Document:

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                                                                Exhibit 10.2(e)

                         NON-RECOURSE GUARANTY AGREEMENT

            This NON-RECOURSE GUARANTY AGREEMENT (this "Guaranty") is made as of
May 30, 2000, by SONESTA BEACH RESORT LIMITED PARTNERSHIP, a Delaware limited
partnership ("Guarantor"), in favor of SUNAMERICA LIFE INSURANCE COMPANY, an
Arizona corporation ("Lender").

                                    Recitals.

            A. On or about January 6, 1997, Lender made a $22,880,000.00 loan
(the "Original Cambridge Loan") to Sonesta of Massachusetts, Inc., a
Massachusetts corporation, and Roger P. Sonnabend, Peter J. Sonnabend, and Boy
A.J. van Riel, trustees of the Charterhouse of Cambridge Trust, and not
individually, under a Declaration of Trust dated December 27, 1963 and recorded
at Middlesex South, Commonwealth of Massachusetts, Deeds Book 11160, Page 340,
as amended by Amendment of Declaration of Trust dated July 8, 1966 and recorded
at Middlesex South, Commonwealth of Massachusetts, Deeds Book 11160, Page 359
(collectively, the "Cambridge Borrower").

            B. The Original Cambridge Loan is evidenced by a Promissory Note
dated as of December 18, 1996, in the original principal amount of the Original
Cambridge Loan executed by Cambridge Borrower for the benefit of Lender (the
"Original Cambridge Note"), and is secured by, among other things, a Mortgage,
Security Agreement, Fixture Filing, Financing Statement and Assignment of Leases
and Rents (the "Original Cambridge Mortgage") dated as of December 18, 1996
executed by Cambridge Borrower for the benefit of Lender and covering certain
real property commonly known as the Royal Sonesta Hotel, Cambridge,
Massachusetts, and more particularly described in the Original Cambridge
Mortgage.

            C. The Original Cambridge Note, the Original Cambridge Mortgage, and
each other document executed by Cambridge Borrower and evidencing or securing
the Original Cambridge Loan, are referred to herein, collectively, as the
"Original Cambridge Loan Documents."

            D. On or about the date hereof, Lender is making an additional
advance to Cambridge Borrower in the amount of $19,865,733.66 (the "Cambridge
Additional Advance"), such that the aggregate indebtedness owing by Cambridge
Borrower to Lender under the Original Cambridge Loan and the Cambridge
Additional Advance is, as of the date of this Guaranty, $41,000,000.00.

            E. Pursuant to an Amended and Restated Promissory Note (the
"Cambridge Note") of even date herewith in the original principal amount of
$41,000,000.00, Cambridge Borrower and Lender are consolidating, amending and
restating the Original Cambridge Loan and the Cambridge Additional Advance.

            F. In connection with the Cambridge Additional Advance, Cambridge
Borrower and Lender are also amending certain terms of the Original Cambridge
Mortgage and

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the other Original Cambridge Loan Documents. The loan evidenced by the Cambridge
Note is referred to herein as the "Cambridge Loan." The Original Cambridge
Mortgage, as modified, is referred to herein as the "Cambridge Mortgage." The
Original Cambridge Loan Documents, as modified, together with the Cambridge Note
and all other documents evidencing or executed in connection with the Cambridge
Additional Advance are referred to herein as the "Cambridge Loan Documents."

            G. Lender is also making a $31,000,000.00 loan (the "Key Biscayne
Loan") to Guarantor. The Key Biscayne Loan is (a) evidenced by a Consolidated
and Renewed Promissory Note of even date herewith in the original principal
amount of the Key Biscayne Loan (the "Key Biscayne Note"), and (b) secured by,
among other things, a Consolidated, Amended and Restated Mortgage, Security
Agreement, Fixture Filing, Financing Statement and Assignment of Leases and
Rents of even date herewith granted by Guarantor for the benefit of Lender (the
"Key Biscayne Mortgage," and, together with the Key Biscayne Note and all other
documents evidencing and/or securing the Key Biscayne Loan, the "Key Biscayne
Loan Documents") covering certain real property commonly known as the Sonesta
Beach Resort, Key Biscayne, Florida, and more particularly described in the Key
Biscayne Mortgage (the "Key Biscayne Property").

            H. All of the beneficial interests in the Cambridge Borrower are
owned by Sonesta International Hotels Corporation, a New York corporation
("Sonesta"). Sonesta is also the indirect and ultimate owner of 99% of the
beneficial interests in Guarantor.

            I. As a condition to Lender making the Cambridge Additional Advance
to the Cambridge Borrower and the Key Biscayne Loan to Guarantor, Lender has
required Guarantor to execute this Guaranty, whereby Guarantor is agreeing to
guarantee the payment and performance of the Cambridge Borrower's obligations
under the Cambridge Note and the other Cambridge Loan Documents, and Lender has
required Guarantor to secure Guarantor's obligations under this Guaranty with a
second mortgage on the Key Biscayne Property.

            J. The execution and delivery of this Guaranty by Guarantor (a) is a
condition to Lender's willingness to make the Cambridge Additional Advance to
Cambridge Borrower, and Lender's willingness to make the Key Biscayne Loan to
Guarantor, (b) is made in order to induce Lender to make the Cambridge
Additional Advance and the Key Biscayne Loan, and (c) is made in recognition
that Lender will be relying upon this Guaranty in making the Cambridge
Additional Advance and the Key Biscayne Loan and performing any other
obligations Lender may have under the Cambridge Loan Documents or the Key
Biscayne Loan Documents.

                                   Agreement.

            1. Consideration. Guarantor acknowledges that Guarantor will receive
material direct and indirect benefit from Lender making the Cambridge Additional
Advance to Cambridge Borrower, that Guarantor has received adequate
consideration for executing this

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Guaranty, and that Lender would not make the Key Biscayne Loan to Guarantor if
Guarantor did not execute this Guaranty.

            2. Guaranty. Guarantor hereby guarantees absolutely, primarily,
unconditionally, and irrevocably (a) the full and timely payment of the
indebtedness evidenced by or arising under the Cambridge Note and the other
Cambridge Loan Documents, as and when the same becomes due, whether at maturity,
by acceleration, or otherwise, all fees payable by the Cambridge Borrower in
connection with the Cambridge Loan, any advances made by Lender under the
authority of any of the Cambridge Loan Documents, including any sums expended by
Lender for the benefit of the Cambridge Borrower or for the benefit of any
security provided under any of the Cambridge Loan Documents, including, without
limitation, taxes, assessments, insurance premiums, and costs of maintenance,
repair or restoration, and any costs of enforcement or collection of the
Cambridge Loan Documents; and (b) the full and timely performance by Cambridge
Borrower of any and all of its obligations under the Cambridge Loan Documents.
The obligations of Cambridge Borrower that are guaranteed hereunder are
sometimes referred to herein collectively as the "Obligations." Guarantor agrees
that this is a guaranty of payment and performance, and not of collection;
however, it is a condition precedent to any action under this Guaranty that
there first occurs an Event of Default under and as defined in the Cambridge
Loan Documents.

            3. Security. The obligations of Guarantor under this Guaranty are
secured by a second Mortgage, Security Agreement, Fixture Filing, Financing
Statement and Assignment of Leases and Rents of even date herewith granted by
Guarantor for the benefit of Lender covering the Key Biscayne Property (the "Key
Biscayne Second Mortgage").

            4. Non-Recourse; Exceptions to Non-Recourse. Notwithstanding
anything to the contrary contained in this Guaranty, except as expressly
hereinafter set forth, the recourse of Lender with respect to the obligations
evidenced by this Guaranty shall be solely to the Property, Chattels, and
Intangible Personalty (as such terms are defined in the Key Biscayne Second
Mortgage), and all other collateral pledged by Guarantor to secure this
Guaranty. Notwithstanding anything to the contrary contained in this Guaranty or
in the Key Biscayne Second Mortgage, nothing shall be deemed in any way to
impair, limit or prejudice the rights of Lender (a) in foreclosure proceedings
or in any ancillary proceedings brought to facilitate Lender's foreclosure on
the Property or any portion thereof; (b) to recover from Guarantor damages or
costs (including without limitation reasonable attorneys' fees) incurred by
Lender as a result of waste by Guarantor; (c) to recover from Guarantor any
condemnation or insurance proceeds attributable to the Property which were not
paid to Lender or used to restore the Property in accordance with the terms of
the Key Biscayne Second Mortgage; (d) to recover from Guarantor any rents,
profits, security deposits, advances, rebates, prepaid rents or other similar
sums attributable to the Property collected by or for Guarantor following an
Event of Default under the Key Biscayne Second Mortgage and not properly applied
to the reasonable fixed and operating expenses of the Property, including
payments of this Guaranty, or held pursuant to Leases or other applicable
agreements; (e) to pursue the personal liability of Guarantor under the
provisions of Section 5.10 of the Key Biscayne Second Mortgage, including any
indemnification provisions under such Section; (f) to exercise any specific
rights or remedies afforded Lender

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under any other provisions of the Key Biscayne Second Mortgage or by law or in
equity; (g) to recover from Guarantor and to properly apply and disburse the
amount of any accrued taxes, assessments, and/or utility charges affecting the
Property (whether or not the same have been billed to Guarantor) that are either
unpaid by Guarantor or paid by Lender under the Key Biscayne Second Mortgage and
to collect from Guarantor any sums expended by Lender in fulfilling the
obligations of Guarantor under any leases, permits, licenses (including liquor
licenses), management, franchise or license agreements or any other agreements
affecting or relating to the Property or the operation of the Property as a
full-service hotel; (h) to pursue any personal liability of Guarantor and/or
Sonesta International Hotels Corporation under the Environmental Indemnity
Agreement of even date herewith; and (i) to recover from Guarantor the amount of
any loss suffered by Lender (that would otherwise be covered by insurance) as a
result of Guarantor's failure to maintain any insurance required under the terms
of the Key Biscayne Second Mortgage. The agreement contained in this paragraph
to limit the personal liability of Guarantor shall become null and void and be
of no further force and effect in the event (i) that the Property or any part
thereof or any interest therein, or any interest in Guarantor, shall be further
encumbered by a voluntary lien securing any obligation upon which Guarantor or
any general partner, principal or affiliate of Guarantor shall be personally
liable for repayment, whether as obligor or guarantor which has not been
approved in advance by Lender; (ii) of any breach or violation of Section 5.4,
5.5 or 5.7 of the Key Biscayne Second Mortgage; (iii) of any fraud or material
misrepresentation by Guarantor in connection with the Property, the Key Biscayne
Second Mortgage or any loan document executed in connection therewith or the
application made by Guarantor for the Key Biscayne Loan; or (iv) of any
execution, amendment, modification or termination without the prior written
consent of Lender if such consent is required under the terms of Section 5.3 of
the Key Biscayne Second Mortgage, of any Lease (as defined in the Key Biscayne
Second Mortgage). For purposes of the foregoing, "affiliate" shall mean any
individual, corporation, trust, partnership or any other person or entity
controlled by, controlling or under common control with Guarantor. A person or
entity of any nature shall be presumed to have control when it possesses the
power, directly or indirectly, to direct, or cause the direction of, the
management or policies of another person or entity, whether through ownership of
voting securities, by contract, or otherwise.

            5. Guaranty is Independent and Absolute. The obligations of
Guarantor hereunder are independent of the obligations of Cambridge Borrower and
of any other person who may become liable with respect to the Obligations.
Guarantor is jointly and severally liable with Cambridge Borrower and with any
other guarantor for the full and timely payment and performance of all of the
Obligations. Guarantor expressly agrees that a separate action or actions may be
brought and prosecuted against Guarantor (or any other guarantor), whether or
not any action is brought against Cambridge Borrower, any other guarantor or any
other person for any Obligations guaranteed hereby and whether or not Cambridge
Borrower, any other guarantor or any other persons are joined in any action
against Guarantor. Guarantor further agrees that Lender shall have no obligation
to proceed against any security for the Obligations prior to enforcing this
Guaranty against Guarantor, and that Lender may pursue or omit to pursue any and
all rights and remedies Lender has against any person or with respect to any
security in any order or simultaneously or in any other manner. All rights of
Lender and all obligations of

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Guarantor hereunder shall be absolute and unconditional irrespective of (a) any
lack of validity or enforceability of the Cambridge Note or any other Cambridge
Loan Document, and (b) any other circumstances which might otherwise constitute
a defense available to, or a discharge of Cambridge Borrower in respect of, the
Obligations.

            6. Authorizations to Lender. Guarantor authorizes Lender, without
notice or demand and without affecting Guarantor's liability hereunder, from
time to time (a) to renew, extend, accelerate or otherwise change the time for
payment of, change, amend, alter, cancel, compromise or otherwise modify the
terms of the Cambridge Note, including increasing the rate or rates of interest
thereunder agreed to by Cambridge Borrower, and to grant any indulgences,
forbearances, or extensions of time; (b) to renew, extend, change, amend, alter,
cancel, compromise or otherwise modify any of the terms, covenants, conditions
or provisions of any of the Cambridge Loan Documents or any of the Obligations;
(c) to apply any security and direct the order or manner of sale thereof as
Lender, in Lender's discretion, may determine; (d) to proceed against Cambridge
Borrower, Guarantor or any other guarantor with respect to any or all of the
Obligations without first foreclosing against any security therefor; (e) to
exchange, release, surrender, impair or otherwise deal in any manner with, or
waive, release or subordinate any security interest in, any security for the
Obligations; (f) to release or substitute Cambridge Borrower, any other
guarantors, endorsers, or other parties who may be or become liable with respect
to the Obligations, without any release being deemed made of Guarantor or any
other such person; and (g) to accept a conveyance or transfer to Lender of all
or any part of any security in partial satisfaction of the Obligations, or any
of them, without releasing Cambridge Borrower, Guarantor, or any other
guarantor, endorser or other party who may be or become liable with respect to
the Obligations, from any liability for the balance of the Obligations.

            7. Application of Payments Received by Lender. Any sums of money
Lender receives from or for the account of Cambridge Borrower may be applied by
Lender to reduce any of the Obligations or any other liability of Cambridge
Borrower to Lender, as Lender in Lender's discretion deems appropriate.

            8. Waivers by Guarantor. In addition to all waivers expressed in any
of the Cambridge Loan Documents, all of which are incorporated herein by
Guarantor, Guarantor hereby waives (a) presentment, demand, protest and notice
of protest, notice of dishonor and of non-payment, notice of acceptance of this
Guaranty, and diligence in collection; (b) notice of the existence, creation, or
incurring of any new or additional Obligations under or pursuant to any of the
Cambridge Loan Documents; (c) any right to require Lender to proceed against,
give notice to, or make demand upon Cambridge Borrower; (d) any right to require
Lender to proceed against or exhaust any security or to proceed against or
exhaust any security in any particular order; (e) any right to require Lender to
pursue any remedy of Lender; (f) any right to direct the application of any
security held by Lender; (g) until such time as the Obligations shall be
satisfied, any right of subrogation or to enforce any remedy which Lender may
have against Cambridge Borrower and any right to participate in any security now
or hereafter held by Lender and any right to reimbursement from the Cambridge
Borrower for amounts paid to Lender by Guarantor; (h) benefits, if any, of
Guarantor under any anti-deficiency statutes or single-action legislation; (i)
any defense arising out of any disability or other defense of Cambridge
Borrower,

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including bankruptcy, dissolution, liquidation, cessation, impairment,
modification, or limitation, from any cause, of any liability of Cambridge
Borrower, or of any remedy for the enforcement of such liability; (j) any
statute of limitations affecting the liability of Guarantor hereunder; (k) any
right to plead or assert any election of remedies by Lender; and (l) any other
defenses available to a surety under applicable law.

            9. Bankruptcy Reimbursements. Guarantor hereby agrees that if any
amounts paid to Lender by Cambridge Borrower or any other party liable for
payment and satisfaction of the Obligations (other than Guarantor) are recovered
from Lender in any bankruptcy proceeding, Guarantor shall reimburse Lender
immediately on demand for all amounts so recovered from Lender (together with
interest thereon at the default rate set forth in the Cambridge Note from the
date ten (10) days following demand therefor until paid), and, for this purpose,
this Guaranty shall survive repayment of the Cambridge Loan. Without limiting
the foregoing, Guarantor shall pay all costs and expenses incurred by Lender in
connection with any bankruptcy proceeding of Cambridge Borrower, Guarantor or
any other party liable for payment and satisfaction of the Obligations,
including attorneys' fees and expenses.

            10. Jurisdiction and Venue. Guarantor hereby submits itself to the
jurisdiction and venue of any state court located in Miami-Dade County, Florida,
or federal court located in the State of Florida in connection with any action
or proceeding brought for enforcement of Guarantor's obligations hereunder, and
hereby waives any and all personal or other rights under the law of any other
country or state to object to jurisdiction within such locations, for purposes
of litigation to enforce such obligations. Guarantor agrees that service of
process upon Guarantor shall be complete upon delivery thereof in any manner
permitted by law.

            11. Assignability. This Guaranty shall be binding upon Guarantor and
Guarantor's heirs, representatives, successors, and assigns and shall inure to
the benefit of Lender and Lender's successors and assigns. This Guaranty shall
follow the Cambridge Note and other Cambridge Loan Documents which are for the
benefit of Lender, and, in the event the Cambridge Note and other Cambridge Loan
Documents are negotiated, sold, transferred, assigned, or conveyed by Lender in
whole or in part, this Guaranty shall be deemed to have been sold, transferred,
assigned, or conveyed by Lender to the holder or holders of the Cambridge Note
and other Cambridge Loan Documents, with respect to the Obligations contained
therein, and such holder or holders may enforce this Guaranty as if such holder
or holders had been originally named as Lender hereunder.

            12. Payment of Costs of Enforcement. In the event any action or
proceeding is brought to enforce this Guaranty, Guarantor shall pay all costs
and expenses of Lender in connection with such action or proceeding, including,
without limitation, all reasonable attorneys' fees incurred by Lender.

            13. Notices. Any notice required or permitted to be given by
Guarantor or Lender under this Guaranty shall be in writing and will be deemed
given (a) upon personal delivery, (b) on the first business day after receipted
delivery to a courier service which guarantees next-business day delivery, or
(c) on the fifth (5th) business day after mailing, by

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registered or certified United States mail, postage prepaid, in any case to the
appropriate party at its address set forth below:

                  If to Guarantor:

                  c/o Sonesta International Hotels Corporation
                  200 Clarendon Street, 41st Floor
                  Boston, Massachusetts 02116
                  Attn: Office of the Treasurer

                  If to Lender:

                  SunAmerica Life Insurance Company
                  1 SunAmerica Center
                  Century City
                  Los Angeles, California 90067-6022
                  Attn: Director-Mortgage Lending and Real Estate

Either party may change such party's address for notices or copies of notices by
giving notice to the other party in accordance with this Section 13.

            14. Reinstatement of Obligations. If at any time all or any part of
any payment made by Guarantor or received by Lender from Guarantor under or with
respect to this Guaranty is or must be rescinded or returned for any reason
whatsoever (including, but not limited to, the insolvency, bankruptcy or
reorganization of any Guarantor), then the obligations of Guarantor hereunder
shall, to the extent of the payment rescinded or returned, and to the extent
permitted by law, be deemed to have continued in existence, notwithstanding such
previous payment made by Guarantor, or receipt of payment by Lender, and the
obligations of Guarantor hereunder shall continue to be effective or be
reinstated, as the case may be, as to such payment, all as though such previous
payment by Guarantor had never been made.

            15. Severability of Provisions. If any provision hereof or of any
other Cambridge Loan Document shall, for any reason and to any extent, be
invalid or unenforceable, then the remainder of the document in which such
provision is set forth, the application of the provision to other persons,
entities or circumstances, and any other document referred to herein shall not
be affected thereby but instead shall be enforceable to the maximum extent
permitted by law.

            16. Waiver. Neither the failure of Lender to exercise any right or
power given hereunder or to insist upon strict compliance by Cambridge Borrower,
Guarantor, any other guarantor, or any other person with any of its obligations
set forth herein or in any of the Cambridge Loan Documents, nor any practice of
Cambridge Borrower or Guarantor at variance with the terms hereof or of any
Cambridge Loan Documents, shall constitute a waiver of Lender's right to demand
strict compliance with the terms and provisions of this Guaranty.

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            17. Certain Waivers. GUARANTOR, BY SIGNING THIS GUARANTY, AND
LENDER, BY ACCEPTING IT, EACH KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND
INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF
ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS GUARANTY, OR ARISING OUT
OF, UNDER OR IN CONNECTION WITH THIS GUARANTY OR ANY LOAN DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR
ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER
AND GUARANTOR ENTERING INTO THE SUBJECT LOAN TRANSACTION.

            18. Applicable Law. This Guaranty and the rights and obligations of
the parties hereunder shall be governed by and interpreted in accordance with
the laws of the State of Florida.

                   [Balance of page intentionally left blank]
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            IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the
day and year first above written.

                                    GUARANTOR:

                                    SONESTA BEACH RESORT LIMITED
                                    PARTNERSHIP, a Delaware limited partnership

                                    By: Florida Sonesta Corporation, a Florida
                                        corporation, its General Partner

                                        By: /s/
                                           -------------------------------------
                                           Peter J. Sonnabend, Vice President<PAGE>

                                                               Exhibit 10.2(f)

                        ENVIRONMENTAL INDEMNITY AGREEMENT

            THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this "Agreement"), dated as
of May 30, 2000, is made by SONESTA BEACH RESORT LIMITED PART'NERSHIP, a
Delaware limited partnership ("Borrower"), and SONESTA INTERNATIONAL HOTELS
CORPORATION., a New York corporation ("Guarantor," and, together with Borrower,
the "Indemnitor"), for the benefit of SUNAMERICA LIFE INSURANCE COMPANY, an
Arizona corporation.("Lender"), and the other "Indemnitees" as hereinafter
defined.

                                    RECITALS

      A. Lender has agreed to make a loan to Borrower in the amount of
$31,000,000.00 (the "Loan") to be evidenced by a Consolidated and Renewed
Promissory Note of even date herewith made by Borrower to the order of Lender
(the "Note") and secured by, among other things, a Consolidated, Amended and
Restated Mortgage, Security Agreement Fixture Filing, Financing Statement and
Assignment of Leases and Rents of even date herewith granted by Borrower for the
benefit of Lender (the "Mortgage") covering certain real property more
specifically described in the Mortgage (the "Property") and guaranteed by a
Limited Guaranty Agreement of even date herewith by Guarantor for the benefit of
Lender (the "Guaranty"). All capitalized terms used herein without definition
shall have the meanings given to such terms in the Mortgage.

      B. Borrower is the owner of a fee simple estate in the Property.

      C. As a condition precedent to making the Loan, Lender requires that
Indemnitor enter into this Agreement, whose covenants and obligations are
independent of and in addition to Borrower's obligations under the Note,
Mortgage and the other documents governing, evidencing and securing the Loan and
Guarantor's obligations under the Guaranty.

            NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Indemnitor hereby represents, warrants and covenants to Lender and
Lender's officers, directors, employees, agents, affiliates, successors and
assigns (collectively, the "Indemnitees") as follows:

            Section 1. Representations and Warranties. Indemnitor represents and
warrants to the Indemnitees that:

                  (a) to the best of Indemnitor's knowledge, Hazardous
Substances have not at any time been generated, used, treated or stored on, or
transported to or from the Property in any quantity or manner which violates any
Environmental Law;

                  (b) to the best of Indemnitor's knowledge, Hazardous
Substances have not at any time been Released or disposed of on the Property in
any quality or manner which violates any Environmental Law;
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                  (c) to the best of Indemnitor's knowledge, Borrower is in
compliance with all applicable Environmental Laws with respect to the Property
and the requirements of any permits issued under such Environmental Laws with
respect to the Property;

                  (d) there are no past, pending or, to the best of Indemnitor's
knowledge, threatened Environmental Claims against Indemnitor or the Property.

                  (e) to the best of Indemnitor's knowledge, there is no
condition or occurrence at the Property that could reasonably be anticipated (i)
to form the basis of any Environmental Claim against Indemnitor or the Property,
or (ii) to cause the Property to be subject to any restrictions on the
ownership, occupancy, use or transferability thereof under any Environmental
Law;

                  (f) except as otherwise disclosed in the Environmental Report
(hereinafter defined), to the best of Indemnitor's knowledge, there are not now
and never have been any underground storage tanks located on the Property;

                  (g) Borrower (i) is a limited partnership, duly organized,
validly existing and in good standing under the laws of the State of Delaware,
(ii) has the power and authority to own its property and assets and to transact
the business in which it is engaged and (iii) is duly qualified as a foreign
limited partnership and is in good standing in each jurisdiction in which it
owns or leases property, including Florida, or in which failure to be duly
qualified and in good standing would have an adverse effect on its business,
operations, property or financial condition;

                  (h) Guarantor (i) is a corporation, duly organized; validly
existing and in good standing under the laws of the State of New York, (ii) has
the power and authority to own its property and assets and to transact the
business in which it is engaged and (iii) is duly qualified as a foreign
corporation and is in good standing in each jurisdiction in which it owns or
leases property or in which failure to be duly qualified and in good standing
would have an adverse effect on its business, operations, property or financial
condition;

                  (i) Indemnitor has the power to execute, deliver and perform
the terms and provisions of this Agreement and has taken all necessary action to
authorize the execution, delivery and performance by it of this Agreement;

                  (j) Indemnitor has duly executed and delivered this Agreement,
and this Agreement constitutes its legal, valid and binding obligation
enforceable against Indemnitor in accordance with its terms, except as such
enforcement may be limited by bankruptcy, insolvency, reorganization and other
laws affecting creditors' rights generally and by principles of equity;

                  (k) neither the execution, delivery or performance by
Indemnitor of this Agreement, nor compliance by it with the terms and provisions
hereof, will (i) contravene any provision of any law, statute, rule or
regulation or any order, writ, injunction or decree of any court or governmental
instrumentality, (ii) result in any breach of any of the terms, covenants,
conditions or provisions of, or constitute a default under, or result in the
creation or imposition of (or the obligation to create or impose) any lien upon
any of its property or assets pursuant to the terms of any indenture,

<PAGE>

mortgage, deed of trust, credit agreement, loan agreement or any other
agreement, contract or instrument to which it is a party or by which it or any
of its property or assets is bound or to which it may be subject, or (iii)
violate any provision of any organizational document under which any Indemnitor
has been formed or operates under applicable law;

                  (1) no order, consent, approval, license, authorization or
validation of, or filing, recording or registration with, or exemption by, any
governmental or public body or authority, or any subdivision thereof, is
required to authorize, or is required in connection with, the execution,
delivery and performance by Indemnitor of this Agreement or the legality,
validity, binding effect or enforceability of this Agreement; and

                  (m) to the best of Indemnitor's knowledge, Borrower is in
compliance with all applicable statutes, regulations and orders of, and all
applicable restrictions imposed by all governmental bodies in respect of the
conduct of its business and the ownership of its property.

            Section 2. Covenants. Indemnitor covenants and agrees as follows:

                  (a) Indemnitor will (i) comply with all Environmental Laws
applicable to the ownership or use of the Property, (ii) use its best efforts to
cause all tenants and other persons occupying the Property to comply with all
Environmental Laws, (iii) immediately pay or cause to be paid all costs and
expenses incurred in such compliance, and (iv) keep or cause the Property to be
kept free and clear of any liens imposed thereon pursuant to any Environmental
Laws. Notwithstanding clause (i) of the preceding sentence, Indemnitor will not
be deemed to be in default solely by reason of Indemnitor's failure to comply
with an Environmental Law applicable to the ownership or use of the Property so
long as, in Lender's judgment, each of the following conditions is satisfied:

                        (A) Indemnitor is engaged in and diligently pursuing in
      good faith administrative or judicial proceedings appropriate to contest
      the validity or applicability to the ownership or use of the Property of
      such Environmental Law; and

                        (B) Indemnitor's noncompliance with such Environmental
      Law will not result in either (1) the loss or forfeiture of any property
      encumbered by the Mortgage or any interest of Lender therein, or (2) any
      diminution in the value of the Property, as determined by Lender; and

                        (C) Indemnitor deposits with Lender such security as
      Lender requires to protect the Indemnitees against all loss, damage and
      expense, including reasonable attorneys' fees, which Indemnitees might
      incur if the subject Environmental Law is determined to be valid or
      applicable.

                        If Lender determines that any one or more of such
conditions is not satisfied or is no longer satisfied, Indemnitor shall comply
with the subject Environmental Law (or commence and then diligently pursue
compliance with such Environmental Law if such compliance cannot be accomplished
within ten (10) days) within ten (10) days after Lender gives notice of such
determination.
<PAGE>

                  (b) Indemnitor will not generate, use, treat, store, Release
or dispose or permit the generation, use, treatment, storage, Release or
disposal of any Hazardous Substances on the Property, or transport or permit the
transportation of any Hazardous Substances to or from the Property, in each case
in any quantity or manner which violates any Environmental Law.

                  (c) If Lender (i) has knowledge of any pending or threatened
Environmental Claim against Indemnitor or the Property or (ii) has reason to
believe that the Indemnitor or the Property is in violation of any Environmental
Law or (iii) receives a request for an environmental site assessment report from
a regulatory or other governmental entity with jurisdiction over Lender, then at
Lender's written request, at any time and from time to time, Indemnitor will
provide to Lender an environmental site assessment report concerning the
Property, prepared by EMG or an environmental consulting firm approved by
Lender, indicating the presence or absence of Hazardous Substances and the
potential cost of any removal or remedial action in connection with any
Hazardous Substances on the Property. Any such environmental site assessment
report shall be conducted at Indemnitor's sole cost and expense. If Indemnitor
fails to deliver to Lender any such environmental site assessment report within
sixty (60) days afier being requested to do so by Lender pursuant to this
Section, Lender may obtain the same, and Indemnitor hereby grants to Lender and
its agents access to the Property and specifically grants to Lender an
irrevocable nonexclusive license to undertake such an assessment, and the cost
of such assessment will be payable by Indemnitor on demand (together with
interest thereon at the Default Rate as defined in the Note if such cost is not
paid within ten (10) days after demand).

                  (d) Lender may, at its option, at any time and from time to
time, perform at its sole cost and expense an environmental site assessment
report for the Property, and Indemnitor hereby grants to Lender and its agents
access to the Property and specifically grants to Lender an irrevocable
non-exclusive license to undertake such an assessment; provided, however, Lender
shall give three (3) business days' prior written notice to Borrower and Lender
shall conduct all such assessments in a manner reasonably intended to minimize
the impact on Borrower's normal business operations.

                  (e) Indemnitor will advise Lender in writing promptly upon
learning of any of the following: (i) any pending or threatened Environmental
Claim against Indemnitor or the Property; (ii) any condition or occurrence on
the Property that (A) results in noncompliance by Indeninitor with any
applicable Environmental Law, or (B) could reasonably be anticipated to form the
basis of an Environmental Claim against Indemnitor or the Property; (iii) any
condition or occurrence on the Property that could reasonably be anticipated to
cause the Property to be subject to any restrictions on the ownership,
occupancy, use or transferability of the Property under any Environmental Law;
and (iv) the taking of any removal or remedial action in response to the actual
or alleged presence, in any quantity or manner which violates any Environmental
Law, of any Hazardous Substances on the Property. Each such notice shall
describe in reasonable detail the nature of the claim, investigation, condition,
occurrence or removal or remedial action and Indemnitor's response thereto. In
addition, Indemnitor will provide Lender with copies of all communications to or
from Indemnitor and any governmental agency relating to Environmental Laws, all
communications to or from Indemnitor and person relating to Environmental
Claims, and such detailed reports of any Environmental Claim as may be requested
by Lender.
<PAGE>

                  (f) Lender shall have the right but not the obligation to
participate in or defend, as a party if it so elects, any Environmental Claim.
Without Lender's prior written consent, which consent shall not be unreasonably
withheld, indemnitor shall not enter into any settlement, consent or compromise
with respect to any Environmental Claim that might impair the value of the
Property.

                  (g) At its sole expense, Indemnitor will conduct any
investigation, study, sampling and testing, and undertake any cleanup, removal,
remedial or other action necessary to remove and clean up all Hazardous
Substances from the Property which must be so removed or cleaned up in
accordance with the requirements of any applicable Environmental Laws, and in
accordance with orders and directives of all governmental authorities. If all or
any portion of the Loan shall be outstanding, Indemnitor may prepay the Loan in
fill, together with all applicable prepayment penalties, in lieu of complying
with the preceding sentence.

                  (h) In the event Hazardous Substances are caused to be removed
from the Property by Indemnitor or Lender, in no event shall the Environmental
Protection Agency number, manifest number or similar identification assigned to
the Hazardous Substances so removed be in the name of Lender, and, if required
by applicable law, Indemnitor shall assume all liability for such removed
Hazardous Substances.

            Section 3. Indemnity.

            (a) Indemnitor agrees to defend (with attorneys reasonably
satisfactory to the Indemnitees), protect, indemnify and hold harmless each of
the Indemnitees and its respective officers, directors, employees, attorneys and
agents from and against any and all liabilities, obligations (including removal
and remedial actions), losses, damages (including foreseeable and unforeseeable
consequential damages and punitive damages), penalties, actions, judgments,
suits, claims, costs, expenses and disbursements (including reasonable
attorneys' and consultants' fees and disbursements) of any kind or nature
whatsoever that may at any time be incurred by, imposed on or asserted against
any of them directly or indirectly based on, or arising or resulting from (i)
the actual presence (or presence alleged by third parties) of Hazardous
Substances on the Property in any quantity or manner which violates
Environmental Law, or the removal, handling, transportation, disposal or storage
of such Hazardous Substances, (ii) any Environmental Claim with respect to
Indemnitor or the Property, or (iii) the exercise of any Indemnitee's rights
under this Agreement (collectively, the "Indemnified Matters") regardless of
when such Indemnified Matters arise, but excluding any Indemnified Matter with
respect to Hazardous Substances first placed or Released on the Property after
the later of (1) the date neither or nor any of its affiliates holds title to or
any other interest in or lien on the Property, or (2) the payment in full of the
Secured Obligations (as defined in the Mortgage). To the extent that this
indemnity is unenforceable because it violates any law or public policy,
Indemnitor agrees to contribute the maximum portion that it is permitted to
contribute under applicable law to the payment and satisfaction of all
Indemnified Matters. Indemnitor's obligations under this Section are subject to
the following: (a) the right to settle or resolve such claim; subject to
Mortgagee's approval, which approval shall not be reasonably withheld, (b) the
right to select legal counsel of Indemnitor's choice, subject to Mortgagee's
approval, which approval shall not be unreasonably withheld, and (c) Indemnitor
shall not indemnify Mortgagee for Mortgage's gross negligence or willful
misconduct.
<PAGE>

                  (b) Indemnitor agrees to reimburse each Indemnitee for all
sums paid and costs incurred by such Indemnitee with respect to any Indemnified
Matter within ten (10) days following written demand therefor, with interest
thereon at the Default Rate (as defined in the Note) if not paid within such ten
(10) day period.

                  (c) Should any Indemnitee institute any action or proceeding
at law or in equity, or in arbitration, to enforce any provision of this
Agreement (including an action for declaratory relief or for damages by reason
of any alleged breach of any provision of this Agreement) or otherwise in
connection with this Agreement or any provision hereto it shall be entitled to
recover from Indemnitor its reasonable attorneys' fees and disbursements
incurred in connection therewith if it is the prevailing party in such action or
proceeding.

                  (d) Notwithstanding any non-recourse provisions of the Note or
any other provision in any Loan Document, Lender shall be entitled to bring an
in personam action against Indemnitor, including an action for specific
performance or damages, to enforce the provisions of this Agreement.

            Section 4. Events of Default. Upon the occurrence of any of the
following specified events (each an "Event of Default"):

                  (a) if any of the representations and warranties contained in
Section 1 shall prove to be untrue in any material respect as of the date made;
or

                  (b) If Indemnitor fails to perform any of its obligations
under this Agreement within fifteen (15) days following notice thereof from
Lender; provided that if such nonperformance is incapable of cure within such
15-day period, no Event of Default shall occur hereunder if Indemnitor has
commenced a program to perform such obligations, which program is satisfactory
to Lender in its reasonable discretion and is in accordance with applicable law,
and is diligently pursuing such program to completion; and provided further that
if a shorter cure period or notice requirement for any particular failure to
perform is provided by applicable law or this Agreement, such specific provision
shall control;

            then and in any such event, and at any time thereafter, if any Event
of Default shill then be continuing, Lender may do or cause to be done whatever
is reasonably necessary in its sole judgment to cause the Property to comply
with applicable Environmental Laws, and the cost thereof (together with interest
thereon at the Default Rate, as defined in the Note, from the date ten (10) days
following demand therefor) shall become immediately due and payable by
Indemnitor without notice. Indemnitor shall and does hereby grant to Lender and
its agents access to the Property and hereby specifically grants to Lender an
irrevocable, non-exclusive license to do whatever is reasonably necessary in
Lender's judgment to cause the Property to so comply, including, without
limitation, to enter the Property and remove therefrom any Hazardous Substances.
<PAGE>

            Section 5. Recourse Obligations.

                  (a) Indemnitor agrees that notwithstanding any term or
provision contained in this Agreement or the other Loan Documents to the
contrary, the obligations of Indemnitor as set forth in this Agreement shall be
exceptions to any non-recourse or exculpatory provision relating to the Loan,
and Indemnitor shall be fully liable for the performance of its obligations
under this Agreement, and such liability shall not be limited to the original
principal amount of the Loan.

                  (b) The liability of Indemnitor under this Agreement shall in
no way be limited to or impaired by any amendment or modification of the
provisions of the Loan Documents unless such amendment or modification expressly
refers to this Agreement. In addition, the liability of Indemnitor under this
Agreement shall in no way be limited or impaired by (i) any extensions of time
for performance required by any of the Loan Documents, (ii) any sale, assignment
or foreclosure of the Note or any sale or transfer of all or any part of the
Property, (iii) any exculpatory provision in any of the -Loan Documents limiting
any Indemnitee's recourse to property encumbered by the Mortgage or to any other
security, or limiting the Indemnitees' rights to a deficiency judgment against
Indemnitor, (iv) the accuracy or inaccuracy of the representations and
warranties made by Indemnitor under any of the Loan Documents, (v) the release
of Indemnitor or any other person from performance or observance of any of the
agreements, covenants, terms or conditions contained in any of the Loan
Documents (other than this Agreement) by operation of law, any Indemnitee's
voluntary act, or otherwise, (vi) the release or substitution in whole or in
part of any security for the Note or (vii) Lender's failure to record the
Mortgage or file any Financing Statements (or Lender's improper recording or
filing of any thereof) or to otherwise perfect, protect, secure or insure any
security interest or lien given as security for the Note; and, in any such case,
whether with or without notice to Indemnitor and with or without consideration.

            Section 6. Independent Obligations. This Agreement is intended to
create obligations that are separate and independent of Indemnitor's obligations
under the Note, Mortgage and other Loan Documents. Indemnitor's obligations
hereunder are, however, secured by the Mortgage and the other Loan Documents.

            Section 7. Survival.

                  (a) The representations, warranties, covenants and indemnities
set forth in this Agreement shall survive the repayment of the Loan, the release
of the lien of the Mortgage, any foreclosure of the Mortgage or the delivery of
a deed or assignment in lieu of foreclosure or otherwise, and the transfer of
any interest in and to the Property.

                  (b) This Agreement shall be binding on and inure to the
benefit of Indemnitor, the Indemnitees, and their respective successors and
assigns. Without limiting the generality of the foregoing, this Agreement shall
inure to the benefit of each assignee or holder of the Note and each of such
assignee's or holder's officers, directors, employees, agents and affiliates.
Notwithstanding the foregoing, (i) this Agreement shall not inure to the benefit
of parties unaffiliated with Lender that acquire title to the Property from
Lender or an affiliate of Lender, and (ii) Indemnitor, without the prior written
consent of Lender in each instance, may not assign, transfer or

<PAGE>

set over in whole or in part, all or any part of its benefits, rights, duties
and obligations hereunder.

            Section 8. Definitions. As used in this Agreement, the following
terms shall have the following meanings:

            "Hazardous Substances" means (a) any chemicals, materials or
substances defined as or included in the definition of "hazardous substances",
"hazardous wastes", "hazardous materials", "extremely hazardous wastes",
"restricted hazardous wastes", "toxic substances", "toxic pollutants",
"contaminants" or "pollutants", or words of similar import, under any applicable
Environmental Law; and (b) any other chemical, material or substance, exposure
to which is prohibited, limited or regulated by any governmental authority,
including, without limitation, asbestors and asbestos-containing materials in
any form, lead-based paint, any radioactive materials and polychlorinated
biphenyls ("PCB's"), or substances or compounds containing PCB's.

            "Environmental Law" means any federal, state or local jaw, whether
common law, court or administrative decision, statute, rule, regulation,
ordinance, court order or decree, or administrative order or any administrative
policy or guidelines concerning action levels of a governmental authority
(federal, state or local) now or hereafter in effect relating to the
environment, public health, occupational safety, industrial hygiene, any
Hazardous Substance (including, without limitation, the disposal, generation,
manufacture, presence, processing, production, Release, storage, transportation,
treatment or use thereof), or the environmental conditions on, under or about
the Property, as amended and as in effect from time to time (including, without
limitation, the following statutes and all regulations thereunder as amended and
in effect from time to time: the Comprehensive Environmental Response,
Compensation, and Liability Act of 1980, as amended, 42 U.S.C.ss.ss.9601, et
seq.; the Superfund Arnendments and Reauthorization Act of 1986, Title III, 42
U.S.C.ss.ss.11001, et seq.; the Clean Air Act, 42 U.S.C.ss.ss.7401, et seq.; the
Safe Drinking Water Act 42 U.S.C.ss.ss.300(f), et seq.; the Solid Waste Disposal
Act, 42 U.S.C.ss.ss.6901, et seq.; the Hazardous Materials Transportation Act,
as amended, 49 U.S.C.ss.ss.5101, et seq.; the Resource Conservation and Recovery
Act, as amended, 42 U.S.C.ss.ss.6901, et seq.; the Federal Water Pollution
Control Act, as amended, 33 U.S.C.ss.ss.1251, et seq.; the Toxic Substances
Control Act of 1976, 15 U.S.C.ss.ss.2601, et seq.; the Occupational Safety and
Health Act, 29 U.S.C.ss.ss.651, et seq.; and any successor statutes and
regulations to the foregoing).

            "Environmental Claims" means any and all administrative, regulatory
or judicial actions, suits, demands, demand letters, claims, liens, notices of
non-compliance or violation, investigations or proceedings relating in any way
to any Environmental Law (hereafter "Claims") or any permit issued under any
such Environmental Law, including without limitation (a) any and all Claims by
governmental or regulatory authorities for enforcement, cleanup, removal,
response, remedial or other actions or damages pursuant to any applicable
Environmental Law, and (b) any and all Claims by any third party seeking
damages, contribution, indemnification, cost recovery, compensation or
injunctive relief resulting from Hazardous Substances or arising from alleged
injury or threat of injury to health, safety or the environment.

            "Release" means disposing, discharging, injecting, spilling,
leaking, leaching, dumping, emitting, escaping, emptying, seeping, placing and
the like, into or upon any land or water or air, or otherwise entering into the
environment.
<PAGE>

            "Environmental Report" means the Phase I Environmental Site
Assessment dated May 9, 2000 and prepared by EMG for the benefit of Lender.

            Section 9. Miscellaneous.

                  (a) If Indemnitor is more than one person or entity, then (i)
all persons or entities comprising Indemnitor are jointly and severally liable
for all of the Indemnitor's obligations hereunder; (ii) all representations,
warranties, and covenants made by Indemnitor shall be deemed representations,
warranties, and covenants of each of the persons or entities comprising
Indemnitor; (iii) any breach, Default or Event of Default by any of the persons
or entities comprising Indeninitor hereunder shall be deemed to be a breach,
Default, or Event of Default of Indemnitor; and (iv) any reference herein
contained to the knowledge or awareness of Indemnitor shall mean the knowledge
or awareness of any of the persons or entities comprising Indemnitor.

                  (b) Indemnitor waives any right or claim of right to cause a
marshalling of its assets or to cause any Indemnitee to proceed against any of
the security for the Loan before proceeding under this Agreement. Indemnitor
expressly waives and relinquishes all present or future rights, remedies, or
circumstances which might constitute a legal or equitable discharge of
Indemnitor or which might otherwise impair the validity or enforceability of
this Agreement. Indemnitor hereby agrees to postpone the exercise of any and all
rights of subrogation to the rights of any Indemnitee against Indemnitor
hereuner and any rights of subrogation to any collateral securing the Loan,
until all obligations of Indemnitor to the Indemnitees hereunder have been
performed in full and all principal, interest and other sums evidenced or
secured by the Loan Documents shall have been paid in full.

                  (c) Any party liable upon or in respect of this Agreement or
the Loan may be released without affecting the liability of any party not so
released.

                  (d) No failure or delay on the part of any of the Indemnitiees
in exercising any right, power or privilege hereunder or under any other Loan
Document and no course of dealing between Indemnitor and the Indemnitees (or any
of them) shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder or under any other Loan
Document preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder or thereunder. The rights, powers and
remedies herein or in any other Loan Document expressly provided are cumulative
with and not exclusive of any rights, powers or remedies which the Indemnitees
or any of them would otherwise have. No notice to or demand on Indemnitor in any
cash shall, ipso facto, entitle Indemnitor to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of
the Indemnitees to any other further action in any circumstances without notice
or demand where notice or demand is not otherwise required.

                  (e) All notices hereunder shall be in writing and shall be
delivered to Borrower and Lender in accordance with the provisions of the
Mortgage, and to Guarantor in accordance with the terms of the Guaranty.

                  (f) Indemnitor hereby submits itself to the jurisdiction and
venue of any state court located in Miami-Date County, Florida, or any federal
court located in the State of

<PAGE>

Florida in connection with any action or proceeding brought for enforcement of
Indemnitor's obligations hereunder, and hereby waives any and all personal or
other rights under the law of any other country or state to object to
jurisdiction within such location for purposes of litigation to enforce such
obligations. Indemnitor agrees that service of process upon Indemnitor shall be
complete upon delivery thereof in any manner permitted by law.

                  (g) Neither this Agreement nor any term thereof may be
changed, waived, discharged or terminated unless such change, waiver, discharge
or termination is in writing and signed by each of the parties hereto.

                  (h) LENDER AND INDEMNITOR KNOWLINGLY, IRREVOCABLY, VOLUNTARILY
AND INTENTIONALLY WAIVE ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS AGREEMENT, OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT,
COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY
HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER AND INDEMNITOR TO
ENTER INTO THE LOAN TRANSACTION EVIDENCED BY THE NOTE.

                  (i) This Agreement and the rights and obligations of the
parties hereunder shall be construed in accordance with and be governed by the
law of the State of the Florida.

                  (j) All pronouns and any variations of pronouns herein shall
be deemed to refer to the masculine, feminine, or neuter, singular or plural, as
the identity of the parties may require. Whenever the terms herein are singular,
the same shall be deemed to mean the plural, as the identity of the parties or
the context requires and vice versa.

                  (k) This Agreement may be executed in multiple counterparts,
each of which shall constitute a duplicate original, but all of which together
shall constitute one and the same instrument.

                   [Balance of page intentionally left blank]
<PAGE>

            IN WITNESS WHEREOF, Indemnitor has executed and delivered this
Agreement as of the date first above written.

                              BORROWER:

                              SONESTA BEACH RESEARCH LIMITED
                              PARTNERSHIP, a Delaware limited partnership

                              By:   Florida Sonesta Corporation, a Florida
                                    Corporation, its General Partner

                                    By: /s/
                                        ----------------------------------
                                        Peter J. Sonnabend, Vice President

                              GUARANTOR:

                              SONESTA INTERNATIONAL HOTELS
                              CORPORATION, a New York corporation

                              By: /s/
                                  --------------------------------------
                                  Peter J. Sonnabend, Vice President

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