Document:

Exhibit
10.5

 

4181 Ruffin Rd., San Diego, CA

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB
ACQUISITION TRUST,

 

as
Seller,

 

and

 

GOVERNMENT
PROPERTIES INCOME TRUST,

 

as
Purchaser

 

 

June
14, 2010

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title
  Policy

  	
  2

  
	
  1.7

  	
  Improvements

  	
  2

  
	
  1.8

  	
  Land

  	
  2

  
	
  1.9

  	
  Leases

  	
  2

  
	
  1.10

  	
  Other Property

  	
  2

  
	
  1.11

  	
  Permitted
  Exceptions

  	
  2

  
	
  1.12

  	
  Property

  	
  2

  
	
  1.13

  	
  Purchase Price

  	
  2

  
	
  1.14

  	
  Purchaser

  	
  3

  
	
  1.15

  	
  Rent Roll

  	
  3

  
	
  1.16

  	
  Seller

  	
  3

  
	
  1.17

  	
  Title Company

  	
  3

  
	
  1.18

  	
  Update

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  PURCHASE AND
  SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and
  Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  4

  
	
  3.1

  	
  Title

  	
  4

  
	
  3.2

  	
  No Other
  Diligence

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  CONDITIONS TO
  THE PURCHASER’S OBLIGATION TO CLOSE

  	
  6

  
	
  4.1

  	
  Closing
  Documents

  	
  6

  
	
  4.2

  	
  Title Policy

  	
  7

  
	
  4.3

  	
  Environmental
  Reliance Letters

  	
  7

  
	
  4.4

  	
  Condition of
  Property

  	
  7

  
	
  4.5

  	
  Other Conditions

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS TO
  SELLER’ OBLIGATION TO CLOSE

  	
  8

  
	
  5.1

  	
  Purchase Price

  	
  8

  
	
  5.2

  	
  Closing
  Documents

  	
  8

  
	
  5.3

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REPRESENTATIONS
  AND WARRANTIES OF SELLER

  	
  8

  
	
  6.1

  	
  Status and
  Authority of the Seller, Etc.

  	
  8

  
	
  6.2

  	
  Action of the
  Seller, Etc.

  	
  8

  
	
  6.3

  	
  No Violations of
  Agreements

  	
  8

  
	
  6.4

  	
  Litigation

  	
  9

  

 

i

 

	
  6.5

  	
  Existing Leases,
  Etc.

  	
  9

  
	
  6.6

  	
  Agreements, Etc.

  	
  10

  
	
  6.7

  	
  Not a Foreign
  Person

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  REPRESENTATIONS
  AND WARRANTIES OF PURCHASER

  	
  11

  
	
  7.1

  	
  Status and
  Authority of the Purchaser

  	
  12

  
	
  7.2

  	
  Action of the
  Purchaser

  	
  12

  
	
  7.3

  	
  No Violations of
  Agreements

  	
  12

  
	
  7.4

  	
  Litigation

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  COVENANTS OF THE
  SELLER

  	
  13

  
	
  8.1

  	
  Approval of
  Agreements

  	
  13

  
	
  8.2

  	
  Operation of
  Property

  	
  13

  
	
  8.3

  	
  Compliance with
  Laws, Etc.

  	
  13

  
	
  8.4

  	
  Compliance with
  Agreements

  	
  13

  
	
  8.5

  	
  Notice of
  Material Changes or Untrue Representations

  	
  13

  
	
  8.6

  	
  Insurance

  	
  13

  
	
  8.7

  	
  Cooperation

  	
  13

  
	
  8.8

  	
  Approval of 2011
  Capital Expenditure Budget

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  14

  
	
  9.1

  	
  Real Property Apportionments

  	
  14

  
	
  9.2

  	
  Closing Costs

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  DAMAGE TO OR
  CONDEMNATION OF PROPERTY

  	
  17

  
	
  10.1

  	
  Casualty

  	
  17

  
	
  10.2

  	
  Condemnation

  	
  17

  
	
  10.3

  	
  Survival

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFAULT

  	
  18

  
	
  11.1

  	
  Default by the
  Seller

  	
  18

  
	
  11.2

  	
  Default by the
  Purchaser

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  18

  
	
  12.1

  	
  Allocation of
  Liability

  	
  18

  
	
  12.2

  	
  Brokers

  	
  19

  
	
  12.3

  	
  Publicity

  	
  19

  
	
  12.4

  	
  Notices

  	
  19

  
	
  12.5

  	
  Waivers, Etc.

  	
  21

  
	
  12.6

  	
  Assignment;
  Successors and Assigns

  	
  21

  
	
  12.7

  	
  Severability

  	
  21

  
	
  12.8

  	
  Counterparts,
  Etc.

  	
  22

  
	
  12.9

  	
  Performance on
  Business Days

  	
  22

  
	
  12.10

  	
  Attorneys’ Fees

  	
  22

  
	
  12.11

  	
  Section and
  Other Headings

  	
  22

  
	
  12.12

  	
  Time of Essence

  	
  22

  
	
  12.13

  	
  Governing Law

  	
  23

  
	
  12.14

  	
  Arbitration

  	
  23

  
	
  12.15

  	
  Like Kind
  Exchange

  	
  24

  
	
  12.16

  	
  Recording

  	
  24

  

 

ii

 

	
  12.17

  	
  Non-liability of
  Trustees of Seller

  	
  24

  
	
  12.18

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.19

  	
  Waiver

  	
  25

  
	
  12.20

  	
  Further
  Assurances

  	
  25

  
	
  12.21

  	
  Financials

  	
  25

  
	
  12.22

  	
  State Specific
  Provisions

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
ACQUISITION TRUST, a Maryland real estate investment trust (the “Seller”),
and GOVERNMENT PROPERTIES INCOME TRUST, a Maryland real estate investment
trust (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Seller is the owner of the Property (this and
other capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in Section 1); and

 

WHEREAS, the Seller wishes to sell to the Purchaser, and the
Purchaser desires to purchase from the Seller, the Property, subject to and
upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, the Seller and the
Purchaser hereby agree as follows:

 

SECTION 1.                            DEFINITIONS.

 

Capitalized terms used in this
Agreement shall have the meanings set forth below or in the section of this
Agreement referred to below:

 

1.1                                 “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.

 

1.2                                 “Business Day”  shall mean any day other than a Saturday,
Sunday or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.

 

1.3                                 “Closing”  shall have the meaning given such term in Section 2.2.

 

1.4                                 “Closing Date”  shall have the meaning given such term in Section 2.2.

 

1.5                                 “Existing Survey” 
shall mean the existing ALTA
survey of the Property.

 

 

1.6                                 “Existing Title Policy” 
shall mean the existing
title insurance policy for the Property.

 

1.7                                 “Improvements”  shall
mean, the Seller’s entire right, title and interest in and to the existing
office buildings, fixtures and other structures and improvements situated on,
or affixed to, the Land.

 

1.8                                 “Land”  shall mean, the Seller’s entire right, title
and interest in and to (a) the parcel(s) of land described in Schedule
A hereto, together with (b) all easements, rights of way, privileges,
licenses and appurtenances which the Seller may own with respect thereto.

 

1.9                                 “Leases”  shall mean the leases identified in the Rent
Roll and any other leases hereafter entered into in accordance with the terms
of this Agreement.

 

1.10                           “Other Property”  shall
mean the Seller’s entire right, title and interest in and to (a) all
fixtures, machinery, systems, equipment and items of personal property owned by
the Seller and attached or appurtenant to, located on and used in connection
with the ownership, use, operation or maintenance of the Land or Improvements,
if any, and (b) all intangible property owned by the Seller arising from
or used in connection with the ownership, use, operation or maintenance of the
Land or Improvements, if any.

 

1.11                           “Permitted
Exceptions”  shall mean,
collectively, (a) liens for taxes, assessments and governmental charges
not yet due and payable or due and payable but not yet delinquent; (b) the
Leases; (c) the exceptions to title set forth in the Existing Title
Policy; (d) all matters shown on the Existing Survey, and (e) such
other nonmonetary encumbrances with respect to the Property as may be shown on
the Update which are not objected to by the Purchaser (or which are objected
to, and subsequently waived, by the Purchaser) in accordance with Section 3.1.

 

1.12                           “Property”  shall mean,
collectively, all of the Land, the Improvements and the Other Property.

 

1.13                           “Purchase Price”  shall mean Sixteen Million Four Hundred
Eighty-One Thousand Eight Hundred Fifty Dollars ($16,481,850).

 

2

 

1.14                           “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.15                           “Rent Roll”  shall mean Schedule B to this
Agreement.

 

1.16                           “Seller”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.17                           “Title Company”  shall mean Stewart Title Guaranty Company.

 

1.18                           “Update” 
shall have the meaning given
such term in Section 3.1.

 

SECTION 2.                            PURCHASE AND SALE; CLOSING.

 

2.1                                 Purchase and Sale.  In consideration
of the payment of the Purchase Price by the Purchaser to the Seller and for
other good and valuable consideration, the Seller hereby agrees to sell to the
Purchaser, and the Purchaser hereby agrees to purchase from the Seller, the
Property for the Purchase Price, subject to and in accordance with the terms
and conditions of this Agreement.

 

2.2                                 Closing.  The purchase and
sale of the Property shall be consummated at a closing (the “Closing”)
to be held at the offices of Sullivan & Worcester LLP, One Post Office
Square, Boston, Massachusetts, or at such other location as the Seller and the
Purchaser may agree, at 10:00 a.m., local time, on July 16, 2010, as
the same may be accelerated or extended pursuant to this Section 2.2
(the “Closing Date”).

 

Notwithstanding the foregoing,
either party may accelerate the Closing Date, by giving not less than ten (10) Business
Days prior written notice (an “Acceleration Notice”) to the other, in
which event the Closing Date shall be the date set forth in such Acceleration
Notice, unless the party receiving the Acceleration Notice gives written notice
(a “Rejection Notice”) to the other within five (5) Business Days
after its receipt of the Acceleration Notice, which Rejection Notice either
objects to the accelerated date set forth in the Acceleration Notice or
proposes an alternative accelerated date acceptable to the other party.  In the event that any party shall give a
Rejection Notice, the Closing Date shall either be not accelerated and shall
occur as set forth in the first paragraph of this Section

 

3

 

2.2 or accelerated to such proposed alternative accelerated
Closing Date; provided, however, that the Seller shall have the
right to give a Rejection Notice only if the acceleration of the Closing Date
will adversely effect the Seller’s ability to conclude a like kind exchange
pursuant to Section 12.15, and the Purchaser shall have the right
to give a Rejection Notice only if the acceleration of the Closing Date will adversely
effect any financing of the acquisition.

 

In addition, the Purchaser may
extend the Closing Date for up to one hundred eighty (180) days (but no later
than March 31, 2011), by giving not less than ten (10) Business Days
prior written notice (an “Extension Notice”) to the Seller, in which
event the Closing Date shall be the date set forth in such Extension Notice
unless the Seller gives written notice (an “Extension Rejection Notice”)
to the Purchaser within five (5) Business Days after its receipt of the
Extension Notice which Extension Rejection Notice either objects to the
extended date set forth in the Extension Notice or proposes an alternative
extended date acceptable to the Purchaser, in which event, the Closing Date
shall either be not extended and shall occur as set forth in the first
paragraph of this Section 2.2 or extended to such proposed
alternative extended Closing Date; provided, however, that the
Seller shall have the right to give an Extension Rejection Notice only if the
extension of the Closing Date will adversely effect the Seller’s ability to
conclude a like kind exchange pursuant to Section 12.15, and the
Purchaser shall have the right to give an Extension Notice only if the
extension of the Closing Date will adversely affect any financing of the
acquisition.

 

2.3                                 Purchase Price.

 

(a)                                  At Closing, the Purchaser shall pay the Purchase
Price, subject to adjustment as provided in Article 9, to the Seller.

 

(b)                                 The Purchase Price, as adjusted as provided herein,
shall be payable by wire transfer of immediately available funds on the Closing
Date to an account or accounts to be designated by the Seller.

 

SECTION 3.                            TITLE, DILIGENCE MATERIALS, ETC.

 

3.1                                 Title.  Prior to the
execution of this Agreement, the Seller has delivered the Existing Title Policy
and the Existing Survey to the Purchaser.

 

4

 

Within five (5) days after the
execution hereof, the Purchaser shall order an update to the Existing Title
Policy (an “Update”) from the Title Company.  The Purchaser shall deliver to the Seller a
copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set
forth on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser
shall make any such election by written notice to the  Seller given on or prior to the fifth (5th)
Business Day after the Seller’s notice of its unwillingness or inability to cure
(or deemed election not to cure) such defect and time shall be of the essence
with respect to the giving of such notice. 
Failure of the Purchaser to give such notice shall be deemed an election
by the Purchaser to proceed in accordance with clause (ii) above.

 

3.2                                 No Other Diligence. 
The
Purchaser acknowledges that,
except as provided in Section 3.1, (i) the Purchaser has had
the opportunity to fully investigate and inspect the physical and environmental
condition of the Property, and to review and analyze all title examinations,
surveys, environmental assessment reports, building evaluations, financial data
and other investigations and materials pertaining to the Property which the
Purchaser deems necessary to determine the feasibility of the Property and its
decision to acquire the Property, (ii) the Purchaser shall not be
conducting any further title examinations, surveys, environmental assessments,
building evaluations, financial analyses or other investigations with respect
to the Property, and (iii) the Purchaser shall not have any right to
terminate this Agreement as a result of any title 

 

5

 

examinations, surveys,
environmental assessments, building valuations, financial analyses or other
investigations with respect to the Property.

 

SECTION 4.                            CONDITIONS TO THE PURCHASER’S
OBLIGATION TO CLOSE.

 

The obligation of the Purchaser to
acquire the Property shall be subject to the satisfaction of the following
conditions precedent on and as of the Closing Date:

 

4.1                                 Closing Documents.  The Seller
shall have delivered, or cause to have been delivered, to the Purchaser the
following:

 

(a)                                  A good and sufficient deed in the form attached as Schedule
C hereto, with respect to the Property, in proper statutory form for
recording, duly executed and acknowledged by the Seller, conveying title to the
Property, free from all liens and encumbrances other than the Permitted
Exceptions;

 

(b)                                 An assignment by the Seller and an assumption by the
Purchaser, in form and substance reasonably satisfactory to the Seller and the
Purchaser, duly executed and acknowledged by the Seller and the Purchaser, of
all of the Seller’s right, title and interest in, to and under the Leases and
including, without limitation, (i) the
Seller’s agreement to request the tenants thereunder to provide novation or
other agreements as may be required under the Leases in connection with the
assignment thereof to the Purchaser, and (ii) the Seller’s agreement to,
within one (1) Business Day of receipt thereof, transfer to the Purchaser
all rent and other payments made by the tenants under the Leases with respect
to the period from and after the Closing Date, and to hold all such rent and
other payments in trust for the benefit of the Purchaser pending transfer;

 

(c)                                  An assignment by the Seller and an assumption by the
Purchaser, in form and substance reasonably satisfactory to the Seller and the
Purchaser, duly executed and acknowledged by the Seller and the Purchaser, of
all of the Seller’s right, title and interest, if any, in, to and under all
transferable licenses, contracts, permits and agreements affecting the
Property;

 

(d)                                 A bill of sale by the Seller, without warranty of any
kind, in form and substance reasonably satisfactory to the Seller and the
Purchaser, with respect to any personal property owned by the Seller, situated
at the Property and used exclusively by the Seller in connection with the
Property (it 

 

6

 

being understood and agreed that no
portion of the Purchase Price is allocated to personal property);

 

(e)                                  To the extent the same are in the Seller’s
possession, original, fully executed copies of all material documents and
agreements, plans and specifications and contracts, licenses and permits
pertaining to the Property;

 

(f)                                    To the extent the same are in the Seller’s
possession, duly executed original copies of the Leases;

 

(g)                                 A closing statement showing the Purchase Price,
apportionments and fees, and costs and expenses paid in connection with the
Closing; and

 

(h)                                 Such other conveyance documents, certificates, deeds
and other instruments as the Purchaser, the Seller or the Title Company may
reasonably require and as are customary in like transactions in sales of
property in similar transactions.

 

4.2                                 Title Policy. 
The Title Company shall be
prepared to issue, upon payment of the title premium at its regular rates, a
title policy in the amount of the Purchase Price, insuring title to the
Property is vested in the Purchaser or its designee or assignee, subject only
to the Permitted Exceptions, with such endorsements as shall be reasonably
required by the Purchaser.

 

4.3                                 Environmental Reliance Letters. 
The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.

 

4.4                                 Condition of Property. 
The Property shall be in
substantially the same physical condition as on the date of this Agreement,
ordinary wear and tear and, subject to Section 10.1, casualty
excepted.

 

4.5                                 Other Conditions.  All
representations and warranties of the Seller herein shall be true, correct and
complete in all material respects on and as of the Closing Date and the Seller
shall have performed in all material respects all covenants and obligations
required to be performed by the Seller on or before the Closing Date.

 

7

 

SECTION 5.                            CONDITIONS TO SELLER’ OBLIGATION TO
CLOSE.

 

The obligation of the Seller to
convey the Property to the Purchaser is subject to the satisfaction of the
following conditions precedent on and as of the Closing Date:

 

5.1                                 Purchase Price.  The Purchaser
shall deliver to the Seller the Purchase Price payable hereunder, subject to
the adjustments set forth in Section 2.3, together with any closing
costs to be paid by the Purchaser under Section 9.2.

 

5.2                                 Closing Documents.  The
Purchaser shall have delivered to the Seller duly executed and acknowledged
counterparts of the documents described in Section 4.1, where
applicable.

 

5.3                                 Other Conditions. 
All representations and
warranties of the Purchaser herein shall be true, correct and complete in all
material respects on and as of the Closing Date and the Purchaser shall have
performed in all material respects all covenants and obligations required to be
performed by the Purchaser on or before the Closing Date.

 

SECTION 6.                            REPRESENTATIONS AND WARRANTIES OF
SELLER.

 

To induce the Purchaser to enter
into this Agreement, the Seller represents and warrants to the Purchaser as
follows:

 

6.1                                 Status and Authority of the Seller, Etc.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.

 

6.2                                 Action of the Seller, Etc.  The Seller
has taken all necessary action to authorize the execution, delivery and
performance of this Agreement, and upon the execution and delivery of any
document to be delivered by the Seller on or prior to the Closing Date, this
Agreement and such document shall constitute the valid and binding obligation
and agreement of the Seller, enforceable against the Seller in accordance with
its terms, except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws of general application affecting the
rights and remedies of creditors.

 

6.3                                 No Violations of Agreements.  Neither the
execution, delivery or performance of this Agreement by the Seller, nor
compliance with the terms and provisions hereof, will result in 

 

8

 

any breach of the terms, conditions
or provisions of, or conflict with or constitute a default under, or result in
the creation of any lien, charge or encumbrance upon the Property pursuant to
the terms of any indenture, mortgage, deed of trust, note, evidence of
indebtedness or any other agreement or instrument by which the Seller is bound.

 

6.4                                 Litigation.  To the
Seller’s actual knowledge, it has not received written notice that any
investigation, action or proceeding is pending or threatened, which (i) questions the validity of this
Agreement or any action taken or to be taken pursuant hereto, or (ii) involves condemnation or eminent
domain proceedings against the Property or any portion thereof.

 

6.5                                 Existing Leases, Etc. 
Subject to Section 8.1,
other than the Leases listed in the
Rent Roll, the Seller has not entered into a contract or agreement with respect
to the occupancy of the Property that will be binding on the Purchaser after
the Closing.  To the Seller’s actual
knowledge: (a) the copies of the Leases heretofore delivered by the Seller
to the Purchaser are true, correct and complete copies thereof; and
(b) such Leases have not been amended except as evidenced by amendments
similarly delivered and constitute the entire agreement between the Seller and
the tenants thereunder.  Except as
otherwise set forth in the Rent Roll or the Leases: (i) to the Seller’
actual knowledge, each of its Leases is in full force and effect on the terms
set forth therein; (ii) to the Seller’s actual knowledge, there are no
uncured defaults or circumstances which with the giving of notice, the passage
of time or both would constitute a default thereunder which would have a
material adverse effect on the business or operations of the Property; (iii) to
the Seller’s actual knowledge, each of its tenants is legally required to pay
all sums and perform all material obligations set forth therein without any
ongoing concessions, abatements, offsets, defenses or other basis for relief or
adjustment; (iv) to the Seller’s actual knowledge, none of its tenants has
asserted in writing or has any defense to, offsets or claims against, rent
payable by it or the performance of its other obligations under its Lease which
would have a material adverse effect on the on-going business or operations of
the Property; (v) the Seller has no outstanding obligation to provide any
of its tenants with an allowance to perform, or to perform at its own expense,
any tenant improvements; (vi) none of its tenants has prepaid any rent or
other charges relating to the post-Closing period; (vii) to the Seller’s
actual knowledge, none of its tenants has filed a petition in bankruptcy or for
the approval of a plan of 

 

9

 

reorganization or management under
the Federal Bankruptcy Code or under any other similar state law, or made an
admission in writing as to the relief therein provided, or otherwise become the
subject of any proceeding under any federal or state bankruptcy or insolvency
law, or has admitted in writing its inability to pay its debts as they become
due or made an assignment for the benefit of creditors, or has petitioned for
the appointment of or has had appointed a receiver, trustee or custodian for any
of its property, in any case that would have a material adverse effect on the
business or operations of the Property; (viii) to the Seller’s actual
knowledge, none of its tenants has requested in writing a modification of its
Lease, or a release of its obligations under its Lease in any material respect
or has given written notice terminating its Lease, or has been released of its
obligations thereunder in any material respect prior to the normal expiration
of the term thereof, in any case that would have a material adverse effect on
the on-going business or operations of the Property; (ix) to the Seller’s
actual knowledge, except as set forth in the Leases, no guarantor has been
released or discharged, voluntarily or involuntarily, or by operation of law,
from any obligation under or in connection with any of its Leases or any
transaction related thereto; and (x) all brokerage commissions currently
due and payable with respect to each of its Leases have been paid.  To the Seller’s actual knowledge, the other
information set forth in the Rent Roll is true, correct and complete in all
material respects.

 

6.6                                 Agreements, Etc.  Other than
the Leases, the Seller has not entered into any contract or agreement with
respect to the Property which will be binding on the Purchaser after the
Closing other than contracts and agreements being assumed by the Purchaser or
which are terminable upon thirty (30) days notice without payment of premium or
penalty.

 

6.7                                 Not a Foreign Person.  The Seller is
not a “foreign person” within the meaning of Section 1445 of the United
States Revenue Code of 1986, as amended, and the regulations promulgated
thereunder.

 

The
representations and warranties made in this Agreement by the Seller shall be
continuing and shall be deemed remade by the Seller as of the Closing Date,
with the same force and effect as if made on, and as of, such date.  All representations and warranties made in
this Agreement by the Seller shall survive the Closing for a period of three
hundred sixty (360) days, and upon expiration shall be of no further force or
effect except to the extent that with respect to any particular alleged 

 

10

 

breach, the Purchaser gives the
Seller written notice prior to the expiration of said three hundred sixty (360)
day period of such alleged breach with reasonable detail as to the nature of
such breach.

 

Except as
otherwise expressly provided in this Agreement or in any documents to be
delivered to the Purchaser at the Closing, the Seller has not made, and the
Purchaser has not relied on, any information, promise, representation or
warranty, express or implied, regarding the Property, whether made by the
Seller, on the Seller’s behalf or otherwise, including, without limitation, the
physical condition of the Property, the financial condition of the tenants
under the Leases, title to or the boundaries of the Property, pest control
matters, soil conditions, the presence, existence or absence of hazardous
wastes, toxic substances or other environmental matters, compliance with
building, health, safety, land use and zoning laws, regulations and orders,
structural and other engineering characteristics, traffic patterns, market
data, economic conditions or projections, and any other information pertaining
to the Property or the market and physical environments in which they are
located.  The Purchaser acknowledges that
(i) the Purchaser has entered into this Agreement with the intention of
relying upon its own investigation or that of third parties with respect to the
physical, environmental, economic and legal condition of the Property and (ii) the
Purchaser is not relying upon any statements, representations or warranties of
any kind, other than those specifically set forth in this Agreement or in any
document to be delivered to the Purchaser at the Closing, made (or purported to
be made) by the Seller or anyone acting or claiming to act on the Seller’s
behalf.  The Purchaser has inspected the
Property and is fully familiar with the physical condition thereof and, subject
to the representations and warranties made in this Agreement, shall purchase
the Property in its “as is”, “where is” and “with all faults” condition on the
Closing Date.  Notwithstanding anything
to the contrary contained herein, in the event that any party hereto has actual
knowledge of the default of any other party (a “Known Default”), but
nonetheless elects to consummate the transactions contemplated hereby and
proceeds to Closing, then the rights and remedies of such non-defaulting party
shall be waived with respect to such Known Default upon the Closing and the
defaulting party shall have no liability with respect thereto.

 

SECTION 7.                            REPRESENTATIONS AND WARRANTIES OF
PURCHASER.

 

To induce
the Seller to enter into this Agreement, the Purchaser represents and warrants
to the Seller as follows:

 

11

 

7.1                                 Status and Authority of the
Purchaser.  The Purchaser is duly organized, validly
existing and in good standing under the laws of its state of organization or
formation, and has all requisite power and authority under its charter
documents to enter into and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

 

7.2                                 Action of the Purchaser.  The
Purchaser has taken all necessary action to authorize the execution, delivery
and performance of this Agreement, and upon the execution and delivery of any
document to be delivered by the Purchaser on or prior to the Closing Date, this
Agreement and such document shall constitute the valid and binding obligation
and agreement of the Purchaser, enforceable against the Purchaser in accordance
with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or similar laws of general application
affecting the rights and remedies of creditors.

 

7.3                                 No Violations of Agreements.  Neither the
execution, delivery or performance of this Agreement by the Purchaser, nor
compliance with the terms and provisions hereof, will result in any breach of
the terms, conditions or provisions of, or conflict with or constitute a
default under, or result in the creation of any lien, charge or encumbrance
upon any property or assets of the Purchaser pursuant to the terms of any
indenture, mortgage, deed of trust, note, evidence of indebtedness or any other
agreement or instrument by which the Purchaser is bound.

 

7.4                                 Litigation.  The Purchaser
has received no written notice that any investigation, action or proceeding is
pending or threatened which questions the validity of this Agreement or any
action taken or to be taken pursuant hereto.

 

The representations and warranties
made in this Agreement by the Purchaser shall be continuing and shall be deemed
remade by the Purchaser as of the Closing Date with the same force and effect
as if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Seller gives the Purchaser
written notice prior to the expiration of said three hundred sixty (360) period
of such alleged breach with reasonable detail as to the nature of such breach.

 

12

 

SECTION 8.                            COVENANTS OF THE SELLER.

 

The Seller hereby covenants with
the Purchaser between the date of this Agreement and the Closing Date as
follows:

 

8.1                                 Approval of Agreements.  Not to enter
into, modify, amend or terminate any Lease or any other material agreement with
respect to the Property, which would encumber or be binding upon the Property
from and after the Closing Date, without in each instance obtaining the prior
written consent of the Purchaser.

 

8.2                                 Operation of Property.  To continue
to operate the Property consistent with past practices.

 

8.3                                 Compliance with Laws, Etc.  To comply in
all material respects with (i) all laws, regulations and other
requirements from time to time applicable of every governmental body having
jurisdiction of the Property, or the use or occupancy thereof, and (ii) all
material terms, covenants and conditions of all agreements affecting the
Property.

 

8.4                                 Compliance with Agreements.  To comply
with each and every material term, covenant and condition contained in the
Leases and any other material document or agreement affecting the Property and
to monitor compliance thereunder consistent with past practices.

 

8.5                                 Notice of Material Changes or
Untrue Representations.  Upon learning
of any material change in any condition with respect to the Property or of any
event or circumstance which makes any representation or warranty of the Seller
to the Purchaser under this Agreement untrue or misleading, promptly to notify
the Purchaser thereof.

 

8.6                                 Insurance.  To maintain,
or cause to be maintained, all existing property insurance relating to the
Property.

 

8.7                                 Cooperation.  The Purchaser
and the Seller shall reasonably cooperate in complying with the requirements
under the Leases in connection with the transfer and assignment of the Property
and the Leases to the Purchaser.  The
provisions of this Section 8.7 shall survive the Closing hereunder.

 

8.8                                 Approval of 2011 Capital Expenditure
Budget.  In the event that the Closing Date shall be
extended to a date on or after January 1, 2011 pursuant to the provisions
of Section 2.2, the Seller shall prepare for the Purchaser’s review
and approval 

 

13

 

a 2011 capital expenditure budget,
which budget shall include, without limitation, budgeted items for “building
improvements” and “development and redevelopment”.

 

SECTION 9.                            APPORTIONMENTS.

 

9.1                                 Real Property Apportionments.  (a) 
The following items shall be apportioned at the Closing as of the close of
business on the day immediately preceding the Closing Date:

 

	
  (i)

  	
  annual rents, operating
  costs, taxes and other fixed charges payable under the Leases;

  
	
   

  	
   

  
	
  (ii)

  	
  percentage rents and other
  unfixed charges payable under the Leases;

  
	
   

  	
   

  
	
  (iii)

  	
  fuel, electric, water and
  other utility costs;

  
	
   

  	
   

  
	
  (iv)

  	
  municipal assessments and
  governmental license and permit fees;

  
	
   

  	
   

  
	
  (v)

  	
  Real estate taxes and
  assessments other than special assessments, based on the rates and assessed
  valuation applicable in the fiscal year for which assessed;

  
	
   

  	
   

  
	
  (vi)

  	
  water rates and charges;

  
	
   

  	
   

  
	
  (vii)

  	
  sewer and vault taxes and
  rents; and

  
	
   

  	
   

  
	
  (viii)

  	
  all other items of income
  and expense normally apportioned in sales of property in similar situations
  in the jurisdiction where the Property is located.

  

 

If any of the foregoing cannot be
apportioned at the Closing because of the unavailability of the amounts which
are to be apportioned, such items shall be apportioned on the basis of a good
faith estimate by the parties and reconciled as soon as practicable after the
Closing Date but, in any event, no later than one (1) year after the
Closing Date.

 

(b)                                 If there are water, gas or electric meters located at
the Property, the Seller shall obtain readings thereof to a date not more than
thirty (30) days prior to the Closing Date and the unfixed water rates and
charges, sewer taxes and rents and gas and electricity charges, if any, based
thereon for the intervening time shall be apportioned on the basis of such last
readings.  If such readings are not
obtainable by the Closing 

 

14

 

Date, then, at the Closing, any
water rates and charges, sewer taxes and rents and gas and electricity charges
which are based on such readings shall be prorated based upon the per diem
charges obtained by using the most recent period for which such readings shall
then be available.  Upon the taking of
subsequent actual readings, the apportionment of such charges shall be
recalculated and the Seller or the Purchaser, as the case may be, promptly shall
make a payment to the other based upon such recalculations.  The parties agree to make such final
recalculations within sixty (60) days after the Closing Date.

 

(c)                                  If any refunds of real property taxes or assessments,
water rates and charges or sewer taxes and rents shall be made after the
Closing, the same shall be held in trust by the Seller or the Purchaser, as the
case may be, and shall first be applied to the unreimbursed costs incurred in
obtaining the same, then to any required refunds to tenants under the Leases,
and the balance, if any, shall be paid to the Seller (for the period prior to
the Closing Date) and to the Purchaser (for the period commencing with the
Closing Date).

 

(d)                                 If, on the Closing Date, the Property shall be or
shall have been affected by any special or general assessment or assessments or
real property taxes payable in a lump sum or which are or may become payable in
installments of which the first installment is then a charge or lien and has
become payable, the Seller shall pay or cause to be paid at the Closing the
unpaid installments of such assessments due and as of the Closing Date.

 

(e)                                  No insurance policies of the Seller are to be
transferred to the Purchaser, and no apportionment of the premiums therefor
shall be made.

 

(f)                                    At the Closing, the Seller shall transfer to the
Purchaser the amount of all unapplied security deposits held pursuant to the
terms of the Leases.

 

(g)                                 Brokerage commissions, tenant improvement expenses
and other amounts payable by the Seller as landlord under Leases entered into
by the Seller after the date hereof, or in connection with the renewal or
extension of any existing Lease, shall be the responsibility of the Purchaser,
and the Purchaser shall reimburse the Seller at the Closing for all such
brokerage commissions, tenant improvement expenses and other amounts paid by
the Seller prior to the Closing.  The
Purchaser shall receive a credit at Closing for all unpaid brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as 

 

15

 

landlord under Leases entered into
by the Seller prior to the date hereof.

 

(h)                                 Amounts payable after the date hereof on account of
capital expenditures under the 2010 capital expenditure budget prepared as of March 31,
2010 (the “CapEx Budget”) (including, without limitation, budgeted items
for “building improvements” and “development and redevelopment”), shall be the
responsibility of the Purchaser, and the Purchaser shall reimburse the Seller
at the Closing for all amounts paid by the Seller prior to the Closing on
account of capital expenditures under the CapEx Budget payable after the date
hereof.  The Purchaser shall receive a
credit at Closing for all unpaid amounts payable on account of capital
expenditures under the CapEx Budget prior to the date hereof.  A copy of the CapEx Budget has been
previously provided to the Purchaser.

 

(i)                                     If a net amount is owed by the Seller to the
Purchaser pursuant to this Section 9.1, such amount shall be
credited against the Purchase Price.  If
a net amount is owed by the Purchaser to the Seller pursuant to this Section 9.1,
such amount shall be added to the Purchase Price paid to the Seller.

 

(j)                                     If, on the Closing Date, there are past due rents
with respect to any Lease, amounts received by the Purchaser with respect to
such Lease after the Closing Date shall be applied, first, to rents due
or to become due during the calendar month in which the Closing occurs, and then,
to all other rents due or past due in inverse order to the order in which they
became due (i.e., first to arrearages most recently occurring, then to
older arrearages).  In no event shall the
Seller have any right to take any action to collect any past due rents or other
amounts following the Closing; provided, however, the Purchaser
shall use commercially reasonable efforts to collect such past due rents and
other amounts, except that the Purchaser shall have no obligation to institute
any legal action or proceeding or otherwise enforce any of its rights and
remedies under any Lease in connection with such commercially reasonable
efforts.

 

The provisions of this Section 9.1
shall survive the Closing.

 

9.2                                 Closing Costs.

 

(a)                                  The Purchaser shall pay (i) the costs of closing
and diligence in connection with the transactions contemplated hereby
(including, without limitation, all premiums, charges and fees of the Title
Company in connection with the title 

 

16

 

examination and insurance policies
to be obtained by the Purchaser, including affirmative endorsements), (ii) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (iii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(b)                                 The Seller shall pay (i) fifty percent (50%) of
all documentary, stamp, sales, intangible and other transfer taxes and fees
incurred in connection with the transactions contemplated by this Agreement,
and (ii) fifty percent (50%) of all state, city, county, municipal and
other governmental recording and filing fees and charges.

 

(c)                                  Each party shall pay the fees and expenses of its
attorneys and other consultants.

 

SECTION 10.                     DAMAGE TO OR CONDEMNATION OF
PROPERTY.

 

10.1                           Casualty.  If, prior to
the Closing, the Property is materially destroyed or damaged by fire or other
casualty, the Seller shall promptly notify the Purchaser of such fact.  In such event, the Purchaser shall have the
right to terminate this Agreement by giving notice to the Seller not later than
ten (10) days after the giving the Seller’s notice (and, if necessary, the
Closing Date shall be extended until one day after the expiration of such
ten-day period).  If the Purchaser elects
to terminate this Agreement as aforesaid, this Agreement shall terminate and be
of no further force and effect and no party shall have any liability to the
other hereunder.  If less than a material
part of the Property shall be affected by fire or other casualty or if the
Purchaser shall not elect to terminate this Agreement as aforesaid, there shall
be no abatement of the Purchase Price and the Seller shall assign to the
Purchaser at the Closing the rights of the Seller to the proceeds, if any,
under the Seller’s insurance policies covering the Property with respect to
such damage or destruction and there shall be credited against the Purchase
Price the amount of any deductible, any proceeds previously received by Seller
on account thereof and any deficiency in proceeds.

 

10.2                           Condemnation.  If, prior to the
Closing, a material part of the Property (including access or parking thereto),
is taken by eminent domain (or is the subject of a pending taking which has not
yet been consummated), the Seller shall notify the Purchaser of such fact
promptly after obtaining knowledge thereof and the Purchaser shall have the
right to terminate this 

 

17

 

Agreement by giving notice to the
Seller not later than ten (10) days after the giving of the Seller’s
notice (and, if necessary, the Closing Date shall be extended until one day
after the expiration of such ten-day period). 
If the Purchaser elects to terminate this Agreement as aforesaid, this
Agreement shall terminate and be of no further force and effect and no party
shall have any liability to the other hereunder.  If less than a material part of the Property
shall be affected or if the Purchaser shall not elect to terminate this Agreement
as aforesaid, the sale of the Property shall be consummated as herein provided
without any adjustment to the Purchase Price (except to the extent of any
condemnation award received by the Seller prior to the Closing) and the Seller
shall assign to the Purchaser at the Closing all of the Seller’s right, title
and interest in and to all awards, if any, for the taking, and the Purchaser
shall be entitled to receive and keep all awards for the taking of the Property
or portion thereof.

 

10.3                           Survival.  The parties’
obligations, if any, under this Section 10 shall survive the
Closing.

 

SECTION 11.                     DEFAULT.

 

11.1                           Default by the Seller.  If the
transaction herein contemplated fails to close as a result of the default of
the Seller hereunder, or the Seller having made any representation or warranty
herein which shall be untrue or misleading in any material respect, or the
Seller having failed to perform any of the covenants and agreements contained
herein to be performed by the Seller, the Purchaser may, as its sole remedy,
either (x) terminate this Agreement or (y) pursue a suit for specific
performance.

 

11.2                           Default by the Purchaser.  If the
transaction herein contemplated fails to close as a result of the default of
the Purchaser hereunder, or the Purchaser having made any representation or
warranty herein which shall be untrue or misleading in any material respect, or
the Purchaser having failed to perform any of the covenants and agreements
contained herein to be performed by it, the Seller may terminate this Agreement
(in which case, the Purchaser shall reimburse the Seller for all of the fees,
charges, disbursements and expenses of the Seller’s attorneys).

 

SECTION 12.                     MISCELLANEOUS.

 

12.1                           Allocation of Liability.  It is
expressly understood and agreed that the Seller shall be liable to third
parties for 

 

18

 

any and all obligations, claims,
losses, damages, liabilities, and expenses to the extent arising out of events,
contractual obligations, acts, or omissions of the Seller that occurred in
connection with the ownership or operation of the Property during the period in
which the Seller owned the Property prior to the Closing and the Purchaser
shall be liable to third parties for any and all obligations, claims, losses,
damages, liabilities and expenses to the extent arising out of events,
contractual obligations, acts, or omissions of the Purchaser that occur in
connection with the ownership or operation of the Property during the period in
which the Purchaser owns the Property after the Closing.  The provisions of this Section 12.1
shall survive the Closing.

 

12.2                           Brokers.  Each of the
parties hereto represents to the other parties that it dealt with no broker,
finder or like agent in connection with this Agreement or the transactions
contemplated hereby.  Each party shall
indemnify and hold harmless the other party and its respective legal
representatives, heirs, successors and assigns from and against any loss,
liability or expense, including reasonable attorneys’ fees, charges and
disbursements arising out of any claim or claims for commissions or other
compensation for bringing about this Agreement or the transactions contemplated
hereby made by any other broker, finder or like agent, if such claim or claims are
based in whole or in part on dealings with the indemnifying party.  The provisions of this Section 12.2
shall survive the Closing.

 

12.3                           Publicity.  The parties
agree that, except as otherwise required by law and except for the exercise of
any remedy hereunder, no party shall, with respect to this Agreement and the
transactions contemplated hereby, contact or conduct negotiations with public
officials, make any public pronouncements, issue press releases or otherwise
furnish information regarding this Agreement or the transactions contemplated
to any third party without the consent of the other party, which consent shall
not be unreasonably withheld, conditioned or delayed.

 

12.4                           Notices.  (a) 
Any and all notices, demands, consents, approvals, offers, elections and other
communications required or permitted under this Agreement shall be deemed
adequately given if in writing and the same shall be delivered either in hand,
by telecopier with confirmed receipt, or by mail or Federal Express or similar
expedited commercial carrier, addressed to the recipient of the notice,
postpaid and registered or certified with return receipt requested (if by 

 

19

 

mail), or with all freight charges
prepaid (if by Federal Express or similar carrier).

 

(b)                                 All notices required or permitted to be sent
hereunder shall be deemed to have been given for all purposes of this Agreement
upon the date of acknowledged receipt, in the case of a notice by telecopier,
and, in all other cases, upon the date of receipt or refusal, except that
whenever under this Agreement a notice is either received on a day which is not
a Business Day or is required to be delivered on or before a specific day which
is not a Business Day, the day of receipt or required delivery shall
automatically be extended to the next Business Day.

 

(c)                                  All such notices shall be addressed,

 

if to the Seller, to:

 

c/o HRPT Properties Trust

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

[Telecopier No. (617) 928-1305]

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

[Telecopier No. (213) 621-5035]

 

if to the Purchaser, to:

 

Government Properties Income Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David M. Blackman

[Telecopier No. (617) 796-8267]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

Attn:  Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

20

 

(d)                                 By notice given as herein provided, the parties
hereto and their respective successor and assigns shall have the right from
time to time and at any time during the term of this Agreement to change their
respective addresses effective upon receipt by the other parties of such notice
and each shall have the right to specify as its address any other address
within the United States of America.

 

12.5                           Waivers, Etc.  Subject to the
terms of the last paragraph of Section  6, any waiver of any term
or condition of this Agreement, or of the breach of any covenant,
representation or warranty contained herein, in any one instance, shall not
operate as or be deemed to be or construed as a further or continuing waiver of
any other breach of such term, condition, covenant, representation or warranty
or any other term, condition, covenant, representation or warranty, nor shall
any failure at any time or times to enforce or require performance of any
provision hereof operate as a waiver of or affect in any manner such party’s
right at a later time to enforce or require performance of such provision or
any other provision hereof.  This
Agreement may not be amended, nor shall any waiver, change, modification,
consent or discharge be effected, except by an instrument in writing executed
by or on behalf of the party against whom enforcement of any amendment, waiver,
change, modification, consent or discharge is sought.

 

12.6                           Assignment; Successors and Assigns.  Subject to Section 12.15,
this Agreement and all rights and obligations hereunder shall not be
assignable, directly or indirectly, by any party without the written consent of
the other, except that the Purchaser may assign this Agreement to any entity
wholly owned, directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create any rights in or to be enforceable in any part by any
other persons.

 

12.7                           Severability.  If any
provision of this Agreement shall be held or deemed to be, or shall in fact be,
invalid, inoperative or unenforceable as applied to any particular case in any
jurisdiction or jurisdictions, or in all jurisdictions or in all cases, because
of the conflict of any provision with any 

 

21

 

constitution or statute or rule of
public policy or for any other reason, such circumstance shall not have the effect
of rendering the provision or provisions in question invalid, inoperative or
unenforceable in any other jurisdiction or in any other case or circumstance or
of rendering any other provision or provisions herein contained invalid,
inoperative or unenforceable to the extent that such other provisions are not
themselves actually in conflict with such constitution, statute or rule of
public policy, but this Agreement shall be reformed and construed in any such
jurisdiction or case as if such invalid, inoperative or unenforceable provision
had never been contained herein and such provision reformed so that it would be
valid, operative and enforceable to the maximum extent permitted in such
jurisdiction or in such case.

 

12.8                           Counterparts, Etc.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.  This Agreement constitutes the entire
agreement of the parties hereto with respect to the subject matter hereof and
shall supersede and take the place of any other instruments purporting to be an
agreement of the parties hereto relating to the subject matter hereof.

 

12.9                           Performance on Business Days.  In the event
the date on which performance or payment of any obligation of a party required
hereunder is other than a Business Day, the time for payment or performance
shall automatically be extended to the first Business Day following such date.

 

12.10                     Attorneys’ Fees.  If any
lawsuit or arbitration or other legal proceeding arises in connection with the
interpretation or enforcement of this Agreement, the prevailing party therein
shall be entitled to receive from the other party the prevailing party’s costs
and expenses, including reasonable attorneys’ fees incurred in connection
therewith, in preparation therefor and on appeal therefrom, which amounts shall
be included in any judgment therein.

 

12.11                     Section and Other Headings.  The headings
contained in this Agreement are for reference purposes only and shall not in
any way affect the meaning or interpretation of this Agreement.

 

12.12                     Time of Essence.  Time shall
be of the essence with respect to the performance of each and every covenant
and obligation, and the giving of all notices, under this Agreement.

 

22

 

12.13                     Governing Law.  This
Agreement shall be interpreted, construed, applied and enforced in accordance
with the laws of The Commonwealth of Massachusetts.

 

12.14                     Arbitration.  Any party
hereto may elect to submit any dispute hereunder that has an amount in
controversy in excess of $250,000 to arbitration hereunder.  Any such arbitration shall be conducted in
Boston, Massachusetts in accordance with the Commercial Arbitration Rules of
the American Arbitration Association then pertaining and the decision of the
arbitrators with respect to such dispute shall be binding, final and conclusive
on the parties.

 

In the
event any party hereto shall elect to submit any such dispute to arbitration
hereunder, the Seller and the Purchaser shall each appoint and pay all fees of
a fit and impartial person as arbitrator with at least ten (10) years’
recent professional experience in the general subject matter of the
dispute.  Notice of such appointment
shall be sent in writing by each party to the other, and the arbitrators so
appointed, in the event of their failure to agree within thirty (30) days after
the appointment of the second arbitrator upon the matter so submitted, shall
appoint a third arbitrator.  If either
the Seller or the Purchaser shall fail to appoint an arbitrator, as aforesaid,
for a period of ten (10) days after written notice from the other party to
make such appointment, then the arbitrator appointed by the party having made
such appointment shall appoint a second arbitrator and the two (2) so
appointed shall, in the event of their failure to agree upon any decision
within thirty (30) days thereafter, appoint a third arbitrator.  If such arbitrators fail to agree upon a
third arbitrator within forty five (45) days after the appointment of the
second arbitrator, then such third arbitrator shall be appointed by the
American Arbitration Association from its qualified panel of arbitrators, and
shall be a person having at least ten (10) years’ recent professional
experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for by the
parties, shall be paid by the respective party engaging such counsel or calling
or engaging such witnesses.

 

The
decision of the arbitrators shall be rendered within thirty (30) days after
appointment of the third arbitrator. 
Such decision shall be in writing and in duplicate, one 

 

23

 

counterpart thereof to be delivered
to the Seller and one to the Purchaser. 
A judgment of a court of competent jurisdiction may be entered upon the
award of the arbitrators in accordance with the rules and statutes
applicable thereto then obtaining.

 

12.15                     Like Kind Exchange.  At either party’s request, the non-requesting
party will take all actions reasonably requested by the requesting party in
order to effectuate all or any part of the transactions contemplated by this
Agreement as a forward or reverse like-kind exchange for the benefit of the
requesting party in accordance with Section 1031 of the Internal Revenue
Code and, in the case of a reverse exchange, Rev. Proc. 2000-37, including
executing an instrument acknowledging and consenting to any assignment by the
requesting party of its rights hereunder to a qualified intermediary or an
exchange accommodation titleholder.  In
furtherance of the foregoing and notwithstanding anything contained in this
Agreement to the contrary, the requesting party may assign its rights under
this Agreement to a “qualified intermediary” or an “exchange accommodation titleholder” in order to facilitate, at no cost or expense to the other, a
forward or reverse like-kind exchange under Section 1031 of the Internal
Revenue Code; provided, however, that such assignment will not
relieve the requesting party of any of its obligations hereunder.  The non-requesting party will also agree to
issue all closing documents, including the deed, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the requesting
party prior to Closing.  Notwithstanding
the foregoing, in no event shall the non-requesting party incur or be subject
to any liability that is not otherwise provided for in this Agreement.

 

12.16                     Recording.  This Agreement
may not be recorded without the prior written consent of both parties.

 

12.17                     Non-liability of Trustees of Seller.  The
Declaration of Trust of the Seller, dated March 14, 1997, as amended and
supplemented, as filed with the State Department of Assessments and Taxation of
Maryland, provides that no trustee, officer, shareholder, employee or agent of
the Seller shall be held to any personal liability, jointly or severally, for
any obligation of, or claim against, the Seller.  All persons dealing with the Seller, in any
way shall look only to the assets of the Seller for the payment of any sum or
the performance of any obligation.

 

12.18                     Non-liability of Trustees of
Purchaser.  The Amended and Restated Declaration of Trust
establishing Government Properties Income Trust, dated June 8, 2009, as
amended and 

 

24

 

supplemented, as filed with the
State Department of Assessments and Taxation of Maryland, provides that no
trustee, officer, shareholder, employee or agent of Government Properties
Income Trust shall be held to any personal liability, jointly or severally, for
any obligation of, or claim against, Government Properties Income Trust.  All persons dealing with Government
Properties Income Trust, in any way shall look only to the assets of Government
Properties Income Trust for the payment of any sum or the performance of any
obligation.

 

12.19                     Waiver.  The
Purchaser hereby acknowledges that it is a sophisticated purchaser of real
properties and that it is aware of all disclosures the Seller is or may be
required to provide to the Purchaser in connection with the transactions
contemplated hereby pursuant to any law, rule or regulation (including
those of Massachusetts and those of the state in which the Property is
located).  The Purchaser hereby
acknowledges that, prior to the execution of this Agreement, the Purchaser has
had access to all information necessary to acquire the Property and the
Purchaser acknowledges that the Seller has fully and completely fulfilled any
and all disclosure obligations with respect thereto.  The Purchaser hereby fully and completely
discharges the Seller from any further disclosure obligations whatsoever
relating to the Property.

 

12.20                     Further Assurances.  In addition
to the actions recited herein and contemplated to be performed, executed,
and/or delivered by the Seller and the Purchaser, the Seller and the Purchaser
agree to perform, execute and/or deliver or cause to be performed, executed
and/or delivered at the Closing or after the Closing any and all such further
acts, instruments, deeds and assurances as may be reasonably required to
establish, confirm or otherwise evidence the Seller’s satisfaction of any
disclosure obligations or to otherwise consummate the transactions contemplated
hereby.

 

12.21                     Financials.  The Seller
shall provide the Purchaser with access to the books and records of the Seller
for the purpose of preparing audited financial statements for the Property with
respect to the 2007, 2008, 2009 calendar years and stub 2010 period, such
financial statements to be prepared at the Purchaser’s sole cost and
expense.  The provisions of this Section 12.21
shall survive the Closing.

 

12.22                     State Specific Provisions. 
The provisions set forth in Schedule
D hereto are hereby incorporated herein by reference as if fully set forth
herein.

 

[Signature page follows.]

 

25

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
as a sealed instrument as of the date first above written.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HUB ACQUISITION TRUST, a Maryland real estate
  investment trust

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name:

  	
  John A. Mannix

  
	
   

  	
  Its:

  	
  President & Chief
  Investment Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  GOVERNMENT PROPERTIES INCOME
  TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Blackman

  
	
   

  	
  Name:

  	
  David M. Blackman

  
	
   

  	
  Its:

  	
  Treasurer & CFO

  

 

26

 

SCHEDULE A

 

Land

 

[See attached legal description.]

 

 

	
   

  	
  4181
  Ruffin Road

  
	
   

  	
  San
  Diego, CA

  

 

Legal Description

 

LOT
25 OF “CITY OF SAN DIEGO INDUSTRIAL PARK UNIT NO. 7”, IN THE CITY OF SAN DIEGO,
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 6658,
FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 1, 1970.

 

ii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-09B-93717), dated April 10, 1997, by and between Chen &
Fei Corporation, Lawco of Washington, Inc. (Lessor/Owner”) and The United
States of America (“Lessee/Government”).

 

2.                                       Supplemental Lease Agreement No. 1,  dated December 18, 1996, by and between Rose Group,
LLC (Lessor/Owner”) and The United States of America (“Lessee/Government”).

 

3.                                       Supplemental Lease Agreement No. 2,  dated October 7, 1997, by and between Rose Group,
LLC (Lessor/Owner”) and The United States of America (“Lessee/Government”).

 

4.                                       Supplemental Lease Agreement No. 3,  effective December 31, 1997, by and between Hub
Realty Funding, Inc. (Lessor/Owner”) and The United States of America (“Lessee/Government”).

 

5.                                       Supplemental Lease Agreement No. 4, dated August 10, 1999, by and between Hub
Acquisition Trust (Lessor/Owner”) and The United States of America (“Lessee/Government”).
— COPY ONLY

 

6.                                       Supplemental Lease Agreement No. 5, dated July 3, 2007, by and between Hub
Acquisition Trust (Lessor/Owner”) and The United States of America (“Lessee/Government”).

 

7.                                       Supplemental Lease Agreement No. 6, dated February 11, 2008, by and between Hub
Acquisition Trust (Lessor/Owner”) and The United States of America (“Lessee/Government”).

 

8.                                       Supplemental Lease Agreement No. 7, dated July 25, 2008 by and between Hub
Acquisition Trust (“Lessor/Owner”) and the United States of America (“Lessee/Government”).

 

9.                                       Supplemental Lease Agreement No. 8, dated July 8, 2009, by and between Hub
Acquisition Trust (“Lessor/Owner”) and the United States of America (“Lessee/Government”).

 

ii

 

INDEX

Lease

 

1.                                       Lease Agreement (LCA01977), dated September 30, 2009, by and between Hub
Acquisition Trust (Lessor/Owner”) and The United States of America — Military
Entrance Processing Service (“Lessee/Government”).

 

iii

 

INDEX

Lease

 

1.                                       Lease Agreement (GS-09B-96423), dated June 19, 1996, by and between Rose Group,
LLC (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

2.                                       Supplemental Lease Agreement No. 1,  dated June 19, 1996, by and between Rose Group, LLC
(“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

3.                                       Supplemental Lease Agreement No. 2,  dated September 27, 1996, by and between Rose
Group, LLC (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

4.                                       Supplemental Lease Agreement No. 3,  dated  October 15,
1996, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

5.                                       Supplemental Lease Agreement No. 4, dated  October 18,
1996, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

6.                                       Supplemental Lease Agreement No. 5, dated  December 18,
1996, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

7.                                       Supplemental Lease Agreement No. 6, dated  March 13,
1997, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

8.                                       Supplemental Lease Agreement No. 7, dated  March 13,
1997, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

9.                                       Supplemental Lease Agreement No. 8, dated  April 22,
1997, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

10.                                 Supplemental Lease Agreement No. 9, dated  May 21,
1997, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

11.                                 Supplemental Lease Agreement No. 10, dated  October 2,
1997, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

iv

 

12.                                 Supplemental Lease Agreement No. 11, dated  January 12,
1998, by and between Rose Group, LLC (“Owner/Lessor”) and The United States of
America (“Government/Lessee”).

 

13.                                 Supplemental Lease Agreement No. 12, not dated or signed, by and between Hub Acquisition
Trust (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

14.                                 Supplemental Lease Agreement No. 13, not dated or signed, by and between Hub Acquisition
Trust (“Owner/Lessor”) and The United States of America (“Government/Lessee”). 

 

15.                                 Supplemental Lease Agreement No. 14, not dated, by and between Hub Acquisition Trust (“Owner/Lessor”)
and The United States of America (“Government/Lessee”).

 

16.                                 Supplemental Lease Agreement No. 15, not dated, by and between Hub Acquisition Trust (“Owner/Lessor”)
and The United States of America (“Government/Lessee”).

 

17.                                 Supplemental Lease Agreement No. 16, not dated, by and between Hub Acquisition Trust (“Owner/Lessor”)
and The United States of America (“Government/Lessee”).

 

18.                                 Supplemental Lease Agreement No. 17, dated July 22, 2004, by and between Hub
Acquisition Trust (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

19.                                 Supplemental Lease Agreement No. 18, dated April 4, 2005, by and between Hub Realty
Funding, Inc. (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

20.                                 Supplemental Lease Agreement No. 19, dated July 29, 2005, by and between Hub
Acquisition Trust (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

21.                                 Supplemental Lease Agreement No. 20, dated March 22, 2007, by and between Hub
Acquisition Trust (“Owner/Lessor”) and The United States of America (“Government/Lessee”).

 

22.                                 Supplemental Lease Agreement No. 21,
dated March 18, 2008 by
and between Hub Acquisition Trust (“Owner/Lessor”) and the United States of
America (“Government/Lessee”).

 

23.                                 Supplemental Lease Agreement No. 22, dated April 9, 2009, by and between Hub
Acquisition Trust (“Owner/Lessor”) and the United States of America (“Government/Lessee”).

 

v

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

RECORDING
REQUESTED BY

AND WHEN RECORDED MAIL TO:

 

Elizabeth S. Wigon

Sullivan &
Worcester LLP

One
Post Office Square 

Boston,
MA 02109

 

MAIL
TAX STATEMENTS TO:

 

HUB
Acquisition Trust

c/o
Health and Retirement Properties Trust

400
Centre Street

Newton,
MA 02158

Attn:  David J. Hegarty

	
   

  
	
  [San Diego, CA (DFAS)]

  

 

GRANT DEED

 

Documentary Transfer Tax is shown on separate Certificate filed
herewith.

 

FOR VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
ROSE GROUP, LLC, a California limited liability company, hereby grants to HUB
ACQUISITION TRUST, a Maryland real estate investment trust, the following
described property located in the City of San Diego, County of San Diego, State
of California:

 

See Exhibit “A” attached hereto and incorporated herein by this
reference.

 

Subject to the matters of record.

 

IN WITNESS WHEREOF, the undersigned has executed this Grant Deed as of
August 22, 1997.

 

	
   

  	
  GRANTOR:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ROSE
  GROUP LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:
  

  	
  HUB
  Management, Inc., Manager

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  David J. Hegarty

  	
   

  
	
   

  	
   

  	
  Name:

  	
  David
  J. Hegarty

  	
   

  
	
   

  	
   

  	
  Its:

  	
  President

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/
  Ajay Saini

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ajay
  Saini

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Treasurer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MAIL
  TAX STATEMENTS AS DIRECTED ABOVE

  	
   

  

 

ii

 

	
  COMMONWEALTH
  OF MASSACHUSETTS 

  	
   

  	
  )

  
	
   

  	
   

  	
  )         ss.

  
	
  COUNTY
  OF Middlesex

  	
   

  	
  )

  

 

On August 22, 1997,
before me, the undersigned, personally appeared Ajay Saini, personally known to
me (or proved to me on the basis of satisfactory evidence) to be the person
whose name is subscribed to the within instrument and acknowledged to me that
he executed the same in his authorized capacity, and that by his signature on
the instrument the person, or the entity upon behalf of which the person acted,
executed the instrument.

 

WITNESS
my hand and official seal.

 

 

	
  /s/
  [ILLEGIBLE]

  	
   

  	
   

  	
   

  
	
  Notary
  Public in and for

  	
   

  	
  My Commission Expires

  	
   

  
	
  said
  County and State

  	
   

  	
  June 1, 2001

  	
   

  

 

(SEAL)

 

	
  COMMONWEALTH
  OF MASSACHUSETTS 

  	
   

  	
  )

  
	
   

  	
   

  	
  )         ss.

  
	
  COUNTY
  OF Middlesex

  	
   

  	
  )

  

 

On August 22, 1997, before me, the undersigned, personally appeared
David J. Hegarty, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person whose name is subscribed to the within
instrument and acknowledged to me that he executed the same in his authorized
capacity, and that by his signature on the instrument the person, or the entity
upon behalf of which the person acted, executed the instrument.

 

WITNESS
my hand and official seal.

 

	
  /s/
  [ILLEGIBLE]

  	
   

  	
   

  	
   

  
	
  Notary
  Public in and for

  	
   

  	
  My Commission Expires

  	
   

  
	
  said
  County and State

  	
   

  	
  June 1, 2001

  	
   

  

 

(SEAL)

 

iii

 

EXHIBIT “A”

 

Legal Description of the
Premises

 

[See attached copy.]

 

iv

 

San Diego, CA (DFAS)

 

LOT
25 OF “CITY OF SAN DIEGO INDUSTRIAL PARK UNIT NO. 7”, IN THE CITY OF SAN DIEGO,
COUNTY OF SAN DIEGO, STATE OF CALIFORNIA, ACCORDING TO MAP THEREOF NO. 6658,
FILED IN THE OFFICE OF THE COUNTY RECORDER OF SAN DIEGO COUNTY, JUNE 1, 1970.

 

v

 

SCHEDULE D

 

State Specific Provisions

 

CALIFORNIA

 

1.             Natural Hazard Disclosures.  As used
herein, the term “Natural Hazard Area” shall mean those areas identified
as natural hazard areas or natural hazards in the Natural Hazard Disclosure
Act, California Government Code Sections 8589.3, 8589.4 and 51183.5, and
California Public Resources Code Sections 2621.9, 2694 and 4136, and any
successor statutes or laws (the “Act”). 
The Purchaser hereby acknowledges that, prior to the execution of this
Agreement, the Purchaser has had access to all maps and other information made
available to the public by government agencies, the Seller has fully and
completely fulfilled its disclosure obligations with respect to the Act and the
Seller is fully and completely discharged from any further disclosure
obligations under the Act.  The Purchaser
acknowledges and agrees that nothing contained herein releases the Purchaser
from its obligation to fully investigate and satisfy itself with the condition
of the Property prior to the date hereof, including, without limitation,
whether the Property is located in any Natural Hazard Area.  The Purchaser further acknowledges and agrees
that matters may change on or prior to the Closing and that the Seller has no
obligation to update, modify or supplement any information.  The Purchaser is solely responsible for all
disclosures to subsequent prospective purchasers of the Property.Exhibit
10.6

 

101 Executive Center Drive, Columbia, SC

Lot 1, Saluda Building

 

PURCHASE
AND SALE AGREEMENT

 

by
and between

 

HUB
PROPERTIES TRUST,

 

as
Seller,

 

and

 

GOVERNMENT
PROPERTIES INCOME TRUST,

 

as
Purchaser

 

 

June 14,
2010

 

 

TABLE OF
CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 1.

  	
  DEFINITIONS

  	
  1

  
	
  1.1

  	
  Agreement

  	
  1

  
	
  1.2

  	
  Business Day

  	
  1

  
	
  1.3

  	
  Closing

  	
  1

  
	
  1.4

  	
  Closing Date

  	
  1

  
	
  1.5

  	
  Existing Survey

  	
  1

  
	
  1.6

  	
  Existing Title
  Policy

  	
  2

  
	
  1.7

  	
  Improvements

  	
  2

  
	
  1.8

  	
  Land

  	
  2

  
	
  1.9

  	
  Leases

  	
  2

  
	
  1.10

  	
  Other Property

  	
  2

  
	
  1.11

  	
  Permitted
  Exceptions

  	
  2

  
	
  1.12

  	
  Property

  	
  2

  
	
  1.13

  	
  Purchase Price

  	
  2

  
	
  1.14

  	
  Purchaser

  	
  3

  
	
  1.15

  	
  Rent Roll

  	
  3

  
	
  1.16

  	
  Seller

  	
  3

  
	
  1.17

  	
  Title Company

  	
  3

  
	
  1.18

  	
  Update

  	
  3

  
	
   

  	
   

  	
   

  
	
  SECTION 2.

  	
  PURCHASE AND
  SALE; CLOSING

  	
  3

  
	
  2.1

  	
  Purchase and
  Sale

  	
  3

  
	
  2.2

  	
  Closing

  	
  3

  
	
  2.3

  	
  Purchase Price

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 3.

  	
  TITLE, DILIGENCE
  MATERIALS, ETC.

  	
  4

  
	
  3.1

  	
  Title

  	
  4

  
	
  3.2

  	
  No Other
  Diligence

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 4.

  	
  CONDITIONS TO
  THE PURCHASER’S OBLIGATION TO CLOSE

  	
  6

  
	
  4.1

  	
  Closing
  Documents

  	
  6

  
	
  4.2

  	
  Title Policy

  	
  7

  
	
  4.3

  	
  Environmental
  Reliance Letters

  	
  7

  
	
  4.4

  	
  Condition of
  Property

  	
  7

  
	
  4.5

  	
  Other Conditions

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 5.

  	
  CONDITIONS TO
  SELLER’ OBLIGATION TO CLOSE

  	
  8

  
	
  5.1

  	
  Purchase Price

  	
  8

  
	
  5.2

  	
  Closing
  Documents

  	
  8

  
	
  5.3

  	
  Other Conditions

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 6.

  	
  REPRESENTATIONS
  AND WARRANTIES OF SELLER

  	
  8

  
	
  6.1

  	
  Status and
  Authority of the Seller, Etc.

  	
  8

  
	
  6.2

  	
  Action of the
  Seller, Etc.

  	
  8

  
	
  6.3

  	
  No Violations of
  Agreements

  	
  8

  
	
  6.4

  	
  Litigation

  	
  9

  

 

i

 

	
  6.5

  	
  Existing
  Leases, Etc.

  	
  9

  
	
  6.6

  	
  Agreements, Etc.

  	
  10

  
	
  6.7

  	
  Not a Foreign
  Person

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 7.

  	
  REPRESENTATIONS AND
  WARRANTIES OF PURCHASER

  	
  11

  
	
  7.1

  	
  Status and
  Authority of the Purchaser

  	
  12

  
	
  7.2

  	
  Action of the
  Purchaser

  	
  12

  
	
  7.3

  	
  No Violations of
  Agreements

  	
  12

  
	
  7.4

  	
  Litigation

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 8.

  	
  COVENANTS OF THE
  SELLER

  	
  13

  
	
  8.1

  	
  Approval of
  Agreements

  	
  13

  
	
  8.2

  	
  Operation of Property

  	
  13

  
	
  8.3

  	
  Compliance with
  Laws, Etc.

  	
  13

  
	
  8.4

  	
  Compliance with
  Agreements

  	
  13

  
	
  8.5

  	
  Notice of
  Material Changes or Untrue Representations

  	
  13

  
	
  8.6

  	
  Insurance

  	
  13

  
	
  8.7

  	
  Cooperation

  	
  13

  
	
  8.8

  	
  Approval of 2011
  Capital Expenditure Budget

  	
  13

  
	
   

  	
   

  	
   

  
	
  SECTION 9.

  	
  APPORTIONMENTS

  	
  14

  
	
  9.1

  	
  Real Property
  Apportionments

  	
  14

  
	
  9.2

  	
  Closing Costs

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 10.

  	
  DAMAGE TO OR
  CONDEMNATION OF PROPERTY

  	
  17

  
	
  10.1

  	
  Casualty

  	
  17

  
	
  10.2

  	
  Condemnation

  	
  17

  
	
  10.3

  	
  Survival

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 11.

  	
  DEFAULT

  	
  18

  
	
  11.1

  	
  Default by the
  Seller

  	
  18

  
	
  11.2

  	
  Default by the
  Purchaser

  	
  18

  
	
   

  	
   

  	
   

  
	
  SECTION 12.

  	
  MISCELLANEOUS

  	
  18

  
	
  12.1

  	
  Allocation of
  Liability

  	
  18

  
	
  12.2

  	
  Brokers

  	
  19

  
	
  12.3

  	
  Publicity

  	
  19

  
	
  12.4

  	
  Notices

  	
  19

  
	
  12.5

  	
  Waivers, Etc.

  	
  21

  
	
  12.6

  	
  Assignment;
  Successors and Assigns

  	
  21

  
	
  12.7

  	
  Severability

  	
  21

  
	
  12.8

  	
  Counterparts, Etc.

  	
  22

  
	
  12.9

  	
  Performance on
  Business Days

  	
  22

  
	
  12.10

  	
  Attorneys’ Fees

  	
  22

  
	
  12.11

  	
  Section and
  Other Headings

  	
  22

  
	
  12.12

  	
  Time of Essence

  	
  22

  
	
  12.13

  	
  Governing Law

  	
  23

  
	
  12.14

  	
  Arbitration

  	
  23

  
	
  12.15

  	
  Like Kind
  Exchange

  	
  24

  
	
  12.16

  	
  Recording

  	
  24

  

 

ii

 

	
  12.17

  	
  Non-liability of
  Trustees of Seller

  	
  24

  
	
  12.18

  	
  Non-liability of
  Trustees of Purchaser

  	
  24

  
	
  12.19

  	
  Waiver

  	
  25

  
	
  12.20

  	
  Further
  Assurances

  	
  25

  
	
  12.21

  	
  Financials

  	
  25

  

 

iii

 

PURCHASE
AND SALE AGREEMENT

 

THIS PURCHASE AND
SALE AGREEMENT is made
as of June 14, 2010, by and between HUB
PROPERTIES TRUST, a Maryland real estate investment trust (the “Seller”),
and GOVERNMENT PROPERTIES INCOME TRUST, a Maryland real estate investment
trust (the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, the Seller is the owner of the Property (this and
other capitalized terms used and not otherwise defined herein shall have the
meanings given such terms in Section 1); and

 

WHEREAS, the Seller wishes to sell to the Purchaser, and the
Purchaser desires to purchase from the Seller, the Property, subject to and
upon the terms and conditions hereinafter set forth;

 

NOW, THEREFORE, in consideration of the mutual covenants herein
contained and other good and valuable consideration, the mutual receipt and
legal sufficiency of which are hereby acknowledged, the Seller and the
Purchaser hereby agree as follows:

 

SECTION 1.         DEFINITIONS.

 

Capitalized terms used in this
Agreement shall have the meanings set forth below or in the section of this
Agreement referred to below:

 

1.1                   “Agreement”  shall mean this Purchase and Sale Agreement,
together with any exhibits and schedules attached hereto, as it and they may be
amended from time to time as herein provided.

 

1.2                   “Business Day”  shall mean any day other than a Saturday,
Sunday or any other day on which banking institutions in The Commonwealth of
Massachusetts are authorized by law or executive action to close.

 

1.3                   “Closing”  shall have the meaning given such term in Section 2.2.

 

1.4                   “Closing Date”  shall have the meaning given such term in Section 2.2.

 

1.5                   “Existing Survey”  shall
mean the existing ALTA survey of the Property.

 

 

1.6                   “Existing Title Policy”  shall mean the existing title
insurance policy for the Property.

 

1.7                   “Improvements”  shall mean, the Seller’s
entire right, title and interest in and to the existing office buildings,
fixtures and other structures and improvements situated on, or affixed to, the
Land.

 

1.8                   “Land” 
shall mean, the Seller’s entire right, title and interest in and to (a) the
parcel(s) of land described in Schedule A hereto, together with (b) all
easements, rights of way, privileges, licenses and appurtenances which the
Seller may own with respect thereto.

 

1.9                   “Leases” 
shall mean the leases identified in the Rent Roll and any other leases
hereafter entered into in accordance with the terms of this Agreement.

 

1.10                 “Other Property”  shall
mean the Seller’s entire right, title and interest in and to (a) all
fixtures, machinery, systems, equipment and items of personal property owned by
the Seller and attached or appurtenant to, located on and used in connection
with the ownership, use, operation or maintenance of the Land or Improvements,
if any, and (b) all intangible property owned by the Seller arising from
or used in connection with the ownership, use, operation or maintenance of the
Land or Improvements, if any.

 

1.11                 “Permitted Exceptions”  shall mean, collectively, (a) liens for
taxes, assessments and governmental charges not yet due and payable or due and
payable but not yet delinquent; (b) the Leases; (c) the exceptions to
title set forth in the Existing Title Policy; (d) all matters shown on the
Existing Survey, and (e) such other nonmonetary encumbrances with respect
to the Property as may be shown on the Update which are not objected to by the
Purchaser (or which are objected to, and subsequently waived, by the Purchaser)
in accordance with Section 3.1.

 

1.12                 “Property” 
shall mean, collectively, all of the Land, the Improvements and the
Other Property.

 

1.13                 “Purchase Price”  shall mean Three Million Nine Hundred
Twenty-Seven Thousand Four Hundred Sixty-Two Dollars ($3,927,462).

 

2

 

1.14                 “Purchaser”  shall have the meaning given such term in the
preambles to this Agreement, together with any permitted successors and
assigns.

 

1.15                 “Rent Roll”  shall mean Schedule B to this
Agreement.

 

1.16                 “Seller” 
shall have the meaning given such term in the preambles to this
Agreement, together with any permitted successors and assigns.

 

1.17                 “Title Company”  shall mean Stewart Title Guaranty Company.

 

1.18                 “Update”  shall have the meaning given such
term in Section 3.1.

 

SECTION 2.         PURCHASE AND SALE; CLOSING.

 

2.1                   Purchase and Sale.  In consideration of the payment of the
Purchase Price by the Purchaser to the Seller and for other good and valuable
consideration, the Seller hereby agrees to sell to the Purchaser, and the
Purchaser hereby agrees to purchase from the Seller, the Property for the Purchase
Price, subject to and in accordance with the terms and conditions of this
Agreement.

 

2.2                   Closing.  The purchase and sale of the Property shall
be consummated at a closing (the “Closing”) to be held at the offices of
Sullivan & Worcester LLP, One Post Office Square, Boston,
Massachusetts, or at such other location as the Seller and the Purchaser may
agree, at 10:00 a.m., local time, on September 17, 2010, as the same
may be accelerated or extended pursuant to this Section 2.2 (the “Closing Date”).

 

Notwithstanding the foregoing,
either party may accelerate the Closing Date, by giving not less than ten (10) Business
Days prior written notice (an “Acceleration Notice”) to the other, in
which event the Closing Date shall be the date set forth in such Acceleration
Notice, unless the party receiving the Acceleration Notice gives written notice
(a “Rejection Notice”) to the other within five (5) Business Days
after its receipt of the Acceleration Notice, which Rejection Notice either
objects to the accelerated date set forth in the Acceleration Notice or
proposes an alternative accelerated date acceptable to the other party.  In the event that any party shall give a
Rejection Notice, the Closing Date shall either be not accelerated and shall
occur as set forth in the first paragraph of this Section 2.2  

 

3

 

or accelerated to such proposed
alternative accelerated Closing Date; provided, however, that the
Seller shall have the right to give a Rejection Notice only if the acceleration
of the Closing Date will adversely effect the Seller’s ability to conclude a
like kind exchange pursuant to Section 12.15, and the Purchaser
shall have the right to give a Rejection Notice only if the acceleration of the
Closing Date will adversely effect any financing of the acquisition.

 

In addition, the Purchaser may
extend the Closing Date for up to one hundred eighty (180) days (but no later
than March 31, 2011), by giving not less than ten (10) Business Days
prior written notice (an “Extension Notice”) to the Seller, in which
event the Closing Date shall be the date set forth in such Extension Notice
unless the Seller gives written notice (an “Extension Rejection Notice”)
to the Purchaser within five (5) Business Days after its receipt of the
Extension Notice which Extension Rejection Notice either objects to the
extended date set forth in the Extension Notice or proposes an alternative
extended date acceptable to the Purchaser, in which event, the Closing Date
shall either be not extended and shall occur as set forth in the first
paragraph of this Section 2.2 or extended to such proposed
alternative extended Closing Date; provided, however, that the
Seller shall have the right to give an Extension Rejection Notice only if the
extension of the Closing Date will adversely effect the Seller’s ability to
conclude a like kind exchange pursuant to Section 12.15, and the
Purchaser shall have the right to give an Extension Notice only if the
extension of the Closing Date will adversely affect any financing of the
acquisition.

 

2.3                   Purchase Price.

 

(a)           At Closing, the Purchaser shall pay
the Purchase Price, subject to adjustment as provided in Article 9, to the
Seller.

 

(b)           The Purchase Price, as
adjusted as provided herein, shall be payable by wire transfer of immediately
available funds on the Closing Date to an account or accounts to be designated
by the Seller.

 

SECTION 3.         TITLE,
DILIGENCE MATERIALS, ETC.

 

3.1                   Title.  Prior to the execution of this Agreement, the
Seller has delivered the Existing Title Policy and the Existing Survey to the
Purchaser.

 

4

 

Within five (5) days after the
execution hereof, the Purchaser shall order an update to the Existing Title
Policy (an “Update”) from the Title Company.  The Purchaser shall deliver to the Seller a
copy of the Update promptly upon receipt thereof.  Promptly after receipt of the Update, but, in
any event, prior to the Closing Date, the Purchaser shall give the Seller
written notice of any title exceptions (other than Permitted Exceptions) set
forth on the Update as to which the Purchaser objects.  The Seller shall have the right, but not the
obligation, to attempt to remove, satisfy or otherwise cure any exceptions to
title to which the Purchaser so objects. 
If, for any reason, in its sole discretion, the Seller is unable or
unwilling to take such actions as may be required to cause such exceptions to
be removed from the Update, the Seller shall give the Purchaser notice thereof;
it being understood and agreed that the failure of the Seller to give prompt
notice of objection shall be deemed an election by the Seller not to remedy
such matters.  If the Seller shall be
unable or unwilling to remove any title defects to which the Purchaser has so
objected, the Purchaser may elect (i) to terminate this Agreement or (ii) to
consummate the transactions contemplated hereby, notwithstanding such title
defect, without any abatement or reduction in the Purchase Price on account
thereof (whereupon such objected to exceptions or matters shall be deemed to be
Permitted Exceptions).  The Purchaser
shall make any such election by written notice to the  Seller given on or prior to the fifth (5th)
Business Day after the Seller’s notice of its unwillingness or inability to
cure (or deemed election not to cure) such defect and time shall be of the
essence with respect to the giving of such notice.  Failure of the Purchaser to give such notice
shall be deemed an election by the Purchaser to proceed in accordance with clause
(ii) above.

 

3.2                   No Other Diligence.  The
Purchaser acknowledges that, except as provided in Section 3.1,
(i) the Purchaser has had the opportunity to fully investigate and inspect
the physical and environmental condition of the Property, and to review and
analyze all title examinations, surveys, environmental assessment reports,
building evaluations, financial data and other investigations and materials
pertaining to the Property which the Purchaser deems necessary to determine the
feasibility of the Property and its decision to acquire the Property, (ii) the
Purchaser shall not be conducting any further title examinations, surveys,
environmental assessments, building evaluations, financial analyses or other
investigations with respect to the Property, and (iii) the Purchaser shall
not have any right to terminate this Agreement as a result of any title 

 

5

 

examinations,
surveys, environmental assessments, building valuations, financial analyses or
other investigations with respect to the Property.

 

SECTION 4.                                                                            CONDITIONS TO THE PURCHASER’S
OBLIGATION TO CLOSE.

 

The obligation of the Purchaser to
acquire the Property shall be subject to the satisfaction of the following
conditions precedent on and as of the Closing Date:

 

4.1                   Closing Documents.  The Seller shall have delivered, or cause to
have been delivered, to the Purchaser the following:

 

(a)           A good and sufficient deed in the
form attached as Schedule C hereto, with respect to the Property, in
proper statutory form for recording, duly executed and acknowledged by the
Seller, conveying title to the Property, free from all liens and encumbrances
other than the Permitted Exceptions;

 

(b)           An assignment by the Seller and an
assumption by the Purchaser, in form and substance reasonably satisfactory to
the Seller and the Purchaser, duly executed and acknowledged by the Seller and
the Purchaser, of all of the Seller’s right, title and interest in, to and
under the Leases and including, without limitation, (i) the Seller’s agreement to request the tenants thereunder to
provide novation or other agreements as may be required under the Leases in
connection with the assignment thereof to the Purchaser, and (ii) the
Seller’s agreement to, within one (1) Business Day of receipt thereof,
transfer to the Purchaser all rent and other payments made by the tenants under
the Leases with respect to the period from and after the Closing Date, and to
hold all such rent and other payments in trust for the benefit of the Purchaser
pending transfer;

 

(c)           An assignment by the Seller and an
assumption by the Purchaser, in form and substance reasonably satisfactory to
the Seller and the Purchaser, duly executed and acknowledged by the Seller and
the Purchaser, of all of the Seller’s right, title and interest, if any, in, to
and under all transferable licenses, contracts, permits and agreements
affecting the Property;

 

(d)           A bill of sale by the Seller, without
warranty of any kind, in form and substance reasonably satisfactory to the
Seller and the Purchaser, with respect to any personal property owned by the
Seller, situated at the Property and used exclusively by the Seller in
connection with the Property (it 

 

6

 

being understood and agreed that no
portion of the Purchase Price is allocated to personal property);

 

(e)           To the extent the same are in the
Seller’s possession, original, fully executed copies of all material documents
and agreements, plans and specifications and contracts, licenses and permits
pertaining to the Property;

 

(f)            To the extent the same are in the
Seller’s possession, duly executed original copies of the Leases;

 

(g)           A closing statement showing the
Purchase Price, apportionments and fees, and costs and expenses paid in connection
with the Closing; and

 

(h)           Such other conveyance documents,
certificates, deeds and other instruments as the Purchaser, the Seller or the
Title Company may reasonably require and as are customary in like transactions
in sales of property in similar transactions.

 

4.2                   Title Policy.  The Title Company shall be prepared to
issue, upon payment of the title premium at its regular rates, a title policy
in the amount of the Purchase Price, insuring title to the Property is vested
in the Purchaser or its designee or assignee, subject only to the Permitted
Exceptions, with such endorsements as shall be reasonably required by the
Purchaser.

 

4.3                   Environmental Reliance Letters.  The
Purchaser shall have received a reliance
letter, authorizing the Purchaser and its designees and assignees to rely on
the most recent environmental assessment report prepared for the Property, in
form and substance reasonably acceptable to the Purchaser.

 

4.4                   Condition of Property.  The Property shall be in substantially
the same physical condition as on the date of this Agreement, ordinary wear and
tear and, subject to Section 10.1, casualty excepted.

 

4.5                   Other Conditions.  All representations and warranties of the
Seller herein shall be true, correct and complete in all material respects on
and as of the Closing Date and the Seller shall have performed in all material
respects all covenants and obligations required to be performed by the Seller
on or before the Closing Date.

 

7

 

SECTION 5.         CONDITIONS
TO SELLER’ OBLIGATION TO CLOSE.

 

The obligation of the Seller to
convey the Property to the Purchaser is subject to the satisfaction of the
following conditions precedent on and as of the Closing Date:

 

5.1                   Purchase Price.  The Purchaser shall deliver to the Seller the
Purchase Price payable hereunder, subject to the adjustments set forth in Section 2.3,
together with any closing costs to be paid by the Purchaser under Section 9.2.

 

5.2                   Closing Documents.  The Purchaser shall have
delivered to the Seller duly executed and acknowledged counterparts of the
documents described in Section 4.1, where applicable.

 

5.3                   Other Conditions.  All representations and warranties of the
Purchaser herein shall be true, correct and complete in all material respects
on and as of the Closing Date and the Purchaser shall have performed in all
material respects all covenants and obligations required to be performed by the
Purchaser on or before the Closing Date.

 

SECTION 6.         REPRESENTATIONS
AND WARRANTIES OF SELLER.

 

To induce the Purchaser to enter
into this Agreement, the Seller represents and warrants to the Purchaser as
follows:

 

6.1                   Status and
Authority of the Seller, Etc.  The Seller is
duly organized, validly existing and in good standing under the laws of its
state of organization or formation, and has all requisite power and authority
under its charter documents to enter into and perform its obligations under
this Agreement and to consummate the transactions contemplated hereby.

 

6.2                   Action of the Seller, Etc.  The Seller has taken all necessary action to
authorize the execution, delivery and performance of this Agreement, and upon
the execution and delivery of any document to be delivered by the Seller on or
prior to the Closing Date, this Agreement and such document shall constitute
the valid and binding obligation and agreement of the Seller, enforceable
against the Seller in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
of general application affecting the rights and remedies of creditors.

 

6.3                   No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Seller, nor compliance with the terms and
provisions hereof, will result in 

 

8

 

any breach of the terms, conditions or provisions of, or
conflict with or constitute a default under, or result in the creation of any
lien, charge or encumbrance upon the Property pursuant to the terms of any
indenture, mortgage, deed of trust, note, evidence of indebtedness or any other
agreement or instrument by which the Seller is bound.

 

6.4                   Litigation.  To the Seller’s actual knowledge, it has not
received written notice that any investigation, action or proceeding is pending
or threatened, which (i) questions
the validity of this Agreement or any action taken or to be taken pursuant
hereto, or (ii) involves
condemnation or eminent domain proceedings against the Property or any portion
thereof.

 

6.5                   Existing Leases, Etc.  Subject to Section 8.1, other than the Leases listed in the Rent Roll,
the Seller has not entered into a contract or agreement with respect to the
occupancy of the Property that will be binding on the Purchaser after the
Closing.  To the Seller’s actual
knowledge: (a) the copies of the Leases heretofore delivered by the Seller
to the Purchaser are true, correct and complete copies thereof; and
(b) such Leases have not been amended except as evidenced by amendments
similarly delivered and constitute the entire agreement between the Seller and
the tenants thereunder.  Except as
otherwise set forth in the Rent Roll or the Leases: (i) to the Seller’
actual knowledge, each of its Leases is in full force and effect on the terms
set forth therein; (ii) to the Seller’s actual knowledge, there are no
uncured defaults or circumstances which with the giving of notice, the passage
of time or both would constitute a default thereunder which would have a
material adverse effect on the business or operations of the Property; (iii) to
the Seller’s actual knowledge, each of its tenants is legally required to pay
all sums and perform all material obligations set forth therein without any
ongoing concessions, abatements, offsets, defenses or other basis for relief or
adjustment; (iv) to the Seller’s actual knowledge, none of its tenants has
asserted in writing or has any defense to, offsets or claims against, rent
payable by it or the performance of its other obligations under its Lease which
would have a material adverse effect on the on-going business or operations of
the Property; (v) the Seller has no outstanding obligation to provide any
of its tenants with an allowance to perform, or to perform at its own expense,
any tenant improvements; (vi) none of its tenants has prepaid any rent or
other charges relating to the post-Closing period; (vii) to the Seller’s
actual knowledge, none of its tenants has filed a petition in bankruptcy or for
the approval of a plan of 

 

9

 

reorganization
or management under the Federal Bankruptcy Code or under any other similar
state law, or made an admission in writing as to the relief therein provided,
or otherwise become the subject of any proceeding under any federal or state
bankruptcy or insolvency law, or has admitted in writing its inability to pay
its debts as they become due or made an assignment for the benefit of
creditors, or has petitioned for the appointment of or has had appointed a
receiver, trustee or custodian for any of its property, in any case that would
have a material adverse effect on the business or operations of the Property; (viii) to
the Seller’s actual knowledge, none of its tenants has requested in writing a
modification of its Lease, or a release of its obligations under its Lease in
any material respect or has given written notice terminating its Lease, or has
been released of its obligations thereunder in any material respect prior to
the normal expiration of the term thereof, in any case that would have a
material adverse effect on the on-going business or operations of the Property;
(ix) to the Seller’s actual knowledge, except as set forth in the Leases,
no guarantor has been released or discharged, voluntarily or involuntarily, or
by operation of law, from any obligation under or in connection with any of its
Leases or any transaction related thereto; and (x) all brokerage
commissions currently due and payable with respect to each of its Leases have
been paid.  To the Seller’s actual
knowledge, the other information set forth in the Rent Roll is true, correct
and complete in all material respects.

 

6.6                   Agreements, Etc.  Other than the Leases, the Seller has not
entered into any contract or agreement with respect to the Property which will
be binding on the Purchaser after the Closing other than contracts and
agreements being assumed by the Purchaser or which are terminable upon thirty
(30) days notice without payment of premium or penalty.

 

6.7                   Not a Foreign Person.  The Seller is not a “foreign person” within
the meaning of Section 1445 of the United States Revenue Code of 1986, as
amended, and the regulations promulgated thereunder.

 

The representations and warranties
made in this Agreement by the Seller shall be continuing and shall be deemed remade
by the Seller as of the Closing Date, with the same force and effect as if made
on, and as of, such date.  All
representations and warranties made in this Agreement by the Seller shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged 

 

10

 

breach, the Purchaser gives the
Seller written notice prior to the expiration of said three hundred sixty (360)
day period of such alleged breach with reasonable detail as to the nature of
such breach.

 

Except as otherwise expressly
provided in this Agreement or in any documents to be delivered to the Purchaser
at the Closing, the Seller has not made, and the Purchaser has not relied on,
any information, promise, representation or warranty, express or implied,
regarding the Property, whether made by the Seller, on the Seller’s behalf or
otherwise, including, without limitation, the physical condition of the
Property, the financial condition of the tenants under the Leases, title to or
the boundaries of the Property, pest control matters, soil conditions, the
presence, existence or absence of hazardous wastes, toxic substances or other
environmental matters, compliance with building, health, safety, land use and
zoning laws, regulations and orders, structural and other engineering
characteristics, traffic patterns, market data, economic conditions or
projections, and any other information pertaining to the Property or the market
and physical environments in which they are located.  The Purchaser acknowledges that (i) the
Purchaser has entered into this Agreement with the intention of relying upon
its own investigation or that of third parties with respect to the physical,
environmental, economic and legal condition of the Property and (ii) the
Purchaser is not relying upon any statements, representations or warranties of
any kind, other than those specifically set forth in this Agreement or in any
document to be delivered to the Purchaser at the Closing, made (or purported to
be made) by the Seller or anyone acting or claiming to act on the Seller’s
behalf.  The Purchaser has inspected the
Property and is fully familiar with the physical condition thereof and, subject
to the representations and warranties made in this Agreement, shall purchase
the Property in its “as is”, “where is” and “with all faults” condition on the
Closing Date.  Notwithstanding anything
to the contrary contained herein, in the event that any party hereto has actual
knowledge of the default of any other party (a “Known Default”), but
nonetheless elects to consummate the transactions contemplated hereby and
proceeds to Closing, then the rights and remedies of such non-defaulting party
shall be waived with respect to such Known Default upon the Closing and the
defaulting party shall have no liability with respect thereto.

 

SECTION 7.         REPRESENTATIONS AND WARRANTIES OF
PURCHASER.

 

To induce the Seller to enter into
this Agreement, the Purchaser represents and warrants to the Seller as follows:

 

11

 

7.1                   Status and Authority of the Purchaser.  The Purchaser is duly organized, validly
existing and in good standing under the laws of its state of organization or
formation, and has all requisite power and authority under its charter
documents to enter into and perform its obligations under this Agreement and to
consummate the transactions contemplated hereby.

 

7.2                   Action of the Purchaser.  The Purchaser has taken all necessary action
to authorize the execution, delivery and performance of this Agreement, and
upon the execution and delivery of any document to be delivered by the
Purchaser on or prior to the Closing Date, this Agreement and such document
shall constitute the valid and binding obligation and agreement of the
Purchaser, enforceable against the Purchaser in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws of general application affecting the
rights and remedies of creditors.

 

7.3                   No Violations of Agreements.  Neither the execution, delivery or
performance of this Agreement by the Purchaser, nor compliance with the terms
and provisions hereof, will result in any breach of the terms, conditions or
provisions of, or conflict with or constitute a default under, or result in the
creation of any lien, charge or encumbrance upon any property or assets of the
Purchaser pursuant to the terms of any indenture, mortgage, deed of trust,
note, evidence of indebtedness or any other agreement or instrument by which
the Purchaser is bound.

 

7.4                   Litigation.  The Purchaser has received no written notice
that any investigation, action or proceeding is pending or threatened which
questions the validity of this Agreement or any action taken or to be taken
pursuant hereto.

 

The representations and warranties
made in this Agreement by the Purchaser shall be continuing and shall be deemed
remade by the Purchaser as of the Closing Date with the same force and effect
as if made on, and as of, such date.  All
representations and warranties made in this Agreement by the Purchaser shall
survive the Closing for a period of three hundred sixty (360) days, and upon
expiration shall be of no further force or effect except to the extent that
with respect to any particular alleged breach, the Seller gives the Purchaser
written notice prior to the expiration of said three hundred sixty (360) period
of such alleged breach with reasonable detail as to the nature of such breach.

 

12

 

SECTION 8.         COVENANTS OF THE SELLER.

 

The Seller hereby covenants with
the Purchaser between the date of this Agreement and the Closing Date as
follows:

 

8.1                   Approval of Agreements.  Not to enter into, modify, amend or terminate
any Lease or any other material agreement with respect to the Property, which
would encumber or be binding upon the Property from and after the Closing Date,
without in each instance obtaining the prior written consent of the Purchaser.

 

8.2                   Operation of Property.  To continue to operate the Property consistent
with past practices.

 

8.3                   Compliance with Laws, Etc.  To comply in all material respects with (i) all
laws, regulations and other requirements from time to time applicable of every
governmental body having jurisdiction of the Property, or the use or occupancy
thereof, and (ii) all material terms, covenants and conditions of all
agreements affecting the Property.

 

8.4                   Compliance with Agreements.  To comply with each and every material term,
covenant and condition contained in the Leases and any other material document
or agreement affecting the Property and to monitor compliance thereunder
consistent with past practices.

 

8.5                   Notice of Material Changes or Untrue
Representations.  Upon
learning of any material change in any condition with respect to the Property
or of any event or circumstance which makes any representation or warranty of
the Seller to the Purchaser under this Agreement untrue or misleading, promptly
to notify the Purchaser thereof.

 

8.6                   Insurance.  To maintain, or cause to be maintained, all
existing property insurance relating to the Property.

 

8.7                   Cooperation.  The Purchaser and the Seller shall reasonably
cooperate in complying with the requirements under the Leases in connection
with the transfer and assignment of the Property and the Leases to the
Purchaser.  The provisions of this Section 8.7
shall survive the Closing hereunder.

 

8.8                   Approval of 2011 Capital Expenditure Budget.  In the event that the Closing Date shall be
extended to a date on or after January 1, 2011 pursuant to the provisions
of Section 2.2, the Seller shall prepare for the Purchaser’s review
and approval 

 

13

 

a 2011
capital expenditure budget, which budget shall include, without limitation,
budgeted items for “building improvements” and “development and redevelopment”.

 

SECTION 9.         APPORTIONMENTS.

 

9.1                   Real Property Apportionments.  (a)  The following items shall be
apportioned at the Closing as of the close of business on the day immediately
preceding the Closing Date:

 

(i)                                   annual rents, operating costs, taxes and other fixed
charges payable under the Leases;

 

(ii)                                percentage rents and other unfixed charges payable
under the Leases;

 

(iii)                             fuel, electric, water and other utility costs;

 

(iv)                            municipal assessments and governmental license and
permit fees;

 

(v)                               Real estate taxes and assessments other than special
assessments, based on the rates and assessed valuation applicable in the fiscal
year for which assessed;

 

(vi)                            water rates and charges;

 

(vii)                         sewer and vault taxes and rents; and

 

(viii)                      all other items of income and expense normally
apportioned in sales of property in similar situations in the jurisdiction
where the Property is located.

 

If any of the foregoing cannot be
apportioned at the Closing because of the unavailability of the amounts which
are to be apportioned, such items shall be apportioned on the basis of a good
faith estimate by the parties and reconciled as soon as practicable after the
Closing Date but, in any event, no later than one (1) year after the
Closing Date.

 

(b)           If there are water, gas or electric
meters located at the Property, the Seller shall obtain readings thereof to a
date not more than thirty (30) days prior to the Closing Date and the unfixed
water rates and charges, sewer taxes and rents and gas and electricity charges,
if any, based thereon for the intervening time shall be apportioned on the
basis of such last readings.  If such
readings are not obtainable by the Closing 

 

14

 

Date, then, at the Closing, any
water rates and charges, sewer taxes and rents and gas and electricity charges
which are based on such readings shall be prorated based upon the per diem
charges obtained by using the most recent period for which such readings shall
then be available.  Upon the taking of
subsequent actual readings, the apportionment of such charges shall be
recalculated and the Seller or the Purchaser, as the case may be, promptly
shall make a payment to the other based upon such recalculations.  The parties agree to make such final
recalculations within sixty (60) days after the Closing Date.

 

(c)           If any refunds of real property taxes
or assessments, water rates and charges or sewer taxes and rents shall be made
after the Closing, the same shall be held in trust by the Seller or the
Purchaser, as the case may be, and shall first be applied to the unreimbursed
costs incurred in obtaining the same, then to any required refunds to tenants
under the Leases, and the balance, if any, shall be paid to the Seller (for the
period prior to the Closing Date) and to the Purchaser (for the period
commencing with the Closing Date).

 

(d)           If, on the Closing Date, the Property
shall be or shall have been affected by any special or general assessment or
assessments or real property taxes payable in a lump sum or which are or may
become payable in installments of which the first installment is then a charge
or lien and has become payable, the Seller shall pay or cause to be paid at the
Closing the unpaid installments of such assessments due and as of the Closing
Date.

 

(e)           No insurance policies of the Seller
are to be transferred to the Purchaser, and no apportionment of the premiums
therefor shall be made.

 

(f)            At the Closing, the Seller shall
transfer to the Purchaser the amount of all unapplied security deposits held
pursuant to the terms of the Leases.

 

(g)           Brokerage commissions, tenant
improvement expenses and other amounts payable by the Seller as landlord under
Leases entered into by the Seller after the date hereof, or in connection with
the renewal or extension of any existing Lease, shall be the responsibility of
the Purchaser, and the Purchaser shall reimburse the Seller at the Closing for
all such brokerage commissions, tenant improvement expenses and other amounts
paid by the Seller prior to the Closing. 
The Purchaser shall receive a credit at Closing for all unpaid brokerage
commissions, tenant improvement expenses and other amounts payable by the
Seller as 

 

15

 

landlord under Leases entered into
by the Seller prior to the date hereof.

 

(h)           Amounts payable after the date hereof
on account of capital expenditures under the 2010 capital expenditure budget
prepared as of March 31, 2010 (the “CapEx Budget”) (including,
without limitation, budgeted items for “building improvements” and “development
and redevelopment”), shall be the responsibility of the Purchaser, and the
Purchaser shall reimburse the Seller at the Closing for all amounts paid by the
Seller prior to the Closing on account of capital expenditures under the CapEx
Budget payable after the date hereof. 
The Purchaser shall receive a credit at Closing for all unpaid amounts
payable on account of capital expenditures under the CapEx Budget prior to the date
hereof.  A copy of the CapEx Budget has
been previously provided to the Purchaser.

 

(i)            If a net amount is owed by the
Seller to the Purchaser pursuant to this Section 9.1, such amount
shall be credited against the Purchase Price. 
If a net amount is owed by the Purchaser to the Seller pursuant to this Section 9.1,
such amount shall be added to the Purchase Price paid to the Seller.

 

(j)            If, on the Closing Date, there are
past due rents with respect to any Lease, amounts received by the Purchaser
with respect to such Lease after the Closing Date shall be applied, first,
to rents due or to become due during the calendar month in which the Closing
occurs, and then, to all other rents due or past due in inverse order to
the order in which they became due (i.e., first to arrearages most
recently occurring, then to older arrearages). 
In no event shall the Seller have any right to take any action to
collect any past due rents or other amounts following the Closing; provided,
however, the Purchaser shall use commercially reasonable efforts to
collect such past due rents and other amounts, except that the Purchaser shall
have no obligation to institute any legal action or proceeding or otherwise
enforce any of its rights and remedies under any Lease in connection with such
commercially reasonable efforts.

 

The provisions of this Section 9.1
shall survive the Closing.

 

9.2                   Closing Costs.

 

(a)           The Purchaser shall pay (i) the
costs of closing and diligence in connection with the transactions contemplated
hereby (including, without limitation, all premiums, charges and fees of the
Title Company in connection with the title 

 

16

 

examination and insurance policies
to be obtained by the Purchaser, including affirmative endorsements), (ii) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (iii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(b)           The Seller shall pay (i) fifty
percent (50%) of all documentary, stamp, sales, intangible and other transfer
taxes and fees incurred in connection with the transactions contemplated by
this Agreement, and (ii) fifty percent (50%) of all state, city, county,
municipal and other governmental recording and filing fees and charges.

 

(c)           Each party shall pay the fees and
expenses of its attorneys and other consultants.

 

SECTION 10.       DAMAGE TO OR CONDEMNATION OF
PROPERTY.

 

10.1                 Casualty.  If, prior to the Closing, the Property is
materially destroyed or damaged by fire or other casualty, the Seller shall
promptly notify the Purchaser of such fact. 
In such event, the Purchaser shall have the right to terminate this
Agreement by giving notice to the Seller not later than ten (10) days
after the giving the Seller’s notice (and, if necessary, the Closing Date shall
be extended until one day after the expiration of such ten-day period).  If the Purchaser elects to terminate this
Agreement as aforesaid, this Agreement shall terminate and be of no further
force and effect and no party shall have any liability to the other
hereunder.  If less than a material part of
the Property shall be affected by fire or other casualty or if the Purchaser
shall not elect to terminate this Agreement as aforesaid, there shall be no
abatement of the Purchase Price and the Seller shall assign to the Purchaser at
the Closing the rights of the Seller to the proceeds, if any, under the Seller’s
insurance policies covering the Property with respect to such damage or
destruction and there shall be credited against the Purchase Price the amount
of any deductible, any proceeds previously received by Seller on account
thereof and any deficiency in proceeds.

 

10.2                 Condemnation.  If, prior to the Closing, a material part of
the Property (including access or parking thereto), is taken by eminent domain
(or is the subject of a pending taking which has not yet been consummated), the
Seller shall notify the Purchaser of such fact promptly after obtaining
knowledge thereof and the Purchaser shall have the right to terminate this 

 

17

 

Agreement by giving notice to the Seller not later than
ten (10) days after the giving of the Seller’s notice (and, if necessary,
the Closing Date shall be extended until one day after the expiration of such
ten-day period).  If the Purchaser elects
to terminate this Agreement as aforesaid, this Agreement shall terminate and be
of no further force and effect and no party shall have any liability to the
other hereunder.  If less than a material
part of the Property shall be affected or if the Purchaser shall not elect to
terminate this Agreement as aforesaid, the sale of the Property shall be
consummated as herein provided without any adjustment to the Purchase Price
(except to the extent of any condemnation award received by the Seller prior to
the Closing) and the Seller shall assign to the Purchaser at the Closing all of
the Seller’s right, title and interest in and to all awards, if any, for the
taking, and the Purchaser shall be entitled to receive and keep all awards for
the taking of the Property or portion thereof.

 

10.3                 Survival.  The parties’ obligations, if any, under this Section 10
shall survive the Closing.

 

SECTION 11.       DEFAULT.

 

11.1                 Default by the Seller.  If the transaction herein contemplated fails
to close as a result of the default of the Seller hereunder, or the Seller
having made any representation or warranty herein which shall be untrue or
misleading in any material respect, or the Seller having failed to perform any
of the covenants and agreements contained herein to be performed by the Seller,
the Purchaser may, as its sole remedy, either (x) terminate this Agreement
or (y) pursue a suit for specific performance.

 

11.2                 Default by the Purchaser.  If the transaction herein contemplated fails
to close as a result of the default of the Purchaser hereunder, or the
Purchaser having made any representation or warranty herein which shall be
untrue or misleading in any material respect, or the Purchaser having failed to
perform any of the covenants and agreements contained herein to be performed by
it, the Seller may terminate this Agreement (in which case, the Purchaser shall
reimburse the Seller for all of the fees, charges, disbursements and expenses
of the Seller’s attorneys).

 

SECTION 12.       MISCELLANEOUS.

 

12.1                 Allocation of Liability.  It is expressly understood and agreed that
the Seller shall be liable to third parties for 

 

18

 

any and
all obligations, claims, losses, damages, liabilities, and expenses to the
extent arising out of events, contractual obligations, acts, or omissions of
the Seller that occurred in connection with the ownership or operation of the
Property during the period in which the Seller owned the Property prior to the
Closing and the Purchaser shall be liable to third parties for any and all
obligations, claims, losses, damages, liabilities and expenses to the extent
arising out of events, contractual obligations, acts, or omissions of the
Purchaser that occur in connection with the ownership or operation of the
Property during the period in which the Purchaser owns the Property after the
Closing.  The provisions of this Section 12.1
shall survive the Closing.

 

12.2                 Brokers.  Each of the parties hereto represents to the
other parties that it dealt with no broker, finder or like agent in connection
with this Agreement or the transactions contemplated hereby.  Each party shall indemnify and hold harmless
the other party and its respective legal representatives, heirs, successors and
assigns from and against any loss, liability or expense, including reasonable
attorneys’ fees, charges and disbursements arising out of any claim or claims
for commissions or other compensation for bringing about this Agreement or the
transactions contemplated hereby made by any other broker, finder or like
agent, if such claim or claims are based in whole or in part on dealings with
the indemnifying party.  The provisions
of this Section 12.2 shall survive the Closing.

 

12.3                 Publicity.  The parties agree that, except as otherwise
required by law and except for the exercise of any remedy hereunder, no party
shall, with respect to this Agreement and the transactions contemplated hereby,
contact or conduct negotiations with public officials, make any public
pronouncements, issue press releases or otherwise furnish information regarding
this Agreement or the transactions contemplated to any third party without the
consent of the other party, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

12.4                 Notices.  (a)  Any and all notices, demands,
consents, approvals, offers, elections and other communications required or
permitted under this Agreement shall be deemed adequately given if in writing
and the same shall be delivered either in hand, by telecopier with confirmed
receipt, or by mail or Federal Express or similar expedited commercial carrier,
addressed to the recipient of the notice, postpaid and registered or certified
with return receipt requested (if by 

 

19

 

mail), or with all freight charges prepaid (if by
Federal Express or similar carrier).

 

(b)          All
notices required or permitted to be sent hereunder shall be deemed to have been
given for all purposes of this Agreement upon the date of acknowledged receipt,
in the case of a notice by telecopier, and, in all other cases, upon the date
of receipt or refusal, except that whenever under this Agreement a notice is
either received on a day which is not a Business Day or is required to be
delivered on or before a specific day which is not a Business Day, the day of
receipt or required delivery shall automatically be extended to the next
Business Day.

 

(c)           All
such notices shall be addressed,

 

if to the Seller, to:

 

c/o HRPT Properties Trust

400 Centre Street

Newton, Massachusetts  02458

Attn:  Mr. John C. Popeo

[Telecopier No. (617) 928-1305]

 

with a copy to:

 

Skadden, Arps, Slate, Meagher &
Flom LLP

300 South Grand Avenue, 34th Floor

Los Angeles, California 90071

Attn:  Meryl K. Chae, Esq.

[Telecopier No. (213) 621-5035]

 

if to the Purchaser, to:

 

Government Properties Income Trust

400 Centre Street

Newton, Massachusetts 02458

Attn:  Mr. David M. Blackman

[Telecopier No. (617) 796-8267]

 

with a copy to:

 

Sullivan & Worcester LLP

One Post Office Square

Boston, Massachusetts  02109

Attn:  Nancy S. Grodberg, Esq.

[Telecopier No. (617) 338-2880]

 

20

 

(d)           By notice given as herein provided,
the parties hereto and their respective successor and assigns shall have the
right from time to time and at any time during the term of this Agreement to
change their respective addresses effective upon receipt by the other parties
of such notice and each shall have the right to specify as its address any
other address within the United States of America.

 

12.5                 Waivers, Etc.  Subject to the terms of the last paragraph of
Section 6, any waiver of any term or condition of this Agreement,
or of the breach of any covenant, representation or warranty contained herein,
in any one instance, shall not operate as or be deemed to be or construed as a
further or continuing waiver of any other breach of such term, condition,
covenant, representation or warranty or any other term, condition, covenant,
representation or warranty, nor shall any failure at any time or times to
enforce or require performance of any provision hereof operate as a waiver of
or affect in any manner such party’s right at a later time to enforce or
require performance of such provision or any other provision hereof.  This Agreement may not be amended, nor shall
any waiver, change, modification, consent or discharge be effected, except by
an instrument in writing executed by or on behalf of the party against whom
enforcement of any amendment, waiver, change, modification, consent or
discharge is sought.

 

12.6                 Assignment; Successors and Assigns.  Subject to Section 12.15, this
Agreement and all rights and obligations hereunder shall not be assignable,
directly or indirectly, by any party without the written consent of the other,
except that the Purchaser may assign this Agreement to any entity wholly owned,
directly or indirectly, by the Purchaser; provided, however,
that, in the event this Agreement shall be assigned to any one or more entities
wholly owned, directly or indirectly, by the Purchaser, the Purchaser named
herein shall remain liable for the obligations of the “Purchaser”
hereunder.  This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective legal representatives, successors and permitted assigns.  This Agreement is not intended and shall not
be construed to create any rights in or to be enforceable in any part by any
other persons.

 

12.7                 Severability.  If any provision of this Agreement shall be
held or deemed to be, or shall in fact be, invalid, inoperative or
unenforceable as applied to any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions or in all cases, because of the conflict
of any provision with any 

 

21

 

constitution or statute or rule of public policy or
for any other reason, such circumstance shall not have the effect of rendering
the provision or provisions in question invalid, inoperative or unenforceable
in any other jurisdiction or in any other case or circumstance or of rendering
any other provision or provisions herein contained invalid, inoperative or
unenforceable to the extent that such other provisions are not themselves
actually in conflict with such constitution, statute or rule of public
policy, but this Agreement shall be reformed and construed in any such jurisdiction
or case as if such invalid, inoperative or unenforceable provision had never
been contained herein and such provision reformed so that it would be valid,
operative and enforceable to the maximum extent permitted in such jurisdiction
or in such case.

 

12.8                 Counterparts, Etc.  This Agreement may
be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same
instrument.  This Agreement constitutes
the entire agreement of the parties hereto with respect to the subject matter
hereof and shall supersede and take the place of any other instruments
purporting to be an agreement of the parties hereto relating to the subject
matter hereof.

 

12.9                 Performance on Business Days.  In the event the date on which performance or
payment of any obligation of a party required hereunder is other than a
Business Day, the time for payment or performance shall automatically be
extended to the first Business Day following such date.

 

12.10               Attorneys’ Fees.  If any lawsuit or arbitration or other legal
proceeding arises in connection with the interpretation or enforcement of this
Agreement, the prevailing party therein shall be entitled to receive from the
other party the prevailing party’s costs and expenses, including reasonable
attorneys’ fees incurred in connection therewith, in preparation therefor and
on appeal therefrom, which amounts shall be included in any judgment therein.

 

12.11               Section and Other Headings.  The headings contained in this Agreement are
for reference purposes only and shall not in any way affect the meaning or
interpretation of this Agreement.

 

12.12               Time of Essence.  Time shall be of the essence with respect to
the performance of each and every covenant and obligation, and the giving of
all notices, under this Agreement.

 

22

 

12.13               Governing Law.  This Agreement shall be interpreted,
construed, applied and enforced in accordance with the laws of The Commonwealth
of Massachusetts.

 

12.14               Arbitration.  Any party hereto may elect to submit any
dispute hereunder that has an amount in controversy in excess of $250,000 to
arbitration hereunder.  Any such
arbitration shall be conducted in Boston, Massachusetts in accordance with the
Commercial Arbitration Rules of the American Arbitration Association then
pertaining and the decision of the arbitrators with respect to such dispute
shall be binding, final and conclusive on the parties.

 

In the event any party hereto shall
elect to submit any such dispute to arbitration hereunder, the Seller and the
Purchaser shall each appoint and pay all fees of a fit and impartial person as
arbitrator with at least ten (10) years’ recent professional experience in
the general subject matter of the dispute. 
Notice of such appointment shall be sent in writing by each party to the
other, and the arbitrators so appointed, in the event of their failure to agree
within thirty (30) days after the appointment of the second arbitrator upon the
matter so submitted, shall appoint a third arbitrator.  If either the Seller or the Purchaser shall
fail to appoint an arbitrator, as aforesaid, for a period of ten (10) days
after written notice from the other party to make such appointment, then the
arbitrator appointed by the party having made such appointment shall appoint a
second arbitrator and the two (2) so appointed shall, in the event of
their failure to agree upon any decision within thirty (30) days thereafter,
appoint a third arbitrator.  If such
arbitrators fail to agree upon a third arbitrator within forty five (45) days
after the appointment of the second arbitrator, then such third arbitrator
shall be appointed by the American Arbitration Association from its qualified
panel of arbitrators, and shall be a person having at least ten (10) years’
recent professional experience as to the subject matter in question.  The fees of the third arbitrator and the
expenses incident to the proceedings shall be borne equally between the Seller
and the Purchaser, unless the arbitrators decide otherwise.  The fees of respective counsel engaged by the
parties, and the fees of expert witnesses and other witnesses called for by the
parties, shall be paid by the respective party engaging such counsel or calling
or engaging such witnesses.

 

The decision of the arbitrators
shall be rendered within thirty (30) days after appointment of the third
arbitrator.  Such decision shall be in
writing and in duplicate, one 

 

23

 

counterpart thereof to be delivered
to the Seller and one to the Purchaser. 
A judgment of a court of competent jurisdiction may be entered upon the
award of the arbitrators in accordance with the rules and statutes
applicable thereto then obtaining.

 

12.15               Like Kind Exchange. 
At either party’s request, the non-requesting party will take all
actions reasonably requested by the requesting party in order to effectuate all
or any part of the transactions contemplated by this Agreement as a forward or
reverse like-kind exchange for the benefit of the requesting party in
accordance with Section 1031 of the Internal Revenue Code and, in the case
of a reverse exchange, Rev. Proc. 2000-37, including executing an instrument
acknowledging and consenting to any assignment by the requesting party of its
rights hereunder to a qualified intermediary or an exchange accommodation titleholder.  In furtherance of the foregoing and
notwithstanding anything contained in this Agreement to the contrary, the
requesting party may assign its rights under this Agreement to a “qualified intermediary” or an “exchange accommodation titleholder” in order to facilitate, at no cost or expense to the other, a
forward or reverse like-kind exchange under Section 1031 of the Internal
Revenue Code; provided, however, that such assignment will not
relieve the requesting party of any of its obligations hereunder.  The non-requesting party will also agree to
issue all closing documents, including the deed, to the applicable qualified
intermediary or exchange accommodation titleholder if so directed by the
requesting party prior to Closing. 
Notwithstanding the foregoing, in no event shall the non-requesting
party incur or be subject to any liability that is not otherwise provided for
in this Agreement.

 

12.16               Recording.  This Agreement may not be recorded without
the prior written consent of both parties.

 

12.17               Non-liability of Trustees of Seller.  The Declaration of Trust of the Seller, dated
September 12, 1996, as amended and supplemented, as filed with the State
Department of Assessments and Taxation of Maryland, provides that no trustee,
officer, shareholder, employee or agent of the Seller shall be held to any
personal liability, jointly or severally, for any obligation of, or claim
against, the Seller.  All persons dealing
with the Seller in any way shall look only to the assets of the Seller for the
payment of any sum or the performance of any obligation.

 

12.18               Non-liability of Trustees of Purchaser.  The Amended and Restated Declaration of Trust
establishing Government Properties Income Trust, dated June 8, 2009, as
amended and 

 

24

 

supplemented, as filed with the State Department of
Assessments and Taxation of Maryland, provides that no trustee, officer,
shareholder, employee or agent of Government Properties Income Trust shall be
held to any personal liability, jointly or severally, for any obligation of, or
claim against, Government Properties Income Trust.  All persons dealing with Government
Properties Income Trust in any way shall look only to the assets of Government
Properties Income Trust for the payment of any sum or the performance of any
obligation.

 

12.19               Waiver. 
The Purchaser hereby acknowledges that it is a sophisticated purchaser
of real properties and that it is aware of all disclosures the Seller is or may
be required to provide to the Purchaser in connection with the transactions
contemplated hereby pursuant to any law, rule or regulation (including
those of Massachusetts and those of the state in which the Property is
located).   The Purchaser hereby
acknowledges that, prior to the execution of this Agreement, the Purchaser has
had access to all information necessary to acquire the Property and the
Purchaser acknowledges that the Seller has fully and completely fulfilled any
and all disclosure obligations with respect thereto.  The Purchaser hereby fully and completely
discharges the Seller from any further disclosure obligations whatsoever
relating to the Property.

 

12.20               Further Assurances.  In addition to the actions recited herein and
contemplated to be performed, executed, and/or delivered by the Seller and the
Purchaser, the Seller and the Purchaser agree to perform, execute and/or
deliver or cause to be performed, executed and/or delivered at the Closing or
after the Closing any and all such further acts, instruments, deeds and
assurances as may be reasonably required to establish, confirm or otherwise
evidence the Seller’s satisfaction of any disclosure obligations or to
otherwise consummate the transactions contemplated hereby.

 

12.21               Financials.  The Seller shall provide
the Purchaser with access to the books and records of the Seller for the
purpose of preparing audited financial statements for the Property with respect
to the 2007, 2008, 2009 calendar years and stub 2010 period, such financial
statements to be prepared at the Purchaser’s sole cost and expense.  The provisions of this Section 12.21
shall survive the Closing.

 

[Signature page follows.]

 

25

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as a sealed instrument as of the date first above written.

 

	
   

  	
  SELLER:

  
	
   

  	
   

  
	
   

  	
  HUB PROPERTIES TRUST, a Maryland real estate investment
  trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John A. Mannix

  
	
   

  	
  Name: 

  	
  John A. Mannix

  
	
   

  	
  Its: 

  	
  President & Chief
  Investment Officer

  
	
   

  	
   

  
	
   

  	
  PURCHASER:

  
	
   

  	
   

  
	
   

  	
  GOVERNMENT PROPERTIES INCOME
  TRUST, a Maryland real estate investment trust

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David M. Blackman

  
	
   

  	
  Name:

  	
  David M. Blackman

  
	
   

  	
  Its:

  	
  Treasurer & CFO

  

 

26

 

SCHEDULE A

 

Land

 

[See attached legal
description.]

 

 

	
   

  	
  101 Executive Center Drive

  
	
   

  	
  Columbia, SC

  

 

Legal Description

 

All that certain piece, parcel or lot of land with buildings and
improvements thereon and the appurtenances thereunto belonging, situate, lying
and being in the state of South Carolina, County of Lexington, near the City of
Columbia, being known, numbered and designated as Lot 1, inclusive, on that
certain plat entitled “Koger Executive Center”, dated November 15, 1982, and
recorded in the Office of the Register of Deeds for Lexington County in Plat
Book 190-G, Page 149, Plat #175. Reference to which is hereby made for a more particular
description of the property.

 

ii

 

SCHEDULE B

 

Rent Roll

 

[See attached copy.]

 

 

INDEX

Lease

 

1.                                       Lease Agreement, dated July 26, 1994, by and between Centoff
Realty Company (“Landlord”) and South Carolina School for the Deaf and Blind (“Tenant”).

 

2.                                       Lease Agreement, dated July 26, 2005, by and between SBP
Columbia LLC (“Landlord”) and S.C. School for the Deaf and Blind (“Tenant”).

 

3.                                       First Amendment to Lease
Agreement, dated January 31,
2008, by and between Hub Properties Trust (“Landlord”) and the S.C. School for
the Deaf and Blind (“Tenant”). Re: Expansion into Ste. 208 at property #
604491, 121 Executive Center Drive.

 

4.                                       Second Amendment to Lease, dated June 17, 2009, by and between Hub
Properties Trust (“Landlord”) and the S.C. School for the Deaf and Blind (“Tenant”).  Re: Expansion into Ste. 102.

 

ii

 

INDEX

Lease

 

1.                                       Governmental Real Estate Lease
Agreement, dated July 25,
2008, by and between Hub Properties Trust (“Landlord”) and S.C. Department of
Alcohol and Other Abuse Services (“Tenant”).

 

iii

 

INDEX

Lease

 

1.                                       Governmental Real Estate Lease
Agreement, dated April 30,
2008, by and between Hub Properties Trust (“Landlord”) and S.C. Public Service
Commission (“Tenant”).

 

iv

 

SCHEDULE C

 

Form of Deed

 

[See attached copy.]

 

 

	
   

  	
  2006026133 FILED,
  RECORDED, INDEXED

  
	
   

  	
  05/12/2006 16:26:14:293

  
	
   

  	
  Rec Fee: $13.00 St Fee:
  $132,860.00

  
	
   

  	
  Co Fee: $56,210.00 Pages:7

  
	
   

  	
  Lexington County ROD Debra
  M. Gunter

  
	
   

  	
  DEED Bk:Pg 11053:291

  

 

Prepared by (and after
recording return to):

 

Louis A. Monti, Esq. 

Sullivan &
Worcester LLP 

One Post Office Square 

Boston, MA 02109 

At the Direction of:

 

At the Direction of:

 

M. Todd
Haynie, III, Esq. 

Haynsworth
Sinkler & Boyd, P.A.

1426 Main Street,
Suite 1200 

Columbia, SC 29201-2834

 

LIMITED
WARRANTY DEED 

(Synergy
Business Park, Columbia, South Carolina)

 

	
  STATE OF SOUTH CAROLINA

  	
  )

  	
   

  
	
   

  	
  )

  	
  LIMITED WARRANTY DEED

  
	
  COUNTY OF LEXINGTON

  	
  )

  	
   

  

 

KNOW ALL MEN BY THESE
PRESENTS, that SBP COLUMBIA, L.L.C., a Virginia limited
liability company holding an undivided ninety percent (90%) interest, and MARINER  CROSSING COLUMBIA, L.L.C.,
a Virginia limited liability company holding an undivided ten percent (10%)
interest (jointly and severally, the “Grantor”), whose address is c/o
Harbor Group International, 999 Waterside Drive, Suite 2300, Norfolk,
Virginia 23510, for and in consideration of FIFTY-ONE MILLION ONE HUNDRED
THOUSAND DOLLARS ($51,100,000), paid at and before the sealing of these
presents by HUB PROPERTIES TRUST, a Maryland
real estate investment trust (the “Grantee”), whose address is c/o HRPT
Properties Trust, 400 Centre Street, Newton, Massachusetts 02458, the receipt
and sufficiency of which are hereby acknowledged, have granted, bargained, sold
and released, and by these presents does grant, bargain, sell and release, unto
the said Grantee, its successors and assigns forever, the following described
property to wit:

 

2

 

See Exhibit A
attached hereto and incorporated herein by reference.

 

TOGETHER with all and singular,
the rights, members, hereditaments and appurtenances to the said premises
belonging, or in anywise incident or appertaining.

 

TO HAVE AND TO HOLD all and
singular the premises before mentioned unto the said Grantee, its successors
and assigns, forever.

 

And the Grantor does hereby
bind itself and its successors and assigns, to warrant and forever defend, all
and singular, said premises unto the said Grantee, its successors and assigns, against
itself and its successors and assigns, and any persons whomsoever lawfully
claiming by, through or under Grantor, but not otherwise, the same or any part
thereof.

 

THIS CONVEYANCE is made
expressly subject to the matters set forth on Exhibit B attached
hereto and incorporated herein by reference.

 

[INTENTIONALLY
LEFT BLANK; SIGNATURES CONTAINED ON NEXT PAGE]

 

3

 

WITNESS its hand and seal as
of the 10th day of May, 2006.

 

	
   

  	
  GRANTOR:

  
	
   

  	
   

  
	
  Signed, sealed and
  delivered in the presence of: 

  	
  SBP COLUMBIA, L.L.C., a
  Virginia limited liability company 

  
	
   

  	
   

  
	
   

  	
  By: Synergy SC Managing Co., Inc, a Virginia corporation, its
  manager

  

 

 

	
  Michael A. Locke

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Litton, Jr.

  
	
  Kelly Seabold

  	
   

  	
  Name:

  	
  T. Richard Litton, Jr.

  
	
  Print Name:

  	
   

  	
  Title:

  	
  Vice President

  

 

 

	
   

  	
  MARINER CROSSING COLUMBIA,
  L.L.C., a Virginia limited liability company

  
	
   

  	
   

  
	
   

  	
  By: Mariner SC Managing Co., Inc., a Virginia corporation, its
  manager

  

 

	
  Michael A. Locke

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ T. Richard Litton, Jr.

  
	
  Kelly Seabold

  	
   

  	
  Name:

  	
  T. Richard Litton, Jr.

  
	
  Print Name:

  	
   

  	
  Title:

  	
  Vice President

  

 

4

 

Synergy
Business Park 

Columbia,
South Carolina

 

Exhibit A

 

Property
Description

 

All that certain piece,
parcel or lot of land with buildings and improvements thereon and the
appurtenances thereunto belonging, situate, lying and being in the state of
South Carolina, County of Lexington, near the City of Columbia, being known,
numbered and designated as Lots 1 through 10, inclusive, on that certain plat
entitled “Koger Executive Center”, dated November 15,1982, and recorded in
the Office of the Register of Deeds for Lexington County in Plat Book 190-G,
Page 149, Plat #175. Reference to which is hereby made for a more
particular description of the property.

 

This being the same property
conveyed to SBP Columbia, L.L.C., a Virginia limited liability company and
Mariner Crossing Columbia, L.L.C., a Virginia limited liability company by deed
of Centoff Realty Company, Inc., a Delaware corporation (successor-by-merger
to Carocen Realty Company, Inc., a Delaware corporation, and Koger Office
Park, Inc., a Florida corporation) recorded on October 31, 2000 in
Record Book 6848, Page 137; and by Quit-Claim Deed recorded on October 31,
2000, in Record Book 6848, Page 129, all in the Office of the Register of
Deeds for Lexington County, South Carolina.

 

TMS#s: 003697-02-069,
003697-02-022, 003697-02-072, 003697-02-062, 003697-02-063, 003697-02-066,
003697-02-058, and 003697-02-057.

 

5

 

	
  COMMONWEALTH OF VIRGINIA

  	
  )

  	
   

  
	
   

  	
  )

  	
  ACKNOWLEDGEMENT

  
	
  CITY
  OF Norfolk

  	
  )

  	
   

  

 

The foregoing instrument was
acknowledged before me this 9th day of May, 2006, by T. Richard Litton, Jr., Vice President of
Synergy SC Managing Co., Inc., a Virginia corporation, as Manager of SBP
COLUMBIA, L.L.C., a Virginia limited liability company, on behalf of the
limited liability company.

 

	
   

  	
  /s/ Lucinda W. Klevecz

  	
   

  
	
   

  	
   

  	
  Lucinda
  W. Klevecz

  
	
   

  	
   

  	
  NOTARY
  PUBLIC

  
	
   

  	
  Notary Public

  	
  Commonwealth of Virginia

  
	
   

  	
  My commission expires:

  	
  My
  commission expires 12/31/2008

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NOTARY
  SEAL]

  

 

	
  COMMONWEALTH OF VIRGINIA

  	
  )

  	
   

  
	
   

  	
  )

  	
  ACKNOWLEDGEMENT

  
	
  CITY
  OF Norfolk

  	
  )

  	
   

  

 

The
foregoing instrument was acknowledged before me this 9th day of May,
2006, by T. Richard Litton,  Jr., Vice President of Mariner SC
Managing Co., Inc., a Virginia corporation, as Manager of MARINER CROSSING
COLUMBIA, L.L.C., a Virginia limited liability company, on behalf of the
limited liability company.

 

	
   

  	
  /s/ Lucinda W. Klevecz

  	
   

  
	
   

  	
   

  	
  Lucinda
  W. Klevecz

  
	
   

  	
   

  	
  NOTARY
  PUBLIC

  
	
   

  	
  Notary Public

  	
  Commonwealth of Virginia

  
	
   

  	
  My commission expires:

  	
  My
  commission expires 12/31/2008

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NOTARY
  SEAL]

  

 

6

 

Exhibit B

 

PERMITTED
EXCEPTIONS

 

1.        Taxes for the year 2006 and subsequent years, are a lien not
yet due and payable

 

2.        Rights of tenants, as tenants only, under recorded and
unrecorded leases.

 

3.                         Reservation of
Timber contained in deed from E.F. Metze to J.A.
Jackson, dated 11/07/1905, recorded in Book ZZ, Page 232. [Lots
1-10, inclusive]

 

4.                         Easement granted
South Carolina Electric & Gas Company, Inc. by instrument
recorded in Deed Book 11J, Page 244. [Lots 1-10]

 

5.                         Easement
granted South Carolina Electric & Gas Company, Inc. by instrument
recorded in Deed Book 752, Page 160. [Lot 5 Only]

 

6.                         Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 751, Page 191. [Lot 5 Only]

 

7.                         Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 752, Page 290. [Lots 4 & 5 Only]

 

8.                         Easement granted
Mid-Carolina Electric Cooperative, Inc. by instrument recorded in Deed
Book 752, Page 293. [Lots 8, 9 & 10 Only]

 

9.                         Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 560, Page 347. [Lots 1 & 2 Only]

 

10.                   Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 607, Page 116. [Lots 3 & 6 Only]

 

11.                   Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 607, Page 119. [Lots 7 & 8 Only]

 

12.                   Easement
granted Mid-Carolina Electric Cooperative, Inc. by instrument recorded in
Deed Book 459, Page 124. [Lots 8, 9 and 10]

 

13.                   Easement
granted City of Columbia by instrument recorded in Deed Book 1430,
Page 169. [Lots 8 & 9 Only]

 

14.                   Easement granted
City of Columbia by instrument recorded in  Deed
Book 540, Page 8. [Lots 1, 2, 3 & 8 Only]

 

15.                   Easement
granted Southern Bell Telephone and Telegraph Company by instrument recorded in
Deed Book 751, Page 76. [Lot 5 Only]

 

16.                   Declaration of
Covenants with the City of Columbia recorded in Deed Book 2756, Page 315.
[Lot 7 Only]

 

7

 

17.                   Non-Exclusive
easement and License for Access, Ingress and Egress to Lot 9, Block V,
Woodland Hills, recorded in Book 471, Page 247 and shown on plat recorded
in Plat Book 64-G, Page 120. [Lot 6 Only]

 

18.                   Grant of
relocated easements and rights of way to Alpine Utilities, Inc. recorded
in Deed Book 542, Page 280. [Lots 2, 3, 4, 5, 8, 9 & 10]

 

8

 

	
  STATE OF SOUTH CAROLINA

  	
  )

  	
   

  
	
   

  	
  )

  	
  AFFIDAVIT

  
	
  COUNTY OF RICHLAND

  	
  )

  	
   

  

 

PERSONALLY appeared before
me the undersigned, who being duly sworn, deposes and says;

 

1.         I have read the information on this Affidavit and I
understand such information.

 

2.                           The property is
being transferred by SBP Columbia, LLC and Mariner Crossing Columbia, LLC to
Hub Properties Trust on May 12, 2006.

 

3.         Check on of the following: The DEED is

 

(a) x subject to the
deed recording fee as a transfer for consideration paid or to be paid in money
or money’s worth.

 

(b)
o subject to the
deed recording fee as a transfer between a corporation, a partnership, or other
entity and a stockholder, partner, or owner of the entity, or is a transfer to
a trust or as distribution to a trust beneficiary.

 

(c)
o EXEMPT from
the deed recording fee because Property is being conveyed to shareholders of a
dissolving corporation.

 

4.         Check one of the following if either item 3(a) or item
3(b) above has been checked.

 

(a) x The fee
is computed on the consideration paid or to be paid in money or money’s worth
in the amount of $51,100,000,00

 

(b) o The fee
is computed on the fair market value of the realty which is $

 

(c) o The fee
is computed on the fair  market value of the realty as
established for property tax purposes which is $     .

 

5.                           Check YES o or NO o to the
following: A lien or encumbrance existed on the land, tenement, or realty
before the transfer and remained on the land, tenement, or realty after the
transfer. If “YES”, the amount of the outstanding balance of this lien or
encumbrance is $      .

 

6.      The DEED Recording Fee is computed as
follows:

 

(a) $51,100,000 the amount
listed in item 4 above.

 

(b) -0-
the amount listed in item 5 above (if no amount, place zero).

 

(c) $51,100,000
Subtract Line 6(b) from Line 6(a) and place the result.

 

7.                           As required by
Code Section 12-24-70, I state that I am a responsible person who was
connected with the transaction as: buyer’s Attorney.

 

8.                           Check if
Property other than Real Property is being transferred on this Deed.

(a) o Mobiles Home

(b) o Other

 

9.                                  DEED
OF DISTRIBUTION — ATTORNEY’S AFFIDAVIT: Estate of
                           ,
deceased CASE NUMBER                .
Personally appeared before me the undersigned attorney who, being duly sworn,
certified that(s) he is licensed to practice law in the State of South
Carolina; that(s) he has prepared the deed of Distribution for the Personal
Rep. in the Estate of                                                        ,
deceased and that the grantee(s) therein are correct and conform to the
estate file for the above name decedent.

 

10.                    I understand that a person
required to furnish this affidavit who willfully furnishes a false or
fraudulent affidavit is guilty of a misdemeanor and, upon conviction, must be
fined not more than one thousand dollars or imprisoned not more than one year,
or both.

 

	
   

  	
  Grantee, Grantor or Legal
  Representative connected with this transaction

  
	
   

  	
   

  
	
   

  	
  /s/ M. Todd Haynie III

  
	
   

  	
  M. Todd Haynie III,
  Attorney for buyer

  

 

	
  Sworn to before me this 12th

  	
   

  
	
  day of May, 2006.

  	
   

  
	
   

  	
   

  
	
  [ILLEGIBLE]

  	
   

  
	
  Notary Public for SC

  	
   

  
	
  My Commission Expires
  6/14/06

  	
   

  

 

9

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