AMENDMENT NO. 2 AMENDED AND RESTATED ADVISORY CONTRACT

Consulting Services Agreement

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B. F. Saul Company | B. F. Saul Real Estate Investment Trust

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Title: AMENDMENT NO. 2 AMENDED AND RESTATED ADVISORY CONTRACT
Date: 4/20/2007

Exhibit 10(o)

AMENDMENT NO. 2

AMENDED AND RESTATED ADVISORY CONTRACT

THIS AMENDMENT NO. 2 is made as of January 18, 2007, between B. F. Saul Company (the “Advisor”) and B. F. Saul Real Estate Investment Trust (the “Trust”).

WHEREAS, the Advisor and the Trust entered into an Amended and Restated Advisory Contract (the “Contract”) effective as of October 1, 2005, and Amendment No. 1 to Amended and Restated Advisory Contract, made as of April 3, 2006, which the Advisor and the Trust now wish to amend in certain respects, in accordance wi

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