Document:

ex10p3d220331

  TSR Performance Award - February 2022    United States Steel Corporation 2016 Omnibus Incentive Compensation Plan   Performance Share Award Grant Agreement    United States Steel Corporation, a Delaware corporation (herein called the “Corporation”), grants to the employee of the employing company  identified below (the “Participant”) a Performance Share Award representing the right to receive a specified number of shares of the common stock  of the Corporation (“Shares”) set forth below, which right, if payable, shall be paid in Shares:       Name of Participant:   PARTICIPANT NAME         Name of Employing Company (The company recognized by the Corporation    on Date Hereof:    as employing the Participant)         Target Number of Shares  Subject to Award:    # SHARES    Maximum Number of Shares  Subject to Award:   (Two times the Number of Shares Subject to the Award)         Performance Period:  January 1, 2022 through December 31, 2024          Performance Goals:  See Exhibit A         Date of Grant:   GRANT DATE           By accepting this Award in any manner and within the time period prescribed by the Corporation, the Participant agrees that (1) this Performance Share  Award is granted under and governed by the terms and conditions of the Corporation’s 2016 Omnibus Incentive Compensation Plan , as amended from time  to time (the “Plan”), and the provisions of this Performance Share Award Grant Agreement, including the Terms and Conditions contained herein, the  Performance Goals set forth in Exhibit A attached hereto, and the special provisions for the Participant’s country of residence, if any, attached hereto as  Exhibit B (collectively, the “Agreement”), (2) he or she has reviewed the Plan and the Agreement in their entirety, and (3) he or she has had an opportunity  to obtain the advice of counsel prior to accepting this Award and fully understands all provisions of the Plan and the Agreement.      United States Steel Corporation              By:_______________________              Authorized Officer          Terms and Conditions    1. Grant of Performance Share Award:  The Performance Period for purposes of determining whether the Performance Goals have been met shall be  the three-year Performance Period specified herein.  The Performance Goals for purposes of determining whether, and the extent to which, the Performance  Share Award is earned and payable are set forth in Exhibit A to this Agreement.  Subject to the provisions of this Agreement, the Performance Share Award  shall become payable, if vested, following the Committee’s determination and certification after the end of the Performance Period, as to whether and the  extent to which the Performance Goals have been achieved; provided that the Committee retains no discretion to reduce or increase Performance Share  Awards that become payable as a result of performance measured against the Performance Goals.    2. Payment of Award:  If and to the extent the Performance Share Award is vested, earned and payable, the Corporation shall cause a stock  certificate to be issued in the Participant’s name, for no cash consideration, for the number of shares of common stock of the Corporation determined by the  Committee to be payable pursuant to Section 1 hereof.  Payment shall be made following the end of the Performance Period and certification by the  Committee, and in no event more than two and one-half months following the end of the calendar year in which the Performance Period ends, except as  otherwise provided in Section 11.  No dividends or dividend equivalents shall be payable with respect to the Performance Share Award before the  Performance Goal has been achieved and the Performance Share Award has been determined to be earned.    3. Transferability:  The Participant shall not sell, transfer, assign, pledge or otherwise encumber or dispose of any portion of the Performance Share  Award and the right to receive Shares, and any attempt to sell, transfer, assign, pledge or encumber any portion of the Shares prior to the payment, if at all,  of a stock certificate in the name of the Participant shall have no effect, regardless of whether voluntary, involuntary, by operation of law or otherwise.    4. Change in Control:  Notwithstanding anything to the contrary stated herein, in the case of a Change in Control of the Corporation, (a) the  Performance Period shall automatically end on the business day immediately preceding the closing date of the Change in Control, (b) the actual performance  for the abbreviated Performance Period as calculated below shall be measured against the established Performance Goals, the performance criteria shall be  deemed satisfied only to the extent the actual performance was achieved (the “Achieved Performance Share Award”), and the balance of the Performance  Share Award, if any, shall be forfeited, and (c) the Achieved Performance Share Award shall remain subject to forfeiture until the third anniversary of the  Date of Grant of this Performance Share Award if the Participant’s employment is terminated after the Change in Control but before the third anniversary of  the Date of Grant; provided, however, notwithstanding Section 5, (i) if the Participant’s employment is terminated by the Corporation other than for Cause or  is terminated voluntarily by the Participant for Good Reason in the case of participants designated as executive management at the time of the Change in  Control (“Executive Management”), within 24 months following a Change in Control, then, except as otherwise determined by the Corporation if the  

 

  -2-    Participant is not Executive Management, the Achieved Performance Share Award shall not be forfeited upon such Termination; rather, the Achieved  Performance Share Award shall vest immediately upon the termination, (ii) if the Participant’s employment is terminated by reason of death, due to the  Participant becoming Disabled, or following attainment of Normal Retirement Age, then the Achieved Performance Share Award shall not be forfeited upon  such Termination; rather, the Achieved Performance Share Award shall vest immediately upon such Termination; and (iii) if the Participant’s employment is  terminated following attainment of Early Retirement Age, then a prorated portion of the Achieved Performance Share Award will vest, based upon the  number of complete months worked during the original Performance Period in relation to the number of whole months in the original Performance Period  and the remainder shall be forfeited.  The Corporation’s actual performance for the abbreviated Performance Period shall be calculated as follows: completed  measurement periods shall be measured against the established Performance Goals and the performance criteria shall be deemed satisfied only to the extent  the actual performance was achieved; and incomplete measurement periods shall be deemed achieved at the established target Performance Goal.     5. Vesting:  To vest in this Performance Share Award, the Participant must continue as an active employee of an Employing Company during the  Performance Period and through the date on which the Committee certifies whether the Performance Goal relating to the Performance Period has been  achieved, subject to the following:      (a) In the event of a Termination of the Participant’s employment due to death or becoming Disabled, the Performance Share Award will  become vested in accordance with the following Schedule:     Termination Vested Percentage  During First Year of Performance Period           0%  During Second Year of Performance Period          50%  During Third Year of Performance Period         100%    (b) The Performance Share Award will immediately vest upon the Participant’s attainment of Normal Retirement Age.  (c) The Performance Share Award will vest based upon the number of complete months worked by the Participant during the Performance  Period, in the event of a Participant’s termination of employment during the Performance Period on or after attainment of Early Retirement  Age or under circumstances which would qualify the Participant for benefits under a severance plan of the Corporation, including the  execution of any general release required under the severance plan.  (d) The Performance Share Award will be forfeited automatically upon any other Termination of employment (including but not limited to any  voluntary termination by the Participant or any Termination by the Corporation or the Employing Company for Cause or without Cause)  prior to the date on which the Committee certifies whether the Performance Goal relating to the Performance Period has been achieved,  such forfeiture being without consideration or without further action required of the Corporation or Employing Company.    6. Termination of Employment:  Except as provided in Sections 4 and 5 of this Agreement, notwithstanding any other terms or conditions of the  Plan or this Agreement to the contrary, in the event of the Participant’s Termination of employment, regardless of the reason for such Termination and  whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the  Participant's employment agreement, if any, the Participant’s rights under this Agreement will terminate effective as of the date that the Participant is no  longer actively employed by an Employing Company and will not be extended by any notice period.  For purposes of the Performance Share Award, active  employment does not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the  jurisdiction where the Participant is employed or the terms of the Participant's employment agreement, if any.  The Committee shall have the exclusive  discretion to determine when the Participant is no longer actively employed for purposes of the Performance Share Award.    7. Adjustments and Recoupment:  The Target and Maximum number of Shares are subject to adjustment as provided in Section 8 of the Plan.  The  Participant shall be notified of such adjustment and such adjustment shall be binding upon the Corporation and the Participant.  Consistent with Section 8 of  this Agreement, this Award shall be administered in accordance with, and is subject to, any recoupment policies and provisions prescribed by the Plan at the  time of such Award; notwithstanding the foregoing, this Award shall be subject to all recoupment provisions required by law from time to time.  In its sole  discretion, the Committee shall have the authority to amend, waive or apply the terms of any recoupment policies or provisions not required by law, in  whole or in part, to the extent necessary or advisable to comply with applicable local laws, as determined by the Committee.    8. Interpretation and Amendments:  This Award and the issuance, vesting and delivery of Shares are subject to, and shall be administered in  accordance with, the provisions of the Plan.  No amendment of this Agreement or the Plan may, without the consent of the Participant, affect the rights of  the Participant under this Award in a materially adverse manner.  For purposes of the foregoing sentence, an amendment that affects the tax treatment of the  Performance Share Award or that is necessary to comply with securities or other laws applicable to the issuance of Shares shall not be considered as  affecting the Participant’s rights in a materially adverse manner. In the event of a conflict between the Plan and this Agreement, unless this Agreement  specifies otherwise, the Plan shall control.  All capitalized terms not otherwise defined herein shall have the meaning assigned to such terms in the Plan.    9. Compliance with Laws:  The obligations of the Corporation and the rights of the Participant are subject to all applicable laws, rules, and  regulations including, without limitation, the U.S. Securities Exchange Act of 1934, as amended; the U.S. Securities Act of 1933, as amended; the U.S.  Internal Revenue Code of 1986, as amended; and any other applicable laws, whether U.S. origin or otherwise. No Shares will be issued or delivered to the  Participant under the Plan unless and until there has been compliance with such applicable laws.    10. Acceptance of Award:  The Award shall not be payable unless it is accepted by the Participant and notice of such acceptance is received by the  Corporation.    11. Taxes/Section 409A:  The Participant acknowledges that, regardless of any action taken by the Corporation or the Employing Company, the  ultimate liability for any or all income tax, social security, payroll tax, payment on account, or other tax-related withholding or liability in connection with  any aspect of the Performance Share Award, including the grant, vesting, or settlement of the Performance Share Award or the subsequent sale of Shares  (“Tax-Related Items”) is and remains his or her responsibility and may exceed the amount withheld by the Corporation or the Employing Company.   Furthermore, the Participant acknowledges that the Corporation and/or the Employing Company (a) make no representations or undertakings regarding the  treatment of any Tax-Related Items; and (b) do not commit to and are under no obligation to structure the terms of the grant of the Performance Share  Award or any aspect of the Participant’s participation in the Plan to reduce or eliminate his or her liability for Tax-Related Items or to achieve any particular  tax result.  Further, if the Participant has become subject to Tax-Related Items in more than one jurisdiction between the Date of Grant and the date of any  

 

  -3-    relevant taxable event, the Participant acknowledges that the Corporation and/or the Employing Company (or former Employing Company, as applicable)  may be required to withhold or account for Tax-Related Items in more than one jurisdiction.    Prior to the relevant taxable event, the Participant shall pay or make adequate arrangements satisfactory to the Corporation and/or the Employing  Company to satisfy all Tax-Related Items of the Corporation and/or the Employing Company. In this regard, the Participant shall pay any Tax-Related Items  directly to the Corporation or the Employing Company in cash upon request.  In addition, the Participant authorizes the Corporation and/or the Employing  Company, or their respective agents, at their discretion, to satisfy the obligations with regard to all applicable Tax-Related Items by one or a combination of  the following methods: (1) withholding from Participant’s wages or other cash compensation paid to Participant by the Corporation and/or the Employing  Company; (2) withholding from proceeds of the sale of Shares issued upon payment of the Performance Share Award either through a voluntary sale or  through a mandatory sale arranged by the Corporation (on the Participant’s behalf pursuant to this authorization) through such means as the Corporation  may determine in its sole discretion (whether through a broker or otherwise); or (3) withholding in Shares to be issued upon payment of the Performance  Share Award.  If the Corporation gives the Participant the power to choose the withholding method, and the Participant does not make a choice, then the  Corporation will at its discretion withhold in Shares as stated in alternative (3) herein.    To avoid negative accounting treatment, the Corporation may withhold or account for Tax-Related Items by considering applicable minimum  statutory withholding amounts or other applicable withholding rates.  If the Corporation withholds at a rate other than the minimum statutory rate, such as  the maximum withholding rate, then the refund of any over-withheld amount shall be paid in cash and the Participant will have no entitlement to the  Common Stock equivalent.  If the Tax-Related Items are satisfied by withholding in Shares issuable upon vesting of the Performance Share Award, for tax  purposes, the Participant is deemed to have been issued the full number of Shares subject to the Performance Share Award, notwithstanding that a number of  the Shares are held back solely for the purpose of paying the Tax-Related Items.  Finally, the Participant shall pay to the Corporation or the Employing  Company any amount of Tax-Related Items due as a result of any aspect of the Participant’s participation in the Plan.  The Participant understands that no  Shares or proceeds from the sale of Shares shall be delivered to Participant, notwithstanding the vesting of the Performance Share Award, unless and until  the Participant shall have satisfied any obligation for Tax-Related Items with respect thereto.    Notwithstanding anything in this Section 11 to the contrary, if the Performance Share Award is considered nonqualified deferred compensation,  the fair market value of the shares withheld together with the amount of cash withheld may not exceed the liability for Tax-Related Items.    It is the intent that the vesting or the payments of this Performance Share Award shall either qualify for exemption from or comply with the  requirements of Section 409A of the Code (“Section 409A”), and any ambiguities herein will be interpreted to so comply.  The Corporation reserves the  right, to the extent the Corporation deems necessary or advisable in its sole discretion, to unilaterally amend or modify this Agreement as may be necessary  to ensure that all vesting or settlements provided under this Agreement are made in a manner that qualifies for exemption from or complies with Section  409A; provided, however, that the Corporation makes no representation that the vesting or settlement of the Performance Share Award provided under this  Agreement will be exempt from Section 409A and makes no undertaking to preclude Section 409A from applying to the vesting or settlement of  Performance Share Awards provided under this Agreement.  In the event that any payment to a U.S. taxpayer or Participant otherwise subject to U.S.  taxation, with respect to a Performance Share Award is considered to be based upon separation from service, and not compensation the Participant could  receive without separating from service, then such amounts may not be paid until the first business day of the seventh month following the date of the  Participant’s termination if the Participant is a “specified employee” under Section 409A of the Code upon his separation from service.    12. Nature of the Award:  Nothing herein shall be construed as giving Participant any right to be retained in the employ of an Employing Company  or affect any right that the Employing Company may have to terminate the employment of such Participant.  Further, by accepting this Performance Share  Award, the Participant acknowledges that:      (a) the Plan is established voluntarily by the Corporation, it is discretionary in nature and may be modified, amended, suspended or terminated  by the Corporation at any time, to the extent permitted by its terms;  (b) the grant of the Performance Share Award is voluntary and occasional and does not create any contractual or other right to receive future  Performance Awards, or benefits in lieu of Performance Awards, even if Performance Awards have been granted in the past;   (c) all decisions with respect to future Performance Award grants, if any, will be at the sole discretion of the Committee;    (d) the Participant is voluntarily participating in the Plan;    (e) the Performance Share Award and the Shares subject to the Performance Share Award are extraordinary items which do not constitute  compensation of any kind for services of any kind rendered to the Corporation or to the Employing Company, and which are outside the  scope of the Participant’s employment contract, if any;   (f) the Performance Share Award and the Shares subject to the Performance Share Award are not part of normal or expected compensation or  salary for purposes of calculating any severance, resignation, termination, dismissal, redundancy, end-of-service payments, bonuses, long- service awards, pension or retirement benefits or similar payments and in no event should be considered as compensation for, or relating in  any way to, past services for the Corporation or the Employing Company or any Subsidiary or affiliate of the Corporation;    (g) the Performance Share Award and the Shares subject to the Performance Share Award are not intended to replace any pension rights or  compensation;  (h) the grant of the Performance Share Award will not be interpreted to form an employment contract or relationship with the Corporation, the  Employing Company or any Subsidiary or affiliate of the Corporation;  (i) the future value of the Shares underlying the Performance Share Award is unknown, indeterminable and cannot be predicted with certainty;    (j) no claim or entitlement to compensation or damages arises from forfeiture of the Performance Share Award resulting from termination of  the Participant’s employment by the Corporation or the Employing Company (for any reason whether or not in breach of applicab le labor  laws or the terms of the Participant’s employment agreement, if any), and in consideration of the grant of the Performance Share Award to  which the Participant is not otherwise entitled, the Participant irrevocably agrees never to institute any claim against the Corporation or the  Employing Company, waives his or her ability, if any, to bring any such claim, and releases the Corporation and the Employing Company  from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by  participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agreed to execute any and  all documents necessary to request dismissal or withdrawal of such claim;  (k) it is the Participant’s sole responsibility to investigate and comply with any applicable exchange control laws in connection with the  issuance and delivery of Shares pursuant to the vesting of the Performance Share Award;  

 

  -4-    (l) the Corporation and the Employing Company are not providing any tax, legal or financial advice, nor are the Corporation or the Employing  Company making any recommendations regarding the Participant’s participation in the Plan or the Participant’s acquisition or sale of the  Shares underlying the Performance Share Award;   (m) the Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation  in the Plan before taking any action related to the Plan;  (n) unless otherwise provided in the Plan or by the Corporation in its discretion, the Performance Share Award and the benefits evidenced by  this Agreement do not create any entitlement to have the Performance Share Award or any such benefits transferred to, or assumed by,  another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares of the  Corporation; and  (o) the following provisions apply only if the Participant is providing services outside the United States:  (i) the Performance Share Award and Shares underlying the Performance Share Award are not part of normal or expected compensation  for any purpose; and  (ii) the Participant acknowledges and agrees that neither the Corporation nor the Employing Company shall be liable for any foreign  exchange rate fluctuation between the local currency and the United States Dollar that may affect the value of the Performance Share  Award or 8of any amounts due to the Participant pursuant to the settlement of the Performance Share Award or the subsequent sale of  any Shares acquired upon settlement.    13. Data Privacy:      (a) The Participant hereby explicitly, unambiguously and voluntarily consents to the collection, use, disclosure and transfer, in electronic or  other form, of his or her personal data as described in this Agreement and any other Performance Share Award materials (“Data”) by and among, as  applicable, any Employing Company and the Corporation for the exclusive purpose of implementing, administering, and managing his or her  participation in the Plan.    (b) The Participant understands that any Employing Company and the Corporation may collect, maintain, process and disclose certain personal  information about him or her, including, but not limited to, his or her name, home address and telephone number, date of birth, social insurance  number or other identification number, salary, nationality, job title, any Shares or directorships held in the Corporation, details of all equity awards or  any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in his or her favor, for the exclusive purpose of  implementing, administering, and managing the Plan.    (c) The Participant acknowledges that Data will be transferred to any broker as designated by the Corporation and/or one or more stock plan  service provider(s) selected by the Corporation, which may assist the Corporation with the implementation, administration and management of the  Plan.  The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipient’s country  (e.g., the United States) may have different, including less stringent, data privacy laws and protections than his or her country.  The Participant  understands that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential recipients of  the Data by contacting his or her local human resources representative.  The Participant authorizes the Corporation and any other possible recipients  that may assist the Corporation (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and  transfer the Data, in electronic or other form, for the sole purposes of implementing, administering and managing his or her participation in the Plan,  including any requisite transfer of such Data as may be required to a broker or other third party with whom the Participant may elect to deposit any  Shares acquired upon vesting of the Performance Share Awards.    (d) The Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation  in the Plan, including to maintain records regarding participation.  The Participant understands that if he or she resides in certain jurisdictions, to the  extent required by applicable laws, he or she may, at any time, request access to Data, request additional information about the storage and processing  of Data, require any necessary amendments to Data or refuse or withdraw the consents given by accepting these Performance Share Awards, in any  case without cost, by contacting in writing his or her local human resources representative.  Further, the Participant understands that he or she is  providing these consents on a purely voluntary basis.  If the Participant does not consent or if he or she later seeks to revoke his or her consent, his or  her engagement as a service provider with any Employing Company and the Corporation will not be adversely affected; the only consequence of  refusing or withdrawing his or her consent is that the Corporation will not be able to grant him or her Performance Share Awards under the Plan or  administer or maintain Performance Share Awards.  Therefore, the Participant understands that refusing or withdrawing his or her consent may affect  his or her ability to participate in the Plan (including the right to retain these Performance Share Awards).  The Participant understands that he or she  may contact his or her local human resources representative for more information on the consequences of his or her refusal to consent or withdrawal of  consent.    14. Electronic Delivery:  The Corporation may, in its sole discretion, decide to deliver any documents related to current or future participation in the  Plan by electronic means or request the Participant’s consent to participate in the Plan by electronic means.  The Participant hereby consents to receive such  documents by electronic delivery and agrees to participate in the Plan through any online or electronic system established and maintained by the Corporation  or another third party designated by the Corporation.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a  Corporation intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other means of  electronic delivery specified by the Corporation.  The Participant consents to the electronic delivery of the Plan documents and the Agreement.  The  Participant acknowledges that he or she may receive from the Corporation a paper copy of any documents delivered electronically at no cost to the  Participant by contacting the Corporation by telephone or in writing.  The Participant further acknowledges that the Participant will be provided with a paper  copy of any documents if the attempted electronic delivery of such documents fails.  Similarly, the Participant understands that the Participant must provide  the Corporation or any designated third-party administrator with a paper copy of any documents if the attempted electronic delivery of such documents fails.   The Participant may revoke his or her consent to the electronic delivery of documents or may change the electronic mail address to which such documents  are to be delivered (if the Participant has provided an electronic mail address) at any time by notifying the Corporation of such revoked consent or revised e- mail address by telephone, postal service or electronic mail.  The Participant agrees that the foregoing online or electronic participation in the Plan shall have  the same force and effect as documentation executed in hardcopy written form.  Finally, the Participant understands that he or she is not required to consent  to electronic delivery of documents.    15. Severability:  In the event that any provision in this Agreement is held invalid or unenforceable, such provision will be severable from, and such  invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.  

 

  -5-      16. Language:  If the Participant has received this Agreement or any other document related to the Plan translated into a language other than English  and if the meaning of the translated version is different than the English version, the English version will control.    17. Governing Law and Venue:  This Agreement shall be construed and enforced in accordance with the laws of the Commonwealth of  Pennsylvania, without regard to the conflicts of laws thereof.  For purposes of litigating any dispute that arises under this grant or this Agreement, the parties  hereby submit to and consent to the exclusive jurisdiction of the Commonwealth of Pennsylvania, and agree that such litigation shall be conducted in the  courts of Allegheny County, Pennsylvania, or the federal courts for the United States for the Western District of Pennsylvania, where this grant is made  and/or to be performed.    18. Exhibit B:  Notwithstanding any provisions in this Agreement, the Performance Share Award shall be subject to any special terms and conditions  set forth in Exhibit B to this Agreement for the Participant’s country.  Moreover, if the Participant relocates to one of the countries included in Exhibit B, the  special terms and conditions for such country will apply to the Participant, to the extent the Corporation determines that the application of such terms and  conditions is necessary or advisable in order to comply with local law or facilitate the administration of the Plan.      19. Insider Trading Restrictions/Market Abuse Laws:  The Participant acknowledges that, depending on the Participant's country of residence, the  Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect the Participant's ability to acquire or sell Shares or  rights to Shares (e.g., Performance Share Awards) under the Plan during such times as the Participant is considered to have “inside information” regarding  the Corporation (as defined by any applicable laws in the Participant's country).  Any restrictions under these laws or regulations are separate from and in  addition to any restrictions that may be imposed under any applicable insider trading policy maintained by the Corporation.  The Participant acknowledges  that it is the Participant's responsibility to comply with any applicable restrictions, and the Participant is advised to speak to his or her personal advisor on  this matter.    20. Imposition of Other Requirements:  The Corporation reserves the right to impose other requirements on the Participant’s participation in the Plan,  on the Performance Share Award and on any Shares acquired under the Plan, to the extent the Corporation determines it is necessary or advisable in order to  comply with local law, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.    21. Headings:  Headings of paragraphs and sections used in this Agreement are for convenience only and are not part of this Agreement, and must  not be used in construing it.    22. Waiver:  The Participant acknowledges that a waiver by the Corporation of breach of any provision of this Agreement shall not operate or be  construed as a waiver of any other provision of this Agreement, or of any subsequent breach by the Participant.    23. No Advice Regarding Grant: The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any  recommendations or assessments regarding the Participant’s participation in the Plan, or his or her acquisition or sale of the underlying Shares.  The  Participant is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before  taking any action related to the Plan.    24. Definitions:  In addition to the capitalized terms defined in the Plan, the following terms as used herein shall have the following meanings when  used with initial capital letters:    (a) “Early Retirement Age” shall mean the Participant’s (1) attainment of age 55 and completion of ten (10) years of service with the  Corporation or an Employing Company, or (2) completion of thirty (30) years of service with the Corporation or an Employing Company.  (b) “Normal Retirement Age” shall mean, with respect only to a Participant who is a U.S. employee and is not a participant in the United States  Steel Corporation Supplemental Pension Program, the later of (1) six (6) months following the Date of Grant, or (2) the earlier of (i)  attainment of age 65, or (ii) attainment or age 60 and completion of five (5) years of service with the Corporation or an Employing  Company.  (c) “Termination” shall mean the applicable employee’s termination of employment.  For purposes of this Agreement, (i) for U.S. taxpayers,  Termination and words of similar effect shall be construed consistent with a “separation from service” under Section 409A of the Code to  the extent required by Section 409A of the Code, and (ii) for non-U.S. taxpayers, Termination and words of similar effect shall mean that  the Participant is no longer actively employed by an Employing Company, without regard to any notice period (i.e., active employment  would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the  jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any).         

 

  -6-    EXHIBIT A    Performance Goals for the Performance Period         Threshold Target Maximum  Performance  Goal  U. S. Steel’s TSR  Performance Relative to  Peer Group Companies       Payment Levels % of Target   Number of Shares Subject  to Award    0%    50%    100%    200%    Payout Calculation.  Payout shall be based upon the Corporation’s TSR compared to the TSR for the companies in the Peer Group using the PERCENTILE  function in Microsoft Excel to determine the TSR value at the threshold, target, and maximum award levels.   (a) The payout shall be determined as follows: (i) performance shall be measured based on the Annual TSR for each separate one-year  measurement period in the three-year Performance Period with each year representing 20% of the total Award, and (ii) performance shall  be measured over the full three-year Performance Period based on the Annualized TSR for the measurement period with the full three- year period representing 40% of the total Award.  All payouts shall be made following the end of the Performance Period in accordance  with Section 2 of the Agreement.  (b) Interpolation will be used to determine the payout for the actual awards for performance that correlates to an award between threshold  and target or target and maximum award levels.  (c) In calculating the number of shares to be awarded, the Corporation’s TSR shall be rounded to the nearest hundredth of a percent,  rounding up if the thousandth’s place is 5 or more and truncating if the thousandth’s place is 4 or less.  The related payout rate also shall  be calculated to the nearest hundredth’s place using the same rounding procedure.  Additionally, the calculated number of shares shall be  rounded to the nearest whole share, rounding up if the fractional share is 5 tenths or more and truncating the fractional share if it is less  than 5 tenths.  (d) The payout for the full three-year Performance Period (40% of the total Award) shall be capped at Target if the Corporation’s  Annualized TSR for the three-year Performance Period is below 0%.  This payout cap shall not apply to the separate one-year  measurement periods described in paragraph (a)(i) above or in the event of a Change in Control.   Definitions.  (a) Annual TSR = (Final Price + all dividends paid during the applicable measurement period)/Initial Price.  (b) Annualized TSR = ((Final Price + all dividends paid during the relevant Performance Period)/Initial Price)^(1/3)-1.  (c) Initial Price = the Average Measurement Period Price for the 20 business days prior to the first business day of the applicable  measurement period.  (d) Final Price = the Average Measurement Period Price for the 20 business days ending on the last business day of the applicable  measurement period or, in the event of a Change in Control, the closing price on the business day immediately preceding the closing date  of the Change in Control.  (e) Average Measurement Period Price = the average of the closing stock price for each of the 20 days during a specified 20 business day  period.  (f) Stock prices may be determined using (a) any reputable online stock-quote service, such as Yahoo! Finance or Bloomberg, or (b) the  financial pages of The Wall Street Journal.   Peer Group:  Allegheny Technologies Inc.  Reliance Steel & Aluminum Co.  Carpenter Technology Corp.  Schnitzer Steel Industries, Inc.  Cleveland-Cliffs Inc.   Steel Dynamics Inc.  Commercial Metals Company  Timken Steel Corporation  Nucor Corporation   Worthington Industries Inc.  Olympic Steel Inc.       Peer Group Adjustments.  At the commencement of the Performance Period, the Committee may determine that specific guidance be considered in  connection with possible adjustments to the Peer Group, to include U. S. Steel should the circumstances arise, involved in the calculation of the  Corporation’s comparative performance with respect to the Performance Goals during the Performance Period.  Any such determination will be in addition  to, or will amend if it conflicts with, the following guidelines, which will be used in connection with the calculation:  (a) If a Peer Group Company becomes bankrupt, the bankrupt company will remain in the Peer Group positioned at one level below the lowest  performing non-bankrupt Peer Group Company.  In the case of multiple bankruptcies, the bankrupt companies will be positioned below the  non-bankrupt companies in chronological order by bankruptcy date with the first to be bankrupt at the bottom.  

 

  -7-    (b) If a Peer Group Company is acquired by another company or entity, including through a management buy-out or going-private transaction,  the acquired Peer Group Company will be removed from the Peer Group for the Performance Period; provided that if the acquired company  became bankrupt prior to its acquisition it shall be treated as provided in paragraph (a), above, or if it shall become delisted according to  paragraph (e), below, prior to its acquisition it shall be treated as provided in paragraph (e).  (c) If a Peer Group Company sells, spins-off, or disposes of a portion of its business, the selling Peer Group Company will remain in the Peer  Group for the Performance Period unless such disposition(s) results in the disposition of more than 50% of the company’s total assets  during the Performance Period.  (d)  If a Peer Group Company acquires another company, the acquiring Peer Group Company will remain in the Peer Group for the Performance  Period.  (e) If a Peer Group Company is delisted from either the New York Stock Exchange (NYSE) or the National Association of Securities Dealers  Automated Quotations (NASDAQ) such that it is no longer listed on either exchange, such delisted Peer Group Company will remain in the  Peer Group positioned at one level below the lowest performing listed company and above the highest ranked bankrupt Peer Group  Company.  In the case of multiple delistings, the delisted companies will be positioned below the listed and above the bankrupt companies  in chronological order by delisting date with the first to be delisted at the bottom of the delisted companies.  If a delisted company shall  become bankrupt, it shall be treated as provided in paragraph (a), above.  If a delisted company shall be later acquired, it shall be treated as  a delisted company under this paragraph.  If a delisted company shall relist during the Performance Period, it shall remain in its relative  delisted position determined under this paragraph.    (f) If the Corporation’s and/or any Peer Group Company’s stock splits, such company’s TSR performance will be adjusted for the stock split so  as not to give an advantage or disadvantage to such company by comparison to the other companies, using the principles set forth in Section  8 of the LTI Plan.    (g)  The adjustments described above shall be applied to each one-year measurement period.  Any such adjustment shall not affect the Peer  Group for any measurement period completed prior to the occurrence of the adjustment.          

 

  -8-    EXHIBIT B    Additional Terms and Conditions of the  United States Steel Corporation 2016 Omnibus Incentive Compensation Plan   Performance Share Award Grant Agreement    TERMS AND CONDITIONS    This Exhibit B includes additional terms and conditions that govern the Performance Share Award granted to the Participant under the Plan if he or she  works or resides in one of the countries listed below.  If the Participant is a citizen or resident of a country other than that in which the Participant is  currently working or transfers employment to another country after the Performance Share Award is granted, the Corporation shall, in its discretion,  determine to what extent the terms and conditions contained herein shall be applicable to the Participant.  Certain capitalized terms used but not defined in  this Exhibit B have the meanings set forth in the Plan and/or the Agreement.    NOTIFICATIONS    This Exhibit B also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to  participation in the Plan.  The information is based on the laws in effect in the applicable countries as of January 2022.  Such laws are often complex and  change frequently.  As a result, the Corporation strongly recommends that the Participant not rely on the information in this Exhibit B as the only source of  information relating to the consequences of his or her participation in the Plan because the information may be out of date at the time that the Participant  vests in the Performance Share Award or sells Shares acquired under the Plan.    In addition, the information contained herein is general in nature and may not apply to the Participant’s particular situation, and the Corporation is not in a  position to assure the Participant of a particular result.  Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant  laws in his or her country may apply to the Participant’s situation.    Finally, if the Participant is a citizen or resident of a country other than that in which the Participant is currently working or transfers employment to another  country after the Performance Share Award is granted, the information contained herein may not be applicable.    SLOVAK REPUBLIC    NOTIFICATIONS    Foreign Assets Reporting Information. If the Participant permanently resides in the Slovak Republic and, apart from being employed, carries on business  activities as an independent entrepreneur (in Slovakian, podnikatel), the Participant will be obligated to report his or her foreign assets (including any foreign  securities such as Shares acquired under the Plan) to the National Bank of Slovakia if the value of the foreign assets exceeds a certain legally designated  amount.  These reports must be submitted on a monthly basis by the 15th day of the respective calendar month, as well as on a quarterly basis by the 15th  day of the calendar month following the respective calendar quarter, using notification form DEV (NBS) 1-12, which may be found at the National Bank of  Slovakia's website at www.nbs.sk.    Furthermore, if the above preconditions are met (i.e., permanent residence in the Slovak Republic and entrepreneurial activities in addition to the  employment), the Participant will be obliged to report certain additional information under Section 34b of Act No. 566/1992 Coll. on National Bank of  Slovakia as amended. This information is mostly of general nature and contains personal identification data of the Participant - place and date of birth, birth  certificate number, academic degree, etc., as well as telephone and fax number and e-mail address of the Participant, if any.       Securities Disclaimer.  The grant of the Performance Share Award is exempt from the requirement to publish a prospectus under the EU Prospectus  Regulation as implemented in the Slovak Republic.  Personal Data Protection. The national identification number (in Slovak: rodné číslo) may be used for identification of the Participant only if required to  achieve the determined purpose of processing. It is forbidden to make the national identification number public; the only exception is when the data subject  made the national identification number public by itself.    UNITED KINGDOM    NOTIFICATIONS    Securities Disclosure. The grant of the Performance Share Award is exempt from the requirement to publish a prospectus under the EU Prospectus  Regulation as implemented in the United Kingdom. The Agreement is not an approved prospectus for the purposes of section 85(1) of the Financial Services  and Markets Act 2000 (“FSMA”) and no offer of transferable securities to the public (for the purposes of section 102B of FSMA) is being made in  connection with the Plan.  The Plan and the Performance Share Award are exclusively available in the UK to bona fide employees and former employees  and any other UK subsidiary of the Corporation.    Taxation.  The Performance Share Award is not intended to be tax-qualified or tax-preferred for purposes of taxation or National Insurance Contributions  applicable in the United Kingdom.    Tax Consultation.  Participant understands that he or she may suffer adverse tax consequences as a result of Participant’s acquisition or disposition of the  Shares. Participant represents that he or she will consult with any tax advisors that Participant deems appropriate in connection with the acquisition or  disposition of the Shares and that Participant is not relying on the Employing Company and the Corporation for any tax advice.  

 

  -9-      Tax Withholding. The Participant acknowledges that, regardless of any action taken by the Corporation, the ultimate liability for all tax-related items is and  remains the responsibility of the Participant and may exceed the amount actually withheld by the Corporation.    Prohibition Against Insider Dealing. The Participant should be aware of the UK's insider dealing rules under the Criminal Justice Act 1993, which may  affect transactions under the Plan such as the acquisition or sale of Shares acquired under the Plan, if the Participant has inside information regarding the  Corporation. If the Participant is uncertain whether the insider dealing rules apply, the Corporation recommends that the Participant consults with a legal  advisor. The Corporation cannot be held liable if the Participant violates the UK's insider dealing rules. The Participant is responsible for ensuring his or her  compliance with these rules.    UNITED KINGDOM, EUROPEAN UNION AND EUROPEAN ECONOMIC AREA    For Participants who reside in the United Kingdom, European Union or the European Economic Area, the following provisions replace the Data Privacy  provisions in Section 13 of the Agreement.    (a) Data Collected and Purposes of Collection.  The Participant understands that the Corporation, acting as the controller, as well as the  Employing Company, may collect, to the extent permissible under applicable law, certain personal information about the Participant, including name, home  address and telephone number, information necessary to process the Performance Share Awards (e.g., mailing address for a check payment or bank account  wire transfer information), date of birth, social insurance number or other identification number, salary, nationality, job title, employment location, any  Shares or directorships held in the Corporation (but only where needed for legal or tax compliance), any other information necessary to process mandatory  tax withholding and reporting, details of all Performance Share Awards granted, canceled, vested, unvested or outstanding in the Participant’s favor, and  where applicable service termination date and reason for termination  (all such personal information is referred to as “Data”).  The Data is collected from the  Participant, any Employing Company, and the Corporation, for the exclusive purpose of implementing, administering and managing the Plan pursuant to the  terms of this Agreement.  The legal basis (that is, the legal justification) for processing the Data is to perform this Agreement.  The Data must be provided in  order for the Participant to participate in the Plan and for the parties to this Agreement to perform their respective obligations thereunder.  If the Participant  does not provide Data, he or she will not be able to participate in the Plan and become a party to this Agreement.     (b) Transfers and Retention of Data.  The Participant acknowledges and understands that the Employing Company will transfer Data to the  Corporation for purposes of plan administration. The Employing Company and the Corporation may also transfer the Participant’s  Data to other service  providers (such as accounting firms, payroll processing firms or tax firms), as may be selected by the Corporation in the future, to assist the Corporation  with the implementation, administration, and management of this Agreement.  The Participant understands that the recipients of the Data may be located in  the United States, a country that does not benefit from an adequacy decision issued by the European Commission and is not listed by the Swiss supervisory  authority as a country with adequate data protection legislation.  Where a recipient is located in a country that does not benefit from an adequacy decision or  adequacy listing, the transfer of the Data to that recipient will be made pursuant to European Commission-approved standard contractual clauses when  required by applicable law, a copy of which may be obtained by contacting dataprotection@sk.uss.com or complianceofficer@uss.com.  The Participant  understands that Data will be held only as long as is necessary to implement, administer and manage the Participant’s rights and obligations under this  Agreement, and for the duration of the relevant statutes of limitations, which may be longer than the term of this Agreement.     (c) The Participant’s Rights in Respect of Data. The Corporation will take steps in accordance with applicable legislation to keep Data  accurate, complete and up-to-date.  The Participant is entitled to have any inadequate, incomplete, or incorrect Data corrected (that is, rectified).  The  Participant also has the right to request access to his or her Data as well as additional information about the processing of that Data.  Further, the Participant  is entitled to object to the processing of Data or have the Participant’s Data erased, under certain circumstances.  As from May 25, 2018, and subject to  conditions set forth in applicable law, the Participant also is entitled to (i) restrict the processing of his or her Data so that it is stored but not actively  processed (e.g., while the Corporation assesses whether the Participant is entitled to have Data erased) and (ii) receive a copy of the Data provided pursuant  to this Agreement or generated by the Participant, in a common machine-readable format.  To exercise his or her rights, the Participant may contact the local  human resources representative.  The Participant may also contact the relevant data protection supervisory authority, as he or she has the right to lodge a  complaint.  The data protection officer may be contacted at dataprotection@sk.uss.com.Exhibit 10.1

 

  

 

RATE LOCK AUTHORIZATION AGREEMENT -

(Hamilton
Company NERA Credit Facility - Addition

Advance)

 

KEYBANK NATIONAL ASSOCIATION, a national banking
association (“Lender”), issued a Master Credit Facility Advance Application (“Advance Application”), the purpose
of which was to approve and fund certain addition requests (each, an “Addition” and, collectively, the “Additional
Mortgage Property”) pursuant to the terms and conditions outlined in the Master Credit Facility Agreement dated November 30,
2021 (the “Hamilton Company NERA Credit Facility” or the “Master Agreement”) between Lender and the Borrowers
identified in Exhibit A (individually and collectively, “Borrower”) for the benefit of the Additional Mortgage
Property identified in Exhibit A. The Initial Advance under the Hamilton Company NERA Credit Facility was $156,000,000.

 

Pursuant to Section 2.02 of the Master Credit
Facility Agreement, Lender has received the requested Loan of $79,955,000 (“Addition Advance”) for the Hamilton Company NERA
Credit Facility. Following the Addition Advance, the Total Advance for the Hamilton Company NERA Credit Facility will be $235,955,000.
All capitalized terms not otherwise defined herein shall have the meaning ascribed to such term in the Master Agreement. By executing
this Rate Lock Authorization Agreement, Borrowers authorize Lender to obtain an Advance funding commitment for the Portfolio (named below)
with the terms summarized below:

 

	Portfolio Name	Hamilton Company NERA Credit Facility Addition
	Name of Property and Address	See Exhibit A
	Borrower(s)	See Exhibit A
	Guarantor(s)	N/A
	Key Principal(s)	New England Realty Associates Limited Partnership; Jameson Brown
	Amount of Advance	$79,955,000
	Term of Advance	120 months
	Amortization Period	420 months after Interest Only Term
	Interest Only Term	120 months
	Yield Maintenance Period	114 months
	Prepayment Premium/Yield Maintenance Period Term	Yield Maintenance:  Calculated by formula set forth in Schedule 4.1 of the Master Agreement (but in no event less than 1% of the outstanding principal balance) for the number of years set forth above.  Prepayment is permitted at par during the last 3 months prior to the maturity date of the Loan. 
	Fixed Interest Rate	4.30% (Estimate Only – Final Interest Rate to be 

determined at the time of Rate Lock)
	Accrual Basis	Actual/360
	Closing Deadline 	June 10, 2022
	Rate Lock Expiration Date	April 25, 2022
	Good Faith Deposit	2.00% of the Initial Advance
	Origination Fee	0.60% of the Initial Advance (0.10% of which is due to Fannie Mae)
	Replacement Reserve Funding Requirement	See SCHEDULE 5 TO MCFA, attached
	Repairs and Required Repair Escrow Funding	See SCHEDULE 6 TO MCFA, attached
	Tax and Insurance Escrow Funding	See MCFA Article 12, attached

 

     

     

    

 

The actual Interest Rate on the Addition Advance
shall be determined upon the "locking" of the Interest Rate as described below. Borrower acknowledges and agrees that the Interest
Rate used in issuing this Commitment was based on market conditions at the time of Loan underwriting. These terms are subject to change
without notice prior to the time that Borrower locks the Interest Rate.

 

After Borrower has met, to Lender's satisfaction,
all terms of this Rate Lock Authorization Letter, Borrower shall instruct Lender to "lock" the Interest Rate (thereby establishing
and locking the Interest Rate and the Initial Interest Rate on the Addition Advance) and other terms of the Loan between the hours of
8:00 a.m. and 3:00 p.m. (Central time), on or before the Rate Lock Deadline identified below.

 

Borrower must Rate Lock no later than April 25,
2022 (“Rate Lock Deadline”) (i.e., the date that Lender receives the executed Advance Approval Letter). Closing
of the Addition Advance must occur not later than June 10, 2022 (“Closing Deadline”), unless otherwise
agreed to in writing by Lender. The Advance Approval will expire automatically and without further notice from or action by Lender if
Rate Lock does not occur by the Rate Lock Deadline or if closing of the Addition Advance does not occur on or before the Closing Deadline.
Lender has no obligation to extend the Rate Lock Deadline or the Closing Deadline and may require the payment of an extension fee should
Lender be willing to grant an extension. Notwithstanding the Rate Lock Deadline and Closing Deadline defined above, provided Rate Lock
occurs on or before April 25, 2022, Closing is targeted for June 10, 2022 and shall occur no later than June 10, 2022.

 

Borrower acknowledges that, upon Borrower’s
instruction to Rate Lock, Lender will lock the Interest Rate on the Addition Advance. Borrower further acknowledges that if Lender fails
to close and deliver the Addition Advance to Fannie Mae, Fannie Mae will suffer damages for locking the Interest Rate and taking a position
in the financial market, and Fannie Mae will look to Lender for reimbursement of its damages. Should the Addition Advance not close for
any reason other than Lender’s sole default, or if Lender is unable to satisfy any post-delivery purchase condition raised by Fannie
Mae which requires action or cooperation from Borrower that Borrower does not fulfill, Borrower will be liable for all direct damages
suffered by Lender and Fannie Mae and any securitization purchaser relating to interest rate breakage costs incurred in connection with
such Rate Lock together with all enforcement costs and expenses incurred by Lender and Fannie Mae in collecting such damages (including
without limitation, actual and documented out of pocket third party fees and costs and reasonable and documented out of pocket legal
fees and expenses incurred in connection with such enforcement). Lender shall apply the Good Faith Deposit to payment of such damages,
not to exceed the sum of two percent (2.00%) of Addition Advance plus Lender’s reasonable and documented out of pocket expenses,
and Borrower and Guarantor will be liable for any deficiency. Lender may also assign to Fannie Mae any claim that Lender may have against
Borrower. (Any return of the Rate Lock Deposit to Borrower prior to Lender’s assertion of a claim for damages does not affect Borrower’s
obligations hereunder.)

 

Borrower
must post a two percent (2.00%) Good Faith Deposit prior to Rate Lock. This Advance Approval shall not be binding unless the enclosed
copy of this Advance Approval is signed by Borrower and returned via electronic delivery, along with a wire transfer of funds per the
wiring instructions set forth in Exhibit B attached hereto, in the amount of the Rate Lock Deposit, to Lender on or before the Rate
Lock Expiration Date as set forth above. Upon closing of the Loan, Lender will refund the Rate Lock Deposit to Borrower. If the Loan
has not closed by 12:00 p.m. (Central time) by the Closing Deadline for any reason other than Lender’s sole default,
then the Rate Lock Deposit shall be earned and retained by Lender.

 

A scanned and e-mailed copy of a duly executed
and accepted counterpart of this Confirmation Letter (together with Lender's receipt of the Rate Lock Deposit) shall be sufficient to
evidence the binding agreement of each party to the terms herein. However, Borrower and Lender each agree to promptly return to the other
an original, duly executed counterpart of this Commitment following the delivery of a scanned and e-mailed copy hereof.

 

Borrower hereby requests Lender to lock an interest
rate for the Initial Advance that is no higher than the Interest Rate set forth above. If you have any questions, please contact your
Lender representative Michael T. Johnson at 770-510-2135 or by email at Michael_T_Johnson@KeyBank.com.

 

     

     

    

 

		Very truly yours,
		 	 
		KEYBANK NATIONAL ASSOCIATION, a national banking association
		 	 
		By:	
		Name:	Michael T. Johnson
		Title:	Senior Vice President

 

     

     

    

 

		 	AGREED AND ACCEPTED:
	 	 	 
	 	 	BORROWER:
	 	 	 
	 	 	NERA
DEAN STREET ASSOCIATES, LLC

a Delaware limited liability company
	 	 	 
	 	 	By:	NewReal, Inc.,
	 	 	a Massachusetts corporation,
	 	 	its Manager
	 	 	 
	 	 	By:	 	(SEAL)
	 	 	Name:	Ronald
Brown	 
	 	 	Title:	President	 
	 	 	 
	 	 	BORROWER:
	 	 	 
	 	 	SCHOOL
STREET 9, LLC

a Delaware limited liability company
	 	 	 
	 	 	By:	NewReal, Inc.,
	 	 	a Massachusetts corporation,
	 	 	its Manager
	 	 	 
	 	 	By:	 	(SEAL)
	 	 	Name:	Ronald
Brown	 
	 	 	Title:	President	 
	 	 	 
	 	 	BORROWER:
	 	 	 
	 	 	WESTGATE
APARTMENTS BURLINGTON, LLC

a Delaware limited liability company
	 	 	 
	 	 	By:	NewReal, Inc.,	 
	 	 	a Massachusetts corporation,
	 	 	its Manager
	 	 	 
	 	 	By:	 	(SEAL)
	 	 	Name:	Ronald
Brown	 
	 	 	Title:	President	 
	 	 	 	 	 

 

    	 		 

     

    

 

	 	 	BORROWER:
	 	 	 
	 	 	WESTGATE
APARTMENTS, LLC

a Delaware limited liability company
	 	 	 
	 	 	By:	NewReal, Inc.,	 
	 	 	a Massachusetts corporation,
	 	 	its Manager
	 	 	 
	 	 	By:	 	(SEAL)
	 	 	Name:	Ronald
Brown	 
	 	 	Title:	President	 

 

     

     

    

 

Exhibit “A”

 

Name of Property, Borrower and Address

 

	Mortgage Property	Borrower	Address	City	State	Zip Code	 
	Courtyard at Westgate	WESTGATE APARTMENTS BURLINGTON, LLC, a Delaware limited liability company	105-107 Westgate Dr	Burlington	MA	01803	 
	 
	 
	Hamilton Village	SCHOOL STREET 9, LLC, a Delaware limited liability company	9 School St	Framingham	MA	01701	 
	 
	 
	Stonebridge Apartments	NERA DEAN STREET ASSOCIATES, LLC, a Delaware limited liability company	38 Dean St	Norwood	MA	02062	 
	 
	 
	Westgate Apartments	WESTGATE APARTMENTS, LLC, a Delaware limited liability company	2-20 Westgate Dr	Woburn	MA	01801	 
	 
	 

 

     

     

    

 

EXHIBIT “B”

 

Special Conditions

 

		1.	Lender’s preliminary underwritten annualized
                                            Net Operating Income (“Preliminary NOI”) for the Properties is $5,749,497 for
                                            purposes of Rate Lock. The Preliminary NOI and Underwritten Interest Rate support the Loan
                                            Amount. This is preliminary and may change once Lender completes its underwriting of the
                                            Mortgage Loan. Such change could affect the loan amount available under the Loan Commitment
                                            and the Fannie Mae Commitment.

 

		2.	The Loan Amount may not exceed 60.00% of final
                                            aggregate underwritten value of the Properties. Lender’s preliminary aggregate value
                                            for the Properties is $156,350,000, which supports the Loan Amount. This is preliminary and
                                            may change once Lender completes its full underwriting of the Mortgage Loan. Such change
                                            could affect the loan amount available under the Loan Commitment and the Fannie Mae Commitment.

 

		3.	The Borrowers must sign Fannie Mae’s
                                            “Streamlined Rate Lock Agreement” in the event that Borrowers wish to execute
                                            a streamlined rate lock per Fannie Mae’s requirements. The “Streamlined Rate
                                            Lock Agreement” to be signed is either attached as an exhibit to this Commitment or
                                            has been delivered separately to Borrowers.

 

		4.	Prior to Rate Lock, all Master Agreement modifications
                                            and Fannie Mae Waiver requests must be approved by Lender and Fannie Mae. Approval of any
                                            Master Agreement modifications subsequent to Rate Lock shall be at the sole discretion of
                                            Fannie Mae and the Lender, and any refusal by the Lender shall not constitute a defense of
                                            the Borrowers to the failure by the Borrowers to close the Mortgage Loan in accordance with
                                            the Rate Lock Authorization Agreement (in the amount of the Rate Lock Loan Amount).

 

		5.	Within 10 business days of Rate lock, all
                                            outstanding Due Diligence must be received by Lender in order to complete its Full Underwriting.
                                            KBREC must complete the full underwriting no later than 5 days after Rate Lock.

 

		6.	Prior to Rate Lock, Lender must review all
                                            remaining due diligence items, including but not limited to the following legal items:

 

		a.	Copies of executed Advance Application,
                                            Rate Lock Agreement, SERL Agreement and Good Faith Deposit.

		b.	Items identified as required for Rate Lock in the most recent legal
                                            checklist circulated by Lender’s Counsel.

 

		7.	Prior to Closing, Lender must review all remaining
                                            due diligence items, including but not limited to the following legal items:

 

		a.	Final loan approval from Fannie Mae and Lender internal credit committee.

		b.	Satisfactory Lender site inspections.

		c.	Approval by Borrower, Lender and Fannie
                                            Mae of the Reaffirmation, Joinder and First Amendment to the Master Credit Facility Agreement.

		d.	Items circulated in the most recent legal
                                            checklist from Lender’s Counsel.

		e.	Satisfactory completion of required Borrower-related
                                            compliance checks.

		f.	Receipt of final 3rd party
                                            reports, including final Phase I, property condition reports, and zoning reports. Final immediate
                                            repair and replacement reserves will be based on final property condition reports.

 

     

     

    

 

EXHIBIT “C”

 

Master Credit Facility Agreement

 

See Attached.

 

     

     

    

 

EXHIBIT “D”

 

Lender Wiring Instructions for Good Faith Deposit

 

KeyBank National Association

4224 Ridge Lea Road

Amherst, NY 14226-3350

Attn: KBREC Fundings

 

	ABA:	# 021-300-077
	Account:	# 953-001-430
	Account Holder:	KeyBank National Association
	Reference:	Loan Number: 10234127
	Property Name:	Hamilton Company NERA Credit Facility Addition
	Amount of Wire:	$1,599,100
	Purpose of Wire:	2.00% Good Faith Deposit

 

Please contact Brendan O’Keefe if there are any questions at
(617) 385-6276.

 

     

     

    

 

STREAMLINED RATE LOCK AGREEMENT – DRAFT
VERSION

(Preliminary
Underwriting Completed Prior to Rate Lock)

 

This STREAMLINED RATE LOCK
AGREEMENT (this “Agreement”), dated as of April __, 2022, is executed by the undersigned Borrowers, Key Principal
and Guarantor (individually and collectively, the “Borrower Parties”) and KeyBank National Association (together with
its successors and assigns, “Lender”).

 

RECITALS:

 

	Borrower(s):	See Exhibit “B”
	Key Principal(s):	New England Realty Associates Limited Partnership; Jameson Brown
	Guarantor(s):	N/A
	Property Name:	See Exhibit “B”
	Property Address:	See Exhibit “B”
	Type of Execution:	MBS
	Rate Lock Amount:	$79,955,000
	Latest Mortgage Loan Origination Date:	June 10, 2022
	Good Faith Deposit	$1,599,100

 

A.           Borrowers
are entering into or have entered into a commitment (the “Loan Commitment”) with Lender regarding a loan (the “Mortgage
Loan”) having the above-referenced Rate Lock Amount to be made by Lender to Borrowers and secured by a lien on the properties
described above (the “Property” or collectively, the “Properties”).

 

B.           Lender
intends to sell the Mortgage Loan to Fannie Mae pursuant to a commitment in accordance with Fannie Mae’s requirements (the “Fannie
Mae Commitment”) either (i) as a cash purchase (a “Cash Trade”) by the Fannie Mae multifamily trading
desk (the “Multifamily Trading Desk”), or (ii) in exchange for the issuance by Fannie Mae of a mortgage-backed
security (an “MBS”) backed by the Mortgage Loan to an investor in the MBS selected by Lender, at a specified rate (the
 “MBS Trade”; the Multifamily Trading Desk, as purchaser under a Cash Trade or an MBS Trade, or a third-party investor
in an MBS Trade each being referred to herein as the “Investor”).

8

C.           Pursuant
to Fannie Mae’s streamlined rate lock option, Lender simultaneously herewith is entering into a commitment to sell the Mortgage
Loan to an Investor.

 

	Streamlined Rate Lock Agreement 

(Preliminary Underwriting Completed

 Prior to Rate Lock)	Form 6430	Page 1
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

D.           The
Fannie Mae Commitment and either the Cash Trade or the MBS Trade have allowed Borrowers to lock the interest rate for the Mortgage Loan
with Lender prior to completion of the underwriting process (the “Rate Lock”).

 

E.           The
Loan Commitment contains provisions regarding Borrowers’ failure to close the Mortgage Loan with Lender in accordance with the terms
thereof, and obligates Borrowers for certain costs and charges as a result of such failure. The provisions of the Loan Commitment, and
the obligations of Borrowers thereunder, are separate and apart from the joint and several obligations and liabilities of the Borrower
Parties contained herein.

 

F.           It
is a condition of the Loan Commitment and the Fannie Mae Commitment that each of the Borrower Parties execute this Agreement.

 

AGREEMENTS:

 

NOW,
THEREFORE, in order to induce Lender and Fannie Mae to enter into (i) the Fannie Mae Commitment, and (ii) either the
Cash Trade or the MBS Trade, each of the Borrower Parties hereby certifies and agrees as follows:

 

Section 1.            Recitals.

 

The recitals set forth above
are true and correct and are hereby incorporated by reference as if fully set forth in the body of this Agreement. Capitalized terms not
otherwise defined in the body of this Agreement shall have the meanings set forth in the Recitals.

 

Section 2.            Closing
Deadline; Loan Documentation.

 

(a)           Each
of the Borrower Parties agrees and acknowledges that the Mortgage Loan must be originated with Lender on or prior to the Latest Mortgage
Loan Origination Date.

 

(b)           By
entering into the Rate Lock, each of the Borrower Parties hereby agrees and acknowledges that:

 

(1)           Borrowers
are causing Lender and the Investor to take a position in the financial markets in reliance on the closing of the Mortgage Loan in accordance
with the Loan Commitment and the delivery of the Mortgage Loan in accordance with the Fannie Mae Commitment; and

 

(2)           failure
of Borrowers to close the Mortgage Loan in accordance with the Loan Commitment will cause Lender and/or the Investor to incur economic
damages.

 

(c)           Each
of the Borrower Parties agrees and acknowledges that, as a condition of entering into the Loan Commitment, Borrowers hereby agree to execute
and deliver Fannie Mae’s standard multifamily form loan documents to evidence and secure the Mortgage Loan. Each of the Borrower
Parties further agrees and acknowledges that, to the extent Borrowers elect to enter into a Rate Lock for the proposed Mortgage Loan with
Lender and the Investor prior to review and approval by Lender of all modifications requested by Borrowers to the Fannie Mae standard
multifamily form loan documents, approval of such modifications shall be at Lender’s sole discretion and shall not constitute a
defense of any of the Borrower Parties to the failure by Borrowers to close the Mortgage Loan in accordance with the Loan Commitment (in
the amount of the Rate Lock Amount).

 

	Streamlined Rate
    Lock Agreement

 (Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page 2
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

Section 3.            Representations
and Warranties.

 

As
of the date hereof, each of the Borrower Parties represents and warrants that all of the following statements are true, complete,
and correct in all material respects:

 

(a)           to
the best knowledge of each of the Borrower Parties, after reasonable and diligent inquiry and investigation, with regards to the Properties,
(1) there are no structural, mechanical, electrical, plumbing or other building component, roofs or system defects, latent or otherwise
(“Building Components”), (2) all Building Components are in good and proper working order, and (3) there
is no material deferred maintenance on the Properties (each except as otherwise noted on Exhibit A);

 

(b)           no
part of the Properties have been taken in condemnation or other like proceeding, nor is any such proceeding pending or known to be contemplated
(except as otherwise noted on Exhibit A);

 

(c)           to
the best knowledge of each of the Borrower Parties, after reasonable and diligent inquiry and investigation, Borrowers and the Properties
are in compliance with all provisions of all zoning, subdivision, environmental protection, disability accommodation, land use, fire and
building code, and occupational safety and health act rules, regulations and statutes to which they are subject, and all licenses, permits
and approvals necessary for the ownership of the Properties and the conduct of its business have been obtained (except as otherwise noted
on Exhibit A);

 

(d)           to
the best knowledge of each of the Borrower Parties, after reasonable and diligent inquiry and investigation, (1) no part of the Properties
contain underground storage tanks, asbestos containing materials or lead based paint, and (2) there are no hazardous waste facilities
that could affect the operation or value of the Properties (each except as otherwise noted on Exhibit A);

 

(e)           the
Properties are not subject to any operations and maintenance programs for hazardous materials (except as otherwise noted on Exhibit A);

 

(f)           Borrowers
are the legal and equitable owner of the Properties (or will be so at the time of the Mortgage Loan closing) and there are no recorded
or unrecorded leases, easements, deed restrictions, covenants, conditions or restrictions, or other agreements, that could affect the
marketability of title to the Properties or Borrowers’ right to occupy and operate the Properties. The Properties have all reciprocal
use agreements in place necessary to use and operate the Properties as represented to Lender (except as otherwise noted on Exhibit A),
and Lender will have the benefit of all such agreements (in such form as Lender shall request) at the Mortgage Loan closing;

 

	Streamlined
    Rate Lock Agreement 

(Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page 3
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

(g)           if
not an individual, each of the Borrower Parties is validly existing and qualified to transact business and is in good standing in the
state in which it is formed or organized, and in each other jurisdiction that qualification or good standing is required according to
applicable law to conduct its business;

 

(h)           the
execution, delivery and performance of this Agreement have been duly authorized by all necessary action and proceedings by or on behalf
of each of the Borrower Parties, and no further approvals or filings of any kind are required by or on behalf of any of the Borrower Parties
as a condition to the valid execution, delivery and performance by the Borrower Parties of this Agreement; and

 

(i)           each
of the Borrower Parties has the requisite power and authority to carry on its business as now conducted and as contemplated to be conducted
in connection with the performance of its obligations under this Agreement.

 

Section 4.             Preliminary
Underwriting.

 

Each
of the Borrower Parties agrees and acknowledges that the net cash flow and the Property value estimated by Lender to determine
the Rate Lock Amount are preliminary and may change once Lender completes its underwriting of the Mortgage Loan. Such change could affect
the amount of the Mortgage Loan available under the Loan Commitment and the Fannie Mae Commitment. Lender is obligated to complete its
underwriting of the Mortgage Loan no later than ninety (90) days after the date of the Rate Lock, and each of the Borrower Parties
agrees to provide the necessary assistance and documentation to enable Lender to fulfill this obligation. After completion of final underwriting,
Lender shall determine if any changes to the terms of the Loan Commitment and Fannie Mae Commitment are necessary, and each of the Borrower
Parties hereby consents to any such required changes.

 

Section 5.            Replacement
Reserves and Completion/Repair Deposits.

 

Lender
will estimate the replacement reserve and repair deposits that Borrowers shall be required to make or maintain in connection with
the Mortgage Loan. Each of the Borrower Parties agrees and acknowledges that such estimates may change as part of Lender’s final
underwriting of the Mortgage Loan. Each of the Borrower Parties hereby agrees Borrowers will accept any such change and close the Mortgage
Loan pursuant to all other terms of the Loan Commitment.

 

Section 6.            Good
Faith Deposit.

 

Before
entering into the Rate Lock, Lender collected $1,599,100 from Borrowers (“Good Faith Deposit”).

 

Unless otherwise applied pursuant
to the terms of this Agreement, Lender shall refund the Good Faith Deposit to Borrowers no earlier than the Mortgage Loan origination
date and no later than within a commercially reasonable time after Fannie Mae purchases the Mortgage Loan.

 

	Streamlined
    Rate Lock Agreement

 (Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page 4
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

Section 7.             Delivery
Tolerance.

 

Notwithstanding
anything herein or in the Loan Commitment to the contrary, Borrowers shall be deemed to have satisfied its obligation to close the Mortgage
Loan in accordance with the Loan Commitment if the Borrowers close the Mortgage Loan and the difference between the Rate Lock Amount
and the amount of the Mortgage Loan delivered to Fannie Mae, for any MBS Trade with the Multifamily Trading Desk, is no more than five
percent (5%) of the Rate Lock Amount, provided, however, if the difference between the Rate Lock Amount and the amount of the Mortgage
Loan delivered to Fannie Mae is greater than five percent (5%), but not more than ten percent (10%), then:

 

(a)           Fannie
Mae shall accept delivery of the Mortgage Loan in such lesser amount; and

 

(b)           Borrowers
shall owe as liquidated damages, to be paid from the Good Faith Deposit in full satisfaction of Borrowers’ obligations under the
Rate Lock and the Loan Commitment, an amount equal to (1) the difference between ninety-five percent (95%) of the Rate Lock Amount
and the amount of the delivered Mortgage Loan, multiplied by two percent (2.00%).

 

For
any MBS Trade with Third Part Investor, no more than the percentage delivery tolerance set forth in an MBS Trade agreement
with the third-party Investor and as detailed on Exhibit B attached to this Agreement, which in no event shall exceed ten
percent (10%) of the Rate Lock Amount.

 

Section 8.             Events
of Default.

 

Each
of the Borrower Parties agrees and acknowledges that the Borrower Parties will be in default of the Loan Commitment and this Agreement,
and that Lender will be entitled to terminate the Loan Commitment at any time, upon the occurrence of any of the following:

 

(a)           The
Mortgage Loan is not originated by the Latest Mortgage Loan Origination Date in accordance with the terms of the Loan Commitment for any
reason;

 

(b)           Borrowers
otherwise elect not to honor the terms of the Loan Commitment, or fail to perform its obligations under the Loan Commitment; or

 

(c)           any
representation, warranty, statement, certificate or other data and information provided by any of the Borrower Parties to Lender, including
but not limited to the statements made in this Agreement, is materially false or misleading as of the date given.

 

Section 9.     Remedies
for Failed Mortgage Loan Origination.

 

If
the Mortgage Loan is not originated on or before the Latest Mortgage Loan Origination Date as a result of the events of default
described in Section 8, there shall be a default under the MBS Trade and under this Agreement. In the event of such default, , for
any MBS Trade with the Multifamily Trading Desk, each of the Borrower Parties shall be jointly and severally liable for payment of a breakage
fee of $1,599,100, which shall serve as liquidated damages in full satisfaction of Borrowers’ obligations under the Rate Lock and
the Loan Commitment.

 

	Streamlined
    Rate Lock Agreement 

(Preliminary Underwriting Completed

 Prior to Rate Lock)	Form 6430	Page 5
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

For
any MBS Trade with Third Part Investor, in the event of such default, each of the Borrower Parties shall be jointly and severally
(solidarily for purposes of Louisiana law) liable for payment of a breakage fee and Borrowers shall comply with the requirements of the
Investor in the MBS, as detailed on Exhibit B attached to this Agreement, including the payment of damages described therein.

 

Section 10.           Reliance.

 

Each
of the Borrower Parties agrees and acknowledges that Lender is relying upon the truth and accuracy of all representations made
in this Agreement and all representations, warranties, statements, certificates, and other information furnished to Lender in connection
with the issuance of the Loan Commitment.

 

Section 11.           Governing
Law.

 

This Agreement shall be governed
by and construed in accordance with the substantive law of the State of Ohio without regard to the application of choice of law
principles that would result in the application of the laws of another jurisdiction.

 

Section 12.           Property
Jurisdiction.

 

Each of the undersigned agrees
that any controversy arising under or in relation to this Agreement shall be litigated exclusively in the State of Ohio. The district
and federal courts and authorities with jurisdiction in the State of Ohio shall have exclusive jurisdiction over all controversies
which shall arise under or in relation to this Agreement with respect to the subject matter hereof. Each of the undersigned irrevocably
consents to service, jurisdiction, and venue of such courts for any such litigation and waives any other venue to which it might be entitled
by virtue of domicile, habitual residence or otherwise.

 

Section 13.           Time
is of the Essence.

 

Each of the Borrower Parties
agrees that, with respect to each and every obligation and covenant contained in this Agreement, time is of the essence.

 

Section 14.           Notices.

 

Each of the Borrower Parties
agrees to notify Lender of any change in the undersigned’s address within ten (10) business days after such change of
address occurs. Any notices under this Agreement shall be:

 

(a)           in
writing and shall be:

 

(1)           delivered,
in person;

 

	Streamlined
    Rate Lock Agreement 

(Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page 6
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

(2)           mailed,
postage prepaid, either by registered or certified delivery, return receipt requested;

 

(3)           sent
by overnight courier; or

 

(4)           sent
by electronic mail with originals to follow by overnight courier;

 

(b)           addressed
to the intended recipient at the notice addresses provided under the signature block at the end of this Agreement; and

 

(c)           deemed
given on the earlier to occur of:

 

(1)           the
date when the notice is received by the addressee; or

 

(2)           if
the recipient refuses or rejects delivery, the date on which the notice is so refused or rejected, as conclusively established by the
records of the United States Postal Service or such express courier service.

 

Section 15.           WAIVER
OF JURY TRIAL.

 

TO THE MAXIMUM EXTENT PERMITTED
BY APPLICABLE LAW, EACH OF THE UNDERSIGNED (a) AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS
AGREEMENT OR ANY RELATED DOCUMENT OR THE RELATIONSHIP BETWEEN THE PARTIES THAT IS TRIABLE OF RIGHT BY A JURY, AND (b) WAIVES ANY
RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT
TO TRIAL BY JURY IS SEPARATELY GIVEN BY THE UNDERSIGNED, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL.

 

Section 16.           Exhibits.

 

Any exhibits attached to this
Agreement are incorporated fully into this Agreement by this reference and each constitutes a substantive part of this Agreement.

 

Section 17.           Counterparts.

 

This Agreement may be executed
in any number of counterparts and by different parties in separate counterparts. Each counterpart when so executed shall be deemed to
be an original and all of which together shall constitute one and the same agreement.

 

Section 18.           Construction.

 

(a)           The
captions and headings of the sections of this Agreement are for convenience only and shall be disregarded in construing this Agreement.

 

	Streamlined
    Rate Lock Agreement 

(Preliminary Underwriting Completed

 Prior to Rate Lock)	Form 6430	Page 7
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

(b)           Any
reference in this Agreement to an “Exhibit” or “Schedule” or a “Section” or an “Article”
shall, unless otherwise explicitly provided, be construed as referring, respectively, to an exhibit or schedule attached to this Agreement
or to a Section or Article of this Agreement.

 

(c)           Any
reference in this Agreement to a statute or regulation shall be construed as referring to that statute or regulation as amended from time
to time.

 

(d)           Use
of the singular in this Agreement includes the plural and use of the plural includes the singular.

 

(e)           As
used in this Agreement, the term “including” means “including, but not limited to” or “including, without
limitation,” and is for example only and not a limitation.

 

(f)           Whenever
Borrowers’ knowledge is implicated in this Agreement or the phrase “to Borrowers’ knowledge” or a similar phrase
is used in this Agreement, Borrowers’ knowledge or such phrase(s) shall be interpreted to mean to the best of Borrowers’
knowledge after reasonable and diligent inquiry and investigation.

 

(g)           Unless
otherwise provided in this Agreement, if Lender’s approval, designation, determination, selection, estimate, action or decision
is required, permitted or contemplated hereunder, such approval, designation, determination, selection, estimate, action or decision shall
be made in Lender’s sole and absolute discretion.

 

(h)           All
references in this Agreement to a separate instrument or agreement shall include such instrument or agreement as the same may be amended
or supplemented from time to time pursuant to the applicable provisions thereof.

 

(i)           “Lender
may” shall mean at Lender’s discretion, but shall not be an obligation.

 

[Remainder of Page Intentionally Blank]

 

	Streamlined
    Rate Lock Agreement

 (Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page 8
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

IN
WITNESS WHEREOF, each of the Borrower Parties and Lender have signed and delivered this Agreement under seal (where applicable)
or have caused this Agreement to be signed and delivered under seal (where applicable) by its duly authorized representative to be effective
as of the date written below. Where applicable law so provides, each of the Borrower Parties and Lender intend that this Agreement shall
be deemed to be signed and delivered as a sealed instrument.

 

	 	BORROWER:	 
	 	NERA DEAN STREET ASSOCIATES,
    LLC	 
	 	a Delaware limited liability
    company	 
	 	 	 
	 	By: 	NewReal, Inc.,	 
	 	a Massachusetts corporation,	 
	 	its Manager	 
	 	 	 
	 	 	 
	 	By: 	 	(SEAL)
	 	Name:	Ronald Brown	 
	 	Title:	President	 
	 	 	 
	 	BORROWER:	 
	 	SCHOOL STREET 9, LLC	 
	 	a Delaware limited liability company	 
	 	 	 
	 	By:	NewReal, Inc.,	 
	 	a Massachusetts corporation,	 
	 	its Manager	 
	 	 	 
	 	 	 
	 	By:	 	(SEAL)
	 	Name:	Ronald Brown	 
	 	Title:	President	 

 

	Streamlined Rate Lock Agreement

                                                                                (Preliminary Underwriting Completed

                                                                                Prior to Rate Lock)
	Form 6430	Page S-1
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

	 	BORROWER:	 
	 	 	 
	 	WESTGATE APARTMENTS BURLINGTON,
    LLC	 
	 	a Delaware limited liability
    company	 
	 	 	 
	 	By:	NewReal, Inc.,	 
	 	a Massachusetts corporation,	 
	 	its Manager	 
	 	 	 
	 	 	 
	 	By:		(SEAL)
	 	Name: 	Ronald Brown	 
	 	Title: 	President	 
	 	 	 
	 	BORROWER:	 
	 	 	 
	 	WESTGATE APARTMENTS, LLC	 
	 	a Delaware limited liability
    company	 
	 	 	 
	 	By:	NewReal, Inc.,	 
	 	a Massachusetts corporation,	 
	 	its Manager	 
	 	 	 
	 	 	 
	 	By:		(SEAL)
	 	Name: 	Ronald Brown	 
	 	Title:	President	 

 

	Streamlined Rate Lock Agreement

                           (Preliminary Underwriting Completed

                           Prior to Rate Lock)
	Form 6430	Page S-2
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

	 	/KEY PRINCIPALS:
	 	 	 	 
	 	 	NEW ENGLAND REALTY ASSOCIATES
    LIMITD PARTNERSHIP, a Massachusetts limited partnership
	 	 	 	 
	 	 	 	By:	 NewReal, nc., a Massachusetts corporation,

its general partner

	 	 	 	 
	 	 	 	 
	 	 	 	 	By:	
	 	 	 	 	Jameson Brown
	 	 	 	 	Authorized Person
	 	 	 	 
	 	 	 	 
	 	 	JAMESON BROWN, a US individual
	 	 	 	 
	 	 	 	 
	 	 	 	 	By:	
	 	 	 	                        Jameson Brown

 

	Streamlined Rate Lock Agreement

                           (Preliminary Underwriting Completed

                           Prior to Rate Lock)
	Form 6430	Page S-3
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

	 	LENDER:	 
	 	KEYBANK NATIONAL ASSOCIATION,
    a national banking association	 
	 	 	 
	 	 	 
	 	By: 	 	(SEAL) 
	 	Name:	Michael T. Johnson	 
	 	Title:	Senior Vice President	 
	 	 	 
	 	ADDRESS FOR NOTICES:	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

	Streamlined Rate Lock Agreement

                           (Preliminary Underwriting Completed

                           Prior to Rate Lock)
	Form 6430	Page S-4
	Fannie Mae	06-19	© 2019 Fannie Mae

 

     

     

    

 

EXHIBIT A

TO

STREAMLINED
RATE LOCK AGREEMENT

(Preliminary
Underwriting Completed Prior to Rate Lock)

 

[Exceptions to Representations and Warranties]

 

N/A

 

	Streamlined
    Rate Lock Agreement 

(Preliminary Underwriting Completed 

Prior to Rate Lock)	Form 6430	Page A-1
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

 

     

     

    

 

EXHIBIT B

TO

STREAMLINED
RATE LOCK AGREEMENT

(Preliminary
Underwriting Completed Prior to Rate Lock)

 

A.            Borrowers
acknowledge that at Borrowers’ request, Lender has made certain commitments to Fannie Mae and the Investor relating to the Cash
Trade or MBS Trade, as applicable, and that if following a default as set forth in Section 8 above, Lender fails to sell the proposed
Loan to Fannie Mae or deliver the MBS to the Investor in accordance with the MBS Trade, then Lender will suffer certain damages relating
to such failure, including payment of the Good Faith Deposit to Fannie Mae or the Investor, together with any additional and direct damages
actually incurred by the Investor as a result of the Investor’s lost investment opportunity. Accordingly, Borrowers shall be liable
for and shall hold harmless and indemnify Lender, its partners, officers, directors, shareholders, legal representatives, successors,
and assigns, from and against any claims made against Lender, and any direct, indirect, or consequential damages (including reasonable
attorneys' fees) incurred by Lender resulting from or incurred in connection with Borrowers’ default as set forth in Section 8
above. In the event any of the provisions of this Exhibit B are not enforceable under the laws of the applicable jurisdiction, Borrowers
must promptly notify Lender in writing of such unenforceability and recommend alternate language that will be enforceable under applicable
law. For the purposes of this Agreement, Borrowers acknowledge and agree that such direct damages shall include, without limitation,
any market “breakage” fee or charge.

 

		B.	Investor Delivery Tolerance (not
to exceed 5%) and Breakage Fee is 2% of the Locked Loan Amount.

 

		C.	The Borrower, Property, and Property
Addresses associated with the Initial Advance are:

 

	Mortgage Property	Borrower	Address	City	State	Zip Code	 
	Courtyard at Westgate	WESTGATE APARTMENTS BURLINGTON, LLC, a Delaware limited liability company	105-107 Westgate Dr	Burlington	MA	01803	 
	 
	 
	Hamilton Village	SCHOOL STREET 9, LLC, a Delaware limited liability company	9 School St	Framingham	MA	01701	 
	 
	 
	Stonebridge Apartments	NERA DEAN STREET ASSOCIATES, LLC, a Delaware limited liability company	38 Dean St	Norwood	MA	02062	 
	 
	 
	Westgate Apartments	WESTGATE APARTMENTS, LLC, a Delaware limited liability company	2-20 Westgate Dr	Woburn	MA	01801	 
	 
	 

 

	Streamlined
    Rate Lock Agreement (Preliminary Underwriting Completed Prior to Rate Lock)	Form 6430	Page B-1
	Fannie
    Mae	06-19	©
    2019 Fannie Mae

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