Document:

Exhibit
10.48

 

PLEDGE AND SECURITY AGREEMENT

 

PLEDGE AND SECURITY AGREEMENT, dated as of
October 8, 2010, made by BH-AW FLORIDA MOB VENTURE, LLC a Delaware limited
liability company, (“Pledgor”“),
in favor of BEHRINGER HARVARD FLORIDA MOB MEMBER, LLC, a Delaware limited
liability company (together with its successors and assigns, “Secured Party”).

 

RECITALS

 

WHEREAS,
on the date hereof Secured Party made a loan in the principal amount of
$35,000,000 (the “Loan”) as
evidenced by that certain Promissory Note dated the date hereof made by Pledgor
in favor of Secured Party (as amended, restated, substituted or otherwise
modified from time to time, the “Note”);

 

WHEREAS,
Pledgor is the legal and beneficial owner of all of the limited liability
company interests in the Issuers (as defined below); and

 

WHEREAS,
it is a condition precedent to the obligations of the Lender to make the Loan
to Pledgor that Pledgor shall have executed and delivered this Agreement (as
defined below) to Secured Party to secure Pledgor’s obligations to Secured
Party under the Note.

 

NOW,
THEREFORE, in consideration of the premises and to induce Secured Party to
provide the Loan pursuant to the Note, Pledgor hereby agrees with Secured Party
as follows:

 

1.                                      Defined
Terms.  As used in
this Agreement, the following terms have the meanings set forth in or
incorporated by reference below:

 

“Agreement” means this Pledge and
Security Agreement, as amended, restated, replaced, supplemented or otherwise
modified from time to time in accordance with the terms hereof.

 

“Borrower” has the meaning ascribed to
such term in the introductory paragraph.

 

“Code” means the Uniform Commercial
Code from time to time in effect in the State of Texas.

 

“Collateral” has the meaning
ascribed to such term in Section 2 hereof.

 

“Event of Default” shall have the same
meaning as under the Note.

 

“Issuer” means each entity identified on
Schedule 1 attached hereto as the issuer of the Pledged Interests identified
opposite the name of such entity.

 

 

“Lien” means any lien, security
interest, charge, claim or other encumbrance against the Collateral.

 

“Loan” has the meaning ascribed to such
term in the Recitals.

 

“Note” has the meaning ascribed to such
term in the Recitals.

 

“Pledged Interests” means all of the
limited liability company interests of Pledgor in each of the Issuers
identified on Schedule 1 hereto, together with all certificates, options or
rights of any nature whatsoever which may be issued or granted by such Issuer
to Pledgor while this Agreement is in effect.

 

“Pledgor” has the meaning ascribed to such term in the
introductory paragraph.

 

“Proceeds” means all “proceeds” as
such term is defined in Section 9-102(a)(64) of the Code in effect on the
date hereof and, in any event, shall include, without limitation, all dividends
or other income from the Pledged Interests, collections thereon or
distributions with respect thereto.

 

“Secured Obligations” means the prompt
and complete payment and performance when due of all interest, principal,
obligations and other amounts due under the Note (whether at the stated
maturity, by acceleration or otherwise) and any other obligations under this
Agreement.

 

“Secured Party” has the meaning ascribed
to such term in the introductory paragraph.

 

“Special Damages” has the meaning ascribed
to such term in Section 14(j) hereof.

 

Terms
used herein but not otherwise defined herein shall have the respective meanings
ascribed to them in the Note.

 

(i)                                     The words “hereof”,
“herein” and “hereunder” and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and section, subsection, schedule and exhibit
references are to this Agreement unless otherwise specified.

 

(ii)                                  The word “including”
when used in this Agreement shall be deemed to be followed by the words “but
not limited to.”

 

(iii)                               Unless
otherwise specified, all meanings attributed to defined terms herein shall be
equally applicable to both the singular and plural forms of the terms so
defined.

 

2.                                      Pledge;
Grant of Security Interest.  Pledgor hereby pledges, hypothecates and
grants to Secured Party, as collateral security for Secured Obligations, a
first priority security interest in all of Pledgor’s right, title and interest
in and to the following, whether now owned or hereafter acquired (collectively,
the “Collateral”):

 

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(i)                                     all Pledged
Interests;

 

(ii)                                  all securities,
moneys or property representing dividends or interest on any of the Pledged
Interests, or representing a distribution in respect of the Pledged Interests,
or resulting from a split-up, revision, reclassification or other like change
of the Pledged Interests or otherwise received in exchange therefor, and any
subscription warrants, rights or options issued to the holders of, or otherwise
in respect of, the Pledged Interests;

 

(iii)                               all right,
title and interest of Pledgor in, to and under any policy of insurance payable
by reason of loss or damage to the Pledged Interests and any other Collateral;

 

(iv)                              all “accounts”,
“general intangibles”, “instruments” and “investment property” (in each case as
defined in the Code) constituting or relating to the foregoing; and

 

(v)                                 all Proceeds of
any of the foregoing property of Pledgor (including, without limitation, any
proceeds of insurance thereon and all “accounts”, “general intangibles”, “instruments”
and “investment property”, in each case as defined in the Code, constituting or
relating to the foregoing).

 

3.                                      Representations
and Warranties.  Pledgor represents and warrants as of the
date hereof that:

 

(a)                                 no authorization, consent of
or notice to any other Person (including, without limitation, any member,
partner or creditor of Pledgor or the Issuers) that has not been obtained, is
required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement including, without limitation, the assignment
and transfer by Pledgor of any of the Collateral to Lender or the subsequent
transfer thereof by Lender pursuant to the terms hereof;

 

(b)                                 the Pledged Interests listed
on Schedule 1 hereto constitute all of the limited liability company interests
in the Issuers;

 

(c)                                  Pledgor is the record and
beneficial owner of, and has good and marketable title to, the Pledged
Interests, in each case free of any and all Liens or options in favor of, or
claims of, any other Person, except the Lien created by this Agreement;

 

(d)                                 upon the filing of the UCC-1
financing statements referred to in Section 11 with the Delaware
Secretary of State, the Lien granted pursuant to this Agreement will constitute
a valid, perfected, first priority Lien on the Pledged Interests and the
Collateral, enforceable as such against all creditors of Pledgor and any
Persons purporting to purchase any Collateral from Pledgor;

 

(e)                                  the principal place of
business and chief executive office of Pledgor is, and at all times has been,
located at 2801 PGA Boulevard, Suite 220, Palm Beach Gardens, Florida
33410;

 

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(f)                                   the exact name of Pledgor
is, and at all times has been, BH-AW Florida MOB Venture, LLC;

 

(g)                                  Pledgor is, and at all times
has been, organized under the laws of the State of Delaware;

 

(h)                                 there currently exist no
certificates or instruments representing the Pledged Interests; and

 

(i)                                     Neither Pledgor nor the
Issuers, have elected to have the Pledged Interests be securities governed by Article 8
of the UCC and such Pledge Interests are not dealt in or traded on securities
exchanges or in securities markets.

 

4.                                      Covenants.  Pledgor covenants and agrees with Secured
Party that, from and after the date of this Agreement until the earlier to
occur of the date upon which (i) the security interest in the Collateral
pledged by Pledgor hereunder is released and (ii) the Secured Obligations
are satisfied in full:

 

(a)                                 Acknowledgements of Parties.  If Pledgor shall, as a result of its
ownership of the Pledged Interests, become entitled to receive or shall receive
any limited liability company or member certificate (including, without
limitation, any certificate representing a dividend or a distribution in
connection with any reclassification, increase or reduction of capital or any
certificate issued in connection with any reorganization), option or rights, whether
in addition to, in substitution of, as a conversion of, or in exchange for any
of the Pledged Interests, or otherwise in respect thereof, Pledgor shall accept
the same as Secured Party’s agent, hold the same in trust for Secured Party and
deliver the same forthwith to Secured Party in the exact form received, duly
endorsed by Pledgor to Secured Party, if required, together with an undated
limited liability company interest power covering such certificate duly
executed in blank and with, if Secured Party so requests, signature guaranteed,
to be held by Secured Party hereunder as additional security for its Secured
Obligations.

 

(b)                                 Without the prior written
consent of Secured Party, Pledgor shall not, directly or indirectly (i) vote
to enable, or take any other action to permit, any Issuer to issue any limited
liability company interests or to issue any other securities convertible into
or granting the right to purchase or exchange for any limited liability company
interests in any Issuer, or (ii) sell, assign, transfer, exchange or
otherwise dispose of, or grant any option with respect to, the Collateral and
any such sale, assignment or transfer shall be subject to the Lien of this
Agreement, or (iii) create, incur, authorize or permit to exist any Lien or
option in favor of any Person with respect to, any of the Collateral, or any
interest therein, except for the Liens provided for by this Agreement.  Pledgor shall defend the right, title and
interest of Secured Party in and to the Collateral against the claims and
demands of all Persons whomsoever.

 

(c)                                  At any time and from time to
time, upon the written request of Secured Party, and at the sole expense of
Pledgor, Pledgor shall promptly and duly give, execute, deliver, file and/or
record such further instruments and documents and take such further actions as
Secured Party may reasonably request for the purposes of obtaining, creating,
perfecting, validating or preserving the full benefits of this Agreement and of
the rights and powers herein granted including without limitation authorizing
the filing of UCC financing or continuation

 

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statements.
 Pledgor hereby authorizes Secured Party to file any such financing
statement or continuation statement without the signature of Pledgor to the
extent permitted by law.  If any amount
payable under or in connection with any of the Collateral shall be or become
evidenced by any promissory note, other instrument or chattel paper, such note,
instrument or chattel paper shall be promptly delivered to Secured Party, duly
endorsed in a manner satisfactory to Secured Party, to be held as Collateral
pursuant to this Agreement.

 

(d)                                 Limitation on Liens.  Pledgor will not create, incur or permit to
exist, will defend the Pledged Interests against, and will take all such other
action as is necessary to remove, any Lien or claim on or to the Pledged
Interests, other than the Liens created hereby, and will defend the right,
title and interest of Lender in, to and under the Pledged Interests against the
claims and demands of all Persons whomsoever.

 

(e)                                  Further Identification of
Pledged Interests.  Pledgor
will furnish to Secured Party from time to time statements and schedules
further identifying and describing the Pledged Interests and such other reports
in connection with the Pledged Interests as Secured Party may reasonably
request, all in reasonable detail.

 

(f)                                   Changes in Location, Name, etc.  Pledgor will not, unless it shall have (i) given
thirty (30) days’ prior written notice to such effect to Secured Party and (ii) taken
all action necessary or advisable, in Secured Party’s opinion, to protect and
perfect the Liens and security interests intended to be created hereunder with
respect to the Pledged Interests, (A) change the location of its chief
executive office or principal place of business from that specified in Section 3(e),  (B) change its name, identity or
structure, or (C) reorganize or reincorporate under the laws of another
jurisdiction, in each case of (A), (B) or (C) above, to the extent
same would cause the Liens and security interests granted in this Agreement to
become unperfected.

 

(g)                                  Stamp Taxes.  Pledgor shall pay, and save Secured Party
harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be
payable or determined to be payable with respect to any of the Collateral or in
connection with any of the transactions contemplated by this Agreement.

 

(h)                                 Distributions.  Pledgor shall immediately pay over to Secured
Party to apply to its obligations under the Secured Obligations any and all
distributions it receives from the Issuers, until such obligations are paid in
full.

 

(i)                                     Pledged Interests.   Pledgor
shall not, without the prior written consent of Secured Party, elect to have
the limited liability company interests of any Issuer constitute securities
governed by Article 8 of the Uniform Commercial Code, and shall not elect
to have the limited liability company interests of any Issuer to be dealt in or
traded on securities exchanges or in securities markets.

 

5.                                      Registration of Pledge; Control of Collateral, Etc.  To better assure the
perfection of the security interest of Secured Party in the Pledged Interests,
concurrently with the execution and delivery of this Agreement, Pledgor shall
send written instructions in the form of Exhibit B hereto to each
affected issuer thereof, and shall cause each such Issuer to, deliver to
Secured Party the Acknowledgment and Consent in the form of Exhibit A
hereto.  

 

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Notwithstanding
anything in this paragraph, neither the written instructions nor the
Acknowledgement and Consent shall be construed as expanding the rights of
Secured Party to give instructions with respect to the Collateral beyond such
rights set forth in this Agreement.

 

6.                                      Voting
Rights.  Notwithstanding anything to the contrary
contained herein or otherwise, unless an Event of Default shall have occurred
and be continuing, Pledgor shall be permitted to exercise all voting and
limited liability company rights with respect to the Pledged Interests and same
shall not constitute Collateral hereunder or be subject to any Lien in favor of
Secured Party, provided that no vote shall be cast or right exercised or other
action taken which, in Lender’s judgment, would impair the Collateral or which
would be inconsistent with or result in any violation of any provision of the
Note, this Agreement or the organizational documents of Pledgor.

 

7.                                      Rights
of Secured Party.

 

(a)                                 If an Event of Default shall
occur and be continuing, then all such Pledged Interests at Secured Party’s
option, shall be registered in the name of Secured Party (if not already so
registered) or its nominee, and Secured Party or its nominee may thereafter
exercise (i) all voting, and all limited liability company and other
rights pertaining to the Pledged Interests and (ii) any and all rights of
conversion, exchange, and subscription and any other rights, privileges or
options pertaining to such Pledged Interests as if it were the absolute owner
thereof (including, without limitation, the right to exchange at its discretion
any and all of the Pledged Interests upon the merger, consolidation,
reorganization, recapitalization or other fundamental change in the
organizational structure of the Issuers or upon the exercise by Pledgor or
Secured Party of any right, privilege or option pertaining to such Pledged
Interests, and in connection therewith, the right to deposit and deliver any
and all of the Pledged Interests with any committee, depositary, transfer
agent, registrar or other designated agency upon such terms and conditions as
it may determine), all without liability except to account for property
actually received by it, but Secured Party shall have no duty to exercise any
such right, privilege or option and shall not be responsible for any failure to
do so or delay in so doing.

 

(b)                                 The rights of Secured Party
under this Agreement shall not be conditioned or contingent upon the pursuit by
Secured Party of any right or remedy against Pledgor or against any other
Person which may be or become liable in respect of all or any part of the
Secured Obligations or against any other security therefor, guarantee thereof or
right of offset with respect thereto. 
Secured Party shall not be liable for any failure to demand, collect or
realize upon all or any part of the Collateral or for any delay in doing so,
nor shall it be under any obligation to sell or otherwise dispose of any
Collateral upon the request of Pledgor or any other Person or to take any other
action whatsoever with regard to the Collateral or any part thereof.

 

(c)                                  Upon satisfaction in full of
the Secured Obligations, Secured Party’s rights under this Pledge Agreement
shall terminate and Secured Party shall (i) execute and deliver to Pledgor
UCC-3 termination statements or similar documents and agreements to terminate
all of Secured Party’s rights under this Agreement and (ii) promptly
deliver to Pledgor (A) any and all limited liability company certificates
representing Pledged Interests that were delivered to Secured Party and (B) any
other Collateral in Secured Party’s possession or under its control.

 

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(d)                                 Pledgor also authorizes
Secured Party, at any time and from time to time, to execute, in connection
with the sale provided for in Sections 8 or 9 hereof, any
endorsements, assignments or other instruments of conveyance or transfer with
respect to the Collateral.

 

(e)                                  The powers conferred on
Secured Party hereunder are solely to protect Secured Party’s interest in the
Collateral and shall not impose any duty upon Secured Party to exercise any
such powers.  Secured Party shall be
accountable only for amounts that it actually receives as a result of the
exercise of such powers, and neither it nor any of its officers, directors,
employees or Secured Party shall be responsible to Pledgor for any act or
failure to act hereunder, except with respect to its or their gross negligence
or willful misconduct.

 

(f)                                   If Pledgor fails to perform
or comply with any of its agreements contained herein and Secured Party, as
provided for by the terms of this Agreement, shall itself perform or comply, or
otherwise cause performance or compliance, with such agreement, the expenses of
Secured Party incurred in connection with such performance or compliance,
together with interest at the default rate if such expenses are not paid on
demand, shall be payable by Pledgor to Secured Party on demand and shall
constitute obligations secured hereby.

 

8.                                      Remedies.  If an Event of Default shall occur and be
continuing, Secured Party may exercise, in addition to all other rights and
remedies granted in this Agreement and in any other instrument or agreement
securing, evidencing or relating to the Secured Obligations:

 

(a)                                 all rights and remedies of a
secured party under the Code (whether or not said Code is in effect in the
jurisdiction where the rights and remedies are asserted) and such additional
rights and remedies to which a secured party is entitled under the laws in
effect in any jurisdiction where any rights and remedies hereunder may be
asserted, including, without limitation, the right, to the maximum extent
permitted by law, to exercise all voting, consensual and other powers of
ownership pertaining to the Collateral as if Secured Party were the sole and
absolute owner thereof (and Pledgor agrees to take all such action as may be
appropriate to give effect to such right);

 

(b)                                 Secured Party may make any
reasonable compromise or settlement deemed desirable with respect to any of the
Collateral and may extend the time of payment, arrange for payment in
installments, or otherwise modify the terms of, any of the Collateral; and

 

(c)                                  Secured Party in its
discretion may, in its name or in the name of Pledgor or otherwise, demand, sue
for, collect, direct payment of or receive any money or property at any time
payable or receivable on account of or in exchange for any of the Collateral,
but shall be under no obligation to do so.

 

Without
limiting the generality of the foregoing, Secured Party, without demand of
performance or other demand, presentment, protest, advertisement or notice of
any kind (except any notice required by law referred to below or otherwise
required hereby) to or upon Pledgor, any Issuer or any other Person (all and
each of which demands, presentments, protests, advertisements and notices, or
other defenses, are hereby waived to the extent permitted under applicable
law), may in such circumstances forthwith collect, receive, appropriate and
realize upon the Collateral, or any part thereof, and/or may forthwith sell,
assign, give option or options to purchase or otherwise dispose of and deliver
the Collateral or any part thereof (or contract to

 

7

 

do
any of the foregoing), in one or more parcels at public or private sale or
sales, in the over-the-counter market, at any exchange, broker’s board or
office of Secured Party or elsewhere upon such terms and conditions as it may
deem advisable and at such prices as it may deem best in its sole discretion,
for cash or on credit or for future delivery without assumption of any credit
risk.  Secured Party shall have the
right, without notice or publication, to adjourn any public or private sale or
cause the same to be adjourned from time to time by announcement at the time
and place fixed for such sale, and any such sale may be made at any time or
place to which the same may be adjourned without further notice.  Secured Party shall have the right upon any
such public sale or sales, and, to the extent permitted by law, upon any such
private sale or sales, to purchase the whole or any part of the Collateral so
sold, free of any right or equity of redemption of Pledgor, which right or
equity of redemption is hereby waived or released.  Secured Party shall apply any Proceeds from
time to time held by it and the net proceeds of any such collection, recovery,
receipt, appropriation, realization or sale, after deducting all reasonable
costs and expenses of every kind incurred therein or incidental to the care or
safekeeping of any of the Collateral or in any way relating to the Collateral
or the rights of Secured Party hereunder, including, without limitation,
reasonable attorneys’ fees and disbursements, to the payment in whole or in
part of the Secured Obligations, in such order as Secured Party may elect, and
only after such application and after the payment by Secured Party of any other
amount required by any provision of law, including, without limitation,
Sections 9-610 and 9-615 of the Code, need Secured Party account for the
surplus, if any, to Pledgor.  To the
extent permitted by applicable law, Pledgor waives all claims, damages and
demands it may acquire against Secured Party arising out of the exercise by
Secured Party of any of its rights hereunder, except for any claims, damages
and demands it may have against Secured Party arising from the willful
misconduct or gross negligence of Secured Party or its affiliates, or any
agents or employees of the foregoing.  If any notice of a proposed sale or
other disposition of Collateral shall be required by law, such notice shall be
deemed reasonable and proper if given at least ten (10) days before such sale
or other disposition.

 

(d)                                 Notwithstanding anything
else herein to the contrary, Secured Party shall be entitled to exercise its
rights under Section 7 to register the Pledged Interests in the
name of Secured Party or its nominee (if not already so registered) or this Section 8
of this Agreement to collect, receive, appropriate and realize upon the
Collateral only upon the expiration of a period of ten (10) days
commencing on the date on which written notice of such intention to exercise
any of such rights shall have been given by Secured Party to Pledgor in
accordance with Section 14(e).

 

9.                                      Private
Sales.  Pledgor
recognizes that Secured Party may be unable to effect a public sale of any or
all of the Pledged Interests, by reason of certain prohibitions contained in
the Securities Act of 1933, as amended, and applicable state securities laws or
otherwise, and may be compelled to resort to one or more private sales thereof
to a restricted group of purchasers which will be obliged to agree, among other
things, to acquire such securities for their own account for investment and not
with a view to the distribution or resale thereof.  Pledgor acknowledges and agrees that any such
private sale may result in prices and other terms less favorable to Secured Party
than if such sale were a public sale and, notwithstanding such circumstances,
agrees that any such private sale conducted in accordance with the Code or
other applicable law shall not be deemed to have been made in a commercially
unreasonable manner solely by virtue of being a private sale.  Secured Party shall be under no

 

8

 

obligation
to delay a sale of any of the Pledged Interests for the period of time
necessary to permit the Issuers or Pledgor to register such securities for
public sale under the Securities Act of 1933, as amended, or under applicable
state securities laws, even if the Issuers or Pledgor would agree to do so.

 

(a)                                 Pledgor further shall use
commercially reasonable efforts to do or cause to be done all such other acts
as may be reasonably necessary to make any sale or sales of all or any portion
of the Pledged Interests pursuant to this Section 9 valid and
binding and in compliance with any and all other requirements of applicable
law.  Pledgor further agrees that a
breach of any of the covenants contained in this Section 9 will
cause irreparable injury to Secured Party, that Secured Party has no adequate
remedy at law in respect of such breach and, as a consequence, that each and
every covenant contained in this Section 9 shall be specifically
enforceable against Pledgor, and Pledgor hereby waives and agrees not to assert
any defenses against an action for specific performance of such covenants
except for a defense that no Event of Default has occurred under the Note.

 

(b)                                 Secured Party shall not
incur any liability as a result of the sale of any Collateral, or any part
thereof, at any private sale conducted in a commercially reasonable manner, it
being agreed that some or all of the Collateral is or may be of one or more
types that threaten to decline speedily in value and that are not customarily
sold in a recognized market.  Pledgor
hereby waives any claims against Secured Party arising by reason of the fact
that the price at which any of the Collateral may have been sold at such a
private sale was less than the price which might have been obtained at a public
sale or was less than the aggregate amount of the Secured Obligations, even if
Secured Party accepts the first offer received and does not offer any
Collateral to more than one offeree, provided that Secured Party has acted in a
commercially reasonable manner in conducting such private sale and in
accordance with the Code or other applicable laws.

 

(c)                                  The Code states that Secured
Party is able to purchase the Pledged Interests only if they are sold at a
public sale.  Secured Party has advised
Pledgor that SEC staff personnel have issued various No-Action Letters
describing procedures which, in the view of the SEC staff, permit a foreclosure
sale of securities to occur in a manner that is public for purposes of Article 9
of the Code, yet not public for purposes of Section 4(2) of the
Securities Act of 1933.  The Code permits
Pledgor to agree on the standards for determining whether Secured Party has
complied with its obligations under Article 9 of the Code.  Pursuant to the Code, Pledgor specifically
agrees (x) that it shall not raise any objection to Secured Party’s
purchase of the Pledged Interests (through bidding on the obligations or
otherwise) and (y) that a foreclosure sale conducted in conformity with
the principles set forth in the No-Action Letters (i) shall be considered
to be a “public” sale for purposes of the Code; (ii) will be considered
commercially reasonable notwithstanding that Secured Party has not registered
or sought to register the Pledged Interests under the Securities Laws, even if
Pledgor or any of the Issuers agree to pay all costs of the registration
process; and (iii) shall be considered to be commercially reasonable
notwithstanding that Secured Party purchases the Pledged Interests at such a
sale.

 

(d)                                 Pledgor agrees that Secured
Party shall not have any general duty or obligation to make any effort to
obtain or pay any particular price for any Pledged Interests sold by Secured
Party pursuant to this Agreement. 
Secured Party, may, in its sole discretion, among other things, accept
the first offer received, or decide to approach or not to approach any

 

9

 

potential
purchasers.  Without in any way limiting
Secured Party’s right to conduct a foreclosure sale in any manner which is
considered commercially reasonable, Pledgor hereby agrees that any foreclosure
sale conducted in accordance with the following provisions shall be considered
a commercially reasonable sale and hereby irrevocably waives any right to
contest any such sale:

 

(i)                                     Secured Party
conducts the foreclosure sale in the State of Texas,

 

(ii)                                  The foreclosure
sale is conducted in accordance with the laws of the State of Texas,

 

(iii)                               Not more than
ten (10) days before, and not less than five (5) days in advance of
the foreclosure sale, Secured Party notifies Pledgor at the address set forth
herein of the time and place of such foreclosure sale,

 

(iv)                              The foreclosure
sale is conducted by an auctioneer licensed in the State of Texas and is
conducted in front of any Texas State Court having jurisdiction over the
Collateral on any Business Day between the hours of 9 a.m. and 5 p.m.,

 

(v)                                 The notice of
the date, time and location of the foreclosure sale is published in the New
York Times or Wall Street Journal (or if the New York Times and Wall Street
Journal are no longer publishing, such other newspaper widely circulated in New
York, New York) for seven (7) consecutive days prior to the date of the
foreclosure sale, and

 

(vi)                       Secured Party
sends notification of the foreclosure sale to all secured parties identified as
a result of a search of the UCC financings statements in the filing offices
located in the State of Delaware conducted not later than twenty (20) days and
not earlier than thirty (30) days before such notification date.

 

10.                               Limitation
on Duties Regarding Collateral.  Secured Party’s sole duty with respect to the
custody, safekeeping and physical preservation of the Collateral in its
possession, under Section 9-207 of the Code or otherwise, shall be to deal
with it in the same manner as Secured Party deals with similar securities and
property for its own account.  Neither
Secured Party nor any of its officers, directors, employees, agents, successors
and assigns shall be liable for failure to demand, collect or realize upon any
of the Collateral or for any delay in doing so or shall be under any obligation
to sell or otherwise dispose of any Collateral upon the request of Pledgor or
otherwise

 

11.                               Financing
Statements; Other Documents.  On the date hereof, Pledgor hereby authorizes
Secured Party to file UCC-1 financing statements with respect to the Collateral
in such jurisdictions as Secured Party shall require.  Pledgor agrees to deliver any other document
or instrument which Secured Party may reasonably request with respect to the
Collateral for the purposes of obtaining or preserving the full benefits of
this Agreement and of the rights and powers herein granted.

 

12.                               Attorney-in-Fact.  Without limiting any rights or powers granted
by this Agreement to Secured Party, during the continuance of an Event of
Default, Secured Party is hereby appointed, which appointment as
attorney-in-fact is irrevocable and coupled with an

 

10

 

interest,
the attorney-in-fact of Pledgor for the purpose of carrying out the provisions
of this Agreement and taking any action and executing any instruments which
Secured Party may deem necessary or advisable to accomplish the purposes hereof
including, without limitation:

 

(a)                                 to ask, demand, collect, sue
for, recover, compromise, receive and give acquittance and receipts for moneys
due and to become due under or in respect of any of the Collateral;

 

(b)                                 to receive, endorse and
collect any drafts or other instruments, documents and chattel paper in
connection with clause (a) above;

 

(c)                                  to file any claims or take
any action or institute any proceedings that the Agent may deem necessary or
desirable for the collection of any of the Collateral or otherwise to enforce
the rights of Secured Party with respect to any of the Collateral; and

 

(d)                                 to execute, in connection
with the sale provided for in Section 8 or 9, any
endorsement, assignments, or other instruments of conveyance or transfer with
respect to the Collateral.

 

If
so requested by Secured Party, Pledgor shall ratify and confirm any such sale
or transfer by executing and delivering to Secured Party at the Pledgor’s
expense all proper deeds, bills of sale, instruments of assignment, conveyance
of transfer and releases as may be designated in any such request.

 

13.                               Indemnity.  Pledgor agrees to indemnify Secured Party
from and against any and all claims, losses and liabilities growing out of or
resulting from enforcement of this Agreement that are incurred thereby
(including, without limitation, reasonable attorneys’ fees and disbursements in
connection therewith), except claims, losses or liabilities resulting from
Secured Party’s gross negligence or willful misconduct.

 

14.                               Miscellaneous.

 

(a)                                 Severability.  Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

(b)                                 Headings.  The headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof.

 

(c)                                  No Waiver; Cumulative
Remedies.  Secured
Party shall not by any act (except by a written instrument pursuant to Section 14(d)),
delay, indulgence, omission or otherwise be deemed to have waived any right or
remedy hereunder or to have acquiesced in any default or in any breach of any
of the terms and conditions hereof.  No
failure to exercise, nor any delay in exercising, on the part of Secured Party,
any right, power or privilege hereunder shall operate as a waiver thereof.  No single or partial exercise of any right,
power or privilege

 

11

 

hereunder
shall preclude any other or further exercise thereof or the exercise of any
other right, power or privilege.  A
waiver by Secured Party of any right or remedy hereunder on any one occasion
shall not be construed as a bar to any right or remedy which Secured Party
would otherwise have on any future occasion. 
The rights, remedies, powers and privileges herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of
any rights, remedies, powers or privileges provided by law.

 

(d)                                 Waivers and Amendments;
Successors and Assigns; Governing Law.  None of the terms or provisions of this
Agreement may be waived, amended, or otherwise modified except by a written
instrument executed by the party against which enforcement of such waiver,
amendment, or modification is sought. 
This Agreement shall be binding upon and shall inure to the benefit of
Pledgor and the respective successors and assigns of Pledgor and shall inure to
the benefit of Secured Party and its successors and assigns; provided
Pledgor shall not have any right to assign its rights hereunder.  The rights of Lender under this Agreement
shall automatically be transferred to any permitted transferee to which Lender
transfers the Note.  This Agreement shall
be governed by, and construed and interpreted in accordance with, the laws of
the State of Texas.

 

(e)                                  Notices.  Notices hereunder, to be effective shall be
in writing (including by facsimile transmission), addressed or transmitted to
Pledgor or Secured Party in the manner and to the address set forth in the
Note.

 

(f)                                   Agents.  Secured Party may employ agents and
attorneys-in-fact in connection herewith and shall not be responsible for their
actions except for the gross negligence or willful misconduct of any such
agents or attorneys-in-fact selected by it in good faith.

 

(g)                                  Irrevocable Authorization
and Instruction to Issuers.  Pledgor hereby authorizes and instructs each
Issuer to comply with any instruction pertaining to the Collateral, the
Properties or any other security for the obligations under this Agreement or
the Note received by it from Secured Party in writing that (i) states that
an Event of Default has occurred and is continuing and (ii) is otherwise
in accordance with the terms of this Agreement, without any other or further
instructions from Pledgor, and Pledgor agrees that each Issuer shall be fully
protected in so complying.

 

(h)                                 Counterparts.  This Agreement may be executed in any number
of counterparts and all the counterparts taken together shall be deemed to
constitute one and the same instrument.

 

(i)                                     WAIVER OF JURY TRIAL,
DAMAGES, JURISDICTION.  PLEDGOR AND SECURED PARTY EACH HEREBY AGREES TO WAIVE ITS RIGHTS TO A
JURY TRIAL ON ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, OR ANY DEALINGS
BETWEEN PLEDGOR AND SECURED PARTY.  THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF
THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.  

 

12

 

PLEDGOR AND SECURED PARTY EACH ACKNOWLEDGES THAT THIS WAIVER IS A
MATERIAL INDUCEMENT TO SECURED PARTY TO ENTER INTO A BUSINESS RELATIONSHIP WITH
PLEDGOR.  PLEDGOR REPRESENTS AND WARRANTS
THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH WAIVER
IS KNOWINGLY AND VOLUNTARILY GIVEN FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT
BE MODIFIED, EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, REPLACEMENTS, REAFFIRMATIONS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT,  OR ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.  IN THE EVENT OF LITIGATION,
THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

WITH RESPECT TO ANY ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT, PLEDGOR SHALL AND HEREBY DOES SUBMIT TO THE NON-EXCLUSIVE
JURISDICTION OF THE COURTS OF THE STATE OF TEXAS AND THE FEDERAL COURTS OF THE
UNITED STATES OF AMERICA LOCATED IN THE NORTHERN DISTRICT OF THE STATE OF TEXAS
(AND ANY APPELLATE COURTS TAKING APPEALS THEREFROM).  PLEDGOR HEREBY WAIVES AND AGREES NOT TO
ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT, (A) THAT IT  IS NOT SUBJECT
TO SUCH JURISDICTION OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE
BROUGHT OR IS NOT MAINTAINABLE IN THOSE COURTS OR THAT THIS AGREEMENT MAY NOT
BE ENFORCED IN OR BY THOSE COURTS OR THAT IT IS EXEMPT OR IMMUNE FROM
EXECUTION, (B) THAT THE ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN
INCONVENIENT FORUM OR (C) THAT THE VENUE OF THE ACTION, SUIT OR PROCEEDING
IS IMPROPER.  IN THE EVENT ANY SUCH
ACTION, SUIT, PROCEEDING OR LITIGATION IS COMMENCED, PLEDGOR AGREES THAT
SERVICE OF PROCESS MAY BE MADE, AND PERSONAL JURISDICTION OVER PLEDGOR
OBTAINED, BY SERVICE OF A COPY OF THE SUMMONS, COMPLAINT AND OTHER PLEADINGS
REQUIRED TO COMMENCE SUCH LITIGATION UPON PLEDGOR AT THE ADDRESS OF PLEDGOR IN
THE NOTE.

 

(j)                                    No Special Damages.  No claim may be made by Pledgor against
Secured Party, its affiliates and their respective directors, officers,
employees, or attorneys for any special, indirect or consequential damages (“Special Damages”) in respect of any breach or wrongful
conduct (whether the claim therefor is based on contract, tort or duty imposed
by law) in connection with, arising out of, or in any way related to the
transactions contemplated or relationship established by this Agreement, or any
act, omission or event occurring in connection herewith or therewith; and to
the fullest extent permitted by law Pledgor hereby waives, releases and agrees
not to sue upon any such claim for Special Damages, whether or not accrued and
whether or not known or suspected to exist in its favor.

 

13

 

15.                               Obligations
of Pledgor Under this Agreement Non-Recourse.  Notwithstanding anything to the contrary
contained herein or under applicable law, Pledgor shall be liable for the
Secured Obligations to the full extent (but only to the extent) of the
Collateral. Any judicial proceedings brought by Secured Party against Pledgor
with respect to the Secured Obligations shall be limited to the preservation,
enforcement and foreclosure, or any thereof, of the Liens securing the
performance of such Secured Obligations, and no attachment, execution or other
writ of process shall be sought, issued or levied upon any assets, properties
or funds of Pledgor other than the Collateral. 
In the event of a foreclosure of such Liens securing the Secured
Obligations, no judgment for any deficiency upon the Secured Obligations shall
be sought or obtained by Secured Party against Pledgor.

 

 [SIGNATURES
COMMENCE ON THE FOLLOWING PAGE]

 

14

 

IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
duly authorized officers as of the date set forth above.

 

	
   

  	
  PLEDGOR:

  
	
   

  	
   

  
	
   

  	
  BH-AW FLORIDA MOB VENTURE, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Briank K. Waxman

  
	
   

  	
   

  	
  Name:

  	
  Brian
  K. Waxman

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SECURED
  PARTY:

  
	
   

  	
   

  
	
   

  	
  BEHRINGER HARVARD FLORIDA MOB 

  MEMBER, LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Gerald J. Reihsen, III

  
	
   

  	
   

  	
  Name:

  	
  Gerald
  J. Reihsen, III

  
	
   

  	
   

  	
  Title:

  	
  Executive
  Vice President – Corporate 

  Development & Legal and Assistant 

  Secretary

  

 

 

EXHIBIT A

To Pledge Agreement

 

FORM OF ACKNOWLEDGMENT AND CONSENT

 

[                                                                            ],
LLC, a Delaware limited liability company (“Issuer”), hereby acknowledges receipt of a copy of the
Pledge Agreement and agrees that Pledgor is bound thereby.  Issuer agrees to notify Secured Party
promptly in writing of the occurrence of any of the events described in Section 4(a) of
the Pledge Agreement.

 

 

Dated:  as of October     ,
2010

 

 

	
   

  	
  [                                                    ],
  LLC, a 

  Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

EXHIBIT B

To Pledge Agreement

 

FORM OF INSTRUCTION TO REGISTER PLEDGE

 

October     , 2010

 

To:                             [ISSUER]

2801 PGA
Boulevard, Suite 220

Palm
Beach Gardens, Florida 33410

 

In
accordance with the requirements of that certain Pledge and Security Agreement,
dated as of October     , 2010 (as amended,
supplemented or otherwise modified from time to time, the “Pledge Agreement”), between Behringer
Harvard Florida MOB Member, LLC (the “Secured
Party”) and BH-AW Florida MOB Venture, LLC (the “Pledgor”) (defined terms used herein as
therein defined), you are hereby instructed to register the pledge of the
following interests as follows:

 

The
100% limited liability company interests of the undersigned in
[                                          ],
LLC, a Delaware limited liability company (the “Issuer”) have been pledged to Secured Party pursuant to
the Pledge Agreement, including without limitation, all of the Collateral (as
defined in the Pledge Agreement).

 

You
are hereby further authorized and instructed to execute and deliver to Secured
Party an Acknowledgement and Consent, substantially in the form of Exhibit A
to the Pledge Agreement and, to the extent provided more fully therein, to
comply with the instructions of Secured Party in respect of the Collateral
without further consent of, or notice to, the undersigned.  Notwithstanding anything in this paragraph,
this instruction shall not be construed as expanding the rights of Secured
Party to give instructions with respect to the Collateral beyond such rights
set forth in the Pledge Agreement.

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BH-AW
  FLORIDA MOB VENTURE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

SCHEDULE 1

 

	
  LLC Issuer

  	
   

  	
  Pledgor

  	
   

  	
  Percentage

  Pledged

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW Hialeah, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW Palmetto, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW North Shore, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW Victor Farris, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW FMC Central, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW FMC East, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW FMC North, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW FMC Medical Mall, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW FMC Land, LLC

  	
   

  	
  BH-AW
  Florida MOB Venture, LLC

  	
   

  	
  100

  	
  %Exhibit
10.49

 

FIRST AMENDMENT TO THE
OPERATING AGREEMENT

 

OF

 

GARDENS MEDICAL PAVILION,
LLC

 

This FIRST AMENDMENT TO THE OPERATING
AGREEMENT OF GARDENS MEDICAL PAVILION, LLC (this “Amendment”) is made
and entered into effective as of October 20, 2010, among AW SFMOB
Investor, LLC and AW SFMOB Managing Member, LLC (collectively, the “Contributing
Members”), BH-AW Florida MOB Venture, LLC (“Joint Venture”), ORCO 2
LLC, and PGA ONC Partners, LLC (collectively, the “Tenant Members”).

 

WITNESSETH:

 

WHEREAS, Gardens Medical Pavilion, LLC, a
Florida limited liability company (the “Company”), was formed pursuant
to a Certificate of Formation filed with the Secretary of State of the State of
Florida on January 17, 2007, and that certain Operating Agreement
effective as of February 2, 2007 (the “Agreement”);

 

WHEREAS, the Contributing Members have
assigned all of their limited liability company interest in the Company to the
Joint Venture in exchange for an interest in the Joint Venture;

 

WHEREAS, on or promptly after the date
hereof, the Company will pay in full certain outstanding indebtedness (the “Existing
Debt”) owed to Principal Commercial Acceptance LLC for which the Company
requires additional funds (the “Debt Payoff”);

 

WHEREAS, the Managing Members have prior to
the date hereof discussed the Company’s need for capital to fund the Debt
Payoff with the Tenant Members who have elected not to make any portion of such
capital contributions;

 

WHEREAS, the Joint Venture has agreed to
provide the full amount of the capital necessary in order for the Company to
fund the Debt Payoff in a combination of priority capital and Additional
Capital Contributions, on the terms set forth herein;;

 

WHEREAS, the Members desire to amend the
Agreement as provided herein.

 

NOW, THEREFORE, the parties hereto hereby
agree that the Agreement is amended as follows:

 

1.                                      Registered
Office and Registered Agent.  Section 1.6 is hereby deleted in its
entirety and replaced with the following: 
“The Company’s registered agent for service of process and registered
office in the State of Florida is Corporation Service Company located at 1201
Hays Street, Tallahassee, Florida 32301.

 

2.                                      Principal Place
of Business.  The first
sentence of Section 1.7 is hereby deleted in its entirety and replaced
with the following:  “The Company’s
principal place of business shall be located at 2801 PGA Boulevard, Suite 220,
Palm Beach Gardens, Florida 33410.”

 

1

 

3.                                      Managing
Members.  The definition of “Managing
Members” in Section 2.2 is hereby deleted in its entirety and replaced
with the following:

 

Managing Member: BH-AW Florida
MOB Venture, LLC.

 

All
references to “Managing Members” in the Agreement shall hereafter refer to “Managing
Member.”

 

4.                                      Priority
Capital Contribution.  On or as
soon as practicable after the date hereof, the Joint Venture will contribute
the amount of $15,000,000 to the Company (the “Priority Capital Contribution”).  The Company shall apply the proceeds of the
Priority Capital Contribution to the Debt Payoff.  The Priority Capital Contribution shall bear
a cumulative annual preferred return of 7% per annum, which is less than the
current rate of interest being paid on the Existing Debt.  Notwithstanding the provisions of Section 5.1(a) and
Section 5.1(b) of the Agreement, on and after the date hereof: (i) Net
Cash Flow of the Company shall first be used to distribute to the Joint Venture
an amount equal to a 7% cumulative annual preferred return thereon (the “Preferred
Return”), before any Net Cash Flow is distributed in accordance with the
provisions of Section 5.1(a) and Section 5.1(b) of the
Agreement; and (ii) the proceeds from any Capital Transaction shall first
be used to distribute to the Joint Venture an amount equal to the sum of (x) the
amount of its unreturned Priority Capital Contribution and (y) any unpaid
Preferred Return.  The Company intends to
immediately seek third party debt financing to pay off the Priority Capital
Contribution.

 

5.                                      Membership and
Capital Contributions.

 

(a)                                 AW SFMOB
Investor, LLC and AW SFMOB Managing Member, LLC have each transferred their
Membership Interest to the Joint Venture. 
The Joint Venture is hereby admitted as a Member.

 

(b)                                 Exhibit A
of the Agreement shall be deleted in its entirety and replaced with the Exhibit A
attached hereto.

 

(c)                                  The Joint
Venture shall make on or as soon as practicable after the date hereof (and
shall be credited with having made) an Additional Capital Contribution in an
amount equal to the difference between the amount of the Priority Capital
Contribution and the amount necessary to fully fund the Debt Payoff, which the
Company shall use to make the Debt Payoff. 
The Tenant Members acknowledge that they have elected not to fund their
pro rata share of the Additional Capital Contribution called by the Company to
make the Debt Payoff and waive any rights they might otherwise have under the
Agreement in connection with such Additional Capital Contribution.

 

(d)                                 Subject to the
provisions of the following sentence, as a consequence of the Additional
Capital Contribution made by the Joint Venture to fund the Debt Payoff, the
parties agree that the Percentage Interest of the Joint Venture will be as set
forth on Exhibit A attached hereto.

 

6.                                      Tax Matters
Partner.  Section 5.12 of Article V
is amended to replace Brian K. Waxman as the tax matter partner with the Joint
Venture as the sole tax matters partner.

 

2

 

7.                                      Limitations on
Powers of Members.  The phrase “Except
as expressly authorized by the Agreement” in Section 6.3 is hereby deleted
in its entirety and replaced with the following phrase:  “Except in accordance with the terms of this
Agreement or upon the approval by majority in interest of the Members if the
Agreement is silent on the particular issue,”.

 

8.                                      Limitation on
Managing Member’s Authority.  The phrase “unless the Major Decision is
approved by the Members” in Section 7.2 is hereby deleted in its entirety
and replaced with the following:  “unless
the Major Decision is approved by the majority in interest of the Members.”

 

9.                                      Signing of
Documents.  The
following is added to the end of Section 7.6:  “The Managing Member may appoint Officers at
any time.  The Officers shall exercise
such powers and perform such duties as shall be determined from time to time by
the Managing Member.”

 

10.                               Indemnification.  The following is added to the end of Section 7.8:  “Notwithstanding any of the preceding
provisions of this Section 7.8, in no event shall the Company have any
obligation under this Section 7.8 to provide indemnification to the extent
that such indemnification is prohibited by the charter of Behringer Harvard
Opportunity REIT II, Inc., a Maryland corporation.”

 

11.                               Books and
Reports.  Notwithstanding the provisions
of the Agreement, the Managing Member shall cause to be prepared and distribute
to Behringer Harvard Florida MOB Member, LLC those reports and financial
statements with respect to the Company’s operations it shall reasonably require
from time to time.

 

12.                               Redemption.  The following is added to the beginning of
the first sentence of Section 9.5(a): 
“Subject to the approval of the Managing Member,”

 

13.                               Amendment to
definition of Percentage Interest.  The definition of “Percentage Interest” in Section 2.2
is hereby deleted in its entirety and replaced with the following: “Percentage Interest: The percentage which
a Member’s Capital Contributions bears to the total Capital Contributions made
to the Company from time to time, as the same shall be adjusted and set forth
on Exhibit A attached hereto from time to time.”

 

14.                               Amendments.  The first sentence of Article XII is
hereby deleted in its entirety and replaced with the following:  “This Agreement may not be amended or
modified by the Members without the consent of the majority in interest of the
Members.”

 

15.                               Notices.  Notices to the Joint Venture, as a Member and
the Managing Member, shall be provided to the following parties in accordance
with Section 13.1:

 

BH-AW Florida MOB Venture, LLC

c/o Brian K. Waxman

2801 PGA Boulevard, Suite 200

Palm Beach Gardens, Florida 33410

Fax:                       (561) 689-1255

 

3

 

Behringer Harvard Florida MOB Member, LLC

15601 Dallas Parkway, Suite 600

Addison, Texas 75001

Attn:                    Executive Vice President of Real Estate

Fax:                       (214) 655-1610

 

Behringer Harvard Opportunity REIT II, Inc.

15601 Dallas Parkway, Suite 600

Addison, Texas 75001

Attn:                    Chief Legal Officer

Fax:                       (214) 655-1610

 

 

16.                               Special
Financing Covenants.  Sections
13.8(b) and 13.8(f) shall be deleted in their entirety.

 

17.                               Tax Matters.  The Members intend for the Company to be
treated as a partnership for federal income tax purposes.  The Tax Matters Member shall make all
applicable elections, determinations and other decisions under the Code and applicable
Treasury Regulations, including, without limitation, the deductibility of a
particular item of expense and the positions to be taken on the Company’s tax
return, and shall approve the settlement or compromise of all audit matters
raised by the Internal Revenue Service affecting the Members generally.  The Members shall take reporting positions on
their respective federal, state and local income tax returns consistent with
the positions determined for the Company by Tax Matters Member.  The Managing Member shall cause all federal,
state and local income and other tax returns to be timely filed by the Company
after same are approved by Behringer Harvard Florida MOB Member, LLC, a
Delaware limited liability company (“BH”), and shall, after receiving BH’s
approval of such returns, be authorized to execute such returns (provided that
the Managing Member shall, for so long as it diligently performs its
obligations hereunder, not be responsible for the delays of BH or reputable
accountants or auditors retained by the Managing Member or at the request of BH
on behalf of the Company).

 

18.                               REIT Matters.  Notwithstanding anything to the contrary in
this Agreement, (a) neither the Company nor any Member nor Manager (acting
on the Company’s behalf) shall take any action which would cause BH (or its
REIT affiliates) to (i) fail to qualify as a “real estate investment trust”
(as defined under Sections 856 & 857 of the Code) or (ii) incur
any additional taxes under Section 857 or Section 4981 of the Code
(or any successor provisions), and (b) the Company shall conduct its
business affairs in a manner so as to avoid incurring income that would not
qualify under Sections 856(c)(2) and 856(c)(3) of the Code and will
not acquire assets that would cause a violation of the asset test as described in
Section 856(c)(4) of the Code. 
The Members and Manager shall periodically consult with the other
Members (or their designee) to ensure that any prospective transaction
undertaken by the Company, or a Member acting on behalf of the Company, shall
not cause BH (or its REIT affiliates) to fail to qualify as a REIT.  If the Members disagree as to whether any
transaction will cause BH (or its REIT affiliates) to fail to qualify as a REIT
(as defined under Sections 856 and 857 of the Code) or incur any additional

 

4

 

taxes under Section 857 or Section 4981 of
the Code (or any successor provisions), the reasonable determination of BH
shall be final.

 

19.                               Accounting and
Fiscal Year.  The books
of the Company shall be kept on the accrual basis in accordance with GAAP and
on a tax basis and the Company shall report its operations for tax purposes on
the accrual method.  The fiscal year and
federal income tax year of the Company shall end on December 31 of each
year, unless a different tax year shall be required by the Code.

 

20.                               Ratification.  The parties hereby ratify and confirm the
terms and provisions of the Agreement as modified by this Amendment, and the
Agreement, as modified by this Agreement, remains in full force and
effect.  This Amendment is limited as
specified herein and shall not constitute a modification or waiver of any other
provision of the Agreement.  This
Amendment shall inure to the benefit of and be binding upon the Members and
their respective permitted successors and assigns.

 

21.                               Governing Law.  This Amendment will be governed by and
construed in accordance with the laws of the State of Florida (without regard
to conflict of laws principles).

 

22.                               Defined Terms.  All capitalized terms used but not defined
herein have the meaning assigned to such terms in the Agreement.

 

23.                               Counterparts.  This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same instrument.

 

[The
signature page follows.]

 

5

 

IN WITNESS WHEREOF, the parties hereto have
executed this Amendment to be effective as of the date first written above.

 

	
   

  	
  CONTRIBUTING MEMBERS

  
	
   

  	
   

  
	
   

  	
  AW SFMOB INVESTOR, LLC, a Florida 

  limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian K. Waxman

  
	
   

  	
   

  	
  Brian K. Waxman

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J, Applefield

  
	
   

  	
   

  	
  Peter J. Applefield

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  AW SFMOB MANAGING MEMBER, 

  LLC, a Florida limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  Brian K. Waxman

  
	
   

  	
   

  	
  Brian K. Waxman

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter J, Applefield

  
	
   

  	
   

  	
  Peter J. Applefield

  
	
   

  	
   

  	
  Managing Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEW MEMBER:

  
	
   

  	
   

  
	
   

  	
  BH-AW FLORIDA MOB VENTURE, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian K. Waxman

  
	
   

  	
  Name:

  	
  Brian K. Waxman

  

 

 

	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TENANT MEMBERS:

  
	
   

  	
   

  
	
   

  	
  ORCO 2, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael Leighton, M.D.

  
	
   

  	
  Name:

  	
  Michael Leighton, M.D.

  
	
   

  	
  Title:

  	
  Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PGA ONC Partners, LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert J. Green

  
	
   

  	
  Name:

  	
  Robert J. Green

  
	
   

  	
  Title:

  	
  Managing Member

  

 

 

Exhibit A

 

	
  Member

  	
   

  	
  Percentage Interest

  	
   

  	
  Capital Contributions

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BH-AW Florida MOB
  Venture, LLC

  	
   

  	
  88.661

  	
  %

  	
  $

  	
  7,503,639.94

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ORCO 2 LLC

  	
   

  	
  5.670

  	
  %

  	
  $

  	
  480,374.03

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  PGA ONC Partners, LLC

  	
   

  	
  5.670

  	
  %

  	
  $

  	
  480,374.03

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00182-of-00352.parquet"}]]