Document:

ex4-2

Exhibit 4.2

REGISTRATION RIGHTS AGREEMENT

     
THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”
) is made and entered into as of August 23, 2000 among
EQUITY OFFICE PROPERTIES TRUST, a Maryland real estate investment
 trust (the “Company”), EOP OPERATING LIMITED
PARTNERSHIP, a Delaware limited partnership (the 
“Operating Partnership”), and SALOMON SMITH BARNEY
INC. (the “Initial Purchaser”).

     
This Agreement is made pursuant to the Purchase Agreement, dated
August 17, 2000 (the “Purchase Agreement”),
among the Operating Partnership, as issuer of the Senior
Exchangeable Notes Due November 15, 2008 (the 
“Notes”), the Company, as guarantor of the Notes
(the “Guarantees”), and the Initial Purchaser,
which provides for, among other things, the sale by the Operating
 Partnership to the Initial Purchaser of the Notes.

     
In order to induce the Initial Purchaser to enter into the
Purchase Agreement, each of the Company and the Operating
Partnership has agreed to provide to the Initial Purchaser and
its direct and indirect transferees the registration rights set
forth in this Agreement.

     
In consideration of the foregoing, the parties hereto agree as
follows:

     
1.  Definitions. As used in this Agreement, the
following capitalized defined terms shall have the following
meanings:

		
	 	     
        “Advice” shall have the meaning set forth in the
         last paragraph of Section 3 hereof.
	 
	 	     
        “Affiliate” has the same meaning as given to
        that term in Rule 405 under the Securities Act or any
        successor rule thereunder.
	 
	 	     
        “Business Day” means any day other than a
        Saturday, a Sunday, or a day on which banking institutions in New
         York, New York or Boston, Massachusetts are authorized or
        required by law or executive order to remain closed.
	 
	 	     
        “Common Shares” means the common shares of
        beneficial interest of the Company, par value $0.01 per share,
        initially issuable upon exchange of the Notes.
	 
	 	     
        “Company” shall have the meaning set forth in
        the preamble to this Agreement and also includes the
        Company’s successors and permitted assigns.
	 
	 	     
        “Closing Time” shall mean the Closing Time as
        defined in the Purchase Agreement.
	 
	 	     
        “Effectiveness Period” shall have the meaning
        set forth in Section 2(a) hereof.
	 
	 	     
        “Exchange Act” shall mean the Securities
        Exchange Act of 1934, as amended from time to time.
	 
	 	     
        “Guarantees” shall have the meaning set forth in
         the preamble to this Agreement.
	 
	 	     
        “Holder” shall mean the Initial Purchaser, for
        so long as it owns any Registrable Securities, and each of its
        respective successors, assigns and direct and indirect
        transferees who become registered owners of Registrable
        Securities.
	 
	 	     
        “Initial Purchaser” shall have the meaning set
        forth in the preamble to this Agreement.
	 
	 	     
        “Inspectors” shall have the meaning set forth in
         Section 3(m) hereof.
	 
	 	     
        “Issue Date” shall mean August 23, 2000,
        the date of original issuance of the Notes.
	 
	 	     
        “Liquidated Damages” shall have the meaning set
        forth in Section 2(d) hereof.
	 
	 	     
        “Majority Holders” shall mean the Holders
        collectively holding a majority of the aggregate principal amount
         of outstanding Notes or the number of outstanding Common Shares,
         as the context requires.

		
	 	     
        “Notes” shall have the meaning set forth in the
        preamble to this Agreement.
	 
	 	     
        “Person” shall mean an individual, partnership,
        corporation, trust or unincorporated organization, limited
        liability corporation, or a government or agency or political
        subdivision thereof.
	 
	 	     
        “Prospectus” shall mean the prospectus included
        in a Shelf Registration Statement, including any preliminary
        prospectus, and any such prospectus as amended or supplemented by
         any prospectus supplement, including a prospectus supplement
        with respect to the terms of the offering of any portion of the
        Registrable Securities covered by a Shelf Registration Statement,
         and by all other amendments and supplements to a prospectus,
        including post-effective amendments, and, in each case, including
         all documents incorporated by reference therein.
	 
	 	     
        “Purchase Agreement” shall have the meaning set
        forth in the preamble to this Agreement.
	 
	 	     
        “Records” shall have the meaning set forth in
        Section 3(m) hereof.
	 
	 	     
        “Registrable Securities” shall mean the Notes,
        the Guarantees and the Common Shares; provided, however, 
        that (i) the Notes and the Guarantees shall cease to be
        Registrable Securities upon the earlier of (1) a Shelf
        Registration Statement with respect thereto for the resale of the
         Notes shall have been declared effective under the Securities
        Act and such Notes shall have been disposed of pursuant to such
        Shelf Registration Statement, (2) such Notes shall have been
         sold to the public pursuant to Rule 144(k) (or any similar
        provision then in force, but not Rule 144A) under the
        Securities Act or are eligible to be sold without restriction as
        contemplated by Rule 144(k) or (3) such Notes shall
        have ceased to be outstanding, and (ii) the Common Shares
        shall cease to be Registrable Securities upon the earlier of
        (1) a Shelf Registration Statement with respect to such
        Common Shares for the resale thereof shall have been declared
        effective under the Securities Act and such Common Shares shall
        have been disposed of pursuant to such Shelf Registration
        Statement, (2) such Common Shares shall have been sold to
        the public pursuant to Rule 144(k) (or any similar provision
         then in force, but not Rule 144A) under the Securities Act
        or are eligible to be sold without restriction as contemplated by
         Rule 144(k) or (3) such Common Shares shall have ceased to
        be outstanding.
	 
	 	     
        “Registration Expenses” shall mean any and all
        expenses incident to performance of or compliance by the Company
        and the Operating Partnership with this Agreement, including
        without limitation: (i) all SEC or National Association of
        Securities Dealers, Inc. (the “NASD”)
        registration and filing fees, including, if applicable, the fees
        and expenses of any “qualified independent underwriter”
         (and its counsel) that is required to be retained by any Holder
        of Registrable Securities in accordance with the rules and
        regulations of the NASD, (ii) all fees and expenses incurred
         in connection with compliance with state securities or blue sky
        laws (including reasonable fees and disbursements of one counsel
        for all underwriters or Holders as a group in connection with
        blue sky qualification of any of the Registrable Securities) and
        compliance with the rules of the NASD, (iii) all expenses of
         any Persons in preparing or assisting in preparing, word
        processing, printing and distributing any Shelf Registration
        Statement, any Prospectus and any amendments or supplements
        thereto, and in preparing or assisting in preparing, printing and
         distributing any underwriting agreements, securities sales
        agreements and other documents relating to the performance of and
         compliance with this Agreement, (iv) all rating agency
        fees, (v) the fees and disbursements of counsel for the
        Company, the Operating Partnership and of the independent
        certified public accountants of the Company and the Operating
        Partnership, including the expenses of any “cold
        comfort” letters required by or incident to the performance
        of and compliance with this Agreement, and (vi) the
        reasonable fees and expenses of any special experts retained by
        the Company or the Operating Partnership in connection with the
        Shelf Registration Statement.
	 
	 	     
        “Rule 144(k) Period” shall mean the period
        of two years (or such shorter period as may hereafter be referred
         to in Rule 144(k) under the Securities Act (or similar
        successor rule)) commencing on the Issue Date.
	 
	 	     
        “SEC” shall mean the Securities and Exchange
        Commission.
	 
	 	     
        “Securities” shall mean the Notes, the
        Guarantees and the Common Shares.

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        “Securities Act” shall mean the Securities Act
        of 1933, as amended from time to time.
	 
	 	     
        “Shelf Registration” shall mean a registration
        effected pursuant to Section 2(a) hereof.
	 
	 	     
        “Shelf Registration Statement” shall mean a
        “shelf” registration statement of the Company and the
        Operating Partnership pursuant to the provisions of
        Section 2(a) hereof which covers all of the Registrable
        Securities on an appropriate form under Rule 415 under the
        Securities Act, or any similar rule that may be adopted by the
        SEC, and all amendments and supplements to such registration
        statement, including post-effective amendments, in each case
        including the Prospectus contained therein, all exhibits thereto
        and all documents incorporated by reference therein.

     
2.  Registration Under the Securities Act.

     
(a)  Shelf Registration. The Company and the
Operating Partnership shall file or cause to be filed, on or
prior to November 22, 2000, a Shelf Registration Statement
providing for the sale by the Holders of all of the Registrable
Securities, and each shall use its reasonable best efforts to
have such Shelf Registration Statement declared effective by the
SEC as promptly as practicable after filing thereof, but in any
event on or prior to January 22, 2001 (the 
“Effective Date”). No Holder of Registrable
Securities shall be entitled to include any of its Registrable
Securities in any Shelf Registration pursuant to this Agreement
unless and until such Holder agrees in writing to be bound by all
 of the provisions of this Agreement applicable to such Holder
and furnishes to the Company or the Operating Partnership in
writing, within 15 days after receipt of a request therefor, such
 information as the Company or the Operating Partnership may,
after conferring with counsel with regard to information relating
 to Holders that would be required by the SEC to be included in
such Shelf Registration Statement or Prospectus included therein,
 reasonably request for inclusion in any Shelf Registration
Statement or Prospectus included therein. Each Holder as to which
 any Shelf Registration is being effected agrees to furnish to
the Company or the Operating Partnership all information with
respect to such Holder necessary to make the information
previously furnished to the Company or the Operating Partnership
by such Holder not materially misleading.

     
Each of the Company and the Operating Partnership agrees to use
its reasonable best efforts to keep the Shelf Registration
Statement continuously effective and the Prospectus usable for
resales for the Rule 144(k) Period (subject to extension
pursuant to the last paragraph of Section 3 hereof), or for
such shorter period which will terminate when all of the
Securities covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement or cease to be
Registrable Securities (the “Effectiveness Period”
); provided, however, that for 75 days or less (whether
or not consecutive) in any twelve-month period, the Company and
the Operating Partnership shall be permitted, by giving written
notice to the Holders of Registrable Securities, to suspend sales
 thereof if the Shelf Registration Statement is no longer
effective or the Prospectus usable for resales due to
circumstances relating to pending developments, public filings
with the SEC and similar events, or because the Prospectus
contains an untrue statement of a material fact or omits to state
 a material fact required to be stated therein or necessary in
order to make statements therein not misleading.

     
The Company and the Operating Partnership shall not permit any
securities other than (i) the Company’s and the
Operating Partnership’s issued and outstanding securities
currently possessing incidental registration rights and
(ii) the Registrable Securities to be included in the Shelf
Registration. The Company and the Operating Partnership will, in
the event a Shelf Registration Statement is declared effective,
provide to each Holder a reasonable number of copies of the
Prospectus which is a part of the Shelf Registration Statement,
notify each such Holder when the Shelf Registration Statement has
 become effective and take such other actions as are required to
permit unrestricted resales of the Registrable Securities. Each
of the Company and the Operating Partnership further agrees to
supplement or amend the Shelf Registration Statement if and as
required by the rules, regulations or instructions applicable to
the registration form used by the Company and the Operating
Partnership for such Shelf Registration Statement or by the
Securities Act or by any other rules and regulations thereunder
for shelf registrations, and each of the Company and the
Operating Partnership agrees to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment
 promptly after its being used or filed with the SEC.

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(b)  Listing. The Company and the Operating
Partnership shall use its reasonable best efforts to cause the
Common Shares to be approved for listing on the New York Stock
Exchange as promptly as practicable, but in any event, within
30 days after the Effective Date.

     
(c)  Expenses. The Company and the Operating
Partnership shall, jointly and severally, pay all Registration
Expenses in connection with any Shelf Registration Statement
filed pursuant to Section 2(a) hereof and will reimburse the
Initial Purchaser for the reasonable fees and disbursements of
Brown & Wood LLP, counsel for the Initial Purchaser,
incurred in connection with the private offering of the
Securities, and either Brown & Wood LLP or any other
single counsel designated in writing by the Majority Holders to
act as counsel for the Holders of the Registrable Securities in
connection with a Shelf Registration Statement, which other
counsel shall be reasonably satisfactory to the Company and the
Operating Partnership. Except as provided herein, each Holder
shall pay all expenses of its counsel, underwriting discounts and
 commissions and transfer taxes, if any, relating to the sale or
disposition of such Holder’s Registrable Securities pursuant
 to the Shelf Registration Statement.

     
(d)  Effective Shelf Registration Statement. A Shelf
Registration Statement will not be deemed to have become
effective unless it has been declared effective by the SEC;
provided, however, that if, after it has been declared
effective, the offering of Registrable Securities pursuant to
such Shelf Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any
 other governmental agency or court, such Shelf Registration
Statement will be deemed not to have been effective during the
period of such interference, until the offering of Registrable
Securities pursuant to such Shelf Registration Statement may
legally resume. Each of the Company and the Operating Partnership
 will be deemed not to have used its reasonable best efforts to
cause a Shelf Registration Statement to become, or to remain,
effective during the requisite period if it voluntarily takes any
 action that would result in any such Shelf Registration
Statement not being declared effective or that would result in
the Holders of Registrable Securities covered thereby not being
able to offer and sell such Registrable Securities during that
period, unless such action is required by applicable law.

     
(e)  Liquidated Damages. In the event that:

		
	 	     
        (i)  a Shelf Registration Statement is not filed with the
        SEC on or prior to November 22, 2000, then liquidated
        damages (“Liquidated Damages”) shall accrue on
        the principal amount of the Securities at a rate equal to 0.50%
        per annum;
	 
	 	     
        (ii)  a Shelf Registration Statement is not declared
        effective by the SEC on or prior to January 22, 2001, then
        Liquidated Damages shall accrue on the principal amount of the
        Securities at a rate equal to 0.50% per annum;
	 
	 	     
        (iii)  a Shelf Registration Statement has been declared
        effective and such Shelf Registration Statement ceases to be
        effective or the Prospectus usable for resales (A) at any
        time prior to the expiration of the Effectiveness Period and
        (B) if related to corporate developments, public filings
        with the SEC or similar events or to correct a material
        misstatement or omission in the Prospectus contained in the Shelf
         Registration Statement, for more than 75 days (whether or
        not consecutive) in any twelve-month period, then, with respect
        to the first quarter immediately following the day or 76th day,
        as the case may be, such Shelf Registration Statement ceases to
        be effective or the Prospectus usable for resales, then
        Liquidated Damages shall accrue on the principal amount of the
        Securities at a rate equal to 0.50% per annum; or
	 
	 	     
        (iv)  if the Common Shares are not approved for listing on
        the New York Stock Exchange on or prior to the 30th day after the
         Effective Date, then Liquidated Damages shall accrue on the
        principal amount of the Securities at a rate equal to 0.50% per
        annum;

provided, however, that (1) upon the filing of a
Shelf Registration Statement (in the case of clause
(i) above), (2) upon the effectiveness of a Shelf
Registration Statement (in the case of clause (ii) above),
(3) upon such time as the Shelf Registration Statement which
 had ceased to remain effective or the Prospectus usable for
resales again becomes effective and usable for resales (in the
case of clause (iii) above), or (4) upon such

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time as the Common Shares are approved for listing on the New
York Stock Exchange, Liquidated Damages on the principal amount
of the Securities as a result thereof shall cease to accrue.

     
Any amounts of Liquidated Damages due pursuant to
Section 2(d)(i), (ii), (iii) or (iv) above will be
 payable in cash on the next succeeding May 15 and
November 15, as the case may be, to Holders on the relevant
record dates for the payment of interest.

     
(f)  Specific Enforcement. Without limiting the
remedies available to the Holders, each of the Company and the
Operating Partnership acknowledges that any failure by it to
comply with its obligations under Section 2(a) hereof may
result in material irreparable injury to the Holders for which
there is no adequate remedy at law, that it would not be possible
 to measure damages for such injuries precisely and that, in the
event of any such failure, any Holder may obtain such relief as
may be required to specifically enforce the Company’s and
the Operating Partnership’s obligations under
Section 2(a) hereof.

     
3.  Registration Procedures. In connection with the
obligations of the Company and the Operating Partnership with
respect to the Shelf Registration Statement pursuant to
Section 2(a) hereof, each of the Company and the Operating
Partnership shall use its best efforts to:

		
	 	     
        (a)  prepare and file with the SEC a Shelf Registration
        Statement as prescribed by Section 2(a) hereof within the
        relevant time period specified in Section 2(a) hereof on the
         appropriate form under the Securities Act, which form shall
        (i) be selected by the Company and the Operating
        Partnership, (ii) be available for the sale of the Registrable
        Securities by the selling Holders thereof, and (iii) comply
        as to form in all material respects with the requirements of the
        applicable form and include all financial statements required by
        the SEC to be filed therewith; each of the Company and the
        Operating Partnership shall use its reasonable best efforts to
        cause such Shelf Registration Statement to become effective and
        remain effective and the Prospectus usable for resales in
        accordance with Section 2 hereof; provided, however, 
        that, before filing any Shelf Registration Statement or
        Prospectus or any amendments or supplements thereto, each of the
        Company and the Operating Partnership shall furnish to and afford
         the Holders of the Registrable Securities covered by such Shelf
        Registration Statement, their counsel and the managing
        underwriters, if any, a reasonable opportunity to review copies
        of all such documents (including copies of any documents to be
        incorporated by reference therein and all exhibits thereto)
        proposed to be filed; and each of the Company and the Operating
        Partnership shall not file any Shelf Registration Statement or
        Prospectus or any amendments or supplements thereto in respect of
         which the Holders must be afforded an opportunity to review
        prior to the filing of such document if the Majority Holders,
        their counsel or the managing underwriters, if any, shall
        reasonably object in a timely manner;
	 
	 	     
        (b)  prepare and file with the SEC such amendments and
        post-effective amendments to the Shelf Registration Statement as
        may be necessary to keep such Shelf Registration Statement
        effective for the Effectiveness Period, subject to the proviso
        contained in the second paragraph in Section 2(a), and cause
         each Prospectus to be supplemented, if so determined by the
        Company or the Operating Partnership or requested by the SEC, by
        any required prospectus supplement and as so supplemented to be
        filed pursuant to Rule 424 (or any similar provision then in
         force) under the Securities Act, and comply with the provisions
        of the Securities Act, the Exchange Act and the rules and
        regulations promulgated thereunder applicable to it with respect
        to the disposition of all securities covered by a Shelf
        Registration Statement during the Effectiveness Period in
        accordance with the intended method or methods of distribution by
         the selling Holders thereof described in this Agreement;
	 
	 	     
        (c)  (i) notify each Holder of Registrable Securities
        included in the Shelf Registration Statement, at least three
        Business Days prior to filing, that a Shelf Registration
        Statement with respect to the Registrable Securities is being
        filed and advising such Holder that the distribution of
        Registrable Securities will be made in accordance with the method
         selected by the Majority Holders, (ii) furnish to each
        Holder of Registrable Securities included in the Shelf
        Registration Statement and to each underwriter of an underwritten
         offering of Registrable Securities, if any, without charge, as
        many copies of each Prospectus, including each preliminary
        prospectus, and any amendment or supplement thereto, and such
        other documents as such Holder or underwriter may reasonably
        request, in order to facilitate the public sale or other
        disposition of the Registrable Securities and (iii) consent
        to the use of the

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        Prospectus or any amendment or supplement thereto by each of the
        selling Holders of Registrable Securities included in the Shelf
        Registration Statement in connection with the offering and sale
        of the Registrable Securities covered by the Prospectus or any
        amendment or supplement thereto;
	 
	 	     
        (d)  register or qualify the Registrable Securities under
        all applicable state securities or “blue sky” laws of
        such jurisdictions by the time the applicable Shelf Registration
        Statement is declared effective by the SEC as any Holder of
        Registrable Securities covered by a Shelf Registration Statement
        and each underwriter of an underwritten offering of Registrable
        Securities shall reasonably request in writing in advance of such
         date of effectiveness, and do any and all other acts and things
        which may be reasonably necessary or advisable to enable such
        Holder and underwriter to consummate the disposition in each such
         jurisdiction of such Registrable Securities owned by such
        Holder; provided, however, that neither the Company nor
        the Operating Partnership shall be required to (i) qualify
        as a foreign entity or as a dealer in securities in any
        jurisdiction where it would not otherwise be required to qualify
        but for this Section 3(d), (ii) file any general
        consent to service of process in any jurisdiction where it would
        not otherwise be subject to such service of process or
        (iii) subject itself to taxation in any such jurisdiction if
         it is not then so subject;
	 
	 	     
        (e)  promptly notify each Holder of Registrable Securities,
        their counsel and the managing underwriters, if any, and promptly
         confirm such notice in writing (i) when a Shelf
        Registration Statement has become effective and when any
        post-effective amendments thereto become effective, (ii) of
        any request by the SEC or any state securities authority for
        amendments and supplements to a Shelf Registration Statement or
        Prospectus or for additional information after the Shelf
        Registration Statement has become effective, (iii) of the
        issuance by the SEC or any state securities authority of any stop
         order suspending the effectiveness of a Shelf Registration
        Statement or the qualification of the Registrable Securities in
        any jurisdiction described in Section 3(d) hereof or the
        initiation of any proceedings for that purpose, (iv) if,
        between the Effective Date and the closing of any sale of
        Registrable Securities covered thereby, any of the
        representations and warranties of the Company or the Operating
        Partnership contained in any purchase agreement, securities sales
         agreement or other similar agreement cease to be true and
        correct in all material respects, (v) of the happening of
        any event or the failure of any event to occur or the discovery
        of any facts, during the Effectiveness Period, which makes any
        statement made in a Shelf Registration Statement or the related
        Prospectus untrue in any material respect or which causes such
        Shelf Registration Statement or Prospectus to omit to state a
        material fact necessary in order to make the statements therein,
        in the light of the circumstances under which they were made, not
         misleading, and (vi) of the reasonable determination of the
         Company and the Operating Partnership that a post-effective
        amendment to the Shelf Registration Statement would be
        appropriate;
	 
	 	     
        (f)  obtain the withdrawal of any order suspending the
        effectiveness of the Shelf Registration Statement at the earliest
         possible moment;
	 
	 	     
        (g)  furnish to each Holder of Registrable Securities
        included within the coverage of a Shelf Registration Statement,
        without charge, at least one conformed copy of the Shelf
        Registration Statement relating to such Shelf Registration and
        any post-effective amendment thereto (without documents
        incorporated therein by reference or exhibits thereto, unless
        requested);
	 
	 	     
        (h)  cooperate with the selling Holders of Registrable
        Securities to facilitate the timely preparation and delivery of
        certificates representing Registrable Securities to be sold and
        not bearing any restrictive legends and registered in such names
        as the selling Holders or the underwriters may reasonably request
         at least two Business Days prior to the closing of any sale of
        Registrable Securities pursuant to the Shelf Registration
        Statement;
	 
	 	     
        (i)  promptly after the occurrence of any event specified in
         Section 3(e)(ii), 3(e)(iii), 3(e)(v) (subject to a 75 day
        grace period within any twelve-month period) or 3(e)(vi) hereof,
        prepare a supplement or post-effective amendment to the Shelf
        Registration Statement or the related Prospectus or any document
        incorporated therein by reference or file any other required
        document so that, as thereafter delivered to the purchasers of
        the Registrable Securities, such Prospectus will not include any
        untrue statement of a material fact or omit to state a material
        fact necessary to make the statements therein, in the light of
        the

6

		
	 	
        circumstances under which they were made, not misleading; and the
         Company and the Operating Partnership shall notify each Holder
        to suspend use of the Prospectus as promptly as practicable after
         the occurrence of such an event, and each Holder hereby agrees
        to suspend use of the Prospectus until the Company or the
        Operating Partnership has amended or supplemented the Prospectus
        to correct such misstatement or omission;
	 
	 	     
        (j)  a reasonable time prior to the filing of any document
        which is to be incorporated by reference into a Shelf
        Registration Statement or a Prospectus after the initial filing
        of a Shelf Registration Statement, provide a reasonable number of
         copies of such document to the Holders and make such of the
        representatives of the Company and the Operating Partnership as
        shall be reasonably requested by the Holders of Registrable
        Securities or the Initial Purchaser on behalf of such Holders
        available for discussion of such document;
	 
	 	     
        (k)  enter into such agreements (including underwriting
        agreements) as are customary in underwritten offerings and take
        all such other appropriate actions in connection therewith as are
         reasonably requested by the Holders collectively holding at
        least 25% in aggregate principal amount or number, as the context
         requires, of the Registrable Securities in order to expedite or
        facilitate the registration or the disposition of the Registrable
         Securities;
	 
	 	     
        (l)  whether or not an underwriting agreement is entered
        into and whether or not the registration is an underwritten
        registration, if requested by (x) the Initial Purchaser, in the
        case where the Initial Purchaser holds Securities acquired by it
        as part of its initial placement and (y) Holders
        collectively holding at least 25% in aggregate principal amount
        or number, as the context requires, of the Registrable Securities
         covered thereby: (i) make such representations and
        warranties to Holders of such Registrable Securities and the
        underwriters (if any), with respect to the business of the
        Company and its subsidiaries as then conducted and with respect
        to the Shelf Registration Statement, Prospectus and documents, if
         any, incorporated or deemed to be incorporated by reference
        therein, in each case, as are customarily made by issuers to
        underwriters in underwritten offerings, and confirm the same if
        and when requested; (ii) obtain opinions of counsel to the
        Company and updates thereof (which may be in the form of a
        reliance letter) in form and substance reasonably satisfactory to
         the managing underwriters (if any) and the Holders collectively
        holding a majority in aggregate principal amount or number, as
        the context requires, of the Registrable Securities being sold,
        addressed to each selling Holder and the underwriters (if any)
        covering the matters customarily covered in opinions requested in
         underwritten offerings and such other matters as may be
        reasonably requested by such underwriters (it being agreed that
        the matters to be covered by such opinion may be subject to
        customary qualifications and exceptions); (iii) obtain
        “cold comfort” letters and updates thereof in form and
        substance reasonably satisfactory to the managing underwriters
        from the independent certified public accountants of the Company
        and the Operating Partnership (and, if necessary, any other
        independent certified public accountants of any business acquired
         by the Company or the Operating Partnership for which financial
        statements and financial data are, or are required to be,
        included in the Registration Statement), addressed to each of the
         underwriters, such letters to be in customary form and covering
        matters of the type customarily covered in “cold
        comfort” letters in connection with underwritten offerings
        and such other matters as reasonably requested by such
        underwriters in accordance with Statement on Auditing Standards
        No. 72; and (iv) if an underwriting agreement is
        entered into, the same shall contain indemnification provisions
        and procedures no less favorable than those set forth in
        Section 4 hereof (or such other provisions and procedures
        acceptable to Holders collectively holding a majority in
        aggregate principal amount or number, as the context requires, of
         Registrable Securities covered by such Shelf Registration
        Statement and the managing underwriters) customary for such
        agreements with respect to all parties to be indemnified pursuant
         to said Section (including, without limitation, such
        underwriters and selling Holders); and in the case of an
        underwritten registration, the above requirements shall be
        satisfied at each closing under the related underwriting
        agreement or as and to the extent required thereunder;
	 
	 	     
        (m)  make reasonably available for inspection by any selling
         Holder of Registrable Securities who certifies to the Company
        and the Operating Partnership that it has a current intention to
        sell Registrable Securities pursuant to the Shelf Registration,
        any underwriter participating in any such disposition of

7

		
	 	
        Registrable Securities, if any, and any attorney, accountant or
        other agent retained by any such selling Holder or underwriter
        (collectively, the “Inspectors”), at the offices
         where normally kept, during the Company’s and the Operating
         Partnership’s normal business hours, all financial and
        other records, pertinent organizational and operational documents
         and properties of the Company, the Operating Partnership and
        their respective subsidiaries (collectively, the 
        “Records”) as shall be reasonably necessary to
        enable them to exercise any applicable due diligence
        responsibilities, and cause the officers, trustees and employees
        of the Company and its subsidiaries to supply all relevant
        information in each case reasonably requested by any such
        Inspector in connection with such Shelf Registration Statement;
        records and information which the Company and the Operating
        Partnership, in good faith, to be confidential and any Records
        and information which it notifies the Inspectors are confidential
         shall not be disclosed to any Inspector except where
        (i) the disclosure of such Records or information is
        necessary to avoid or correct a material misstatement or omission
         in such Shelf Registration Statement, (ii) the release of
        such Records or information is ordered pursuant to a subpoena or
        other order from a court of competent jurisdiction or is
        necessary in connection with any action, suit or proceeding or
        (iii) such Records or information previously has been made
        generally available to the public; each selling Holder of such
        Registrable Securities will be required to agree in writing that
        Records and information obtained by it as a result of such
        inspections shall be deemed confidential and shall not be used by
         it as the basis for any market transactions in the securities of
         the Company or the Operating Partnership unless and until such
        is made generally available to the public through no fault of an
        Inspector or a selling Holder; and each selling Holder of such
        Registrable Securities will be required to further agree in
        writing that it will, upon learning that disclosure of such
        Records or information is sought in a court of competent
        jurisdiction, or in connection with any action, suit or
        proceeding, give notice to the Company and the Operating
        Partnership and allow the Company and the Operating Partnership
        at their expense to undertake appropriate action to prevent
        disclosure of the Records and information deemed confidential;
	 
	 	     
        (n)  comply with all applicable rules and regulations of the
         SEC so long as any provision of this Agreement shall be
        applicable and make generally available to its securityholders
        earning statements satisfying the provisions of
        Section 11(a) of the Securities Act and Rule 158
        thereunder (or any similar rule promulgated under the Securities
        Act) no later than 45 days after the end of any twelve-month
         period (or 90 days after the end of any twelve-month period
         if such period is a fiscal year) (i) commencing at the end
        of any fiscal quarter in which Registrable Securities are sold to
         underwriters in a firm commitment or best efforts underwritten
        offering and (ii) if not sold to underwriters in such an
        offering, commencing on the first day of the first fiscal quarter
         of the Company and the Operating Partnership after the Effective
         Date, which statements shall cover said twelve-month periods,
        provided that the obligations under this Section 3(n) shall
        be satisfied by the timely filing of quarterly and annual reports
         on Forms 10-Q and 10-K under the Exchange Act;
	 
	 	     
        (o)  cooperate with each seller of Registrable Securities
        covered by a Shelf Registration Statement and each underwriter,
        if any, participating in the disposition of such Registrable
        Securities and their respective counsel in connection with any
        filings required to be made with the NASD;
	 
	 	     
        (p)  take all other steps necessary to effect the
        registration of the Registrable Securities covered by a Shelf
        Registration Statement contemplated hereby; and
	 
	 	     
        (q)  the Company and the Operating Partnership may require
        each seller of Registrable Securities as to which any
        registration is being effected to furnish to it such information
        regarding such seller as may be required by the staff of the SEC
        to be included in a Shelf Registration Statement; the Company and
         the Operating Partnership may exclude from such registration the
         Registrable Securities of any seller who unreasonably fails to
        furnish such information within a reasonable time after receiving
         such request; and the Company and the Operating Partnership
        shall have no obligation to register under the Securities Act the
         Registrable Securities of a seller who so fails to furnish such
        information.

     
Each Holder agrees that, upon receipt of any notice from the
Company or the Operating Partnership of the occurrence of any
event specified in Section 3(e)(ii), 3(e)(iii), 3(e)(v) or
3(e)(vi) hereof, such Holder will forthwith discontinue
disposition of Registrable Securities pursuant to a Shelf
Registration Statement until

8

such Holder’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 3(i) hereof or
until it is advised in writing (the “Advice”) by
 the Company or the Operating Partnership that the use of the
applicable Prospectus may be resumed, and, if so directed by the
Company or the Operating Partnership, such Holder will deliver to
 the Company or the Operating Partnership (at its expense) all
copies in such Holder’s possession, other than permanent
file copies then in such Holder’s possession, of the
Prospectus covering such Registrable Securities current at the
time of receipt of such notice. If the Company or the Operating
Partnership shall give any such notice to suspend the disposition
 of Registrable Securities pursuant to a Shelf Registration
Statement, each of the Company and the Operating Partnership
shall use its reasonable best efforts to file and have declared
effective (if an amendment) as soon as practicable after the
resolution of the related matters an amendment or supplement to
the Shelf Registration Statement and related Prospectus and shall
 extend the period during which such Shelf Registration Statement
 is required to be maintained effective and the Prospectus usable
 for resales pursuant to this Agreement by the number of days in
the period from and including the date of the giving of such
notice to and including the date when the Company or the
Operating Partnership shall have made available to the Holders
(x) copies of the supplemented or amended Prospectus
necessary to resume such dispositions or (y) the Advice.

     
4.  Indemnification and Contribution. (a) The
Company and the Operating Partnership hereby agree, jointly and
severally, to indemnify and hold harmless the Initial Purchaser,
each Holder, each underwriter who participates in an offering of
the Registrable Securities, each Person, if any, who controls any
 of such parties within the meaning of Section 15 of the
Securities Act and Section 20 of the Exchange Act and each
of their respective directors, officers, employees and agents, as
 follows:

		
	 	     
        (i)  against any and all loss, liability, claim, damage and
        expense whatsoever, as incurred, arising out of any untrue
        statement or alleged untrue statement of a material fact
        contained in a Shelf Registration Statement (or any amendment
        thereto) or the Prospectus (or any amendment or supplement
        thereto) or the omission or alleged omission therefrom of a
        material fact required to be stated therein, in the light of the
        circumstances under which they were made, not misleading;
	 
	 	     
        (ii)  against any and all loss, liability, claim, damage and
         expense whatsoever, as incurred, to the extent of the aggregate
        amount paid in settlement of any litigation, or any investigation
         or proceeding by any governmental agency or body, commenced or
        threatened, or of any claim whatsoever based upon any such untrue
         statement or omission, or any such alleged untrue statement or
        omission, provided that (subject to Section 4(d) hereof) such
        settlement is effected with the prior written consent of the
        Company and the Operating Partnership; and
	 
	 	     
        (iii)  against any and all expenses whatsoever, as incurred
        (including the reasonable fees and disbursements of counsel
        chosen by the Initial Purchaser or such Holder), reasonably
        incurred in investigating, preparing or defending against any
        litigation, or any investigation or proceeding by any
        governmental agency or body, commenced or threatened, or any
        claim whatsoever based upon any such untrue statement or
        omission, or any such alleged untrue statement or omission, to
        the extent that any such expense is not paid under subparagraph
        (i) or (ii) of this Section 4(a);

provided, however, that this indemnity does not apply to
any loss, liability, claim, damage or expense to the extent
arising out of an untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity
with written information furnished in writing to the Company or
the Operating Partnership by the Initial Purchaser or such Holder
 or underwriter for use in the Shelf Registration Statement (or
any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

     
(b)  The Initial Purchaser and each Holder or underwriter
agrees, severally and not jointly, to indemnify and hold harmless
 the Company, its trustees and officers (including each officer
of the Company who signed the Shelf Registration Statement), the
Operating Partnership and its partners and each Person, if any,
who controls the Company or the Operating Partnership within the
meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act against any and all loss,
liability, claim, damage and expense whatsoever described in the
indemnity contained in Section 4(a) hereof, as incurred, but
 only with respect to untrue statements or omissions, or alleged
untrue statements or omissions, made in the Shelf Registration
Statement (or any amendment thereto) or the Prospectus (or any
amendment or supplement thereto) in reliance upon and

9

in conformity with written information furnished to the Company
or the Operating Partnership by such Holder expressly for use in
such Shelf Registration Statement (or any amendment thereto) or
such Prospectus (or any amendment or supplement thereto); 
provided, however, that no Holder shall be liable for any
claims hereunder in excess of the amount of net proceeds received
 by such Holder from the sale of Registrable Securities.

     
(c)  Each indemnified party shall give notice as promptly as
 reasonably practicable to each indemnifying party of any action
commenced against it in respect of which indemnity may be sought
hereunder, but failure to so notify an indemnifying party shall
not relieve such indemnifying party from any liability which it
may have under this Section 4 to the extent that it is not
materially prejudiced by such failure as a result thereof, and in
 any event shall not relieve it from liability which it may have
otherwise on account of this indemnity agreement. In the case of
parties indemnified pursuant to Section 4(a) or (b) above,
counsel to the indemnified parties shall be selected by such
parties. An indemnifying party may participate at its own expense
 in the defense of such action; provided, however, that counsel
to the indemnifying party shall not (except with the consent of
the indemnified party) also be counsel to the indemnified party.
In no event shall the indemnifying parties be liable for the fees
 and expenses of more than one counsel (in addition to local
counsel), separate from their own counsel, for all indemnified
parties in connection with any one action or separate but similar
 or related actions in the same jurisdiction arising out of the
same general allegations or circumstances. No indemnifying party
shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this
Section 4 (whether or not the indemnified parties are actual
 or potential parties thereto), unless such settlement,
compromise or consent (i) includes an unconditional written
release of each indemnified party from all liability arising out
of such litigation, investigation, proceeding or claim and
(ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any
indemnified party.

     
(d)  If at any time an indemnified party shall have validly
requested an indemnifying party to reimburse the indemnified
party for fees and expenses of counsel, such indemnifying party
agrees that it shall be liable for any settlement of the nature
contemplated by Section 4(a)(ii) effected without its
written consent if (i) such settlement is entered into more
than 45 days after receipt by such indemnifying party of the
 aforesaid request, (ii) such indemnifying party shall have
received notice of the terms of such settlement at least
30 days prior to such settlement being entered into and
(iii) such indemnifying party shall not have reimbursed such
 indemnified party in accordance with such request prior to the
date of such settlement.

     
(e)  In order to provide for just and equitable contribution
 in circumstances in which the indemnity agreement set forth in
this Section 4 is for any reason held to be unenforceable by
 an indemnified party although applicable in accordance with its
terms, the Company and the Operating Partnership, on the one
hand, and the Holders, on the other hand, shall contribute to the
 aggregate losses, liabilities, claims, damages and expenses of
the nature contemplated by such indemnity agreement incurred by
the Company, the Operating Partnership and the Holders, as
incurred; provided, however, that no Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f)
 of the 1933 Act) shall be entitled to contribution from any
Person that was not guilty of such fraudulent misrepresentation.
As between the Company and the Operating Partnership, on the one
hand, and the Holders, on the other hand, such parties shall
contribute to such aggregate losses, liabilities, claims, damages
 and expenses of the nature contemplated by such indemnity
agreement in such proportion as shall be appropriate to reflect
the relative fault of the Company and the Operating Partnership,
on the one hand, and the Holders, on the other hand, with respect
 to the statements or omissions which resulted in such loss,
liability, claim, damage or expense, or action in respect
thereof, as well as any other relevant equitable considerations.
The relative fault of the Company and the Operating Partnership,
on the one hand, and of the Holders, on the other hand, shall be
determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to
information supplied by the Company or the Operating Partnership,
 on the one hand, or by or on behalf of the Holders, on the
other, and the parties’ relative intent, knowledge, access
to information and opportunity to correct or prevent such
statement or omission. The

10

Company, the Operating Partnership and the Holders of the
Registrable Securities agree that it would not be just and
equitable if contribution pursuant to this Section 4 were to
 be determined by pro rata allocation or by any other method of
allocation that does not take into account the relevant equitable
 considerations. For purposes of this Section 4, each
Affiliate of a Holder, and each director, officer and employee
and Person, if any, who controls a Holder or such Affiliate
within the meaning of Section 15 of the Securities Act shall
 have the same rights to contribution as such Holder, and each
trustee and officer of the Company, each partner of the Operating
 Partnership and each Person, if any, who controls the Company or
 the Operating Partnership within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act
shall have the same rights to contribution as the Company and the
 Operating Partnership.

     
5.  Participation in an Underwritten Registration. No
 Holder may participate in an underwritten registration hereunder
 unless such Holder (a) agrees to sell such Holder’s
Registrable Securities on the basis provided in the underwriting
arrangement approved by the Persons entitled hereunder to approve
 such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up letters and other documents
reasonably required under the terms of such underwriting
arrangements.

     
6.  Selection of Underwriters. The Holders of
Registrable Securities covered by the Shelf Registration
Statement who desire to do so may sell the Securities covered by
such Shelf Registration in an underwritten offering, subject to
the provisions of Section 3(l) hereof. In any such
underwritten offering, the underwriter or underwriters and
manager or managers that will administer the offering will be
selected by the Holders of a majority in aggregate principal
amount or number, as the context requires, of the Registrable
Securities included in such offering;   provided, however, 
that such underwriters and managers must be reasonably
satisfactory to the Company and the Operating Partnership.

     
7.  Miscellaneous.

     
(a)  Rule 144 and Rule 144A. For so long as
 it is subject to the reporting requirements of Section 13
or 15 of the Exchange Act and any Registrable Securities remain
outstanding, each of the Company and the Operating Partnership
will file the reports required to be filed by it under the
Securities Act and Section 13(a) or 15(d) of the Exchange
Act and the rules and regulations adopted by the SEC thereunder;
provided, however, that if the Company or the Operating
Partnership ceases to be so required to file such reports, it
will, upon the request of any Holder of Registrable Securities
(a) make publicly available such information as is necessary to
permit sales of its securities pursuant to Rule 144 under
the Securities Act, (b) deliver such information to a
prospective purchaser as is necessary to permit sales of its
securities pursuant to Rule 144A under the Securities Act,
and (c) take such further action that is reasonable in the
circumstances, in each case, to the extent required from time to
time to enable such Holder to sell its Registrable Securities
without registration under the Securities Act within the
limitation of the exemptions provided by (i) Rule 144
under the Securities Act, as such rule may be amended from time
to time, (ii) Rule 144A under the Securities Act, as
such rule may be amended from time to time, or (iii) any
similar rules or regulations hereafter adopted by the SEC. Upon
the request of any Holder of Registrable Securities, the Company
and the Operating Partnership will deliver to such Holder a
written statement as to whether it has complied with such
requirements.

     
(b)  No Inconsistent Agreements. Neither the Company
nor the Operating Partnership has entered into, and will not
enter into, any agreement which is inconsistent with the rights
granted to the Holders of Registrable Securities in this
Agreement or otherwise conflicts with the provisions hereof. The
rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to
 the holders of the Company’s or the Operating
Partnership’s other issued and outstanding securities under
any such agreements.

     
(c)  Amendments and Waivers. The provisions of this
Agreement, including the provisions of this sentence, may not be
amended, modified or supplemented, and waivers or consents to
departures from the provisions hereof may not be given, unless
the Company and the Operating Partnership have obtained the
written consent of Holders of a majority in aggregate principal
amount or number, as the context requires, of the outstanding
Registrable Securities affected by such amendment, modification,
supplement, waiver or

11

departure; provided that no amendment, modification or
supplement or waiver or consent to the departure with respect to
the provisions of Section 4 hereof shall be effective as
against any Holder of Registrable Securities unless consented to
in writing by such Holder of Registrable Securities.
Notwithstanding the foregoing sentence, (i) this Agreement
may be amended, without the consent of any Holder of Registrable
Securities, by written agreement signed by the Company, the
Operating Partnership and the Initial Purchaser, to cure any
ambiguity, correct or supplement any provision of this Agreement
that may be inconsistent with any other provision of this
Agreement or to make any other provisions with respect to matters
 or questions arising under this Agreement which shall not be
inconsistent with other provisions of this Agreement, (ii) this
Agreement may be amended, modified or supplemented, and waivers
and consents to departures from the provisions hereof may be
given, by written agreement signed by the Company, the Operating
Partnership and the Initial Purchaser to the extent that any such
 amendment, modification, supplement, waiver or consent is, in
their reasonable judgment, necessary or appropriate to comply
with applicable law (including any interpretation of the Staff of
 the SEC) or any change therein and (iii) to the extent any
provision of this Agreement relates to the Initial Purchaser,
such provision may be amended, modified or supplemented, and
waivers or consents to departures from such provisions may be
given, by written agreement signed by the Initial Purchaser, the
Company and the Operating Partnership.

     
(d)  Notices. All notices and other communications
provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, telex, telecopier, or
 any courier guaranteeing overnight delivery (i) if to a
Holder, at the most current address given by such Holder to the
Company or the Operating Partnership by means of a notice given
in accordance with the provisions of this Section 7(d),
which address initially is, with respect to the Initial
Purchaser, the address set forth in the Purchase Agreement; and
(ii) if to the Company and the Operating Partnership,
initially at the Company’s address set forth in the Purchase
 Agreement and thereafter at such other address, notice of which
is given in accordance with the provisions of this
Section 7(d).

     
All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail,
postage prepaid, if mailed; when answered back, if telexed; when
receipt is acknowledged, if telecopied; and on the next Business
Day, if timely delivered to an air courier guaranteeing overnight
 delivery.

     
(e)  Successors and Assigns. This Agreement shall
inure to the benefit of and be binding upon the successors,
assigns and transferees of the Initial Purchaser, including,
without limitation and without the need for an express
assignment, subsequent Holders;  provided, however, that
nothing herein shall be deemed to permit any assignment, transfer
 or other disposition of Registrable Securities in violation of
the terms of the Purchase Agreement, the indenture relating to
the Notes or amended charter of the Company. If any transferee of
 any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable
Securities shall be held subject to all of the terms of this
Agreement, and by taking and holding such Registrable Securities,
 such Person shall be conclusively deemed to have agreed to be
bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the
benefits hereof.

     
(f)  Third Party Beneficiaries. Each Holder shall be
a third party beneficiary of the agreements made hereunder among
the Company, the Operating Partnership and the Initial Purchaser,
 and the Initial Purchaser shall have the right to enforce such
agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of
Holders hereunder.

     
(g)  Counterparts. This Agreement may be executed in
any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to
be an original and all of which taken together shall constitute
one and the same agreement.

     
(h)  Headings. The headings in this Agreement are for
 convenience of reference only and shall not limit or otherwise
affect the meaning hereof.

     
(i)  GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO
 HAVE BEEN MADE IN THE STATE OF NEW YORK. THE VALIDITY AND
INTERPRETATION OF THIS AGREEMENT, AND THE

12

TERMS AND CONDITIONS SET FORTH HEREIN, SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO ANY PROVISIONS RELATING TO CONFLICTS OF
LAWS. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
 AGREEMENT OR ANY OF THE MATTERS CONTEMPLATED HEREBY, IRREVOCABLY
 WAIVES ANY DEFENSE OF LACK OF PERSONAL JURISDICTION AND
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUIT, ACTION
 OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT.
EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
VENUE OF SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH
COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING
BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM.

     
(j)  Severability. In the event that any one or more
of the provisions contained herein, or the application thereof in
 any circumstance, is held invalid, illegal or unenforceable, the
 validity, legality and enforceability of any such provision in
every other respect and of the remaining provisions contained
herein shall not be affected or impaired thereby.

     
(k)  Securities Held by the Company or its Affiliates.
 Whenever the consent or approval of Holders of a specified
percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company or any Affiliates
shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

13

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

		
	 	
        Very truly yours,
	 
	 	
        EQUITY OFFICE PROPERTIES TRUST

			
	 	By: 	
        /s/ STANLEY M. STEVENS 

         ______________________________________ 

         Name:  Stanley M. Stevens 

        Title:   
         Executive Vice President, Chief 

                     Legal Counsel and Secretary

		
	 	
        EOP OPERATING LIMITED PARTNERSHIP

			
	 	By: 	
        Equity Office Properties Trust,

		
	 	
                its general partner

			
	 	By: 	
        /s/ STANLEY M. STEVENS 

         ______________________________________ 

         Name:  Stanley M. Stevens 

        Title:   
         Executive Vice President, Chief 

                     Legal Counsel and Secretary

		
	
        CONFIRMED AND ACCEPTED, as of the date first above written:	 
	 
	
        SALOMON SMITH BARNEY INC.	 

			
	By: 	
        /s/ DOUGLAS W. SESLER

         ____________________________________ 

         Name: Douglas W. Sesler 

         Title:    Managing Director	 

14ex4-3

Exhibit 4.3

FORM OF SENIOR EXCHANGEABLE NOTE

DUE NOVEMBER 15, 2008

[FACE OF NOTE]

EOP OPERATING LIMITED PARTNERSHIP

Senior Exchangeable Note due November 15, 2008

 

		
	No.	Principal Amount          

		
	CUSIP No.	

     
UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO EOP OPERATING LIMITED PARTNERSHIP (THE
“ISSUER”) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
 OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC AND ANY PAYMENT IS MADE TO CEDE
& CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
 INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

     
UNLESS AND UNTIL THIS NOTE IS EXCHANGED IN WHOLE OR IN PART FOR
NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A NOMINEE
THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH
NOMINEE TO A SUCCESSOR OF DTC OR A NOMINEE OF SUCH SUCCESSOR.

     
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES FOR THE BENEFIT OF THE
ISSUER AND EQUITY OFFICE PROPERTIES TRUST (“EQUITY
OFFICE”) THAT THIS NOTE MAY NOT BE RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED PRIOR TO THE LATER OF (X) THE
EXPIRATION OF THE HOLDING PERIOD UNDER RULE 144(k) (OR ANY
SUCCESSOR THERETO) UNDER THE SECURITIES ACT, OR (Y) THREE MONTHS
AFTER SUCH HOLDER CEASES TO BE AN “AFFILIATE” (WITHIN
THE MEANING OF RULE 144 UNDER THE SECURITIES ACT) OF THE ISSUER
OR EQUITY OFFICE, IN EITHER CASE OTHER THAN (1) TO THE
ISSUER OR EQUITY OFFICE, (2) SO LONG AS THIS NOTE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES
ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER
REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING OF RULE 144A, PURCHASING FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
 TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3) IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
SECURITIES ACT, (4) TO AN INSTITUTION THAT IS AN
“ACCREDITED INVESTOR”, AS DEFINED IN RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT (AN
“INSTITUTIONAL ACCREDITED INVESTOR”), THAT IS ACQUIRING
 THIS NOTE FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION AND
THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE ISSUER, EQUITY
OFFICE AND THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON
TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER MAY BE OBTAINED
FROM THE TRUSTEE), (5) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 (IF
APPLICABLE) UNDER THE SECURITIES ACT OR (6) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT

UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
ANY OTHER JURISDICTION. THE HOLDER HEREOF, BY PURCHASING THIS
NOTE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE ISSUER AND
EQUITY OFFICE THAT IT IS (1) A QUALIFIED INSTITUTIONAL
BUYER, (2) AN INSTITUTIONAL ACCREDITED INVESTOR AND THAT IT
IS HOLDING THIS NOTE FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION OR (3) NOT A U.S. PERSON AND IS OUTSIDE THE
UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE
 REQUIREMENTS OF RULE (k)(2) UNDER) REGULATION S UNDER THE
SECURITIES ACT. IN ANY CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY
 OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTION WITH REGARD TO
THIS NOTE OR ANY COMMON SHARES ISSUABLE UPON EXCHANGE OF THIS
NOTE EXCEPT AS PERMITTED BY THE SECURITIES ACT.

     
EOP Operating Limited Partnership, a Delaware limited partnership
 (the “Issuer,” which term includes any successor under
 the Indenture hereinafter referred to), for value received,
hereby promises to pay to Cede & Co. or registered
assigns, the principal sum of ____________ Dollars, unless
 previously exchanged into common shares of beneficial interest,
par value $.01 per share (“Common Shares”), of Equity
Office Properties Trust, a Maryland real estate investment trust
(“Equity Office”), in accordance with the terms
specified on the reverse hereof and in the Indenture, on
November 15, 2008 (the “Stated Maturity Date”), or
 any Redemption Date (as defined on the reverse hereof), or any
earlier date of acceleration of maturity (each such date being
referred to as the “Maturity Date” with respect to the
principal repayable on such date), and to pay interest thereon
from August 23, 2000 (or from the most recent Interest
Payment Date (as defined below) to which interest has been paid
or duly provided for), semiannually in arrears on May 15 and
 November 15 of each year, commencing on November 15,
2000 (each, an “Interest Payment Date”), and on the
Maturity Date, in an amount equal to the greater of
(i) 7.25% per annum (or $36.25 per $1,000 outstanding
principal amount semiannually) and (ii) the product of
(A) two times the regular cash distribution most recently
paid by Equity Office on a Common Share for a fiscal quarter and
(B) the number of Common Shares into which each $1,000
outstanding principal amount is exchangeable, until payment of
said principal sum has been made or duly provided for. Any cash
distribution (or portion thereof) that is properly designated by
Equity Office as extraordinary and not expected to be recurring
shall not be taken into account for purposes of clause
(A) of the preceding sentence. Interest on this Note will be
 computed on the basis of a 360-day year of twelve 30-day months.

     
The interest so payable and punctually paid or duly provided for
on an Interest Payment Date will, subject to certain exceptions
described below, be paid to the Holder in whose name this Note
(or one or more predecessor Notes) is registered at the close of
business on the “Regular Record Date” for such payment,
 which will be the May 1 or November 1 (regardless of whether
such day is a Business Day (as defined below)) next preceding
such Interest Payment Date. Any interest not so punctually paid
or duly provided for on an Interest Payment Date (“Defaulted
 Interest”) shall forthwith cease to be payable to the
Holder on such Regular Record Date, and shall be paid to the
Holder in whose name this Note (or one or more predecessor Notes)
 is registered at the close of business on a special record date
(the “Special Record Date”) for the payment of such
Defaulted Interest to be fixed by the Trustee hereinafter
referred to, notice whereof shall be given to the Holder of this
Note by the Trustee not less than 10 calendar days prior to such
Special Record Date or may be paid at any time in any other
lawful manner, all as more fully provided for in the Indenture.

     
The principal of this Note payable on the Maturity Date will be
paid against presentation and surrender of this Note at the
office or agency of the Issuer maintained for that purpose in
Boston, Massachusetts with a drop facility maintained in New
York, New York. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee in Boston, Massachusetts as
 the office to be maintained by it where Notes may be presented
for payment, exchange or registration of transfer or exchange and
 where notices or demands to or upon the Issuer or Equity Office
in respect of the Notes or the Indenture may be served.

     
Interest payable on this Note on any Interest Payment Date and on
 the Maturity Date, as the case may be, will be the amount of
interest accrued during the applicable Interest Period (as
defined below). An “Interest Period” is each period
from and including the immediately preceding Interest Payment
Date (or from and including August 23, 2000 in the case of
the initial Interest Period) to but excluding the applicable

2

Interest Payment Date or the Maturity Date, as the case may be.
If any Interest Payment Date or the Maturity Date falls on a day
that is not a Business Day, principal and interest payable on
such date will be paid on the succeeding Business Day with the
same force and effect as if it were paid on the date such payment
 was due, and no interest will accrue on the amount so payable
for the period from and after such date to such succeeding
Business Day. “Business Day” means any day, other than
a Saturday or a Sunday, on which banking institutions in New
York, New York and Boston, Massachusetts are not required or
authorized by law or executive order to close.

     
Payments of principal and interest in respect of this Note will
be made in immediately available funds in such coin or currency
of the United States of America as at the time of payment is
legal tender for the payment of public and private debts.

     
Reference is made to the further provisions of this Note set
forth on the reverse hereof. Such further provisions shall for
all purposes have the same effect as though fully set forth at
this place. Capitalized terms used herein, including on the
reverse hereof, and not defined herein or on the reverse hereof
shall have the respective meanings given to such terms in the
Indenture.

     
This Note shall not be entitled to the benefits of the Indenture
or the Guarantee of Equity Office or be valid or become
obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee.

3

     
IN WITNESS WHEREOF, each of the Issuer and Equity Office has
caused this Note to be signed manually or by facsimile by an
authorized signatory.

			
	
        Dated:	 	
        EOP OPERATING LIMITED PARTNERSHIP,
	 	 	 as Issuer
	 
	 
	
        Attest:	 	
        By:  EQUITY OFFICE PROPERTY TRUST, not
	 	 	
        individually but as Managing General Partner
	 
	 

					
	By: 		 	By: 	
	 	
	 	 	

	
        Name: 	 	 	
        Name: 	 
	
        Title:	 	 	
        Title:	 
	 
	 

					
	 	 	 	EQUITY OFFICE PROPERTIES TRUST
	 
	 		 	By: 	
	 		 	 	

	
         	 	 	
        Name: 	 
	
         	 	 	
        Title:	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     
This is one of the Notes of the series designated herein referred
 to in the within-mentioned Indenture.

					
	
        Dated:	 	 	
        STATE STREET BANK AND TRUST COMPANY,
	 	 	 	
        as Trustee
	 
	 	 	 	By: 	 
	 	 	 	 	

	 	 	 	 	
        Authorized Officer

4

[REVERSE OF NOTE]

EOP OPERATING LIMITED PARTNERSHIP

Senior Exchangeable Note due November 15, 2008

     
        This Note is one of a duly authorized issue of senior debt
        securities of the Issuer of the series hereinafter specified, all
         issued or to be issued under and pursuant to an Indenture, dated
         as of August 23, 2000 (as amended, the
        “Indenture”), duly executed and delivered by the Issuer
         and Equity Office to State Street Bank and Trust Company, as
        Trustee (herein called the “Trustee,” which term
        includes any successor trustee under the Indenture with respect
        to the series of Notes of which this Note is a part), to which
        Indenture and all indentures supplemental thereto reference is
        hereby made for a description of the rights, limitations of
        rights, obligations, duties, and immunities thereunder of the
        Trustee, the Issuer, Equity Office and the Holders of the Notes,
        and of the terms upon which the Notes are, and are to be,
        authenticated and delivered. The debt securities issuable under
        the Indenture may be issued in one or more series, which
        different series may be issued in various aggregate principal
        amounts, may mature at different times, may bear interest (if
        any) at different rates or formulas, may be subject to different
        redemption or exchange provisions (if any), and may otherwise
        vary as provided in the Indenture. This Note is one of a series
        designated as “Senior Exchangeable Notes due
        November 15, 2008” of the Issuer (the
        “Notes”), limited in aggregate principal amount to
        $375,000,000, subject to the provisions in the Indenture, and is
        a Guaranteed Security within the meaning of, and subject to the
        provisions applicable to Equity Office as Guarantor thereof
        contained in, the Indenture.

     
        In case an Event of Default with respect to the Notes shall have
        occurred and be continuing, the principal hereof may be declared,
         and upon such declaration shall become, due and payable, in the
        manner, with the effect, and subject to the conditions provided
        in the Indenture.

     
        The Issuer may redeem this Note, at any time after
        November 15, 2004 in whole or from time to time in part in
        integral multiples of $1,000 (provided that any remaining
        principal amount is at least $100,000), at the option of the
        Issuer, at a redemption price (the “Redemption Price”)
        equal to 100% of the principal amount being redeemed plus unpaid
        interest accrued thereon to the date fixed for redemption (the
        “Redemption Date”); provided, however, that interest
        installments due on an Interest Payment Date which is on or prior
         to the Redemption Date will be payable to the Holder hereof (or
        one or more predecessor Notes) as of the close of business on the
         Regular Record Date preceding such Interest Payment Date. If
        notice has been given as provided in the Indenture and funds for
        the redemption of this Note or any part hereof called for
        redemption shall have been made available on the Redemption Date,
         this Note or such part will cease to bear interest on the
        Redemption Date referred to in such notice and the only right of
        the Holder will be to receive payment of the Redemption Price.
        Notice of any optional redemption of any Notes will be given to
        the Holder hereof (in accordance with the provisions of the
        Indenture) not more than 60 nor less than 30 days prior to
        the Redemption Date. In the event of redemption of this Note in
        part only, a new Note of like tenor for the unredeemed portion
        hereof and otherwise having the same terms and provisions as this
         Note shall be issued by the Issuer in the name of the Holder
        hereof upon the presentation and surrender hereof.

5

     
        The Indenture contains provisions permitting the Issuer, Equity
        Office and the Trustee, with the consent of the Holders of not
        less than a majority of the aggregate principal amount of debt
        securities issued under the Indenture at the time Outstanding of
        all series to be affected (voting as one class), evidenced as
        provided in the Indenture, to execute supplemental indentures
        adding any provisions to or changing in any manner or eliminating
         any of the provisions of the Indenture or of any supplemental
        indenture or modifying in any manner the rights of the Holders of
         the Notes of each series; provided, however, that no such
        supplemental indenture shall, without the consent of the Holder
        of each Note at the time Outstanding if so affected,
        (i) change the Stated Maturity of any principal or interest
        payment on any Note, or reduce the principal amount thereof or
        the rate or amount (or manner of calculation of the amount) of
        any interest thereon, or change the timing or reduce the amount
        payable upon the redemption thereof, or change the Place of
        Payment or currency for payments thereon, or impair or affect the
         rights of any Holder to institute suit for the payment on or
        exchange of any Note, or (ii) reduce the percentage in
        principal amount of Outstanding Notes
        the Holders of which are required to consent to any such
        supplemental indenture or any waiver of compliance with certain
        provisions of the Indenture or any waiver of certain defaults
        thereunder, or (iii) modify this provision or the provisions
         applicable to waivers except to increase the required
        percentages, or (iv) modify Equity Office’s Guarantee
        of the Notes, or (v) change the exchange provisions
        applicable to the Notes in a manner adverse to the Holders
        thereof. It is also provided in the Indenture that, with respect
        to certain defaults or Events of Default regarding the debt
        securities of any series, the Holders of a majority in aggregate
        principal amount Outstanding of the debt securities of such
        series (or, in the case of certain defaults or Events of Default,
         all series of debt securities) may on behalf of the Holders of
        all the debt securities of such series (or all of the debt
        securities, as the case may be) waive any such past default or
        Event of Default and its consequences, prior to any declaration
        accelerating the maturity of such debt securities, or, subject to
         certain conditions, may rescind a declaration of acceleration
        and its consequences with respect to such debt securities. The
        preceding sentence shall not, however, apply to a default in or
        Event of Default relating to the payment of the principal of or
        interest on any of the debt securities or in delivery by Equity
        Office of Common Stock and cash, if applicable, upon an exchange
        of debt securities or in respect of a covenant or provision
        contained in the Indenture that cannot be modified or amended
        without the consent of the Holders of each debt security at the
        time Outstanding affected thereby. Any such consent or waiver by
        the Holder of this Note (unless revoked as provided in the
        Indenture) shall be conclusive and binding upon such Holder and
        upon all future Holders and owners of this Note and any Note that
         may be issued in exchange or substitution herefor, irrespective
        of whether or not any notation thereof is made upon this Note or
        such other Notes.

     
        The principal amount (or portion of the principal amount that is
        an integral multiple of $1,000, provided any remaining principal
        amount is at least $100,000) of this Note will be exchangeable
        (unless it has matured or has been previously redeemed by the
        Issuer), in whole or in part at any time on or after the 90th day
         following the initial issuance of the Notes on August 23,
        2000, at the option of the Holder hereof, into Common Shares of
        Equity Office at an initial exchange price of $34.00 per share,
        subject to adjustment under certain conditions specified in the
        Indenture (the “Exchange Price”). The right to exchange
         any or all of this Note if called for redemption will terminate
        at the close of business on the Business Day preceding the
        applicable Redemption Date, unless the Issuer defaults in the
        payment of the requisite Redemption Price

6

when due, in which case
         the Holder’s exchange rights will terminate at the close of
         business on the date such payment is made.

     
        Notwithstanding the preceding paragraph, if the Current Market
        Price per Common Share on the New York Stock Exchange on the
        date, if any, that the Holder elects to exercise its exchange
        rights is less than the Exchange Price, then the exchanging
        Holder will receive, in lieu of Common Shares, cash in an amount
        equal to 97% of the product of (i) the number of Common
        Shares into which the principal amount of this Note subject to
        the election would otherwise be exchangeable and (ii) such
        Current Market Price per Common Share.

     
        Owners of beneficial interests herein may exercise their exchange
         rights by delivery to DTC of the appropriate instructions for
        exchange pursuant to the procedures of DTC and its direct and
        indirect participants.

     
        The Holder of this Note at the close of business on a Regular
        Record Date will be entitled to receive the interest payable on
        the related Interest Payment Date notwithstanding the exchange of
         all or any portion of this Note following such Regular Record
        Date and prior to such Interest Payment Date. However, if this
        Note is surrendered for exchange during the period between the
        close of business on any Regular Record Date and ending with the
        opening of business on the related Interest Payment Date (unless
        this Note is exchanged after the issuance of a notice of
        redemption with respect to a Redemption Date during such period
        or coinciding with such Interest Payment Date) must be
        accompanied by payment of an amount equal to the interest payable
         thereon on such Interest Payment Date. The Holder of this Note
        on a Regular Record Date who (or whose transferee) presents and
        surrenders all or any portion of this Note for exchange on such
        Interest Payment Date will receive the interest payable on such
        date, and the exchanging Holder need not include payment of the
        amount of such interest upon presenting and surrendering all or
        any portion of this Note for exchange. Except as provided above,
        neither the Issuer nor Equity Office will make any payment or
        allowance for unpaid interest, whether or not in arrears, on the
        principal amount of this Note presented and
        surrendered for exchange or for any distribution on the Common
        Shares that are issued upon such exchange if the record date for
        such distribution was prior to the effective time of such
        exchange, as determined pursuant to the Indenture.

        
     
        Fractional Common Shares will not be issued upon exchange but, in
         lieu thereof, Equity Office will pay a cash adjustment based on
        the Current Market Price of the Common Share at the close of
        business on the Trading Day prior to such exchange.

        
     
        The Holder hereof agrees to be bound by the provisions of the
        Registration Rights Agreement relating to the Notes. The Issuer
        and Equity Office agree that the Holder hereof will be entitled
        to Liquidated Damages under certain conditions specified in the
        Registration Rights Agreement. All references herein to interest
        shall include such Liquidated Damages.

        
     
        No reference herein to the Indenture and no provision of this
        Note or the Indenture shall alter or impair the obligation of the
         Issuer, which is absolute and unconditional, to pay the
        principal of, and interest on, this Note in the manner, at the
        respective times, at the rate and in the coin or currency herein
        prescribed or alter or impair the obligations of Equity Office in
         respect of

7

its unconditional guarantee of the aforementioned
        payments or its delivery of Common Shares and cash, if
        applicable, upon an exchange of this Note.

        
     
        This Note is issuable only in fully registered form, without
        coupons, in denominations of $100,000 and integral multiples of
        $1,000 thereof. This Note may be exchanged for a like aggregate
        principal amount of Notes of other authorized denominations at
        the office or agency of the Issuer in Boston, Massachusetts, in
        the manner and subject to limitations provided herein and in the
        Indenture, but without the payment of any change except for any
        tax or other governmental charge imposed in connection therewith.

        
     
        Upon due presentment for registration of transfer of this Note at
         the office or agency of the Issuer in Boston, Massachusetts, one
         or more new Notes of authorized denominations in an equal
        aggregate principal amount will be issued to the transferee in
        exchange therefor, subject to the limitations provided herein and
         in the Indenture, but without the payment of any service charge
        except for any tax or other governmental charge imposed in
        connection therewith.

        
     
        This Note is not subject to a sinking fund requirement.

        
     
        No recourse under or upon any obligation, covenant or agreement
        contained in the Indenture or any Note, or because of any
        indebtedness evidenced hereby or thereby (including, without
        limitation, any obligation or indebtedness relating to the
        principal of, or interest or any other amounts due, or claimed to
         be due, on this Note), or for any claim based thereon or
        otherwise in respect thereof, shall be had (i) against the
        any partner other than Equity Office, as Guarantor, or any Person
         which owns an interest, directly or indirectly, in any partner,
        in the Issuer, or (ii) against any promoter, as such, or
        against any past, present or future shareholder, officer, trustee
         or partner, as such, of the Issuer or Equity Office or any
        successor, either directly or through the Issuer or Equity Office
         or any successor, under any rule of law, statute or
        constitutional provision or by the enforcement of any assessment
        or by any legal or equitable proceeding or otherwise, all such
        liability being expressly waived and released by the acceptance
        hereof and as part of the consideration for the issue hereof.

        
     
        The Issuer, Equity Office, the Trustee and any authorized agent
        of the Issuer, Equity Office or the Trustee may deem and treat
        the Person in whose name this Note is registered as the Holder
        and absolute owner of this Note (whether or not this Note shall
        be overdue and notwithstanding any notation of ownership or other
         writing hereon), for the purpose of receiving payment of, or on
        account of, the principal hereof and, subject to the provisions
        herein and on the face hereof, interest hereon, and for all other
         purposes, and none of the Issuer, Equity Office or the Trustee
        nor any authorized agent of the Issuer, Equity Office or the
        Trustee shall be affected by any notice to the contrary, except
        as required by law.

        
     
        The Indenture and this Note shall be governed by and construed
         in accordance with the law of the State of New York, United
        States of America without regard to the principles of conflicts
        of laws.

8

ASSIGNMENT FORM AND CERTIFICATE OF TRANSFER

		
	 	               
        To assign this Note fill in the form below:

		
	 	               
        (I)  or (we) assign and transfer this Note to

	 	 
	 	

        (Insert assignee’s social security or tax identification
        number, if any)
	 	 
	 	 
	 	
        

	 	 
	 	
        

	 	 
	 	

        (Print or type assignee’s name, address and zip code)
	 
		        

Your signature:  ___________________________________________________________
	 	
        (Sign exactly as your name appears on the other side of this
        Note)
	 
	 	        
        Date: _____________________________________
	 
	 	        
        Signature Guarantee:* ________________________

       [For inclusion only if this Note bears a Restricted Securities
        Legend] In connection with any transfer of any of the Notes
        evidenced by this certificate which are “restricted
        securities” (as defined in Rule 144 (or any successor
        thereto) under the Securities Act), the undersigned confirms that
         such Notes are being transferred:

CHECK ONE BOX BELOW

			
	 	(1)     [   ]	
        To the Issuer or Equity Office; or
	 
	 	(2)     [   ]	
        pursuant to and in compliance with Rule 144A under the
        
Securities Act; or
	 
	 	(3)     [   ]	
        pursuant to and in compliance with Regulation S under

the
        Securities Act; or
	 
	 	(4)     [   ]	
        to an institutional “accredited investor” (as
defined in 

        Rule 501(a)(1), (2), (3) or (7) under the
        Securities Act) that 
 has furnished to the Trustee a signed letter
        containing 
 certain representations  and
        agreements (the form of 
 which letter can be obtained from the Trustee); or

*  Signature must be guaranteed by a commercial bank,
         trust company or member firm or a major stock
exchange.

9

	 	 	 
	 	(5)     [   ]	
          Pursuant to an effective registration statement under the
        
  Securities Act provided by Rule 144 thereunder; or
	 
	 	(6)     [   ]	
          Pursuant to an effective registration statement under the
        
  Securities Act.

Unless one of the boxes is checked, the Registrar will refuse to
register any of the Notes evidenced by this certificate in the
name of any person other than the Holder thereof; provided,
however, that if box (3), (4) or (5) is checked, the
Trustee may require, prior to registering any such transfer of
such Notes, such certifications and other information and, if box
 (5) is checked, a legal opinion, as the Issuer has
reasonably requested in writing, by delivery to the Trustee of a
standing letter of instruction, to confirm that such transfer is
being made pursuant to an exemption from or in a transaction not
subject to the registration requirements of the Securities Act;
provided that this paragraph shall not be applicable to any Notes
 which are not “restricted securities” (as defined in
Rule 144 (or any successor thereto) under the Securities
Act).

			
	 	Your Signature: 	_______________________________
	 	 	    (Sign exactly as your name appears on
the 
    other side of this Note)
	 	 	

			
	 	Date:_____________________	

Medallion Signature Guarantee:

______________________________________

10

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