Title Commitment”) issued by the Title Insurer covering fee simple title to the Property, in which the
Title Insurer shall agree to insure, in such amount as Buyer deems adequate, merchantable title to such interests free from the
Schedule B standard printed exceptions and all other exceptions except for (i) exceptions which, under applicable state rules and
regulations, cannot be deleted or modified and (ii) Permitted Exceptions, with such endorsements as Buyer shall reasonably require
and with insurance coverage over any “gap” period. Such Title Commitments shall have attached thereto complete, legible
copies of all instruments noted as exceptions therein, and shall be delivered promptly to Buyer upon receipt by Seller. Buyer shall
furnish Seller with a copy of the title commitment and attachments, and all subsequent revisions thereof, promptly upon receipt
of same.

 

(b)          If
(i) any of the Title Commitments reflect any exceptions to title other than Permitted Liens which are not acceptable to Buyer
in Buyer’s sole discretion, or (ii) the Survey to be obtained by Buyer pursuant to Section 7.6(d) below discloses
anything not acceptable to Buyer in Buyer’s sole discretion, or (iii) at any time prior to the Closing, title to Seller’s
interests in the Property is encumbered by any exception to title other than Permitted Liens, which was not on the initial Title
Commitment for the Property and is not acceptable to Buyer in Buyer’s sole discretion (any such exception or unacceptable
statement of fact being referred to herein as a “Title Defect”), then Buyer shall, on or before the earlier
of five (5) days before the end of the Due Diligence Period or ten (10) days following receipt of such Title Commitment, as the
case may be, give Seller written notice of such Title Defect (the “Title Notice”). Such Title Notice shall include
a copy of the relevant Title Commitment and copies of the exceptions. Any exception to title that is (x) disclosed in the
Title Commitment, or (y) identified on a Survey, which, in either case, is not identified as a Title Defect in the Title Notice,
shall be deemed to be a “Permitted Exception” for purposes of this Agreement. Seller shall, within ten (10)
days after receipt of any such Title Notice, notify Buyer whether Seller will take the action necessary to remove the Title Defects.
On or before the Closing, Seller shall provide Buyer with reasonable evidence of removal of the items it notifies Buyer that it
will cure (the “Agreed Upon Title Defects”). Notwithstanding anything contained herein to the contrary, the
following items (the “Required Cure Items”) must be cured prior to or at Closing (with Seller having the right
to apply the portion of the Purchase Price allocated to either such party pursuant to Section 2.3 hereof, or a portion thereof,
for such purpose): (w) all mechanics’, materialmen’s, repairmen’s, contractors’ or other similar Liens
which encumber the Property as of the Effective Date created by, through or under Seller or which may be filed against the Property
after the Effective Date created by, through or under Seller and on or prior to the Closing Date (x) all mortgages, security deeds,
and other security instruments, except for the Existing Mortgages, (y) all past Taxes, and (z) all judgments against the Seller
which may constitute a Lien.

 

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(c)          In
the event (x) the Agreed Upon Title Defects specified are not cured on or before the Closing, (y) a Required Cure Item is not cured
on or before the Closing, or (z) if Seller does not timely notify Buyer
that Seller will remove Title Defects within the ten (10) days as specified above (in which case Buyer shall make its election
pursuant to this subsection (c) prior to five (5) days following the date of such Title Notice), Buyer shall have the option
to:

 

		(i)	accept Seller’s interest in the Real Property subject
to such Title Defect(s) or Required Cure Item(s), in which event such Title Defect(s) or Required Cure Item(s) shall become part
of the Permitted Exceptions, and to close the transaction contemplated hereby in accordance with the terms of this Agreement;

 

		(ii)	pay any amount reasonably necessary but not to exceed $250,000.00
to cure the items set forth in Section 7.6(b)(w) above, or $100,000.00 to cure any Agreed Upon Title Defects other than Required
Cure Items (such amounts so paid to be hereinafter referred to as the “Cure Amount”), and deduct such Cure
Amount from the Purchase Price; or

 

		(iii)	by giving Seller written notice of Buyer’s election,
terminate this Agreement and receive a refund of the Earnest Money Deposit, in which event no party shall have any further rights
or obligations to the other hereunder, except for such rights and obligations that, by the express terms hereof, survive any termination
of this Agreement. If Buyer elects to proceed with the Closing without giving notice of its election of this option (ii), it will
be deemed to have accepted such Title Defect(s) or Required Cure Item(s)as Permitted Exceptions.

 

Notwithstanding the foregoing,
nothing contained in section shall limit the right of the Buyer to pursue any and all remedies provided in Section 11.2
of this Agreement as a result of Seller’s default; provided, however, that the inability of Seller, having used commercially
reasonable efforts to cure Title Defects or Required Cure Items other than monetary encumbrances shall not be deemed to be a breach
by Seller of this Agreement.

 

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(d)          Notwithstanding
anything in this Agreement to the contrary, Seller covenants and agrees that at or prior to Closing, Seller shall (i) pay or cause
to be paid in full and cause to be canceled and discharged or otherwise bond and discharge as liens against the Property all mechanics’,
materialmen’s, repairmen’s, contractors’ or other similar Liens which encumber the Property as of the Effective
Date created by, through or under Seller or which may be filed against the Property after the Effective Date created by, through
or under Seller and on or prior to the Closing Date (ii) pay or cause to be paid in full all past due ad valorem taxes and assessments
of any kind constituting a lien against the Property which are due and payable, and (iii) for the Existing Mortgage, pay or cause
to be paid in full, or cause to be canceled and discharged all security deeds or other security instruments encumbering the property
and created by or through Seller, except to the extent Buyer otherwise assumes any of the obligations secured by such instruments,
and all judgments which have attached to and become a lien against the Property by, through or under Seller. In the event Seller
fails to cause such liens and encumbrances to be paid and canceled at or prior to Closing, Buyer shall be entitled to pay such
amount to the holder thereof as may be required to pay and cancel same, and to credit the amount so paid against the Purchase Price
allocated to the Buyer pursuant to Section 2.3 hereof. Notwithstanding the foregoing, nothing contained in section shall limit
the right of the Buyer to pursue any and all remedies provided in Section 11.2 of this Agreement as a result of Seller’s
default. Buyer acknowledges that instruments discharging mortgages and other monetary encumbrances may be recorded after the Closing
in accordance with conveyancing practices customary in Boston, Massachusetts.

 

(e)          Seller
has provided Buyer with a copy of the most recent existing boundary survey for the Property. Buyer may order one or more boundary
surveys for the Property (the “Survey”) prepared by a registered land surveyor or surveyors satisfactory to Buyer.
Buyer acknowledges that it has received delivery of the survey entitled “Land Title Survey in Boston, MA (South Boston) Prepared
for Bay View of Boston Associates, L.P., 1380 Columbia Road Boston, Massachusetts 02127” by Hancock Associates with most
recent update February 28, 2012 as well as the Surveyor’s Report with Surveyor’s Report Addendum dated February 28,
2012 and deems the matters shown thereon as acceptable to Buyer. At Closing, the Title Insurer shall be prepared to issue a title
insurance policy in accordance with the Title Commitment, with all endorsements reasonably required by Buyer and with coverage
over any “gap” period.

 

(f)           All
Title Expenses shall be paid by the parties in accordance with Section 9.4 hereof. “Title Expenses” shall include
all costs and expenses of obtaining the Survey and Title Commitment, together with any endorsements required by any lender financing
the Buyer’s acquisition of the Property. “Title Expenses” shall exclude any costs and expenses incurred or required
to be incurred to cure any Title Defects or Required Cure Items.

 

7.7          Other
Inspections. Prior to the Closing, at reasonable times and upon reasonable notice, Buyer or Buyer’s agent(s), consultants,
or other retained professionals shall have the right, at Buyer’s expense, to perform or complete such inspections and assessments
of the Property as Buyer deems necessary or desirable, including, without limitation, environmental and structural aspects, and
assessments of the compliance of the Property with all Applicable Laws.

 

7.8          Delivery
of Closing Documents. Seller shall have delivered or caused to be delivered to Buyer on the Closing each of the Documents required
to be delivered pursuant to Section 9.2.

 

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7.9          Licenses.

 

(a)          To
the extent necessary and permitted or required by Applicable Laws, Seller shall have completed the transfer and assignment of all
the Licenses listed on Exhibit D to the Post-Closing Licensee at or prior to the Closing. To the extent that any
such Licenses are not transferable or assignable by Seller, the Post-Closing Licensee shall have obtained, at the Buyer’s
sole cost and expense, in the Post-Closing Licensee’s own name, the Licenses, and Seller shall, and shall cause Existing
Manager to, reasonably cooperate with the Post-Closing Licensee in obtaining such Licenses at or prior to Closing. The Post-Closing
Licensee shall diligently pursue all required Licenses. If any Licenses cannot be obtained by the Post-Closing Licensee at or prior
to the Closing Date other than due to the fault of Buyer, Buyer shall have the right to extend the Closing until the earlier of:
(i) ten (10) business days after the procurement of such Licenses; or (ii) for a period of one hundred eighty (180) days.

 

(b)          In
the event the regulatory authorities (i) assert that there are violations and require repairs or alterations to be made to cure
such violations, or (ii) assess fines as a result of operational issues and require such fines to be paid prior to issuing Licenses
to the Post-Closing Licensee or prior to confirming to Buyer that the Licenses are in place, no material violations exist, and
the Property is in good standing, the Seller’s performance of all such required repairs and alterations at Seller’s
expense and payment of any and all such fines by Seller shall be a condition to Buyer’s Closing. If any operational changes
are required by such regulatory authorities as a condition to issuing Licenses as a result of the existence of such matters described
in Section 7.9 (b)(i) or (ii), Seller’s implementing such action at Seller’s expense shall be a material obligation
and condition to Closing. If Seller fails to take such foregoing actions, Buyer shall have the remedy available under Section
11.2(a) but only if there exists such matters as are described in Section 7.9 (b)(i) or (ii).

 

(c)          If
any of the Licenses cannot be obtained by the Post-Closing Licensee at or prior to the Closing, alternative arrangements that are
reasonably satisfactory to Buyer, Seller, and Tenant shall have been implemented to assure that the Post-Closing Licensee shall,
to the extent permitted by Applicable Laws, rules and regulations, have the benefit of such Licenses, and Seller and the Post-Closing
Licensee shall cooperate and use their respective commercially reasonable efforts to obtain the Licenses for the Post-Closing Licensee
or to complete the transfer and assignment of the Licenses by Seller, whichever is applicable, as contemplated in the foregoing
sentences promptly after the Closing. For example, but not by way of limitation, in the event the required Licenses have not been
transferred, issued or re-issued as of the Closing with respect to the Property, as required by Applicable Law and regulations,
Seller, Tenant and the Buyer shall enter into a sublease (the “Transition Period Sublease”), on terms and conditions
mutually acceptable to the parties thereto, so that the Property may continue to be operated on and after the Closing pending the
transfer, issuance or re-issuance of such required Licenses. This subsection shall survive the Closing until the earlier to occur
of (i) the issuance of the Licenses to Buyer or Tenant, or (ii) the termination of the Transition Period Sublease, if any.

 

(d)          Sections
7.9(a) and (b) shall survive Closing.

 

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7.10        Termination
of Existing Management Agreement. Buyer shall have received evidence from Seller, satisfactory to Buyer in its sole discretion,
that the management agreement between Seller and Existing Manager has been terminated without fee or cost to Buyer.

 

7.11        Governmental
Approvals. Seller shall have obtained all authorizations, consents, orders, or approvals of, shall have made all declarations
or filings with, and shall have allowed the expiration of waiting periods imposed by, any governmental agencies necessary for the
consummation of the transactions contemplated by this Agreement.

 

7.12        Third-Party
Consents. Seller shall have obtained the consents to assignment, waivers and similar instruments described on Schedule 7.12
hereto, which schedule shall be agreed upon and completed by the parties prior to the expiration of the Due Diligence Period.

 

7.13        Loan
Assumption Approval. Buyer shall have obtained approval for assumption of the Existing Mortgage on terms that are reasonably
acceptable to Buyer on terms that, in the aggregate are substantially similar to the current terms of the Existing Mortgage, other
than interest rates, which shall reflect current market rates and Buyer’s credit profile and which shall include the Mortgage
Release.

 

7.14        Guaranty.
The Seller shall have caused Senior Living Residences, LLC (the “Guarantor”) to execute and deliver and guaranty
of the Seller’s obligations to the Buyer hereunder, including without limitation all obligations contained in ARTICLE
X and ARTICLE XI hereof, in the form attached as Exhibit K to this Agreement (the “Guaranty”).

 

7.15        Management
Agreement. No later than ten (10) days after the Effective Date, Buyer and Manager shall have entered into that certain agreement
(the “Management Agreement”) for the continued management of the Property by the Manager, in the form set forth
as Exhibit I hereto.

 

7.16        Joint-Venture
Agreement. No later than Closing, Buyer, or its designee, and Seller, or its designee, shall have entered into the Joint Venture
Agreement governing the operation of Buyer in the form set forth as Exhibit I-1 hereto.

 

ARTICLE VIII

CONDITIONS PRECEDENT TO THE

OBLIGATION OF SELLER TO CLOSE

 

The obligation of the
Seller to close pursuant to the terms of this Agreement is subject to the satisfaction, on or prior to the Closing, of each of
the following conditions, unless waived by Seller in writing:

 

8.1          Accuracy
of Representations and Warranties. The representations and warranties of Buyer contained in this Agreement shall be true and
correct in all material respects on the Effective Date and as of the Closing with the same effect as though made at such time,
except for changes that are not materially adverse to Seller.

 

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8.2          Performance
of Agreements. Buyer shall have performed in all material respects all of its covenants, agreements, and obligations required
by this Agreement and each of the other Documents to be performed or complied with by it prior to or upon the Closing.

 

8.3          Delivery
of Closing Documents. Buyer shall have delivered or caused to be delivered to Seller on the Closing each of the Documents required
to be delivered pursuant to Section 9.3.

 

8.4          Management
Agreement. No later than ten (10) days after the Effective Date, Buyer and Manager shall have entered into the Management Agreement.

 

8.5          Operating
Agreement. No later than Closing, Buyer, or its designee, and Seller, or its designee, shall have entered into the Joint Venture
Agreement.

 

8.6        
Mortgage Release. The Mortgage Holder shall have agreed to the Mortgage Release on terms that are reasonably acceptable
to Sellers.

 

ARTICLE IX

CLOSING

 

9.1          Closing
Date and Place. The Closing shall take place on the date which is five (5) business days following the satisfaction
of all conditions to Closing contained in ARTICLE VII and ARTICLE VIII, or at such earlier or later date and time
as may be expressly agreed upon in writing by the Buyer and Seller (the “Closing Date”) but in no event later
than February 28, 2014. The Closing shall be accomplished by the Buyer and Seller depositing the Closing Documents into
escrow with the Title Insurer and Buyer and Seller issuing their respective instructions to the Title Insurer without the need
for attending in person unless the parties mutually agree otherwise.

 

9.2          Deliveries
of Seller. At the Closing, Seller shall deliver or cause to be delivered to Buyer the following, in each case in form and substance
reasonably satisfactory to Buyer:

 

(a)          A
governmental certificate, dated as of a date as near as practicable to the Closing, showing that Seller (i) is duly organized and
in good standing in the state of organization of Seller, and (ii) is qualified to do business in the state in which the Property
is located.

 

(b)          A
certificate of the secretary (or the equivalent thereto if none) of Seller attesting as to the incumbency of each manager, officer,
and authorized representative of Seller who executes this Agreement and any of the other Documents, certifying that resolutions
and consents necessary for Seller to act in accordance with the terms of this Agreement have been adopted or obtained (with copies
thereof attached) and to similar customary matters.

 

(c)          A
quitclaim deed and a bill of sale (with general warranty of title but disclaimers of warranty other than as to title) in the form
of bill of sale as is annexed hereto as Exhibit I-2 and other instruments of transfer and conveyance transferring the Property
held or owned by Seller (or Seller’s Affiliates) to Buyer free of all Liens other than the Permitted Exceptions and Permitted
Liens.

 

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(d)          A
certificate of non-foreign status under Section 1445 of the Code, complying with the requirements of the Income Tax Regulations
promulgated pursuant to such Section.

 

(e)          A
certificate that the conditions specified in Sections 7.1 and 7.2 are satisfied as of the Closing.

 

(f)           A
true, correct and complete Rent Roll for the Property certified by Seller listing each resident as of the Closing, the unit, bed
or room number of such resident, the amount of monthly fees to be paid by such resident, the amount of security deposit, the date
of the Resident Agreement, and the expiration date of such Resident Agreement.

 

(g)          Assignments
of the Property Agreements and Licenses from Seller, duly executed by Seller.

 

(h)          All
third-party consents described in Section 7.12.

 

(i)           Opinions
from counsel for Seller in the form attached hereto as Exhibit L, regarding the due organization, good standing,
power and authority, and due execution of this Agreement and all other Documents by Seller.

 

(j)           Assurance
from the appropriate regulatory officials confirming that the Licenses listed on Exhibit D are all that is required
to operate the Property as an assisted living and memory care facility in the State of Massachusetts, that there are no material
violations or defaults under such Licenses, and that the sale of the Property will not cause such Licenses to be revoked.

 

(k)          A
Transition Period Sublease, if applicable, duly executed by Seller.

 

(l)           Any
audited, historical financials and any representation from Seller related to matters related thereto (including, without limitation
a representation that such audited financials have been prepared in accordance with GAAP) required to allow the Buyer to comply
with any reporting, discloser, or filing requirements imposed upon the Buyer by the Securities and Exchange Commission with respect
to the transactions contemplated by this Agreement. Additionally, Seller shall provide Buyer, but without expense to Seller, with
(a) an audit letter in substantially the form as Exhibit J attached hereto and made a part hereof, and (b) copies
of, or access to, such factual information as may be reasonably requested by Buyer or its designated accountants, and in the possession
or control of Seller, to enable Buyer to file any filings required by the SEC in connection with the purchase of the Property.

 

(m)         A
Pooling Agreement, in the form attached hereto as Exhibit M, duly executed by Seller and its Affiliates.

 

(n)          Such
additional information, materials, affidavits and certificates as Buyer shall reasonably request to evidence the satisfaction of
the conditions to Seller’s obligations hereunder, including without limitation, evidence that all consents and approvals
required as a condition to Buyer’s obligation to close hereunder have been obtained, title affidavits, such affidavits and
indemnities as the Title Insurer may reasonably require to issue the Title Insurance policies, the gap coverage and all endorsements
and any other documents expressly required by this Agreement to be delivered by Seller at Closing, or as may be reasonably required
by the Title Insurer.

 

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9.3          Deliveries
of Buyer. At the Closing, Buyer shall deliver or cause to be delivered to Seller the following, in each case in form and substance
reasonably satisfactory to Seller:

 

(a)          The
Purchase Price in accordance with Section 2.3, subject to the adjustments under Section 2.4.

 

(b)          A
certificate that the conditions specified in Sections 8.1 and 8.2. are satisfied as of the Closing.

 

(c)          An
agreement by Buyer assuming the Assumed Obligations.

 

(d)          A
governmental certificate, dated as of a date as near as practicable to the Closing, showing that Buyer is (i) duly organized and
in good standing in the state of its formation, and (ii) is qualified to do business in the state where the Property is located.

 

(e)          A
certificate of the secretary (or the equivalent thereto if none) of Buyer attesting as to the incumbency of each officer or authorized
representative of Buyer who executes this Agreement and/or any of the other Documents, certifying that resolutions and consents
necessary for Buyer to act in accordance with the terms of this Agreement have been adopted or obtained (with copies thereof attached)
and to similar customary matters.

 

(f)           Opinions
from counsel for Buyer in the form attached hereto as Exhibit L-1, regarding the due organization, good standing,
power and authority, and due execution of this Agreement and all other Documents by Buyer.

 

(g)          A
Pooling Agreement, in the form attached hereto as Exhibit M, duly executed by Buyer and its Affiliates.

 

(h)          Such
additional information and materials as Seller shall have reasonably requested to evidence the satisfaction of the conditions to
its obligations hereunder.

 

9.4          Closing
Costs. Buyer and Seller shall each pay (a) their respective attorneys’ fees and expenses (b) broker fees and commissions
engaged by such party, respectively, and (c) except as set forth below, due diligence costs. Notwithstanding anything herein to
the contrary, Seller and Buyer shall equally share the cost of all transfer, conveyance, intangible, and documentary stamp taxes,
all costs of the Title Insurer to insure title, and the cost of owner’s title insurance policies (collectively, the “Transaction
Costs”).

 

ARTICLE X

INDEMNIFICATION

 

10.1        General.
The rights to indemnification set forth in this ARTICLE X and the other rights described in this Agreement shall
be in addition to all other rights to monetary damages that any party (or the party’s successors or permitted assigns) would
otherwise have by Applicable Law in connection with the transactions contemplated by this Agreement or any other Document; provided,
however, that neither party shall have the right to be compensated more than once for the same monetary damage.

 

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10.2        Indemnification
by Seller. From and after Closing, Seller shall indemnify, defend, and hold harmless Buyer, Tenant and each of their officers,
directors, employees, agents, representatives, Affiliates, successors and assigns from and against, and pay or reimburse each of
them for and with respect to, any Loss relating to, arising out of or resulting from any of the following:

 

(a)          Any
material breach by Seller of any of its representations, warranties, covenants or agreements in this Agreement or any other Document;
and

 

(b)          The
ownership, operation or control of the Property prior to the Closing, including without limitation, any and all liabilities which
relate to events occurring prior to the Closing, regardless of when they are asserted or whether such was disclosed to Buyer and
regardless of whether such was a breach of any representation, warranty, or covenant by Seller, except for (i) Assumed Obligations,
and (ii) obligations, indebtedness or liabilities to the extent of any Adjustment Amount credited to the Buyer.

 

(c)          Claims
by any other party claiming to have represented Seller as broker or agent in connection with the transactions contemplated by this
Agreement.

 

10.3        Indemnification
by Buyer. From and after Closing, Buyer shall indemnify, defend and hold harmless Seller and its officers, directors, employees,
agents, representatives, Affiliates, successors and assigns from and against, and pay or reimburse each of them for and with respect
to any Loss relating to, arising out of or resulting from any of the following:

 

(a)          Any
material breach by Buyer of any of its representations, warranties, covenants or agreements in this Agreement or any other Document;
and

 

(b)          The
ownership, operation or control of the Property after the Closing, including the Assumed Obligations, but excluding any obligations,
indebtedness or liabilities to the extent of any Adjustment Amount credited to Seller.

 

(c)          Claims
by any party other than the person(s) designated on Schedule 4.29 claiming to have represented Buyer or Seller as broker
or agent in connection with the transactions contemplated by this Agreement.

 

10.4        Administration
of Indemnification. For purposes of administering the indemnification provisions set forth in Section 10.2 and Section
10.3, the following procedure shall apply:

 

(a)          Whenever
a claim shall arise for indemnification under this ARTICLE X, the party entitled to indemnification (the “Indemnified
Party”) shall give a reasonably prompt written notice to the party from whom indemnification is sought (the “Indemnifying
Party”) setting forth in reasonable detail, to the extent then available, the facts concerning the nature of such claim
and the basis upon which the Indemnified Party believes that it is entitled to indemnification hereunder.

 

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(b)          In
the event of any claim for indemnification resulting from or in connection with any claim by a third party, the Indemnifying Party
shall be entitled, at its sole expense, either (i) to participate in defending against such claim or (ii) to assume the entire
defense with counsel which is selected by it and which is reasonably satisfactory to the Indemnified Party, provided that no settlement
shall be made and no judgment consented to without the prior written consent of the Indemnified Party, which shall not be unreasonably
withheld or delayed. If, however, (x) the claim, action, suit or proceeding would, if successful, result in the imposition of damages
for which the Indemnifying Party would not be solely responsible, or (y) representation of both parties by the same counsel would
otherwise be inappropriate due to actual or potential differing interests between them, then the Indemnifying Party shall not be
entitled to assume the entire defense and each party shall be entitled to retain counsel who shall cooperate with one another in
defending against such claim. In the case of clause (x), the Indemnifying Party shall be obligated to bear only that portion of
the expense of the Indemnified Party’s counsel that is in proportion to the damages indemnifiable by the Indemnifying Party
compared to the total amount of the third-party claim against the Indemnified Party. In the case of clause (y), the Indemnifying
Party shall pay all costs of defense of both itself and the actual out-of-pocket costs of the Indemnified Party.

 

(c)          If
the Indemnifying Party does not choose to defend against a claim by a third party, the Indemnified Party may defend in such manner
as it deems appropriate or settle the claim (after giving notice thereof to the Indemnifying Party), provided that no settlement
shall be made, and no judgment consented to, without the prior written consent of the Indemnifying Party, which shall not be unreasonably
withheld or delayed. The Indemnified Party shall be entitled to periodic reimbursement from the Indemnifying Party of defense expenses
incurred and prompt indemnification from the Indemnifying Party in accordance with this ARTICLE X.

 

(d)          Failure
or delay by an Indemnified Party to give a reasonably prompt notice of any claim shall not release, waive or otherwise affect an
Indemnifying Party’s obligations with respect to the claim, except to the extent that the Indemnifying Party can demonstrate
actual Loss or prejudice as a result of such failure or delay. Notwithstanding anything to the contrary contained herein, the parties
agree that no indemnification right or obligation shall apply to the extent any such Loss or expense is paid to an Indemnified
Party by an insurance company.

 

(e)          The
right to pursue indemnification as set forth in Sections 10.2(a) and 10.3(a) shall survive the Closing hereunder for a period of
eighteen (18) months following the Closing, and the right to pursue indemnification as set forth in all other Sections of this
ARTICLE X shall survive the Closing hereunder indefinitely.

 

    	34

    	 

    

 

(f)           Notwithstanding
anything to the contrary in this Agreement, the right to pursue indemnification as set forth in this ARTICLE X shall be
actionable or payable only if valid claims for Losses, if any, collectively aggregate more than TWENTY FIVE THOUSAND and No/100
U.S. Dollars ($25,000.00) (the “Floor”), provided, however, that the foregoing limitation shall
not apply in the case of fraud on the part of Buyer, Seller or any of their respective Affiliates, or to any claims arising under
Section 10.2(b), Section 10.2(c), Section 10.3(b) or
Section 10.3(c), (none of which shall be limited in
any manner whatsoever). In addition, Buyer agrees to concurrently seek recovery against Seller, under any insurance policies, the
Title Policy and other applicable agreements, and Seller shall not be liable to Buyer to the extent Buyer’s claim is actually
satisfied from any sums recovered from such insurance policies, Title Policy or other applicable agreements. FINALLY, IN NO
EVENT SHALL EITHER PARTY EVER BE LIABLE FOR ANY CONSEQUENTIAL OR PUNITIVE DAMAGES OTHER THAN IN THE EVENT OF FRAUD.

 

ARTICLE XI

DEFAULT AND TERMINATION

 

11.1        Right
of Termination. This Agreement may be terminated prior to Closing as follows:

 

(a)          By
Buyer, in its sole and absolute discretion, at any time during the Due Diligence Period for any reason or for no reason whatsoever;
or

 

(b)          By
written agreement of Seller and Buyer; or

 

(c)          By
Buyer if, as of the Closing or such earlier date as specified in this Agreement, all conditions in ARTICLE VIII, other than Section
8.4 and/or 8.5, have been met, but all conditions in ARTICLE VII have not been met, or as specifically provided
for in Sections 7.6, 11.2(a), 12.18 and 12.19; provided, however, that nothing contained in this Section
11.1(c) shall limit Buyer’s rights pursuant to Section 11.2 below in the event that Seller is in default;

 

(d)          By
Seller if, as of Closing or such earlier date as specified in this Agreement, all conditions in ARTICLE VII, other than
Section 7.15 and/or 7.16, have been met but all conditions in ARTICLE VIII have not been met or Buyer defaults
on its obligation to close this transaction; provided, however, that nothing contained in this Section 11.1(d)
shall limit Seller’s rights pursuant to Section 11.2 below in the event that Buyer is in default; or

 

(e)          By
Seller or Buyer if a court of competent jurisdiction or other governmental agency shall have issued an order, decree, or ruling
or taken any other action (which order, decree, or ruling the parties hereto shall use their diligent efforts to lift), in each
case permanently retraining, enjoining, or otherwise prohibiting the transactions contemplated by this Agreement, or otherwise
determining that the consummation of such transactions would be unlawful, and such order, decree or ruling shall have become final
and nonappealable.

 

(f)           By
Buyer if Buyer obtains Knowledge of any matter that causes any material representation or warranty of the Seller contained herein
to be untrue or inaccurate in any material respect; provided, however, that prior to termination Buyer gives written notice to
Seller specifying the material representation or warranty of the Seller contained herein that Buyer alleges to be untrue or inaccurate
in any material respect.

 

    	35

    	 

    

 

(g)          In
the event this Agreement is terminated pursuant to this Section 11.1 or pursuant to any other express provision of this
Agreement for any reason other than a default by the Seller or Buyer hereunder, then (i) this Agreement shall be of no further
force or effect as of the date of delivery of such written notice of termination, (ii) the Buyer and Seller shall equally share
the cancellation charges, if any, of the Escrow Agent and Title Insurer, (iii) no party shall have any further rights or obligations
hereunder other than pursuant to any provision hereof which expressly survives the termination of this Agreement, and (iv) all
Escrowed Funds shall be released to the party entitled to the same in accordance with Section 2.4 hereof.

 

(h)          In
addition to this Agreement, Buyer and Standish Village Oaktree SLR, LLC, an affiliate of Seller, have also executed that certain
Purchase and Sale Agreement dated as of the Effective Date for the purchase of that certain facility known as “Standish Village”
(the “Standish Village Purchase Agreement”). Any default hereunder shall be deemed a default under the Standish
Village Purchase Agreement and any default under the Standish Village Purchase Agreement shall be deemed a default under this Agreement.

 

11.2        Remedies
upon Default.

 

(a)          If
Seller defaults on any of Seller’s obligations hereunder, and such default continues for ten (10) days after written notice
thereof specifying such default, Buyer may serve notice in writing to the Seller in the manner provided in this Agreement, and
either:

 

		(i)	If specific performance is unavailable, terminate this
Agreement, receive a refund of the Earnest Money Deposit and receive from Seller reimbursement of all actual third-party out-of-pocket
expenses incurred by Buyer in pursuing the transactions contemplated by this Agreement, and pursue all legal remedies available
at law against Seller for Buyer’s actual damages arising from Seller’s default hereunder; or

 

		(ii)	Waive any such conditions, title objections or defaults
and consummate the transaction contemplated by this Agreement in the same manner as if there had been no title objections, conditions
or defaults without any reduction in the Purchase Price and without any further claim against the Seller therefor and, if necessary,
pursue an action for specific performance.

 

(b)          If
Buyer defaults on its obligation to close this transaction, Seller’s exclusive remedy shall be to terminate this Agreement
and receive the Earnest Money Deposit as liquidated damages.

 

11.3        Specific
Performance. Seller specifically agrees that Buyer shall be entitled, in the event of a default by Seller, to enforcement of
this Agreement by a decree of specific performance or injunctive relief requiring Seller to fulfill its obligations under this
Agreement. If Buyer pursues an action for specific performance and prevails, Buyer shall not be entitled to any monetary damages,
except as set forth in Section 12.16.

 

    	36

    	 

    

 

11.4        Obligations
Upon Termination. Except as otherwise provided herein, if this Agreement is terminated, each of the parties shall bear its
own costs incurred in connection with the transactions contemplated by this Agreement.

 

11.5        Termination
Notice. Each notice given by a party to terminate this Agreement shall specify the Subsection of ARTICLE XI pursuant
to which such notice is given. If at the time a party gives a termination notice, such party is entitled to give such notice pursuant
to more than one Subsection of ARTICLE XI, the Subsection pursuant to which such notice is given and termination is effected
shall be deemed to be the section specified in such notice provided that the party giving such notice is at such time entitled
to terminate this Agreement pursuant to the specified section.

 

11.6        Sole
and Exclusive Remedy. Seller and Buyer each acknowledge and agree that prior to the Closing, such party’s sole and exclusive
remedy with respect to any and all claims made prior to the Closing for any breach or liability under this Agreement or otherwise
relating to the subject matter of this Agreement and the transactions contemplated hereby shall be solely in accordance with, and
limited to, Sections 2.4, 11.1, 11.2 and 11.3. The foregoing shall in no manner limit the rights and
obligations of the parties provided in ARTICLE X from and after the Closing. In addition, in no event shall the provisions
of this ARTICLE XI limit the non-prevailing party’s obligation to pay the prevailing party’s attorneys’
fees and costs pursuant to Section 12.16 hereof.

 

ARTICLE II

MISCELLANEOUS

 

12.3        Further
Actions. From time to time before, at and after the Closing, each party will execute and deliver such other documents as reasonably
requested by the Buyer, Seller or Escrow Agent to consummate the transactions contemplated hereby.

 

12.4        Notices.
All notices, demands or other communications given hereunder shall be in writing and shall be sufficiently given if delivered by
facsimile (with written confirmation of receipt), by courier (including overnight delivery service) or sent by registered or certified
mail, first class, postage prepaid, addressed as follows:

 

If to Seller,
to:

 

Bay View of Boston
Associates Limited

Partnership, LLC

c/o
Robert F. Larkin and

Peter G. Mullin

Senior Living Residences,
LLC

388 East Eighth Street

South Boston, MA 02127

Telephone: 617-269-3757

Facsimile: 617.268.1380

E-mail: PMullin@slr-usa.com

 

    	37

    	 

    

 

with copies to:

 

Mark J. Coltin, Esq.

101 Merrimac Street, Suite 810

P.O. Box 9601

Boston, MA 02114-9601

Telephone: 617-482-0060

Facsimile: 866-508-2524

Email: mark@coltinlaw.com

 

If to Buyer, to:

 

SENTIO-SLR BOSTON
PORTFOLIO, LLC

Attn: John Mark Ramsey

Attn: Scott Larche

189 S. Orange Ave., Suite 1700

Orlando, Florida 32801

Telephone: 407-999-2426

Fax: (407) 999-5210

 

with copies
to:

 

Michael A. Okaty,
Esq.

Foley & Lardner
LLP

111 N. Orange
Avenue, Suite 1800

Orlando, FL 32801

Telephone: 407-423-7656

Fax: 407-648-1743

E-mail: mokaty@foley.com

 

or such other address as a party may from
time to time notify the other parties in writing (as provided above). Any such notice, demand or communication shall be deemed
to have been given (i) if so sent by facsimile, upon receipt as evidenced by the sender’s written confirmation of receipt,
(ii) if so mailed, as of the date delivered, and (iii) if so delivered by courier, on the date received.

 

12.5        Entire
Agreement. This Agreement and the other Documents constitute the entire agreement and understanding between the parties with
respect to the subject matter hereof and supersede any prior negotiations, agreements, understandings, or arrangements between
the parties hereto with respect to the subject matter hereof.

 

12.6        Binding
Effect; Benefits. Except as otherwise provided herein, this Agreement shall inure to the benefit of, and be binding upon, the
parties hereto and their respective successors or permitted assigns. Except to the extent specified herein, nothing in this Agreement,
express or implied, shall confer on any person other than the parties hereto and any Indemnified Party and their respective successors
or permitted assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement.

 

    	38

    	 

    

 

12.7        Assignment.
This Agreement may not be assigned by any party prior to Closing without the written consent of the Buyer and Seller, which consent
may be given or withheld in each such party’s sole and absolute discretion, except that Buyer may assign this Agreement and
its rights hereunder without the consent of Seller (i) to an Affiliate of Buyer, (ii) to a partnership in which Buyer or any Affiliate
of Buyer is a general partner, (iii) a limited liability company in which Buyer or any Affiliate of Buyer is a manager or managing
member or (iv) any other lawful entity entitled to do business in the state in which the Property is located provided such entity
is controlled by, controlling or under the common control with Buyer or any Affiliate of Buyer (each, a “Permitted Buyer-Assignee”).
In the event of such an assignment to a Permitted Buyer-Assignee, Buyer shall not be released from any of its duties, covenants,
obligations or representations and warranties under this Agreement and, from and after any such assignment, Buyer and such Permitted
Buyer-Assignee shall be jointly and severally liable under this Agreement, and from and after any such assignment, the term “Buyer”
shall be deemed to mean such Permitted Buyer-Assignee under any such assignment.

 

12.8        Governing
Law. This Agreement shall in all respects be governed by and construed in accordance with the laws of the state in which the
Real Property is located without regard to its principles of conflicts of laws. Venue for any dispute shall be in Suffolk County,
Massachusetts.

 

12.9        Amendments
and Waivers. No term or provision of this Agreement may be amended, waived, discharged, or terminated orally, except by an
instrument in writing signed by: (i) Buyer and Seller with respect to any provision contained herein; and (ii) Buyer, Seller, and
Escrow Agent with respect to Section 2.6 hereof. Any waiver shall be effective only in accordance with its express terms
and conditions.

 

12.10      Joint
and Several. If there is more than one Seller hereunder, Seller shall be jointly and severally liable with the other Seller
for performing all obligations of Seller under this Agreement.

 

12.11      Severability.
Any provision of this Agreement which is unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such unenforceability without invalidating the remaining provisions hereof, and any such unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by Applicable Law,
the parties hereto hereby waive any provision of Applicable Law now or hereafter in effect which renders any provision hereof unenforceable
in any respect.

 

12.12      Headings.
The captions in this Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions
hereof.

 

12.13      Counterparts.
This Agreement may be executed and accepted in one or more counterparts for the convenience of the parties, each of which will
be deemed an original and all of which, taken together, shall constitute one and the same instrument. Delivery of a counterpart
hereof via facsimile transmission or by electronic mail transmission shall be as effective as delivery of a manually executed counterpart
hereof.

 

    	39

    	 

    

 

12.14      References.
All references in this Agreement to Articles and Sections are to Articles and Sections contained in this Agreement unless a different
document is expressly specified.

 

12.15      Schedules
and Exhibits. Each Schedule and Exhibit referred to in this Agreement shall be deemed to be attached hereto and incorporated
by reference even though it may be maintained separately from this Agreement or completed after the Effective Date so long as it
is acknowledged as a Schedule or an Exhibit to this Agreement by the parties hereto as of Closing. Any item disclosed hereunder
(including in the Schedules and Exhibits hereto) shall be deemed disclosed for all purposes hereof irrespective of the specific
representation or warranty to which it is explicitly referenced. The Schedules and Exhibits not attached hereto as of the Effective
Date will be prepared and mutually agreed to by the parties within five (5) business days of the Effective Date. The parties agree
to cooperate and act in good faith during the preparation of such documents.

 

12.16      Attorneys’
Fees. In the event either party brings an action to enforce or interpret any of the provisions of this Agreement, the “prevailing
party” in such action shall, in addition to any other recovery, be entitled to its reasonable attorneys’ fees and expenses
arising from such action and any appeal or any bankruptcy action related thereto, whether or not such matter proceeds to trial.
For purposes of this Section 12.16, “prevailing party” shall mean, in the case of a person asserting
a claim, such person is successful in obtaining substantially all of the relief sought, and in the case of a person defending against
or responding to a claim, such person is successful in denying substantially all of the relief sought.

 

12.17      Section
1031 Exchange/Tax Planning. If requested by either Buyer or Seller, the other party shall cooperate in permitting the other
to accomplish an exchange under Section 1031 of the Code or to restructure this transaction in a way which is more advantageous
for tax purposes; provided, however, that such exchange or restructuring shall not modify any underlying financial or other
material terms of this Agreement, shall not delay the Closing, shall not relieve Buyer or Seller of any liability for their respective
obligations hereunder, and shall not result in any other party incurring any greater cost or expense that it otherwise would if
any such exchange had not been elected.

 

12.18      Casualty.
The risk of any loss or damage to the Property by fire or other casualty before the Closing shall continue to be borne by Seller.
Seller shall promptly give Buyer written notice of any fire or other casualty (in any event within five (5) days after Seller first
has Knowledge of the occurrence of same), which notice shall include a description thereof in reasonable detail and an estimate
of the cost of time to repair. If (i) any portion of the Property is damaged by fire or casualty after the Effective Date and is
not repaired and restored substantially to its original condition prior to Closing, or (ii) at the time of Closing the estimated
cost of repairs as to the Property is ONE HUNDRED THOUSAND U.S. DOLLARS ($100,000.00) or less, as determined by an independent
adjuster selected by Seller, Buyer shall be required to purchase the Property in accordance with this Agreement, and Buyer shall,
at Buyer’s option, either: (x) receive a credit at Closing of the estimated cost or repairs to the Property, as determined
by the aforesaid independent adjuster, plus any reasonably estimated lost revenue following Closing arising from such fire or casualty;
or (y) receive from Seller at Closing (I) an assignment, without representation or warranty by or recourse against Seller,
of all insurance claims and proceeds with respect thereto, plus (II) an amount equal to Seller’s insurance deductible, plus
(III) a credit for the amount of any reasonably estimated lost revenue following Closing arising from such fire or casualty. If
the estimated cost of repairing such damage to the Property is more than ONE HUNDRED THOUSAND U.S. DOLLARS ($100,000.00), as determined
by such independent adjuster, Buyer may, at its sole option: (x) terminate this Agreement by notice to Seller on or before
the earlier of the Closing or the tenth (10th) day after receipt of such notice described above, in which event no party
shall have any further liability to the party under this Agreement; or (y) proceed to Closing as provided in this Section 12.18.
In no event shall the amount of insurance proceeds assigned to Buyer under this subparagraph (plus the amount of the deductible)
exceed the lesser of (i) the cost of repair or (ii) the Purchase Price. The parties’ obligations, if any, under this Section
12.18 shall survive the expiration or any termination of this Agreement.

 

    	40

    	 

    

 

12.19      Condemnation.
The risk of any loss or damage to the Property by condemnation before the Closing shall continue to be borne by Seller. In the
event any condemnation proceeding is commenced or threatened, Seller shall promptly give Buyer written notice thereof (in any event
within five (5) days after Seller first has Knowledge of the occurrence of same), together with such reasonable details with respect
thereto as to which Seller may have Knowledge. If, prior to Closing, there is a material taking by eminent domain at the Property,
this Agreement shall become null and void at Buyer’s option, and upon receipt by Seller of the written notice of an election
by Buyer to treat this Agreement as null and void, this Agreement shall be deemed null and void. If Buyer elects to proceed and
to consummate the purchase despite said material taking, or if there is less than a material taking prior to Closing, there shall
be no reduction in or abatement of the Purchase Price and Buyer shall be required to purchase the Property in accordance with the
terms of this Agreement, and Seller shall assign to Buyer, without representation of warranty by or recourse against Seller, all
of Seller’s right, title and interest in and to any award made or to be made in the condemnation proceeding (in which event
Buyer shall have the right to participate in the adjustment and settlement of any insurance claim relating to said damage). For
the purpose of this Section 12.19, the term “material” shall mean any taking of in excess of five percent
(5%) of the square footage of the Property or ten percent (10%) of the Real Property associated with the Property. The parties’
obligations, if any, under this Section 12.19 shall survive the expiration or any termination of this Agreement.

 

12.20      Limited
Liability. No past, present, or future member, partner, shareholder, director, officer of employee of any party to this Agreement
shall have any liability or obligation of any nature whatsoever in connection with or under this Agreement or Document contemplated
hereby or in connection with the transactions contemplated by this Agreement or any such other agreement.

 

12.21      Survival
of Defined Terms. Where this Agreement provides that a term or provision shall survive the Closing or the expiration or earlier
termination of this Agreement, any defined terms contained in ARTICLE I that are used in such surviving term or provision
shall also survive.

 

    	41

    	 

    

 

12.22      Time
of Essence. Time shall be of the essence with respect to all matters contemplated by this Agreement.

 

12.23      No
Third-Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing are,
and will be, for the benefit of the Buyer, Seller, Guarantor and Escrow Agent only and are not for the benefit of any third party;
and, accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed
and delivered at Closing.

 

12.24      WAIVER
OF JURY TRIAL. EACH PARTY HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY
RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT, OR ANY
OTHER DOCUMENT RELATED TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER
OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH PARTY, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE
AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. ANY PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF
THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH PARTY HERETO.

 

(The remainder of this page is intentionally
left blank.)

 

    	42

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be executed as of the Effective Date.

 

	BUYER:	 	SELLER:
	 	 	 	 	 
	SENTIO-SLR BOSTON PORTFOLIO, 	 	BAY VIEW OF BOSTON
	LLC	 	ASSOCIATES LIMITED
	a Delaware limited liability company	 	PARTNERSHIP
	 	 	 	 	 
	 	 	 	By its General Partner
	By:	/s/ John Mark Ramsey	 	SENIOR LIVING RESIDENCES, INC.
	Name: John Mark Ramsey	 	 	 
	Title: Authorized Signatory	 	By: 	/s/ Robert F. Larkin
	 	 	 	Name: Robert F. Larkin, Jr.
	 	 	 	Title: President and Treasurer
	 	 	 	 	 
	 	 	 	ESCROW AGENT:
	 	 	 	 	 
	 	 	 	Stewart Title Guaranty
	 	 	 	Company
	 	 	 	 	 
	 	 	 	By: 	/s/ Joseph P. Sullivan
	 	 	 	Name: Joseph P. Sullivan
	 	 	 	Title: Underwriting Counsel

 

    	 

    	 

    

 

Schedule 2.1(a)

Excluded Real Property

 

None.

 

    	2

    	 

    

 

Schedule 2.1(h)

Excluded Intellectual Property

 

The service mark, owned
by an affiliate of Seller, described in U.S. Patent and Trademark Office Reg. Number 4,268,574 (the “Registered Mark”)
referring to “Compass Memory Support” as well as the right to use the word, “Compass”, in connection with
rental and management of housing to persons with memory impairment and related conditions.

 

    	3

    	 

    

 

Schedule 2.1A

Excluded Property

 

None.

 

    	4

    	 

    

 

Schedule 2.2(a)

Existing Mortgage

 

The term, “Existing
Mortgage” is defined as follows: The loan (the “Loan”) evidenced by Promissory Note dated as of March 1, 2012
in the original principal amount of $4,010,200.00 given by Bay View of Boston Associates Limited Partnership, a Massachusetts limited
partnership with an address of 1380 Columbia Rd., Boston, MA 02127 (“Seller”) to Love Funding Corporation, a Virginia
corporation, with a place of business at 1250 Connecticut Ave., Northwest, Suite 310, Washington, DC 20036 (“Lender”)
as secured by Mortgage given by Seller to Lender dated as of March 1, 2002 recorded with the Suffolk Registry District of the Land
Court as Document Number 201200801803 noted on Certificate of Title Number 107145, Book 531, Page 145, and at the Suffolk County
Registry of Deeds, Book 49284, Page 284. The Loan is insured by the U. S. Department of Housing and Urban Development (“HUD”)
pursuant to the National Housing Act, as amended, is subject to such contractual and other requirements imposed by HUD and the
Lender in connection with all documents executed and delivered by Seller in connection with the closing of the Loan, including,
but not limited to, a certain Regulatory Agreement for Multifamily Housing Projects executed by Seller, dated March 1, 2012 and
recorded with the Suffolk County Registry of Deeds, Book 49284, Page 292, as well as all statutes, rules and regulations with regard
to HUD insured loans such as the Loan. Reference is hereby made to the closing binder with regard to the Loan, which has been produced
to Buyer

 

    	5

    	 

    

 

Schedule 2.2 (c )

 

Assumed Obligations

 

		1.	Proia Snow Removal and Landscaping Services

 

		2.	Tyco Fire Alarm System Inspection Agreement

 

		3.	Simplex Grinnel (Tyco) Fire Suppression Equipment
Maintenance Agreement

 

		4.	ADT Security Camera Service Agreement

 

		5.	Dictronics Copier lease

 

		6.	Avaya Business Communications Telephone Equipment
Lease

 

		7.	Touchtown TV Activities Electronic Bulletin Board

 

		8.	Air Duct Services and Restoration Maintenance Agreement
(Kitchen Hood cleaning)

 

		9.	Pest Control Agreement – Waltham Services,
Inc.

 

		10.	Mass. Waste Rubbish Removal Contract

 

		11.	Power Products Electric Generator Maintenance and
Testing Contract

 

		12.	Health Care Insights, LLC Nutrition Counseling
Agreement

 

		13.	Comcast of Boston Cable Communications Cable TV
Agreement

 

		14.	Steri-Safe Medical Waste Removal Service Agreement

 

		15.	Residency Agreements in effect at time of closing

 

		16.	Harbor PACE (Elder Service Plan)

 

		17.	Existing Mortgage (see Schedule 2.2(a) which is
incorporated herein by reference)

 

		18.	Lawhorn Irrigation equipment service contract

 

		19.	Med Assets Group Purchasing Agreement

 

		20.	Wind River kitchen grease trap servicing contract

 

		21.	Cintas Document Management Services agreement

 

		22.	Hess Electric Contract dated April 11, 2012

 

		23.	Direct Energy Services, LLC Commercial Natural
Gas Services Agreement dated May 4, 2012

 

    	 

    	 

    

 

Schedule 2.3

Purchase Price Allocation

 

	Facility	 	Real Property	 	 	Personal Property	 	 	Other Assets	 	Total	 
	Compass	 	$	___________	 	$	___________	 	$	___________	 	$	11,700,000	 

 

    	2

    	 

    

 

Schedule 4.2

Consents of Third Parties

 

None other than Consent
of “Lender” and “HUD” in connection with the “Loan”, as those terms are defined in Schedule
2.2(a)

 

    	 

    	 

    

 

Schedule 4.4

Conflicts

 

None.

 

    	2

    	 

    

 

Schedule 4.5

Judgments

 

None.

 

    	 

    	 

    

 

Schedule 4.6

Governmental Approvals

 

Massachusetts Executive
Office of Elder Affairs Change of Ownership Certification Application will be required per provisions of 651 CMR 12.03(7).

 

Approval of HUD concerning
the Existing Loan as set forth in Sections 4.2 of this Agreement.

 

    	2

    	 

    

 

Schedule 4.7

Seller’s Insurance

 

Bay View
of Boston Associates, LP

Compass on
the Bay

 

Commercial
General/Professional Liability:

 

$1,000,000
per occurrence/$3,000,000 aggregate General Liability

 

$1,000,000
per occurrence/$3,000,000 aggregate Professional Liability

 

$1,000,000
per occurrence/$1,000,000 aggregate Employee Benefits Liability

 

	12/1/10 to 12/1/11	American Empire Surplus Lines	10CG61033
	 	 	 
	12/1/11 to 12/1/12	American Empire Suplus Lines	11CG65813
	 	 	 
	12/1/12 to 12/1/13	American Empire Surplus Lines	12CG72623

 

Business
Auto Liability

 

$1,000,000
Combined Single Limit (Bodily injury and Property Damage)

 

Comprehensive
Deductible: $500; Collision Deductible: $500

 

	12/1/10 to 6/20/11	American Empire Surplus Lines	10CG61033
	 	(Hired/Nonowned only)	 
	 	 	 
	6/20/11 to 6/20/12	One Beacon America Insurance	390001175
	 	 	 
	6/20/12 to 12/1/12	Travelers Indemnity	BA-OC319032
	 	 	 
	12/1/12 to 12/1/13	Travelers Indemnity	BA-OC319032

 

Crime
Bond

 

Employee
Dishonesty $600,000; Forgery & Alteration $600,000; Deductible $6,000 

 

	12/1/10 to 12/1/11	The Hartford	08BDDBQ0227
	 	 	 
	12/1/11 to 12/1/12	The Hartford	08BDDBQ0227
	 	 	 
	12/1/12 to 12/1/13	The Hartford	08BDDBQ0227

 

    	 

    	 

    

 

Schedule 4.8

Litigation

 

None

 

    	2

    	 

    

 

Schedule 4.9

Compliance with Laws

 

None

 

    	 

    	 

    

 

Schedule 4.10

Environmental Matters

 

None

 

    	2

    	 

    

 

Schedule 4.14

Exceptions to Rent Roll

 

None

 

    	3

    	 

    

 

Schedule 4.15

Provider Agreements

 

Compass on the Bay
receives Medicare and Medicaid payments through its role as a provider of services to the Program for All-Inclusive Care for the
Elderly (PACE).

 

    	4

    	 

    

 

Schedule 4.17

Condition of the Property

 

None.

 

    	5

    	 

    

 

Schedule 4.18

Independent Property

 

None.

 

    	 

    	 

    

 

Schedule 4.20

Utilities Access

 

None

 

    	 

    	 

    

 

Schedule 4.23

Exceptions to Seller Ownership

 

None

 

    	2

    	 

    

 

Schedule 4.24

Title Encumbrances

 

None

 

    	 

    	 

    

 

Schedule 4.25

Affordable Housing Units

 

None

    	2

    	 

    

 

Schedule 4.27

Loans

 

None other than the
Existing Mortgage

 

    	 

    	 

    

 

Schedule
4.29

Broker’s or Finder’s Fees

 

Upon passing of title
a broker’s commission will be due to The Seniors Group, Allen, TX.

 

    	 

    	 

    

 

Schedule
7.12

Required Consents

 

Only such consents and approvals
required in connection with the Existing Mortgage.

 

    	2

    	 

    

 

EXHIBIT A

 

Legal Description of the Property

 

See Attached Description

 

    	A-1

    	 

    

  

EXHIBIT
A

Legal
Description

 

PARCEL
1 (REGISTERED)

 

The land with
the building(s) thereon, if any, located in that part of Boston, Suffolk County, Massachusetts known as South Boston, bounded and
described as follows:

 

	Northerly	by Lot 4 as shown on the plan hereinafter mentioned, 46.17 feet;
	 	 
	Easterly	by land now or formerly of The First National Bank of Boston, 201.58 feet;
	 	 
	Southerly	by Columbia Road, 43.85 feet; and
	 	 
	Westerly	by Lot 2 as shown on said plan 192.06 feet

 

Said land is
shown as Lot 3 on a subdivision plan drawn by Boston Survey Consultants, Greulich, Surveyor, dated September 12, 1974 as modified
and approved by the Court, filed in the Land Registration Office as plan No.l0272-D, a copy of a portion of which is filed with
Certificate of Title No. 86227.

 

PARCEL
2 (UNREGISTERED)

 

The land with
the building(s) thereon, if any, located in that part of Boston, Suffolk County, Massachusetts known as South Boston, bounded and
described as follows:

 

	Northerly	by East Eighth Street, 150 feet;
	 	 
	Easterly	in part by land of owners unknown, used as a passageway called Mount Washington Place, and in part by land now or formerly of Tufts, 250 feet;
	 	 
	Southerly	by Columbia Road, 150 feet; and
	 	 
	Westerly	by land of Simonds Saw and Steel Company, 250 feet

 

NOTE: As herein
used “recorded” shall mean “recorded with the Suffolk District Registry of Deeds” and “filed”
shall mean “filed with the Suffolk District Registry of Deeds.” (Title reference: Book 18169, Page 342.

 

    	A-2

    	 

    

 

EXHIBIT
B

 

 List
of Required Due Diligence Items

for
the Property

 

	 	#	Description
	 	1.02 FINANCIAL STATEMENTS & BUDGETS
	 	1.02.04	Property level certified and audited (if available) financials for 3 years and last quarter - P&L, Balance Sheet, Cash Flows, etc.
	 	1.02.06	2013 Operating budgets
	 	1.02.07	Unaccrued & unpaid brokers commissions prior to purchase
	 	1.02.09	3 years historical capital expenditures
	 	1.02.10	Planned capex for 2013 and beyond
	 	1.02.11	Debt schedule
	 	1.02.13	Schedule of current discounts, programs, amounts and expiration
	 	1.02.14	Current accounts receivables report
	 	1.02.15	Current accounts payable report
	 	1.02.16	General Ledger for prior 2 years and YTD
	 	1.02.17	Schedule of occupancy for the past 3 years
	 	1.02.18	Copy of utility bills for the previous 12 months
	 	1.02.19	Bank Statements for the previous 12 months
	 	1.02.20	Current Billing Statement for each resident
	 	1.02.21	Schedule of Security Deposits
	 	1.03 LEGAL AND REGULATORY COMPLIANCE	 
	 	1.03.01	Litigation and other claims occurring, pending or threatened during the last 3 years and reserves accrued for such items (inclusive of closing date)
	 	1.03.03	Health inspection report
	 	1.03.04	Boiler certificates
	 	1.03.05	Elevator certificates
	 	1.03.06	Fire inspection report
	 	1.03.07	Underground storage tanks registration
	 	1.03.08	Copy of assisted living EOEA Certificate
	 	1.03.09	CHOW/Explanation and timing on change of ownership requirements
	 	1.03.10	Most recent 2 prior years regulatory surveys, statements of deficiencies and plan of correction
	 	 	 	 

 

    	B-1

    	 

    

 

	 	1.04 INSURANCE POLICIES AND/OR CERTIFICATES	 
	 	1.04.01	Property / casualty - all risk (100% replacement value)
	 	1.04.02	Liability - public and comprehensive (general, professional and worker's comp.)

Limits: $1,000,000 / $3,000,000
	 	1.04.04	Business interruption/rental income (12 mos.)
	 	1.04.05	Flood (if in Flood Hazard zone) with Flood Zone Certificate
	 	1.04.06	Earthquake
	 	1.04.07	Insurance claim history (past 3 years)
	 	1.04.08	Proof of insurance coverages required to be maintained by Tenant under lease(s) or Manager under management agreement
	 	1.05 REAL ESTATE RELATED	 
	 	1.05.03	Existing Project Acquisition Documents (including prior contracts and appraisals)
	 	1.05.10.01	Sublease(s)
	 	1.05.14.01	Prior survey
	 	1.05.15.01	Prior Title Insurance Policy
	 	1.05.17.01	Existing Environmental Reports (including Asbestos)
	 	1.05.22	Property Photos
	 	1.05.23	Property System Documentation:
	 	1.05.23.1	Fire alarm system, age and copy of last inspection
	 	1.05.23.2	Call system, age and warranty
	 	1.05.24	Notice of any building code, parking or other violations
	 	1.05.25	Existing radon reports
	 	1.06 TAXES AND ASSESSMENTS	 
	 	1.06.01	Real property tax bill and assessment
	 	1.06.02	Evidence of payment of current personal property taxes
	 	1.06.03	Evidence of payment of current intangible property taxes
	 	1.06.04	Evidence of payment of current condominium assessment or CAM fees
	 	1.06.05	Income Tax Returns for 2 yrs for Tenant / Operator
	 	1.06.06	Income Tax Returns for 3 yrs for Guarantor
	 	1.07 BUILDING / ENGINEERING / ARCHITECTURAL	 
	 	1.07.01	Certificate of occupancy
	 	1.07.02	Site plans
	 	1.07.03	Engineering Schematics

 

    	B-2

    	 

    

 

	 	1.07.04	Architectural plans
	 	1.07.05	Elevation renderings
	 	1.07.06	Electrical plans
	 	1.07.07	Mechanical / HVAC renderings
	 	1.07.08	Interior renderings / plans
	 	1.07.09	Unit renderings / plans
	 	1.07.10	Breakout of livable and non-livable square footage
	 	1.07.11	Existing roofing or other structural studies
	 	1.08 MANAGEMENT AND OPERATIONS	 
	 	1.08.02	Certified Rent Roll
	 	1.08.03	List of furniture, fixtures & equipment (FF&E) (inception through current)
	 	1.08.04	Schedule of any personal property
	 	1.08.05	Service / Vendor Contracts
	 	1.08.07	Schedule of preventative maintenance
	 	1.08.08	Emergency management plan (Disaster Recovery)
	 	1.08.09	Medical/biological/hazardous waste handling agreements
	 	1.08.10	Resident Agreement
	 	1.08.11	Information on the Manager (list of properties under management, management bios, etc.)
	 	1.08.12	Resident/Family/Employee Satisfaction Surveys
	 	1.08.13	List of all 1099 employees
	 	1.08.14	Schedule of rent concessions or any other discounted services by resident
	 	1.08.15	Schedule of worker's comp claims history for the last 3 years
	 	1.08.16	Schedule of related party transactions
	 	1.08.17	Schedule of approved home health care vendors registered to operate in the building
	 	1.08.18	Most recent competitor survey
	 	1.09 CORPORATE AND LEGAL FOR THE SELLER	 
	 	1.09.01	Litigation, liens, claims or encumbrances affecting the property currently or at any time during the past three years.
	 	1.09.03	Federal EIN
	 	1.10 CORPORATE AND LEGAL FOR MANAGER	 
	 	1.10.01	Litigation, liens, claims or encumbrances affecting the Manager currently or at any time during the past three years.
	 	1.10.03	Federal EIN

 

    	B-3

    	 

    

 

EXHIBIT
B-1

 

List
of Due Diligence Items

Not
Yet Delivered

 

    	B-4

    	 

    

 

EXHIBIT C

 

List of Property Agreements

 

		1.	Proia Snow Removal and Landscaping Services

 

		2.	Tyco Fire Alarm System Inspection Agreement

 

		3.	Simplex Grinnel (Tyco) Fire Suppression Equipment
Maintenance Agreement

 

		4.	ADT Security Camera Service Agreement

 

		5.	Dictronics Copier lease

 

		6.	Avaya Business Communications Telephone Equipment
Lease

 

		7.	Touchtown TV Activities Electronic Bulletin Board

 

		8.	Air Duct Services and Restoration Maintenance Agreement
(Kitchen Hood cleaning)

 

		9.	Pest Control Agreement – Waltham Services,
Inc.

 

		10.	Mass. Waste Rubbish Removal Contract

 

		11.	Power Products Electric Generator Maintenance and
Testing Contract

 

		12.	Health Care Insights, LLC Nutrition Counseling
Agreement

 

		13.	Comcast of Boston Cable Communications Cable TV
Agreement

 

		14.	Steri-Safe Medical Waste Removal Service Agreement

 

		15.	Residency Agreements in effect at time of closing

 

		16.	Harbor PACE (Elder Service Plan)

 

		17.	Existing Mortgage (see Schedule 2.2(a) which is
incorporated herein by reference)

 

		18.	Lawhorn Irrigation equipment service contract

 

		19.	Med Assets Group Purchasing Agreement

 

		20.	Wind River kitchen grease trap servicing contract

 

		21.	Cintas Document Management Services agreement

 

		22.	Hess Electric Contract dated April 11, 2012

 

		23.	Direct Energy Services, LLC Commercial Natural
Gas Service Agreement dated May 4, 2012

 

    	C-1

    	 

    

 

EXHIBIT D

 

List of Licenses Required for the
Property

 

Massachusetts Executive
Office of Elder Affairs Certification

 

    	D-1

    	 

    

 

EXHIBIT E

 

Evidence of Zoning for the Property

 

See previous submission
in electronic form.

 

    	E-1

    	 

    

 

EXHIBIT F

 

Certified Rent Roll

 

    	F-1

    	 

    

 

EXHIBIT G

 

Form Resident Agreement

 

    	G-1

    	 

    

 

EXHIBIT H

 

Outstanding Citations

 

None

    	H-1

    	 

    

 

EXHIBIT I

 

Form of Management Agreement

 

    	I-1

    	 

    

 

EXHIBIT I-1

 

Form of Operating Agreement

 

    	L-1

    	 

    

 

EXHIBIT I-2

 

Form of Bill of Sale

 

    	L-1

    	 

    

 

EXHIBIT J

 

Form of Audit Letter

 

    	L-1

    	 

    

 

EXHIBIT K

 

Form of Guaranty 

 

    	L-1

    	 

    

 

EXHIBIT L

 

Form of Opinion Letter from Seller’s
Counsel

 

TO BE SUPPLIED PRIOR TO THE CLOSING

 

    	L-1

    	 

    

 

EXHIBIT L-1

 

Form of Opinion Letter from Buyer’s
Counsel

 

TO BE SUPPLIED PRIOR TO THE CLOSING

 

    	L-1

    	 

    

 

EXHIBIT M

 

TRANSITION PERIOD SUBLEASE

 

TO BE SUPPLIED PRIOR TO THE CLOSING, IF
NEEDED

 

    	L-1

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