Document:

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                                                                    EXHIBIT 10.1

                    PROPERTY MANAGEMENT AND LEASING AGREEMENT

         This PROPERTY MANAGEMENT AND LEASING AGREEMENT (this "Management
Agreement") is made and entered into as of the ____ day of ______, 2002, by and
among BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas limited
partnership (the "Partnership") and HPT MANAGEMENT SERVICES LP, a Texas limited
partnership (the "Manager").

         WHEREAS, the Partnership intends to raise money from the sale of its
limited partnership interests to be used, net of payment of certain offering
costs and expenses, for investment in the acquisition or construction of
income-producing real estate to be acquired and held by Owner (as hereinafter
defined); and

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

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

                                    ARTICLE I

                                   DEFINITIONS

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

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

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

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

1.5 "Owner" means the Partnership and any joint venture, limited liability
company or other Affiliate of the Partnership that owns, in whole or in part, on
behalf of the Partnership, any Properties.

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

1.7 "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.

                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

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

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

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

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

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         (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. Manager shall use due care in the selection and supervision of
such employees or independent contractors. Manager shall be responsible for the
preparation of and shall timely file all payroll tax reports and timely make
payments of all withholding and other payroll taxes with respect to each
employee.

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

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

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

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                  (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 a copy of any future) Agreements of Limited Partnership, Joint
Venture Agreements and Operating Agreements 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 the Ownership
Agreements.

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

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

2.5 Accounting, Records and Reports.

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

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

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

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

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

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

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

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 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

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Manager for Owner, or in the name or Owner entered into by Manager as Owner's
authorized agent, and Owner shall assume all expenses in connection with such
matters):

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

         (b) to lease the Properties to tenants;

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

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

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

         (d) to purchase supplies and pay all bills.

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

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all steps necessary regarding any such claim; provided that Manager will not
make any adjustments or settlements in excess of $10,000 without Owner's prior
written consent.

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

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"), which 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 which 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

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

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 and Leasing Fees. Commencing on the date hereof, Owner shall pay
Manager property management in an amount equal to the lesser of (a) fees which
are competitive for similar services in the same geographic area or (b) (1) in
the case of industrial and commercial properties which are not leased on a
long-term (ten or more years) net lease basis, four and one-half percent (4.5%)
of Gross Revenues and (2) in the case of industrial and commercial properties
which are leased on a long-term (ten or more years) net lease basis, one percent
(1.0%) of Gross Revenues plus a one-time initial leasing fee of three percent
(3.0%) of Gross Revenues on each lease payable over the first five full years

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of the original term of the lease. As used herein, the term "net lease" shall
mean a lease which requires the tenant to coordinate and pay directly all real
estate taxes, sales and use taxes, utilities, insurance and other operating
expenses relating to the leased property. In addition, except to the extent that
compensation for leasing services is specifically included in the foregoing
property management fees, Owner shall also pay Manager 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 by others rendering similar services
in the same geographic area; provided, however, that in no event may the
aggregate of all property management fees and leasing fees paid to Manager
exceed six percent (6.0%) of Gross Revenues, and further provided that the
foregoing limitation is not intended to preclude the payment of a separate
competitive fee for the one-time initial rent-up or leasing-up of a newly
constructed property or the total rehabilitation of a property if such service
is not included in the purchase price of the property. The fees payable
hereunder shall be paid on a monthly basis from the rental income received from
the Properties over the term of this Management Agreement. Manager's
compensation under this Section 5.1 shall apply to all renewals, extensions or
expansions of Leases that Manager has originally negotiated. In the event
Manager assists with planning and coordinating the construction of any
tenant-paid finish-out or improvements, Manager shall be entitled to receive
from any such tenant an amount equal to not greater than five percent (5.0%) of
the cost of such tenant improvements.

5.2 Audit Adjustment. If any audit of the records, books or accounts relating to
the Properties discloses an overpayment or underpayment of management and
leasing 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 and leasing fees for any fiscal year of more than
the correct 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 which is in effect or
for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers.

                                      -10-
<PAGE>

6.4 Accidents and Claims. Manager shall promptly investigate and shall report in
detail to Owner all accidents, claims for damage relating to Ownership,
operation or maintenance of the Properties, and any damage or destruction to the
Properties and the estimated costs of repair thereof, and shall prepare for
approval by Owner all reports required by an insurance company in connection
with any such accident, claim, damage, or destruction. Such reports shall be
given to Owner promptly and any report not so given within ten (10) 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 third anniversary of such date and thereafter for
successive three year renewal periods, unless on or before 30 days prior to the
date last above mentioned or on or before 30 days prior to the expiration of any
such renewal period, Manager shall notify Owner in writing that it elects to
terminate this Agreement, in which case this Agreement shall be thereby
terminated on said last mentioned date. In addition, and notwithstanding the
foregoing, Owner may terminate this Agreement at any time upon delivery of
written notice to Manager not less than thirty (30) days prior to the effective
date of termination, in the event of (and only in the event of) a showing by
Owner of willful misconduct, gross negligence, or deliberate malfeasance by
Manager in the performance of Manager's duties hereunder. In addition, either
party may terminate this Agreement immediately upon the occurrence of any of the
following:

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

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

                                      -11-
<PAGE>

generally as they become due unless such inability shall be the fault of the
other party, or (iv) takes corporate or other action in furtherance of any of
the aforesaid purposes.

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

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

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

         (c) Manager shall render to Owner an accounting of all funds of Owner
in its possession and shall deliver to Owner a statement of management and
leasing fees claimed to be due Manager pursuant to Section 5.1 hereof 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:      BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP
                         1323 North Stemmons Freeway, Suite 212
                         Dallas, Texas 75207
                         Attention: Robert M. Behringer, General Partner

                                      -12-
<PAGE>

             Manager:    HPT MANAGEMENT SERVICES LP
                         1323 North Stemmons Freeway, Suite 204
                         Dallas, Texas 75207
                         Attention: Chief Operating Officer

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

8.3 Assignment. Manager may delegate partially or in full its duties and rights
under this Management Agreement but only with the prior written consent of
Owner. Owner acknowledges and agrees that any or all of the duties of Manager as
contained herein may be delegated by Manager and performed by a person or entity
("Submanager") with whom Manager contracts for the purpose of performing such
duties. Owner specifically grants Manager the authority to enter into such a
contract with a Submanager; provided that 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, gross negligence and/or
unlawful acts of the Submanager. 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 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.

8.5 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.

8.6 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.

8.7 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.

8.8 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.

8.9 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.

8.10 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.

                                      -13-
<PAGE>

8.11 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.

8.12 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.

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

                                      -14-
<PAGE>

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

                                    BEHRINGER HARVARD SHORT-TERM
                                        OPPORTUNITY FUND I LP

                                    By:
                                        ----------------------------------------
                                        Robert M. Behringer, Its General Partner

                                    By:  Behringer Harvard Advisors II LP,
                                             Its General Partner

                                        By:   Harvard Property Trust, LLC
                                              Its General Partner

                                              By:
                                                  ------------------------------
                                                  Robert M. Behringer, President

                                    HPT MANAGEMENT SERVICES LP

                                    By:  IMS, LLC, Its General Partner

                                        By:
                                            ------------------------------------
                                            Gary S. Bresky
                                            Chief Operating Officer

                                      -15-<PAGE>
                                                                    EXHIBIT 10.2
                                ESCROW AGREEMENT

Wells Fargo Bank Iowa, National Association
666 Walnut N8200-034
Corporate Trust Services, PFG
Des Moines, IA  50309

         Re:  Behringer Harvard Short-Term Opportunity Fund I LP

Ladies and Gentlemen:

BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP, a Texas limited partnership
(the "Partnership"), will issue in a public offering (the "Offering") units of
its limited partnership interests (the "Units") pursuant to a Registration
Statement on Form S-11 filed by the Partnership with the Securities and Exchange
Commission. Behringer Securities LP, a Texas limited partnership (the "Dealer
Manager"), will act as dealer manager for the offering of the Units. The
Partnership is entering into this agreement to set forth the terms on which
Wells Fargo Bank Iowa, National Association (the "Escrow Agent"), will hold and
disburse the proceeds from subscriptions for the purchase of the Units in the
Offering until such time as: (i) in the case of subscriptions received from
nonaffiliates of the Partnership, the Partnership has received subscriptions for
Units resulting in total minimum capital raised of $1,000,000 (the "Required
Capital"); (ii) in the case of subscriptions received from residents of
Pennsylvania ("Pennsylvania Subscribers"), the Partnership has received
subscriptions for Units resulting in total minimum capital raised of $4,125,000,
not including subscriptions from Pennsylvania Subscribers (the "Pennsylvania
Required Capital"); and (iii) in the case of subscriptions received from
residents of New York ("New York Subscribers"), the Partnership has received
subscriptions for Units resulting in total minimum capital raised of $1,000,000,
not including subscriptions from New York Subscribers (the "New York Required
Capital").

The Partnership hereby appoints Wells Fargo Bank Iowa, National Association, as
Escrow Agent for purposes of holding the proceeds from the subscriptions for the
Units, on the terms and conditions hereinafter set forth:

1. Persons subscribing to purchase the Units (the "Subscribers") will be
instructed by the Dealer Manager or any soliciting dealers to remit the purchase
price in the form of checks, drafts, wires, Automated Clearing House (ACH) or
money orders (hereinafter "instruments of payment") payable to the order of
"Wells Fargo Bank Iowa, N.A., Escrow Agent for Behringer Harvard Short-Term
Opportunity Fund I LP." Any checks received made payable to a party other than
the Escrow Agent shall be returned to the soliciting dealer who submitted the
check. Within one (1) business day after receipt of instruments of payment from
the Offering, the Dealer Manager will send to the Escrow Agent: (a) each
Subscriber's name, address, executed IRS Form W-9, number of Units purchased,
and purchase price remitted, and (b) the instruments of payment from such
Subscribers (the "Subscription Materials"), for deposit by the Escrow Agent into
an interest-bearing deposit account entitled "ESCROW ACCOUNT FOR THE BENEFIT OF
SUBSCRIBERS FOR UNITS OF BEHRINGER HARVARD SHORT-TERM OPPORTUNITY FUND I LP"
(the "Escrow Account"), which deposit shall occur within one (1) business day
after the Escrow Agent's receipt of all the Subscription Materials, until such
Escrow Account has closed pursuant to paragraph 3(a) hereof. Instruments of
payment received from Pennsylvania Subscribers (as identified as such by the
Partnership) shall be accounted for separately in a subaccount

<PAGE>

entitled "ESCROW ACCOUNT FOR THE BENEFIT OF PENNSYLVANIA SUBSCRIBERS" (the
"Pennsylvania Escrow Account"), until such Pennsylvania Escrow Account has
closed pursuant to paragraph 3(a) hereof. Instruments of payment received from
New York Subscribers (as identified as such by the Partnership) shall be
accounted for separately in a subaccount entitled "ESCROW ACCOUNT FOR THE
BENEFIT OF NEW YORK SUBSCRIBERS" (the "New York Escrow Account"), until such New
York Escrow Account has closed pursuant to paragraph 3(a) hereof. Each of the
Escrow Account, the Pennsylvania Escrow Account, and New York Escrow Account
will be established and maintained in such a way as to permit the interest
income calculations described in paragraph 7.

2. The Escrow Agent agrees to promptly process for collection the instruments of
payment upon deposit into the applicable Escrow Account, Pennsylvania Escrow
Account, or New York Escrow Account. Deposits shall be held in the Escrow
Account, the Pennsylvania Escrow Account, and the New York Escrow Account until
such funds are disbursed in accordance with paragraph 3 hereof. If any of the
instruments of payment are returned to the Escrow Agent for nonpayment prior to
receipt of the Required Capital or, in connection with subscriptions from
Pennsylvania Subscribers, the Pennsylvania Required Capital or, in connection
with subscriptions from New York Subscribers, the New York Required Capital, the
Escrow Agent shall promptly notify the Dealer Manager and the Partnership in
writing via mail, email or facsimile of such nonpayment, and is authorized to
debit the Escrow Account, the Pennsylvania Escrow Account, or the New York
Escrow Account, as applicable, in the amount of such returned payment as well as
any interest earned on the amount of such payment.

3. (a)   Subject to the provisions of subparagraphs 3(b)-3(f) below:

                  (i) once collected funds in the Escrow Account are an amount
                  equal to or greater than the Required Capital, the Escrow
                  Agent shall promptly notify the Partnership and, upon
                  receiving written instruction from the Partnership, (A)
                  disburse to the Partnership, by check, ACH or wire transfer,
                  the funds in the Escrow Account representing the gross
                  purchase price for the Units, and (B) disburse to the
                  Subscribers or the Partnership, as applicable, any interest
                  thereon pursuant to the provisions of subparagraph 3(f). For
                  purposes of this Agreement, the term "collected funds" shall
                  mean all funds received by the Escrow Agent that have cleared
                  normal banking channels and are in the form of cash or a cash
                  equivalent. After such time the Escrow Account shall remain
                  open and the Partnership shall continue to cause subscriptions
                  for the Units that are not to be deposited in the Pennsylvania
                  Escrow Account or the New York Escrow Account to be deposited
                  therein until the Partnership informs the Escrow Agent in
                  writing to close the Escrow Account, and thereafter any
                  subscription documents and instruments of payment received by
                  the Escrow Agent from Subscribers other than Pennsylvania
                  Subscribers and New York Subscribers shall be forwarded
                  directly to the Partnership.

                  (ii) regardless of any closing of the Escrow Account, the
                  Partnership and the Dealer Manager shall continue to forward
                  instruments of payment and Subscription Materials received
                  from Pennsylvania Subscribers for deposit into the
                  Pennsylvania Escrow Account to the Escrow Agent until such
                  time as the Partnership notifies the Escrow Agent in writing
                  that total subscription proceeds (not including the amount
                  then in the Pennsylvania Escrow Account) equal or exceed the
                  Pennsylvania Required Capital. Upon receipt of a written
                  notice from the Partnership that total subscription proceeds
                  (not including the amount then in the Pennsylvania Escrow
                  Account) equaling or exceeding the Pennsylvania Required
                  Capital have been received in collected funds, the Escrow
                  Agent shall (A) disburse to the Partnership, by check, ACH or
                  wire transfer, the funds then in the Pennsylvania Escrow
                  Account representing the gross purchase price for the

                                      -2-
<PAGE>

                  Units, and (B) disburse to the Pennsylvania Subscribers or the
                  Partnership, as applicable, any interest thereon pursuant to
                  the provisions of subparagraph 3(f). Following such
                  disbursements, the Escrow Agent shall close the Pennsylvania
                  Escrow Account, and thereafter any Subscription Materials and
                  instruments of payment received by the Escrow Agent from
                  Pennsylvania Subscribers shall be deposited directly to the
                  Escrow Account (or to the Partnership, if it has closed the
                  Escrow Account, as instructed in writing by the Partnership).

                  (iii) regardless of any closing of the Escrow Account, the
                  Partnership and the Dealer Manager shall continue to forward
                  instruments of payment and Subscription Materials received
                  from New York Subscribers for deposit into the New York Escrow
                  Account to the Escrow Agent until such time as the Partnership
                  notifies the Escrow Agent in writing that total subscription
                  proceeds (not including the amount then in the New York Escrow
                  Account) equal or exceed the New York Required Capital. Upon
                  receipt of a written notice from the Partnership that total
                  subscription proceeds (not including the amount then in the
                  New York Escrow Account) equaling or exceeding the New York
                  Required Capital have been received in collected funds, the
                  Escrow Agent shall (A) disburse to the Partnership, by check,
                  ACH or wire transfer, the funds then in the New York Escrow
                  Account representing the gross purchase price for the Units,
                  and (B) disburse to the New York Subscribers or the
                  Partnership, as applicable, any interest thereon pursuant to
                  the provisions of subparagraph 3(f). Following such
                  disbursements, the Escrow Agent shall close the New York
                  Escrow Account, and thereafter any Subscription Materials and
                  instruments of payment received by the Escrow Agent from New
                  York Subscribers shall be deposited directly to the Escrow
                  Account (or to the Partnership, if it has closed the Escrow
                  Account, as instructed in writing by the Partnership).

         (b) At the close of business on __________ ___, 2003 (the "Expiration
         Date"), the Escrow Agent shall promptly notify the Partnership if it is
         not in receipt of evidence of Subscription Materials accepted on or
         before the Expiration Date, and instruments of payment dated not later
         than that the Expiration Date, for the purchase of Units providing for
         total purchase proceeds that equal or exceed the Required Capital (from
         all sources but exclusive of any funds received from subscriptions for
         Units from entities which the Partnership has notified the Escrow Agent
         are affiliated with the Partnership). In the event the Escrow Agent is
         not in possession of an executed IRS Form W-9 from any Subscriber, the
         Partnership shall provide the Escrow Agent an executed IRS Form W-9
         from such Subscriber within ten (10) calendar days after such notice.
         On the tenth (10th) day following the receipt of such notice, the
         Escrow Agent shall promptly return directly to each Subscriber the
         collected funds deposited in the Escrow Account, the Pennsylvania
         Escrow Account, and the New York Escrow Account on behalf of such
         Subscriber (unless earlier disbursed in accordance with paragraph
         3(c)), or shall return the instruments of payment delivered, but not
         yet processed for collection prior to such time, together with interest
         in the amounts calculated pursuant to paragraph 7 for each Subscriber
         at the address provided by the Dealer Manager or the Partnership. In
         the event an executed IRS Form W-9 is not received for each Subscriber
         within ten (10) calendar days, the Escrow Agent shall thereupon remit
         an amount to the Subscribers in accordance with the provisions hereof,
         withholding thirty percent (30%) of any interest income on subscription
         proceeds (determined in accordance with paragraph 7) attributable to
         those Subscribers for whom the Escrow Agent does not possess an
         executed IRS Form W-9. However, the Escrow Agent shall not be required
         to remit any payments until funds represented by such payments have
         been collected.

         (c) Notwithstanding subparagraphs 3(a) and 3(b) above, if the Escrow
         Agent is not in receipt of evidence of subscriptions accepted on or
         before the close of business on such date that is 120

                                      -3-
<PAGE>

         days after commencement of the Offering (the Partnership will notify
         the Escrow Agent of the commencement date of the Offering) (the
         "Initial Escrow Period"), and instruments of payment dated not later
         than that date, for the purchase of Units providing for total purchase
         proceeds (from all sources other than Pennsylvania Subscribers) that
         equal or exceed the Pennsylvania Required Capital, the Escrow Agent
         shall promptly notify the Partnership. Thereafter, the Partnership
         shall send to each Pennsylvania Subscriber by certified mail within ten
         (10) calendar days after the end of the Initial Escrow period a
         notification in the form of Exhibit A. If, pursuant to such
         notification, a Pennsylvania Subscriber requests the return of his or
         her subscription funds within ten (10) calendar days after receipt of
         the notification (the "Request Period") and the Escrow Agent is not in
         possession of an executed IRS form W-9, the Partnership shall provide
         the Escrow Agent with an executed IRS Form W-9 from each such
         Pennsylvania Subscriber within ten (10) calendar days after receiving
         notice from such Pennsylvania Subscriber. The Escrow Agent shall
         promptly refund directly to each Pennsylvania Subscriber the collected
         funds deposited in the Pennsylvania Escrow Account on behalf of such
         Pennsylvania Subscriber, or shall return the instruments of payment
         delivered, but not yet processed for collection prior to such time, to
         the address provided by the Dealer Manager or the Partnership, together
         with interest income in the amounts calculated pursuant to paragraph 7.
         If an executed IRS Form W-9 is not received for such Pennsylvania
         Subscriber within ten (10) calendar days, the Escrow Agent shall
         thereupon remit an amount to such Pennsylvania Subscriber in accordance
         with the provisions hereof, withholding thirty percent (30%) of any
         interest income earned on subscription proceeds (determined in
         accordance with paragraph 7) attributable to such Pennsylvania
         Subscriber for whom the Escrow Agent does not possess an executed IRS
         Form W-9. However, the Escrow Agent shall not be required to remit such
         payments until funds represented by such payments have been collected
         by the Escrow Agent.

         (d) The subscription funds of Pennsylvania Subscribers who do not
         request the return of their subscription funds within the Request
         Period shall remain in the Pennsylvania Escrow Account for successive
         120-day escrow periods (a "Successive Escrow Period"), each commencing
         automatically upon the termination of the prior Successive Escrow
         Period, and the Partnership and Escrow Agent shall follow the
         notification and payment procedure set forth in subparagraph 3(c) above
         with respect to the Initial Escrow Period for each Successive Escrow
         Period until the occurrence of the earliest of (i) the Expiration Date,
         (ii) the receipt and acceptance by the Partnership of subscriptions for
         the purchase of Units with total purchase proceeds that equal or exceed
         the Pennsylvania Required Capital and the disbursement of the
         Pennsylvania Escrow Account on the terms specified herein, or (iii) all
         funds held in the Pennsylvania Escrow Account having been returned to
         the Pennsylvania Subscribers in accordance with the provisions hereof.

         (e) If the Partnership rejects any subscription for which the Escrow
         Agent has collected funds, the Escrow Agent shall, upon the written
         request of the Partnership, promptly issue a refund to the rejected
         Subscriber. If the Partnership rejects any subscription for which the
         Escrow Agent has not yet collected funds but has submitted the
         Subscriber's check for collection, the Escrow Agent shall promptly
         return the funds in the amount of the Subscriber's check to the
         rejected Subscriber after such funds have been collected. If the Escrow
         Agent has not yet submitted a rejected Subscriber's check for
         collection, the Escrow Agent shall promptly remit the Subscriber's
         check directly to the Subscriber.

         (f) At any time after funds are disbursed upon the Partnership's
         acceptance of subscriptions pursuant to subparagraph 3(a) above on the
         tenth (10th) day following the date of such acceptance, the Escrow
         Agent shall promptly provide directly to each Subscriber the amount of
         the interest payable to the Subscribers; provided that the Escrow Agent
         is in possession of such

                                      -4-
<PAGE>

         Subscriber's executed IRS Form W-9. In the event the Escrow Agent is
         not in possession of an executed IRS Form W-9 from any Subscriber, the
         Partnership shall provide the Escrow Agent with an executed IRS Form
         W-9 from such Subscriber within ten (10) calendar days after acceptance
         of such subscription. In the event an executed IRS Form W-9 is not
         received for each Subscriber within such period, the Escrow Agent shall
         remit an amount to the Subscribers in accordance with the provisions
         hereof, withholding thirty percent (30%) of any interest income on
         subscription proceeds (determined in accordance with paragraph 7)
         attributable to those Subscribers for whom the Escrow Agent does not
         possess an executed IRS Form W-9. However, the Escrow Agent shall not
         be required to remit any payments until funds represented by such
         payments have been collected by the Escrow Agent. The forgoing
         notwithstanding, interest, if any, earned on accepted subscription
         proceeds will be payable to a Subscriber only if the Subscriber's funds
         have been held in escrow by the Escrow Agent for at least 35 days;
         interest, if any, earned on accepted subscription proceeds of
         Subscribers' funds held less than 35 days will be payable to the
         Partnership.

4. The Escrow Agent shall report to the Partnership weekly on the account
balances in the Escrow Account, the Pennsylvania Escrow Account, and the New
York Escrow Account and the activity in each account since the last report.

5. Prior to the disbursement of funds deposited in the Escrow Account, the
Pennsylvania Escrow Account, or the New York Escrow Account in accordance with
the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the
funds deposited as well as earnings and interest derived therefrom in the Escrow
Account, the Pennsylvania Escrow Account, and the New York Escrow Account, as
applicable, in the "Short-Term Investments" specified below. In the event that
instruments of payment are returned for nonpayment, the Escrow Agent is
authorized to debit the Escrow Account, the Pennsylvania Escrow Account, or the
New York Escrow Account, as applicable, in accordance with paragraph 2 hereof.

         "Short-Term Investments" include obligations of, or obligations
guaranteed by, the United States government or bank money-market accounts or
certificates of deposit of national or state banks that have deposits insured by
the Federal Deposit Insurance Corporation (including certificates of deposit of
any bank acting as a depository or custodian for any such funds) which mature on
or before the Expiration Date, unless such instrument cannot be readily sold or
otherwise disposed of for cash by the Expiration Date without any dissipation of
the offering proceeds invested.

The following securities are not permissible investments:

         (a)      money market mutual funds;
         (b)      corporate equity or debt securities;
         (c)      repurchase agreements;
         (d)      bankers' acceptances;
         (e)      commercial paper; and
         (f)      municipal securities.

The Escrow Agent shall invest the funds deposited in the Pennsylvania Escrow
Account and the New York Escrow Account in the manner set forth in Exhibit B
attached hereto. Without limiting the generality of the foregoing, it is hereby
expressly agreed and stipulated by the parties hereto that the Escrow Agent
shall not be required to exercise any discretion hereunder and shall have no
investment or management responsibility and, accordingly, shall have no duty to,
or liability for its failure to, provide investment recommendations or
investment advice to the parties hereto. It is the intention of the parties
hereto that the Escrow Agent shall never be required to use, advance or risk its
own funds or otherwise

                                      -5-
<PAGE>

incur financial liability in the performance of any of its duties or the
exercise of any of its rights and powers hereunder.

6. The Escrow Agent is entitled to rely upon written instructions received from
the Partnership, unless the Escrow Agent has actual knowledge that such
instructions are not valid or genuine; provided that, if in the Escrow Agent's
opinion, any instructions from the Partnership are unclear, the Escrow Agent may
request clarification from the Partnership prior to taking any action, and if
such instructions continue to be unclear, the Escrow Agent may rely upon written
instructions from the Partnership's legal counsel in distributing or continuing
to hold any funds. However, the Escrow Agent shall not be required to disburse
any funds attributable to instruments of payment that have not been processed
for collection, until such funds are collected and then shall disburse such
funds in compliance with the disbursement instructions from the Partnership.

7. If the Offering terminates prior to receipt of the Required Capital or one or
more Pennsylvania Subscribers elects to have his or her subscription returned in
accordance with paragraph 3, interest income earned on subscription proceeds
deposited in the Escrow Account (the "Escrow Income"), the Pennsylvania Escrow
Account (the "Pennsylvania Escrow Income"), and the New York Escrow Account (the
"New York Escrow Income") shall be remitted to Subscribers in accordance with
paragraph 3 and without any deductions for escrow expenses. Each Subscriber's
pro rata portion of Escrow Income, Pennsylvania Escrow Income, or New York
Escrow Income, as applicable, shall be determined as follows: the total amount
of Escrow Income (or Pennsylvania Escrow Income or New York Escrow Income, as
appropriate) shall be multiplied by a fraction, (i) the numerator of which is
determined by multiplying the number of Units purchased by said Subscriber times
the number of days said Subscriber's proceeds are held in the Escrow Account,
the Pennsylvania Escrow Account, or the New York Escrow Account, as applicable,
prior to the date of disbursement, and (ii) the denominator of which is the
total of the numerators for all such Subscribers in such account. The
Partnership shall reimburse the Escrow Agent for all escrow expenses. The Escrow
Agent shall remit all such Escrow Income, Pennsylvania Escrow Income, and New
York Escrow Income in accordance with paragraph 3. If the Partnership chooses to
leave the Escrow Account open after receiving the Required Capital, then it
shall make regular acceptances of subscriptions therein, but no less frequently
than monthly, and the Escrow Income from the last such acceptance shall be
calculated and remitted to the Subscribers or the Partnership, as applicable,
pursuant to the provisions of subparagraph 3(f).

8. The Escrow Agent shall receive compensation from the Partnership as set forth
in Exhibit C attached hereto.

9. In performing any of its duties hereunder, the Escrow Agent shall not incur
any liability to anyone for any damages, losses, or expenses, except for willful
misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent
shall not incur any such liability with respect to any action taken or omitted
(a) in good faith upon advice of the Escrow Agent's counsel given with respect
to any questions relating to the Escrow Agent duties and responsibilities under
this Agreement, or (b) in reliance upon any instrument, including any written
instrument or instruction provided for in this Agreement, not only as to its due
execution and validity and effectiveness of its provisions but also as to the
truth and accuracy of information contained therein, which the Escrow Agent
shall in good faith believe to be genuine, to have been signed or presented by a
proper person or persons and to conform to the provisions of this Agreement.

10. The Partnership hereby agrees to indemnify and hold the Escrow Agent
harmless against any and all losses, claims, damages, liabilities, and expenses,
including reasonable attorneys' fees and disbursements, that may be imposed on
or incurred by the Escrow Agent in connection with acceptance of appointment as
the Escrow Agent hereunder, or the performance of the duties hereunder,
including any

                                      -6-
<PAGE>

litigation arising from this Agreement or involving the subject matter hereof,
except where such losses, claims, damages, liabilities, and expenses result from
willful misconduct, breach of trust, or gross negligence.

11. In the event of a dispute between the parties hereto sufficient in the
Escrow Agent's discretion to justify doing so, the Escrow Agent shall be
entitled to tender into the registry or custody of any court of competent
jurisdiction all money or property in its hands under this Agreement, together
with such legal pleadings as deemed appropriate, and thereupon be discharged
from all further duties and liabilities under this Agreement. In the event of
any uncertainty as to the duties hereunder, the Escrow Agent may refuse to act
under the provisions of this Agreement pending order of a court of competent
jurisdiction and shall have no liability to the Partnership or to any other
person as a result of such action. Any such legal action may be brought in such
court as the Escrow Agent shall determine to have jurisdiction thereof. The
filing of any such legal proceedings shall not deprive the Escrow Agent of its
compensation earned prior to such filing.

12. All communications and notices required or permitted by this Agreement shall
be in writing and shall be deemed to have been given when delivered personally
or by messenger or by overnight delivery service or when received via telecopy
or other electronic transmission, in all cases addressed to the person for whom
it is intended at such person's address set forth below or to such other address
as a party shall have designated by notice in writing to the other party in the
manner provided by this paragraph:

         (a)      if to the Partnership:

                  Behringer Harvard Short-Term Opportunity Fund I LP
                  1323 North Stemmons Freeway, Suite 212
                  Dallas, Texas 75207
                  Fax: (214) 655-1610
                  Attention: Robert M. Behringer, General Partner

         (b)      if to the Dealer Manager:

                  Behringer Securities LP
                  1323 North Stemmons Freeway, Suite 202
                  Dallas, Texas 75207
                  Fax: (214) 655-6801
                  Attention: Chief Operating Officer of Harvard Property
                             Trust, LLC, General Partner

         (c)      if to the Escrow Agent:

                  Wells Fargo Bank Iowa, National Association
                  666 Walnut
                  N8200-034
                  Corporate Trust Services, PFG
                  Des Moines, IA 50309
                  Fax: (515) 245-3337
                  Attention:  M.J. Dolan

Each party hereto may, from time to time, change the address to which notices to
it are to be delivered or mailed hereunder by notice in accordance herewith to
the other parties.

                                      -7-
<PAGE>
13. This Agreement shall be governed by the laws of the State of Texas as to
both interpretation and performance without regard to the conflict of laws rules
thereof.

14. The provisions of this Agreement shall be binding upon the legal
representatives, successors, and assigns of the parties hereto.

15. The Partnership and the Dealer Manager hereby acknowledge that Wells Fargo
Bank Iowa, National Association is serving as Escrow Agent only for the limited
purposes herein set forth, and hereby agree that they will not represent or
imply that, by serving as Escrow Agent hereunder or otherwise, have investigated
the desirability or advisability of investment in the Partnership or have
approved, endorsed, or passed upon the merits of the Units or the Partnership,
nor shall they use the name of the Escrow Agent in any manner whatsoever in
connection with the offer or sale of the Units other than by acknowledgment that
is has agreed to serve as Escrow Agent for the limited purposes herein set
forth.

16. This Agreement and any amendment hereto may be executed by the parties
hereto in one or more counterparts, each of which shall be deemed to be an
original.

17. Except as otherwise required for subscription funds received from
Pennsylvania Subscribers and New York Subscribers as provided herein, in the
event that the Escrow Agent receive instruments of payment after the Required
Capital has been received and the proceeds of the Escrow Account have been
distributed to the Partnership, the Escrow Agent is hereby authorized to deposit
such instruments of payment within one (1) business day to any deposit account
as directed by the Partnership. The application of said funds into a deposit
account or to forward such funds directly to the Partnership, in either case
directed by the Partnership, shall be a full acquittance to the Escrow Agent,
who shall not be responsible for the application of said funds thereafter.

18. The Escrow Agent shall be bound only by the terms of this Escrow Agreement
and shall not be bound by or incur any liability with respect to any other
agreements or understanding between any other parties, whether or not the Escrow
Agent has knowledge of any such agreements or understandings.

19. Indemnification provisions set forth herein shall survive the termination of
this Agreement.

20. In the event that any part of this Agreement is declared by any court or
other judicial or administrative body to be null, void, or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the
other provisions of this Agreement shall remain in full force and effect.

21. Unless otherwise provided in this Agreement, final termination of this
Escrow Agreement shall occur on the date that all funds held in the Escrow
Account, the Pennsylvania Escrow Account and the New York Escrow Account are
distributed either (a) to the Partnership or to Subscribers pursuant to
paragraph 3 hereof or (b) to a successor escrow agent upon written instructions
from the Partnership.

22. The Escrow Agent has no responsibility for accepting, rejecting, or
approving subscriptions. The Escrow Agent shall complete an OFAC search of each
subscription check prior to depositing the check in the Escrow Account, the
Pennsylvania Escrow Account or the New York Escrow Account and shall provide the
Partnership with a report containing the results of such OFAC search. The Dealer
Manager shall provide a copy of each subscription check in order that the Escrow
Agent may perform such OFAC search.

23. This Agreement shall not be modified, revoked, released, or terminated
unless reduced to writing and signed by all parties hereto, subject to the
following paragraph.

                                      -8-
<PAGE>
If, at any time, any attempt is made to modify this Agreement in a manner that
would increase the duties and responsibilities of the Escrow Agent or to modify
this Agreement in any manner which the Escrow Agent shall deem undesirable, or
at any other time, the Escrow Agent may resign by providing written notice to
the Partnership and until (a) the acceptance by a successor escrow agent as
shall be appointed by the Partnership; or (b) thirty (30) days after such
written notice has been given, whichever occurs sooner, the Escrow Agent's only
remaining obligation shall be to perform its duties hereunder in accordance with
the terms of the Agreement.

24. The Escrow Agent may resign at any time from its obligations under this
Escrow Agreement by providing written notice to the Partnership. Such
resignation shall be effective on the date specified in such notice which shall
be not less than thirty (30) days after such written notice has been given. The
Escrow Agent shall have no responsibility for the appointment of a successor
escrow agent.

25. The Escrow Agent may be removed for cause by the Partnership by written
notice to the Escrow Agent effective on the date specified in such written
notice. The removal of the Escrow Agent shall not deprive the Escrow Agent of
its compensation earned prior to such removal.

                            [Signature page follows]

                                      -9-
<PAGE>
Agreed to as of the ____ day of ________________, 2002.

                                   BEHRINGER HARVARD SHORT-TERM OPPORTUNITY
                                   FUND I LP

                                   By:
                                        ----------------------------------------
                                        Robert M. Behringer, General Partner

                                   BEHRINGER SECURITIES LP

                                   By:  Harvard Property Trust, LLC
                                        Its General Partner

                                   By:
                                        ----------------------------------------
                                        Gerald J. Reihsen, III
                                        Chief Operating Officer

The terms and conditions contained above are hereby accepted and agreed to by:

WELLS FARGO BANK IOWA, NATIONAL ASSOCIATION, AS ESCROW AGENT

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

                                      -10-
<PAGE>
                                    EXHIBIT A

                  [Form of Notice to Pennsylvania Subscribers]

You have tendered a subscription to purchase units of limited partnership
interest of Behringer Harvard Short-Term Opportunity Fund I LP (the
"Partnership"). Your subscription is currently being held in escrow. The
guidelines of the Pennsylvania Securities Commission do not permit the
Partnership to accept subscriptions from Pennsylvania residents until an
aggregate of $4,125,000 of gross offering proceeds have been received by the
Partnership. The Pennsylvania guidelines provide that until this minimum amount
of offering proceeds is received by the Partnership, every 120 days during the
offering period Pennsylvania Subscribers may request that their subscription be
returned.

If you wish to continue your subscription in escrow until the Pennsylvania
minimum subscription amount is received, nothing further is required.

If you wish to terminate your subscription for the Partnership's units of
limited partnership interest and have your subscription returned please so
indicate below, sign, date, and return to the Escrow Agent, Wells Fargo Bank
Iowa, National Association, at the address below.

I hereby terminate my prior subscription to purchase units of limited
partnership interest of Behringer Harvard Short-Term Opportunity Fund I LP and
request the return of my subscription funds. I certify to Behringer Harvard
Short-Term Opportunity Fund I LP that I am a resident of Pennsylvania.

                                    Signature:
                                                --------------------------------

                                    Name:
                                                --------------------------------
                                                         (please print)

                                    Date:
                                                --------------------------------

Please send the subscription refund to:

-----------------------------------------

-----------------------------------------

-----------------------------------------

<PAGE>
                                    EXHIBIT B

                     PENNSYLVANIA AND NEW YORK ARRANGEMENTS

<PAGE>

                                    EXHIBIT C

                            ESCROW AGENT COMPENSATION

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