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                                                                    EXHIBIT 10.3
                                    FORM OF
                    PROPERTY MANAGEMENT AND LEASING AGREEMENT

        This PROPERTY MANAGEMENT AND LEASING AGREEMENT (this "Management
Agreement") is made and entered into as of the ___ day of _________, 2005, by
and among BEHRINGER HARVARD OPPORTUNITY REIT I, INC., a Maryland corporation
("BH OPPORTUNITY REIT"), BEHRINGER HARVARD OPPORTUNITY OP I, LP, a Texas limited
partnership ("BH OPPORTUNITY LP"), and HPT MANAGEMENT SERVICES LP, Texas limited
partnership (the "Manager").

        WHEREAS, BH OPPORTUNITY LP was organized to acquire, own, operate, lease
and manage real estate properties on behalf of BH OPPORTUNITY REIT;

        WHEREAS, BH OPPORTUNITY REIT intends to raise money from the sale of its
common stock to be used, net of payment of certain offering costs and expenses,
for investment in the acquisition or construction of income-producing real
estate and other real estate-related investments (including the making or
purchase of mortgage loans), some or all of which are to be acquired and held by
Owner (as hereinafter defined) on behalf of BH OPPORTUNITY REIT;

        WHEREAS, Owner intends to continue to retain Manager to manage and
coordinate the leasing of certain of the real estate properties acquired by
Owner under the terms and conditions set forth in this Management Agreement; and

        WHEREAS, the parties desire to amend and restate the Original Management
Agreement in its entirety ion accordance with the terms and provisions hereof;

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound hereby, do
hereby agree, as follows:

                                    ARTICLE I

                                   DEFINITIONS

        Except as otherwise specified or as the context may otherwise require,
the following terms have the respective meanings set forth below for all
purposes of this Management Agreement, and the definitions of such terms are
equally applicable both to the singular and plural forms thereof:

1.1     "Affiliate" means, with respect to any Person, (i) any Person directly
or indirectly owning, controlling or holding, with the power to vote, 10% or
more of the outstanding voting securities of such other Person; (ii) any Person
10% or more of whose outstanding voting securities are directly or indirectly
owned, controlled or held, with the power to vote, by such other Person; (iii)
any Person directly or indirectly controlling, controlled by or under common
control with such other Person; (iv) any executive officer, director, trustee or
general partner of such other Person; and (v) any legal entity for which such
Person acts as an executive officer, director, trustee or general partner.

1.2     "Gross Revenues" means all amounts actually collected as rents or other
charges for the use and occupancy of the Properties, but shall exclude interest
and other investment income of Owner and proceeds received by Owner for a sale,
exchange, condemnation, eminent domain taking, casualty or other disposition of
assets of Owner.

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1.3     "Improvements" means buildings, structures, equipment from time to time
located on the Properties and all parking and common areas located on the
Properties.

1.4     "Intellectual Property Rights" means all rights, titles and interests,
whether foreign or domestic, in and to any and all trade secrets, confidential
information rights, patents, invention rights, copyrights, service marks,
trademarks, know-how, or similar intellectual property rights and all
applications and rights to apply for such rights, as well as any and all moral
rights, rights of privacy, publicity and similar rights and license rights of
any type under the laws or regulations of any governmental, regulatory, or
judicial authority, foreign or domestic and all renewals and extensions thereof.

1.5     "Lease" means, unless the context otherwise requires, any lease or
sublease made by Owner as landlord or by its predecessor.

1.6     "Management Fees" has the meaning set forth in Section 5.1 hereof.

1.7     "Owner" means BH OPPORTUNITY REIT, BH OPPORTUNITY LP and any joint
venture, limited liability company or other Affiliate of BH OPPORTUNITY REIT or
BH OPPORTUNITY LP that owns, in whole or in part, on behalf of BH OPPORTUNITY
REIT, any Properties.

1.8     "Person" means an individual, corporation, association, business trust,
estate, trust, partnership, limited liability company or other legal entity.

1.9     "Properties" means all real estate properties owned by Owner and all
tracts as yet unspecified but to be acquired by Owner containing
income-producing improvements or on which Owner will construct income-producing
improvements.

1.10    "Proprietary Properties" means all modeling algorithms, tools, computer
programs, know-how, methodologies, processes, technologies, ideas, concepts,
skills, routines, subroutines, operating instructions and other materials and
aides used in performing the duties set forth in Article 2 that relate to
management advice, services and techniques regarding current and potential
Properties, and all modifications, enhancements and derivative works of the
foregoing.

                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

2.1     APPOINTMENT OF MANAGER. Owner hereby engages and retains Manager as the
manager and as tenant coordinating agent of the Properties, and Manager hereby
accepts such appointment on the terms and conditions hereinafter set forth; it
being understood that this Management Agreement shall cause Manager to be, at
law, Owner's agent upon the terms contained herein.

2.2     GENERAL DUTIES. Manager shall devote its best efforts to performing its
duties hereunder to manage, operate, maintain and lease the Properties in a
diligent, careful and vigilant manner. The services of Manager are to be of
scope and quality not less than those generally performed by professional
property managers of other similar properties in the area. Manager shall make
available to Owner the full benefit of the judgment, experience and advice of
the members of Manager's organization and staff with respect to the policies to
be pursued by Owner relating to the operation and leasing of the Properties.

2.3     SPECIFIC DUTIES. Manager's duties include the following:

                (a)     LEASE OBLIGATIONS. Manager shall perform all duties of
        the landlord under all Leases insofar as such duties relate to
        operation, maintenance, and day-to-day management. Manager shall also
        provide or cause to be provided, at Owner's expense, all services
        normally provided to tenants of like premises, including where
        applicable and without limitation, gas,

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        electricity or other utilities required to be furnished to tenants under
        Leases, normal repairs and maintenance, and cleaning, and janitorial
        service. Manager shall arrange for and supervise the performance of all
        installations and improvements in space leased to any tenant that are
        either expressly required under the terms of the lease of such space or
        that are customarily provided to tenants.

                (b)     MAINTENANCE. Manager shall cause the Properties to be
        maintained in the same manner as similar properties in the area.
        Manager's duties and supervision in this respect shall include, without
        limitation, cleaning of the interior and the exterior of the
        Improvements and the public common areas on the Properties and the
        making and supervision of repair, alterations, and decoration of the
        Improvements, subject to and in strict compliance with this Management
        Agreement and the Leases. Construction activities undertaken by Manager,
        if any, will be limited to activities related to the management,
        operation, maintenance, and leasing of the Property (e.g., repairs,
        renovations, and leasehold improvements).

                (c)     LEASING FUNCTIONS. Manager shall coordinate the leasing
        of the Properties and shall negotiate and use its best efforts to secure
        executed Leases from qualified tenants, and to execute same on behalf of
        Owner, if requested, for available space in the Properties, such Leases
        to be in form and on terms approved by Owner and Manager, and to bring
        about complete leasing of the Properties. Manager shall be responsible
        for the hiring of all leasing agents, as necessary for the leasing of
        the Properties, and to otherwise oversee and manage the leasing process
        on behalf of Owner.

                (d)     NOTICE OF VIOLATIONS. Manager shall forward to Owner
        promptly upon receipt all notices of violation or other notices from any
        governmental authority, and board of fire underwriters or any insurance
        company, and shall make such recommendations regarding compliance with
        such notice as shall be appropriate.

                (e)     PERSONNEL. Any personnel hired by Manager to maintain,
        operate and lease the Property shall be the employees or independent
        contractors of Manager and not of Owner of such Property, BH OPPORTUNITY
        LP or BH OPPORTUNITY REIT. Manager shall use due care in the selection
        and supervision of such employees or independent contractors. Manager
        shall be responsible for the preparation of and shall timely file all
        payroll tax reports and timely make payments of all withholding and
        other payroll taxes with respect to each employee.

                (f)     UTILITIES AND SUPPLIES. Manager shall enter into or
        renew contracts for electricity, gas, steam, landscaping, fuel, oil,
        maintenance and other services as are customarily furnished or rendered
        in connection with the operation of similar rental property in the area.

                (g)     EXPENSES. Manager shall analyze all bills received for
        services, work and supplies in connection with maintaining and operating
        the Properties, pay all such bills when due, and, if requested by Owner,
        pay, when due, utility and water charges, sewer rent and assessments,
        and any other amount payable in respect to the Properties. All bills
        shall be paid by Manager within the time required to obtain discounts,
        if any. Owner may from time to time request that Manager forward certain
        bills to Owner promptly after receipt, and Manager shall comply with any
        such request. Manager shall pay all bills, assessments, real property
        taxes, insurance premiums and any other amount payable in respect to the
        Properties out of the Account (as hereinafter defined). All expenses
        shall be billed at net cost (I.E., less all rebates, commissions,
        discounts and allowances, however designed).

                (h)     MONIES COLLECTED. Manager shall timely collect all rent
        and other monies, in the form of a check or money order, from tenants
        and any sums otherwise due Owner with respect to the Properties in the
        ordinary course of business. Owner authorizes Manager to request,

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        demand, collect and provide receipt for all such rent and other monies
        and to institute legal proceedings in the name of Owner for the
        collection thereof and for the dispossession of any tenant in default
        under its Lease.

                (i)     BANKING ACCOMMODATIONS. Manager shall establish and
        maintain a separate checking account (the "Account") for funds relating
        to the Properties. All monies deposited from time to time in the Account
        shall be deemed to be trust funds and shall be and remain the property
        of Owner and shall be withdrawn and disbursed by Manager for the account
        of Owner only as expressly permitted by this Management Agreement for
        the purposes of performing the obligations of Manager hereunder. No
        monies collected by Manager on Owner's behalf shall be commingled with
        funds of Manager. The Account shall be maintained, and monies shall be
        deposited therein and withdrawn therefrom, in accordance with the
        following:

                        (i)     All sums received from rents and other income
                                from the Properties shall be promptly deposited
                                by Manager in the Account. Manager shall have
                                the right to designate two or more persons who
                                shall be authorized to draw against the Account,
                                but only for purposes authorized by this
                                Management Agreement.

                        (ii)    All sums due to Manager hereunder, whether for
                                compensation, reimbursement for expenditures, or
                                otherwise, as herein provided, shall be a charge
                                against the operating revenues of the Properties
                                and shall be paid and/or withdrawn by Manager
                                from the Account prior to the making of any
                                other disbursements therefrom.

                        (iii)   By the 15th day after the end of each month,
                                Manager shall forward to Owner all monies
                                contained in the Account other than a reserve of
                                $5,000 and any other amounts otherwise provided
                                in the budget, which shall remain in the
                                Account.

                (j)     OWNERSHIP AGREEMENTS. Manager has received copies of
        (and will be provided with copies of future) Articles of Incorporation,
        Agreements of Limited Partnership, Joint Venture Partnership Agreements
        and Operating Agreements, each as may be amended from time to time, of
        Owner, as applicable (the "Ownership Agreements") and is familiar with
        the terms thereof. Manager shall use reasonable care to avoid any act or
        omission that, in the performance of its duties hereunder, shall in any
        way conflict with the terms of Ownership Agreements.

                (k)     SIGNS. Manager shall place and remove, or cause to be
        placed and removed, such signs upon the Properties as Manager deems
        appropriate, subject, however, to the terms and conditions of the Leases
        and to any applicable ordinances and regulations.

2.4     APPROVAL OF LEASES, CONTRACTS, ETC. In fulfilling its duties to Owner,
Manager may and hereby is authorized to enter into any leases, contracts or
agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of the Property.

2.5     ACCOUNTING, RECORDS AND REPORTS.

                (a)     RECORDS. Manager shall maintain all office records and
        books of account and shall record therein, and keep copies of, each
        invoice received from services, work and supplies ordered in connection
        with the maintenance and operation of the Properties. Such records shall
        be maintained on a double entry basis. Owner and persons designated by
        Owner shall at all reasonable time have access to and the right to audit
        and make independent examinations of such records, books and accounts
        and all vouchers, files and all other material pertaining to the
        Properties and this Management Agreement, all of which Manager agrees to
        keep safe, available

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        and separate from any records not pertaining to the Properties, at a
        place recommended by Manager and approved by Owner.

                (b)     MONTHLY REPORTS. On or before the 15th day after the end
        of each month during the term of this Management Agreement, Manager
        shall prepare and submit to Owner the following reports and statements:

                        (i)     rental collection record;

                        (ii)    monthly operating statement;

                        (iii)   copy of cash disbursements ledger entries for
                                such period, if requested;

                        (iv)    copy of cash receipts ledger entries for such
                                period, if requested;

                        (v)     the original copies of all contracts entered
                                into by Manager on behalf of Owner during such
                                period, if requested; and

                        (vi)    copy of ledger entries for such period relating
                                to security deposits maintained by Manager, if
                                requested.

                (c)     BUDGETS AND LEASING PLANS. Not later than November 15 of
        each calendar year, Manager shall prepare and submit to Owner for its
        approval an operating budget and a marketing and leasing plan on each
        Property for the calendar year immediately following such submission. In
        connection with any acquisition of a Property by Owner, Manager shall
        prepare a budget and marketing and leasing plan for the remainder of the
        calendar year. The budget and marketing and leasing plan shall be in the
        form of the budget and plan approved by Owner prior to the date thereof.
        As often as reasonably necessary during the period covered by any such
        budget, Manager may submit to Owner for its approval an updated budget
        or plan incorporating such changes as shall be necessary to reflect cost
        over-runs and the like during such period. If Owner does not disapprove
        any such budget within 30 days after receipt thereof by Owner, such
        budget shall be deemed approved. If Owner shall disapprove any such
        budget or plan, it shall so notify Manager within said 30-day period and
        explain the reasons therefor. If Owner disapproves of any budget or
        plan, Manager shall submit a revised budget or plan, as applicable,
        within 10 (ten) days of receipt of the notice of disapproval, and Owner
        shall have 10 (ten) days to provide notice to Manager if it disapproves
        of any such revised budget or plan. Manager will not incur any costs
        other than those estimated in any budget except for:

                        (i)     tenant improvements and real estate commissions
                                required under a Lease;

                        (ii)    maintenance or repair costs under $5,000 per
                                Property;

                        (iii)   costs incurred in emergency situations in which
                                action is immediately necessary for the
                                preservation or safety of the Property, or for
                                the safety of occupants or other persons (or to
                                avoid the suspension of any necessary service of
                                the Property);

                        (iv)    expenditures for real estate taxes and
                                assessment; and

                        (v)     maintenance supplies calling for an aggregate
                                purchase price less than $25,000 per annum for
                                all Properties.

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        Budgets prepared by Manager shall be for planning and informational
        purposes only, and Manager shall have no liability to Owner for any
        failure to meet any such budget. However, Manager will use its best
        efforts to operate within the approved budget.

                (d)     LEGAL REQUIREMENTS. Manager shall execute and file when
        due all forms, reports, and returns required by law relating to the
        employment of its personnel. Manager shall be responsible for notifying
        Owner in the event it receives notice that any Improvement on a Property
        or any equipment therein does not comply with the requirements of any
        statute, ordinance, law or regulation of any governmental body or of any
        public authority or official thereof having or claiming to have
        jurisdiction thereover. Manager shall promptly forward to Owner any
        complaints, warnings, notices or summonses received by it relating to
        such matters. Owner represents that to the best of its knowledge each of
        its Properties and any equipment thereon will upon acquisition by Owner
        comply with all such requirements. Owner authorizes Manager to disclose
        the ownership of the Property by Owner to any such officials. Owner
        agrees to indemnify, protect, defend, save and hold Manager and its
        stockholders, officers, directors, employees, managers, successors and
        assigns (collectively, the "Indemnified Parties") harmless of and from
        any and all Losses (as defined in Section 3.5(a) hereof) that may be
        imposed on them or any or all of them by reason of the failure of Owner
        to correct any present or future violation or alleged violation of any
        and all present or future laws, ordinances, statutes, or regulations of
        any public authority or official thereof, having or claiming to have
        jurisdiction thereover, of which it has actual notice.

2.6     GUARANTY OF DEPOSITS. Should Owner acquire real property from Behringer
Development Company LP, a Texas limited partnership ("Behringer Development"),
Manager hereby guarantees the full, prompt and unconditional refund of any
earnest money deposit paid by Owner to Behringer Development should Owner be
entitled to such refund as a result of (i) the failure of Behringer Development
to develop the property, (ii) the failure of all or a specified portion of the
pre-leased tenants to take possession under their leases for any reason, or
(iii) the inability of Owner to pay the full purchase price at closing.

                                   ARTICLE III

           AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

3.1     AUTHORITY AS TO TENANTS, ETC. Owner agrees and does hereby give Manager
the following exclusive authority and powers (all of which shall be exercised
either in the name of Manager, as Manager for Owner, or in the name or Owner
entered into by Manager as Owner's authorized agent, and Owner shall assume all
expenses in connection with such matters):

                (a)     to advertise each Property or any part thereof and to
        display signs thereon, as permitted by law;

                (b)     to lease the Properties to tenants;

                (c)     to pay all expenses of leasing such Property, including
        but not limited to, newspaper and other advertising, signage, banners,
        brochures, referral commissions, leasing commissions, finder's fees and
        salaries, bonuses and other compensation of leasing personnel
        responsible for the leasing of the Property;

                (d)     to cause references of prospective tenants to be
        investigated, it being understood and agreed by the parties hereto that
        Manager does not guarantee the creditworthiness or collectibility of
        accounts receivable from tenants, users or lessees; and to negotiate new

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        Leases and renewals and cancellations of existing Leases that shall be
        subject to Manager obtaining Owner's approval;

                (e)     to collect from tenants all or any of the following: a
        late rent administrative charge, a non-negotiable check charge, credit
        report fee, a subleasing administrative charge and/or broker's
        commission; and Manager need not account for such charges and/or
        commission to Owner;

                (f)     to terminate tenancies and to sign and serve in the name
        of Owner of each Property such notices as are deemed necessary by
        Manager;

                        (i)     to institute and prosecute actions to evict
                                tenants and to recover possession of the
                                Property or portions thereof;

                        (ii)    with Owner's authorization, to sue for and in
                                the name of Owner and recover rent and other
                                sums due; and to settle, compromise, and release
                                such actions or suits, or reinstate such
                                tenancies. All expenses of litigation including,
                                but not limited to, attorneys' fees, filing
                                fees, and court costs that Manager shall incur
                                in connection with the collecting of rent and
                                other sums, or to recover possession of any
                                Property or any portion thereof, shall be deemed
                                to be an operational expense of the Property.
                                Manager and Owner shall concur on the selection
                                of the attorneys to handle such litigation.

3.2     OPERATIONAL AUTHORITY. Owner agrees and does hereby give Manager the
following exclusive authority and powers (all of which shall be exercised either
in the name of Manager, as Manager for Owner, or in the name or Owner entered
into by Manager as Owner's authorized agent, and Owner shall assume all expenses
in connection with such matters):

                (a)     to hire, supervise, discharge, and pay all labor
        required for the operation and maintenance of each Property including
        but not limited to on-site personnel, managers, assistant managers,
        leasing consultants, engineers, janitors, maintenance supervisors and
        other employees required for the operation and maintenance of the
        Property, including personnel spending a portion of their working hours
        (to be charged on a pro rata basis) at the Property. All expenses of
        such employment shall be deemed operational expenses of the Property.

                (b)     to make or cause to be made all ordinary repairs and
        replacements necessary to preserve each Property in its present
        condition and for the operating efficiency thereof and all alterations
        required to comply with lease requirements, and to decorate the
        Property;

                (c)     to negotiate and enter into, as Manager of the Property,
        contracts for all items on budgets that have been approved by Owner, any
        emergency services or repairs for items not exceeding $5,000,
        appropriate service agreements and labor agreements for normal operation
        of the Property, which have terms not to exceed three years, and
        agreements for all budgeted maintenance, minor alterations, and utility
        services, including, but not limited to, electricity, gas, fuel, water,
        telephone, window washing, scavenger service, landscaping, snow removal,
        pest exterminating, decorating and legal services in connection with the
        Leases and service agreements relating to the Property, and other
        services or such of them as Manager may consider appropriate; and

                (d)     to purchase supplies and pay all bills.

Manager shall use its best efforts to obtain the foregoing services and
utilities for the Property under terms that are as cost-effective and otherwise
favorable to Manager as possible for the quality of services and utilities
required. Owner hereby appoints Manager as Owner's authorized Manager for the

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purpose of executing, as Manager for said Owner, all such contracts. In
addition, Owner agrees to specifically assume in writing all obligations under
all such contracts so entered into by Manager, on behalf of Owner of the
Property, upon the termination of this Agreement, and Owner shall indemnify,
protect, save, defend and hold Manager and the other Indemnified Parties
harmless from and against any and all Losses resulting from, arising out of or
in any way related to such contracts and that relate to or concern matters
occurring after termination of this Agreement, but excluding matters arising out
of Manager's willful misconduct, gross negligence and/or unlawful acts. Manager
shall secure the approval of, and execution of appropriate contracts by, Owner
for any non-budgeted and non-emergency/contingency capital items, alterations or
other expenditures in excess of $5,000 for any one item, securing for each item
at least three written bids, if practicable, or providing evidence satisfactory
to Owner that the contract amount is lower than industry standard pricing, from
responsible contractors. Manager shall have the right from time to time during
the term hereof, to contract with and make purchases from Affiliates of Manager,
provided that contract rates and prices are competitive with other available
sources. Manager may at any time and from time to time request and receive the
prior written authorization of Owner of the Property of any one or more
purchases or other expenditures, notwithstanding that Manager may otherwise be
authorized hereunder to make such purchases or expenditures.

3.3     RENT AND OTHER COLLECTIONS. Owner agrees and does hereby give Manager
the exclusive authority and powers (all of which shall be exercised either in
the name of Manager, as Manager for Owner, or in the name or Owner entered into
by Manager as Owner's authorized agent, and Owner shall assume all expenses in
connection with such matters) to collect rents and/or assessments and other
items, including but not limited to tenant payments for real estate taxes,
property liability and other insurance, damages and repairs, common area
maintenance, tax reduction fees and all other tenant reimbursements,
administrative charges, proceeds of rental interruption insurance, parking fees,
income from coin operated machines and other miscellaneous income, due or to
become due and give receipts therefor and to deposit all such Gross Revenue
collected hereunder in the Account. Manager may endorse any and all checks
received in connection with the operation of any Property and drawn to the order
of Owner, and Owner shall, upon request, furnish Manager's depository with an
appropriate authorization for Manager to make such endorsement. Manager shall
also have the exclusive authority to collect and handle tenants' security
deposits, including the right to apply such security deposits to unpaid rent,
and to comply, on behalf of Owner of the Property, with applicable state or
local laws concerning security deposits and interest thereon, if any. Manager
shall not be required to advance any monies for the care or management of any
Property. Owner agrees to advance all monies necessary therefor. If Manager
shall elect to advance any money in connection with a Property, Owner agrees to
reimburse Manager forthwith and hereby authorizes Manager to deduct such
advances from any monies due Owner. In connection with any insured losses or
damages relating to any Property, Manager shall have the exclusive authority to
handle all steps necessary regarding any such claim; provided that Manager will
not make any adjustments or settlements in excess of $10,000 without Owner's
prior written consent.

3.4     PAYMENT OF EXPENSES. Owner agrees and does hereby give Manager the
exclusive authority and power (all of which shall be exercised either in the
name of Manager, as Manager for Owner, or in the name or Owner entered into by
Manager as Owner's authorized agent, and Owner shall assume all expenses in
connection with such matters) to pay all expenses of the Property from the Gross
Revenue collected in accordance with Section 3.3 above, from the Account. It is
understood that the Gross Revenue will be used first to pay the compensation to
Manager as contained in Article 5 below, then operational expenses and then any
mortgage indebtedness, including real estate tax and insurance impounds, but
only as directed by Owner in writing and only if sufficient Gross Revenue is
available for such payments. Nothing in this Agreement shall be interpreted in
such a manner as to obligate Manager to pay from Gross Revenue, any expenses
incurred by Owner prior to the commencement of this Agreement, except to the
extent Owner advances additional funds to pay such expenses.

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3.5     CERTAIN OWNER INDEMNIFICATION OBLIGATIONS.

                (a)     ON TERMINATION. In the event this Agreement is
        terminated for any reason prior to the expiration of its original term
        or any renewal term, Owner shall indemnify, protect, defend, save and
        hold Manager and all of the other Indemnified Parties harmless from and
        against any and all claims, causes of action, demands, suits,
        proceedings, loss, judgments, damage, awards, liens, fines, costs,
        attorney's fees and expenses, of every kind and nature whatsoever
        (collectively, "Losses"), that may be imposed on or incurred by Manager
        by reason of the willful misconduct, gross negligence and/or unlawful
        acts (such unlawfulness having been adjudicated by a court of proper
        jurisdiction) of Owner.

                (b)     PROPERTY DAMAGE, ETC. Owner agrees to indemnify, defend,
        protect, save and hold Manager and all of the other Indemnified Parties
        harmless from any and all Losses in connection with or in any way
        related to the Property and from liability for damage to the Property
        and injuries to or death of any person whomsoever, and damage to
        property; provided, however, that such indemnification shall not extend
        to any such Losses arising out of the willful misconduct, gross
        negligence and/or unlawful acts (such unlawfulness having been
        adjudicated by a court of proper jurisdiction) of Manager or any of the
        other Indemnified Parties. Manager shall not be liable for any error of
        judgment or for any mistake of fact or law, or for any thing that it may
        do or refrain from doing, except in cases of willful misconduct, gross
        negligence and/or unlawful acts (such unlawfulness having been
        adjudicated by a court of proper jurisdiction).

3.6     ENVIRONMENTAL MATTERS. Owner hereby warrants and represents to Manager
that to the best of Owner's knowledge, no Property, upon acquisition by Owner,
nor any part thereof, will be used to treat, deposit, store, dispose of or place
any hazardous substance that may subject Manager to liability or claims under
the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(42 U.S.C.A. Section 9607) or any constitutional provision, statute, ordinance,
law, or regulation of any governmental body or of any order or ruling of any
public authority or official thereof, having or claiming to have jurisdiction
thereover. Furthermore, Owner agrees to indemnify, protect, defend, save and
hold Manager and all of the other Indemnified Parties from any and all Losses
involving, concerning or in any way related to any past, current or future
allegations regarding treatment, depositing, storage, disposal or placement by
any party other than Manager of hazardous substances on the Property.

3.7     LEGAL STATUS OF PROPERTIES. Owner represents that to the best of its
knowledge each Property and any equipment thereon, when acquired by Owner, will
comply with all legal requirements and authorizes Manager to disclose the
identity of the Owner of the Property to any such officials and agrees to
indemnify, protect, defend, save and hold Manager and the other Indemnified
Parties harmless of and from any and all Losses that may be imposed on them or
any of them by reason of the failure of Owner to correct any present or future
violation or alleged violation of any and all present or future laws,
ordinances, statutes, or regulations of any public authority or official
thereof, having or claiming to have jurisdiction thereover, of which it has
actual notice. In the event it is alleged or charged that any Improvement or any
equipment on a Property or any act or failure to act by Owner with respect to
the Property or the sale, rental, or other disposition thereof fails to comply
with, or is in violation of, any of the requirements of any constitutional
provision, statute, ordinance, law, or regulation of any governmental body or
any order or ruling of any public authority or official thereof having or
claiming to have jurisdiction thereover, and Manager, in its sole and absolute
discretion, considers that the action or position of Owner, with respect thereto
may result in damage or liability to Manager, Manager shall have the right to
cancel this Agreement at any time by written notice to Owner of its election so
to do, which cancellation shall be effective upon the service of such notice.
Such cancellation shall not release the indemnities of Owner set forth in this
Agreement and shall not terminate any liability or obligation of Owner to
Manager for any payment, reimbursement, or other sum of money then due and
payable to Manager hereunder.

                                      -9-
<PAGE>

3.8     EXTRAORDINARY PAYMENTS. Owner agrees to give adequate advance written
notice to Manager if Owner desires that Manager make any extraordinary payment,
out of Gross Revenue, to the extent funds are available after the payment of
Manager's compensation as provided for herein and all operational expenses, of
mortgage indebtedness, general taxes, special assessments, or fire, boiler or
any other insurance premiums.

                                   ARTICLE IV

                                    EXPENSES

4.1     OWNER'S EXPENSES. Except as otherwise specifically provided, all costs
and expenses incurred hereunder by Manager in fulfilling its duties to Owner
shall be for the account of and on behalf of Owner. Such costs and expenses
shall include the wages and salaries and other employee-related expenses of all
on-site and off-site employees of Manager who are engaged in the operation,
management, maintenance and leasing or access control of the Properties,
including taxes, insurance and benefits relating to such employees, and legal,
travel and other out-of-pocket expenses that are directly related to the
management of specific Properties. All costs and expenses for which Owner is
responsible under this Management Agreement shall be paid by Manager out of the
Account. In the event the Account does not contain sufficient funds to pay all
said expenses, Owner shall fund all sums necessary to meet such additional costs
and expenses.

4.2     MANAGER'S EXPENSES. Manager shall, out of its own funds, pay all of its
general overhead and administrative expenses.

                                    ARTICLE V

                             MANAGER'S COMPENSATION

5.1     MANAGEMENT FEES. Commencing on the date hereof, Owner shall pay Manager
property management and leasing fees in an amount equal to four and one-half
percent (4.5%) of Gross Revenues (the "Management Fees") on a monthly basis from
the rental income received from the Properties over the term of this Management
Agreement. Manager's compensation under this Section 5.1 shall apply to all
renewals, extensions or expansions of Leases that Manager has originally
negotiated. In the event Manager assists with planning and coordinating the
construction of any tenant-paid finish-out or improvements, Manager shall be
entitled to receive from any such tenant an amount equal to not greater than
five percent (5.0%) of the cost of such tenant improvements.

5.2     LEASING FEES. In addition to the compensation paid to Manager under
Section 5.1 above, Manager shall be entitled to receive a separate fee for the
Leases of new tenants and renewals of Leases with existing tenants in an amount
not to exceed the fee customarily charged in arm's length transactions by others
rendering similar services in the same geographic area for similar properties as
determined by a survey of brokers and agents in such area.

5.3     AUDIT ADJUSTMENT. If any audit of the records, books or accounts
relating to the Properties discloses an overpayment or underpayment of
Management Fees, Owner or Manager shall promptly pay to the other party the
amount of such overpayment or underpayment, as the case may be. If such audit
discloses an overpayment of Management Fees for any fiscal year of more than the
correct Management Fees for such fiscal year, Manager shall bear the cost of
such audit.


                                      -10-
<PAGE>

                                   ARTICLE VI

                          INSURANCE AND INDEMNIFICATION

6.1     INSURANCE TO BE CARRIED.

                (a)     Manager shall obtain and keep in full force and effect
        insurance on the Properties against such hazards as Owner and Manager
        shall deem appropriate, but in any event insurance sufficient to comply
        with the Leases and Ownership Agreements shall be maintained. All
        liability policies shall provide sufficient insurance satisfactory to
        both Owner and Manager and shall contain waivers of subrogation for the
        benefit of Manager.

                (b)     Manager shall obtain and keep in full force and effect,
        in accordance with the laws of the state in which each Property is
        located, employer's liability insurance applicable to and covering all
        employees of Manager at the Properties and all persons engaged in the
        performance of any work required hereunder, and Manager shall furnish
        Owner certificates of insurers naming Owner as a co-insured and
        evidencing that such insurance is in effect. If any work under this
        Management Agreement is subcontracted as permitted herein, Manager shall
        include in each subcontract a provision that the subcontractor shall
        also furnish Owner with such a certificate.

6.2     INSURANCE EXPENSES. Premiums and other expenses of such insurance, as
well as any applicable payments in respect of deductibles shall be borne by
Owner.

6.3     COOPERATION WITH INSURERS. Manager shall cooperate with and provide
reasonable access to the Properties to representatives of insurance companies
and insurance brokers or agents with respect to insurance that is in effect or
for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers.

6.4     ACCIDENTS AND CLAIMS. Manager shall promptly investigate and shall
report in detail to Owner all accidents, claims for damage relating to
Ownership, operation or maintenance of the Properties, and any damage or
destruction to the Properties and the estimated costs of repair thereof, and
shall prepare for approval by Owner all reports required by an insurance company
in connection with any such accident, claim, damage, or destruction. Such
reports shall be given to Owner promptly, and any report not so given within 10
(ten) days after the occurrence of any such accident, claim, damage or
destruction shall be noted in the monthly operating statement delivered to Owner
pursuant to Section 2.5(b). Manager is authorized to settle any claim against an
insurance company arising out of any policy and, in connection with such claim,
to execute proofs of loss and adjustments of loss and to collect and receipt for
loss proceeds.

6.5     INDEMNIFICATION. Manager shall hold Owner harmless from and indemnify
and defend Owner against any and all claims or liability for any injury or
damage to any person or property whatsoever for which Manager is responsible
occurring in, on, or about the Properties, including, without limitation, the
Improvements when such injury or damage shall be caused by the negligence of
Manager, its agents, servants, or employees, except to the extent that Owner
recovers insurance proceeds with respect to such matter. Owner will indemnify
and hold Manager harmless against all liability for injury to persons and damage
to property caused by Owner's negligence and which did not result from the
negligence of misconduct of Manager, except to the extent Manager recovers
insurance proceeds with respect to such matter.

                                      -11-
<PAGE>

                                   ARTICLE VII

                              TERM AND TERMINATION

7.1     TERM. This Agreement shall commence on the date first above written and
shall continue until the seventh (7th) anniversary of such date and thereafter
for successive seven (7) year renewal periods, unless on or before 30 days prior
to the date last above mentioned or on or before 30 days prior to the expiration
of any such renewal period, Manager shall notify Owner in writing that it elects
to terminate this Agreement, in which case this Agreement shall be thereby
terminated on said last mentioned date. In addition, and notwithstanding the
foregoing, Owner may terminate this Agreement at any time upon delivery of
written notice to Manager not less than thirty (30) days prior to the effective
date of termination, in the event of (and only in the event of) a showing by
Owner of willful misconduct, gross negligence, or deliberate malfeasance by
Manager in the performance of Manager's duties hereunder. In addition, either
party may terminate this Agreement immediately upon the occurrence of any of the
following:

                (a)     A decree or order is rendered by a court having
        jurisdiction (i) adjudging Manager as bankrupt or insolvent, or (ii)
        approving as properly filed a petition seeking reorganization,
        readjustment, arrangement, composition or similar relief for Manager
        under the federal bankruptcy laws or any similar applicable law or
        practice, or (iii) appointing a receiver or liquidator or trustee or
        assignee in bankruptcy or insolvency of Manager or a substantial part of
        the property of Manager, or for the winding up or liquidation of its
        affairs, or

                (b)     Manager (i) institutes proceedings to be adjudicated a
        voluntary bankrupt or an insolvent, (ii) consents to the filing of a
        bankruptcy proceeding against it, (iii) files a petition or answer or
        consent seeking reorganization, readjustment, arrangement, composition
        or relief under any similar applicable law or practice, (iv) consents to
        the filing of any such petition, or to the appointment of a receiver or
        liquidator or trustee or assignee in bankruptcy or insolvency for it or
        for a substantial part of its property, (v) makes an assignment for the
        benefit of creditors, (vi) is unable to or admits in writing its
        inability to pay its debts generally as they become due unless such
        inability shall be the fault of the other party, or (iv) takes corporate
        or other action in furtherance of any of the aforesaid purposes.

7.2     MANAGER'S OBLIGATIONS UPON TERMINATION. Upon the termination of this
Management Agreement, Manager shall have the following duties:

                (a)     Manager shall deliver to Owner or its designee, all
        books and records with respect to the Properties.

                (b)     Manager shall transfer and assign to Owner, or its
        designee, all service contracts and personal property relating to or
        used in the operation and maintenance of the Properties, except personal
        property paid for and owned by Manager. Manager shall also, for a period
        of sixty (60) days immediately following the date of such termination,
        make itself available to consult with and advise Owner, or its designee,
        regarding the operation, maintenance and leasing of the Properties.

                (c)     Manager shall render to Owner an accounting of all funds
        of Owner in its possession and shall deliver to Owner a statement of all
        Management Fees claimed to be due to Manager and shall cause funds of
        Owner held by Manager relating to the Properties to be paid to Owner or
        its designee.

7.3     OWNER'S OBLIGATIONS UPON TERMINATION. Owner shall pay or reimburse
Manager for any sums of money due it under this Agreement for services and
expenses prior to termination of this Agreement. All

                                      -12-
<PAGE>

provisions of this Agreement that require Owner to have insured, or to protect,
defend, save, hold and indemnify or to reimburse Manager shall survive any
expiration or termination of this Agreement and, if Manager is or becomes
involved in any claim, proceeding or litigation by reason of having been Manager
of Owner, such provisions shall apply as if this Agreement were still in effect.

The parties understand and agree that Manager may withhold funds for sixty (60)
days after the end of the month in which this Agreement is terminated to pay
bills previously incurred but not yet invoiced and to close accounts. Should the
funds withheld be insufficient to meet the obligation of Manager to pay bills
previously incurred, Owner will, upon demand, advance sufficient funds to
Manager to ensure fulfillment of Manager's obligation to do so, within ten (10)
days of receipt of notice and an itemization of such unpaid bills.

                                  ARTICLE VIII

                                  MISCELLANEOUS

8.1     NOTICES. All notices, approvals, consents and other communications
hereunder shall be in writing, and, except when receipt is required to start the
running of a period of time, shall be deemed given when delivered in person or
on the fifth day after its mailing by either party by registered or certified
United States mail, postage prepaid and return receipt requested, to the other
party, at the addresses set forth after their respect name below or at such
different addresses as either party shall have theretofore advised the other
party in writing in accordance with this Section 8.1.

        Owner:    BEHRINGER HARVARD OPPORTUNITY OP I, LP
                  c/o Behringer Harvard Opportunity REIT I, Inc.
                  15601 Dallas Parkway
                  Suite 600
                  Addison, Texas 75001
                  Attention:  Chief Legal Officer

        Manager:  HPT MANAGEMENT SERVICES LP
                  15601 Dallas Parkway
                  Suite 600
                  Addison, Texas 75001
                  Attention:  Chief Legal Officer

8.2     GOVERNING LAW; VENUE. This Management Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, and any action
brought to enforce the agreements made hereunder or any action which arises out
of the relationship created hereunder shall be brought exclusively in Dallas
County, Texas.

8.3     ASSIGNMENT. Manager may delegate partially or in full its duties and
rights under this Management Agreement but only with the prior written consent
of Owner. Owner acknowledges and agrees that any or all of the duties of Manager
as contained herein may be delegated by Manager and performed by a person or
entity ("Submanager") with whom Manager contracts for the purpose of performing
such duties. Owner specifically grants Manager the authority to enter into such
a contract with a Submanager; provided that, unless Owner otherwise agrees in
writing with such Submanager, Owner shall have no liability or responsibility to
any such Submanager for the payment of the Submanager's fee or for reimbursement
to the Submanager of its expenses or to indemnify the Submanager in any manner
for any matter; and provided further that Manager shall require such Submanager
to agree, in the written agreement setting forth the duties and obligations of
such Submanager, to indemnify Owner for all Losses incurred by Owner as a result
of the willful misconduct or gross negligence of the Submanager, except that
such indemnity shall not be required to the extent that

                                      -13-
<PAGE>

Owner recovers issuance proceeds with respect to such matter. Any contract
entered into between Manager and a Submanager pursuant to this Section 8.3 shall
be consistent with the provisions of this Agreement, except to the extent Owner
otherwise specifically agrees in writing. This Management Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns.

8.4     THIRD PARTY LEASING SERVICES. Manager acknowledges that from time to
time Owner may determine that it is in the best interests of Owner to retain a
third party to provide certain leasing services with respect to certain
Properties and to compensate such third party for such leasing services. Upon
the prior written consent of Manager, Owner shall have the authority to enter
into such a contract for leasing services with a third party (a "Third Party
Leasing Agreement"); provided that Manager shall have no liability or
responsibility to Owner for any of the duties and obligations undertaken by such
party, and Owner agrees to indemnify Manager for all Losses incurred by Manager
as a result of acts of such third party pursuant to the Third Party Leasing
Agreement. To the extent that leasing services are specifically required to be
performed by a third party pursuant to such Third Party Leasing Agreement,
Manager shall have no obligation to perform such leasing services and Owner
shall have no obligation to Manager for leasing fees pursuant to Section 5.2
hereof.

8.5     THIRD PARTY MANAGEMENT SERVICES. Manager acknowledges that from time to
time Owner may acquire interests in Properties in which Owner does not control
the determination of the party that is engaged to provide property management
and other services to be provided by Manager with respect to all Properties
acquired by Owner hereunder. Upon the prior written consent of Manager, Owner
shall have the authority to acquire such non-controlling interests in Properties
for which a third party provides some or all of the services otherwise required
to be performed by Manager hereunder (a "Third Party Management Agreement");
provided that Manager shall have no liability or responsibility to Owner for any
of the duties and obligations undertaken by such third party, and Owner agrees
to indemnify Manager for all Losses incurred by Manager as a result of the acts
of such third party pursuant to the Third Party Management Agreement. To the
extent that property management and other services are specifically required to
be performed by a third party pursuant to such Third Party Management Agreement,
Manager shall have no obligation to perform such services and Owner shall have
no obligation to Manager for compensation for such services pursuant to Article
V hereof.

8.6     NO WAIVER. The failure of Owner to seek redress for violation or to
insist upon the strict performance of any covenant or condition of this
Management Agreement shall not constitute a waiver thereof for the future.

8.7     AMENDMENTS. This Management Agreement may be amended only by an
instrument in writing signed by the party against whom enforcement of the
amendment is sought.

8.8     HEADINGS. The headings of the various subdivisions of this Management
Agreement are for reference only and shall not define or limit any of the terms
or provisions hereof.

8.9     COUNTERPARTS. This Management Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, and it shall not be
necessary in making proof of this Management Agreement to produce or account for
more than one such counterpart.

8.10    ENTIRE AGREEMENT. This Management Agreement contains the entire
understanding and all agreements between Owner and Manager respecting the
management of the Properties. There are no representations, agreements,
arrangements or understandings, oral or written, between Owner and Manager
relating to the management of the Properties that are not fully expressed
herein.

                                      -14-
<PAGE>

8.11    DISPUTES. If there shall be a dispute between Owner and Manager relating
to this Management Agreement resulting in litigation, the prevailing party in
such litigation shall be entitled to recover from the other party to such
litigation such amount as the court shall fix as reasonable attorneys' fees.

8.12    ACTIVITIES OF MANAGER. The obligations of Manager pursuant to the terms
and provisions of this Management Agreement shall not be construed to preclude
Manager from engaging in other activities or business ventures, whether or not
such other activities or ventures are in competition with Owner or the business
of Owner.

8.13    INDEPENDENT CONTRACTOR. Manager and Owner shall not be construed as
joint venturers or partners of each other pursuant to this Management Agreement,
and neither shall have the power to bind or obligate the other except as set
forth herein. In all respects, the status of Manger to Owner under this
Agreement is that of an independent contractor.

8.14    NO THIRD-PARTY RIGHTS. Nothing expressed or referred to in this
Management Agreement will be construed to give any Person other than the parties
to this Management Agreement any legal or equitable right, remedy or claim under
or with respect to this Management Agreement or any provision of this Management
Agreement, except such rights as shall inure to a successor or permitted
assignee pursuant to Section 8.3.

8.15    OWNERSHIP OF PROPRIETARY PROPERTY. The Manager retains ownership of and
reserves all Intellectual Property Rights in the Proprietary Property. To the
extent that Owner has or obtains any claim to any right, title or interest in
the Proprietary Property, including without limitation in any suggestions,
enhancements or contributions that Owner may provide regarding the Proprietary
Property, Owner hereby assigns and transfers exclusively to the Manager all
right, title and interest, including without limitation all Intellectual
Property Rights, free and clear of any liens, encumbrances or licenses in favor
of Owner or any other party, in and to the Proprietary Property. In addition, at
the Manager's expense, Owner will perform any acts that may be deemed desirable
by the Manager to evidence more fully the transfer of ownership of right, title
and interest in the Proprietary Property to the Manager, including but not
limited to the execution of any instruments or documents now or hereafter
requested by the Manager to perfect, defend or confirm the assignment described
herein, in a form determined by the Manager.





         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK]



                                      -15-
<PAGE>

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


                                     BEHRINGER HARVARD OPPORTUNITY REIT I, INC.



                                     By: _______________________________________
                                         Gerald J. Reihsen, III
                                         Executive Vice President

                                     BEHRINGER HARVARD OPPORTUNITY OP I, LP

                                     By: Behringer Harvard Opportunity REIT I,
                                         Inc.
                                         General Partner


                                           By: _________________________________
                                               Gerald J. Reihsen, III
                                               Executive Vice President


                                     HPT MANAGEMENT SERVICES LP


                                     By: _______________________________________
                                         Gerald J. Reihsen, III
                                         Executive Vice President




                                      -16-