Document:

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                                                                    EXHIBIT 10.1

                                                         FINAL EXECUTION VERSION

                               SIXTH AMENDMENT TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         THIS SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"Amendment") is entered into as of June 29, 2004, by and among SpectraSite
Communications, Inc., a Delaware corporation (the "Borrower"), SpectraSite, Inc.
(formerly known as SpectraSite Holdings, Inc.), a Delaware corporation
("Holdco"), Canadian Imperial Bank of Commerce, as administrative agent (the
"Administrative Agent") and the other Credit Parties signatory hereto (the
"Credit Parties").

                              W I T N E S S E T H:

         WHEREAS, the Borrower, Holdco, the Administrative Agent and the Credit
Parties are parties to that certain Amended and Restated Credit Agreement dated
as of February 22, 2001, as amended by that certain First Amendment to Amended
and Restated Credit Agreement dated as of October 31, 2001, as amended by that
certain Second Amendment to Amended and Restated Credit Agreement dated as of
August 14, 2002, as amended by that certain Third Amendment to Amended and
Restated Credit Agreement dated as of May 14, 2003, as amended by that certain
Fourth Amendment to Amended and Restated Credit Agreement dated as of October
24, 2003, and as amended by that certain Fifth Amendment to Amended and Restated
Credit Agreement dated as of February 9, 2004 (as further amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement"),
among the Borrower, Holdco, CIBC World Markets Corp. and Credit Suisse First
Boston, as joint lead arrangers and bookrunners (the "Lead Arrangers"), CIBC
World Markets Corp., Credit Suisse First Boston, Bank of Montreal, Chicago
Branch and TD Securities (USA) Inc., as arrangers (the "Arrangers"), Credit
Suisse First Boston, as syndication agent (the "Syndication Agent"), Bank of
Montreal, Chicago Branch and TD Securities (USA) Inc., as co-documentation
agents (the "Documentation Agents"), the Administrative Agent and the other
Credit Parties (as defined in the Credit Agreement) party thereto; and

         WHEREAS, the Borrower has requested, and the Administrative Agent and
the Credit Parties have agreed, to amend the Credit Agreement as and to the
extent set forth herein; and

         NOW THEREFORE, in consideration of the premises set forth above, the
terms and conditions contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby
agree that all capitalized terms used herein shall have the meanings ascribed
thereto in the Credit Agreement, as amended hereby, except as otherwise defined
or limited herein, and further agree, subject to the conditions precedent to
this Amendment hereinafter set forth, as follows:

         1. Amendments to Article 1. Article 1 of the Credit Agreement,
Definitions, is hereby modified and amended as follows:

                  (a) by inserting in appropriate alphabetical order the
following definitions:

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                  ""Annualized Super-Holdco EBITDA" shall mean, if and when
                  Super-Holdco is formed, as of any calculation date, the
                  product of (a) Holdco EBITDA (after giving effect to the last
                  sentence of the definition of Holdco EBITDA) for the fiscal
                  quarter most recently ended, multiplied by (b) four (4)."

                  ""Existing Indenture" shall mean that certain Indenture dated
                  as of May 21, 2003 between Holdco and The Bank of New York, as
                  trustee related to Holdco's 8-1/4 Senior Notes due 2010."

                  ""Permitted High Yield Securities Interest Amount" shall mean,
                  with respect to all Related Permitted High-Yield Securities,
                  the amount of cash interest payable on such Indebtedness from
                  the date of issuance through the date three (3) months
                  following the later of the Final Maturity Date and the Final
                  Incremental Facility Maturity Date, measured as of the date of
                  the issuance of each such Related Permitted High Yield
                  Securities."

                  ""Permitted High Yield and Stock Repurchase / Dividend
                  Payments" shall mean Restricted Payments to Holdco (a) to
                  repurchase shares of the common Equity Interests of Holdco or
                  pay dividends to its shareholders (or, if and when
                  Super-Holdco is formed, Restricted Payments made to Holdco
                  that are distributed to Super-Holdco to enable Super-Holdco to
                  repurchase shares of the common Equity Interests of
                  Super-Holdco or pay dividends to its shareholders)
                  (collectively, "Stock Repurchase/Dividend Payments") or (b) to
                  repurchase notes under the Existing Indenture; provided, that
                  the aggregate amount of such Stock Repurchase/Dividend
                  Payments and note repurchases shall not exceed during the term
                  of this Agreement the greater of (i) the result of (x)
                  $216,500,000 (not more than $175,000,000 in the aggregate of
                  which shall consist of Stock Repurchase/Dividend Payments)
                  minus (y) the Permitted High-Yield Securities Interest Amount,
                  and (ii) zero."

                  ""Related Permitted High Yield Securities" shall mean all
                  Permitted High-Yield Securities issued on or after the Sixth
                  Amendment Date, the net proceeds of which are not contributed
                  to the Borrower as equity, provided, that the resulting
                  Permitted High Yield Securities Interest Amount with respect
                  thereto shall not exceed the aggregate basket amount for Stock
                  Repurchase Dividend Payments set forth in the definition of
                  Permitted High Yield and Stock Repurchase/Dividend Payments."

                  ""Sixth Amendment Date" shall mean June 29, 2004."

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                  ""Stock Repurchase/Dividend Payments" shall have the meaning
                  set forth in the definition of Permitted High Yield and Stock
                  Repurchase/Dividend Payments."

                  ""Super-Holdco" shall mean any Person that owns directly 100%
                  of the Equity Interests of Holdco."

                  ""Super-Holdco Debt" shall mean, if and when Super-Holdco is
                  formed, as of any calculation date, all Funded Debt of
                  Super-Holdco and its Subsidiaries, on a consolidated basis, in
                  each case without duplication."

                  ""Super-Holdco Leverage Ratio" shall mean, if and when
                  Super-Holdco is formed, as of any date of determination, the
                  ratio of Super-Holdco Debt to Annualized Super-Holdco EBITDA."

                  ""Super-Holdco Pledge Agreement" shall mean any pledge
                  agreement between Super-Holdco and the Collateral Agent, for
                  the benefit of Credit Parties, in form and substance
                  reasonably satisfactory to the Collateral Agent."

                  (b) by adding the text "or, if formed, Super-Holdco"
immediately following each reference to "Holdco" in the definitions of
"Additional Acquisition Availability", "Net Cash Proceeds", "New Affiliated
Equity", "Permitted Acquisition Documents", "Permitted Liens", and "Total
Interest Expense", respectively.

                  (c) by adding the text "and, if formed, Super-Holdco" at the
end of the definition of "Affiliate" immediately prior to the "." therein.

                  (d) by adding the following text at the end of the existing
definition of "Change of Control" immediately after the "." at the end of such
definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, "Change of Control" shall mean any of the following:

                           (a) any `person' (as such term is used in Sections
                  13(d) and 14(d) of the Exchange Act), other than one or more
                  Controlling Shareholders, is or becomes the beneficial owner
                  (as defined in Rules 13d-3 and 13d-5 under the Exchange Act,
                  except that for purposes of this clause (a) such person shall
                  be deemed to have `beneficial ownership' of all shares that
                  any such person has the right to acquire, whether such right
                  is exercisable immediately or only after the passage of time),
                  directly or indirectly, of more than thirty-five percent (35%)
                  of the total voting power of the Voting Stock of Super-Holdco;
                  provided, however, that the Controlling Shareholders do not
                  have the right or ability by voting power, contract or
                  otherwise, to elect or designate for election a majority of
                  the board of directors of Super-Holdco (for the purposes of
                  this clause (a), such other person shall be deemed to
                  beneficially own any Voting Stock of an entity (the `specified

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                  entity') held by any other entity (the `parent entity'), if
                  such other person is the beneficial owner (as defined in this
                  clause (a)), directly or indirectly, of more than thirty-five
                  percent (35%) of the voting power of the Voting Stock of such
                  parent entity and the Controlling Shareholders `beneficially
                  own' (as defined in this clause (a)), directly or indirectly,
                  in the aggregate a lesser percentage of the voting power of
                  the Voting Stock of such parent entity and do not have the
                  right or ability by voting power, contract or otherwise, to
                  elect or designate for election of a majority of the board of
                  directors of such parent entity); or

                           (b) during any period of two (2) consecutive years,
                  individuals who at the beginning of such period constituted
                  the board of directors of Super-Holdco (or prior to the date
                  Super-Holdco has been in existence for two (2) years,
                  individuals who at the beginning of such period constituted
                  the board of directors of Holdco) (together with any new
                  directors whose election by such board of directors or whose
                  nomination for election by the shareholders of Super-Holdco
                  (or, if applicable, Holdco) was approved by a vote of a
                  majority of the directors of Super-Holdco (or, if applicable,
                  Holdco) then still in office who were either directors at the
                  beginning of such period or whose election or nomination for
                  election was previously so approved) cease for any reason to
                  constitute a majority of the board of directors of
                  Super-Holdco then in office; or

                           (c) Super-Holdco's merger or consolidation with or
                  into another Person or the merger of another Person with or
                  into Super-Holdco if Super-Holdco's securities that are
                  outstanding immediately prior to such transaction and which
                  represent one hundred percent (100%) of the aggregate voting
                  power of Super-Holdco's Voting Stock are changed into or
                  exchanged for cash, securities or property, unless pursuant to
                  such transaction such securities are changed into or exchanged
                  for, in addition to any other consideration, securities of the
                  surviving corporation that represent immediately after such
                  transaction, at least a majority of the aggregate voting power
                  of the Voting Stock of the surviving corporation; or

                           (d) the sale of all or substantially all of
                  Super-Holdco's assets to another Person, other than a
                  Controlling Shareholder or a Person that is controlled by the
                  Controlling Shareholders; or

                           (e) the failure of Super-Holdco to own and control,
                  free of any Lien or encumbrance other than Liens in favor of
                  the Collateral Agent and Permitted Liens, one hundred percent
                  (100%) of the issued and outstanding Equity Interests of
                  Holdco (other than any Permitted High-Yield Securities); or

                           (f) Holdco's merger or consolidation with or into
                  another Person or the merger of another Person with or into
                  Holdco if Holdco's securities that are outstanding immediately
                  prior to such transaction and which represent one hundred
                  percent (100%) of the aggregate voting power of Holdco's
                  Voting Stock are changed into or exchanged for cash,
                  securities or property, unless pursuant to such transaction
                  such securities are changed into or exchanged for, in addition
                  to

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                  any other consideration, securities of the surviving
                  corporation that represent immediately after such transaction,
                  at least a majority of the aggregate voting power of the
                  Voting Stock of the surviving corporation; or

                           (g) the sale of all or substantially all of Holdco's
                  assets to another Person, other than a Controlling Shareholder
                  or a Person that is controlled by the Controlling
                  Shareholders; or

                           (h) the failure of Holdco to own and control, free of
                  any Lien or encumbrance other than Liens in favor of the
                  Collateral Agent and Permitted Liens, one hundred percent
                  (100%) of the issued and outstanding Equity Interests of the
                  Borrower (other than any Permitted High-Yield Securities); or

                           (i) the failure of the Borrower to own and control,
                  free of any Lien or encumbrance other than Permitted Liens,
                  one hundred percent (100%) of the issued and outstanding
                  Equity Interests of each of the Tower Subsidiaries and at
                  least fifty-one percent (51%) of the issued and outstanding
                  Equity Interests of each of the other Designated
                  Subsidiaries."

                  (e) by adding the following text at the end of the existing
definition of "Eligible Debt Offering" immediately after the "." at the end of
such definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, "Eligible Debt Offering" shall mean that portion of
                  any public or private issuance of any Funded Debt of Holdco or
                  Super-Holdco or any Convertible Securities by Super-Holdco or
                  by Holdco conducted after the Agreement Date with respect to
                  which the Net Cash Proceeds received by Holdco or Super-Holdco
                  are Invested (either directly or, in the case of Eligible Debt
                  Securities of Super-Holdco, through Holdco) in the Borrower or
                  any of the Restricted Subsidiaries in the form of New
                  Affiliated Equity."

                  (f) by adding the following text at the end of the existing
definition of "Eligible Equity Offering" immediately after the "." at the end of
such definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, "Eligible Equity Offering" shall mean that portion of
                  any public or private issuance of Permitted High-Yield
                  Securities constituting preferred equity securities by Holdco
                  or Super-Holdco conducted after the Agreement Date with
                  respect to which the Net Cash Proceeds received by Holdco or
                  Super-Holdco are Invested (either directly or through Holdco)
                  in the Borrower or any of the Restricted Subsidiaries in the
                  form of New Affiliated Equity."

                  (g) by deleting clause (e) from the definition of "Fixed
Charges" and substituting in lieu thereof the following:

                  "(e) the amount of any Restricted Payments (other than
                  Permitted High Yield and Stock Repurchase / Dividend Payments)
                  made to Holdco or, if formed, Super-

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                  Holdco or to the holders of minority interests in any of the
                  Designated Subsidiaries"

                  (h) by adding the text ", if formed, Super-Holdco" immediately
following each reference to "Holdco" in the definitions of "Guarantor",
"Obligations" and "Permitted Debt."

                  (i) by adding the following text at the end of the existing
definition of "Holdco" immediately after the "." at the end of such definition:

                  "or, if Super-Holdco is formed, the company that directly owns
                  100% of the Borrower."

                  (j) by adding the following text to the existing definition of
"Holdco EBITDA" immediately after the "." at the end of such definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, all references to "Holdco" in the foregoing definition
                  of "Holdco EBITDA" shall be to Super-Holdco."

                  (k) by adding the following text to the existing definition of
"Holdco Interest Expense" immediately after the "." at the end of such
definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, all references to "Holdco" in the foregoing definition
                  of "Holdco Interest Expense" shall be to Super-Holdco."

                  (l) by adding the following text to the existing definition of
"Holdco Net Income" immediately after the "." at the end of such definition:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, all references to "Holdco" in the foregoing definition
                  of "Holdco Net Income" shall be to Super-Holdco."

                  (m) by adding the following text at the end of the existing
definition of "Permitted High-Yield Securities" therein:

                  "Notwithstanding the foregoing, if and when Super-Holdco is
                  formed, "Permitted High-Yield Securities" shall mean,
                  collectively, (a) preferred equity securities issued by the
                  Borrower, Holdco or Super-Holdco, and (b) other debt
                  securities issued by Holdco or Super-Holdco (including,
                  without limitation, any debt securities convertible into
                  Equity Interests of Holdco or Super-Holdco), (x) upon the
                  Borrower's demonstration to the Lead Arrangers of the
                  Borrower's pro forma compliance with the Financial Covenants
                  and ability to make all payments of interest and principal
                  when due with respect to the Loans through the later of the
                  Final Maturity Date or the Final Incremental Facility Maturity
                  Date (with respect to which any related Projections may show
                  the final maturity of the Loans being

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                  repaid with the proceeds of new borrowings as long as the
                  projected Borrower Leverage Ratio at the later of the Final
                  Maturity Date or the Final Incremental Facility Maturity Date
                  is no greater than 1.00 to 1.00) and (y) after giving effect
                  to the incurrence of any such securities that require payment
                  of interest in cash prior to the later of the Final Maturity
                  Date or the Final Incremental Facility Maturity Date, so long
                  as the Borrower demonstrates to the Lead Arrangers that if
                  Super-Holdco is formed, the Super-Holdco Leverage Ratio does
                  not exceed 7.0 to 1.0 as of the date of the incurrence of such
                  securities; provided, however, that if such equity securities
                  are issued by the Borrower, such equity securities shall have
                  no creditor-like rights or remedies; provided further,
                  however, that in each case, the terms and conditions of such
                  securities (i) shall provide, among other things, that (A) in
                  the case of discount notes, neither dividends nor interest
                  shall be payable at a coupon greater than fifteen percent
                  (15%); (B) in the case of any such debt or equity securities
                  with a cash pay component thereof, the aggregate principal
                  amount thereof and the interest or dividend rate applicable
                  thereto shall be no greater than the principal amount and/or
                  the interest or dividend rate with respect to which the
                  Borrower shall have provided the Credit Parties with revised
                  Projections, satisfactory to the Lead Arrangers, assuming
                  issuance of such Permitted High-Yield Securities and taking
                  into account any Restricted Payments permitted to be made to
                  make interest or dividend payments with respect to such
                  Permitted High-Yield Securities and demonstrating the
                  Borrower's pro forma compliance with the Financial Covenants
                  and ability to make all payments of interest and principal
                  when due with respect to the Loans through the later of the
                  Final Maturity Date or the Final Incremental Facility Maturity
                  Date (which Projections may show the final maturity of the
                  Loans being repaid with the proceeds of new borrowings as long
                  as the projected Borrower Leverage Ratio at the later of the
                  Final Maturity Date or the Final Incremental Facility Maturity
                  Date is no greater than 1.00 to 1.00); and (C) such securities
                  shall have no required cash redemptions (other than customary
                  change of control and asset sale redemption provisions) or
                  principal maturities prior to the day after the first
                  anniversary of the later of the Final Maturity Date or the
                  Final Incremental Facility Maturity Date, and (ii) shall be
                  otherwise reasonably acceptable to the Lead Arrangers in all
                  material respects."

                  (n) by adding the text ", any Super-Holdco Pledge Agreement"
after the text "all Non-Disturbance Agreements," in the definition of "Security
Documents".

                  (o) by deleting the text "enclosed" in each reference thereto
in the definition of "Shared Tenant Infrastructure Sites" and substituting the
text "specific" in lieu thereof.

         2. Amendment to Section 2.5. Section 2.5 of the Credit Agreement,
Optional Prepayment/Reduction of Commitment, is hereby modified and amended by
adding the text "or, if formed, Super-Holdco" immediately after the reference to
"Holdco" in subsection (b)(ii)(A) thereof.

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         3. Amendment to Section 2.7. Section 2.7 of the Credit Agreement,
Mandatory Repayments, is hereby modified and amended as follows:

                  (a) by deleting clause (a), Excess Cash Flow, thereof in its
entirety and by substituting "Intentionally omitted." therefor and

                  (b) by deleting clause (c), Debt Issuance, thereof in its
entirety and substituting in lieu thereof the following:

                  "(c) Debt Issuance. If, after the Agreement Date, Holdco or,
                  if formed, Super-Holdco shall conduct any Eligible Debt
                  Offering, and the Borrower Leverage Ratio on a pro forma basis
                  after giving effect to such Eligible Debt Offering shall be
                  greater than the maximum amount permitted under Section 9.1
                  hereof as of the date of the issuance of such Eligible Debt
                  Offering, the Borrower shall apply, on the date of receipt of
                  the Net Cash Proceeds of such Eligible Debt Offering by Holdco
                  or, if formed, Super-Holdco, an amount of up to one hundred
                  percent (100%) of the Net Cash Proceeds contributed to the
                  Borrower or any of the Designated Subsidiaries with respect to
                  such Eligible Debt Offering, to prepay the Loans as set forth
                  in Section 2.7(e) hereof, to the extent necessary to cause the
                  Borrower Leverage Ratio to be less than or equal to the
                  maximum amount permitted under Section 9.1 hereof as of the
                  date of the issuance of such Eligible Debt Offering after
                  giving effect to such Eligible Debt Offering and such
                  prepayment."

         4. Amendment to Article 3. Article 3 of the Credit Agreement,
Guarantee, is hereby modified and amended to the extent necessary to provide
that if and when Super-Holdco is formed all references in such Article 3 to
"Holdco" shall include "Super-Holdco."

         5. Amendment to Section 4.2. Section 4.2 of the Credit Agreement,
Conditions Precedent to Each Advance, is hereby modified and amended by adding
the text ", if formed, Super-Holdco," immediately following the reference to
"Holdco" in clause (a) of such Section 4.2.

         6. Amendment to Section 4.3. Section 4.3 of the Credit Agreement,
Conditions Precedent to Each Letter of Credit, is hereby modified and amended by
adding the text ", if formed, Super-Holdco," immediately following the reference
to "Holdco" in clause (a) of such Section 4.3.

         7. Amendment to Section 5.1. Section 5.1 of the Credit Agreement,
Representations and Warranties, is hereby modified and amended as follows:

                  (a) by adding the text ", if formed, Super-Holdco" immediately
following the reference to "Holdco" in the preamble of such Section, clauses
(a), (d), (g), (h), (i), (j), (o), (p), (r) and (w) thereof and the last
sentence of clause (b) thereof; and

                  (b) by adding the text "and, if formed, Super-Holdco" after
the first reference to "Designated Subsidiaries" in clause (b) thereof.

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         8. Amendment to Section 6.8. Section 6.8 of the Credit Agreement, Use
of Proceeds, is hereby modified and amended by inserting the parenthetical
"(including, without limitation, Permitted High Yield and Stock
Repurchase/Dividend Payments as permitted pursuant to Section 8.7(e) hereof)"
immediately prior to the comma at the end of clause (c) thereof.

         9. Amendment to Section 6.10. Section 6.10 of the Credit Agreement,
Indemnity, is hereby modified and amended by adding the text ", if formed,
Super-Holdco" immediately following each reference to "Holdco" therein.

         10. Amendment to Section 6.11. Section 6.11 of the Credit Agreement,
Interest Rate Hedging, is hereby modified and amended by adding the text ", if
formed, Super-Holdco" immediately following each reference to "Holdco" therein.

         11. Amendment to Section 6.14. Section 6.14 of the Credit Agreement,
Further Assurances, is hereby modified and amended to add ", if formed,
Super-Holdco" immediately following each reference to "Holdco" therein.

         12. Amendment to Section 6.15. Section 6.15 of the Credit Agreement,
Covenants Regarding Additional Collateral, is hereby modified and amended (a) to
add the text "or, if formed, Super-Holdco" after each reference to "Holdco" in
clause (f)(v) thereof and (b) to add the following additional clause (h)
immediately following clause (g) thereof:

                  "(h) Concurrently with the creation of Super-Holdco and as a
                  condition to the creation of Super-Holdco, the Borrower and
                  Holdco will cause Super-Holdco or, if SpectraSite, Inc.
                  becomes Super-Holdco, the new Holdco, to provide to the
                  Collateral Agent the following, each of which shall be in form
                  and substance reasonably satisfactory to the Collateral Agent:

                           (i) a duly executed joinder to this Agreement whereby
                  Super-Holdco or, if SpectraSite, Inc. becomes Super-Holdco,
                  the new Holdco, will become a party to this Agreement with
                  full force and effect as if it was an original signatory
                  hereof, which joinder will not require the consent of any of
                  the Borrower or any Guarantor or any Lender;

                           (ii) a duly executed Super-Holdco Pledge Agreement
                  pursuant to which all of the Equity Interests held by
                  Super-Holdco in Holdco, the Borrower or any Restricted
                  Subsidiary shall be pledged to the Collateral Agent as
                  additional Collateral securing the Obligations to be held by
                  the Collateral Agent in accordance with the terms of the
                  Super-Holdco Pledge Agreement, together with all original
                  share certificates representing such Equity Interests and duly
                  executed certificate powers (or, in the case of uncertificated
                  Equity Interests, any necessary UCC-1 financing statement
                  forms); and

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                           (iii) all other documentation, including, without
                  limitation, one or more secretary's certificates and opinions
                  of counsel reasonably satisfactory to the Collateral Agent,
                  which in the reasonable opinion of the Collateral Agent is
                  appropriate with respect to such transaction.

         13. Amendment to Sections 7.1 and 7.2. Section 7.1 of the Credit
Agreement, Quarterly Financial Statements and Information, and Section 7.2 of
the Credit Agreement, Annual Financial Statements and Information, are hereby
modified and amended by adding the text "(or, if and when Super-Holdco has been
formed, Super-Holdco)" after each reference to "Holdco", other than "Holdco
EBITDA", in such Sections.

         14. Amendment to Section 7.4 and Section 7.5. Section 7.4 of the Credit
Agreement, Copies of Other Reports, and Section 7.5 of the Credit Agreement,
Notice of Litigation and Other Matters, are hereby modified and amended by
adding the text ", Super-Holdco (if and when formed)," immediately prior to each
reference to "Holdco" in clauses (a) and (f) of such Section 7.4 and clauses
(a), (c) and (e) of such Section 7.5.

         15. Amendments to Section 8.1. Section 8.1 of the Credit Agreement,
Indebtedness, is hereby modified and amended (a) by deleting the words "Neither
Holdco nor the Borrower" at the beginning of such Section and by substituting in
lieu thereof "None of Super-Holdco (if and when formed), Holdco or the Borrower"
and (b) by adding the text "and, if formed, Super-Holdco" immediately following
the reference to "Holdco" in clause (g) thereof.

         16. Amendment to Section 8.2. Section 8.2 of the Credit Agreement,
Investments, is hereby modified and amended by deleting clause (k) thereof in
its entirety and substituting in lieu thereof the following:

                  "make Restricted Payments or loans to Holdco or, if formed,
                  Super-Holdco in the form of loans to the extent permitted
                  under Section 8.7(b), 8.7(c) or 8.7(e), and".

         17. Amendment to Section 8.3. Section 8.3 of the Credit Agreement,
Limitation on Liens, is hereby modified and amended by deleting the text
"Neither Holdco nor the Borrower" at the beginning of such Section and by
substituting in lieu thereof "None of Super-Holdco (if and when formed), Holdco
or the Borrower".

         18. Amendment to Section 8.4. Section 8.4 of the Credit Agreement,
Amendment and Waiver, is hereby modified and amended as follows:

                  (a) by deleting the word "or" immediately following clause
(ii) thereof, and

                  (b) by inserting the following text immediately prior to the
period at the end of clause (ii)(d) thereof:

                  ", or (iii) any documents evidencing or relating to the
         issuance of any Permitted High-Yield Securities whereby the total
         leverage incurrence test is set at a ratio greater than 7.00 to 1.00
         except as consented to by the Lead Arrangers."

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         19. Amendment to Section 8.5. Section 8.5 of the Credit Agreement,
Liquidation; Merger; Acquisition or Disposition of Assets, is hereby modified
and amended by adding the text "(or, if and when Super-Holdco has been formed,
Super-Holdco)" immediately after the reference to "Holdco" in clause (v)(E)
thereof "

         20. Amendment to Section 8.6. Section 8.6 of the Credit Agreement,
Limitation on Guaranties, is hereby modified and amended as follows:

                  (a) by deleting the text "Neither Holdco nor the Borrower" at
the beginning of such Section and by substituting in lieu thereof "None of
Super-Holdco (if and when formed), Holdco or the Borrower, and

                  (b) by adding the text "Super-Holdco (if and when formed),"
immediately prior to the reference to "Holdco" in clause (d) thereof, and

                  (c) by adding the text " or Super-Holdco (if and when
formed)," immediately following each reference to "Holdco" in clause (e)
thereof.

         21. Amendment to Section 8.7. Section 8.7 of the Credit Agreement,
Restricted Payments and Purchases, is hereby modified and amended as follows:

                  (a) by adding the text "or, if formed, Super-Holdco, as
applicable," immediately after each reference to "Holdco" in clauses (a) and (b)
thereof,

                  (b) by adding the text "or Related Permitted High Yield
Securities" immediately after the text "in connection with an Eligible Debt
Offering or an Eligible Equity Offering" in clause (b)(i) thereof,

                  (c) by deleting the word "and" immediately following
clause (c) thereof, and

                  (d) by inserting the following text immediately prior to the
period at the end of clause (d) thereof:

                  "; and (e) make Permitted High Yield and Stock
                  Repurchase/Dividend Payments."

         22. Amendment to Section 8.9. Section 8.9 of the Credit Agreement,
Corporate Name: Corporate Structure; Business, is hereby modified and amended by
adding the text "Neither Holdco nor Super-Holdco (if formed) shall engage in any
business other than that of holding the Equity Interests of the Borrower or
Holdco, respectively." to end of such Section 8.9.

         23. Amendment to Section 9.1. Section 9.1 of the Credit Agreement,
Borrower Leverage Ratio, is hereby modified and amended by deleting Section 9.1
in its entirety and by substituting the following therefor:

                  "The Borrower shall not permit as of the end of any fiscal
                  quarter ended during the term of this Agreement, or as of the
                  date of any

                                      -11-

<PAGE>

                  Advance under this Agreement, the Borrower Leverage Ratio (if
                  applicable, after giving effect to such Advance) to exceed the
                  applicable ratio for such date during the periods as set forth
                  below:

                  "Quarters Ending:                                  Ratio:
                   ---------------                                   -----

                  Agreement Date through June 30, 2002            6.00 to 1.00

                  July 1, 2002 through December 31, 2002          5.75 to 1.00

                  January 1, 2003 through June 30, 2003           5.50 to 1.00

                  July 1, 2003 through September 30, 2003         5.25 to 1.00

                  October 1, 2003 through December 31, 2003       5.00 to 1.00

                  January 1, 2004 through December 31, 2004       4.00 to 1.00

                  January 1, 2005 and thereafter                  3.50 to 1.00

         24. Amendment to Section 10.1. Section 10.1 of the Credit Agreement,
Events of Default, is hereby modified and amended by adding the text
"Super-Holdco (if and when formed)," immediately prior to each reference to
"Holdco" in clauses (e), (f), (g), (i), (l) and (q) thereof.

         25. Amendment to Section 11.5. Section 11.5 of the Credit Agreement,
Agent's Affiliates, is hereby modified and amended by adding the text
"Super-Holdco (if and when formed)," immediately prior to each reference to
"Holdco" therein.

         26. Amendment to Section 11.10. Section 11.10 of the Credit Agreement,
Responsibility Disclaimed, is hereby modified and amended by adding the text
"Super-Holdco (if and when formed)," immediately prior to the reference to
"Holdco" therein.

         27. Amendment to Section 11.12. Section 11.12 of the Credit Agreement,
Credit Decision, is hereby modified and amended by adding the text "Super-Holdco
(if and when formed)," immediately prior to each reference to "Holdco" therein.

         28. Amendment to Section 13.4. Section 13.4 of the Credit Agreement,
Set-Off, is hereby modified and amended by adding the text ", if and when
formed, Super-Holdco" immediately following each reference to "Holdco" therein.

         29. Amendment to Section 13.5. Section 13.5 of the Credit Agreement,
Successors and Assigns; Participations and Assignments, is hereby modified and
amended by adding the text ", if, and when formed, Super-Holdco" immediately
following the first and third references to "Holdco" in clause (a) thereof and
by adding the text ", if and when formed, Super-Holdco" immediately following
the second reference to "Borrower" in clause (a) thereof.

                                      -12-

<PAGE>

         30. Amendment to Section 14.1. Section 14.1 of the Credit Agreement,
Waiver of Jury Trial, is hereby modified and amended by adding the text ", if
and when formed, Super-Holdco" immediately following the references to "Holdco"
in such Section.

         31. No Other Amendments. Except for the amendments, releases,
authorizations and waivers set forth above, the text of the Credit Agreement and
the other Loan Documents shall remain unchanged and in full force and effect,
and the Administrative Agent and the Credit Parties hereby reserve the right to
require strict compliance with the terms of the Credit Agreement and the other
Loan Documents in the future.

         32. Amendment Fee. The Borrower hereby agrees to pay, upon the
Effective Date (as defined in Section 33 below), to each Lender that delivers
its consent to this Amendment on or before 5:00 p.m. (Eastern Daylight Time) on
June 29, 2004, an amendment fee (the "Amendment Fee") in the amount of 6.25
basis points on the outstanding principal amount of such Lender's Revolving
Commitment and Term Loans as of the Effective Date. The Amendment Fee shall be
fully earned when due and non-refundable when paid.

         33. Conditions to Effectiveness. This Amendment will be effective as of
the date first written above (the "Effective Date"), subject to the occurrence
of each of the following on or before such date:

                  (a) The Administrative Agent shall have received counterparts
hereof duly executed by the Borrower and Holdco, and a Lender Addendum duly
executed by each of the Majority Lenders as provided in Section 37 of this
Amendment.

                  (b) All of the representations and warranties of Holdco and
the Borrower set forth in the Credit Agreement and this Amendment, other than
those that are expressly made as of a specific date, shall be true and correct
in all material respects with the same effect as though such representations and
warranties had been made on and as of the Effective Date as though made on and
as of such date.

                  (c) The Credit Parties shall have received payment of all fees
and expenses (including, without limitation, the Amendment Fee and legal fees
and expenses) due and payable on the Effective Date in respect of the Credit
Agreement, this Amendment and the transactions contemplated hereby and thereby.

         34. Representations and Warranties. Each of the Borrower and Holdco,
for itself and on behalf of each of its Subsidiaries, agrees, represents and
warrants in favor of the Administrative Agent and the Credit Parties that:

                  (a) This Amendment has been executed and delivered by duly
authorized representatives of the Borrower and Holdco, and the Credit Agreement,
as modified and amended by this Amendment, constitutes a legal, valid and
binding obligation of the Borrower and Holdco and is enforceable against the
Borrower and Holdco in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization or similar laws affecting
creditors' rights generally and by the application of general equitable
principles;

                                      -13-

<PAGE>

                  (b) Each representation or warranty of Holdco, the Borrower
and the Designated Subsidiaries set forth in the Credit Agreement is hereby
restated and reaffirmed as true and correct in all material respects on and as
of the date of this Amendment, and after giving effect to this Amendment, as if
such representation or warranty were made on and as of the date of, and after
giving effect to, this Amendment (except to the extent that any such
representation or warranty expressly relates to a prior specific date or
period);

                  (c) No Default or Event of Default with respect to the
Borrower or Holdco has occurred and is continuing; and

                  (d) As of the date hereof, (i) the property of the Borrower,
at a fair valuation on a going concern basis, will exceed its debt; (ii) the
capital of the Borrower will not be unreasonably small to conduct its business;
and (iii) the Borrower will not have incurred debts, or have intended to incur
debts, beyond its ability to pay such debts as they mature.

         35. Effect on the Credit Agreement. Except as specifically provided
herein, the Credit Agreement shall remain in full force and effect, and is
hereby ratified, reaffirmed and confirmed. This Amendment shall be deemed to be
a Loan Document for all purposes.

         36. Counterparts. This Amendment may be executed in any number of
separate counterparts and by the different parties hereto on separate
counterparts, each of which shall be deemed an original and all of which, taken
together, shall be deemed to constitute one and the same instrument. In proving
this Amendment in any judicial proceedings, it shall not be necessary to produce
or account for more than one such counterpart signed by the party against whom
such enforcement is sought. Any signatures delivered by a party by facsimile or
email transmission shall be deemed an original signature hereto.

         37. Delivery of Lender Addenda. Each Credit Party executing this
Amendment shall do so by delivering to the Administrative Agent a Lender
Addendum, substantially in the form of Annex I attached hereto, duly executed by
such Credit Party.

         38. Law of Contract. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS MADE AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                      -14-

<PAGE>

         IN WITNESS WHEREOF, this Amendment has been duly executed as of the day
and year first written above.

BORROWER:                            SPECTRASITE COMMUNICATIONS, INC.

                                     By:    /s/ Steven C. Lilly
                                            ------------------------------------
                                     Name:  Steven C. Lilly
                                     Title: Vice President

HOLDCO:                              SPECTRASITE, INC.

                                     By:    /s/ Steven C. Lilly
                                            ------------------------------------
                                     Name:  Steven C. Lilly
                                     Title: Vice President

ADMINISTRATIVE
AGENT:                               CANADIAN IMPERIAL BANK OF COMMERCE

                                     By:    /s/ Jonathan Rabinowitz
                                            ------------------------------------
                                     Name:  Jonathan Rabinowitz
                                     Title: Executive Director,
                                            CIBC World Markets Corp., As Agent

AS LEAD ARRANGER
AND ARRANGER:                        CIBC WORLD MARKETS CORP.

                                     By:    /s/ Jonathan Rabinowitz
                                            ------------------------------------
                                     Name:  Jonathan Rabinowitz
                                     Title: Executive Director,
                                            CIBC World Markets Corp., As Agent

<PAGE>

AS LEAD ARRANGER,
ARRANGER AND
SYNDICATION AGENT:                   CREDIT SUISSE FIRST BOSTON

                                     By:    /s/ Thomas Hall
                                            ------------------------------------
                                     Name:  Thomas Hall
                                     Title: Vice President

                                     By:    /s/ Doreen Welch
                                            ------------------------------------
                                     Name:  Doreen Welch
                                     Title: Associate

AS ARRANGER AND
DOCUMENTATION
AGENT:                               BANK OF MONTREAL, CHICAGO BRANCH

                                     By:
                                            ------------------------------------
                                     Name:
                                     Title:

AS ARRANGER AND
DOCUMENTATION
AGENT:                               TD SECURITIES (USA) INC.

                                     By:    /s/ Robyn Zeller
                                            ------------------------------------
                                     Name:  Robyn Zeller
                                     Title: Managing Director<PAGE>

                                                                    EXHIBIT 10.3

               AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT

         This AMENDED AND RESTATED PROPERTY MANAGEMENT AGREEMENT (this
"Management Agreement") is made and entered into as of the ___ day of ________,
2004, by and among HARTMAN COMMERCIAL PROPERTIES REIT, a Maryland real estate
investment trust ("Hartman REIT"), HARTMAN REIT OPERATING PARTNERSHIP, L.P., a
Delaware limited partnership (sometimes referred to herein as "Hartman OP" or
"Owner"), and HARTMAN MANAGEMENT, L.P., Texas limited partnership (the
"Manager").

         WHEREAS, Hartman OP was organized to acquire, own, operate, lease and
manage real estate properties on behalf of Hartman REIT; and

         WHEREAS, Hartman OP and Manager previously entered into that certain
Property and Partnership Management Agreement dated as of January 28, 1999 (the
"Original Management Agreement"); and

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

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

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

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

                                    ARTICLE I

                                   DEFINITIONS

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

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

2.2 General Duties. Manager shall devote its best efforts to performing its
duties hereunder to manage, operate, maintain and lease the Properties in a
diligent, careful and vigilant manner. The services of Manager are to be of
scope and quality not less than those generally performed by professional
property managers of other similar properties in the area. Manager shall make
available to Owner the full

                                      -2-
<PAGE>

benefit of the judgment, experience and advice of the members of Manager's
organization and staff with respect to the policies to be pursued by Owner
relating to the operation and leasing of the Properties.

2.3 Specific Duties. Manager's duties include the following:

                  (a) Lease Obligations. Manager shall perform all duties of the
         landlord under all Leases insofar as such duties relate to operation,
         maintenance, and day-to-day management. Manager shall also provide or
         cause to be provided, at Owner's expense, all services normally
         provided to tenants of like premises, including where applicable and
         without limitation, gas, electricity or other utilities required to be
         furnished to tenants under Leases, normal repairs and maintenance, and
         cleaning, and janitorial service. Manager shall arrange for and
         supervise the performance of all installations and improvements in
         space leased to any tenant that are either expressly required under the
         terms of the lease of such space or that are customarily provided to
         tenants.

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

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

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

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

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

                  (g) Expenses. Manager shall analyze all bills received for
         services, work and supplies in connection with maintaining and
         operating the Properties, pay all such bills when due, and, if
         requested by Owner, pay, when due, utility and water charges, sewer
         rent and assessments,

                                      -3-
<PAGE>

         and any other amount payable in respect to the Properties. All bills
         shall be paid by Manager within the time required to obtain discounts,
         if any. Owner may from time to time request that Manager forward
         certain bills to Owner promptly after receipt, and Manager shall comply
         with any such request. Manager shall pay all bills, assessments, real
         property taxes, insurance premiums and any other amount payable in
         respect to the Properties out of the Account (as hereinafter defined).
         All expenses shall be billed at net cost (i.e., less all rebates,
         commissions, discounts and allowances, however designed).

                  (h) Monies Collected. Manager shall timely collect all rent
         and other monies, in the form of a check or money order, from tenants
         and any sums otherwise due Owner with respect to the Properties in the
         ordinary course of business. Owner authorizes Manager to request,
         demand, collect and provide receipt for all such rent and other monies
         and to institute legal proceedings in the name of Owner for the
         collection thereof and for the dispossession of any tenant in default
         under its Lease.

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

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

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

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

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

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

                                      -4-
<PAGE>

2.4 Approval of Leases, Contracts, Etc. In fulfilling its duties to Owner,
Manager may and hereby is authorized to enter into any leases, contracts or
agreements on behalf of Owner in the ordinary course of the management,
operation, maintenance and leasing of the Property.

2.5 Accounting, Records and Reports.

                  (a) Records. Manager shall maintain all office records and
         books of account and shall record therein, and keep copies of, each
         invoice received from services, work and supplies ordered in connection
         with the maintenance and operation of the Properties. Such records
         shall be maintained on a double entry basis. Owner and persons
         designated by Owner shall at all reasonable time have access to and the
         right to audit and make independent examinations of such records, books
         and accounts and all vouchers, files and all other material pertaining
         to the Properties and this Management Agreement, all of which Manager
         agrees to keep safe, available and separate from any records not
         pertaining to the Properties, at a place recommended by Manager and
         approved by Owner.

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

                    (i)  rental collection record;

                    (ii) monthly operating statement;

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

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

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

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

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

                                      -5-
<PAGE>

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

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

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

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

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

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

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

                                   ARTICLE III

           AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

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

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

                  (b) to lease the Properties to tenants;

                                      -6-
<PAGE>

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

                  (d) to cause references of prospective tenants to be
         investigated, it being understood and agreed by the parties hereto that
         Manager does not guarantee the creditworthiness or collectibility of
         accounts receivable from tenants, users or lessees; and to negotiate
         new Leases and renewals and cancellations of existing Leases that shall
         be subject to Manager obtaining Owner's approval;

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

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

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

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

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

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

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

                  (c) to negotiate and enter into, as Manager of the Property,
         contracts for all items on budgets that have been approved by Owner,
         any emergency services or repairs for items not exceeding $5,000,
         appropriate service agreements and labor agreements for normal
         operation of the Property, which have terms not to exceed three years,
         and agreements for all budgeted

                                      -7-
<PAGE>

         maintenance, minor alterations, and utility services, including, but
         not limited to, electricity, gas, fuel, water, telephone, window
         washing, scavenger service, landscaping, snow removal, pest
         exterminating, decorating and legal services in connection with the
         Leases and service agreements relating to the Property, and other
         services or such of them as Manager may consider appropriate; and

                  (d) to purchase supplies and pay all bills.

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

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

                                      -8-
<PAGE>

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

3.5 Certain Owner Indemnification Obligations.

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

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

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

3.7 Legal Status of Properties. Owner represents that to the best of its
knowledge each Property and any equipment thereon, when acquired by Owner, will
comply with all legal requirements and authorizes Manager to disclose the
identity of the Owner of the Property to any such officials and agrees to
indemnify, protect, defend, save and hold Manager and the other Indemnified
Parties harmless of and from any and all Losses that may be imposed on them or
any of them by reason of the failure of Owner to correct any present or future
violation or alleged violation of any and all present or future laws,

                                      -9-
<PAGE>

ordinances, statutes, or regulations of any public authority or official
thereof, having or claiming to have jurisdiction thereover, of which it has
actual notice. In the event it is alleged or charged that any Improvement or any
equipment on a Property or any act or failure to act by Owner with respect to
the Property or the sale, rental, or other disposition thereof fails to comply
with, or is in violation of, any of the requirements of any constitutional
provision, statute, ordinance, law, or regulation of any governmental body or
any order or ruling of any public authority or official thereof having or
claiming to have jurisdiction thereover, and Manager, in its sole and absolute
discretion, considers that the action or position of Owner, with respect thereto
may result in damage or liability to Manager, Manager shall have the right to
cancel this Agreement at any time by written notice to Owner of its election so
to do, which cancellation shall be effective upon the service of such notice.
Such cancellation shall not release the indemnities of Owner set forth in this
Agreement and shall not terminate any liability or obligation of Owner to
Manager for any payment, reimbursement, or other sum of money then due and
payable to Manager hereunder.

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

                                   ARTICLE IV

                                    EXPENSES

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

4.2 Manager's Expenses. Manager shall, out of its own funds, pay all of its
general overhead and administrative expenses.

                                    ARTICLE V

                             MANAGER'S COMPENSATION

5.1 Management Fees. Commencing on the date hereof, Owner shall pay Manager
property management and leasing fees in an amount not to exceed the fees
customarily charged in arm's length transactions by others rendering similar
services in the same geographic area for similar properties as determined by a
survey of brokers and agents in such area (the "Management Fees"). The
Management Fees shall be calculated on a monthly basis from the rental income
received from the Properties over the term of this Management Agreement.
Generally, Owner and Manager expect these fees to be between approximately two
and four percent (2.0%-4.0%) of Gross Revenues for the management of commercial
office buildings and approximately five percent (5.0%) of Gross Revenues for the
management of retail and industrial properties. Manager's compensation under
this Section 5.1 shall apply to all renewals,

                                      -10-
<PAGE>

extensions or expansions of Leases that Manager has originally negotiated. In
the event Manager assists with planning and coordinating the construction of any
tenant-paid finish-out or improvements, Manager shall be entitled to receive
from any such tenant an amount equal to not greater than five percent (5.0%) of
the cost of such tenant improvements.

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

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

                                   ARTICLE VI

                          INSURANCE AND INDEMNIFICATION

6.1 Insurance to be Carried.

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

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

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

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

6.4 Accidents and Claims. Manager shall promptly investigate and shall report in
detail to Owner all accidents, claims for damage relating to Ownership,
operation or maintenance of the Properties, and any damage or destruction to the
Properties and the estimated costs of repair thereof, and shall prepare for
approval by Owner all reports required by an insurance company in connection
with any such accident, claim, damage, or destruction. Such reports shall be
given to Owner promptly, and any report not so

                                      -11-
<PAGE>

given within 10 (ten) days after the occurrence of any such accident, claim,
damage or destruction shall be noted in the monthly operating statement
delivered to Owner pursuant to Section 2.5(b). Manager is authorized to settle
any claim against an insurance company arising out of any policy and, in
connection with such claim, to execute proofs of loss and adjustments of loss
and to collect and receipt for loss proceeds.

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

                                   ARTICLE VII

                              TERM AND TERMINATION

7.1 Term. This Agreement shall commence on the date first above written and
shall continue until the first (1st) anniversary of such date and thereafter for
successive one (1) year renewal periods, unless on or before 30 days prior to
the date last above mentioned or on or before 30 days prior to the expiration of
any such renewal period, Manager shall notify Owner in writing that it elects to
terminate this Agreement, in which case this Agreement shall be thereby
terminated on said last mentioned date. In addition, and notwithstanding the
foregoing, Owner may terminate this Agreement at any time upon delivery of
written notice to Manager not less than thirty (30) days prior to the effective
date of termination, in the event of (and only in the event of) a showing by
Owner of misconduct, negligence, or malfeasance by Manager in the performance of
Manager's duties hereunder. In addition, either party may terminate this
Agreement immediately upon the occurrence of any of the following:

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

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

7.2 Manager's Obligations Upon Termination. Upon the termination of this
Management Agreement, Manager shall have the following duties:

                                      -12-
<PAGE>

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

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

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

7.3 Owner's Obligations Upon Termination. Owner shall pay or reimburse Manager
for any sums of money due it under this Agreement for services and expenses
prior to termination of this Agreement. All provisions of this Agreement that
require Owner to have insured, or to protect, defend, save, hold and indemnify
or to reimburse Manager shall survive any expiration or termination of this
Agreement and, if Manager is or becomes involved in any claim, proceeding or
litigation by reason of having been Manager of Owner, such provisions shall
apply as if this Agreement were still in effect.

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

                                  ARTICLE VIII

                                  MISCELLANEOUS

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

             Owner:      HARTMAN REIT OPERATING PARTNERSHIP, L.P.
                         c/o Hartman Commercial Properties REIT
                         1450 West Sam Houston Parkway, North, Suite 100
                         Houston, Texas 77043
                         Attention: Chief Financial Officer

             Manager:    HARTMAN MANAGEMENT, L.P.
                         1450 West Sam Houston Parkway, North, Suite 100
                         Houston, Texas 77043
                         Attention: Chief Financial Officer

                                      -13-
<PAGE>

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

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

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

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

                                      -14-
<PAGE>

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

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

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

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

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

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

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

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

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

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

                                      -15-
<PAGE>

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

                                   HARTMAN COMMERCIAL PROPERTIES REIT

                                   By: ______________________________________
                                   Name: ____________________________________
                                   Title: ___________________________________

                                   HARTMAN REIT OPERATING
                                     PARTNERSHIP, L.P.

                                   By: Hartman Commercial Properties REIT
                                       General Partner

                                            By: _____________________________
                                            Name: ___________________________
                                            Title: __________________________

                                   HARTMAN MANAGEMENT, L.P .

                                   By: ______________________________________
                                   Name: ____________________________________
                                   Title: ___________________________________

                                      -16-

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