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                                                                   EXHIBIT 10.26

                       AGREEMENT OF LIMITED PARTNERSHIP OF
                        BEHRINGER HARVARD 4245 CENTRAL LP

        THIS AGREEMENT OF LIMITED PARTNERSHIP (this "AGREEMENT") is made and
entered into effective as of the ___ day of August, 2004, by and among BEHRINGER
HARVARD 4245 CENTRAL GP, LLC, a Texas limited liability company (the "GENERAL
PARTNER"), BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas limited
partnership ("BH Fund"), REALTY AMERICA GROUP (4245 CENTRAL), LP, a Texas
limited partnership ("REALTY AMERICA"), HSAD PARTNERS, a Texas general
partnership ("HSAD"), and BGO INVESTMENTS, a Texas general partnership ("BGO").

                                   ARTICLE I.

              FORMATION, NAME, PRINCIPAL PLACE OF BUSINESS - AGENT
                         PURPOSES, TERM AND DEFINITIONS

        1.1 FORMATION. For and in consideration of the mutual covenants herein
contained, the Partners hereby form a limited partnership (hereinafter the
"PARTNERSHIP") under and pursuant to the Texas Revised Limited Partnership Act,
Tex. Rev. Civ. Stat. Ann., art 6132a-1 (such Act hereinafter referred to as
"TRLPA"). The Partnership shall be governed by TRLPA. The Certificate (as
hereinafter defined) has been or shall promptly be filed and recorded in such
office and places as is required by TRLPA.

        1.2 NAME. The business of the Partnership shall be conducted under the
name of "Behringer Harvard 4245 Central LP."

        1.3 PARTNERSHIP OFFICE, REGISTERED OFFICE AND REGISTERED AGENT. The
Partnership shall maintain its principal office in the State of Texas at 1323
North Stemmons Freeway, Suite 212, Dallas, Texas 75207, or at such other place
as the General Partner, subject to Approval by Partnership Vote, may from time
to time designate. The Registered Office in the State of Texas is 1323 North
Stemmons Freeway, Suite 212, Dallas, Texas 75207, and the agent for service of
process at such address shall be Gerald J. Reihsen, III. The Partnership may
maintain such different or additional offices as the General Partner may
determine.

        1.4 PURPOSES. The nature and business of the Partnership and the
purposes to be conducted and promoted by the Partnership are to engage solely in
the following activities:

            (a) To acquire, own, maintain, operate, manage, finance (including
pursuant to the Mortgage Loan, as hereinafter defined), lease, refinance, and
sell or exchange the Property (as hereinafter defined); and

            (b) To exercise all powers enumerated in TRLPA or this Agreement
necessary or convenient to the conduct, promotion or attainment of the business
or purposes set forth in Section 1.4(a).

        1.5 TERM. The Partnership shall continue until December 31, 2054, unless
the Partnership is terminated sooner pursuant to Article XII.

        1.6 DEFINITIONS. As used in this Agreement, unless the context clearly
requires otherwise, the following words and phrases shall have the following
meanings:

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        "ADDITIONAL CAPITAL CONTRIBUTIONS" means all amounts contributed (or
deemed to be contributed) to the Partnership as additional Capital Contributions
by the Partners under Section 3.2.

        "ADDITIONAL CAPITAL CONTRIBUTIONS ACCOUNT" means an account maintained
for the Partners equal to (a) all Additional Capital Contributions to the
Partnership made (or deemed made) by such Partner pursuant to Section 3.2, less
(b) the aggregate distributions made to such Partner pursuant to Section 6.1(a)
of this Agreement.

        "ADJUSTMENT DATE" means the close of business on the last day of any
fiscal year of the Partnership.

        "AFFILIATE" means, with respect to any Person (a) any other Person,
directly or indirectly controlling, controlled by or under common control with
such Person; (b) any Person owning or controlling ten percent (10%) or more of
the outstanding voting securities of such specified Person; (c) any officer,
director, partner, member or trustee of such specified Person; and (d) if any
Person who is an Affiliate is an officer, director, partner, member or trustee
of another Person, such other Person. The term "control" shall mean the ability,
directly or indirectly, to control the management of an entity.

        "AGREEMENT" means this Agreement of Limited Partnership.

        "APPROVAL BY PARTNERSHIP VOTE" means approval by the General Partner and
a Majority in Interest of the Limited Partners pursuant to a Partnership Vote.

        "ASSETS" means all of the assets of the Partnership (including, without
limitation, the Property).

        "CAPITAL ACCOUNT" means, with respect to each Partner, the account
established and maintained on the books and records of the Partnership for each
Partner pursuant to Section 3.3 below, adjusted as provided for therein.

        "CAPITAL CONTRIBUTION" means the amount of money and the Gross Asset
Value of other property or consideration contributed to the capital of the
Partnership by a Partner.

        "CAPITAL CONTRIBUTION BALANCE" means, for each Partner, the cumulative
Capital Contributions of that Partner less the cumulative distributions to that
Partner in return thereof pursuant to Sections 6.1(a) and (b).

        "CASH NEEDS" has the meaning set forth in Section 3.2.

        "CERTIFICATE" means the Certificate of Limited Partnership of the
Partnership.

        "CODE" means the Internal Revenue Code of 1986 as it may be amended or
revised from time to time, or any provision of succeeding law.

        "DEPRECIATION" means, with regard to any Partnership asset for any
fiscal year or other period, the depreciation, depletion or amortization, as the
case may be, allowed or allowable for federal income tax purposes; provided,
however, that if there is a difference between the Gross Asset Value and the
adjusted tax basis of such asset, Depreciation shall mean "book depreciation,
depletion or amortization" as determined under Section 1.704-1(b)(2)(iv)(g)(3)
of the Regulations.



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        "DISTRIBUTABLE CASH" means all cash, revenues, and funds received by the
Partnership, and any amounts released from Reserves to the extent the General
Partner, subject to Approval by Partnership Vote, deems that the amount released
is no longer required to be retained in Reserves, less the sum of the following
to the extent paid or set aside by the Partnership: (a) all principal and
interest payments on indebtedness of the Partnership (including the Mortgage
Loan) and all other sums paid to lenders; (b) all cash expenditures incurred
incident to the normal operation of the Partnership business; (c) such amounts
as may be added to Reserves as the General Partner, subject to Approval by
Partnership Vote, deems reasonably necessary to the proper operation of the
Partnership's business.

        "GENERAL PARTNER" means Behringer Harvard 4245 Central GP, LLC, a Texas
limited liability company, and any other Person who has been admitted as a
General Partner in the Partnership pursuant to the provisions of this Agreement.

        "GROSS ASSET VALUE" means, except as set forth below, the adjusted basis
of an asset for federal income tax purposes:

        (a) The initial Gross Asset Value of any asset contributed by a Partner
to the Partnership shall be the gross fair market value of such asset at the
time of contribution, as determined by Approval by Partnership Vote;

        (b) The Gross Asset Value of all Partnership assets shall be adjusted to
equal their respective gross fair market values, as determined by Approval by
Partnership Vote, as of the following times: (i) the acquisition of an
additional interest in the Partnership by any new or existing Partners in
exchange for more than a DE MINIMIS Capital Contribution and any such other time
as the General Partner, subject to Approval by Partnership Vote, reasonably
determines that such adjustment is necessary or appropriate to reflect the
relative economic interest of the Partners in the Partnership; (ii) the
distribution by the Partnership to a Partner of more than a DE MINIMIS amount of
Partnership property as consideration for an interest in the Partnership and any
such other time as the General Partner, subject to Approval by Partnership Vote,
reasonably determines that such adjustment is necessary or appropriate to
reflect the relative economic interests of the Partners in the Partnership; and
(iii) the liquidation of the Partnership within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g);

        (c) The Gross Asset Value of any Partnership asset distributed to any
Partner shall be the gross fair market value of such asset on the date of
distribution, as determined by the General Partner subject to Approval by
Partnership Vote; and

        (d) The Gross Asset Values of Partnership assets shall be increased or
decreased to reflect any adjustments to the adjusted basis of such assets
pursuant to Code Section 734(b) or Code Section 743(b) as determined by the
General Partner subject to Approval by Partnership Vote, but only to the extent
that such adjustments are taken into account in determining Capital Accounts
pursuant to Section 1.704-1(b)(2)(iv)(m) of the Regulations; provided, however,
that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to
the extent the General Partner, subject to Approval by Partnership Vote,
determines that an adjustment pursuant to subsection (b) hereof is necessary or
appropriate in connection with a transaction that would otherwise result in an
adjustment pursuant this subsection (d).

        (e) After the Gross Asset Value of an asset has been determined or
adjusted pursuant to subsections (a), (b), or (d) hereof, Gross Asset Value will
be adjusted by the Depreciation taken into account with respect to the asset for
purposes of computing Profits or Losses. If the Gross Asset Value of an asset
has been determined or adjusted pursuant to subsections (a), (b), (c) or (d) of
this provision, such



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Gross Asset Value shall thereafter be computed in accordance with Section
1.704-1(b)(2)(iv) of the Regulations.

        "HPT" means HPT Management Services LP, a Texas limited partnership.

        "IMPROVEMENTS" means any improvements and related amenities now located
or to be constructed on the Property.

        "INITIAL CAPITAL CONTRIBUTIONS" means all amounts contributed (or deemed
to be contributed) to the Partnership as a Capital Contribution by the Partners
under Section 3.1.

        "INITIAL CAPITAL CONTRIBUTION ACCOUNT" means, for each Partner (a) the
Initial Capital Contribution made by such Partner pursuant to Section 3.1 of
this Agreement, less (b) the aggregate distributions made to such Partner
pursuant to Section 6.1(b) of this Agreement.

        "IRR" means an internal rate of return of the specified percentage per
annum on Capital Contributions as calculated using Microsoft Excel, IRR
Function, or, if the General Partner believes such method of calculation is not
appropriate, then any other method of calculation selected by the General
Partner, subject to Approval by Partnership Vote. For purposes of computing IRR,
the General Partner shall take into account all Capital Contributions made by a
Partner to the Partnership pursuant to Sections 3.1 and 3.2 and all
distributions received by a Partner pursuant to Sections 6.1 and 12.2. A
Partner's Initial Capital Contributions shall be deemed invested on the closing
date of the acquisition of the Property by the Partnership, and all Additional
Capital Contributions and all distributions shall be deemed to have been made of
the last day of the month in which the same are made or received.

        "LEASING AGREEMENT" means a leasing agreement by and between the
Partnership and the Trammell Crow Provider providing for the performance by the
Trammell Crow Provider of leasing services with respect to the Property and
payment by the Partnership to the Trammell Crow Provider of leasing commissions
(not to exceed market rate commissions) with respect to executed leases of the
Property.

        "LIMITED PARTNERS" means BH Fund, Realty America, HSAD and BGO, and any
other Person who is admitted as a limited partner in the Partnership pursuant to
the provisions of Article VIII.

        "MAJOR DECISION" has the meaning set forth in Section 4.3 of this
Agreement.

        "MAJORITY IN INTEREST" shall mean Limited Partners owning more than
sixty percent (60%) of the initial Residual Percentages (as set forth in clause
(a) of the definition of Residual Percentages).

        "MANAGEMENT AGREEMENT" means that certain Amended and Restated Property
Management and Leasing Agreement, by and between the Partnership and HPT, in the
form attached hereto as EXHIBIT B.

        "MORTGAGE LOAN" shall mean that certain mortgage loan in the approximate
amount of $6,500,000.00 encumbering the Property to be borrowed by the
Partnership in connection with the acquisition of the Property by the
Partnership.

        "NONRECOURSE DEDUCTIONS" has the meaning set forth in Sections
1.704-2(b)(1) and 1.704-2(c) of the Regulations. Subject to the preceding
sentence, the amount of Nonrecourse Deductions for a Partnership fiscal year
equals the excess, if any, of the net increase, if any, in the amount of
Partnership Minimum Gain during the fiscal year (determined under Section
1.704-2(d) of the Regulations) over the



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aggregate amount of any distributions during the fiscal year of proceeds of a
Nonrecourse Liability that are allocable to an increase in Partnership Minimum
Gain (determined under Section 1.704-2(h) of the Regulations).

        "NONRECOURSE LIABILITY" has the meaning set forth in Section
1.704-2(b)(3) of the Regulations.

        "OPERATING BUDGET" means the annual budget, prepared by the General
Partner and with respect to which Approval by Partnership Vote has been
obtained, and setting forth the estimated capital and operating expenses of the
Partnership for the then current or immediately succeeding calendar year and for
each month and each calendar quarter of such calendar year, in such detail as
determined by Approval by Partnership Vote.

        "OPERATING EXPENSES" means all the cash expenditures made or required to
be made by the Partnership in connection with the operation of the Partnership
in the ordinary course of business, including without limitation, cash
expenditures made or required to be made by the Partnership in connection with
the ownership, management, improvement, operation, maintenance, financing and
upkeep of the Property, as well as debt service (principal and interest) and
capital expenditures of the Partnership; provided, however, Operating Expenses
shall not include (a) any overhead or general administrative costs or expenses
of the General Partner or salaries or other compensation paid to its employees,
officers, directors or shareholders (unless specifically provided for in this
Agreement); (b) any expenditures paid or payable from cash Reserves of the
Partnership (provided that to the extent any capital expenditures are made in
excess of any such Reserves established for such capital expenditures, such
excess amounts shall be included as an Operating Expense); and (c) non-cash
items such as depreciation and amortization.

        "PARTIALLY ADJUSTED CAPITAL ACCOUNTS" means, with respect to any Partner
as of an Adjustment Date, the Capital Account of such Partner as of the
beginning of the fiscal year ending on such Adjustment Date (where such Capital
Account does not reflect such Partner's share of either cumulative Partner
Minimum Gain or cumulative Partnership Minimum Gain), after giving effect to all
allocations of items of income, gain, loss or deduction not included in Profits
and Losses and all Capital Contributions and distributions during such period,
but before giving effect to any allocations of Profits or Losses for such period
pursuant to Section 7.1 hereof, increased by (a) such Partner's share of
Partnership Minimum Gain as of the end of such fiscal year, and (b) such
Partner's share of Partner Minimum Gain as of the end of such fiscal year.

        "PARTNER" means each of the General Partner and the Limited Partners,
and "PARTNERS" means collectively all of such Partners.

        "PARTNER MINIMUM GAIN" means an amount, with respect to each Partner
Nonrecourse Debt, equal to the Partnership Minimum Gain that would result if
such Partner Nonrecourse Debt were treated as a Nonrecourse Liability.

        "PARTNER NONRECOURSE DEBT" has the meaning set forth in Section
1.704-2(b)(4) of the Regulations.

        "PARTNER NONRECOURSE DEDUCTIONS" has the meaning set forth in Section
1.704-2(i) of the Regulations. Subject to the foregoing, the amount of Partner
Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a
Partnership fiscal year equals the excess, if any, of the net increase, if any,
in the amount of Partner Minimum Gain attributable to such Partner Nonrecourse
Debt during that fiscal year over the aggregate amount of any distribution
during that fiscal year to the Partner that bears the



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economic risk of loss for such Partner Nonrecourse Debt to the extent such
distributions are from the proceeds of such Partner Nonrecourse Debt and are
allocable to an increase in Partner Minimum Gain attributable to such Partner
Nonrecourse Debt, determined in accordance with Section 1.704-2(i) of the
Regulations.

        "PARTNERSHIP" means Behringer Harvard 4245 Central LP, a Texas limited
partnership.

        "PARTNERSHIP MINIMUM GAIN" has the meaning set forth in Section
1.704-2(d) of the Regulations. Subject to the foregoing, Partnership Minimum
Gain shall equal the amount of gain, if any, which would be recognized by the
Partnership with respect to each nonrecourse liability of the Partnership (or
Property Owner) if the Partnership were to Transfer the Partnership property (or
the Property Owner were to Transfer the Property Owner property) which is
subject to such nonrecourse liability in full satisfaction thereof.

        "PARTNERSHIP VOTE" shall mean a vote of the Partners. A Partnership Vote
may be conducted at a meeting of the General Partner and the Limited Partners,
which meeting may take place by means of telephone conference, video conference
or similar communications equipment by means of which all Persons participating
therein can hear each other. Alternatively, a Partnership Vote may be conducted
by notice sent by the General Partner to the Limited Partners, which notice
shall set forth (a) the matter with respect to which the Partnership Vote is to
be made and (b) the time period within which the General Partner and the Limited
Partners must respond to the notice. Such time period shall not be less than
seven (7) business days or more than fourteen (14) business days. If the General
Partner or any Limited Partner does not respond to the notice within the time
period specified in the notice, such Partner shall be deemed to have given its
written consent in favor of the matter set forth in the notice. If a written
consent or consents setting forth the matter to be determined is signed by the
General Partner and a Majority in Interest of the Limited Partners, Approval by
Partnership Vote shall be deemed to have been obtained with respect to such
matter.

        "PERSON" means any individual or entity, and the heirs, executors,
administrators, legal representatives, successors and assigns of such Person
where the context so admits, and, unless the context otherwise requires, the
singular shall include the plural, and the masculine gender shall include the
feminine and the neuter and vice versa.

        "PROFITS" AND "LOSSES" means, for each fiscal year or other period, an
amount equal to the Partnership's taxable income or loss for such year or
period, determined in accordance with Code Section 703(a) (for this purpose, all
items of income, gain, loss or deduction required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss),
with the following adjustments:

        (a) Any income of the Partnership that is exempt from federal income tax
and not otherwise taken into account in computing Profits and Losses pursuant to
this subsection (a) shall be added to such taxable income or loss;

        (b) Any expenditure of the Partnership described in Code Section
705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to
Regulations Section 1.704(b)(2)(iv)(i), and not otherwise taken into account in
computing Profits or Losses pursuant to this subsection (b) shall be subtracted
from such taxable income or loss;

        (c) In the event the Gross Asset Value of any of the Partnership assets
is adjusted pursuant to subsections (b) or (c) of the definition of Gross Asset
Value, the amount of such adjustment



                                       6
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shall be taken into account as gain or loss from the disposition of such asset
for purposes of computing Profits or Losses;

        (d) Gain or loss resulting from any disposition of Partnership assets
with respect to which gain or loss is recognized for federal income tax purposes
shall be computed by reference to the Gross Asset Value of the property disposed
of, notwithstanding that the adjusted tax basis of such property differs from
its Gross Asset Value;

        (e) In lieu of the depreciation, amortization and other cost recovery
deductions taken into account in computing such taxable income or loss, there
shall be taken into account depreciation computed in accordance with Section
1.704-1(b)(2)(iv)(g) of the Regulations for such fiscal year or other period;
and

        (f) Notwithstanding anything contained herein to the contrary, any items
which are specially allocated pursuant to Sections 7.3(a), 7.3(b), 7.3(c),
7.3(d), 7.3(e) and 7.3(f) shall not be taken into account in computing Profits
or Losses.

        "PROPERTY" means the tract of land (and all rights and appurtenances
incident thereto) described in EXHIBIT A attached hereto and all Improvements
located, or to be constructed, or developed thereon.

        "PROPERTY MANAGEMENT SUBCONTRACT" means that certain Property Management
Subcontract, by and between HPT and the Trammell Crow Provider in the form
attached hereto as EXHIBIT C.

        "PURCHASE AGREEMENT" means that certain Purchase and Sale Agreement by
and between Realty America Group (4245 Central), LP, a Texas limited
partnership, as purchaser, and Vortisch Holdings, L.P., a Texas limited
partnership, as seller, dated as of April 19, 2004, together with all amendments
thereto.

        "REGULATIONS" means the federal income tax regulations, including
temporary regulations, promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding
regulations).

        "RESERVES" means funds set aside or amounts allocated to reserves for
working capital, taxes, insurance, debt service or other costs and expenses
incident to the ownership and operation of the Property. The amount of funds to
be set aside in Reserves shall be determined by the General Partner subject to
Approval by Partnership Vote.

        "RESIDUAL PERCENTAGE" means (a) the following percentages until such
time as the Limited Partners have received the Threshold Return: (i) as to the
General Partner, one-tenth of one percent (0.1%); (ii) as to BH Fund, forty nine
and nine-tenths percent (49.9%); (iii) as to Realty America, thirty seven and
one-half percent (37.5%); (iv) as to HSAD, six and one-fourth percent (6.25%);
and (v) as to BGO, six and one-fourth percent (6.25%); and (b) the following
percentages after the Limited Partners have received the Threshold Return: (i)
as to the General Partner, one-tenth of one percent (0.1%); (ii) as to BH Fund,
thirty four and nine-tenths percent (34.9%); (iii) as to Realty America, fifty
six and one-fourth percent (56.25%); (iv) as to HSAD, four and three hundred
seventy five one thousandths percent (4.375%); and (v) as to BGO, four and three
hundred seventy five one thousandths percent (4.375%).

        "TARGET ACCOUNT" means, with respect to any Partner as of any Adjustment
Date, a balance (which may be positive or negative) equal to the hypothetical
amount that such Partner would



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receive upon the liquidation of the Partnership, assuming that (a) all assets of
the Partnership were sold for an amount equal to their respective Gross Asset
Values, (b) all liabilities of the Partnership allocable to those properties
became due and were satisfied in accordance with their terms (limited with
respect to each non-recourse liability, to the Gross Asset Value of the asset
securing such liability), and (c) all net assets of the Partnership were
distributed pursuant to Section 6.1 hereof, computed after the Capital
Contributions have been made for the period ending on such Adjustment Date. The
General Partner shall determine Gross Asset Value from year to year or at any
point in time as needed.

        "THRESHOLD RETURN" means an IRR of sixteen percent (16%).

        "TRAMMELL CROW PROVIDER" means the Affiliate of Trammell Crow Company
that enters into the Property Management Subcontract or the Leasing Agreement.

        "TRANSFER" means, with respect to a particular property, right or
interest, the assignment, sale, transfer, pledge, disposition, hypothecation,
mortgage, pledge or the grant of a lien or security interest in such right or
interest (or any part thereof), whether voluntarily, involuntarily or by
operation of law, and whether for consideration or no consideration.

                                  ARTICLE II.

                                    PARTNERS

        2.1 GENERAL PARTNER.The name and address of the General Partner is as
follows:

             NAME                                            ADDRESS
             ----                                            -------

    Behringer Harvard 4245 Central GP, LLC          1323 North Stemmons Freeway
                                                    Suite 212
                                                    Dallas, Texas  75207
                                                    Attn:  Chief Legal Officer

        2.2 LIMITED PARTNERS. The names and addresses of the Limited Partners
are as follows:

             NAME                                                   ADDRESS
             ----                                                   -------

      Behringer Harvard Short-Term Opportunity     1323 North Stemmons Freeway
         Fund I LP                                 Suite 212
                                                   Dallas, Texas  75207
                                                   Attn:  Chief Legal Officer

      Realty America Group (4245 Central), LP      4809 Cole Avenue, Suite 200
                                                   Dallas, Texas 75205
                                                   Attn: Webb M. Sowden, III

      HSAD Partners                                HSAD, Inc.
                                                   1800 Preston Park Blvd.,
                                                   Suite 250
                                                   Plano, Texas 75093
                                                   Attn: Chris Smith


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      BGO Investments                               4245 N. Central Expressway,
                                                    Suite 300
                                                    Dallas, Texas 75205

                                  ARTICLE III.

                                     CAPITAL

        3.1 INITIAL CAPITAL CONTRIBUTIONS. Upon the execution of this Agreement,
the Partners shall make Initial Capital Contributions to the Partnership of cash
in the amounts set forth opposite their respective names on EXHIBIT D attached
hereto and made a part hereof.

        3.2 ADDITIONAL CAPITAL CONTRIBUTIONS.

            (a) If at any time the General Partner determines that the
Partnership requires funds to close the acquisition of the Property or for
Operating Expenses, or that within ninety (90) days the Partnership will require
funds for Operating Expenses (collectively, "CASH NEEDS"), then the General
Partner shall use reasonable efforts to secure third party or Partner loans to
fulfill such Cash Needs. If such efforts to secure third party or Partner loans
are unsuccessful, the General Partner may send the Limited Partners written
notice ("ADDITIONAL CAPITAL NOTICE") requesting that the Limited Partners,
together with the General Partner, contribute in cash such amounts as are
necessary to satisfy such Cash Needs and describing the purpose for which the
funds are needed. If so requested, the General Partner and each Limited Partner
shall be obligated to make an Additional Capital Contribution equal to the
product of its Residual Percentage and the amount of the Cash Needs. The time
for the payment of any Additional Capital Contribution to the Partnership shall
be determined by the General Partner, but shall in no event be less than ten
(10) days after the delivery of the Additional Capital Notice.

            (b) If the General Partner or a Limited Partner fails to timely
contribute all or any portion of any Additional Capital Contribution required of
such Partner, then such Partner shall be considered a "DELINQUENT PARTNER." The
Partnership may, upon notice to a Delinquent Partner, exercise either one of the
following remedies as its sole remedy:

                (i) permit the non-Delinquent Partner(s) to advance that portion
of the Additional Capital Contribution that is in default as a loan (a "DEFAULT
LOAN") with the following results: (A) the sum thus advanced shall constitute a
loan to the Delinquent Partner; (B) such loan and all accrued unpaid interest
thereon shall be due on demand, or if no demand is made, twelve (12) months
after such advance is made; (C) the loan shall bear interest at the lesser of
twelve percent (12%) per annum or the highest rate permitted by applicable law,
from the date made until the date fully repaid compounding monthly; and (D) all
Partnership distributions and other payments that otherwise would be made to the
Delinquent Partner (whether before or after dissolution of the Partnership)
under this Agreement (including those under Article 6) shall be paid to the
non-Delinquent Partner until the loan and all interest accrued thereon is paid
in full (with all such payments being applied first to accrued and unpaid
interest and then to principal and being deemed to be a distribution or payment
(as may apply) to the Delinquent Partner, and, in turn, a payment by the
Delinquent Partner with respect to the loan from the non-Delinquent Partner); or

                (ii) permit the non-Delinquent Partner to contribute that
portion of the Additional Capital Contribution that is in default as an
Additional Capital Contribution made by the non-Delinquent Partner, in which
case the non-Delinquent Partner shall have its Residual Percentage increased and
the Delinquent Partner shall have its Residual Percentage decreased in the
following manner: (A) the



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<PAGE>

Residual Percentage of the non-Delinquent Partner immediately following such
Additional Capital Contributions shall be increased by an amount equal to 110% x
A/B, where 'A' equals the amount the non-Delinquent Partner contributed in
respect of the Delinquent Partner's required Additional Capital Contribution,
and `B' equals the sum of all unreturned Capital Contributions previously made
to the Partnership after giving effect to the amounts advanced under this
Section 3.2(b)(ii) on behalf of the Delinquent Partner; and (B) the Residual
Percentage of the Delinquent Partner shall be decreased by the increase of the
non-Delinquent Partner's Residual Percentage.

            (c) The exercise by the Partnership of the remedies set forth in
Section 3.2(b) above shall be determined by the non-Delinquent Partner in its
sole discretion and not by the Delinquent Partners.

            (d) With respect to any efforts by the General Partner to obtain
loans to the Partnership from a third party or a Partner (including the General
Partner), the financing terms must be substantially similar to (or more
favorable than) loans which the Partnership could obtain on a competitive
arms-length basis. If the General Partner is unable to determine whether the
financing terms are competitive on an arms-length basis, the General Partner may
seek a Partnership Vote on the issue, or may seek and rely upon the advice of an
independent expert in financing. If any Partner makes any loan or loans to the
Partnership or advances money on its behalf, the amount of any loan or advance
shall not be treated as a Capital Contribution but shall be treated as a debt
due from the Partnership to such Partner.

        3.3 CAPITAL ACCOUNTS. The Partnership shall establish and maintain on
its books and records for each Partner a capital account (collectively the
"CAPITAL ACCOUNTS") in accordance with Section 1.704-1(b)(2)(iv) of the
Regulations. Subject to the foregoing, each Partner's Capital Account generally
shall be:

            (a) increased by (i) the amount of money contributed by such Partner
to the Partnership, including Partnership liabilities assumed by such Partner;
(ii) the fair market value of property (net of liabilities securing such
property that the Partnership has assumed, or taken subject to, under Section
752 of the Code), or other consideration contributed by such Partner to the
Partnership; and (iii) allocations to such Partner of Net Profits (and items
thereof, including certain tax exempt income) and income and gain described in
Section 1.704-1(b)(2)(iv)(g) of the Regulations; and

            (b) decreased by (i) the amount of money distributed to such Partner
by the Partnership, including such Partner's individual liabilities assumed by
the Partnership; (ii) the fair market value of all property distributed to such
Partner by the Partnership (net of liabilities that such Partner is considered
to assume or take subject to under Section 752 of the Code); and (iii)
allocations to such Partner of Net Losses and deductions, including expenses
described in Section 705(a)(2)(B) of the Code which are not deductible for tax
purposes.

        3.4 INTEREST ON AND WITHDRAWAL OF CAPITAL CONTRIBUTIONS. Neither the
General Partner nor the Limited Partners shall be entitled to receive any
interest on Capital Contributions, nor shall the General Partner or the Limited
Partners be entitled to withdraw or otherwise receive a return of their Capital
Contributions from the Partnership, except pursuant to the terms and conditions
of this Agreement. No Partner shall be required to contribute or lend any cash
or property to the Partnership to enable the Partnership to return any Partner's
Capital Contributions.

        3.5 RESIGNATION; REDEMPTION. Except as otherwise expressly permitted by
this Agreement, no Partner may resign or withdraw from the Partnership without
Approval by Partnership Vote. A Partner's interest in the Partnership may not be
redeemed or purchased by the Partnership without prior Approval by Partnership
Vote.



                                       10
<PAGE>

        3.6 TRANSFERS. If any interest in the Partnership is Transferred in
accordance with the terms of this Agreement, the Transferee will succeed to the
Capital Account of the Transferor to the extent it relates to the Transferred
interest.

                                  ARTICLE IV.

                                   MANAGEMENT

        4.1 GENERAL POWERS OF GENERAL PARTNER. Except as provided in Section 4.3
hereof, the General Partner, acting alone, shall be authorized and empowered to
make all decisions and to act on behalf of the Partnership and be solely
responsible for the operation and management of the business of the Partnership,
with all rights and powers generally conferred by applicable law or necessary,
advisable or consistent in connection therewith, including without limitation to
cause the Partnership to make all decisions, take all actions as may be
necessary for the Partnership to perform fully, and promptly satisfy and
discharge each and every obligation or responsibility of the Partnership. The
General Partner may take all necessary and appropriate action to consummate a
Major Decision if the Major Decision was approved (or deemed approved) in
advance pursuant to Section 4.3 hereof. For any other action that does not or
would not constitute a Major Decision, the General Partner may take all
necessary and appropriate action without further authorization.

        4.2 SPECIFIC POWERS OF THE GENERAL PARTNER. By way of illustration of
the General Partner's power and authority pursuant to Section 4.1 and not as a
limitation thereon, the General Partner shall have the unilateral right and
power to take any and all of the following actions on behalf of the Partnership
except to the extent any such action requires Approval by Partnership Vote
pursuant to Section 4.3 of this Agreement:

            (a) to consummate the transaction contemplated in the Purchase
Agreement and the Mortgage Loan and to execute all documents necessary or
advisable in connection therewith; provided, however, that no material change in
the terms of the Purchase Agreement shall be made without Approval by
Partnership Vote.

            (b) to take actions normal or customary for the owner of businesses
similar to that operated by the Partnership;

            (c) to perform any and all acts necessary or appropriate in
connection with the business of the Partnership;

            (d) to procure and maintain appropriate insurance covering the
property of the Partnership;

            (e) to take and hold all property and assets of the Partnership,
real, personal and mixed, in the name of the Partnership;

            (f) to coordinate all accounting and clerical functions of the
Partnership and employ and contract such accountants, lawyers, managers, agents
and other management or service personnel as may from time to time be required
to carry on the business of the Partnership;

            (g) to negotiate and execute leases of the Property; and

            (h) to engage in any kind of activity and to perform and carry out
contracts of any kind necessary to, or in connection with, or incidental to, the
development and operation of the Property



                                       11
<PAGE>

as may be lawfully carried on or performed by a limited partnership under the
laws of each state in which the Partnership is then formed, qualified, or does
business.

        4.3  MAJOR DECISIONS. All "Major Decisions" (hereinafter defined) with
respect to the Partnership business shall require Approval by Partnership Vote.
All Major Decisions shall be made by the Partners in a timely manner with due
regard for the necessity of obtaining and evaluating the information necessary
for making such Major Decisions. A "MAJOR DECISION" as used in this Agreement
means any decision with respect to the following matters:

           (a) any merger or consolidation of the Partnership with another
entity;

            (b) any acquisition of any real property other than the Property;

            (c) any borrowing by the Partnership or guarantee of debt of any
other Person, or permitting the Partnership to incur any debt or other
obligations other than the Mortgage Loan or trade payables with respect to the
Property (each of which is expressly approved hereby); provided, however, that
the General Partner may, without such action being Approved by Partnership Vote,
(i) obtain interim financing not to exceed eighty five percent (85%) of the
total cost of the Property and secure a first lien mortgage to pay off the
interim debt, which first lien mortgage shall not be at a rate in excess of 200
basis points over the corresponding treasury rate, (ii) refinance the Property
at a lower interest rate, and (iii) refinance the Property, if as a result of
such refinancing the personal guarantees of the Partners or their Affiliates are
removed, provided, however, that the terms of such refinancing shall be subject
to Approval by Partnership Vote.

            (d) except for expenditures made and obligations incurred pursuant
to an Operating Budget, making any expenditure or incurring any obligation by or
for the Partnership, or approving any such expenditure or obligation to be made
or incurred by the Partnership, in excess of 105% of the amount set forth on an
Operating Budget therefor (the "105% LIMITATION"); provided, that the General
Partner may (without prior Approval by Partnership Vote) make expenditures that
it reasonably determines are necessary or appropriate that exceed such 105%
Limitation provided that the aggregate amount of such expenditures do not exceed
the lesser of: (i) fifteen percent (15%) of the Operating Budget, or (ii) Fifty
Thousand Dollars ($50,000.00) in any 12-month period; provided, further, that if
emergency repairs to the Property are necessary to avoid imminent danger of
injury to the Property or to an individual, the General Partner may make such
expenditures as may be necessary to alleviate such situation (without regard to
the foregoing limitations) and shall promptly notify the Limited Partners in
writing of the event giving rise to such repairs and the actions taken with
respect thereto;

            (e) causing the Partnership to file a voluntarily bankruptcy
petition, seeking or consenting to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator, custodian or any similar official for the
Partnership or a substantial portion of its assets, causing the Partnership to
file a petition or answer seeking for itself any reorganization, arrangement,
composition, readjustment, liquidation or similar relief under any statute, law
or regulation, causing the Partnership to file an answer or other pleading
admitting or failing to contest the material allegations of a petition filed
against it in any proceeding of this nature or to take any action in furtherance
of the foregoing;

            (f) causing the Partnership to file any lawsuit, other than lawsuits
arising from the normal day-to-day operation of the Property, such as suits to
collect unpaid rent and eviction suits;

            (g) any payment by the Partnership of any compensation to a Partner
or an Affiliate of a Partner, or any transaction between the Partnership and any
Partner or Affiliate of a Partner, except to



                                       12
<PAGE>

the extent that any payment to, or transaction with, a Partner is set forth in
an approved Operating Budget or expressly authorized or approved pursuant to the
terms of this Agreement;

            (h) executing or approving any agreement or contract with any Person
to be an agent for the Partnership or to be other than an independent
contractor, or which permits any such Person to sign any agreement or contract,
including, without limitation, brokerage, listing or commission agreements or
service contracts, on behalf of the Partnership;

            (i) the dedication of any portion of the Property to any federal,
state or local government or political subdivision;

            (j) approval of a management or leasing agreement related to the
Property;

            (k) executing or approving any agreement, contract, or arrangement,
with a term of more than one year that is not terminable with 30-days notice
without penalty;

            (l) assigning the Partnership's rights in specific Partnership
property for other than Partnership purposes;

            (m) any act in contravention of this Agreement;

            (n) any act which would make it substantially impractical to carry
on the ordinary business of the Partnership, other than a Transfer of all or
substantially all of the assets of the Partnership with respect to which
Approval by Partnership Vote has been obtained;

            (o) any confession of a judgment against the Partnership;

            (p) making, executing or delivering any assignment for the benefit
of creditors of the Partnership, or signing any bond, confession of judgment,
indemnity bond or surety bond by or on behalf of the Partnership;

            (q) any Transfer (other than leases of the Property executed in the
ordinary course of business) of all or any part of (i) the Property, or (ii) any
other Partnership asset the value of which exceeds $25,000;

            (r) any admission of any new Partner to the Partnership;

            (s) the dissolution or termination of the Partnership

            (t) the approval of any tax election that adversely affects a
Limited Partner;

            (u) any change in the nature, purpose or scope of business of the
Partnership; and

            (v) any other decision or action which by the provisions of this
Agreement is required to be authorized by Approval by Partnership Vote.

        4.4 APPROVAL RIGHTS OF REALTY AMERICA. Notwithstanding anything
contained herein to the contrary, until the second (2nd) anniversary of the date
of this Agreement, the Partnership shall not sell the Property or refinance the
Mortgage Loan without the approval of Realty America (which approval shall not
be unreasonably withheld). The foregoing limitation shall not apply to the
Mortgage Loan, it being specifically agreed that the General Partner shall have
the authority to execute on behalf



                                       13
<PAGE>

of the Partnership any and all documents the General Partner deems necessary or
advisable in order to consummate the Mortgage Loan.

        4.5 OPERATING BUDGETS. The Partnership shall operate under annual
Operating Budgets which shall be prepared in accordance with the Property
Management Subcontract; provided, that if the Property Management Subcontract is
not in effect then the Operating Budgets shall be prepared by the General
Partner and subject to Approval by Partnership Vote. After an annual Operating
Budget has been approved, the General Partner shall implement it on behalf of
the Partnership (including in accordance with the Property Management
Subcontract) and may cause the Partnership to incur the expenditures and
obligations therein provided. The General Partner shall submit (or request the
manager of the Property to submit) to the Limited Partners any proposed
Operating Budget for each calendar year by November 15 of the preceding calendar
year. Provided that each of the Limited Partners receives the proposed Operating
Budget for each calendar year by November 15 of the preceding calendar year,
together with all supporting information necessary for the Limited Partners to
review the Operating Budget, each Limited Partner will approve, reject, or
provide changes to the Operating Budget by December 15 of the year in which the
proposed Operating Budget was submitted to the Limited Partners. If an Operating
Budget for any calendar year has not been approved by January 1 of that year,
the Partnership shall continue to operate under the Operating Budget for the
previous year with such adjustments as may be necessary to reflect deletion of
non-recurring expense items set forth on the previous Operating Budget and
increased insurance costs, taxes, utility costs, and debt service payments.

        4.6 LIMITED PARTNER PARTICIPATION IN MANAGEMENT. The Limited Partners,
as limited partners, shall not participate in the operation or management of the
business of the Partnership, or transact any business for or in the name of the
Partnership, and the Limited Partners, as the limited partners, shall not have
any right or power to sign for or bind the Partnership in any manner, except as
expressly provided under the provisions of this Agreement. Any rights of the
Limited Partners to consent to and approve of certain matters under the
provisions of this Agreement shall not be deemed a participation in the
operation and management of the business of the Partnership or the exercise of
control of the Partnership business. Except as may be otherwise expressly
provided herein, the Limited Partners shall not have the right to vote on any
matter concerning the management and affairs of the Partnership.

        4.7 PAYMENT OF COSTS AND EXPENSES. The Partnership will be responsible
for paying all costs and expenses of forming and continuing the Partnership,
acquiring the Property, and conducting the business of the Partnership,
including, without limitation, accounting costs, legal expenses and office
supplies. In the event any such costs and expenses are incurred and paid by the
General Partner on behalf of the Partnership, then, except as expressly provided
to the contrary in this Agreement, such Partner shall be entitled to be
reimbursed for such payment so long as such cost or expense was reasonably
necessary and is reasonable in amount. The Partnership may use the proceeds of
any revenues of the Partnership to reimburse a Partner for any such costs and
expenses so paid.

        4.8 TRANSACTIONS WITH AFFILIATES. Any agreement whereby any service or
activity to be performed for the Partnership is to be performed by an Affiliate
of a Partner shall require Approval by a Partnership Vote. The Partners hereby
acknowledge and agree that Approval by Partnership Vote has been obtained with
respect to the Management Agreement, the Property Management Subcontract, and
the Leasing Agreement.

        4.9 FEES PAYABLE BY THE PARTNERSHIP.

            (a) Upon the acquisition of the Property, the Partnership shall pay
to Realty America or its Affiliate designee a brokerage commission in the amount
of Ninety Five Thousand Dollars ($95,000).



                                       14
<PAGE>

            (b) The Partnership shall contract with HPT for HPT to perform
management services in respect of the Property in accordance with the Management
Agreement, pursuant to which HPT will receive a management fee from the
Partnership as set forth in the Management Agreement.

            (c) The Partners acknowledge and agree that HPT will subcontract
with the Trammell Crow Provider to perform management services in respect of the
Property in accordance with the Management Agreement, as set forth in the
Property Management Subcontract.

            (d) The Partnership shall enter into the Leasing Agreement with the
Trammell Crow Provider (and the General Partner is hereby authorized to execute
the Leasing Agreement on behalf of the Partnership).

            (e) Realty America shall be entitled to act as the exclusive listing
agent in connection with any sale of the Property. Accordingly, Realty America
shall perform such services as are customarily performed by listing agents for
property similar to the Property in the Dallas/Fort Worth area, and such
services shall be substantial services in connection with the sales effort
performed on behalf of the Partnership as agent for the General Partner (or
Affiliate designated by the General Partner) in respect of the disposition of
the Property. In consideration of such efforts, the Partnership shall pay to
Realty America a market rate sales commission, payable if and when the closing
of the sale of the Property occurs. Notwithstanding the preceding sentence: (i)
in no event shall the total sales commission payable by the Partnership pursuant
to the preceding sentence exceed two percent (2%) of the gross sales proceeds
received by the Partnership for the Property; and (ii) if any broker other than
Realty America is involved in the sale of the Property, Realty America shall be
obligated to pay any commission due to such broker.

        4.10 OTHER COMPENSATION. Except as provided in this Agreement, no
Partner or its Affiliate shall be entitled to any compensation unless Approval
by Partnership Vote is obtained with respect thereto.

                                   ARTICLE V.

                          RIGHTS AND POWERS OF PARTNERS

        5.1 LIMITATION OF LIABILITY.

            (a) LIMITATION ON LIABILITY OF LIMITED PARTNERS. The Limited
Partners shall not be bound by, or personally liable for, obligations or
liabilities of the Partnership to outside third parties beyond the amount of
their Capital Contributions to the Partnership, and the Limited Partners shall
not be required to contribute any capital to the Partnership for any obligations
to third parties in excess of the Capital Contributions actually made under
Sections 3.1 and 3.2 hereof.

            (b) LIMITATION ON LIABILITY OF GENERAL PARTNER. The General Partner
(including its members, officers, directors, agents, employees and
representatives) shall not be liable or responsible in damages or otherwise to
the Partnership or any Partner for any liability or loss relating to the
performance or nonperformance of any act concerning the business of the
Partnership, provided the General Partner was not guilty of gross negligence or
willful misconduct.

        5.2 INDEMNIFICATION.

            (a) The General Partner (including its members, partners, officers,
directors, agents, employees and representatives) shall be indemnified by the
Partnership to the fullest extent permitted by law, against any losses,
judgments, liabilities, expenses and amounts paid in settlement of any claims


                                       15
<PAGE>

sustained by it or any of them in connection with the Partnership, provided that
the General Partner has determined in good faith that such course of conduct was
in, and not opposed to, the best interests of the Partnership and such liability
or loss was not the result of gross negligence or willful misconduct, or a
material breach of this Agreement on the part of the General Partner or such
person, and (2) any such indemnification will only be recoverable from the
assets of the Partnership and the Limited Partners shall not have any liability
on account thereof. All rights to indemnification permitted herein and payment
of associated expenses shall not be affected by the dissolution or other
cessation of the existence of the General Partner, or the withdrawal,
adjudication of bankruptcy or insolvency of the General Partner.

            (b) Expenses incurred in defending a threatened or pending civil,
administrative or criminal action, suit or proceeding against any person who may
be entitled to indemnification pursuant to this Section 5.2 may be paid by the
Partnership in advance of the final disposition of such action, suit or
proceeding, if (i) the legal action relates to the performance of duties or
services by such person on behalf of the Partnership, (ii) the legal action is
initiated by a third party who is not a Limited Partner, and (iii) such person
undertakes to repay the advanced funds to the Partnership in cases in which it
is not entitled to indemnification under this Section 5.2.

            (c) The term "General Partner" as used in this Section 5.2 shall
include any additional or substitute general partner and any Affiliate of a
General Partner performing services on behalf of the Partnership.

        5.3 OTHER BUSINESS ACTIVITIES. Subject to the other express provisions
of this Agreement, each Partner and any Affiliate thereof may engage in and
possess interests in other business ventures of any and every type and
description, independently or with others, including ones in direct or indirect
competition with the Partnership, with no obligation to offer to the Partnership
or any other Partner the right to participate therein or to account therefor.

        5.4 INFORMATION. In addition to the other rights specifically set forth
in this Agreement, each Partner is entitled to the following information: (a)
true and full information regarding the status of the business and financial
condition of the Partnership; (b) promptly after becoming available, a copy of
the Partnership's federal, state and local income tax returns for each year; (c)
a current list of the name and last known business, residence or mailing address
of each Partner; (d) a copy of this Agreement, the Certificate, and all
amendments to such documents; and (e) other information regarding the affairs of
the Partnership to which that Partner is entitled pursuant to the TRLPA.

                                  ARTICLE VI.

                 DISTRIBUTIONS/ALLOCATIONS OF PROFITS AND LOSSES

        6.1 DISTRIBUTIONS OF DISTRIBUTABLE CASH. Within twenty (20) days
following the end of each month (unless Approval by Partnership Vote is
otherwise obtained), the Partnership shall distribute Distributable Cash in the
following order of priority:

            (a) First, to the Partners in proportion to their respective
Additional Capital Contribution Account balances until their respective
Additional Capital Contribution Account balances are reduced to zero;

            (b) Next, to the Partners in proportion to their respective Initial
Capital Contribution Account balances until their respective Initial Capital
Contribution Account balances are reduced to zero;



                                       16
<PAGE>

            (c) Next, to the Partners, pro rata in accordance with their
Residual Percentages (as calculated pursuant to clause (a) of the definition of
such term) until the Partners have received distributions sufficient to provide
the Threshold Return to such Partners; and

            (d) Next, to the Partners, pro rata in accordance with their
Residual Percentages (as calculated pursuant to clause (b) of the definition of
such term).

                                  ARTICLE VII.

                        ALLOCATION OF PROFITS AND LOSSES

        7.1 ALLOCATION OF PROFITS AND LOSSES. After application of Section 7.3
hereof, Profits and Losses for each fiscal year shall be allocated among the
Partners so as to reduce, proportionately, in the case of any Profits, the
difference between their respective Target Accounts and Partially Adjusted
Capital Accounts for such fiscal year and, in the case of Losses, the difference
between their respective Partially Adjusted Capital Accounts and Target Accounts
for such fiscal year. To the extent that, in the fiscal year in which all or
substantially all of the Partnership's assets are disposed of, or in the fiscal
year in which the Partnership is liquidated, the allocation of Profit or Loss
set forth in the preceding sentence does not cause each Partner's Partially
Adjusted Capital Account balance to equal the balance of its Target Account,
items of income or gain will be reallocated to any Partner with a Partially
Adjusted Capital Account which is less than its Target Account, and items of
loss, deduction or expense will be reallocated to any Partner with a Partially
Adjusted Capital Account that is greater than its Target Account in such manner
as to reduce, to the greatest extent possible, the difference between each
Partner's respective balance in its Target Account and its Partially Adjusted
Capital Account balance.

        7.2 LIMITATION ON LOSS ALLOCATIONS. Notwithstanding anything in this
Agreement to the contrary, no Losses or item of deduction shall be allocated to
a Partner if such allocation would cause the Capital Account of such Partner to
have a deficit in excess of the sum of (a) the amount of additional capital such
Partner would be required to contribute to the Partnership if the Partnership
were to dissolve on the last day of the accounting period to which such
allocation relates plus (b) such Partner's distributive share of Partnership
Minimum Gain as of the last day of such accounting period, determined pursuant
to Regulations Section 1.704-2(g)(1), plus (c) such Partner's share of Partner
Minimum Gain as of the last day of such year, determined pursuant to Regulation
Section 1.704-2(i)(5). Any amounts not allocated to a Partner pursuant to the
limitations set forth in this paragraph shall be allocated to the other Partners
to the extent possible without violating the limitations set forth in this
paragraph. For purposes of the foregoing provisions, the balance of a Partner's
Capital Account shall be determined after reducing such Capital Account by (i)
all anticipated allocations of loss or deduction pursuant to Sections 704(e)(2)
and 706(d) of the Code, and Section 1.751-1(b)(2)(ii) of the Regulations, and
(ii) anticipated distributions to such Partner to the extent such anticipated
distributions exceed anticipated increases to such Partner's Capital Account
during or prior to the year of distribution (other than increases which may not
be taken into account pursuant to Section 1.704-1(b)(2)(ii)(d)(6) of the
Regulations).

        7.3 SPECIAL ALLOCATIONS. The following special allocations shall be made
in the following order:

            (a) MINIMUM GAIN CHARGEBACK. Except as otherwise provided in Section
1.704-2(f) of the Regulations, in the event there is a net decrease in
Partnership Minimum Gain during a Partnership taxable year, each Partner shall
be allocated (before any other allocation is made pursuant to this Section 7.3)
items of income and gain for such year (and, if necessary, for subsequent years)
equal to that Partner's share of the net decrease in Partnership Minimum Gain.
The determination of a Partner's share of the net decrease in Partnership
Minimum Gain shall be determined in accordance



                                       17
<PAGE>

with Regulations Section 1.704-2(g). The items to be specially allocated to the
Partners in accordance with this Section 7.3(a) shall be determined in
accordance with Regulation Section 1.704-2(f)(6). This Section 7.3(a) is
intended to comply with the Minimum Gain chargeback requirement set forth in
Section 1.704-2(f) of the Regulations and shall be interpreted consistently
therewith.

            (b) PARTNER MINIMUM GAIN CHARGEBACK. Except as otherwise provided in
Section 1.704-2(i)(4), in the event there is a net decrease in Partner Minimum
Gain during a Partnership taxable year, each Partner who has a share of that
Partner Minimum Gain as of the beginning of the year, to the extent required by
Regulation Section 1.704-2(i)(4), shall be specially allocated items of
Partnership income and gain for such year (and, if necessary, subsequent years)
equal to that Partner's share of the net decrease in Partner Minimum Gain.
Allocations pursuant to this subparagraph (b) shall be made in accordance with
Regulation Section 1.704-2(i)(4). This Section 7.3(b) is intended to comply with
the requirement set forth in Regulation Section 1.704-2(i)(4) and shall be
interpreted consistently therewith.

            (c) QUALIFIED INCOME OFFSET ALLOCATION. In the event any Partner
unexpectedly receives any adjustments, allocations or distributions described in
Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or
1.704-1(b)(2)(ii)(d)(6) or which would cause the negative balance in such
Partner's Capital Account to exceed the sum of (i) his obligation to restore a
Capital Account deficit upon liquidation of the Partnership, plus (ii) his share
of Partnership Minimum Gain determined pursuant to Regulation Section
1.704-2(g)(1), plus (iii) such Partner's share of Partner Minimum Gain
determined pursuant to Regulation Section 1.704-2(i)(5), items of Partnership
income and gain shall be specially allocated to such Partner in an amount and
manner sufficient to eliminate such excess negative balance in his Capital
Account as quickly as possible. This Section 7.3(c) is intended to comply with
the alternative test for economic effect set forth in Regulation Section
1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

            (d) GROSS INCOME ALLOCATION. In the event any Partner has a deficit
Capital Account at the end of any Partnership fiscal year which is in excess of
the sum of (i) any amounts such Partner is obligated to restore pursuant to this
Agreement, plus (ii) such Partner's distributive share of Minimum Gain as of
such date, plus such Partner's share of Partner Minimum Gain determined pursuant
to Regulation Section 1.704-2(i)(5), each such Partner shall be specially
allocated items of Partnership income and gain in the amount of such excess as
quickly as possible, provided that an allocation pursuant to this Section 7.3(d)
shall be made only if and to the extent that such Partner would have a deficit
Capital Account in excess of such sum after all other allocations provided for
in this Section 7.3 have been made, except assuming that Section 7.3(c) above
and this Section 7.3(d) were not contained in this Agreement.

            (e) ALLOCATION OF NONRECOURSE DEDUCTIONS. Nonrecourse Deductions
shall be allocated to the Partners in accordance with their respective Residual
Percentages.

            (f) ALLOCATION OF PARTNER NONRECOURSE DEDUCTIONS. Partner
Nonrecourse Deductions shall be allocated as prescribed by the Regulations.

            (g) BASIS ADJUSTMENT UNDER SECTION 754. To the extent an adjustment
to the adjusted tax basis of any Partnership assets pursuant to Code Section
734(b) or Code Section 743(b) is required, pursuant to Regulations Section
1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts,
the amount of such adjustment to the Capital Accounts shall be treated as an
item of gain, if the adjustment increases the basis of the asset, or loss, if
the adjustment decreases such basis, and such gain or loss shall be specially
allocated to the Partners in a manner consistent with the manner in which their
Capital Accounts are required to be adjusted pursuant to such Section of the
Regulations.



                                       18
<PAGE>

        7.4 BUILT-IN GAIN OR LOSS/SECTION 704(C) TAX ALLOCATIONS. In the event
that the Capital Accounts of the Partners are credited with or adjusted to
reflect the Gross Asset Value of the Partnership's property and assets, the
Partners' distributive shares of depreciation, depletion, amortization, and gain
or loss, as computed for tax purposes, with respect to such property, shall be
determined pursuant to Section 704(c) of the Code and the Regulations
thereunder, so as to take account of the variation between the adjusted tax
basis and Gross Asset Value of such property in a manner determined by Approval
by Partnership Vote. Any deductions, income, gain or loss specially allocated
pursuant to this Section 7.4 shall not be taken into account for purposes of
determining Profits or Losses or for purposes of adjusting a Partner's Capital
Account.

        7.5 RECAPTURE. Ordinary income arising from the recapture of
depreciation and unrecaptured Section 1250 gain shall be allocated to the
Partners in the manner that is prescribed by the Regulations, or if the
Regulations do not prescribe a manner in which depreciation is to be recaptured,
then depreciation shall be recaptured in the same manner as such depreciation
was allocated to the Partners.

        7.6 RETENTION OF SECTION 751 ASSETS. Upon the occurrence of an event
which would otherwise cause a reduction in a Partner's respective interest in
the Partnership's Section 751 assets ("substantially appreciated inventory" and
"unrealized receivables" as defined in Section 751 of the Code), such as the
admission of new Partners or otherwise, no such reduction shall occur with
respect to Partners who were Partners immediately preceding such event and who
continue to be Partners after the occurrence of such event but, rather, each
such Partner shall retain his respective interest in the Partnership's Section
751 assets existing immediately prior to such event.

        7.7 PROHIBITION AGAINST RETROACTIVE ALLOCATIONS. Notwithstanding
anything in this Agreement to the contrary, no Partner shall be allocated any
loss, credit or income attributable to a period prior to his admission to the
Partnership. In the event that a Partner Transfers all or a portion of his
Partnership interest, or if there is a reduction in a Partner's Residual
Percentage due to the admission of new Partners or otherwise, each Partner's
distributive share of Partnership items of income, loss, credit, etc., shall be
determined by taking into account each Partner's varying interests in the
Partnership during the Partnership's taxable year. For this purpose, each
Partner's distributive share shall be estimated by taking the pro rata portion
of the distributive share such Partner would have included in his taxable income
had he maintained his Residual Percentage throughout the Partnership year. Such
proration shall be based upon the portion of the year during which such Partner
held the Residual Percentage, except that extraordinary, nonrecurring items
shall be allocated to the persons holding Partnership interests at the time such
extraordinary items occur.

        7.8 ALLOCATION OF NONRECOURSE LIABILITIES. The "excess nonrecourse
liabilities" of the Partnership (within the meaning of Section 1.752-3(a)(3) of
the Regulations) shall be allocated to the Partners in accordance with their
respective Residual Percentages.

ARTICLE VIII.

                        TRANSFER OF PARTNERSHIP INTEREST

        8.1 PROHIBITION ON DISPOSITION OF GENERAL PARTNER'S INTEREST. Unless
Approval by Partnership Vote is otherwise obtained, or except as otherwise
permitted in this Agreement, the General Partner may not, directly or
indirectly, by operation of law or otherwise (a) withdraw or resign from the
Partnership, or (b) Transfer any or all of its interest in the Partnership. In
addition, the General Partner shall not permit the Transfer of any interest in
the General Partner unless Approval by Partnership Vote is



                                       19
<PAGE>

obtained with respect to such Transfer. Any act in violation of this Section 8.1
shall be null and void as against the Partnership and the Limited Partners,
except as otherwise required by law.

        8.2 GENERAL PARTNER CEASING TO BE A GENERAL PARTNER. Unless Approval by
Partnership Vote is otherwise obtained, a General Partner shall cease to be a
General Partner of the Partnership upon the happening of any of the following
events (hereinafter each referred to as an "EVENT OF WITHDRAWAL"):

            (a) such General Partner makes an assignment for the benefit of
creditors; files a voluntary petition of bankruptcy; is adjudicated as bankrupt
or insolvent or is the subject of an order for relief under the bankruptcy laws;
files a petition or answer seeking for itself any reorganization, arrangement or
similar relief under any statute, law or regulation; files an answer or other
pleading admitting or failing to contest the material allegations of a petition
filed against it in any proceeding of this nature; or seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of all or any
substantial part of its properties;

            (b) such General Partner fails to dismiss within one hundred twenty
(120) days after the commencement of any proceeding which attempts to attach or
charge the General Partner's Partnership interest or which seeks reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
relief against the General Partner under any statute, law or regulation, or if
within ninety (90) days after a court order attaching or charging its
Partnership interest or the appointment without its consent or acquiescence of a
trustee, receiver or liquidator of such General Partner or all or any
substantial part of its properties, the order or appointment is not vacated or
stayed, or within ninety (90) days after the expiration of any such stay, the
order or appointment is not vacated;

            (c) In the case of any General Partner which is a corporation,
limited partnership or limited liability company, the filing of a certificate of
dissolution or its equivalent for the corporation, limited partnership or
limited liability company, or the revocation of its charter or authority to do
business in the jurisdiction of its formation;

            (d) The withdrawal of a General Partner from the Partnership as
provided in Section 8.1 above; or

            (e) The Transfer by a General Partner of all or any part of its
interest in the Partnership except as approved by Partnership Vote pursuant to
Section 8.1.

            Any person ceasing to be a General Partner (other than as a result
of paragraph (d) and (e) of this Section 8.2) shall automatically become a
limited partner of the Partnership having the same percentage interest in the
profits, losses and distributions of the Partnership that it had while it was a
general partner, and provided further that in the event that the Partners elect
to continue the Partnership pursuant to Section 12.1(b) below, and a new General
Partner is admitted to the Partnership to enable the Partnership to continue,
then the General Partner being converted to a limited partner shall Transfer a
..005% Residual Percentage to the newly admitted general partner. Such Transfer
shall not reduce the interest in the Partnership of any Partner other than the
General Partner which is being converted to a limited partner.

        8.3 GENERAL PROHIBITION AGAINST TRANSFERS OF LIMITED PARTNER'S INTEREST.
A Limited Partner may not Transfer any or all of such Partner's interest in the
Partnership except as permitted in Section 8.4. Any act in violation of this
Article shall be null and void as against the Partnership and the Partners,
except as otherwise provided by law.



                                       20
<PAGE>

        8.4 CONDITIONS UPON TRANSFERS BY A LIMITED PARTNER. A Limited Partner
may Transfer all or any part of such Partner's interest in the Partnership only
with the written consent of the General Partner and Approval by Partnership
Vote; provided, however, that the General Partner's written consent shall not be
given unless:

                (i) the General Partner is satisfied that the proposed Transfer
will not have any adverse effect upon the Partnership or the Partners under
federal income tax laws then in effect or cause any default in any loan
documents of the Partnership or the Property owner;

                (ii) the General Partner has received, if requested, an opinion
from counsel for the Partnership to the effect that such Transfer will not
violate federal or state securities laws or regulations; and

                (iii) the person, firm or entity to acquire such interest agrees
to comply with all terms of this Agreement, including without limitation Section
8.5 below.

        8.5 SUBSTITUTION OF ASSIGNEE. No Transferee of the whole or any portion
of a Limited Partner's interest in the Partnership shall have the right to be
admitted to the Partnership and become a Limited Partner unless and until all of
the Partners in their absolute discretion consent and all of the following
conditions are satisfied:

            (a) the Transferor and Transferee execute and acknowledge a written
instrument of assignment, together with such other instruments as the General
Partner may deem necessary or desirable to effect the admission of the
Transferee as a substitute Limited Partner; and

            (b) an instrument specifically Transferring such interest, signed by
both assignor and assignee, shall be filed with the General Partner, and until
such instrument is so filed, the Partnership shall not recognize any Transfer of
interest for the purposes of making payments of profits, income or any other
distribution with respect to such interest.

        8.6 BUY-SELL IN EVENT OF OFFER TO PURCHASE ASSETS.

            (a) If a BONA FIDE offer is made to the Partnership for the purchase
of the then-remaining portion of the Property still owned by the Partnership,
the General Partner shall notify the Partners of such offer, and if one or more
Partners desires to accept such offer and the other Partners do not, then the
Partners who do not want to accept the offer (whether one or more, the
"PURCHASING PARTNER") shall, at the request of the Partners who want to accept
the offer (whether one or more, the "SELLING PARTNER"), purchase the interest in
the Partnership owned by the Selling Partner. The purchase price payable by the
Purchasing Partner to the Selling Partner shall be an amount equal to the amount
which the Selling Partner would have received had the Property been sold by the
Partnership for the amount offered which the Selling Partner wished to accept.
Closing shall occur at the offices of the Partnership no later than 60 days
following the date notice from the Selling Partner is delivered to the
Purchasing Partner, requesting that the Purchasing Partner purchase the Selling
Partner's Partnership Interest.

            (b) At the closing, the applicable interests in the Partnership
shall be duly conveyed, free of all liens and encumbrances. The purchase price
shall be paid by wire transfer of immediately available federal funds, unless a
different manner of payment was set forth in the offer or is otherwise agreed to
by the Partnership. At the election of the Purchasing Partner, the applicable
interests in the Partnership to be purchased may be acquired in the name of a
nominee (whether or not such nominee is an Affiliate of the Purchasing Partner),
provided, that the Purchasing Partner shall have designated such



                                       21
<PAGE>

nominee by written notice prior to the date of purchase. It shall be a condition
of the Selling Partner's obligation to proceed with any such purchase that the
Purchasing Partner shall have obtained releases of any guaranties of
indebtedness of the Partnership executed by the Selling Partner or any
Affiliates of (or principals in) the Selling Partner. The Purchasing Partner, in
addition to paying at the closing the purchase price, shall be obligated to loan
to the Partnership an amount sufficient to discharge at the closing all
outstanding and unpaid obligations of the Partnership to the Selling Partner as
of such time.

            (c) Upon receipt of the purchase price, the Selling Partner shall
execute and deliver all documents reasonably required to transfer the interest
in the Partnership being sold. The Selling Partner shall also execute such
resignations and other documents as may be reasonably required by counsel for
the Partnership to accomplish the withdrawal of the Selling Partner as a Partner
of the Partnership and the Purchasing Partner shall assume all of the Selling
Partner's obligations to the Partnership and any of its creditors under any
loans to the Partnership permitted by this Agreement, such assumptions to be in
form reasonably satisfactory to counsel for the Selling Partner.

            (d) It is expressly agreed that the remedy at law for breach of any
of the obligations set forth in this Section 8.6 is inadequate in view of (i)
the complexities and uncertainties in measuring the actual damages that would be
sustained by reason of the failure of a Partner to comply fully with each of
said obligations, and (ii) the uniqueness of the Partnership business and
Partners' relationship. Accordingly, each of the aforesaid obligations shall be,
and is hereby expressly made, enforceable by specific performance.

        8.7 AUTHORITY OF GENERAL PARTNER. For purposes of Section 8.6 above, the
General Partner and BH Fund shall be treated as one Partner and the General
Partner shall make all decisions on behalf of the General Partner and BH Fund in
respect of the procedure set forth in Section 8.6. BH Fund hereby irrevocably
constitutes and appoints the General Partner as its attorney-in-fact with full
power to bind BH Fund hereunder and execute documents of transfer on its behalf.

        8.8 COST AND EXPENSE OF TRANSFER; ALLOCATION OF PROFITS AND LOSSES. All
costs and expenses incurred by the Partnership in connection with any
disposition of a Partner's interest, including any filing, recording and
publishing costs and the fees and disbursements of counsel, shall be paid by the
Partner disposing of such interest. If an interest in the Partnership is
disposed of pursuant to this Article VIII, the selling Partner shall
nevertheless be entitled to a portion of the profits and be charged with a
portion of the losses allocated to such interest or part thereof for the fiscal
year of the Partnership in which such disposition occurs, consistent with
Section 7.7 above.

                                  ARTICLE IX.

                        OWNERSHIP OF PARTNERSHIP PROPERTY

        All real or personal property, including all improvements placed or
located thereon, acquired by the Partnership shall be owned by and in the name
of the Partnership, such ownership being subject to the other terms and
provisions of this Agreement.

                                   ARTICLE X.

                                 FISCAL MATTERS

        10.1 FISCAL YEAR. The fiscal year of the Partnership shall be the
calendar year.

        10.2 RECORDS; FINANCIAL STATEMENTS.



                                       22
<PAGE>

            (a) Proper books and records shall be kept with reference to all
Partnership transactions at the principal place of business of the Partnership,
and each Partner shall at all reasonable times during business hours have access
thereto. The books shall be kept in such manner of accounting as shall properly
reflect the actions of the Partnership in accordance with accounting principles
generally accepted within the industry and consistently applied on such basis as
will, in the opinion of the Partnership's accountants, be most advantageous to
the Partnership. The books and records shall include the designation and
identification of any property in which the Partnership owns a beneficial
interest. The books and records of the Partnership shall be reviewed annually at
the expense of the Partnership by an independent certified public accountant
selected by the General Partner, who shall prepare and deliver to the
Partnership, for filing, the appropriate federal Partnership income tax
return(s) before March 31 of each year. The General Partner shall provide each
Limited Partner with a copy of the Partnership income tax return at least ten
(10) business days prior to filing such return. The Partnership shall report its
operations for tax purposes on the accrual basis.

            (b) The General Partner shall, at Partnership expense, furnish (or
request the manager of the Property to furnish) to the Partners (i) on or before
the twentieth (20th) day of each calendar quarter, an unaudited statement
setting forth and describing in reasonable detail the receipts and expenditures
of the Partnership during the preceding calendar quarter and comparing the
results of operations of the Partnership for such calendar quarter and for the
year to date to the appropriate Operating Budget, (ii) on or before one hundred
twenty (120) days after the end of each fiscal year, a balance sheet of the
Partnership dated as of the end of such fiscal year, a statement of the
Partners' Capital Accounts and Capital Contribution Balances, a statement of
Distributable Cash, and a statement setting forth the Profits and Losses for
such fiscal year, audited by an independent firm of certified public accountants
as determined by Approval by Partnership Vote, and (iii) from time to time, all
other information relating to the Partnership and the business and its affairs
reasonably requested by any Partner.

        10.3 ACCOUNTS. All funds of the Partnership shall be deposited in its
name in an account or accounts maintained at a bank designated by the General
Partner or with an agent designated by the General Partner. Checks shall be
drawn upon the Partnership account or accounts only for purposes of the
Partnership and shall be signed by the General Partner.

        10.4 FEDERAL TAX ELECTIONS. All elections for federal tax purposes,
including but not limited to an election to adjust the basis of the assets of
the Partnership pursuant to Section 754 of the Code, and the adoption of
accelerated depreciation or cost recovery methods required or permitted to be
made by the Partnership under the Code shall be determined by Approval by
Partnership Vote.

        10.5 TAX AUDITS. The General Partner shall be designated as the "tax
matters partner" of the Partnership as defined in Sections 6221 ET SEQ, of the
Code and, in the event of an audit of the Partnership by the Internal Revenue
Service ("IRS"), the General Partner, at Partnership expense, shall have the
exclusive right to conduct all negotiations with the Internal Revenue Service on
behalf of the Partnership, and the attorneys and accountants selected by the
Partners to conduct such negotiations are hereby specifically authorized by the
Partners to act on behalf of the Partnership in such negotiations, and each
Partner will execute such further authority as the IRS may require to permit the
General Partner and its selected attorneys and accountants to so represent the
Partners; provided the General Partner shall not take any action take any action
contemplated by Sections 6222 through 6232 of the Code without prior Approval by
Partnership Vote. This provision is not intended to authorize the General
Partner to take any action left to the determination of an individual Partner
under Sections 6222 through 6232 of the Code.



                                       23
<PAGE>

                                  ARTICLE XI.

                                    AMENDMENT

        11.1 AUTHORITY TO AMEND. Except as provided in Section 11.2 below, this
Agreement may only be altered or amended by a written instrument signed by the
General Partner and Limited Partners holding a Majority in Interest of the
Residual Percentages, provided that no amendment may reduce a Partner's economic
interest in the Partnership without the Partner's prior written consent.

        11.2 AMENDMENTS BY GENERAL PARTNER WHICH REQUIRE NO APPROVAL.
Notwithstanding Section 11.1 hereof, the following amendments to this Agreement
may be made by the General Partner, without approval of the Limited Partners:

             (a) a clarification which does not change the substance hereof;

             (b) a change in the name of the Partnership;

             (c) a change in the name and address of a Partner designated
in Article II pursuant to a request from that Partner;

             (d) a modification which is necessary or appropriate, in the
opinion of counsel for the Partnership, to satisfy the requirements of the Code
with respect to partnerships or of any federal or state securities laws or
regulations, provided such amendment does not adversely affect the economic
interests of any Limited Partner without that Limited Partner's consent.

                                  ARTICLE XII.

                         DISSOLUTION OF THE PARTNERSHIP

        12.1 DISSOLUTION.

            (a) It is the intention of the Partners that the Partnership shall
be continued by the Partners, or those remaining, pursuant to the provisions of
this Agreement, notwithstanding the occurrence of any event which would
otherwise result in a dissolution of the Partnership pursuant to the law of the
State of Texas, and no Partner shall be released or relieved of any duty or
obligation hereunder by reason of any such dissolution; provided, however, that
the Partnership shall be terminated, its affairs wound up and its property and
assets distributed on the earlier of:

                (i) expiration of the Partnership term as provided in Section
1.5 hereof;

                (ii) the written consent of the General Partner and the Limited
Partners holding a Majority in Interest of the Residual Percentages;

                (iii) an Event of Withdrawal of a General Partner (as defined in
Article VIII hereof) unless at the time of the Event of Withdrawal, there is at
least one (1) other General Partner or the provisions of Section 12.1(b) below
are satisfied;

                (iv) the disposition (including condemnation or casualty loss)
of all or substantially all of the property and assets of the Partnership and
receipt of the proceeds from such sale of other disposition (except under
circumstances where (x) all or a portion of the purchase price is payable



                                       24
<PAGE>

after the closing of the sale or other disposition, or (y) the Partnership
retains a material economic or ownership interest in the entity to which all or
substantially all of its assets are Transferred); or

                (v) dissolution by law or appropriate judicial decree.

            (b) Upon the occurrence of any Event of Withdrawal of a General
Partner at a time when there is no other General Partner, the Partnership shall
be continued if, within a period of ninety (90) days from the date of such
occurrence, all other Partners agree in writing that the Partnership shall be
continued and designate one or more individuals or legal entities to be admitted
to the Partnership as a General Partner, which agreement shall be effective as
of the date of the occurrence of the applicable Event of Withdrawal. Any such
individual or legal entity shall, upon admission to the Partnership, succeed to
all of the rights and powers of a General Partner hereunder.

            (c) Dissolution of the Partnership shall be effective on
December 31, 2053 or the day on which the event occurs giving rise to the
dissolution, but the Partnership shall not terminate until the Certificate shall
have been canceled and the assets of the Partnership shall have been distributed
as provided below. Notwithstanding the dissolution of the Partnership, prior to
the termination of the Partnership as aforesaid, the business of the Partnership
and the affairs of the Partners shall continue to be governed by this Agreement.

            (d) The bankruptcy, insolvency, dissolution, or adjudication of
incompetency of a Limited Partner shall not cause the dissolution of the
Partnership. In the event of the bankruptcy, or incompetency of a Limited
Partner, its administrators or representatives ("Successor") shall have the same
rights that such Limited Partner would have had if it had not become bankrupt,
except that, in the event of bankruptcy, such Successor shall have no right to
participate in the management of the Partnership or vote on any Partnership
matter unless such Successor is admitted to the Partnership as a Limited Partner
pursuant to Section 8.5, and the interest of such Limited Partner in the
Partnership shall, until the termination of the Partnership, otherwise be
subject to the terms, provisions and conditions of this Agreement as if such
Limited Partner had not become bankrupt. In the event of any other withdrawal of
a Limited Partner, the Limited Partner shall only be entitled to Partnership
distributions distributable to it but not actually paid to it prior to such
withdrawal and shall not have any right to have its interest in the Partnership
purchased or paid for.

            (e) Notwithstanding anything in this Agreement to the contrary,
upon a sale of all or substantially all of the assets of the Partnership in a
single transaction (a "SINGLE SALE TRANSACTION") where all or any portion of the
consideration payable to the Partnership is to be received by the Partnership
more than ninety (90) days after the date on which such Single Sale Transaction
occurs, the Partnership shall continue for purposes of collecting the deferred
payments and making distributions to the Partners. In such event (i) gain
recognized and cash distributed in any year as a result of such Single Sale
Transaction shall be allocated and distributed among the Partners in the same
proportion as such gain and cash would have been allocated and distributed were
the entire gain resulting from such Single Sale Transaction required to be
recognized for Federal income tax purposes in the year in which such Single Sale
Transaction occurred; and (ii) income attributable to interest on deferred
payments shall be allocated among, and such interest shall be distributed to,
the Partners as if the deferred payment obligations received by the Partnership
had been distributed to the Partners pursuant to Section 6.1.

        12.2 WIND-UP OF AFFAIRS. As expeditiously as possible following the
occurrence of an event giving rise to a termination of the Partnership pursuant
to Section 12.1 above, the General Partner(s) or, if none, all of the Limited
Partners or a liquidator appointed by all of the Limited Partners (the General
Partner, Limited Partners or such liquidator, as the case may be, is referred to
here as the "LIQUIDATOR") shall liquidate the assets of the Partnership, apply
and distribute the proceeds thereof as contemplated by



                                       25
<PAGE>

this Agreement and cause the cancellation of the Certificate. As soon as
possible after the dissolution of the Partnership, a full account of the assets
and liabilities of the Partnership shall be taken, and a statement shall be
prepared by the independent accountants then acting for the Partnership setting
forth the assets and liabilities of the Partnership. A copy of such statement
shall be furnished to each of the Partners within ninety (90) days after such
dissolution. Thereafter, the Liquidator shall wind up the affairs of the
Partnership and distribute the Partnership assets in the following order of
priority:

            (a) to creditors (including Partners who are creditors) in
satisfaction of the liabilities of the Partnership, other than liabilities to
existing and former Partners for distributions from the Partnership;

            (b) to the establishment of any reserves which the Liquidator deems
reasonably necessary for any contingencies or unforeseen liabilities or
obligations of the Partnership. Such reserves shall be paid over by the
Liquidator to an escrow agent or shall be held by the Liquidator for the purpose
of disbursing such reserves in payment of any of such contingencies. At the
expiration of such period as the Liquidator deems advisable, the balance thereof
shall be distributed in the manner and order provided in this Section;

            (c) to existing and former Partners in satisfaction of any
liabilities to them, if any, for distributions from the Partnership;

            (d) to Partners in accordance with Section 6.1 above.

         Notwithstanding anything to the contrary, in the event the Partnership
is "liquidated" within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g)
and an event described in Section 12.1(a) shall have occurred, liquidating
distributions shall be made pursuant to this Section 12.2 by the end of the
taxable year in which the Partnership is liquidated, or, if later, within ninety
(90) days after the date of such liquidation. Distributions pursuant to the
preceding sentence may be made to a trust for the purpose of an orderly
liquidation of the Partnership by the trust in accordance with the Act.

        12.3 COMPLIANCE WITH TREASURY REGULATIONS. It is the intent of the
Partners that the allocations provided in Section 7.1 result in distributions
required pursuant to Section 12.2(d) being in accordance with positive Capital
Accounts as provided for in the Treasury Regulations under Code Section 704(b).
However, if after giving hypothetical effect to the allocations required by
Section 7.1, the Capital Accounts of the Partners are in such ratios or balances
that distributions pursuant to Section 12.2(d) would not be in accordance with
the positive Capital Accounts of the Partners as required by the Treasury
Regulations under Code Section 704(b), such failure shall not affect or alter
the distributions required by Section 12.2(d). Rather, the liquidator will have
the authority to make other allocations of Profits and Losses (or items thereof)
among the Partners which, to the extent possible, will result in the Capital
Accounts of each Partners having a balance prior to distribution equal to the
amount of distributions to be received by such Partners pursuant to Section
12.2(d).

        12.4 NO DEFICIT CAPITAL ACCOUNT OBLIGATION. Notwithstanding anything
else to the contrary in this Agreement, upon a liquidation within the meaning of
Section 1.704-1(b)(2)(ii)(g) of the Regulations, if any Partner has a deficit
Capital Account (after giving effect to all contributions, distributions,
allocations and other Capital Account adjustments for all taxable years,
including the year during which such liquidation occurs), such Partner shall
have no obligation to make any Capital Contribution, and the negative balance of
such Partner's Capital Account shall not be considered a debt owed by such
Partner to the Partnership or to any other Person for any purpose whatsoever.



                                       26
<PAGE>

        12.5 DISTRIBUTION IN KIND. If any assets of the Partnership are to be
distributed in kind, the net fair market value of such assets as of the date of
dissolution shall be determined by independent appraisal or by agreement of the
Partners. Prior to distribution, such assets shall be deemed to have been sold
for their fair market values and the Capital Accounts of the Partners shall be
adjusted pursuant to the terms of this Agreement to reflect the allocation of
gain or loss which would have resulted from such deemed sale.

        12.6 CANCELLATION OF CERTIFICATE. Upon the dissolution and the final
liquidation of the Partnership, there shall be filed for record as provided by
Texas law a Certificate of Cancellation executed by the General Partner.

        12.7 RETURN OF CONTRIBUTION NONRECOURSE TO OTHER PARTNERS. Except as
provided by law or as expressly provided in this Agreement, upon dissolution
each Partner shall look solely to the assets of the Partnership for the return
of its Capital Contribution. If the Partnership property remaining after the
payment or discharge of the debts and liabilities of the Partnership is
insufficient to return the cash contribution of one or more Partners, such
Partner or Partners shall have no recourse against any other Partner.

                                 ARTICLE XIII.


                            MISCELLANEOUS PROVISIONS

        13.1 NOTICES. Except as may be otherwise specifically provided in this
Agreement, all notices required or permitted hereunder shall be in writing and
shall be deemed to be delivered on the earlier of (i) when delivered in person,
or (ii) when delivered by commercial courier such as Federal Express, Express
Mail or other overnight delivery service where delivery is evidenced by written
receipt, addressed to the appropriate party at the addresses set forth in
Article II, or such other address of the party as may have been changed as
provided herein. Any party may change the address to which notices will be given
by giving notice of such change to the other parties, in accordance with the
provisions of this Section 14.1.

        13.2 GOVERNING LAW. This Agreement shall be construed under and in
accordance with the laws of the State of Texas, excluding any conflicts of law
rule or principle which might refer such construction to the laws of another
state or country.

        13.3 EXECUTION OF OTHER AGREEMENTS. The parties hereto covenant and
agree that they will execute such other further instruments and documents as are
or may become necessary or convenient to effectuate and carry out the
Partnership created by this Agreement.

        13.4 NO ACTION FOR PARTITION. No Partner shall be entitled to bring an
action for partition against the Partnership, and each Partner hereby
irrevocably waives, during the term of the Partnership and during the period of
its liquidation following any dissolution, any right to maintain an action for
partition with respect to any of the assets of the Partnership.

        13.5 PARAGRAPH HEADINGS. The headings used in this Agreement are used
for administrative purposes only and do not constitute substantive matter to be
considered in construing the terms of this Agreement.

        13.6 BINDING EFFECT AND BENEFIT. This Agreement is binding on, and shall
inure to the benefit of, all of the parties hereto and to their respective
heirs, executors, administrators, legal representatives, and successors and
assigns where permitted by this Agreement.



                                       27
<PAGE>

        13.7 SEVERABILITY. In case any one or more of the provisions contained
in this Agreement shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision hereof, and this Agreement shall be
construed as if such invalid, illegal or unenforceable provision had never been
contained herein.

        13.8 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all of which together shall constitute a single contract, and each
of such counterparts shall for all purposes be deemed to be an original. This
Agreement may be executed and delivered by fax (telecopier); any original
signatures that are initially delivered by fax shall be physically delivered
with reasonable promptness thereafter. This Agreement shall become binding when
one or more counterparts hereof, individually or taken together, shall bear the
signatures of all of the parties reflected hereon as the signatories.

        13.9 GENDER. Wherever the context so requires, all words herein in the
neuter gender shall be deemed to include the feminine or masculine genders, and
vice versa, all singular words shall include the plural, and all plural words
shall include the singular.

        13.10 ENTIRE AGREEMENT. This Agreement, together with all Exhibits
hereto and all other documents referred to herein, constitutes the entire
agreement among the parties hereto with respect to the subject matter hereof,
and supersedes all prior and contemporaneous agreements, understanding,
inducements or conditions, express or implied, oral or written.

        13.11 VALIDITY. In the event that all or any portion of any provision of
this Agreement shall be held to be invalid, the same shall not affect in any
respect whatsoever the validity of the remainder of this Agreement.

        13.12 INDULGENCES, ETC. Neither the failure nor any delay on the part of
any party hereto to exercise any right, remedy, power or privilege under this
Agreement shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or any other right, remedy, power or privilege; nor shall
any waiver of any right, remedy, power or privilege with respect to any
occurrence be construed as a waiver of such right, remedy, power or privilege
with respect to any other occurrence. No waiver shall be effective unless it is
in writing and signed by the party asserted to have granted such waiver.

        13.13 REMEDIES. In the event of any breach of this Agreement by any
Partner or default by any Partner in connection with performing any obligation
of such Partner under this Agreement, the Partnership's and the non-defaulting
Partner's rights and remedies contained herein or in any other agreement shall
be cumulative and shall not be exclusive of any other rights or remedies which
the Partnership or the non-defaulting Partner may have at law or in equity.

        13.14 INTERPRETATION. No provision of this Agreement is to be
interpreted for or against either party because that party or that party's legal
representative drafted such provision.

        13.15 TIME OF ESSENCE. TIME IS OF THE ESSENCE in connection with this
Agreement.

        13.16 ALTERNATIVE DISPUTE RESOLUTION. If a dispute, controversy or claim
(whether based upon contract, tort, statute, common law or otherwise)
(collectively a "DISPUTE") arises from or relates directly or indirectly to the
subject matter hereof, and if the Dispute cannot be settled through direct
discussions, the parties hereto shall first endeavor to resolve the Dispute by
participating in at least eight (8) hours of mediation administered by the
American Arbitration Association under its Commercial Mediation Rules before
filing a lawsuit to determine the resolution of such Dispute.



                                       28
<PAGE>

        13.17 NOTICE OF INDEMNIFICATION. THE PARTIES TO THIS AGREEMENT HEREBY
ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT CONTAINS CERTAIN INDEMNIFICATION
PROVISIONS PURSUANT TO SECTION 5.2.

                                  ARTICLE XIV.

                          SECURITIES LAW CONSIDERATIONS

        14.1 NO REGISTRATION/RESTRICTION ON SALE. THE PARTNERSHIP INTERESTS HAVE
NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
UNDER THE SECURITIES ACT OF 1933, NOR HAVE THEY BEEN REGISTERED WITH THE
SECURITIES COMMISSION OF ANY OTHER APPLICABLE STATE, INCLUDING WITHOUT
LIMITATION THE STATE OF TEXAS. THE PARTNERSHIP INTERESTS MAY BE ACQUIRED FOR
INVESTMENT PURPOSES ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED,
SOLD OR TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS
AGREEMENT AND IN A TRANSACTION WHICH IS EITHER EXEMPT FROM REGISTRATION UNDER
SUCH ACTS OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS.

        14.2 COMPLIANCE WITH SECURITIES LAWS. The Limited Partners acknowledge
and confirm that their Limited Partnership interests have not been registered
under any federal or state securities laws by virtue of exemptions from the
registration provisions thereof and consequently cannot be sold except pursuant
to appropriate registration or exemption from registration as applicable. No
Transfer of all or any part of a Limited Partnership interest (except a Transfer
upon the death, incapacity or bankruptcy of a Limited Partner to his personal
representative and beneficiaries), including, without limitation, any Transfer
of a right to distributions, profits and/or losses to a person who does not
become a Partner, may be made unless the Partnership is provided with an opinion
of counsel acceptable to the General Partner (both as to the identity of the
counsel and the substance of the opinion) to the effect that such offer or
assignment (a) may be effected without registration under the Securities Act of
1933, as amended, or the Investment Company Act of 1940, as amended, and (b)
does not violate any applicable federal or state securities laws (including any
investment suitability standards) applicable to the Partnership or the General
Partner.

        14.3 ACCESS TO INFORMATION. Each of the Limited Partners represents to
the General Partner and the Partnership that before determining to enter into
this Agreement and to invest in the Partnership, each Limited Partner made an
independent investigation into the Partnership and the General Partner and that
it received whatever information it deemed necessary or relevant in order to
decide whether to enter into this Agreement or invest in the Partnership. Each
Limited Partner acknowledges that the financial materials provided to the
Limited Partners are only estimates of expected future operations based on
assumptions about future markets and there is no assurance that such projections
will be realized.

                            [SIGNATURE PAGES FOLLOW]






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

                                        GENERAL PARTNER:
                                        ---------------

                                        BEHRINGER HARVARD 4245 CENTRAL GP,
                                        LLC, a Texas limited liability company


                                        By:_____________________________________
                                        Name:___________________________________
                                        Its:____________________________________









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                                  LIMITED PARTNERS:
                                  ----------------

                                  BEHRINGER HARVARD SHORT-TERM
                                        OPPORTUNITY FUND I, LP, a Texas
                                        limited partnership

                                  By:    Behringer Harvard Advisors II LP, a
                                         Texas limited partnership, its General
                                         Partner

                                         By:  Harvard Property Trust, LLC
                                              Its General Partner

                                              By:___________________________
                                              Name:_________________________
                                              Title:________________________







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<PAGE>



                                     REALTY AMERICA GROUP (4245
                                     CENTRAL), LP, a Texas limited partnership

                                     By:  Realty America Group Investments, LLC,
                                           a Texas limited liability company
                                           Its General Partner

                                           By:__________________________________
                                           Name:  Webb M. Sowden, III
                                           Title:  Member




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                                                   HSAD PARTNERS,
                                                   a Texas general partnership
                                                   By: _________________________
                                                   Name: _______________________
                                                   Title: ______________________





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<PAGE>





                                                   BGO INVESTMENTS,
                                                   a Texas general partnership
                                                   By: _________________________
                                                   Name: _______________________
                                                   Title: ______________________





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