Document:

Exhibit 10.5

 

THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT
AND FIFTH AMENDMENT TO FEE AGREEMENT

 

THIS THIRD AMENDMENT TO MASTER REPURCHASE AGREEMENT
AND FIFTH AMENDMENT TO FEE AGREEMENT (this “Amendment”), dated as of September 30, 2021 (the “Effective
Date”), is made by and between TRMT CB LENDER LLC, a Delaware limited
liability company (“Seller”) and CITIBANK, N.A., a national banking association (“Buyer”).

 

W I T N E S S E T H:

 

WHEREAS, Seller and Buyer
have entered into that certain Master Repurchase Agreement, dated as of February 9, 2018, between Seller and Buyer as amended by
that certain First Amendment to Master Repurchase Agreement, dated as of November 6, 2018 and that certain Second Amendment to Master
Repurchase Agreement, dated as of October 30, 2020 (as the same may be further amended, supplemented, extended, restated, replaced
or otherwise modified from time to time, the “Repurchase Agreement”) and that certain Fee Agreement dated as of February 9,
2018, as amended by that certain First Amendment to Fee Agreement, dated as of November 6, 2018, that certain Second Amendment to
Fee Agreement, dated as of February 4, 2019, that certain Third Amendment to Fee Agreement, dated as of May 1, 2019 and that
certain Fourth Amendment to Fee Agreement, dated as of October 30, 2020 (as the same may be further amended, supplemented, extended,
restated, replaced or otherwise modified from time to time, the “Fee Agreement”);

 

WHEREAS, simultaneously
with the execution of this Amendment, Seven Hills Realty Trust, a Maryland statutory trust, as guarantor, has executed that certain Amended
and Restated Guaranty, dated as of the date hereof, which amends, restates and supersedes in its entirety that certain Guaranty, dated
as of February 9, 2018 (as amended, modified and/or restated prior to the date hereof), by Tremont Mortgage Trust, a Maryland real
estate investment trust, as guarantor;

 

WHEREAS, all capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Repurchase Agreement;

 

WHEREAS, Seller and Buyer
desire to modify certain terms and provisions of the Repurchase Agreement and the Fee Agreement as set forth herein.

 

NOW, THEREFORE, in consideration
of ten dollars ($10) and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged,
Seller and Buyer covenant and agree as follows as of the Effective Date:

 

     

     

    

 

1.            Modification
of Repurchase Agreement and Fee Agreement. The Repurchase Agreement and the Fee Agreement
are hereby modified as of the Effective Date as follows:

 

(a)           The
following definitions in Section 1 of the Fee Agreement are hereby deleted in their entirety:

 

“Applicable Alternative Rate”,
 “Applicable Index”, “Index”, “Index Rate”, “Index Transition”.

 

(b)           The
following definition in Section 1 of the Fee Agreement is hereby deleted in its entirety and the following corresponding definition
is substituted therefor:

 

“Pricing Rate” shall
mean, for any Pricing Rate Period, an annual rate equal to the sum of (i) the Benchmark plus (ii) the Applicable Spread,
in each case, for the applicable Pricing Rate Period for the related Purchased Asset (subject to adjustment and/or conversion as provided
in Article 3(g) of this Agreement).

 

(c)           The
following definitions in Article 2 of the Repurchase Agreement are hereby deleted in their entirety:

 

“Applicable Alternative Rate”,
 “Applicable Index”, “Available Tenor”, “Conforming Changes”, “Corresponding Tenor”, “Daily
Compounded SOFR”, “Index”, “Index Rate”, “Index Transition”, “Index Transition Date”,
 “Index Transition Event”, “Index Transition Notice”, “Interest Determination”, “ISDA Definitions”,
 “Market Practice”, “Rate Adjustment”, “Relevant Governmental Body”, “Replacement Index”,
 “SOFR”, “SOFR Administrator”, “SOFR Administrator’s Website”, and “Term SOFR”.

 

(d)           The
following definitions in Article 2 of the Repurchase Agreement are hereby deleted in their entirety and the following corresponding
definitions are substituted therefor:

 

“Business
Day” shall mean (a) a day other than (i) a Saturday or Sunday or (ii) a day in which the New York Stock Exchange,
the Federal Reserve Bank of New York, Buyer or banks in the state of New York or the state in which the Collection Account is located
are authorized or obligated by law or executive order to be closed and (b) with respect to any Pricing Rate Determination Date, a
day on which commercial banks in London, England are open for dealing in foreign currency and exchange.

 

“Guarantor”
shall mean Seven Hills Realty Trust, a Maryland statutory trust, or any respective successor thereto, and any other guarantor that joins
the Guaranty with the consent of Buyer granted in its sole discretion.

 

“Guaranty”
shall mean the Amended and Restated Guaranty, dated as of September 30, 2021, from Guarantor in favor of Buyer, as same may be amended,
modified and/or restated from time to time.

 

“Manager” shall mean
Tremont Realty Capital LLC, a Maryland limited liability company.

 

    2

     

    

 

“Pricing
Rate Determination Date” shall mean with respect to any Pricing Rate Period with respect to any Transaction, the second (2nd)
Business Day preceding the first day of such Pricing Rate Period.

 

(e)           The
following defined terms are hereby added to Article 2 of the Repurchase Agreement in their appropriate alphabetical location as
follows:

 

“Benchmark”
shall mean, initially, LIBOR; provided that if a Benchmark Transition Event, an Early Opt-in Election or a Term SOFR Transition
Event, as applicable, and its related Benchmark Replacement Date have occurred with respect to LIBOR, or the then current Benchmark, then
 “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior
benchmark rate pursuant to Article 3(g); provided, further, that in no event shall the Benchmark for any Pricing
Rate Period be less than the Benchmark Floor.

 

“Benchmark
Floor” shall mean zero percent 0.0%.

 

“Benchmark
Replacement” shall mean, for any Pricing Rate Period, the first alternative set forth in the order below that can be determined
by Buyer for the applicable Benchmark Replacement Date:

 

		(1)	the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

		(2)	the sum of: (a) Compounded SOFR and (b) the related Benchmark Replacement Adjustment; and

 

		(3)	the sum of: (a) the alternate benchmark rate that has been selected by Buyer as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar
denominated facilities or other similar agreements at such time and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the case of
clauses (1) or (2) above, such Unadjusted Benchmark Replacement is displayed on a screen or other information
service that publishes such rate from time to time as selected by Buyer in its reasonable discretion.

 

“Benchmark
Replacement Adjustment” shall mean, with respect to any replacement of the then current Benchmark with an Unadjusted Benchmark
Replacement for any applicable Pricing Rate Period for any setting of such Unadjusted Benchmark Replacement:

 

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(1)           for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative
set forth in the order below that can be determined by Buyer:

 

(a)            the
spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero)
as of the Reference Time such Benchmark Replacement is first set for such Pricing Rate Period that has been selected or recommended by
the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable
Corresponding Tenor; or

 

(b)           the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Pricing Rate Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be
effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)            for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating
or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Buyer for the applicable
Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating
or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the
Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention
for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark
with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated loans or other similar agreements; provided that, in
the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark
Replacement Adjustment from time to time as selected by Buyer in its reasonable discretion.

 

“Benchmark
Replacement Conforming Changes” shall mean, with respect to any Benchmark Replacement, any technical, administrative or operational
changes (including, without limitation, changes to the definitions of “Pricing Rate Period”, “Pricing Rate Determination
Date”, “Reference Time” and any similar defined term in this Agreement, provisions with respect to timing and frequency
of determining rates and making payments of price differential, timing of transaction requests, future funding requests, prepayments or
repayments, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, the formula for
calculating any successor rates identified pursuant to the definition of “Benchmark Replacement”, the formula, methodology
or convention for applying the successor Benchmark Floor to the successor Benchmark Replacement and other technical, administrative or
operational matters) that Buyer decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and
to permit the administration thereof by Buyer in a manner substantially consistent with market practice (or, if Buyer decides that adoption
of any portion of such market practice is not administratively feasible or if Buyer determines that no market practice for the administration
of such Benchmark Replacement exists, in such other manner of administration as Buyer decides is reasonably necessary in connection with
the administration of this Agreement and the other Transaction Documents).

 

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“Benchmark
Replacement Date” shall mean the earliest to occur of the following events with respect to the then-current Benchmark:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition
Event”, the later of (a) the date of the public statement or publication of information referenced therein and (b) the
date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely
ceases to provide such Benchmark (or such component thereof);

 

		(2)	in the case of clause (3) of the definition of “Benchmark Transition Event”, the
date of the public statement or publication of information referenced therein;

 

		(3)	in the case of an Early Opt-in Election, the fifth (5th) Business Day after the applicable notice is provided
to Seller; or

 

		(4)	in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date set forth
in the related notice provided to Seller.

 

For the avoidance of doubt, if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 

“Benchmark
Transition Event” shall mean the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

		(1)	a public statement or publication of information by or on behalf of the administrator of such Benchmark
(or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide such
Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide such Benchmark (or such component thereof);

 

		(2)	a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the
Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator
of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or such component thereof) permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the Benchmark (or such component thereof); or

 

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		(3)	a public statement or publication of information by the regulatory supervisor for the administrator of
such Benchmark (or the published component used in the calculation thereof) announcing that the Benchmark (or such component thereof)
is no longer representative.

 

“Compounded
SOFR” shall mean the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for such
rate, and conventions for such rate (which may include compounding in advance or compounding in arrears with a lookback and/or suspension
period as a mechanism to determine the interest amount payable prior to the end of each Pricing Rate Period) being established by Buyer
in accordance with:

 

		(1)	any rate, or methodology for this rate, and conventions for such rate selected or recommended by the Relevant
Governmental Body for determining compounded SOFR; provided that:

 

		(2)	if, and to the extent that, Buyer determines that Compounded SOFR cannot be determined in accordance with
clause (1) above, then any rate, or methodology for such rate, and conventions for such rate that Buyer determines are substantially
consistent with at least five (5) currently outstanding U.S. dollar-denominated loans or other similar agreements at such time (as
a result of amendment, application of fallback benchmark rates or as originally executed);

 

provided, further, that if Buyer decides
that any such rate, methodology or convention determined in accordance with clause (1) or (2) is not administratively
feasible for Buyer, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement”.

 

“Corresponding
Tenor” shall mean a tenor or observation period (including overnight), as applicable, having approximately the same length (disregarding
business day adjustment) as the Pricing Rate Period.

 

“Early
Opt-in Election” shall mean, if the then-current Benchmark is LIBOR, the occurrence of:

 

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		(1)	a determination by Buyer that at least five (5) currently outstanding U.S. dollar-denominated loans
or other similar agreements at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR,
a term SOFR or any other rate based upon SOFR) as a benchmark rate; and

 

		(2)	the provision by Buyer of the applicable notice to Seller.

 

“ISDA”
shall mean the International Swaps and Derivatives Association, or any successor organization.

 

“ISDA Definitions”
shall mean the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor definitional booklet
for interest rate derivatives published by ISDA from time to time.

 

“Reference
Time” with respect to any setting of the then-current Benchmark shall mean (1) if such Benchmark is LIBOR, 11:00 a.m. (London
time) on the Pricing Rate Determination Date, and (2) if the Benchmark is not LIBOR, the time on the Pricing Rate Determination Date
determined by Buyer in its reasonable discretion.

 

“Relevant
Governmental Body” shall mean the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York,
or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of
New York, or any successor thereto.

 

“SOFR”
shall mean, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
shall mean the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” shall mean the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“Term SOFR”
shall mean, for the applicable Corresponding Tenor, the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Term SOFR
Transition Event” shall have the meaning specified in Article 3(g)(iv).

 

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“Unadjusted
Benchmark Replacement” shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

(f)            Article 3(f)(iv) of
the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

 

“(iv)        conversion of the Benchmark
to a Benchmark Replacement on a day which is not the last day of the then current Pricing Rate Period”.

 

(g)            Article 3(g) of
the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

 

“(g)         Effect
of Benchmark Transition Event.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, if a Benchmark Transition
Event, an Early Opt-in Election or a Term SOFR Transition Event, as applicable, and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any setting of the then-current Benchmark, then:

 

(A)            if
a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or
further action or consent of any other party to, this Agreement or any other Transaction Document; and

 

(B)            if
a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for
such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction
Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day
after the date notice of such Benchmark Replacement is provided to Seller without any amendment to, or further action or consent of any
other party to, this Agreement or any other Transaction Document.

 

(ii)            Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, Buyer will have the right to make
Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction
Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or
consent of Seller or any other party to this Agreement or any other Transaction Document.

 

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(iii)           Market
Disruption.  Notwithstanding the foregoing, if Buyer determines that adequate and reasonable means do not exist for ascertaining
the then-current Benchmark (or, if such Benchmark is LIBOR, such Benchmark is determined pursuant to the second through fifth sentences
in the definition of “LIBOR”), as of any date of determination, Buyer may give notice to Seller, whereupon the Benchmark
portion of the Pricing Rate for such date of determination, and for all subsequent dates of determination until such notice has been
withdrawn by Buyer (or until the occurrence of any Benchmark Transition Event, Early Opt-in Election or Term SOFR Transition Event, as
applicable, with respect to the Benchmark which cannot be ascertained, and the related Benchmark Replacement Date), shall be a Benchmark
Replacement determined by Buyer pursuant to clause (3) of the definition of  “Benchmark Replacement”.

 

(iv)           Term
SOFR Transition. If (i) a Benchmark Replacement Date has occurred and the applicable Benchmark Replacement on such Benchmark
Replacement Date is a Benchmark Replacement other than the sum of: (a) Term SOFR and (b) the related Benchmark Replacement
Adjustment, (ii) subsequently, the Relevant Governmental Body recommends for use a forward-looking term rate based on SOFR and (iii) Buyer
determines (in its sole discretion) that such forward looking term rate is administratively feasible for Buyer, then Buyer may (in its
sole discretion) provide Seller with written notice (a “Term SOFR Transition Event”) that from and after a date identified
in such notice: (i) a Benchmark Replacement Date shall be deemed to have occurred and the Benchmark Replacement on such Benchmark
Replacement Date shall be deemed to be a Benchmark Replacement determined in accordance with clause (1) of the definition of “Benchmark
Replacement”; provided, however, that if upon such Benchmark Replacement Date the Benchmark Replacement Adjustment
is unable to be determined in accordance with clause (1) of the definition of “Benchmark Replacement” and the corresponding
definition of “Benchmark Replacement Adjustment”, then the Benchmark Replacement Adjustment in effect immediately prior to
such Benchmark Replacement Date shall be utilized for purposes of this Benchmark Replacement and (ii) such forward looking term
rate shall be deemed to be the forward looking term rate referenced in the definition of “Term SOFR” for all purposes under
this Agreement or under any other Transaction Document in respect of any Benchmark setting and any subsequent Benchmark settings, without
any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document. For the avoidance
of doubt, if the circumstances described in the immediately preceding sentence shall occur, all applicable provisions set forth in this
Article 3(g) shall apply with respect to such election of Buyer as completely as if such forward-looking term rate was
initially determined in accordance with clause (1) of the definition of “Benchmark Replacement”, including, without
limitation, the provisions set forth in Article 3(g)(ii).

 

(v)            Notices;
Standards for Decisions and Determinations. Buyer will promptly notify Seller of (a) any Benchmark Replacement Date, (b) the
effectiveness of any Benchmark Replacement Conforming Changes and (c) the effectiveness of any changes to the calculation of the
Pricing Rate described in Article 3(g)(iii). For the avoidance of doubt, any notice required to be delivered by Buyer as set
forth in this Article 3(g) may be provided, at the option of Buyer (in its sole discretion), in one or more notices and
may be delivered together with, or as a part of, any amendment which implements any Benchmark Replacement or Benchmark Replacement Conforming
Changes. Any determination, decision or election that may be made by Buyer pursuant to this Article 3(g), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in Buyer’s
sole discretion and without consent from Seller or any other party to this Agreement or any other Transaction Document.

 

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(vi)          Disclaimer.
Buyer does not warrant or accept any responsibility for, and shall not have any liability with respect to (i) the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBOR” or
with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation any Benchmark Replacement
implemented hereunder), (ii) the composition or characteristics of any such Benchmark Replacement, including whether it is similar
to, or produces the same value or economic equivalence to LIBOR (or any other Benchmark) or have the same volume or liquidity as did
LIBOR (or any other Benchmark), (iii) any actions or use of its discretion or other decisions or determinations made with respect
to any matters covered by Article 3(g), including, without limitation, whether or not a Benchmark Transition Event has occurred,
the removal or lack thereof of unavailable or non-representative tenors of LIBOR (or any other Benchmark), the implementation or lack
thereof of any Benchmark Replacement Conforming Changes, the delivery or non-delivery of any notices required by Article 3(g)(v) or
otherwise in accordance herewith, and (iv) the effect of any of the foregoing provisions of Article 3(g).

 

(vii)         Acknowledgement
of Benchmark Transition Event. Notwithstanding anything to the contrary in this Agreement or in any other Transaction Document, Buyer
and Seller acknowledge and agree that a Benchmark Transition Event in respect of LIBOR occurred on March 5, 2021. Although June 30,
2023 (the “Anticipated Benchmark Replacement Date”) is the anticipated date on which the administrator of LIBOR will
permanently or indefinitely cease to provide LIBOR or on which LIBOR will be declared no longer representative, the Benchmark Replacement
Date cannot be determined with certainty by Buyer as of the date hereof. Seller acknowledges and agrees that Buyer may determine that
the Benchmark Replacement Date with respect to LIBOR will differ from the Anticipated Benchmark Replacement Date in connection with the
occurrence of another Benchmark Transition Event, an Early Opt-in Election or a Term SOFR Transition Event.”

 

(h)           The
definition of “Eligibility Criteria” is hereby modified by replacing “LIBOR” with “a Benchmark”.

 

(i)            Article 3(i)(1) of
the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

 

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“Notwithstanding any other provision
herein, if the adoption of or any change in any Requirement of Law or in the interpretation or application thereof after the date of this
Agreement shall make it unlawful for Buyer (A) to enter into Transactions, then the commitment of Buyer hereunder to enter into new
Transactions shall forthwith be canceled or (B) to maintain or continue Transactions, then a Repurchase Date shall occur for all
Transactions on the next Remittance Date or on such earlier date as may be required by law. If Buyer shall exercise its rights under Articles
3(i)(2) or 3(i)(3) hereof, then Seller shall have the right, within ninety (90) days after Buyer has delivered written notice
to Seller that it will exercise its rights under Articles 3(i)(2) or 3(i)(3) hereof (unless Buyer has at such time waived any
claims pursuant to such Articles or such Articles no longer apply) to terminate this Agreement and all Transactions hereunder by payment
in full to Buyer of the then outstanding Repurchase Price of all Purchased Assets, and, in connection with any such termination, notwithstanding
anything to the contrary contained herein or in any other Transaction Document, no Exit Fee shall be payable by Seller with respect to
the repurchase of the Purchased Assets.”

 

(j)            Article 3(i)(2)(B) of
the Repurchase Agreement is hereby modified by the deletion of the phrase “LIBOR” and the insertion in its place of the word
 “Benchmark”.

 

(k)           Article 5(b) of
the Repurchase Agreement is hereby modified by the deletion of the phrase “Tremont Mortgage Trust” and the insertion in its
place of the phrase “Seven Hills Realty Trust”.

 

(l)            Exhibit I
of the Repurchase Agreement is hereby deleted in its entirety and replaced with the following:

 

NAMES AND ADDRESSES FOR COMMUNICATIONS

 

	Buyer:	Citibank, N.A.
	 	390 Greenwich Street
	 	New York, New York 10013
	 	Attn:	Richard Schlenger
	 	Tel:	(212) 816-7806
	 	Fax:	(212) 816-8307
	 	Email:	richard.schlenger@citi.com
	 	 
	 	with copies to:
	 	 
	 	Sidley Austin LLP
	 	787 Seventh Avenue
	 	New York, New York  10019
	 	Attn:	Brian Krisberg, Esq.
	 	Tel:	(212) 839-8735
	 	Fax:	(212) 839-5599
	 	Email:	bkrisberg@sidley.com

 

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	Seller:	TRMT CB Lender LLC
	 	Two Newton Place
	 	255 Washington Street, Suite 300
	 	Newton, Massachusetts 02458
	 	Attn:	Douglas Lanois
	 	Tel:	(617) 658-0755
	 	Fax:	(617) 454-3645
	 	Email:	dlanois@tremontadv.com
	 	 
	 	with copies to:
	 	 
	 	Tremont Realty Capital LLC
	 	Two Newton Place
	 	255 Washington Street, Suite 300
	 	Newton, Massachusetts 02458
	 	Attn:	Jennifer B. Clark, Esq.
	 	Tel:	(617) 796-8183
	 	Fax:	(617) 454-3645
	 	Email:	jclark@rmrgroupadvisors.com
	 	 
	 	and
	 	 
	 	Goulston & Storrs
	 	400 Atlantic Avenue
	 	Boston, Massachusetts 02110
	 	Attn: 	James H. Lerner, Esq.
	 	Tel: 	(617) 574-3525
	 	Fax: 	(617) 574-7607
	 	Email:	jlerner@goulstonstorrs.com

 

(m)          Section 2
of the Fee Agreement is hereby modified to add the following as the last sentence thereof:

 

“Notwithstanding anything to the
contrary contained herein or in any other Transaction Document, no Exit Fee shall be payable by Seller with respect to the repurchase
of a Purchased Asset if Seller is repurchasing such Purchased Asset because Buyer made a determination, decision or election under Article 3(g) of
the Repurchase Agreement, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence
of an event, circumstance or date and any decision to take or refrain from taking any action or any selection that, in Seller’s
reasonable judgement, is inconsistent with then prevailing market conventions for repurchase facilities financing the making of commercial
real estate mortgage loans similar to the affected Purchased Loans; provided, that, Seller’s repurchase of such Purchased Asset
shall be within ninety (90) days after Buyer has delivered written notice of such determination, decision or election under Article 3(g) of
the Repurchase Agreement.”

 

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2.            Seller
Name Change. Buyer acknowledges and agrees that Seller may, in its discretion, change its
legal name to “Seven Hills CB Lender LLC” or a variation thereof and that, notwithstanding anything else to the contrary contained
in the Transaction Documents, such change of name shall be permitted without the need to obtain Buyer’s approval; provided, however,
Seller shall, at Buyer’s reasonable request, promptly and duly execute and deliver such further instruments, documents and information
and take such further actions as Buyer may deem reasonably necessary or desirable to (a) obtain or preserve the security interest
granted hereunder, (b) ensure that such security interest remains fully perfected at all times and remains at all times first in
priority as against all other creditors of Seller (whether or not existing as of the date hereof or in the future), (c) obtain or
preserve the rights and powers herein granted (including, among other things, filing such UCC financing statements as Buyer may request)
or (d) ensure compliance with the Patriot Act or any other Requirements of Law in all material respects. Seller shall deliver to
Buyer a copy of the certificate of name change filed by Seller in its state of formation promptly following Seller’s filing thereof.

 

3.            Seller’s
Representations. Seller has taken all necessary action to authorize the execution, delivery
and performance of this Amendment. This Amendment has been duly executed and delivered by or on behalf of Seller and constitutes the legal,
valid and binding obligation of Seller enforceable against Seller in accordance with its terms subject to bankruptcy, insolvency, and
other limitations on creditors’ rights generally and to equitable principles. No Event of Default has occurred and is continuing,
and no Event of Default will occur as a result of the execution, delivery and performance by Seller of this Amendment. Any consent, approval,
authorization, order, registration or qualification of or with any Governmental Authority required for the execution, delivery and performance
by Seller of this Amendment has been obtained and is in full force and effect (other than consents, approvals, authorizations, orders,
registrations or qualifications that if not obtained, are not reasonably likely to have a Material Adverse Effect). Seller hereby represents
and warrants that (i) no amendments have been made to the organizational documents of Seller since February 9, 2018 and (ii) there
have been no changes to any of the certifications made by Seller pursuant to that certain Officer’s Certificate delivered by the
Secretary of Seller dated February 9, 2018 except that David M. Blackman as Chief Executive Officer of Seller has been removed and
replaced with Thomas Lorenzini as President of Seller.

 

4.            Post-Closing
Obligations. Not later than October 5, 2021, Seller shall deliver to Buyer an opinion
of Guarantor’s counsel in form and substance acceptable to Buyer covering the due authorization, execution and delivery by Guarantor
of the Guaranty.

 

5.            Conditions
Precedent. This Amendment and its provisions shall become effective upon the execution and
delivery of this Amendment by a duly authorized officer of each of Seller and Buyer.

 

6.            Agreement
Regarding Expenses. Seller agrees to pay Buyer’s reasonable out of pocket expenses
(including reasonable legal fees) incurred in connection with the preparation and negotiation of this Amendment promptly after Buyer or
Buyer’s counsel gives Seller an invoice for such expenses.

 

    13

     

    

 

7.            Full
Force and Effect. Except as expressly modified hereby, all of the terms, covenants and conditions
of the Repurchase Agreement and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified
and confirmed by Seller. Any inconsistency between this Amendment and the Repurchase Agreement (as it existed before this Amendment) shall
be resolved in favor of this Amendment, whether or not this Amendment specifically modifies the particular provision(s) in the Repurchase
Agreement inconsistent with this Amendment. All references to the “Agreement” in the Repurchase Agreement or to the “Repurchase
Agreement” in any of the other Transaction Documents shall mean and refer to the Repurchase Agreement as modified and amended hereby.

 

8.            No
Waiver. The execution, delivery and effectiveness of this Amendment shall not operate as
a waiver of any right, power or remedy of the Buyer under the Repurchase Agreement, any of the other Transaction Documents or any other
document, instrument or agreement executed and/or delivered in connection therewith.

 

9.            Headings.
Each of the captions contained in this Amendment are for the convenience of reference only and shall not define or limit the provisions
hereof.

 

10.          Counterparts.
This Amendment may be executed in any number of counterparts, and all such counterparts shall together constitute the same agreement.
Signatures delivered by email (in PDF format) shall be considered binding with the same force and effect as original signatures

 

11.          Governing
Law. This Amendment shall be governed in accordance with the terms and provisions of Article 19
of the Repurchase Agreement.

 

[No Further Text on this Page; Signature Pages Follow]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written
and effective as of the Effective Date.

 

	 	BUYER:
	 	 
	 	CITIBANK, N.A.
	 	 
	 	By:	/s/
    Richard Schlenger       
	 	Name: Richard
    Schlenger       
	 	Title: Authorized
    Signatory

 

[SIGNATURES CONTINUE ON NEXT PAGE]

 

[Signature
Page to Third Amendment to Master Repurchase Agreement]

 

    

     

    

 

	 	SELLER:
	 	 
	 	TRMT CB LENDER LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ G. Douglas Lanois  
	 	 	Name: G.
    Douglas Lanois  
	 	 	Title: Chief Financial
    Officer

 

 

[SIGNATURES CONTINUE ON NEXT PAGE]Exhibit 10.6

 

AMENDED AND RESTATED GUARANTY

 

This
AMENDED AND RESTATED GUARANTY (this “Guaranty”) is made and entered into by SEVEN HILLS REALTY TRUST, a Maryland
statutory trust, whose address is Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458 (“Guarantor”),
for the benefit of CITIBANK, N.A., a national banking association whose address is 388
Greenwich Street, New York, New York 10013 (“Buyer”) on this September 30, 2021 (the “Effective Date”).
This Guaranty is made with reference to the following facts (with some capitalized terms being defined below):

 

A.           TRMT
CB Lender LLC, a Delaware limited liability company, as seller (as further described
herein, the “Seller”), and Buyer have entered into that certain Master Repurchase Agreement, dated as of February 9,
2018 as amended by that certain (i) First Amendment to Master Repurchase Agreement, dated as of November 6, 2018, (ii) Second
Amendment to Master Repurchase Agreement, dated as of October 30, 2020 and (iii) Third Amendment to Master Repurchase Agreement
and Fifth Amendment to Fee Agreement (the “Third Amendment”), dated as of the date hereof (as the same may be further
amended, supplemented, extended, restated, replaced or otherwise modified from time to time, the “Repurchase Agreement”),
pursuant to which Buyer may, from time to time, purchase certain Eligible Assets from Seller with a simultaneous agreement from Seller
to repurchase such Eligible Assets at a date certain or on demand (the “Transactions”);

 

B.            Tremont
Mortgage Trust, a Maryland real estate investment trust (“Original Guarantor”) guaranteed the obligations of
Seller under the Repurchase Agreement and the other Transaction Documents pursuant to that certain Guaranty, dated as of February 9,
2018 (as amended, modified and/or restated prior to the date hereof, the “Original Guaranty”), from Original Guarantor
to Buyer;

 

C.            In
connection with the Third Amendment, the parties have agreed that the Original Guaranty shall be amended, restated and superseded in its
entirety by this Guaranty, and Guarantor is executing and delivering this Guaranty;

 

D.            Buyer
has requested, as a condition of entering into the Third Amendment, that Guarantor execute and deliver this Guaranty to Buyer;

 

E.            Guarantor
directly owns 100% of Seller;

 

F.           Guarantor
expects to benefit if Buyer enters into the Repurchase Agreement and the other Transaction Documents with Seller,
and desires that Buyer enter into the Repurchase Agreement and the other Transaction Documents with Seller; and

 

G.            Buyer
would not enter into the Third Amendment unless Guarantor executed this Guaranty. This Guaranty is therefore delivered to Buyer to induce
Buyer to enter into the Third Amendment.

 

     

     

    

 

NOW,
THEREFORE, in exchange for good, adequate, and valuable consideration, the receipt of which Guarantor acknowledges, and to
induce Buyer to enter into the Repurchase Agreement, Guarantor agrees as follows:

 

1.            Definitions.
For purposes of this Guaranty, the following terms shall be defined as set forth below. In addition, any capitalized term defined in the
Repurchase Agreement but not defined in this Guaranty shall have the same meaning in this Guaranty as in the Repurchase Agreement.

 

(a)          “Available
Borrowing Capacity” means, on any date of determination, the total unrestricted, immediately available borrowing capacity which
may be drawn (not including required reserves, fees and discounts) upon by Guarantor and/or its Subsidiaries (including, without limitation,
Seller’s capacity to receive Margin Excess Advances and other advances under the Repurchase Agreement as evidenced by amended Confirmations)
without condition (except for customary notice conditions) and to the extent such available borrowing capacity is not otherwise pledged
to any other Person, under any credit facilities (including repurchase agreements, note on note and other similar facilities), but only
to the extent that no default or event of default exists under such facilities, which are available on a committed basis (including, for
the avoidance of doubt, funds available under uncommitted facilities so long as said available funds otherwise satisfy the conditions
set forth in this definition and are similar in substance to the Margin Excess Advances contemplated by the Repurchase Agreement) by (i) BMO
Harris Bank N.A., UBS AG, or Wells Fargo Bank, National Association or any of their respective Affiliates, or (ii) one or more financial
institutions whose short term unsecured debt is rated at least “A-1” by S&P and “P-1” by Moody’s, and
has an equivalent or higher rating by each other nationally recognized statistical rating organization that provides a short-term unsecured
debt rating to such financial institution, and whose long term unsecured debt is rated at least “A+” by S&P and “A1”
by Moody’s and has an equivalent or higher rating by each other nationally recognized statistical rating organization that provides
a long-term unsecured debt rating to such financial institution.

 

(b)            “Buyer
Entity” means, as designated by Buyer from time to time, Buyer or Buyer’s assignee, designee, nominee, servicer, or wholly
owned subsidiary as permitted in accordance with the terms of the Repurchase Agreement.

 

(c)           “Cash”
means coin or currency of the United States of America or immediately available federal funds, including such funds delivered by wire
transfer.

 

(d)            “Cash
Equivalents” means any of the following, to the extent owned by Guarantor or any of its Consolidated Subsidiaries free and clear
of all Liens and having a maturity of not greater than 90 days from the date of issuance thereof: (a) readily marketable direct obligations
of the government of the United States or any agency or instrumentality thereof or obligations unconditionally guaranteed by the full
faith and credit of the government of the United States, (b) certificates of deposit of or time deposits with Buyer or a member of
the Federal Reserve System that issues (or the parent of which issues) commercial paper rated as described in clause (c) below, is
organized under the laws of the United States or any state thereof and has combined capital and surplus of at least $1,000,000,000 or
(c) commercial paper in an aggregate amount of not more than $50,000,000 per issuer outstanding at any time, issued by any corporation
organized under the laws of any state of the United States and rated at least “Prime-1” (or the then equivalent grade) by
Moody’s or “A-1” (or the then equivalent grade) by S&P.

 

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(e)           “Consolidated
Subsidiaries” means, as of any date and any Person, any and all Subsidiaries or other entities that are consolidated with such
Person in accordance with GAAP.

 

(f)            “Guaranteed
Obligations” means, cumulatively, Seller’s obligations to fully and promptly pay (a) the Purchase Price of the Purchased
Assets owed to Buyer under the Repurchase Agreement and the Transaction Documents, (b) the aggregate accrued but unpaid Purchase
Price Differential thereon owed to Buyer under the Repurchase Agreement and the other Transaction Documents, (c) any costs or fees
(including any such costs or fees arising from and after the filing of an Insolvency Proceeding against Seller) owed to Buyer under the
Repurchase Agreement and the other Transaction Documents, (d) all other sums expended by Buyer or Buyer’s designee or nominee
acting on Buyer’s behalf in exercising Buyer’s rights and remedies under the Transaction Documents, including Buyer’s
Legal Costs relating to the enforcement of remedies pursuant to the Transaction Documents, and (e) Seller’s indemnification
obligations under the Repurchase Agreement with regard to which claims have been made by Buyer.

 

(g)            “Guarantor
Litigation” means any litigation, arbitration, investigation, or administrative proceeding of or before any court, arbitrator,
or Governmental Authority, bureau or agency that relates to or affects this Guaranty or any asset(s) or property(ies) of Guarantor.

 

(h)           “Indebtedness”
means, with respect to any Person on any date, all of the following on such date, whether or not included as indebtedness or liabilities
in accordance with GAAP determined without duplication:

 

(i)            obligations
in respect of money borrowed (including principal, interest, assumption fees, prepayment fees, yield maintenance charges, penalties, exit
fees, contingent interest and other monetary obligations whether choate or inchoate and whether by loan, the issuance and sale of debt
securities or the sale of property or assets to another Person subject to an understanding or agreement, contingent or otherwise, to repurchase
such property or assets, or otherwise);

 

(ii)            obligations,
whether or not for money borrowed (A) represented by notes payable, letters of credit or drafts accepted, in each case representing
extensions of credit, (B) evidenced by bonds, debentures, notes or similar instruments, (C) constituting purchase money indebtedness,
conditional sales contracts, title retention debt instruments or other similar instruments, upon which interest charges are customarily
paid or that are issued or assumed as full or partial payment for property or services rendered, or (D) in connection with the issuance
of preferred equity or trust preferred securities;

 

(iii)            Capitalized
Lease Obligations;

 

    3

     

    

 

(iv)            reimbursement
obligations under any letters of credit or acceptances (whether or not the same have been presented for payment);

 

(v)            Off-Balance
Sheet Obligations;

 

(vi)            obligations
to purchase, redeem, retire, defease or otherwise make any payment in respect of any mandatory redeemable stock issued by such Person
or any other Person (inclusive of forward equity contracts), valued at the greater of its voluntary or involuntary liquidation preference
plus accrued and unpaid dividends;

 

(vii)           as
applicable, all obligations of such Person (but not the obligation of others) in respect of any keep well arrangements, credit enhancements,
committed future funding obligations which are not fully offset by a corresponding asset, purchase obligations, repurchase obligations,
sale/buy-back agreements, takeout commitments or forward equity commitments which are not fully offset by a corresponding asset, in each
case evidenced by a binding agreement (excluding any such obligation to the extent the obligation can be satisfied by the issuance of
equity interests (other than mandatory redeemable stock));

 

(viii)           all
Non-Recourse Indebtedness, recourse indebtedness and all indebtedness of other Persons which such Person has guaranteed or is otherwise
recourse to such Person (other than pursuant to any guarantee of customary non-recourse exceptions, but only to the extent they are contingent);

 

(ix)           all
indebtedness of another Person secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien (other than Liens permitted hereunder) on property or assets owned by such Person, even though such Person
has not assumed or become liable for the payment of such indebtedness or other payment obligation; provided that, if such Person
has not assumed or become liable for the payment of such indebtedness, then for the purposes of this definition the amount of such indebtedness
shall not exceed the market value of the property subject to such Lien;

 

(x)            all
Contingent Liabilities;

 

(xi)            all
obligations of such Person incurred in connection with the acquisition or carrying of fixed assets by such Person or obligations of such
Person to pay the deferred purchase or acquisition price of property or assets, including contracts for the deferred purchase price of
property or assets that include the procurement of services;

 

(xii)           indebtedness
of general partnerships for which such Person is liable as a general partner (whether secondarily or contingently liable or otherwise);
and

 

(xiii)           obligations
to fund capital commitments under any articles or certificate of incorporation or formation, by-laws, partnership, limited liability company,
operating or trust agreement and/or other organizational, charter or governing documents, subscription agreement or otherwise.

 

    4

     

    

 

For all purposes hereof, the Indebtedness of any
Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or
limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse
to such Person.

 

(i)           “Insolvency
Proceeding” means any case under Title 11 of the United States Code or any successor statute or any other insolvency, bankruptcy,
reorganization, liquidation, or like proceeding, or other statute or body of law relating to creditors’ rights, whether brought
under state, federal, or foreign law.

 

(j)            “Interest
Coverage Ratio” means, with respect to Guarantor and its Consolidated Subsidiaries, the Interest Income divided by the Interest
Expense.

 

(k)            “Interest
Expense” means, for any period with respect to Guarantor and its Consolidated Subsidiaries, the amount of total interest expense
incurred by such Person, excluding previously paid capitalized or accruing interest and excluding interest funded under a construction
loan, all determined in accordance with GAAP.

 

(l)            “Interest
Income” means, for any period with respect to Guarantor and its Subsidiaries, the amount of total interest income earned by
such Person, including capitalized or accruing interest, all determined in accordance with GAAP.

 

(m)          “Legal
Costs” means all costs and actual out-of-pocket expenses reasonably incurred by Buyer in any Proceeding, any Guarantor Litigation,
or any default by Seller under the Transaction Documents or by any Guarantor under this Guaranty, including reasonable attorneys’
fees, disbursements, and other reasonable, charges incurred by Buyer’s attorneys, court costs and expenses, and reasonable, charges
for the services of paralegals, law clerks, and all other personnel whose services are charged to Buyer in connection with Buyer’s
receipt of legal services incurred in connection with the enforcement of this Guaranty.

 

(n)         “Other
Financing Agreement” means any credit facility or loan agreement relating to the financing of, or similar repurchase facility
for, multiple commercial real estate loans entered into by Guarantor and/or its direct or indirect Subsidiaries.

 

(o)          “Proceeding”
means any action, suit, arbitration, or other proceeding arising out of, or relating to the interpretation or enforcement of, this Guaranty
or the Transaction Documents, including (a) an Insolvency Proceeding; and (b) any proceeding in which Buyer endeavors to realize
upon any Security or to enforce any Transaction Document(s) (including this Guaranty) against Seller or Guarantor.

 

(p)           “Property”
shall mean any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible.

 

(q)            “Restricted
Cash” means, for any Person, any amount of Cash of such Person that
is contractually required to be set aside, segregated or otherwise reserved.

 

(r)          “Security”
means any security or collateral held by or for Buyer for the Transactions or the Guaranteed Obligations, whether real or personal property,
including any mortgage, deed of trust, financing statement, security agreement, and other security document or instrument of any kind
securing the Transactions in whole or in part. “Security” shall include all assets and property of any kind whatsoever pledged
to Buyer pursuant to the Transaction Documents.

 

    5

     

    

 

(s)            “Seller”
means: (a) TRMT CB Lender LLC, a Delaware limited liability company, acting on its own behalf; (b) any estate created by the
commencement of an Insolvency Proceeding affecting TRMT CB Lender LLC; (c) any trustee, liquidator, sequestrator, or receiver of
TRMT CB Lender LLC or TRMT CB Lender LLC’s property; and (d) any similar Person duly appointed pursuant to any law governing
any Insolvency Proceeding.

 

(t)            “Subrogation
Deferral” has the meaning set forth in Section 13(b).

 

(u)            “Subsidiary”
means as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock or other ownership
interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of a contingency)
to elect a majority of the board of directors or other managers of such corporation, partnership, limited liability company or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such Person.

 

(v)            “Tangible
Net Worth” means with respect to any Person and as of a particular date all amounts which would be included under capital of
such Person and its Consolidated Subsidiaries, if any, on a balance sheet of such Person and its Consolidated Subsidiaries at such date,
determined in accordance with GAAP, minus (i) amounts owing to such Person from any Affiliate thereof, or from officers, employees,
partners, members, directors, shareholders or other Persons similarly affiliated with such Person or any Affiliate thereof, (ii) intangible
assets and (iii) prepaid taxes and/or expenses, all on or as of such date.

 

(w)          “Total
Indebtedness” means, for any period, the aggregate Indebtedness of a Person and its Consolidated Subsidiaries during such period
(including, without limitation, off-balance sheet indebtedness), less the amount of any nonspecific balance sheet reserves maintained
in accordance with GAAP.

 

(x)            “Total
Liquidity” means, at any date of determination, the sum of (a) Cash (other than Restricted Cash) of Guarantor and its Consolidated
Subsidiaries (b) unrestricted Cash Equivalents of Guarantor and its Consolidated Subsidiaries and (c) the Available Borrowing
Capacity of Guarantor and its Consolidated Subsidiaries.

 

(y)         “Total
Recourse Indebtedness” means, for any period with respect to any Person, without duplication, the Total Indebtedness of such
Person during such period for which such Person (or any of its Consolidated Subsidiaries) is directly responsible or liable as obligor
or guarantor (excluding (i) convertible debt notes and other Indebtedness not subject to margin calls, (ii) recourse Indebtedness
(x) arising by reason of customary recourse carve-outs under a non-recourse instrument, including, but not limited to, fraud, misappropriation
and misapplication, and environmental indemnities, or (y) the maturity date for which (without giving effect to any extensions) matures
more than one (1) year from the last day of such period, and (iii) any recourse obligations (including guarantee obligations)
of such Person (or any of its Consolidated Subsidiaries) in connection with the issuance of, and obligations under, the securities or
related instruments or certificates in a collateralized debt obligation), less the amount of any nonspecific balance sheet reserves maintained
in accordance with GAAP.

 

    6

     

    

 

(z)            “Waiver
Disclosure” has the meaning set forth in Section 14.

 

2.            Guaranty
of All Guaranteed Obligations. (a)  Subject to Sections 2(b), 2(c) and 2(d) below, Guarantor hereby unconditionally
and irrevocably guarantees to Buyer the prompt and complete payment and performance by Seller when due (whether at the stated maturity,
by acceleration or otherwise) of the Guaranteed Obligations. All assets and property of Guarantor shall be subject to recourse if Guarantor
fails to pay and perform any Guaranteed Obligation(s) when and as required to be paid and performed pursuant to the Transaction Documents.

 

(b)           Notwithstanding
anything herein to the contrary, but subject to Sections 2(c) and 2(d) below, the maximum aggregate liability of Guarantor hereunder
and under the Repurchase Agreement shall in no event exceed an amount equal to the product of (x) twenty-five percent (25%) and (y) the
then currently unpaid aggregate Repurchase Price of all Purchased Assets.

 

(c)            In
addition to the foregoing, and notwithstanding the limitation on recourse liability set forth in Section 2(b) above, Guarantor
hereby irrevocably and unconditionally guarantees and promises to Buyer and its successors and assigns, the prompt and complete payment
and performance when due, whether at stated maturity, by acceleration or otherwise, of all actual losses, damages and costs that are incurred
by Buyer as a direct or indirect consequence of any of the following events:

 

(1)           any
fraud, intentional misrepresentation, illegal acts or willful misconduct by Seller or Guarantor (collectively, “Obligor(s)”)
or any of their respective Affiliates, in connection with the Repurchase Agreement, the Transaction Documents, any Purchased Asset or
any certificate, report, financial statement or other instrument or document furnished to Buyer at the time of the closing of the Repurchase
Agreement or during the term of the Repurchase Agreement;

 

(2)          any
Obligor’s or any of its Affiliates’ misapplication or misappropriation of any Income or other amounts received from any Purchased
Asset;

 

(3)            either
Obligor or any of its Affiliates seeks judicial intervention or injunctive or other equitable relief of any kind or asserts in a pleading
filed in connection with a judicial proceeding against Buyer, a defense against the existence of any Event of Default or any remedies
pursued by Buyer due to such Event of Default, which is determined by the final judgment of a court of competent jurisdiction, not subject
to further appeal, to be unwarranted, in the case of a request for judicial intervention or injunctive or other equitable relief or frivolous,
brought in bad faith or without merit, in the case of a defense;

 

    7

     

    

 

(4)            either
Obligor or any of its Affiliates voluntarily grants, creates, or consents in writing to the grant or creation of, any Lien, encumbrance
or security interest in or on any Purchased Asset or any Collateral, other than, in each case, liens that are permitted by the Transaction
Documents; and

 

(5)          any
material breach by Obligor, or any of their respective Affiliates, of any representations and warranties contained in any Transaction
Document relating to Environmental Laws, or any indemnity for costs incurred by Buyer in connection with the violation of any Environmental
Law, the correction of any environmental condition, or the removal of any hazardous, toxic or harmful substances, materials, wastes, pollutants
or contaminants defined as such in or regulated under any Environmental Law, in each case in any way affecting any or all of the Purchased
Assets.

 

(d)            Notwithstanding
anything to the contrary herein, the limitation on recourse liability as set forth under Section 2(b) hereof shall be
of no further force and effect and Guarantor irrevocably and unconditionally guarantees and promises to pay to Buyer and its successors
and assigns, in lawful money of the United States, in immediately available funds, the entire Repurchase Price immediately upon the occurrence
of:

 

(1)            with
respect to any Obligor: (A) the commencement by such Person as debtor of any case or proceeding under any bankruptcy, insolvency,
reorganization, liquidation, moratorium, dissolution or similar law, or such Person seeking the appointment or election of a receiver,
conservator, trustee, custodian or similar official for such Person or all or substantially all of the property of and assets of such
Person (unless consented to by Buyer); (B) the commencement of any such case or proceeding against such Person, seeking such an appointment
or election, that arose from any collusive action or assistance of any such Person or its Affiliates or their agents (or, as to which,
any such Person files a petition seeking to join as a party); or (C) the making by such Person of a general assignment for the benefit
of creditors;

 

(2)            any
Obligor, or any Affiliate thereof attempts at any time, in any court proceeding or otherwise, to (A)  recharacterize any of the Transactions
or any of the Transaction Documents as a loan, as a debt or any financing arrangement between or among any Obligor and Buyer, rather than
a “securities contract” as that term is defined in Section 741 of Title 11 of the United States Code, as amended, or
(B) assert in writing or in a court proceeding that any of the Transactions is not a “master netting agreement” as such
term is defined in Section 101 of Title 11 of the United States Code, as amended, or a “securities contract” as that
term is defined in Section 741 of Title 11 of the United States Code, as amended; or

 

    8

     

    

 

(3)            any
material breach of the separateness covenants contained in the Repurchase Agreement.

 

(e)            Nothing
herein shall be deemed to be a waiver of any right which Buyer may have in any Insolvency Proceeding involving Seller as debtor under
Section 506(a), 506(b), 1111(b) or any other provision of the Bankruptcy Code or any other bankruptcy law to file a claim against
Seller for the full amount of the indebtedness secured by the Repurchase Agreement or to require that all collateral shall continue to
secure all of the indebtedness owing to Buyer in accordance with the Repurchase Agreement or any other Transaction Documents.

 

(f)           Guarantor
further agrees to pay any and all out-of-pocket expenses (including, without limitation, all out-of-pocket fees and disbursements of counsel)
which may be paid or actually incurred by Buyer in enforcing, or obtaining advice of counsel in respect of, any rights with respect to,
or collecting, any or all of the Guaranteed Obligations, subject to Sections 2(b), 2(c) and 2(d) above, and/or enforcing any
rights with respect to, or collecting against, Guarantor under this Guaranty. This Guaranty shall remain in full force and effect until
the Guaranteed Obligations, subject to Sections 2(b), 2(c) and 2(d) above, are paid in full, notwithstanding that from time
to time prior thereto Seller may be free from any Guaranteed Obligations.

 

(g)            Notwithstanding
any payment or payments made by Seller or any other Person nor any set-off or appropriation or application, at any time or from time to
time, in reduction of or in payment of the Guaranteed Obligations, Guarantor shall remain liable for the amount of the Guaranteed Obligations,
subject to Sections 2(b), 2(c) and 2(d) above, until the Guaranteed Obligations, subject to Sections 2(b), 2(c) and 2(d) above,
are paid in full.

 

(h)           Guarantor
agrees that whenever, at any time, or from time to time, Guarantor shall make any payment to Buyer on account of Guarantor’s liability
hereunder, Guarantor will notify Buyer in writing that such payment is made under this Guaranty for such purpose.

 

3.            Nature
and Scope of Liability. Guarantor’s liability under this Guaranty is primary and not secondary.

 

4.            Changes
in Transaction Documents. Without notice to, or consent by, Guarantor, and in Buyer’s sole and absolute discretion and without
prejudice to Buyer or in any way limiting or reducing Guarantor’s liability under this Guaranty, Buyer may: (a) grant extensions
of time, renewals or other indulgences or modifications to Seller or any other party under any of the Transaction Document(s), (b) change,
amend or modify any Transaction Document(s), (c) authorize the sale, exchange, release or subordination of any Security, (d) accept
or reject additional Security, (e) discharge or release any party or parties liable under the Transaction Documents, (f) foreclose
or otherwise realize on any Security, or attempt to foreclose or otherwise realize on any Security, whether such attempt is successful
or unsuccessful, (g) accept or make compositions or other arrangements or file or refrain from filing a claim in any Insolvency
Proceeding, (h) enter into other Transactions with Seller in such amount(s) and at such time(s) as Buyer may determine,
(i) credit payments in such manner and order of priority to Repurchase Prices or other obligations as Buyer may determine in its
sole and absolute discretion, and (j) otherwise deal with Seller and any other party related to the Transactions or any Security
as Buyer may determine in its sole and absolute discretion. Without limiting the generality of the foregoing, Guarantor’s liability
under this Guaranty shall continue even if Buyer alters any obligations under the Transaction Documents in any respect or Buyer’s
or Guarantor’s remedies or rights against Seller are in any way impaired or suspended without Guarantor’s consent. If Buyer
performs any of the actions described in this paragraph, then Guarantor’s liability shall continue in full force and effect even
if Buyer’s actions impair, diminish or eliminate Guarantor’s subrogation, contribution, or reimbursement rights (if any)
against Seller or otherwise adversely affect Guarantor or expand Guarantor’s liability hereunder.

 

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5.          Certain
Financial Covenants. Guarantor shall maintain the following covenants, with respect to itself (and its Consolidated Subsidiaries taken
as a whole with Guarantor), at all times, on a consolidated basis in conformity with GAAP:

 

(i)           Minimum
Tangible Net Worth. Tangible Net Worth equal to or in excess of the sum of (i) the Tangible Net Worth of Guarantor as of September 30,
2021 as recorded in the 10-Q of Guarantor covering such period, (ii) seventy-five percent (75%) of the net cash proceeds of any equity
issuance by Guarantor that occurs after the Effective Date, and (iii) seventy-five percent (75%) of the amount accreted into income
of the purchase price discount after the Effective Date with respect to Tremont Mortgage Trust loans purchased by Guarantor.

 

(ii)           Minimum
Total Liquidity. Guarantor’s Total Liquidity shall not at any time be less than the greater of (x) five million dollars
($5,000,000) and (y) five percent (5%) of Guarantor’s Total Recourse Indebtedness; and, in the case of each of (x) and
(y), shall not consist of less than five million dollars ($5,000,000) in cash.

 

(iii)           Leverage
Ratio. The ratio of (x) Total Indebtedness to (y) the sum of Total Indebtedness plus Tangible Net Worth shall not exceed
78%.

 

(iv)            Minimum
Interest Coverage. The Interest Coverage Ratio shall not fall below 1.50 to 1.00.

 

(v)            REIT
Status. Guarantor shall operate in a manner that will allow Guarantor to (i) qualify as a real estate investment trust for federal
income tax purposes and (ii) be entitled to a dividend paid deduction under Section 857 of the Internal Revenue Code.

 

(vi)           Other
Financing Agreement. If Guarantor or any Subsidiary thereof has entered into or shall enter into any Other Financing Agreement or
amendment or modification thereof, promptly after the closing of such Other Financing Agreement or amendment or modification thereof,
Guarantor shall deliver written notice to Buyer thereof which notice shall include the name of the lender or repurchase buyer thereunder
and the maximum facility amount. If such Other Financing Agreement or amendment or modification thereof contains a financial covenant
that is comparable to any of the financial covenants set forth in this Guaranty and such comparable financial covenant yields a result
that is more restrictive to Guarantor or otherwise yields a result that is more favorable to the related lender or buyer thereunder than
any financial covenant hereunder, then such comparable financial covenant shall, with no further action required on the part of either
Guarantor or Buyer, automatically become a part hereof and be incorporated herein, and Guarantor hereby covenants to maintain compliance
with such comparable financial covenant at all times throughout the terms of this Guaranty. Guarantor further agrees, at Buyer’s
request, to execute and deliver any related amendments to this Guaranty, provided that the execution of such amendment shall not be a
precondition to the effectiveness of such amendment, but shall merely be for the convenience of Buyer and Guarantor.

 

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6.            Nature
of Guaranty. Guarantor’s liability under this Guaranty is a guaranty of payment of the Guaranteed Obligations, and is not a
guaranty of collection or collectability. Guarantor’s liability under this Guaranty is not conditioned or contingent upon the genuineness,
validity, regularity or enforceability of any of the Transaction Documents. Guarantor’s liability under this Guaranty is a continuing,
absolute, and unconditional obligation under any and all circumstances whatsoever (except as expressly stated, if at all, in this Guaranty),
without regard to the validity, regularity or enforceability of any of the Guaranteed Obligations. Guarantor acknowledges that Guarantor
is fully obligated under this Guaranty even if Seller had no liability at the time of execution of the Transaction Documents or later
ceases to be liable under any Transaction Document, whether pursuant to Insolvency Proceedings or otherwise. Guarantor shall not be entitled
to claim, and irrevocably covenants not to raise or assert, any defenses against the Guaranteed Obligations that would or might be available
to Seller, other than actual payment and performance of all Guaranteed Obligations in full in accordance with their terms. Guarantor waives
any right to compel Buyer to proceed first against Seller or any Security before proceeding against Guarantor. Guarantor agrees that if
any of the Guaranteed Obligations are or become void or unenforceable (because of inadequate consideration, lack of capacity, Insolvency
Proceedings, or for any other reason), then Guarantor’s liability under this Guaranty shall continue in full force with respect
to all Guaranteed Obligations as if they were and continued to be legally enforceable, all in accordance with their terms and, in the
case of Insolvency Proceedings, before giving effect to the Insolvency Proceedings. Guarantor also recognizes and acknowledges that its
liability under this Guaranty may be more extensive in amount and more burdensome than that of Seller. Guarantor waives any defense that
might otherwise be available to Guarantor based on the proposition that a guarantor’s liability cannot exceed the liability of the
principal. Guarantor intends to be fully liable under the Guaranteed Obligations, regardless of the scope of Seller’s liability
thereunder. Without limiting the generality of the foregoing, if the Guaranteed Obligations are “nonrecourse” as to Seller
or Seller’s liability for the Guaranteed Obligations is otherwise limited in some way, Guarantor nevertheless intends to be fully
liable to the full extent of all of Guarantor’s assets, with respect to all the Guaranteed Obligations, even though Seller’s
liability for the Guaranteed Obligations may be less limited in scope or less burdensome. Guarantor waives any defenses to this Guaranty
arising or purportedly arising from the manner in which Buyer conducts the Transactions with Seller or otherwise, or any waiver of the
terms of any Transaction Document by Buyer or other failure of Buyer to require full compliance with the Transaction Documents. Guarantor’s
liability under this Guaranty shall continue until all sums due under the Transaction Documents have been paid in full (other than indemnification
obligations which expressly survive beyond the termination of the Repurchase Agreement and the other Transaction Documents) and all other
performance required under the Transaction Documents has been rendered in full, except as expressly provided otherwise in this Guaranty.
Guarantor’s liability under this Guaranty shall not be limited or affected in any way by any impairment or any diminution or loss
of value of any Security whether caused by (a) hazardous substances, (b) Buyer’s failure to perfect a security interest
in any Security, (c) any disability or other defense(s) of Seller, or (d) any breach by Seller of any representation or
warranty contained in any Transaction Document.

 

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7.            Waivers
of Rights and Defenses. Guarantor waives any right to require Buyer to (a) proceed against Seller, (b) proceed against
or exhaust any Security, or (c) pursue any other right or remedy for Guarantor’s benefit. Guarantor agrees that Buyer may
proceed against Guarantor with respect to the Guaranteed Obligations without taking any actions against Seller and without proceeding
against or exhausting any Security. Guarantor agrees that Buyer may unqualifiedly exercise in its sole discretion (or may waive or release,
intentionally or unintentionally) any or all rights and remedies available to it against Seller without impairing Buyer’s rights
and remedies in enforcing this Guaranty, under which Guarantor’s liabilities shall remain independent and unconditional. Guarantor
agrees and acknowledges that Buyer’s exercise (or waiver or release) of certain of such rights or remedies may affect or eliminate
Guarantor’s right of subrogation or recovery against Seller (if any) and that Guarantor may incur a partially or totally nonreimbursable
liability in performing under this Guaranty. Guarantor has assumed the risk of any such loss of subrogation rights, even if caused by
Buyer’s acts or omissions. If Buyer’s enforcement of rights and remedies, or the manner thereof, limits or precludes Guarantor
from exercising any right of subrogation that might otherwise exist, then the foregoing shall not in any way limit Buyer’s rights
to enforce this Guaranty. Without limiting the generality of any other waivers in this Guaranty, Guarantor expressly waives any statutory
or other right (except as set forth herein) that Guarantor might otherwise have to: (i) limit Guarantor’s liability after
a nonjudicial foreclosure sale to the difference between the Guaranteed Obligations and the fair market value of the property or interests
sold at such nonjudicial foreclosure sale or to any other extent, (ii) otherwise limit Buyer’s right to recover a deficiency
judgment after any foreclosure sale, or (iii) require Buyer to exhaust its Security before Buyer may obtain a personal judgment
for any deficiency. Any proceeds of a foreclosure or similar sale may be applied first to any obligations of Seller that do not also
constitute Guaranteed Obligations within the meaning of this Guaranty. Guarantor acknowledges and agrees that any nonrecourse or exculpation
provided for in any Transaction Document, or any other provision of a Transaction Document limiting Buyer’s recourse to specific
Security or limiting Buyer’s right to enforce a deficiency judgment against Seller or any other Person, shall have absolutely no
application to Guarantor’s liability under this Guaranty.

 

8.           Additional
Waivers. Guarantor waives diligence and all demands, protests, presentments and notices of every kind or nature, including notices
of protest, dishonor, nonpayment, acceptance of this Guaranty and the creation, renewal, extension, modification or accrual of any of
the Guaranteed Obligations. Guarantor further waives the right to plead any and all statutes of limitations as a defense to Guarantor’s
liability under this Guaranty or the enforcement of this Guaranty. No failure or delay on Buyer’s part in exercising any power,
right or privilege under this Guaranty shall impair or waive any such power, right or privilege.

 

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9.           Other
Actions Taken or Omitted. Notwithstanding any other action taken or omitted to be taken with respect to the Transaction Documents,
the Guaranteed Obligations, or the Security, whether or not such action or omission prejudices Guarantor or increases the likelihood that
Guarantor will be required to pay the Guaranteed Obligations, pursuant to the terms hereof, it is the unambiguous and unequivocal intention
of Guarantor that Guarantor shall be obligated to pay the Guaranteed Obligations, when due, notwithstanding any occurrence, circumstance,
event, action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described
herein, which obligation shall be deemed satisfied as to any Guaranteed Obligation only upon the full and final payment and satisfaction
of such Guaranteed Obligations.

 

10.          No
Duty to Prove Loss. To the extent that Guarantor at any time incurs any liability under this Guaranty, Guarantor shall immediately
pay Buyer (to be applied on account of the Guaranteed Obligations) the amount provided for in this Guaranty, without any requirement
that Buyer demonstrate that the Security is inadequate for the Transactions; that Buyer has currently suffered any loss; or that Buyer
has otherwise exercised (to any degree) or exhausted any of Buyer’s rights or remedies with respect to Seller or any Security.

 

11.          Full
Knowledge. Guarantor acknowledges, represents, and warrants that Guarantor has had a full and adequate opportunity to review the Transaction
Documents, the transactions contemplated by the Transaction Documents, and all underlying facts relating to such transactions. Guarantor
represents and warrants that Guarantor fully understands: (a) the remedies Buyer may pursue against Seller and/or Guarantor in the
event of a default under the Transaction Documents, (b) the value (if any) and character of any Security, and (c) Seller’s
financial condition and ability to perform under the Transaction Documents. Guarantor agrees to keep itself fully informed regarding all
aspects of the foregoing and the performance of Seller’s obligations to Buyer. Buyer has no duty, whether now or in the future,
to disclose to Guarantor any information pertaining to Seller, the Transactions or any Security. At any time provided for in the Transaction
Documents, Guarantor agrees and acknowledges that an Insolvency Proceeding affecting Guarantor, or other actions or events relating to
Guarantor (including Guarantor’s failure to comply with the financial covenants in Section 5 of this Guaranty), in each
case, as set forth in the Transaction Documents, may be event(s) of default under the Transaction Documents.

 

12.           Representations
and Warranties. Guarantor acknowledges, represents and warrants as of the date hereof and as of each Purchase Date as follows, and
acknowledges that Buyer is relying upon the following acknowledgments, representations, and warranties by Guarantor in entering into the
Transactions:

 

(a)            Due
Execution; Enforceability. This Guaranty has been duly authorized, executed, and delivered, and is fully valid, binding, and enforceable
against Guarantor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity (whether enforcement
is sought in proceedings in equity or at law).

 

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(b)             No
Conflict. The execution, delivery, and performance of this Guaranty will not conflict with or result in a breach of any of the terms,
conditions or provisions of (i) the organizational documents of Guarantor, (ii) any contractual obligation to which Guarantor
is now a party or by which it is otherwise bound or to which the assets of Guarantor are subject or constitute a default thereunder, or
result in the creation or imposition of any Lien upon any of the assets of Guarantor thereunder, other than pursuant to this Guaranty,
(iii) any judgment or order, writ, injunction, decree or demand of any court applicable to Guarantor, or (iv) any applicable
requirement of law, in each case under the foregoing clauses (ii), (iii) and (iv), to the extent that such conflict or breach would
have a material adverse effect upon Guarantor’s ability to perform its obligations hereunder. Guarantor has all necessary licenses,
permits and other consents from Governmental Authorities necessary for the performance of its obligations under this Guaranty.

 

(c)             No
Third Party Consent Required. No consent of any Person (including creditors or partners, members, stockholders, or other owners of
Guarantor), other than those consents obtained as of the date hereof, is required in connection with Guarantor’s execution of this
Guaranty or performance of Guarantor’s obligations under this Guaranty. Guarantor’s execution of, and obligations under,
this Guaranty are not contingent upon any consent, license, permit, approval, or authorization of, exemption by, notice or report to,
or registration, filing, or declaration with, any governmental authority, bureau, or agency, whether local, state, federal, or foreign.

 

(d)           Authority
and Execution. Guarantor has full power, authority, and legal right to execute, deliver and perform its obligations under this Guaranty.
Guarantor has taken all necessary corporate and legal action to authorize this Guaranty.

 

(e)           No
Representations by Buyer. Guarantor delivers this Guaranty based solely upon Guarantor’s own independent investigation and based
in no part upon any representation or statement by Buyer, except for those set forth in the other Transaction Documents.

 

(f)             Organization.
Guarantor is duly formed, registered, validly existing and in good standing under the laws and regulations of the jurisdiction of Guarantor’s
formation and is duly licensed, qualified, and in good standing in every state where such licensing or qualification is necessary for
the transaction of Guarantor’s business except where failure to do so could not be reasonably likely to result in a Material Adverse
Effect. Guarantor has the power to own and hold the assets it purports to own and hold, and to carry on its business as now being conducted
and proposed to be conducted, and has the power to execute, deliver, and perform its obligations under this Guaranty and the other Transaction
Documents.

 

(g)           Litigation;
Requirements of Law. Except as disclosed in writing to Buyer, there is no action, suit, proceeding, investigation, or arbitration
pending or to Guarantor’s Knowledge threatened in writing against Guarantor or any of its assets that (i) is in an amount greater
than the Guarantor Threshold or (ii) if adversely determined is reasonably likely to result in any Material Adverse Effect. Guarantor
is in compliance in all material respects with all Requirements of Law, including ERISA. Guarantor is not in default in any material respect
with respect to any judgment, order, writ, injunction, decree, rule or regulation of any arbitrator or Governmental Authority that
is reasonably likely to result in a Material Adverse Effect or is reasonably likely to constitute a Default or an Event of Default or
that would adversely affect the legality, validity or enforceability of any Transaction Document.

 

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(h)            Financial
Information. All financial data concerning Guarantor that has been delivered by or on behalf of Guarantor to Buyer is true, complete
and correct in all material respects as of the applicable fiscal quarter or fiscal year end or other applicable date and has been prepared
in accordance with GAAP. Since the delivery of such data, except as otherwise disclosed in writing to Buyer, there has been no change
in the business condition (financial or otherwise) or the results of operations (or prospects) of Guarantor or in the results of operations
of Guarantor which change could result in a Material Adverse Effect.

 

(i)            Adequate
Capitalization. Guarantor and its Subsidiaries have not become, or are presently, financially insolvent nor will Guarantor and its
Subsidiaries be made insolvent by virtue of Guarantor’s execution of or performance under this Guaranty or any of the Transaction
Documents within the meaning of the bankruptcy laws or the insolvency laws of any jurisdiction.

 

(j)            No
Misstatements. No information, exhibit, report or certificate delivered by Guarantor to Buyer in connection with the Transactions
or any Transaction Document contains any material misstatement of fact or has omitted to state a material fact or any fact necessary
to make the statements contained therein not materially misleading.

 

(k)          REIT
Status. Guarantor is a REIT. Guarantor is entitled to a dividends paid deduction under the requirements of Section 857 of the
Internal Revenue Code with respect to any dividends paid by it with respect to each taxable year for which it claims a deduction on its
Form 1120-REIT filed with the United States Internal Revenue Service. Seller is, and always has been, a disregarded entity for U.S.
federal income tax purposes.

 

(l)            Prohibited
Person. (i) None of the funds or other assets of Guarantor constitute property of, or are, to Guarantor’s knowledge, beneficially
owned, directly or indirectly, by a Prohibited Person (as defined in the Repurchase Agreement) with the result that the investment in
Guarantor (whether directly or indirectly), is prohibited by law or the entering into the Repurchase Agreement or acceptance of this Guaranty
by Buyer is in violation of law; (ii) to Guarantor’s knowledge, no Prohibited Person has any interest of any nature whatsoever
in Guarantor with the result that the investment in Guarantor (whether directly or indirectly), is prohibited by law or the entering into
this Guaranty is in violation of law; (iii) to Guarantor’s knowledge, none of the funds of Guarantor have been derived from
any unlawful activity with the result that the investment in Guarantor (whether directly or indirectly), is prohibited by law or the entering
into this Guaranty is in violation of law; (iv) to Guarantor’s knowledge, Guarantor has not conducted and will not conduct
any business and has not engaged and will not engage in any transaction dealing with any Prohibited Person; and (v) Guarantor is
not a Prohibited Person and has not been convicted of a felony or a crime which if prosecuted under the laws of the United States of America
would be a felony.

 

(m)          Investment
Company Act. Guarantor is not required to register as an “investment company” under the Investment Company Act of 1940,
as amended.

 

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13.            Reimbursement
and Subrogation Rights. Except to the extent that Buyer notifies Guarantor to the contrary in writing from time to time:

 

(a)            General
Deferral of Reimbursement. Guarantor waives any right to be reimbursed by Seller for any payment(s) made by Guarantor on account
of the Guaranteed Obligations, unless and until all Guaranteed Obligations have been paid in full and all periods within which such payments
may be set aside or invalidated have expired. Guarantor acknowledges that Guarantor has received adequate consideration for execution
of this Guaranty by virtue of Buyer’s entering into the Transactions (which benefits Guarantor, as an owner or principal of Seller)
and Guarantor does not require or expect, and is not entitled to, any other right of reimbursement against Seller as consideration for
this Guaranty.

 

(b)            Deferral
of Subrogation and Contribution. Guarantor agrees it shall have no right of subrogation against Seller or Buyer and no right of subrogation
against any Security unless and until: (a) such right of subrogation does not violate (or otherwise produce any result adverse to
Buyer under) any applicable law, including any bankruptcy or insolvency law; (b) all amounts due under the Transaction Documents
have been paid in full and all other performance required under the Transaction Documents has been rendered in full to Buyer (other than
indemnification obligations which expressly survive beyond the termination of the Repurchase Agreement and the other Transaction Documents);
and (c) all periods within which such payment may be set aside or invalidated have expired (such deferral of Guarantor’s subrogation
and contribution rights, the “Subrogation Deferral”).

 

(c)           Effect
of Invalidation. To the extent that a court of competent jurisdiction determines that Guarantor’s Subrogation Deferral is void
or voidable for any reason, Guarantor agrees, notwithstanding any acts or omissions by Buyer that Guarantor’s rights of subrogation
against Seller or Buyer and Guarantor’s right of subrogation against any Security shall at all times be junior and subordinate to
Buyer’s rights against Seller and to Buyer’s right, title, and interest in such Security.

 

(d)            Claims
in Insolvency Proceeding. Guarantor shall not file any claim in any Insolvency Proceeding affecting Seller unless Guarantor simultaneously
assigns and transfers such claim to Buyer, without consideration, pursuant to documentation fully satisfactory to Buyer. Guarantor shall
automatically be deemed to have assigned and transferred such claim to Buyer whether or not Guarantor executes documentation to such effect,
and by executing this Guaranty hereby authorizes Buyer (and grants Buyer a power of attorney coupled with an interest, and hence irrevocable)
to execute and file such assignment and transfer documentation on Guarantor’s behalf. Buyer shall have the sole right to vote, receive
distributions, and exercise all other rights with respect to any such claim, provided, however, that if and when the Guaranteed Obligations
have been paid in full Buyer shall release to Guarantor any further payments received on account of any such claim.

 

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14.            Waiver
Disclosure. Guarantor acknowledges that pursuant to this Guaranty, Guarantor has waived a substantial number of defenses that Guarantor
might otherwise under some circumstance(s) be able to assert against Guarantor’s liability to Buyer. Guarantor acknowledges
and confirms that Guarantor has substantial experience as a sophisticated participant in substantial commercial real estate transactions
and is fully familiar with the legal consequences of signing this or any other guaranty. In addition, Guarantor is represented by competent
counsel. Guarantor has obtained from such counsel, and understood, a full explanation of the nature, scope, and effect of the waivers
contained in this Guaranty (a “Waiver Disclosure”). In the alternative, Guarantor has, with advice from such counsel,
knowingly and intentionally waived obtaining a Waiver Disclosure. Accordingly Guarantor does not require or expect Buyer to provide a
Waiver Disclosure. It is not necessary for Buyer or this Guaranty to provide or set forth any Waiver Disclosure, notwithstanding any principles
of law to the contrary. Nevertheless, Guarantor specifically acknowledges that Guarantor is fully aware of the nature, scope, and effect
of all waivers contained in this Guaranty, all of which have been fully disclosed to Guarantor. Guarantor acknowledges that as a result
of the waivers contained in this Guaranty:

 

(a)            Actions
by Buyer. Buyer will be able to take a wide range of actions relating to Seller, the Transactions, and the Transaction Documents,
all without Guarantor’s consent or notice to Guarantor. Guarantor’s full and unconditional liability under this Guaranty
will continue whether or not Guarantor has consented to such actions. Guarantor may disagree with or disapprove such actions, and Guarantor
may believe that such actions should terminate or limit Guarantor’s obligations under this Guaranty, but such disagreement, disapproval,
or belief on the part of Guarantor will in no way limit Guarantor’s obligations under this Guaranty.

 

(b)            Interaction
with Seller Liability. Guarantor shall be fully liable for all Guaranteed Obligations, even if Seller has no liability whatsoever
under the Transaction Documents or the Transaction Documents are otherwise invalid, unenforceable, or subject to defenses available to
Seller. Guarantor acknowledges that Guarantor’s full and unconditional liability under this Guaranty (with respect to the Guaranteed
Obligations as if they were fully enforceable against Seller) will continue notwithstanding any such limitations on or impairment of Seller’s
liability.

 

(c)              Timing
of Enforcement. Buyer will be able to enforce this Guaranty against Guarantor even though Buyer might also have available other rights
and remedies that Buyer could conceivably enforce against the Security or against other parties. As a result, Buyer may require Guarantor
to pay the Guaranteed Obligations earlier than Guarantor would prefer to pay such Guaranteed Obligations, including immediately upon the
occurrence of a default by Seller. Guarantor will not be able to assert against Buyer various defenses, theories, excuses, or procedural
requirements that might otherwise force Buyer to delay or defer the enforcement of this Guaranty against Guarantor. Guarantor acknowledges
that Guarantor intends to allow Buyer to enforce the Guaranty against Guarantor in such manner. All of Guarantor’s assets will be
available to satisfy Buyer’s claims against Guarantor under this Guaranty.

 

(d)            Continuation
of Liability. Guarantor’s liability for the Guaranteed Obligations shall continue at all times until the Guaranteed Obligations
have actually been paid in full, even if other circumstances have changed such that in Guarantor’s view Guarantor’s liability
under this Guaranty should terminate, except to the extent that any express conditions to the termination of this Guaranty, as set forth
in this Guaranty, have been satisfied.

 

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15.            Buyer’s
Disgorgement of Payments. Upon payment of all or any portion of the Guaranteed Obligations, Guarantor’s obligations under this
Guaranty shall continue and remain in full force and effect if all or any part of such payment is, pursuant to any Insolvency Proceeding
or otherwise, avoided or recovered directly or indirectly from Buyer as a preference, fraudulent transfer, or otherwise, irrespective
of (a) any notice of revocation given by Guarantor prior to such avoidance or recovery, or (b) payment in full of the Transactions
(other than indemnification obligations which expressly survive beyond the termination of the Repurchase Agreement and the other Transaction
Documents). Guarantor’s liability under this Guaranty shall continue until all periods have expired within which Buyer could (on
account of any Insolvency Proceedings, whether or not then pending, affecting Seller or any other Person) be required to return, repay,
or disgorge any amount paid at any time on account of the Guaranteed Obligations.

 

16.            Financial
Information. Guarantor shall deliver to Buyer: (a) within forty-five (45) days after the last day of each of the first three
fiscal quarters in any fiscal year, Guarantor’s unaudited consolidated balance sheets as of the end of such quarter, in each case
certified as being true and correct by an officer’s certificate; (b) within ninety (90) days after the end of each calendar
year or other fiscal year of Guarantor, consolidated statements of income and statements of changes in cash flow for such year and balance
sheets as of the end of such year, in each case presented fairly in accordance with GAAP, and accompanied by an unqualified report of
a nationally recognized independent certified public accounting firm, Ernst & Young or any other accounting firm consented to
by Buyer in its reasonable discretion; (c) within two (2) Business Days after Guarantor’s knowledge thereof, notify Buyer
of the loss of Guarantor’s status as a REIT; and (d) such other financial information relating to Guarantor and in Guarantor’s
possession as Buyer may reasonably request.

 

17.            Notice
of Default and Litigation. Guarantor shall promptly, and in any event (a) within three (3) Business Days after Guarantor’s
knowledge thereof, notify Buyer of any default on the part of Guarantor under any indebtedness which could give rise to an Event of Default,
and (b) within three (3) Business Days after receipt of service of process, notify Buyer of the commencement, or threat in writing
of, any action, suit, proceeding, investigation or arbitration involving Guarantor or any of its Affiliates or assets or any judgment
in any action, suit, proceeding, investigation or arbitration involving Guarantor or any of its Affiliates or assets, which in any of
the foregoing cases (i) relates to any Purchased Asset, (ii) questions or challenges the validity or enforceability of any Transaction
or Transaction Document, (iii) makes a claim or claims against Guarantor in an aggregate amount in excess of $1,000,000 or (iv) that,
individually or in the aggregate, if adversely determined, could be reasonably likely to have a Material Adverse Effect as reasonably
determined by Guarantor.

 

18.            Right
to Set Off. Notwithstanding anything to the contrary contained herein, no provision of this Guaranty shall be deemed to limit, decrease
or in any way diminish any rights of set-off Buyer and its Affiliates may have with respect to any cash, cash equivalents, certificates
of deposit or the like which may now or hereafter be put on deposit with Buyer by Seller or by Guarantor. Upon the occurrence and during
the continuance of any Event of Default, Buyer is hereby authorized at any time and from time to time, to the fullest extent permitted
by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by Buyer to or for the credit or the account of Guarantor against any and all of the obligations of Guarantor
now or hereafter existing under this Guaranty. Buyer agrees promptly to notify Guarantor after any set-off and application, provided that
the failure to give such notice shall not affect the validity of such set-off and application or this Guaranty. The rights of Buyer under
this Section 18 are in addition to other rights and remedies (including, without limitation, other rights to set-off) which
Buyer may have.

 

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19.            Consent
to Jurisdiction. Guarantor agrees that any Proceeding to enforce this Guaranty may be brought in any state or federal court located
in the state of New York, as Buyer may select. By executing this Guaranty, Guarantor irrevocably accepts and submits to the exclusive
personal jurisdiction of each of the aforesaid courts, generally and unconditionally with respect to any such Proceeding. Guarantor agrees
not to assert any basis for transferring jurisdiction of any such proceeding to another court. Guarantor further agrees that a final non-appealable
judgment against Guarantor in any Proceeding shall be conclusive evidence of Guarantor’s liability for the full amount of such judgment.

 

20.            Merger;
No Conditions; Amendments. This Guaranty and documents referred to herein contain the entire agreement among the parties with respect
to the matters set forth in this Guaranty. This Guaranty supersedes all prior agreements among the parties with respect to the matters
set forth in this Guaranty. No course of prior dealings among the parties, no usage of trade, and no extrinsic evidence of any nature
shall be used to supplement, modify, or vary any terms of this Guaranty. This Guaranty is unconditional. There are no unsatisfied conditions
to the full effectiveness of this Guaranty. No terms or provisions of this Guaranty may be changed, waived, revoked, or amended without
Buyer’s written agreement. If any provision of this Guaranty is determined to be unenforceable, then all other provisions of this
Guaranty shall remain fully effective.

 

21.            Enforcement.
Guarantor acknowledges that this Guaranty is an “instrument for the payment of money only,” within the meaning of New York
Civil Practice Law and Rules Section 3213. In the event of any Proceeding between Seller or Guarantor and Buyer, including any
Proceeding in which Buyer enforces or attempts to enforce this Guaranty or the Transactions against Seller or Guarantor, or in the event
of any Guarantor Litigation, Guarantor shall reimburse Buyer for all Legal Costs of such Proceeding.

 

22.            Fundamental
Changes. Guarantor shall not wind up, liquidate, or dissolve its affairs or enter into any transaction of merger or consolidation,
or sell, lease, or otherwise dispose of (or agree to do any of the foregoing) all or substantially all of its property or assets, without
Buyer’s prior written consent.

 

23.            Prohibited
Person. Guarantor shall not, without prior written consent of Buyer, conduct any business, nor engage in any transaction or dealing,
with any Prohibited Person (as defined in the Repurchase Agreement), including, but not limited to, the making or receiving of any contribution
of funds, goods, or services, to or for the benefit of a Prohibited Person; or engage in or conspire to engage in any transaction that
evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in Executive Order
13224 issued on September 24, 2001. Guarantor further covenants and agrees to deliver (from time to time) to Buyer any such certification
or other evidence as may be requested by Buyer in its sole and absolute discretion, confirming that Guarantor has not, to its knowledge,
engaged in any business, transaction or dealings with a Prohibited Person, including, but not limited to, the making or receiving of any
contribution of funds, goods, or services, to or for the benefit of a Prohibited Person.

 

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24.            Further
Assurances. Guarantor shall execute and deliver such further documents, and perform such further acts, as Buyer may reasonably request
to achieve the intent of the parties as expressed in this Guaranty, provided in each case that any such documentation is consistent with
this Guaranty and with the Transaction Documents.

 

25.            Certain
Entities. If Seller or Guarantor is a partnership, limited liability company, or other unincorporated association, then: (a) Guarantor’s
liability shall not be impaired by changes in the name or composition of Seller or Guarantor; and (b) the withdrawal or removal of
any partner(s) or member(s) of Seller or Guarantor shall not diminish Guarantor’s liability or (if Guarantor is a partnership)
the liability of any withdrawing general partners of Guarantor.

 

26.            Counterparts.
This Guaranty may be executed in counterparts each of which so executed shall be deemed to be an original, but all of such counterparts
shall together constitute but one and the same instrument. Delivery by telecopier or other electronic transmission (including a .pdf e-mail
transmission) of an executed counterpart of a signature page to this Guaranty shall be effective as delivery of an original executed
counterpart of this Guaranty.

 

27.            WAIVER
OF TRIAL BY JURY. GUARANTOR WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING FROM OR RELATING TO THIS GUARANTY OR THE TRANSACTION
DOCUMENTS OR ANY OBLIGATION(S) OF GUARANTOR HEREUNDER OR UNDER THE TRANSACTION DOCUMENTS.

 

28.            Miscellaneous.

 

(a)            Assignability.
Buyer may assign this Guaranty (in whole or in part) together with any one or more of the Transaction Documents, in accordance with and
subject to the terms of the Transaction Documents without in any way affecting Guarantor’s or Seller’s liability. Upon request
in connection with any such assignment Guarantor shall deliver such documentation acknowledging such assignment as Buyer shall reasonably
request. Buyer may from time to time designate any Buyer Entity to hold and exercise any or all of Buyer’s rights and remedies under
this Guaranty. This Guaranty shall benefit Buyer and its successors and assigns (including any Buyer Entity) and shall bind Guarantor
and its successors, and assigns. Guarantor may not assign this Guaranty in whole or in part without the prior written consent of Buyer.

 

(b)            Notices.
All notices, requests and demands to be made under this Guaranty shall be given in writing at the address set forth in the opening paragraph
of this Guaranty and shall be effective for all purposes if hand delivered or sent by: (i) hand delivery, with proof of delivery,
(ii) certified or registered United States mail, postage prepaid, (iii) expedited prepaid delivery service, either commercial
or United States Postal Service, with proof of delivery, or (iv) e-mail with proof of delivery to the address set forth in the opening
paragraph of this Guaranty or at such other address and person as shall be designated from time to time by any party hereto, as the case
may be, in a written notice to the other parties hereto in the manner provided for in this Section 28(b). Any notice, request
or demand shall be deemed to have been given: (i) in the case of hand delivery, at the time of delivery, (ii) in the case of
registered or certified mail, when first delivered or the first attempted delivery on a business day, (iii) in the case of expedited
prepaid delivery, upon the first attempted delivery on a business day, or (iv) in the case of e-mail, upon receipt of confirmation
of delivery.

 

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(c)            Interpretation.
This Guaranty shall be enforced and interpreted according to the laws of the state of New York, disregarding its rules on conflicts
of laws. The word “include” and its variants shall be interpreted in each case as if followed by the words “without
limitation.”

 

29.            Business
Purposes. Guarantor acknowledges that this Guaranty is executed and delivered for business and commercial purposes, and not for personal,
family, household, consumer, or agricultural purposes. Guarantor acknowledges that Guarantor is not entitled to, and does not require
the benefits of, any rights, protections, or disclosures that would or may be required if this Guaranty were given for personal, family,
household, consumer, or agricultural purposes. Guarantor acknowledges that none of Guarantor’s obligation(s) under this Guaranty
constitute(s) a “debt” within the meaning of the United States Fair Debt Collection Practices Act, 15 U.S.C. § 1692a(5),
and accordingly compliance with the requirements of such Act is not required if Buyer (directly or acting through its counsel) makes any
demand or commences any action to enforce this Guaranty.

 

30.            No
Third-Party Beneficiaries. This Guaranty is executed and delivered for the benefit of Buyer and its successors, and assigns, and
is not intended to benefit any third party.

 

31.            CERTAIN
ACKNOWLEDGMENTS BY GUARANTOR. GUARANTOR ACKNOWLEDGES THAT BEFORE EXECUTING THIS GUARANTY: (A) GUARANTOR HAS HAD THE OPPORTUNITY
TO REVIEW IT WITH AN ATTORNEY OF GUARANTOR’S CHOICE; (B) BUYER HAS RECOMMENDED TO GUARANTOR THAT GUARANTOR OBTAIN SEPARATE
COUNSEL, INDEPENDENT OF SELLER’S COUNSEL, REGARDING THIS GUARANTY; AND (C) GUARANTOR HAS CAREFULLY READ THIS GUARANTY
AND UNDERSTOOD THE MEANING AND EFFECT OF ITS TERMS, INCLUDING ALL WAIVERS AND ACKNOWLEDGMENTS CONTAINED IN THIS GUARANTY AND THE
FULL EFFECT OF SUCH WAIVERS AND THE SCOPE OF GUARANTOR’S OBLIGATIONS UNDER THIS GUARANTY.

 

32.            Safe
Harbor. The parties hereto intend (a) for this Guaranty and each Transaction to qualify for the safe harbor treatment provided
by the Bankruptcy Code and for Buyer to be entitled to all of the rights, benefits and protections afforded to Persons under the Bankruptcy
Code with respect to a “securities contract” as defined in Section 741(7) of the Bankruptcy Code and that payments
under the Repurchase Documents are deemed “margin payments,” “settlement payments” or a “transfer”
as defined in Section 101 of the Bankruptcy Code, (b) for the grant of a security interest set forth in Section 6 of the
Repurchase Agreement to also be a “securities contract” as defined in Section 741(7)(A)(xi) of the Bankruptcy Code,
and (c) that Buyer (for so long as Buyer is a “financial institution,” “financial participant” or other
entity listed in Section 555, 559 or 362(b)(6) of the Bankruptcy Code) shall be entitled to the “safe harbor” benefits
and protections afforded under the Bankruptcy Code with respect to a “securities contract,” including (x) the rights,
set forth in Sections 13 and 21 of the Repurchase Agreement and in Section 555, 559 and 561 of the Bankruptcy Code, to liquidate
the Purchased Assets and terminate the Repurchase Agreement and this Guaranty, and (y) the right to offset or net out as set forth
in the Repurchase Agreement, in Section 18 hereof and in Section 362(b)(6) of the Bankruptcy Code.

 

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33.            Amendment
and Restatement. This Guaranty hereby amends, restates, replaces and supersedes the Original Guaranty in its entirety and Buyer hereby
releases Original Guarantor from all liability relating to the payments, covenants, conditions, stipulations and other obligations contained
in or arising under the Original Guaranty, except for any liability which may have accrued prior to the date hereof against Original
Guarantor under the Original Guaranty for which a claim has been made prior to the date hereof.

 

[Signature Page Follows]

 

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IN
WITNESS WHEREOF, Guarantor has duly executed this Guaranty as of the date first written above.

 

	 	GUARANTOR:
	 	 
	 	SEVEN HILLS REALTY TRUST,

a Maryland statutory trust
	 	 
	 	 
	 	By:	/s/ G. Douglas Lanois
	 	Name: G. Douglas
    Lanois
 Title: Chief Financial Officer

 

Amended and Restated Guaranty

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