Document:

FACILITY "B" NOTE

$10,000,000                                                       March 21, 2000

                  TOTAL   RESEARCH    CORPORATION,    a   Delaware   corporation
(hereinafter called the "Borrower"),  for value received, hereby promises to pay
to the order of  SUMMIT  BANK,  a New  Jersey  bank  (which,  together  with its
successors and assigns,  will be called the "Bank"), the principal amount of Ten
Million Dollars  ($10,000,000),  or so much thereof as is outstanding  under the
Credit  Agreement  (as  hereinafter  defined),  on June 30, 2002 (the  "Maturity
Date").  All accrued and unpaid  interest  shall be due and payable on the first
day of the first  calendar  month  following  the date of this Note,  and on the
first day of each month thereafter, and on the Maturity Date.
         This Note is the  "Facility B Note"  referred to in the Second  Amended
and Restated Credit Agreement dated the date hereof between the Borrower and the
Bank.  (the  "Credit  Agreement").  This Note is  entitled to the  benefits  and
security  provided  for in the Credit  Agreement  and the other  agreements  and
documents executed and delivered in connection therewith.
         This Note  supersedes  and  replaces  the  Facility  C Note dated as of
December 1, 1999 from the Borrower to the Bank in the

<PAGE>

maximum principal amount of $2,500,000 (the "Superseded Note").  Nothing herein
shall be construed to be a  termination  of, or a novation  with respect to, the
indebtedness  heretofore  evidenced by the  Superseded  Note,  or to abrogate or
otherwise  adversely  affect the  existence  or priority of any and all security
interests,  mortgages,  or  other  liens in  favor  of the  Bank  securing  such
indebtedness.
         Subject to the  provisions  of this Note  hereinafter  set  forth,  the
principal  amount of this  Note  outstanding  from time to time (the  "Principal
Balance")  shall bear interest at the Floating Rate.  The term  "Floating  Rate"
shall mean a rate per annum  which  initially  is the Base Rate (as  hereinafter
defined) from time to time. As used herein,  the term "Base Rate" means the rate
of interest  established  by the Bank from time to time as its reference rate in
making  loans,  but  does  not  reflect  the  rate of  interest  charged  to any
particular class of borrowers.  The Borrower  acknowledges that the Base Rate is
not tied to any  external  rate of  interest  or index.  The  Floating  Rate for
purposes  hereof will change  automatically  and immediately as of each date the
Bank changes the Base Rate,  without  notice to the

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<PAGE>

Borrower.  Interest  shall be charged on the basis of the actual  number of days
elapsed, over a year of 360 days.
                  The Floating  Rate shall be adjusted  quarterly  such that the
increment  over the Base  Rate or under the Base  Rate,  as the case may be (the
"Floating  Rate  Margin")  shall vary based upon the  Borrower's  ratio of Total
Liabilities to Tangible Net Worth (as such capitalized  terms are defined in the
Credit Agreement) in accordance with the following schedule:

Ratio of Total Liabilities
 to Tangible Net Worth                      Margin
 ---------------------                      ------

3 to 1 or greater                            - 0-
Between 1.50 to 1 and 2.99 to 1             (-1/4%)
Below 1.50 to 1                             (-1/2%)

                  Borrower shall have the option  (hereinafter called the "LIBOR
Rate Option") from time to time in the manner  hereinafter  set forth to convert
the  interest  rate on any portion of the  Principal  Balance  from time to time
bearing interest at the Floating Rate (or which would otherwise bear interest at
the Floating Rate on any Roll Over Date but for the exercise of this option) and
any advance  about to be made  pursuant to the Credit  Agreement  (each,  a "New
Advance"),  from the Floating Rate to a LIBOR Rate (as hereinafter defined). For
the  purposes  of the LIBOR Rate  Option,  the  following  terms  shall have the
following meanings:

                                       3
<PAGE>

                  (i) The   term  "Business  Day"  shall  mean any  day on which
          commercial  banks settle payments in U.S.  dollars in London,  England
          and New York.

                  (ii)  The  term  "Interest   Period"  shall  mean  the  period
         commencing on the date so specified in Borrower's notice to Bank of any
         election  to  exercise  the  LIBOR  Rate  Option  and  ending on a date
         specified  in such  notice,  which  ending date (a) shall be either one
         month,  two  months,  or three  months  after the  commencement  of the
         Interest  Period,  and (b) shall not be beyond the  Maturity  Date.  No
         Interest  Period shall  commence  other than on a Business  Day. If any
         Interest  Period shall end on a day which is not a Business  Day,  such
         Interest Period shall be extended to the next succeeding  Business Day,
         unless  such  next  succeeding  Business  Day  would  fall in the  next
         calendar month,  in which event,  such Interest Period shall end on the
         next preceding Business Day.

                  (iii) The term "Roll Over Date" shall mean the day immediately
         following the last day of an Interest Period.

                  (iv) The term  "Fixed  LIBOR Rate" shall mean a rate per annum
         (rounded  to the  nearest  1/16 of 1%,  or if  there is no  nearest  of
         1/100,000  of 1%,  to the next  highest  1/16 of 1%)  equal to the rate
         quoted at approximately 9:00 a.m. New York time, by New York dealers of
         London interbank  deposits selected by the Bank two Business Days prior
         to the first day of such Interest Period for the purchase at face value
         of U.S. dollar deposits in immediately available funds for a period and
         in an amount  comparable  to the  applicable  Interest  Period  and the
         Principal Balance outstanding during such Interest Period, with respect
         to which Borrower has exercised the LIBOR Rate Option.

                  (v) The term "Adjusted LIBOR Rate" shall mean a rate per annum
         (rounded  upwards,  if necessary,  to the next 1/16 of 1%) equal to the
         product  arrived at by multiplying the Fixed LIBOR Rate with respect to
         the applicable  Interest Period by a fraction (expressed as a decimal),
         the numerator of which shall be the number one and the  denominator  of
         which shall be the number one minus the aggregate  reserve  percentages
         (expressed as a decimal) from time to time  established by the Board of
         Governors of the Federal  Reserve  System of the United  States and any
         other  banking  authority  to which Bank is now or  hereafter  subject,
         including,  but not limited to any reserve on Eurocurrency  Liabilities
         as defined in  Regulation  D of the Board of  Governors  of the Federal
         Reserve  System of the  United  States at the ratios

                                       4
<PAGE>

         provided  in such  Regulation  from time to time,  it being agreed that
         the amount  of the Principal  Balance bearing  interest at a LIBOR Rate
         shall be deemed  to constitute Eurocurrency Liabilities,  as defined by
         such  Regulation,  and  it being further agreed that such  Eurocurrency
         Liabilities shall be deemed  to be subject to such reserve requirements
         without  benefit of or credit  for  prorations,  exceptions  or offsets
         that may be available to Bank  from time to time under such  Regulation
         and irrespective of whether Bank  actually maintains all or any portion
         of such reserve.

         (vi) The term  "LIBOR  Rate"  shall mean a rate per annum  equal to the
         Adjusted LIBOR Rate with respect to the applicable Interest Period plus
         a margin (the "LIBOR  Margin") which initially shall be 2.50% and shall
         vary based upon the Borrower's  ratio of Total  Liabilities to Tangible
         Net  Worth  (as  such  capitalized  terms  are  defined  in the  Credit
         Agreement) in accordance with the following schedule:

         Ratio of Total Liabilities
           to Tangible Net Worth                     Margin
           ---------------------                     ------

         3 to 1 or greater                            2.50%
         Between 1.50 to 1 and 2.99 to 1              2.25%
         Below   1.50 to 1                            2.00%

         The LIBOR Rates and the  components  thereof shall be calculated on the
basis  of  the  actual  number  of  days  elapsed  over  a  360-day  year.  Each
determination  of a LIBOR Rate shall be made by Bank and shall be conclusive and
binding upon Borrower absent manifest error.
         Borrower shall give Bank irrevocable  written notice of any election to
exercise  the LIBOR Rate  Option at least three (3)  Business  Days prior to the
commencement  of an Interest  Period,  which notice shall specify the portion of
the  Principal  Balance or New  Advance  with  respect to which the  Borrower is
making the

                                       5
<PAGE>

election,  the date upon  which  such  Interest  Period is to  commence  and its
duration.  Bank shall,  as soon as  practicable  after 9:00 a.m.,  New York City
time, two (2) Business Days prior to the  commencement  of the Interest  Period,
determine the LIBOR Rate  applicable to the portion of the Principal  Balance or
New Advance  specified  in such notice and inform  Borrower of the LIBOR Rate so
determined.  Such LIBOR Rate shall be applicable to the portion of the Principal
Balance or such New Advance for the duration of the Interest Period specified by
the Borrower in such notice.  The interest rate applicable to the portion of the
Principal  Balance or New Advance with  respect to which  Borrower has elected a
LIBOR Rate, shall revert from the LIBOR Rate applicable  thereto to the Floating
Rate as of the Roll Over Date applicable  thereto,  unless the Borrower properly
elects another LIBOR Rate Option in accordance with the above  provisions.  Bank
shall be under no duty or obligation  to notify  Borrower that the interest rate
on any portion of the Principal  Balance is about to revert from a LIBOR Rate to
the Floating Rate.
         The LIBOR  Rate  Option  may only be  exercised  by the  Borrower  with
respect to portions of the Principal  Balance or New  Advances,  which (a) would
bear interest at the Floating Rate on the date of commencement of the applicable
Interest Period,  but for the exercise by the Borrower of the LIBOR Rate Option,
and (b) are equal to or in excess of $100,000.  The Borrower's right to exercise
the LIBOR  Rate  Option  shall be  conditioned  upon the

                                       6
<PAGE>

Borrower not being in default  under this Note or the Credit  Agreement.  At any
one time during the term of this Note there shall not be, in the aggregate, more
than three (3) Interest Periods in effect under the LIBOR Rate Option.
         If in any instance  the Bank shall waive one or more of the  conditions
or  limitations  to the exercise by the Borrower of the LIBOR Rate Option,  such
waiver  shall  apply  only to the  instance  in which  given  and  shall  not be
construed as a waiver of any such  condition or  limitation  with respect to any
subsequent exercise by the Borrower of the LIBOR Rate Option.
         In the event,  and on each  occasion,  that on the day two (2) Business
Days prior to the commencement of an Interest Period, Bank shall have determined
(which  determination shall be conclusive and binding upon Borrower) that dollar
deposits  in an  amount  approximately  equal to the  portion  of the  Principal
Balance  or New  Advance,  at the time  Borrower  has  exercised  the LIBOR Rate
Option, are not generally available at such time in the London interbank market,
or the rate at which such dollar  deposits are being offered will not adequately
and fairly reflect the cost to Bank of making or maintaining a LIBOR Rate on the
portion of the Principal  Balance or New Advance,  or of funding the same in the
London interbank market during such Interest Period,  or reasonable means do not
exist for  ascertaining  a LIBOR  Rate,  or a LIBOR  Rate on the  portion of the
Principal Balance or New Advance would be in excess of the maximum interest rate
which

                                       7
<PAGE>

Borrower may by law pay, Bank shall so notify Borrower and the Principal Balance
or New Advance shall continue to bear interest at the Floating Rate.
         If any change in any law or regulation or in the interpretation thereof
by any governmental  authority charged with the administration or interpretation
thereof  shall make it unlawful  for Bank to make or  maintain  LIBOR Rates with
respect to the Principal  Balance or to fund  portions of the Principal  Balance
bearing  interest  at a LIBOR  Rate in the  London  interbank  market or to give
effect to its  obligations as  contemplated  hereby,  then the LIBOR Rate Option
shall  immediately  terminate  and upon  notice  by Bank to  Borrower  any LIBOR
Rate(s)   applicable  to  the  Principal  Balance  or  parts  thereof  shall  be
automatically  converted to the Floating Rate and Borrower  shall pay to Bank an
amount  equal to the  prepayment  premium  which  would be due  pursuant  to the
provisions  of this Note  hereinafter  set forth upon a  prepayment  of the same
prior to the Roll Over Date  applicable  thereto.  Any  notice  given by Bank to
Borrower  pursuant to this paragraph shall, if lawful,  be effective on the last
day of any existing Interest Periods.
         Borrower shall  indemnify the Bank against any loss or expense that the
Bank may sustain or incur as a  consequence  of any  failure by the  Borrower to
take down any portion of a New Advance  pursuant  to the Credit  Agreement  with
respect to which Borrower has exercised the LIBOR Rate Option, or default by the

                                       8
<PAGE>

Borrower in the payment of any portion of the  Principal  Balance or New Advance
bearing  interest  at a LIBOR  Rate,  or any part  thereof or  interest  accrued
thereon at a LIBOR Rate, as and when due and payable,  or the  occurrence of any
event of default specified in this Note or the Credit Agreement,  including, but
not  limited  to,  any loss or  reasonable  expense  sustained  or  incurred  in
liquidating  or  reemploying  deposits from third parties  acquired to effect or
maintain any LIBOR Rate with respect to any portion of the Principal  Balance or
any New  Advance  about to be made  pursuant to the Credit  Agreement.  The Bank
shall provide to the Borrower a statement explaining the amount of any such loss
or expense,  which  statement  shall be conclusive and binding upon the Borrower
absent manifest error.
         Borrower  shall from time to time,  upon request of the Bank,  sign and
deliver to the Bank a letter  agreement in form  reasonably  satisfactory to the
Bank  indicating  as of the date  thereof  (a) the  respective  portions  of the
Principal  Balance which bear interest at the Floating Rate and LIBOR Rates, and
(b) the LIBOR Rates  applicable  to each portion of the  Principal  Balance with
respect to which the Borrower has exercised  the LIBOR Rate Option,  and (c) the
respective Roll Over Dates  applicable to each portion of the Principal  Balance
with respect to which LIBOR Rates are applicable.

                                       9
<PAGE>

         All  payments on this Note shall be made in lawful  money of the United
States at the office of the Bank at 301 Carnegie Center, CN 5316, Princeton, New
Jersey  08543-5316,  or at such  other  place as the Bank may  designate  to the
Borrower in writing from time to time.  Each payment  shall be applied  first to
accrued and unpaid  interest and late  charges (if any),  and the balance to the
outstanding principal hereof.
         This Note may be prepaid, in whole or in part at any time and from time
to time and,  for so long as a  Floating  Rate is in  effect,  without  penalty,
premiums or costs. If all or any portion of the Principal Balance is prepaid, or
if the  maturity of the Note is  accelerated  by the Bank  following an Event of
Default, while a LIBOR Rate is in effect, then Borrower shall pay to the Bank on
demand  such amount as shall be  sufficient  (in the  reasonable  opinion of the
Bank) to compensate  the Bank for any and all losses,  costs and expenses  which
Bank reasonably  determines are attributable to such prepayment or acceleration.
Such  compensation  shall  include,  but is not  limited  to the amount (if any)
determined  by the Bank to be the excess of:  (i) the amount of  interest  which
otherwise  would have  accrued on the  Principal  Balance  (or  portion  thereof
prepaid)  for the  period  from  and  including  the date of the  prepayment  or
acceleration  to and including the last day of the then current  Interest Period
at the  applicable  LIBOR Rate;  over (ii) the amount of interest the Bank would
have bid to New York  dealers of London  interbank

                                       10
<PAGE>

dollar  deposits for amounts  comparable to such  Principal  Balance (or portion
thereof prepaid) and maturities  comparable to such Interest Period.  The Bank's
determination  of such  compensation  shall be set forth in writing  and, in the
absence of manifest error, be conclusive and binding upon the Borrower. Borrower
acknowledges  and  agrees  that the Bank  may  fund  all or any  portion  of the
Principal  Balance in any legal  manner it chooses,  and  Borrower  shall not be
relieved of its obligation to pay the compensation required by this paragraph by
reason of the manner chosen by the Bank.
          Borrower  recognizes  that the cost to Bank of making  or  maintaining
LIBOR Rates with respect to the  Principal  Balance may  fluctuate  and Borrower
agrees to pay Bank, upon demand,  an additional  amount or amounts as Bank shall
determine  will  compensate  Bank for additional  costs of maintaining  any such
LIBOR Rate as a result of:

                  (i) the imposition of, or changes in, the reserve requirements
         promulgated by the Board of Governors of the Federal  Reserve System of
         the  United  States,  including,  but not  limited  to any  reserve  on
         Eurocurrency  Liabilities  as defined in  Regulation  D of the Board of
         Governors  of the Federal  Reserve  System of the United  States at the
         ratios  provided in such  Regulation from time to time, it being agreed
         that the Principal  Balance  bearing  interest at a LIBOR Rate shall be
         deemed to  constitute  Eurocurrency  Liabilities,  as  defined  by such
         Regulation,   and  it  being  further  agreed  that  such  Eurocurrency
         Liabilities  shall  be  deemed  subject  to such  reserve  requirements
         without benefit of or credit for prorations, exceptions or offsets that
         may be available to Bank from time to time under such  Regulation,  and
         irrespective  of whether Bank actually  maintains all or any portion of
         such reserve; or

                                       11
<PAGE>

                  (ii) any change,  after the date of this Note,  in  applicable
         law or regulation or in the interpretation or administration thereof by
         any  governmental   authority   charged  with  the   interpretation  or
         administration  thereof  (whether or not having the force of law) or by
         any court  changing  the basis of  taxation  of payments to Bank of the
         Principal  Balance or interest on any portion of the Principal  Balance
         bearing  interest at a LIBOR Rate or any other fees or amounts  payable
         under this Note (other than taxes  imposed on the overall net income of
         Bank by the United States or any State, or by any political subdivision
         or taxing authority  thereof),  or imposing,  modifying or applying any
         reserve,  special  deposit or similar  requirement  against  assets of,
         deposits with or for the account of,  credit  extended by, or any other
         acquisition  of funds for  loans by Bank,  or  imposing  on Bank or the
         London Interbank Market any other condition  affecting this Note or the
         Credit  Agreement or the Principal  Balance bearing interest at a LIBOR
         Rate so as to  increase  the cost to Bank of  making or  maintaining  a
         LIBOR  Rate with  respect  to the  Principal  Balance  or to reduce the
         amount of any sum received or receivable by Bank under this Note or the
         Credit Agreement (whether of principal,  interest or otherwise),  by an
         amount  deemed by Bank to be  material,  but  without  duplication  for
         payments required under any other provision of this Note.

Any amount or amounts payable by Borrower to Bank pursuant to  subparagraph  (i)
or (ii) above  shall be paid by Borrower to Bank within ten (10) days of receipt
from Bank of a statement  setting  forth the amount or amounts due and the basis
for the  determination  from  time to time of  such  amount  or  amounts,  which
statement  shall be conclusive and binding upon Borrower  absent manifest error.
Failure on the part of Bank to demand  compensation  for any increased  costs in
any  Interest  Period  shall not  constitute  a waiver of Bank's right to demand
compensation for any increased costs incurred during any such Interest Period or
in any other subsequent or prior Interest Period.

                                       12
<PAGE>

         The LIBOR Margin and Floating  Rate Margin shall be adjusted  quarterly
based upon the Borrower's  consolidated  ratio of Total  Liabilities to Tangible
Net Worth as of the end of the most recent fiscal  quarter for which  Borrower's
quarterly financial  statements have been furnished to the Bank. For example, if
the  Borrower's  financial  statements for the quarter ended March 31 of a given
year are  furnished on May 15, and an  adjustment in the Floating Rate Margin or
LIBOR Margins is required, the adjustment shall be effective June 30. The change
in the LIBOR Margin and Floating  Rate Margin,  if any, as so  determined  shall
take  effect on the first day of April,  July,  October and January in each year
and such LIBOR Margin shall remain in effect for the ensuing three month period.
If any Interest Period is in effect on the date the LIBOR Margin otherwise would
change pursuant to the above provisions,  the LIBOR Rate(s) then in effect shall
not  change,  but shall  remain  in effect  for the  unexpired  portion  of such
Interest  Period(s).  If in any case the Borrower does not deliver its financial
statements  to the Bank  before the date the change in LIBOR  Margin or Floating
Rate Margin would otherwise take effect,  then the Bank may elect, at its option
either:  (i) to not make the LIBOR Rate Option  available to the Borrower  until
such  financial  statements  are delivered and the LIBOR Margin is adjusted;  or
(ii) to  retroactively  change the LIBOR Margin and  Floating  Rate Margin as of
such  date(s),  and  adjust  the  interest  due  hereon  as soon as  practicable
following delivery of such financial  statements to the Bank. If the Bank elects
to make the

                                       13
<PAGE>

adjustments  described in clause (ii) and additional interest is due to the Bank
by reason of an  increase  in the LIBOR  Margin or Floating  Rate  Margin,  such
amount shall due and payable upon demand.  If amounts are due to the Borrower by
reason of a decrease in the LIBOR Margin or Floating  Rate Margin,  such amounts
shall  be  credited  against  the next  monthly  interest  payment  due from the
Borrower.
         To the extent permitted by law,  whenever there is any Event of Default
under this Note, the rate of interest on the unpaid principal  balance shall, at
the  option of the  Bank,  be three  percent(3%)  per annum in excess of rate of
interest  otherwise in effect herein.  The Borrower  acknowledges  that: (i)such
additional rate is a material inducement to Bank to make the loan, (ii) the Bank
would not have made the loan in the absence of the  agreement of the Borrower to
pay such default rate,  (iii) such additional rate represents  compensation  for
the increased  risk to the Bank that the loan will not be repaid,  and (iv) such
additional rate is not a penalty and represents a reasonable estimate of (a) the
cost to Bank in allocating its resources  (both  personnel and financial) to the
ongoing review,  monitoring,  administration and collection of the loan, and (b)
of compensation to Bank for losses that are difficult to ascertain.
         The  Borrower  agrees  to pay all  costs  (including  attorneys'  fees)
incurred by the Bank in collecting this Note following an Event of Default.

                                       14
<PAGE>

         In the event that any payment on this Note shall not be received by the
Bank  within ten (10) days of its due date,  the Bank shall (in  addition to and
not to the  exclusion  of its other  rights  hereunder)  be entitled to, and the
Borrower shall pay to the Bank, a late charge of 5% of the overdue payment,  but
in any case neither less than $25 nor more than $2,500. Late charges assessed by
the Bank are  immediately  due and  payable.  Payments  are  deemed  made on the
banking day payment is received by the Bank;  payments  received after 3:00 p.m.
will be deemed made the next banking day.
         Presentment for payment,  demand, protest, notice of protest and notice
of dishonor  are hereby  waived by all parties to this Note,  whether  Borrower,
endorser, guarantor or surety.
         Anything  in this  Note to the  contrary  notwithstanding,  in no event
shall the interest charged hereon exceed the maximum amount allowed by law.
         No  provision  of this Note may be changed  or waived  orally or by any
course of dealing,  but only by an instrument in writing  signed by the party to
be charged by such change or waiver.
         This Note shall be construed and enforced in  accordance  with the laws
of the  State  of New  Jersey.  The Bank  shall  note in its  standard  business
records, whether manually or electronically maintained, the
date and amount of each  advance and payment  hereunder.  The Bank's  records

                                       15
<PAGE>

of such  advances  and  payments  shall,  in the absence of manifest  error,  be
binding upon the Borrower.
         In  the  event  the  Bank  makes  one  or  more  advances  causing  the
outstanding principal balance hereof to exceed the face amount of this Note, all
such additional advances shall nevertheless be payable on demand and enforceable
pursuant to the terms of this Note.
         IN ANY  LITIGATION  ARISING  OUT OF OR  RELATING  TO ANY OF THE MATTERS
CONTAINED IN THIS NOTE OR ANY OF THE DOCUMENTS  DELIVERED IN CONNECTION HEREWITH
IN  WHICH  THE BANK  AND THE  BORROWER  ARE  ADVERSE  PARTIES,  THE BANK AND THE
BORROWER WAIVE TRIAL BY JURY.
         IN WITNESS  WHEREOF,  the Borrower has executed this Note as of the day
and year first above written.

                                                    TOTAL RESEARCH CORPORATION

                                                  By:/s/ Albert Angrisani
                                                     ---------------------------
                                                     Albert Angrisani, President

                                                  Address of Borrower:
                                                  5 Independence Way
                                                  Princeton, NJ 08543-5303AMENDED AND RESTATED
                         ADVISORY AGREEMENT
                               between
                    FRANKLIN SELECT REALTY TRUST
                                 and
                      FRANKLIN PROPERTIES, INC.

           THIS AMENDED AND RESTATED ADVISORY AGREEMENT  ("Agreement") is dated
as of January 1, 2000,  between  FRANKLIN  SELECT  REALTY  TRUST,  a California
corporation  (the  "Company"),  and  FRANKLIN  PROPERTIES,  INC.,  a California
corporation (the "Advisor").

           WHEREAS,  the  Company  and  the  Advisor  entered  into  a  certain
agreement  (the  "Old  Agreement")   captioned   "Advisory   Agreement  between
Franklin Select Real Estate Income Fund and Franklin  Properties,  Inc.," dated
as of March 1, 1989.

           WHEREAS,  the  Company  and  the  Advisor  entered  into  a  certain
agreement  captioned  "First Amendment to Advisory  Agreement  between Franklin
Select  Real Estate  Income Fund and  Franklin  Properties  Inc.,"  dated as of
October  1,  1994,  pursuant  to which the  Agreement  was  amended  to reflect
certain  changes in the  compensation  paid to the  Advisor as  approved by the
shareholders.

WHEREAS,  the  Company  and  the  Advisor  entered  into  a  certain  agreement
captioned  "Amended and Restated  Advisory  Agreement  between  Franklin Select
Real Estate  Income Fund and  Franklin  Properties  Inc.,"  dated as of January
1,1999,  pursuant  to which  the  Agreement  was  amended  to  reflect  certain
changes in the terms of the Advisory Agreement..

           Whereas,  at a special meeting on January 25, 2000, the shareholders
of the Company  approved a sale of all of the Company's  real estate assets and
a Plan  of  liquidation  and  dissolution  and  the  Directors  of the  Company
subsequently adopted the Plan of liquidation and dissolution.

           Whereas,  the Company and the Advisor  desire to renew and  continue
the Advisory  Agreement  dated  January 1, 1999 as amended below to reflect the
operating circumstances arising from the liquidation of the Company.

           NOW,  THEREFORE,  in consideration of the premises and of the mutual
covenants  in the Old  Agreement  and  this  Agreement,  the  parties  agree as
follows:

1.         Duties of  Advisor.  The Advisor  agrees to use its best  efforts to
present  to the  Company  (a) a  continuing  and  suitable  investment  program
consistent  with the investment  policies and objectives of the Company and the
Plan of liquidation  and  dissolution.  and (b) investment  opportunities  of a
character  consistent  with the  investment  program as the Directors may adopt
from  time  to  time.  In  performance  of  this  undertaking,  subject  to the
supervision  of the Directors and upon their  direction,  and  consistent  with
the  provisions  of the  Articles of  Incorporation  and Bylaws of the Company,
the Advisor shall:

                (a)   furnish   or  obtain   and   supervise   the   day-to-day
operations of the Company;

                (b) serve as the Company's  investment  and  financial  advisor
and provide  research,  economic and  statistical  data in connection  with the
Company's investments and investment and financial policies;

                (c)  on  behalf  of  the  Company,   investigate,   select  and
conduct   relationships   with   consultants,    investment   banks,   lenders,
mortgagors,  brokers,  investors,  shareholders,   transfer  agents,  builders,
developers and others;

                (d)  consult  with the  Directors  and  furnish  the  Directors
with  advice  and  recommendations  with  respect  to  making,   acquiring  (by
purchase,  investment,  exchange or otherwise),  holding and disposing (through
sale,  exchange or otherwise) of investments  consistent  with the policies and
provisions of the Company;

                (e) on behalf of the  Company,  investigate,  select and commit
to  purchase  (subject  to  board  approval)  investments  consistent  with the
policies  and  provisions  of the Company and in  accordance  with the policies
and guidelines  established by the Directors,  provided that actual investments
shall be made only with the prior  approval  of a  majority  of a quorum of the
Directors or by written consent of all Directors;

                (f)  obtain  for  the   Directors   such  services  as  may  be
required in acquiring and disposing of  investments,  disbursing and collecting
the funds of the Company,  paying the debts and fulfilling  the  obligations of
the Company and handling, prosecuting and settling any claims of the Company;

                (g) obtain for the  Company  such  services  as may be required
for property  management,  including property  management  services rendered by
an affiliate of the Advisor,  and other  activities  relating to the investment
portfolio of the Company;

                (h) advise in connection  with and conduct  negotiations  by or
on behalf of the Company with investment  banking firms,  securities brokers or
dealers and other  institutions  or  investors  for public or private  sales of
Shares or other  securities  of the  Company,  or obtain loans for the Company,
but in no event in such a way that the  Advisor  could be  deemed  to be acting
as a broker-dealer or underwriter;

                (i) provide,  at the Company's  expense,  office space,  office
furnishings,  personnel and other  overhead  items  necessary and incidental to
the Company's business and operations;

                (j)  from  time  to  time  or at  any  time  requested  by  the
Directors,  make reports to the Directors of its  performance of services under
this Agreement;

                (k)   obtain   appraisal   reports,   where   appropriate,   on
investments or contemplated investments of the Company;

                (l) provide,  at the Company's  expense and at the direction of
the Board of  Directors,  accounting  and  related  services  necessary  to the
preparation of the Company's  financial  statements,  regulatory  filings,  and
tax returns; and

                (m) do all things  necessary  to assure  its  ability to render
the services described in this Agreement.

           2.        NO  PARTNERSHIP  OR JOINT  VENTURE.  The  Company  and the
Advisor  are not  partners  or joint  venturers  with each other and nothing in
this  Agreement  shall be  construed  to make  the  parties  partners  or joint
venturers or impose any  liability as a partner or joint  venturer on either of
them.

           3.        RECORDS.  At all times,  the  Advisor  shall  keep  proper
books of  account  and  records  relating  to  services  performed  under  this
Agreement,  which  shall be  accessible  for  inspection  by the Company at any
time during ordinary business hours.

           4.        REIT  QUALIFICATIONS.  Notwithstanding  anything  else  in
this Agreement,  the Advisor shall refrain from any action (including,  without
limitation,  performing  services  for  tenants  of  property  or  managing  or
operating real property)  which,  in its sole judgment made in good faith or in
the judgment of the  Directors of which the Advisor has written  notice,  would
adversely  affect the status of the Company as a real estate  investment  trust
as  defined  and  limited  in the Code,  which  would  violate  any law,  rule,
regulation  or statement of policy of any  governmental  body or agency  having
jurisdiction  over  the  Company  or  over  its  securities,   or  which  would
otherwise not be permitted by the Company's Bylaws.

           5.        BANK  ACCOUNTS.   The  Advisor,  at  the  expense  of  the
Company,  may  establish  and  maintain  one or more bank  accounts  in its own
name, and may collect and deposit into any one or more  accounts,  and disburse
from any  account  or  accounts,  any money on behalf  of the  Company,  on the
terms and  conditions  as the  Directors  may approve,  provided  that no funds
shall be  commingled  with funds of the  Advisor;  and the  Advisor  shall from
time to time give an  appropriate  accounting  of  collections  and payments to
the Directors and to the auditors of the Company.

           6.        BOND.  The  Advisor,   if  and  to  the  extent  that  the
Directors  require,  shall  maintain a fidelity bond with a responsible  surety
company  in such  amount  as the  Directors  may  require  from  time to  time,
covering  all  directors,   officers,  employees  and  agents  of  the  Advisor
handling  funds  of  the  Company  and  any  investment  documents  or  records
pertaining  to  investments  of  the  Company.  The  bond  shall  inure  to the
benefit of the  Company in respect of losses of any  property  from acts of the
directors,  officers,  employees  and  agents  of the  Advisor  through  theft,
embezzlement,  fraud,  negligence,  error or omission or otherwise. The premium
for the bond shall be an expense of the Company.

           7.        INFORMATION  FURNISHED  ADVISOR.  The  Directors  shall at
all times  keep the  Advisor  fully  informed  with  regard  to the  investment
policy  of  the  Company,  the  capitalization   policy  of  the  Company  and,
generally,  their  current  intentions  as to the  future  of the  Company.  In
particular,   the  Directors  shall  notify  the  Advisor   promptly  of  their
intention to sell or otherwise  dispose of any of the Company's  investments or
to make any new  investment.  The Company  shall  furnish  the  Advisor  with a
certified  copy of all  financial  statements,  a  signed  copy of each  report
prepared  by   independent   certified   public   accountants   and  all  other
information   with  regard  to  the  Company's   affairs  as  the  Advisor  may
reasonably request.

           8.        CONSULTATION  AND  ADVICE.  In  addition  to the  services
described  elsewhere  in this  Agreement,  the Advisor  shall  consult with the
Directors,  and shall,  at the request of the  Directors or the officers of the
Company,  give advice and recommendations  with respect to other aspects of the
business  and affairs of the  Company.  In general,  the Advisor  shall  inform
the  Directors of any factors,  which come to its  attention  which the Advisor
believes  would  influence  the policies of the  Company,  except to the extent
that giving that information would involve a breach of fiduciary duty.

           9.        DEFINITIONS.  As  used in this  Agreement,  the  following
terms shall have the meanings indicated:

                (a)  "Affiliate"  means as to any Person  (i) any other  Person
directly or  indirectly  controlling,  controlled  by or under  common  control
with such Person,  (ii) any other person owning or  controlling  10% or more of
the  outstanding  voting  securities  or  beneficial  interest of such  Person,
(iii) any  officer,  director,  trustee or general  partner of such  Person and
(iv) if such  other  Person is an  officer,  director,  trustee  or  partner of
another  entity,  then  the  entity  for  which  that  Person  acts in any such
capacity.

                (b)  "Average   Invested  Assets"  means  for  any  period  the
average of the  aggregate  book value of the  assets of the  Company  invested,
directly  or  indirectly,  in equity  interests  in and loans  secured  by real
estate,  before  reserves  for  depreciation  or bad  debts  or  other  similar
non-cash  reserves  computed by taking the average of such values at the end of
each month during such period.

                (c)  "Fiscal  Year"  means any  period  for which an income tax
return is  submitted to the  Internal  Revenue  Service and which is treated by
the Internal Revenue Service as a reporting period for the Company.

                (d)  "Mortgage  Investment"  means the  assets  of the  Company
invested in any mortgage loans,  mortgage-backed  securities,  notes,  bonds or
other  evidences  of   indebtedness   or  obligations   which  are  secured  or
collateralized by interests in real estate.

                (e) "Net  Income"  means the total  revenues of the Company for
any  period,  computed  on the  basis of its  results  of  operations  for that
period, after deduction of all expenses,  excluding,  however, any additions to
reserves for depreciation or bad debts or other similar non-cash reserves.

                (f) "Person"  means an  individual,  corporation,  partnership,
joint  venture,   association,   company,  trust,  bank  or  other  entity,  or
government and any agency and political subdivision of a government.

                (g) "Real Estate  Assets" means for any calendar  quarter,  the
aggregate  book  value  of the  assets  of the  Company  on the last day of the
quarter,  invested  directly or indirectly in interests in real estate,  before
reserves for depreciation,  bad debts, or other similar non-cash  reserves,  as
set  forth  in the  Company's  financial  statements  (which  may be  unaudited
except as  elsewhere  provided in this  Agreement),  prepared  quarterly  on an
accrual basis in accordance  with  generally  accepted  accounting  principles.
Real Estate Assets do not include Mortgage Investments.

           10.  ADVISOR COMPENSATION(a)   At the end of each  calendar  quarter
or such other  interval as the parties  shall agree,  the Company  shall pay to
the Advisor as compensation for the advisory  services  rendered to the Company
hereunder a quarterly  fee equal to $50,000 for the first  calendar  quarter of
the year and thereafter a quarterly fee equal to $35,000 .

                (b)  The Board has  commenced  a review  of  various  strategic
alternatives  available to Franklin Select Realty Trust (the  "Company")  which
may lead to a merger or sale of the REIT  and/or  its  assets.  However,  it is
difficult  to  forecast  how  long  this  process  may take or  whether  such a
transaction  will occur.  The Board  recognizes that under these  circumstances
it may be difficult  for the Adviser to retain key  employees  necessary to the
operation of the Company.  Moreover,  the Board  acknowledges  that the Company
will derive  substantial  benefit in the execution of its strategic  objectives
if  certain  key  employees  are  retained   until  the  strategic   review  is
complete.  Therefore,  the Board,  on behalf of the company,  may  determine to
establish  a fund for the  purpose of  creating  an  incentive  to certain  key
employees of the Advisor who might  otherwise  depart before the  completion of
the Board's  strategic  review.  The fund will be disbursed  at the  discretion
of the Board  with the  advice of the  Advisor.  Any such funds will be paid to
Advisor and paid to employees.

           11.    STATEMENTS.  The  Advisor  shall  furnish  to the  Company at
least  quarterly,  beginning  with the second  calendar  quarter of the term of
this  Agreement,  a  statement  showing the  computation  of the fee payable in
respect of the  preceding  calendar  quarter  under  Section 10, even after the
termination  of this  Agreement.  The  final  settlement  of any  fees for each
Fiscal  Year  shall be subject  to  adjustment  in  accordance  with,  and upon
completion  of, the annual  audit of the  Company's  financial  statement;  any
payment by the Company or  repayment  by the Advisor  indicated  as a result of
the audit shall be made  promptly  after the  completion of the audit and shall
be reflected in the audited statements to be published by the Company.

           12.       COMPENSATION FOR ADDITIONAL SERVICES.

                (a) Where  appropriate  in the sole  judgment of the  Directors
or the  Advisor,  an  Affiliate  of the  Advisor  may be  retained  to  perform
property management services for the Company.

                (b) If and to the extent  that the  Company  shall  request the
Advisor,  or any  director,  officer,  partner or employee of the  Advisor,  to
perform  services  for  the  Company  other  than  those  required  under  this
Agreement,   the  additional  services,  if  performed,   will  be  compensated
separately on terms to be agreed between that party and the Company.

           13.       EXPENSES OF THE ADVISOR.  Without  regard to the amount of
compensation  received under this  Agreement by the Advisor,  the Advisor shall
bear the following expenses:

                (a)  employment  expenses of the officers and  directors of the
Advisor;

                (b)  telephone,  utilities,  office  furniture and  furnishings
and other office expenses of the Advisor; and

                (c)  miscellaneous  administrative  and other  expenses  of the
Advisor  not  relating  to the  performance  by the  Advisor  of its  functions
hereunder.

           14.       EXPENSES OF THE  COMPANY.  Except as  expressly  otherwise
provided  in this  Agreement,  the  Company  shall  pay all  its  expenses  not
expressly  assumed by the Advisor,  and without  limiting the generality of the
foregoing  it is  specifically  agreed  that  the  following  expenses  of  the
Company shall be paid by the Company and shall not be paid by the Advisor:

                (a)  the cost of money borrowed by the Company;

                (b)  taxes  on  income  and  taxes  and   assessments  on  real
property and all other taxes applicable to the Company;

                (c) real estate  brokerage and sales  commissions  with respect
to the  purchase or sale of real estate  assets of the Company  payable to real
estate  brokers  who  cooperate  with the  Advisor  in such  transactions,  and
brokerage  and  sales  commissions  with  respect  to the  purchase  or sale of
Mortgage  Investments  payable  to  mortgage  brokers  who  cooperate  with the
Advisor in such transactions;

                (d) legal,  accounting,  underwriting  commissions and fees and
any  other  fees  and  costs,   including  due  diligence,   qualification   of
securities  for sale in various  states,  listing of securities on a securities
exchange,  printing,  engraving  and  other  expenses  and  taxes  incurred  in
connection with the issuance, distribution,  transfer, registration,  marketing
and listing of the Company's  securities,  including  compensation of employees
of the Advisor and direct  expenses of officers  and  employees  of the Advisor
and  affiliates  while  directly  engaged in such  activities  on behalf of the
Company;

                (e)  fees,  salaries  and  other  employment  costs,  taxes and
expenses  paid to Directors,  officers and employees of the Company,  including
persons  who may be  employees  of the  Advisor,  other  than  officers  of the
Advisor,  or of any  company  which  controls,  is  controlled  by or is  under
common  control with the  Advisor,  incurred  with respect to and  allocable to
the  prudent  operation  and  business of the  Company,  other than as provided
under Section 13(a) above.

                (f)  fees  and  expenses  paid  to   independent   contractors,
appraisers,  consultants,  managers and other  agents  retained by or on behalf
of the Company and  expenses  (including  expenses  for Persons who may also be
officers  or  employees  of  the  Advisor)   connected  with  the  acquisition,
financing,  refinancing,  disposition and ownership of real estate interests or
other property,  including  insurance premiums,  legal services,  brokerage and
sales commissions, maintenance, repair and improvement of property;

                (g)  expenses  of   maintaining   and   managing   real  estate
interests;

                (h)   insurance  as  required  by  the   Directors   (including
Directors' liability insurance);

                (i)   the   expenses   of   organizing,   revising,   amending,
converting, modifying or terminating the Company;

                (j) expenses  connected  with payments of dividends or interest
or  distributions  in cash or any  other  form made or caused to be made by the
Directors to holders of securities of the Company;

                (k) all expenses  connected with  communications  to holders of
securities  of  the  Company  and  the  other  bookkeeping  and  clerical  work
necessary in maintaining  relations  with holders of securities,  including the
cost of printing and mailing  certificates for securities,  proxy  solicitation
materials and reports to holders of the Company's securities;

                (1) the  cost of any  accounting,  statistical  or  bookkeeping
equipment  necessary  for the  maintenance  of the  books  and  records  of the
Company;

                (m)  transfer   agent's,   registrar's,   dividend   disbursing
agent's,  dividend  reinvestment plan agent's and indenture  trustee's fees and
charges;

                (n)  legal,  accounting  and  auditing  fees and  expenses  not
included in (d) and (f) of this Section 14; and

                (o) other  ordinary and necessary  expenses of the business and
affairs of the  Company,  other  than  those  allocable  to the  Advisor  under
Section 13 above.

           The Company shall  reimburse the Advisor or its  affiliates  for the
cost of  rent,  goods  or  materials  furnished  or  advanced  by them  for the
benefit  of the  Company,  and for  services  rendered  for the  benefit of the
Company.  The  Company's  costs for services and goods  provided by the Advisor
to the Company  shall be based upon the cost to the  Advisor  and an  allocable
portion of the actual  compensation  (including  employment taxes and benefits)
of Persons  involved plus an  appropriate  share of overhead  allocable to each
Person who rendered  services  for the benefit of and on the  business  affairs
of the  Company.  The  amounts  charged to the  Company by the  Advisor and its
Affiliates  shall not exceed  those which the Company  would be required to pay
to independent parties for comparable rent, materials, goods or services.

           15.       REFUND  BY  ADVISOR.  In  addition  to the  provisions  of
Section 10  hereof,  within 60 days  after the end of any  calendar  year which
begins  following  the  date  the  Company  first  commences  operations  after
reaching its minimum capital  subscription  amount,  the Advisor will refund to
the Company the amount,  if any, by which the  Operating  Expenses  (as defined
in this  Section 15) of the Company  during such  Calendar  Year  exceeded  the
greater  of (a) 2% of the  Average  Invested  Assets  or (b) 25% of Net  Income
unless the  Independent  Directors  of the  Company  shall  have  affirmatively
determined  that due to unusual and  non-recurring  factors,  such higher level
of  Operating  Expenses is  justified  for such year.  For the purposes of this
Section 15,  "Operating  Expenses" during the Calendar Year means the aggregate
annual  expenses  of  every  character   regarded  as  Operating   Expenses  in
accordance  with generally  accepted  accounting  principles,  as determined by
independent   accountants   selected  by  the  Directors,   including   regular
compensation payable to the Advisor,  excluding,  however,  the following:  (i)
the cost of money  borrowed by the Company;  (ii) taxes on income and taxes and
assessments  on real  property and all other taxes  applicable  to the Company;
(iii)   expenses  of   acquiring,   financing,   refinancing,   disposing   of,
maintaining,  managing  and  owning  real  estate  equity  interests  or  other
property   (including  the  costs  of  legal  services,   brokerage  and  sales
commissions,  maintenance,  repair and improvement of property); (iv) insurance
as required by the Directors  (including any Directors'  liability  insurance);
(v) expenses of  organizing,  revising,  amending,  converting,  or terminating
the Company;  (vi)  expenses  connected  with payments of dividends or interest
or  distributions  in cash or any  other  form made or caused to be made by the
Directors  to  holders  of  securities  of  the  Company;  (vii)  all  expenses
connected with  communications  to holders of securities of the Company and the
other  bookkeeping  and clerical work necessary in  maintaining  relations with
holders of  securities  of the  Company,  including  the cost of  printing  and
mailing  certificates  for  securities  and proxy  solicitation  materials  and
reports to holders of  securities  of the  Company;  (viii)  transfer  agent's,
registrar's,   dividend   disbursing   agent's,   warrant   agent's,   dividend
reinvestment  plan  agent's and  indenture  trustee's  fees and  charges,  (ix)
other  legal,  accounting  and  auditing  fees and  expenses;  and (x) non-cash
expenditures (including depreciation, amortization and bad debt reserve).

           16.       OTHER   ACTIVITIES.   Nothing  in  this  Agreement   shall
prevent the Advisor or any of its  officers,  directors  or employees or any of
its  affiliates  from  engaging in other  business  activities  related to real
estate  investments,  from making  investments  permitted to the Company by the
Company's  Bylaws or from acting as advisor to any other  person or entity even
though having  investment  policies similar to the Company  (including  another
real estate  investment  trust).  The Advisor and its  officers,  directors  or
employees  and any of its  Affiliates  shall  be free  from any  obligation  to
present to the Company any  particular  investment  opportunity  which comes to
the Advisor or such persons,  regardless of whether such  opportunity is within
the Company's  investment  policies,  provided,  that the Advisor will give due
consideration  to the investment  objectives and financial  capabilities of the
Company in  determining  whether to present an  investment  opportunity  to the
Company or to another entity for which the Advisor provides similar services.

           17.       TERM:  TERMINATION  OF  AGREEMENT.  This  Agreement  shall
continue in force through  December 31, 1999,  and thereafter it may be renewed
annually,  subject to the  approval  thereof by a majority  of the  Independent
Directors.  Notice of renewal  shall be given in writing  by the  Directors  to
the Advisor not less than 60 days before the  expiration  of this  Agreement or
of any  extension of this  Agreement.  Notwithstanding  any other  provision to
the contrary,  this  Agreement  may be terminated  for any reason upon 60 days'
written  notice by the  Company to the Advisor or 180 days'  written  notice by
the  Advisor  to  the  Company,  in  the  former  case  by  the  action  of the
Directors,  the Independent  Directors or a majority of the shareholders of the
Company.

           18.       AMENDMENTS.   This   Agreement   shall  not  be   changed,
modified,   terminated  or  discharged  in  whole  or  in  part  except  by  an
instrument in writing signed by both parties,  or their  respective  successors
or assigns, or otherwise as provided in this Agreement.

           19.       ASSIGNMENT.  This  Agreement  shall not be  assignable  by
the Advisor  without the consent of the  Company,  except an  assignment  to an
Affiliate  of the Advisor,  or to a  corporation,  association,  trust or other
successor  organization  which  may take  over the  property  and  carry on the
affairs of the Advisor.  A proper  assignment  or any other  assignment of this
Agreement by the Advisor  shall bind the assignee  under this  Agreement and by
the terms of the  assignment  in the same manner as the Advisor is bound.  This
Agreement  shall not be  assignable  by the Company  without the consent of the
Advisor,  except in the case of  assignment  by the  Company to a  corporation,
association,   trust  or  other  organization  which  is  a  successor  to  the
Company.  The  successor  shall be bound under this  Agreement and by the terms
of said assignment in the same manner as the Company is bound.

           20.       DEFAULT,  BANKRUPTCY,  ETC.  At the  option  solely of the
Directors,  this  Agreement  shall be and become  terminated  immediately  upon
written notice of  termination  from the Directors to the Advisor if any of the
following events shall occur:

                (a)  If  the  Advisor  shall  violate  any  provision  of  this
Agreement,  and after notice of the violation  shall not have cured the default
within  thirty (30) days or begun  action  within  thirty (30) days to cure the
default which shall be completed with reasonable diligence; or

                (b) If the Advisor  shall be adjudged  bankrupt or insolvent by
a court of  competent  jurisdiction,  or an  order  shall be made by a court of
competent  jurisdiction  for  the  appointment  of a  receiver,  liquidator  or
trustee  of the  Advisor  or of all or  substantially  all of its  property  by
reason of the  foregoing,  or approving any petition  filed against the Advisor
for its  reorganization,  and the  adjudication  or order shall remain in force
or unstayed for a period of thirty (30) days; or

                (c) If the Advisor shall  institute  proceedings  for voluntary
bankruptcy or shall file a petition  seeking  reorganization  under the federal
bankruptcy  laws,  or for relief  under any law for the relief of  debtors,  or
shall  consent  to the  appointment  of a  receiver  for  itself  or for all or
substantially  all its  property,  or shall make a general  assignment  for the
benefit of its  creditors,  or shall admit in writing its  inability to pay its
debts generally as they become due.

           The  Advisor  agrees  that  if  any  of  the  events   specified  in
subsections  (b) and (c) of this Section 20 shall  occur,  it will give written
notice  of the  event  to  the  Directors  within  seven  (7)  days  after  the
occurrence of the event.

           21.       ACTION  UPON  TERMINATION.  From and after  the  effective
date of  termination  of this  Agreement,  pursuant  to  Sections  17, 19 or 20
herein,  the  Advisor  shall  not  be  entitled  to  compensation  for  further
services  performed  after  the  date of  termination,  but  shall  be paid all
compensation  accruing  to the  date  of  termination,  including  compensation
which may have been earned but deferred.

           The Advisor shall promptly upon termination:

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

                (b)  deliver to the  Directors a full  accounting,  including a
statement  showing all  payments  collected by it and a statement of all moneys
held by it,  covering  the  period  following  the date of the last  accounting
furnished to the Directors;

                (c)  deliver to the  Directors  all property  and  documents of
the  Company  then  in  the  custody  of  the  Advisor  except  for  copies  of
documents, which the Advisor may keep; and

                (d)  cooperate   with  the  Directors  to  provide  an  orderly
management transition.

The parties to this agreement acknowledge that the Company has adopted or is
soon expected to adopt a Plan of Liquidation pursuant to which the real
estate assets of the Company are to be sold and the proceeds of the sale and
the other assets, net of liabilities and reserves, are to be distributed to
the shareholders of the Company.  The Term of this Agreement will expire on
December 31, 2000 subject to earlier termination as provided Section 17
(Term: Termination of Agreement).  Accordingly, notwithstanding the foregoing
provisions of this Section 21 (Action Upon Termination), the parties agree
that if the Company has on or before the expiration of the term of this
Agreement distributed in liquidation substantially all of its assets that (i)
Advisor will, without further cost or expense to the Company, maintain the
records of the Company in accordance with the Advisor's customary record
retention policies, and for a period of time no less than four years from the
expiration of this Agreement.

           22.       CHANGE OF NAME.  Upon  termination  of this  Agreement  by
either party,  the Directors  shall  forthwith cause the name of the Company to
be changed to a name not containing the name  "Franklin" or any  approximations
or abbreviations  of that name and  sufficiently  dissimilar to that name as to
be unlikely to cause confusion with that name.

           23.       INDEMNIFICATION.  The Advisor,  its  officers,  directors,
shareholders,   employees,   agents,   subsidiaries   and   assigns   shall  be
indemnified  by  the  Company  against  any  liability  to the  Company  or its
shareholders  resulting  from errors in  judgment  or other acts or  omissions,
whether or not disclosed,  unless a court of competent jurisdiction  determines
that the liabilities or losses resulted from fraud,  negligence,  misconduct or
other breach of fiduciary duty by that Person.

           24.       MISCELLANEOUS.   The  Advisor  assumes  no  responsibility
under this  Agreement  other than to perform  the  services  called for in good
faith,  and  shall  not be  responsible  for any  action  of the  Directors  in
following  or  declining  to  follow  any  advice  or  recommendations  of  the
Advisor.  Neither  the  Advisor nor its  shareholders,  directors,  officers or
employees  shall be  liable to the  Company,  the  Directors,  the  holders  of
securities  of the  Company  or to any  successor  or  assigns  of the  Company
except  by reason  of acts  constituting  the  negligent  performance  of their
duties.

           25.       NOTICES.   Any  notice,   report  or  other  communication
required or permitted  to be given  hereunder  shall be in writing  unless some
other method of giving such notice,  report or other  communication is accepted
by the party to whom it is  given,  and  shall be given by being  delivered  at
the following addresses:

                The Directors and/or the Company:

                Franklin Select Realty Trust
                777 Mariners Island Boulevard
                San Mateo, California 94403-7777

                The Advisor:

                Franklin Properties, Inc.
                777 Mariners Island Boulevard
                San Mateo, California 94403-7777

Either  party may at any time give  notice in writing  to the other  party of a
change of its address for the purpose of this Section 25.

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

           27.       GOVERNING LAW. The  provisions of this Agreement  shall be
construed  and  interpreted  in  accordance  with  the  laws  of the  State  of
California as they apply to  agreements  solely among  California  residents to
be executed and performed entirely in California.

           28.       EXECUTION.   This  instrument  is  executed  and  made  on
behalf of the  Company by an  officer  who is a Director  of the  Company,  not
individually  but solely as an officer  pursuant  to the  Company's  Bylaws and
the  obligations  under this  Agreement are not binding upon,  nor shall resort
be  had to the  private  property  of,  any  of  the  Directors,  shareholders,
officers,  employees  or agents of the  Company  personally,  but bind only the
Company.

           IN WITNESS  WHEREOF,  the parties have executed this Agreement as of
the day and year first above written.

                          COMPANY:

                          FRANKLIN SELECT REALTY TRUST

                          By
                           E. Samuel Wheeler, Chairman of the Special Committee

                          ADVISOR:

                          FRANKLIN PROPERTIES, INC.

                          By
                                    President

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