Document:

EXHIBIT 10.6

                              MANAGEMENT AGREEMENT
                  (Quarry Lake Business Center, Austin, Texas)

         THIS MANAGEMENT  AGREEMENT (this  "Agreement") is made and entered into
as of the 8 day of October,  1999 by and  between  REIT  MANAGEMENT  & RESEARCH,
INC., a Delaware  corporation  ("Managing  Agent"),  and QUARRY LAKE  PROPERTIES
TRUST, a Maryland real estate investment trust ("Owner").

         WHEREAS,  Owner is the owner of certain  premises located at 4515 Seton
Center  Parkway  in  Austin,  Texas,  upon  which are  located a certain  office
building and parking areas and facilities commonly known as Quarry Lake Business
Center (the "Managed Premises"); and

         WHEREAS,  Owner desires to retain Managing Agent, and Managing Agent is
willing to serve,  as managing agent with respect to the Managed  Premises,  all
upon the terms and subject to the conditions hereinafter set forth.

         NOW,  THEREFORE,  in  consideration  of the premises and the agreements
herein contained, Owner and Managing Agent hereby agree as follows

         1.  Employment.  Subject to the terms and  conditions  hereinafter  set
forth, Owner hereby employs Managing Agent with respect to the Managed Premises.

         2. Duties.

                  (a) Managing Agent hereby accepts such  employment as managing
         agent and agrees to devote  such time,  attention  and effort as may be
         appropriate  to operate and manage the Managed  Premises in a diligent,
         orderly and efficient  manner.  Any or all services may be performed or
         goods  purchased by Managing Agent under  arrangements  jointly with or
         for other  properties  owned or managed by Managing Agent and the costs
         shall be reasonably  apportioned.  Managing Agent may employ  personnel
         who are assigned to work  exclusively  at the Building or partly at the
         Building and other  buildings  owned and/or managed by Managing  Agent.
         The properly apportioned costs of such personnel shall be reimbursed by
         Owner, in addition to the Fee.

                  (b) Without  limitation,  Managing Agent agrees to perform the
         following specific duties:

                           (i) To seek  tenants  for  the  Managed  Premises  in
                  accordance with the rental  schedule  established by Owner and
                  to negotiate leases including renewals thereof and to lease in
                  Owner's name space on a lease form approved by the Owner, only
                  to tenants,  at rentals,  and for periods of occupancy  all as
                  are  approved  in each  case by Owner.  To employ  appropriate
                  means in order that the availability of rental space

<PAGE>

                  is made known to potential tenants,  provided,  however,  that
                  such means shall not include the  employment of brokers unless
                  otherwise  agreed by Owner.  The legal expenses of negotiating
                  such leases and leasing  such space shall be approved and paid
                  by Owner.

                           (ii) To collect  all rents and other  income from the
                  Managed Premises and to give receipts therefor, both on behalf
                  of Owner,  and deposit  such funds in such banks as are named,
                  from time to time, by Owner,  in agency accounts for and under
                  the name of Owner.  Managing  Agent shall be empowered to sign
                  disbursement checks on these accounts.

                           (iii)  To make  contracts  for and to  supervise  any
                  repairs and/or alterations to the Managed Premises,  including
                  tenant  improvements and decoration of rental space, as may be
                  approved by Owner.

                           (iv) For the Owner's  account and at its expense,  to
                  hire,  supervise and  discharge  employees as required for the
                  efficient operation and maintenance of the Managed Premises.

                           (v)  To  obtain,  at  Owner's  expense,   appropriate
                  insurance  for  the  Managed  Premises  protecting  Owner  and
                  Managing  Agent  while  acting on behalf of Owner  against all
                  normally  insurable risks relating to the Managed Premises and
                  complying with the requirements of Owner's mortgagee,  if any,
                  and, upon approval  thereof,  to cause the same to be provided
                  and  maintained  by all  tenants  with  respect to the Managed
                  Premises to the extent  required by the terms of such tenants'
                  leases.

                           (vi) To promptly  notify Owner and Owner's  insurance
                  carriers,  as  required  by the  applicable  policies,  of any
                  casualty  or  injury  to person  or  property  at the  Managed
                  Premises,   and  complete   customary  reports  in  connection
                  therewith.

                           (vii) To procure  seasonably  all  supplies and other
                  materials  necessary  for the proper  operation of the Managed
                  Premises, at Owner's expense.

                           (viii) To pay promptly  from rental  receipts,  other
                  income derived from the Managed Premises, or other monies made
                  available by Owner for such purpose, all costs incurred in the
                  operation of the Managed  Premises which are expenses of Owner
                  hereunder,  including  wages or other  payments  for  services
                  rendered,  invoices for  supplies or other items  furnished in
                  relation to the Managed  Premises,  and pay over forthwith the
                  balance of such rental receipts, income and monies to Owner or
                  as Owner  shall from time to time  direct.  (In the event that
                  the sum of the  expenses to operate and the  compensation  due
                  the Managing  Agent exceed gross  receipts in any month and no
                  excess  funds from prior months are  available  for payment of
                  such

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<PAGE>

                  excess,  Owner shall pay promptly the amount of the deficiency
                  thereof  to  Managing   Agent  upon   receipt  of   statements
                  therefor.)

                           (ix)  To  advise  Owner   promptly  of  any  material
                  developments  in the  operation of the Managed  Premises  that
                  might affect the profitable operation of the Managed Premises.

                           (x) To  establish,  in Owner's  name and with Owner's
                  approval,  reasonable rules and regulations for tenants of the
                  Managed Premises;

                           (xi) At the  direction  of  Owner  and  with  counsel
                  selected by Owner, to institute or defend, as the case may be,
                  any and all legal actions or proceedings (in the name of Owner
                  if necessary) relating to operation of the Managed Premises;

                           (xii) To  maintain  the  books and  records  of Owner
                  reflecting   the  management  and  operation  of  the  Managed
                  Premises,  making  available  for  reasonable  inspection  and
                  examination  by  Owner  or  its  representatives,  all  books,
                  records  and other  financial  data  relating  to the  Managed
                  Premises.

                           (xiii) To prepare and deliver  seasonably  to tenants
                  of the Managed  Premises such  statements of expenses or other
                  information as shall be required on the landlord's  part to be
                  delivered to such tenants for computation of rent,  additional
                  rent, or any other reason.

                           (xiv) To aid,  assist  and  cooperate  with  Owner in
                  matters  relating to taxes and  assessments and insurance loss
                  adjustments  and  notify  the  Owner  of any tax  increase  or
                  special assessments relating to the Managed Premises.

                           (xv) To provide  such  emergency  services  as may be
                  required for the  efficient  management  and  operation of the
                  Managed Premises on a 24-hour basis.

                           (xvi)  To  enter   into   contracts   for   utilities
                  (including,  without limitation,  water, fuel, electricity and
                  telephone)  and  for  building  services  (including,  without
                  limitation,  cleaning  of  windows,  common  areas and  tenant
                  space,  ash,  rubbish  and  garbage  hauling,   snow  plowing,
                  landscaping,  carpet cleaning and vermin  extermination),  and
                  for other  services as are  appropriate to first class office,
                  retail and medical office space (as applicable).

                           (xvii)   To  seek  the   lowest   competitive   price
                  commensurate  with desired  quality for all items purchased or
                  services contracted by it under this Agreement.

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<PAGE>

                           (xviii) To take such action generally consistent with
                  the provisions of this Agreement,  as Owner might with respect
                  to the Managed Premises if personally present.

         3. Authority. Owner gives to Managing Agent the authority and powers to
perform the foregoing  duties on behalf of Owner  subject,  however,  to Owner's
approval as specified.  Owner further  authorizes  Managing  Agent to incur such
reasonable expenses,  specifically contemplated in Section 2, on behalf of Owner
as are necessary in the performance of those duties.

         4. Special  Authority of Agent.  In addition to, and not in  limitation
of, the duties and authority of Managing Agent contained herein,  Managing Agent
shall perform the following duties, but only with Owner's prior approval in each
case:

                  (a)  Terminate  tenancies  and sign  and  serve in the name of
         Owner  such  notices  therefor  as  may  be  required  for  the  proper
         management of the Managed Premises.

                  (b) With counsel  selected by Owner,  and at Owner's  expense,
         institute and prosecute actions to evict tenants and recover possession
         of  rental  space,  and  recover  rents and  other  sums due;  and when
         expedient,  settle,  compromise  and release  such  actions or suits or
         reinstate such tenancies.

         5. Compensation.

                  (a) In  consideration  of the  services  to be rendered by the
         Managing  Agent  hereunder,  the Owner  agrees to pay and the  Managing
         Agent agrees to accept as its sole  compensation  (i) a management  fee
         (the "Fee") equal to three  percent (3%) of the gross  collected  rents
         actually received by Owner from the Managed Premises,  such gross rents
         to  include  all  fixed  rents,  percentage  rents,  additional  rents,
         operating  expense and tax  escalations,  and any other charges paid to
         Owner  in  connection  with  occupancy  of the  Managed  Premises,  but
         excluding any amounts collected from tenants to reimburse Owner for the
         cost of capital  improvements  or for  expenses  incurred in curing any
         tenant default or in enforcing any remedy against any tenant;  and (ii)
         a construction  supervision fee (the "Construction  Fee") in connection
         with all  interior  and  exterior  construction  renovation  or  repair
         activities at the Managed Premises,  including, without limitation, all
         tenant and capital  improvements in, on or about the Managed  Premises,
         undertaken  during  the term of this  Agreement,  other  than  ordinary
         maintenance and repair,  equal to five percent (5%) of the cost of such
         construction which shall include the costs of all related  professional
         services and the cost of general conditions.

                  (b) The Fee shall be due and payable monthly, in arrears based
         on a reasonable annual estimate or budget with an annual reconciliation
         within thirty (30) days after the end

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<PAGE>

         of such calendar  year. The  Construction  Fee shall be due and payable
         periodically,  as agreed by Managing  Agent and Owner,  based on actual
         costs incurred to date.

                  (c)  Notwithstanding  anything  herein to the contrary,  Owner
         shall reimburse Managing Agent for reasonable travel explenses incurred
         when traveling to and from the Managed  Premises  while  performing its
         duties in accordance  with this  Agreement;  provided,  however,  that,
         reasonable  travel  expenses  shall not include  expenses  incurred for
         travel to and from the Managed  Premises by personnel  assigned to work
         exclusively at the Managed Premises.

                  (d)  Managing  Agent shall also receive the amount of any lump
         sum  reimburseables  paid by tenants  of the  Managed  Premises  to the
         extent  amounts paid exceed costs  incurred by Owner for work performed
         with respect thereto.

                  (e)  Managing  Agent shall be entitled to no other  additional
         compensation,  whether in the form of commission, bonus or the like for
         its services  under this  Agreement.  Except as otherwise  specifically
         provided  herein  with  respect  to  payment  by Owner  of legal  fees,
         accounting fees, salaries,  wages, fees and charges of parties hired by
         the  Managing  Agent  on  behalf  of  Owner to  perform  operating  and
         maintenance  functions  in the  Managed  Premises,  and  the  like,  if
         Managing Agent hires third parties to perform  services  required to be
         performed  hereunder by Managing  Agent  without  additional  charge to
         Owner,  Managing  Agent  shall  (except  to the  extent  the  same  are
         reasonably  attributable  to an emergency  at the Managed  Premises) be
         responsible for the charges of such third parties.

         6.  Contracts.  Managing Agent shall not,  without the prior consent of
Owner,  enter into any contracts on behalf of Owner which extend beyond the then
current term of this Agreement.

         7. Term of  Agreement.  The term of this  Agreement  shall begin on the
date hereof and, unless sooner terminated as herein provided,  shall end on that
date which is thirty (30) days following  written notice of termination given by
either Owner or Managing Agent to the other.

         8.  Termination or Expiration.  Upon  termination or expiration of this
Agreement for any reason whatsoever,  Managing Agent shall promptly turn over to
Owner all books, papers,  funds,  records,  keys and other items relating to the
management and operation of the Managed Premises, including, without limitation,
all leases in the  possession of the Managing  Agent and shall render to Owner a
final accounting through the date of termination.

         9. Assignment of Rights and Obligations.

                  (a) Without  Owner's prior  written  consent,  Managing  Agent
         shall not sell,  transfer,  assign or otherwise dispose of or mortgage,
         hypothecate or otherwise  encumber or permit or suffer any  encumbrance
         of all or any part of its rights and obligations hereunder, and any

                                        5

<PAGE>

         transfer,  encumbrance or other  disposition of an interest herein made
         or  attempted  in  violation  of  this  paragraph  shall  be  void  and
         ineffective, and shall not be binding upon Owner.

                  (b) Owner,  without Managing  Agent's consent,  may assign its
         rights and  obligations  hereunder to any mortgagee with respect to, or
         successor owner of, the Managed Premises, but not otherwise.

                  (c) Consistent with the foregoing  paragraphs (a) and (b), the
         terms "Owner" and "Managing Agent" as used in this Agreement shall mean
         the  original   parties   hereto  and  their   respective   mortgagees,
         successors, assigns, heirs and legal representatives.

         10.  Termination for Cause.  Either party (the "Non- Defaulting Party")
may  terminate  this  Agreement  at any time in the event  that the other  party
("Defaulting  Party")  shall  fail to keep,  observe or  perform  any  covenant,
agreement, term or provision of this Agreement to be kept, observed or performed
by such Defaulting  Party, and such default shall continue for a period of seven
(7) days after written notice thereof from the Non-Defaulting  Party, or if such
default is not of a monetary  nature and cannot be cured  within  seven (7) days
then such  additional  period as shall be reasonable  provided  that  Defaulting
Party is proceeding diligently to cure such default.

         11.  Termination  for  Insolvency.  Either  party  may  terminate  this
Agreement by giving written notice to the other party if the other party:

                  (a) files a voluntary petition in bankruptcy or is adjudicated
         a  bankrupt  or  insolvent  or files any  petition  or  answer  seeking
         arrangement,  composition,  readjustment,  or similar  relief under the
         present or any  future  bankruptcy  act or any other  present or future
         applicable  federal or state law relative to bankruptcy,  insolvency or
         other relief for debtors; or

                  (b) consents to an involuntary  petition seeking  arrangement,
         composition,  readjustment,  liquidation  or similar  relief  under the
         present of any future  federal  bankruptcy  act or any other federal or
         state law  relative  to  bankruptcy,  insolvency  or other  relief  for
         debtors  or fails to  vacate  within  sixty  (60) days from the date of
         entry thereof any order approving such involuntary petition; or

                  (c) makes an assignment  for the benefit of creditors or takes
         any other similar action for the protection or benefit of creditors.

         12.  Fidelity  Bond.  Owner,  at  Owner's  expense,  may  require  that
employees of Managing Agent who handle or are  responsible  for Owner's money to
be bonded by a fidelity bond in an amount sufficient in Owner's determination to
cover any loss which may occur in the  management  and  operation of the Managed
Premises.

                                        6

<PAGE>

         13.      Indemnification.

                  (a)  Owner  agrees  to  defend,  indemnify  and hold  harmless
         Managing  Agent  from and  against  all  costs,  claims,  expenses  and
         liabilities  (including  reasonable  attorneys'  fees)  arising  out of
         Managing  Agent's  performance  of its duties in  accordance  with this
         Agreement including, without limitation, injury or damage to persons or
         property  occurring in, on or about the Managed Premises and violations
         or alleged violations of any law, ordinance, regulation or order of any
         governmental  authority  regarding  the  Managed  Premises  except  any
         injury,  damage or violation  resulting from Managing  Agent's  default
         hereunder,  or from Managing Agent's fraud, gross negligence or willful
         misconduct in the performance of its duties hereunder.

                  (b) Owner agrees that required  insurance  shall  include,  at
         Owner's expense,  public liability and workmen's compensation insurance
         upon the following terms and conditions:

                           (i)  policies  shall be so written as to protect  the
                  Agent in the manner and to the same extent as the Owner.

                           (ii) Workmen's compensation policies shall be written
                  to conform to Massachusetts  statutory coverage  requirements,
                  and shall include employee liability  insurance with limits of
                  not less than One Hundred Thousand Dollars ($100,000).

                           (iii) The public liability insurance shall be written
                  in limits of not less than One  Million  Dollars  ($1,000,000)
                  per  occurrence  for bodily  injury and Five Hundred  Thousand
                  ($500,000) Dollars per occurrence for property damage.

                           (iv) Such public  liability  insurance  shall include
                  the  standard  extensions  of  liability  coverage  as  may be
                  mutually  agreed  upon from time to time,  and shall name both
                  parties and their respective employees as additional insureds.

         14.  Notices.  Whenever notice is to be sent pursuant to this Agreement
to either party to this Agreement, it is expressly understood that same shall be
sent postage prepaid,  certified mail,  return receipt requested to either party
at 400 Centre Street,  Newton,  Massachusetts 02458, or to any such address that
either party may hereinafter designate.

         15.  Limitation  of  Liability.  No partner of Owner or Managing  Agent
shall be personally  liable  hereunder,  all such liability being limited in the
case of Owner to the  interest of Owner in the Managed  Premises and in the case
of Managing Agent, to its interest hereunder.

         16.  Modification  of  Agreement.  This  Agreement may not be modified,
altered or amended in manner except by an amendment in writing, duly executed by
the parties hereto.

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<PAGE>

         17. Independent Contractor. This Agreement is not one of general agency
by  Managing  Agent  for  Owner,  but one  with  Managing  Agent  engaged  as an
independent contractor.  Nothing in this Agreement is intended to create a joint
venture,  partnership,  tenancy-in-common  or other similar relationship between
Owner and Managing Agent for any purposes whatsoever.

         18.  Law  Governing.  This  Agreement  shall  be  governed  by  and  in
accordance with the laws of The Commonwealth of Massachusetts.

         19.  Nature  of  Owner's   Obligations.   THE   DECLARATION   OF  TRUST
ESTABLISHING  OWNER, A COPY OF WHICH,  TOGETHER WITH ALL AMENDMENTS THERETO (THE
"DECLARATION"), IS DULY FILED IN THE OFFICE OF THE DEPARTMENT OF ASSESSMENTS AND
TAXATION  OF THE  STATE  OF  MARYLAND,  PROVIDES  THAT  THE  NAME  "QUARRY  LAKE
PROPERTIES  TRUST" REFERS TO THE TRUSTEES UNDER THE DECLARATION  COLLECTIVELY AS
TRUSTEES,  BUT NOT  INDIVIDUALLY  OR PERSONALLY,  AND THAT NO TRUSTEE,  OFFICER,
SHAREHOLDER, EMPLOYEE OR AGENT OF OWNER SHALL BE HELD TO ANY PERSONAL LIABILITY,
JOINTLY OR SEVERALLY,  FOR ANY OBLIGATION OF, OR CLAIM AGAINST,  OWNER. MANAGING
AGENT AND ALL OTHER PERSONS  DEALING WITH OWNER,  IN ANY WAY, SHALL LOOK ONLY TO
THE  ASSETS  OF  OWNER  FOR THE  PAYMENT  OF ANY SUM OR THE  PERFORMANCE  OF ANY
OBLIGATION,  AND NO TRUSTEE,  OFFICER,  SHAREHOLDER,  EMPLOYEE OR AGENT OF OWNER
SHALL HAVE ANY  LIABILITY  HEREUNDER OR OTHERWISE  FOR ANY ACT OR  OBLIGATION OF
OWNER.

         Executed as a sealed instrument.

                                          MANAGING AGENT:

                                          REIT MANAGEMENT & RESEARCH, INC.

                                          By: /s/ David M. Lepore
                                          Name:  David M. Lepore
                                          Title: Vice President

                                          OWNER:

                                          QUARRY LAKE PROPERTIES TRUST

                                          By: /s/ John A. Mannix
                                          Name:  John A. Mannix
                                          Title: President

                                   8

                                      S-10
<PAGE>
                               SCHEDULE TO EXHIBIT 10.6

         Pursuant to Instruction 2 to Item 601 of Regulation  S-K, the following
Management  Agreements,  which  are  substantially  identical  in  all  material
respects to the Management  Agreement for property  located at 4515 Seton Center
Parkway,  Austin, Texas, are omitted. The following list sets forth the material
differences  in the  property  name,  street  address,  date  of the  Management
Agreement, and owner from the Management Agreement filed herewith:

<TABLE>
<CAPTION>

                                      Street Address of
         Property Name                     Property                    Date                       Owner
-----------------------------------------------------------------------------------------------------------------
<S>                             <C>                             <C>                  <C>

Rosedale Corporate Plaza         812 San Antonio Street          December 1, 1999     Rosedale Properties Limited
                                 Austin Texas                                         Liability Company

Park at San Antonio              Unit 1 at 2685 Long Lake         August 18, 1999     Park San Antonio Properties
                                 Road, Unit 2 at 2675 Long                            Trust
                                 Lake Road, Unit 3 at 2665
                                 Long Lake Road, Unit 4 at
                                 2655 Long Lake Road, and
                                 Unit 5 at 2645 Long Lake
                                 Road in Rosedale, Minnesoata

</TABLE>

In addition,  the Management Agreement for the Rosedale Corporate Plaza does not
have a Section 19.

In addition,  the Management  Agreement for the Park at San Antonio Company does
not have a Section 2(c).EXECUTION

                              HRPT PROPERTIES TRUST
              FIRST AMENDMENT AND LIMITED WAIVER TO LOAN AGREEMENT

         This  FIRST  AMENDMENT  AND  LIMITED  WAIVER  TO LOAN  AGREEMENT  (this
"Amendment") is dated as of February 12, 1999 and entered into by and among HRPT
PROPERTIES  TRUST, a Maryland real estate  investment  trust,  formerly known as
Health and Retirement Properties Trust ("Borrower"),  the financial institutions
listed on the signature  pages hereof  ("Lenders"),  DRESDNER  KLEINWORT  BENSON
NORTH  AMERICA  LLC, a limited  liability  company  organized  under the laws of
Delaware,   as  agent  for  Lenders   ("Agent")  and  Fleet  National  Bank,  as
Administrative Agent  ("Administrative  Agent"),  and, for purposes of Section 6
hereof,  the Guarantors  listed on the signature pages hereof,  and is made with
reference to that certain Fourth Amended and Restated Loan Agreement dated as of
April 2, 1998 (the "Loan  Agreement") by and among  Borrowers,  Lenders,  Agent,
Administrative  Agent and certain of Guarantors.  Capitalized  terms used herein
without  definition shall have the same meanings herein as set forth in the Loan
Agreement.

         WHEREAS, Borrower intends to focus its investments on office properties
and has  recently  formed  Senior  Housing  Properties  Trust,  a Maryland  real
investment  trust and a  wholly-owned  direct  subsidiary  of Borrower  ("Senior
Housing") with the intention of  transferring  its senior housing  properties to
Senior Housing and its Subsidiaries and,  subsequent to such transfer,  spinning
off  Senior  Housing  to the  existing  common  shareholders  of  Borrower  (the
"Spin-Off"); and

         WHEREAS,  Borrower,  Lenders, Agent and Administrative Agent desire (i)
whether or not the  Spin-Off  is  consummated,  to amend the Loan  Agreement  to
remove the  restriction  from Section 6.8 of the Loan  Agreement  which provides
that the  aggregate  amount of  Indebtedness  of Borrower  and its  Subsidiaries
cannot exceed the Aggregate  Allowed Value of Eligible  Properties  and Eligible
Mortgages  that consist of interests in facilities  that are used for healthcare
or related  services,  and (ii) to waive the provisions of the Loan Agreement to
the extent required to permit the Spin-Off and certain related transactions.

         NOW,  THEREFORE,  in  consideration of the premises and the agreements,
provisions and covenants herein contained, the parties hereto agree as follows:

Section 1.        AMENDMENTS TO THE LOAN AGREEMENT.

1.1 Amendment to Section 1: Definitions.  The definition of "Tangible Net Worth"
set forth in Section 1.1 of the Loan  Agreement  is hereby  amended by inserting
the words  "or of Senior  Housing  Properties  Trust,  a  Maryland  real  estate
investment  trust,"  immediately after the reference to "Hospitality  Properties
Trust" in clause (v) of the exclusions thereto.

1.2 Amendment to Section 6: Negative Covenant.  Clause (a) of Section 6.8 of the
Loan  Agreement is hereby amended by deleting the words "the lesser of (x)" from
the sixth  line  thereof  and the words "or (y) 100% of the  aggregated  Allowed
Value of Eligible Properties and

                                                                       EXECUTION
<PAGE>

Eligible  Mortgages  that  consist of interest in  facilities  that are used for
healthcare  or  related  services"  from the  seventh,  eighth  and ninth  lines
thereof.

Section 2.        LIMITED WAIVER.

2.1 Waiver. Subject to the terms and conditions set forth herein and in reliance
on the  representations  and warranties of Borrower  herein  contained,  Lenders
hereby waive compliance with the provisions of Sections 6.3(a),  6.3(b)(iii) and
6.5 of the Loan  Agreement to the extent,  and only to the extent,  necessary to
permit  Borrower to (i)  contribute,  or permit its  Subsidiaries to contribute,
some  or  all  of its  senior  housing  properties  (including  senior  housing,
congregate communities, assisted living properties and nursing homes) to certain
newly-created  Subsidiaries,  (ii)  contribute  the  stock  of the  Subsidiaries
described in the foregoing  clauses to Senior Housing  immediately  prior to the
Spin-Off,  and  (iii)  distribute  some or all of the  common  shares  of Senior
Housing to its common shareholders as an extraordinary dividend;  provided, that
(x) the  proceeds  of any  promissory  note or any cash  received by Borrower in
consideration of any of the transactions  described in the foregoing  clauses or
the Spin-Off shall immediately be applied to the prepayment of the Loans and (y)
the distribution described in clause (iii) shall otherwise be made in compliance
with the provisions of Section 6.2.

2.2 Limitation of Waiver.  Without  limiting the generality of the provisions of
subsection 10.4 and 10.6 of the Loan Agreement, the waiver set forth above shall
be limited  precisely as written and nothing in this  Amendment  shall be deemed
to:

                  (a) constitute a waiver of compliance by Borrower with respect
         to (i) sections  6.3(a),  6.3(b)(iii)  and 6.5 of the Loan Agreement in
         any other  instance or (ii) any other term,  provision  or condition of
         the Loan  Agreement or any other  instrument  or agreement  referred to
         therein  (whether  in  connection  with the  Spin-Off  and the  related
         transactions or otherwise); or

                  (b) prejudice  any right or remedy that Agent,  Administrative
         Agent or Lender may now have (except to the extent such right or remedy
         was based  upon  existing  defaults  that will not exist  after  giving
         effect  to this  Amendment)  or may  have  in the  future  under  or in
         connection with the Loan Agreement or any other instrument or agreement
         referred to therein.

Section 3.        RELEASE.

         Upon  the  consummation  of  the  Spin-Off,   Senior  Housing  and  its
Subsidiaries  shall be released from the guarantee set forth in Section 9 of the
Loan Agreement to which they are, or shall upon their creation become, party.

Section 4.        CONDITION TO EFFECTIVENESS.

         Sections 1, 2 and 3 of this Amendment shall become  effective only upon
the date on or before  June 30,  1999 (the  "Effective  Date") of the payment by
Borrower to Agent,  for distribution to each Lender party to this Amendment (or,
if applicable, its successors and

                                       2                               EXECUTION
<PAGE>

assigns), a non-refundable fee in immediately available funds in an amount equal
to 0.30% of such Lender's Commitment, payment of which may be made at Borrower's
sole election.

Section 5.        BORROWER'S REPRESENTATIONS AND WARRANTIES.

         In order to induce  Lenders to enter into this  Amendment  and to amend
the Loan  Agreement  in the manner  provided  herein,  Borrower  represents  and
warrants to each  Lender that the  following  statements  are true,  correct and
complete:

         A. Trust or Corporate Power and Authority.  Borrower and each Guarantor
has all  requisite  trust or  corporate  power and  authority to enter into this
Amendment  and to carry out the  transactions  contemplated  by, and perform its
respective  obligations  under,  the Loan Agreement as amended by this Amendment
(the "Amended Agreement").

         B.  Authorization  of  Agreements.  The  execution and delivery of this
Amendment and the performance of the Amended Agreement have been duly authorized
by all  necessary  trust  or  corporate  action  on the  part  of  Borrower  and
Guarantors.

         C. No Conflict.  The execution and delivery by Borrower and  Guarantors
of this Amendment and the  performance by Borrower and Guarantors of the Amended
Agreement  do not and  will  not (i)  violate  any  provision  of any law or any
governmental   rule  or  regulation   applicable  to  Borrower  or  any  of  its
Subsidiaries,   the  Declaration  or  Trust,  or  Certificates  or  Articles  of
Incorporation  or Bylaws of  Borrower or any of its  Subsidiaries  or any order,
judgment  or decree  of any  court or other  agency  of  government  binding  on
Borrower or any of its  Subsidiaries,  (ii) conflict with, result in a breach of
or  constitute  (with due  notice or lapse of time or both) a default  under any
contractual  obligation of Borrower or any of its Subsidiaries,  (iii) result in
or require the creation or imposition of any Lien upon any of the  properties or
assets of Borrower or any of its  Subsidiaries,  or (iv) require any approval of
stockholders  or any  approval  or consent of any Person  under any  contractual
obligation of Borrower or any of its Subsidiaries,  except for such approvals or
consents which will be obtained on or before the date hereof.

         D.  Governmental  Consents.  The execution and delivery by Borrower and
Guarantors of this  Amendment and the  performance by Borrower and Guarantors of
the Amended Agreement do not and will not require any registration with, consent
or approval of, or notice to, or other action to, with or by, any federal, state
or other governmental authority or regulatory body.

         E. Binding  Obligation.  This Amendment and the Amended  Agreement have
been duly  executed and  delivered by Borrower  and each  Guarantor  and are the
legally  valid and  binding  obligations  of  Borrower  and  Guarantors  against
Borrower and each Guarantor in accordance with their respective terms, except as
may be limited by bankruptcy, insolvency, reorganization,  moratorium or similar
laws  relating  to or  limited  creditors'  rights  generally  or  by  equitable
principles relating to enforceability.

                                       3                               EXECUTION
<PAGE>

         F. Incorporation of Representations and Warranties From Loan Agreement.
The representations and warranties  contained in Section 3 of the Loan Agreement
are and will be true, correct and complete in all material respects on and as of
the date  hereof and to the same  extent as though  made on and as of that date,
except to the extent such representations and warranties  specifically relate to
an earlier  date,  in which case they were true,  correct  and  complete  in all
material respects on and as of such earlier date.

         G. Absence of Default.  No event has occurred and is continuing or will
result from the consummation of the transactions  contemplated by this Amendment
that would constitute a Default or an Event of Default.

Section 6.        ACKNOWLEDGEMENT AND CONSENT

         Each Guarantor hereby  acknowledges  that it has reviewed the terms and
provisions  of the  Loan  Agreement  and  this  Amendment  and  consents  to the
amendment  of the Loan  Agreement  effected  pursuant  to this  Amendment.  Each
Guarantor  hereby  confirms  that it will  continue  to  guaranty to the fullest
extent  possible the full and  punctual  payment of the  principal  and interest
(including, without limitation, interest which, but for the filing of a petition
in bankruptcy with respect to Borrower would accrue hereunder) on all Loans made
to Borrower and the full and punctual  payment of all other  amounts  payable by
Borrower under the Loan Agreement  (including  amounts that would become due but
for the  operation  of the  automatic  stay under  Section  362(e) of the United
States  Bankruptcy Code) subject to the limitations set forth in Section 9(a) of
the Loan Agreement.

         Each Guarantor  acknowledges  and agrees that (i)  notwithstanding  the
conditions to effectiveness  set forth in this Amendment,  such Guarantor is not
required  by the terms of the Loan  Agreement  or any  other  Loan  Document  to
consent  to the  amendments  to the Loan  Agreement  effected  pursuant  to this
Amendment and (ii) nothing in the Loan  Agreement,  this  Amendment or any other
Loan  Document  shall be deemed to require the consent of such  Guarantor to any
future amendments to the Loan Agreement.

Section 7.        MISCELLANEOUS

7.1      Reference  to and  Effect  on the Loan  Agreement  and the  Other  Loan
         Documents.

         A.  On and  after  the  Effective  Date,  each  reference  in the  Loan
Agreement to "this Agreement,"  "hereunder,"  "hereof," "herein" or words of the
like import  referring to the Loan  Agreement,  and each  reference in the other
Loan Documents to the "Loan Agreement," "thereunder," "thereof" or words of like
import  referring  to the Loan  Agreement  shall mean and be a reference  to the
Amended Agreement.

         B. Except as specifically amended or waived by this Amendment, the Loan
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

                                       4                               EXECUTION
<PAGE>

         C. The execution, delivery and performance of this Amendment shall not,
except as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right,  power or remedy of Agent or any Lender under,
the Loan Agreement or any of the other Loan Documents.

7.2 Fees and Expenses.  Borrower  acknowledges that all costs, fees and expenses
as described in subsection 10.7 of the Loan Agreement  incurred by Agent and its
counsel  with  respect to this  Amendment  and the  documents  and  transactions
contemplated hereby shall be for the account of Borrower.

7.3 Headings.  Sections and  subsection  heading in this  Amendment are included
herein for convenience of reference only and shall not constitute a part of this
amendment for any other purpose or be given any substantive effect.

7.4 Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER  SHALL  BE  GOVERNED  BY,  AND  SHALL BE  CONSTRUED  AND  ENFORCED  IN
ACCORDANCE  WITH, THE INTERNAL LAWS OF THE SATE OF NEW YORK  (INCLUDING  WITHOUT
LIMITATION SECTION 5-1401 OF THE GENERAL  OBLIGATIONS OF LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

7.5 Counterparts; Effectiveness. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate  counterparts,  each of
which when so executed and delivered  shall be deemed an original,  but all such
counterparts  together  shall  constitute  but  one  and  the  same  instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single  counterpart so that all signature pages are physically  attached to
the same document.  This  Amendment  (other than the provisions of Sections 1, 2
and 3 hereof,  the effectiveness of which is governed by Section 4 hereof) shall
become  effective  upon (i) the execution of a  counterpart  hereof by Borrower,
Agent and  Majority  Lenders,  and receipt by  Borrower  and Agent of written or
telephonic  notification of such execution and authorization of delivery thereof
and (ii) the payment by Borrower to  Administrative  Agent,  for distribution to
the Lenders that have executed this Amendment, of a non-refundable amendment fee
in immediately available funds in an amount equal to 0.20% of each such Lender's
Commitment.

7.6 Non-Liability of Trustees.  THE DECLARATION OF TRUST ESTABLISHING  BORROWER,
DATED  OCTOBER 9, 1986, A COPY OF WHICH,  TOGETHER WITH ALL  AMENDMENTS  THERETO
(THE  "DECLARATION"),  IS DULY  FILED WITH THE  DEPARTMENT  OF  ASSESSMENTS  AND
TAXATION  OF THE STATE OF  MARYLAND,  PROVIDES  THAT THE NAME  "HRPT  PROPERTIES
TRUST" REFERS TO THE TRUSTEES UNDER THE  DECLARATION  COLLECTIVELY  AS TRUSTEES,
BUT NOT INDIVIDUALLY OR PERSONALLY,  AND THAT NO TRUSTEE, OFFICER,  SHAREHOLDER,
EMPLOYEE OR AGENT OF BORROWER SHALL BE HELD TO ANY PERSONAL  LIABILITY,  JOINTLY
OR SEVERALLY,  FOR ANY OBLIGATION OF, OR CLAIM  AGAINST,  BORROWER.  ALL PERSONS
DEALING WITH BORROWER, IN ANY

                                       5                               EXECUTION
<PAGE>

WAY, SHALL LOOK ONLY TO THE ASSETS OF BORROWER FOR THE PAYMENT OF ANY SUM OR THE
PERFORMANCE OF ANY OBLIGATION.

                                       6                               EXECUTION
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this amendment to be
duly  executed  and  delivered  by  their  respective  officers  thereunto  duly
authorized as of the date first written above.

                                        HRPT PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        DRESDNER KLEINWORT BENSON
                                        NORTH AMERICA, LLC, as Agent

                                        By: /s/ Ronald K. Rapp
                                           Name:  Ronald K. Rapp
                                           Title: Vice Prsident

                                        By: /s/ Craig D. Meisner
                                           Name:  Craig D. Meisner
                                           Title: Vice President

                                        DRESDNER BANK AG, New York Branch
                                        and Grand Cayman Branch, as a Lender

                                        By: /s/ Andrew P. Nesi
                                           Name:  Andrew P. Nesi
                                           Title: Vice President

                                        By: /s/ Charles M. O'Shea
                                           Name:  Charles M. O'Shea
                                           Title: Vice President

                                        FLEET NATIONAL BANK,
                                        as Administrative Agent and as a Lender

                                        By: /s/ Ginger Stolzenthaler
                                           Name:  G. Stolzenthaler
                                           Title: SVP

                                       S-1                             EXECUTION
<PAGE>

                                        ABBEY NATIONAL TREASURY SERVICES PLC,
                                        as a Lender

                                        By: /s/
                                           Name:
                                           Title:

                                        ARAB AMERICAN BANK,
                                        as a Lender

                                        By: /s/ Carmelo L. Foti
                                           Name:  Carmelo L. Foti
                                           Title: Vice President

                                        By: /s/ William G. Reynolds
                                           Name:  William G. Reynolds
                                           Title: Vice President

                                        BANKBOSTON, N.A.
                                        as a Lender

                                        By: /s/ William M. Cotter
                                           Name:  William M. Cotter
                                           Title: Director

                                        BANK HAPOALIM B.M.,
                                        as a Lender

                                        By: /s/ Amram Lador
                                           Name:  Amram (Rami) Lador
                                           Title: First V.P. & Branch Manager
                                                  Bank Hapoalim
                                                  Philadelphia Branch

                                        By: /s/ Ellen S. Frank
                                           Name:  Ellen S. Frank
                                           Title: Vice President

                                       S-2                             EXECUTION
<PAGE>

                                        BANK OF IRELAND,
                                        as a Lender

                                        By: /s/ Catherine Strecker
                                           Name:  Catherine Strecker
                                           Title: Manager

                                        BANK OF MONTREAL, as a Lender

                                        By: /s/ L.A. Durning
                                           Name:  L.A. Durning
                                           Title: Portfolio Manager

                                        BANQUE NATIONALE DE PARIS, as a Lender

                                        By: /s/ Alan W. Barkley
                                           Name:  Alan W. Barkley
                                           Title: Vice President

                                        By: /s/ Mark McElwain
                                           Name:  Mark McElwain
                                           Title: Assistant Vice President

                                        CIBC INC., as a Lender

                                        By: /s/ Gerald Girardi
                                           Name:  Gerald Girardi
                                           Title: Executive Director
                                                  CIBC Oppenheimer Corp.,
                                                    AS AGENT

                                        COMERICA BANK, as a Lender

                                        By: /s/ Leslie Vogel
                                           Name:  Leslie Vogel
                                           Title: Account Officer

                                      S-3                              EXECUTION
<PAGE>

                                        CREDIT LYONNAIS New York Branch,
                                        as a Lender

                                        By: /s/ John Oberle
                                           Name:  John Oberle
                                           Title: Vice President

                                        DG BANK, DEUTSCHE GENOSSENSCHAFTSBANK AG
                                        Cayman Island Branch, as a Lender

                                        By: /s/ Linda J. O'Connell
                                           Name:  Linda J. O'Connell
                                           Title: Vice President

                                        By: /s/ Karen A. Brinkman
                                           Name:  Karen A. Brinkman
                                           Title: Vice President

                                        FIRST UNION NATIONAL BANK,
                                        as a Lender

                                        By: /s/ Valerie A. Cline
                                           Name:  Valerie A. Cline
                                           Title: Director

                                        KEY CORPORATE CAPITAL INC.,
                                        as a Lender

                                        By: /s/ Jeffrey Kalinowski
                                           Name:  Jeffrey Kalinowski
                                           Title: Officer

                                       S-4                             EXECUTION
<PAGE>

                                        RIGGS BANK N.A.,
                                        as a Lender

                                        By: /s/ Craig A. Havard
                                           Name:  Craig A. Havard
                                           Title: Vice President

                                        RZB FINANCE LLC,
                                        as a Lender

                                        By: /s/ John A. Valiska
                                           Name:  John A. Valiska
                                           Title: Vice President

                                        By: /s/ Dieter Beintrexler
                                           Name:  Dieter Beintrexler
                                           Title: President

                                        SOCIETE GENERALE,
                                        as a Lender

                                        By: /s/ Sedare Coradin
                                           Name:  Sedare Coradin
                                           Title: Vice President

                                        By: /s/ Jerry Parisi
                                           Name:  Jerry Parisi
                                           Title: Director

                                        THE BANK OF NEW YORK,
                                        as a Lender

                                        By: /s/ Thomas C. McCrohan
                                           Name:  Thomas C. McCrohan
                                           Title: Vice President

                                      S-5                              EXECUTION
<PAGE>

                                        THE BANK OF NOVA SCOTIA,
                                        New York Agency, as a Lender

                                        By: /s/ Christopher I. Grant
                                           Name:  Christopher I. Grant
                                           Title: Senior Relationship Manager

                                        THE LONG-TERM CREDIT BANK OF
                                        JAPAN, LTD.,  New York Branch,
                                        as a Lender

                                        By: /s/ Junichi Ebihara
                                           Name:  Junichi Ebihara
                                           Title: Deputy General Manager

                                        VIA BANQUE, as a Lender

                                        By: /s/
                                           Name:
                                           Title:

                                        By:
                                           Name:
                                           Title:

                                      S-6                              EXECUTION
<PAGE>

For the purposes of Section 7:          HEALTH AND RETIREMENT
                                        PROPERTIES INTERNATIONAL, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        CAUSEWAY HOLDINGS INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        CHURCH CREEK CORPORATION

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB ACQUISITION TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB LA PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                      S-7                              EXECUTION
<PAGE>

                                        HUB RI PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB WOODMONT INVESTMENT TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB REALTY FUNDING, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB MANAGEMENT, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB REALTY COLLEGE PARK, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        INDEMNITY COLLECTION CORPORATION

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                      S-8                              EXECUTION
<PAGE>

                                        HUB REALTY KANSAS CITY, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB REALTY GOLDEN, INC.

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB REALTY COLLEGE PARK I, LLC, By HUB
                                        Management, Inc., its Manager

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        HUB LA LIMITED PARTNERSHIP

                                        BY HUB LA Prop Trust, its general
                                        partner

                                              By: /s/ Ajay Saini
                                                 Name:  Ajay Saini
                                                 Title: Treasurer

                                        HUB WOODMONT LLC, By HUB Woodmont
                                        Investment Trust, its Manager

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                      S-9                              EXECUTION
<PAGE>

                                        1735 MARKET STREET PROPERTIES TRUST

                                        By: /s/ David J. Hegarty
                                           Name:  David J. Hegarty
                                           Title: Vice President

                                        NINE PENN CENTER ASSOCIATES, L.P.

                                        BY NINE PENN CENTER PROPERTIES TRUST,
                                        its general partner

                                              By: /s/ David J. Hegarty
                                                 Name:  David J. Hegarty
                                                 Title: Vice President

                                        NINE PENN CENTER PROPERTIES TRUST

                                        By: /s/ David J. Hegarty
                                           Name:  David J. Hegarty
                                           Title: Vice President

                                        RESEARCH PARK PROPERTIES TRUST

                                        By: /s/ David J. Hegarty
                                           Name:  David J. Hegarty
                                           Title: Vice President

                                      S-10                             EXECUTION
<PAGE>

                                        SENIOR HOUSING PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        SPTMRT PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        SPTIHS PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        SPTSUN PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        SPTMISC PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                        SPTMNR PROPERTIES TRUST

                                        By: /s/ Ajay Saini
                                           Name:  Ajay Saini
                                           Title: Treasurer

                                      S-11                             EXECUTION
<PAGE>

                                        SPTBROOK PROPERTIES TRUST

                                        By: /s/
                                           Name:
                                           Title:

                                        SPTGEN PROPERTIES TRUST

                                        By: /s/
                                           Name:
                                           Title:

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