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                                                                    EXHIBIT 10.1

         AMENDED AND RESTATED PROPERTY MANAGEMENT AND LEASING AGREEMENT

         This AMENDED AND RESTATED PROPERTY MANAGEMENT AND LEASING AGREEMENT
(this "Management Agreement") is made and entered into as of the 2nd day of
June, 2003, 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 and Manager previously entered into that
certain Property Management and Leasing Agreement dated February 14, 2003 (the
"Original Management Agreement"); and

         WHEREAS, the Partnership intends to continue 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 continue 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; and

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

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

                                    ARTICLE I

                                   DEFINITIONS

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

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

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

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

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

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

1.6      "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.

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

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

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

                                   ARTICLE II

                APPOINTMENT OF MANAGER; SERVICES TO BE PERFORMED

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

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

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

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

                                       -2-

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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.

         (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.

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

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

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

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

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

                                       -4-

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         (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 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.

                                       -5-

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

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

                                   ARTICLE III

           AUTHORITY GRANTED TO MANAGER AND CERTAIN OWNER OBLIGATIONS

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

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

         (b)      to lease the Properties to tenants;

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

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

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

                                       -6-

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         (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 that Manager shall
         incur in connection with the collecting of rent and other sums, or to
         recover possession of any Property or any portion thereof, shall be
         deemed to be an operational expense of the Property. Manager and Owner
         shall concur on the selection of the attorneys to handle such
         litigation.

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

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

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

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

         (d)      to purchase supplies and pay all bills.

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

                                       -7-

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or misconduct. Manager shall secure the approval of, and execution of
appropriate contracts by, Owner for any non-budgeted and
non-emergency/contingency capital items, alterations or other expenditures in
excess of $5,000 for any one item, securing for each item at least three written
bids, if practicable, or providing evidence satisfactory to Owner that the
contract amount is lower than industry standard pricing, from responsible
contractors. Manager shall have the right from time to time during the term
hereof, to contract with and make purchases from Affiliates of Manager, provided
that contract rates and prices are competitive with other available sources.
Manager may at any time and from time to time request and receive the prior
written authorization of Owner of the Property of any one or more purchases or
other expenditures, notwithstanding that Manager may otherwise be authorized
hereunder to make such purchases or expenditures.

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

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

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

                                       -8-

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and expenses, of every kind and nature whatsoever (collectively, "Losses"),
which may be imposed on or incurred by Manager by reason of the negligence or
misconduct 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
negligence or misconduct 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 negligence or misconduct.

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

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

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.

                                       -9-

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                                   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 fees 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 percent (4.0%) 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 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 property management
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

                                      -10-

<PAGE>

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 that is in effect or
for which application has been made. Manager shall use its best efforts to
comply with all requirements of insurers.

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

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

                                      -11-

<PAGE>

                                   ARTICLE VII

                              TERM AND TERMINATION

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

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

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

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

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

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

         (c)      Manager shall render to Owner an accounting of all funds of
Owner in its possession and shall deliver to Owner a statement of 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.

                                      -12-

<PAGE>

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

             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, unless Owner otherwise agrees in
writing with such Submanager, Owner shall have no liability or responsibility to
any such Submanager for the payment of the Submanager's fee or for reimbursement
to the Submanager of its expenses or to indemnify the Submanager in any manner
for any matter; and provided further that Manager shall require such Submanager
to agree, in the written agreement setting forth the duties and obligations of
such Submanager, to indemnify Owner for all Losses incurred by Owner as a result
of the gross negligence or willful misconduct of the Submanager, except that
such indemnity shall not be required to the extent that

                                      -13-

<PAGE>

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

8.4      Third Party Leasing Services. Manager acknowledges that from time to
time Owner may determine that it is in the best interests of Owner to retain a
third party to provide certain leasing services with respect to certain
Properties and to compensate such third party for such leasing services. Upon
the prior written consent of Manager, Owner shall have the authority to enter
into such a contract for leasing services with a third party (a "Third Party
Leasing Agreement"); provided that Manager shall have no liability or
responsibility to Owner for any of the duties and obligations undertaken by such
party, and Owner agrees to indemnify Manager for all Losses incurred by Manager
as a result of acts of such third party pursuant to the Third Party Leasing
Agreement. To the extent that leasing services are specifically required to be
performed by a third party pursuant to such Third Party Leasing Agreement,
Manager shall have no obligation to perform such leasing services and Owner
shall have no obligation to Manager for leasing fees pursuant to Section 5.1
hereof.

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

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

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

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

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

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

                                      -14-

<PAGE>

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

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

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

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

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

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

                                      -15-

<PAGE>

         IN WITNESS WHEREOF, the parties have executed this Amended and Restated
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

                                      -16-<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 all
nonaffiliates of the Partnership, the Partnership has received subscriptions for
Units resulting in total minimum capital raised of $1,500,000 (the "Required
Capital"); (ii) in the case of subscriptions received from residents of
Pennsylvania ("Pennsylvania Subscribers") and Nebraska ("Nebraska Subscribers"),
the Partnership has received subscriptions for Units from nonaffiliates of the
Partnership resulting in total minimum capital raised of $5,500,000 (the
"Pennsylvania/Nebraska 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 $2,500,000 (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, drafts or money orders received made payable
to a party other than the Escrow Agent shall be returned to the soliciting
dealer who submitted the check, draft or money order. Within one (1) business
day after receipt of instruments of payment from the Offering, the Dealer
Manager will (a) send to the Escrow Agent: each Subscriber's name, address,
executed IRS Form W-9, number of Units purchased, and purchase price remitted,
and (b) deposit the instruments of payment from such Subscribers (the
"Subscription Materials"), 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 Dealer Manager'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 and Nebraska Subscribers (as identified as such by the Partnership)
shall be accounted for separately in a subaccount entitled "ESCROW ACCOUNT FOR
THE BENEFIT OF PENNSYLVANIA AND NEBRASKA SUBSCRIBERS" (the
"Pennsylvania/Nebraska Escrow Account"), until such Pennsylvania/Nebraska Escrow
Account has closed pursuant to paragraph 3(a) hereof. Instruments of payment
received from New York Subscribers (as identified as

<PAGE>

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. The Director of Banking and Finance of the State of
Nebraska shall have the right to inspect and make copies of the records of the
Escrow Agent relating to the Pennsylvania/Nebraska Escrow Account at any
reasonable time wherever the records are located. Each of the Escrow Account,
the Pennsylvania/Nebraska 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/Nebraska Escrow Account, or New York Escrow Account. Deposits shall
be held in the Escrow Account, the Pennsylvania/Nebraska Escrow Account, and the
New York Escrow Account until such funds are disbursed in accordance with
paragraph 3 hereof. Prior to disbursement of the funds deposited in the Escrow
Account, such funds shall not be subject to claims by creditors of the Company,
the Dealer Manager or any of their affiliates. 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/Nebraska 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/Nebraska 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/Nebraska 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 Nebraska 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/Nebraska Escrow Account to the Escrow Agent until
                  such time as the Partnership notifies the Escrow Agent in
                  writing that total subscription proceeds (including the amount
                  then in the Pennsylvania/Nebraska Escrow Account) equal or
                  exceed the Pennsylvania/Nebraska Required Capital. Upon
                  receipt of a written notice from the Partnership that total
                  subscription proceeds (including the amount then in the
                  Pennsylvania/Nebraska Escrow Account) equaling or exceeding
                  the Pennsylvania/Nebraska Required Capital have been received
                  in collected funds, the Escrow Agent shall promptly notify the
                  Partnership and provide to the Director of Banking and Finance
                  of the State of Nebraska an affidavit

                                       -2-

<PAGE>

                  which states that all of the conditions of this Agreement
                  relating to the Pennsylvania/Nebraska Escrow Account have been
                  met (the "Escrow Agent Affidavit"). Upon receipt of such
                  notice, the Partnership shall provide the Director of Banking
                  and Finance of the State of Nebraska an affidavit which states
                  that there have been no material omissions or changes in the
                  financial condition of the Partnership or other changes of
                  circumstance, that would render the Pennsylvania/Nebraska
                  Required Capital inadequate to finance the Partnership's
                  proposed plan of operations or business, or render the
                  representations in the Partnership's registration statement,
                  as amended through such time, fraudulent, false or misleading
                  (the "Partnership Affidavit"). Five days after the Escrow
                  Agent Affidavit and the Partnership Affidavit have been
                  provided to the Director of Banking and Finance of the State
                  of Nebraska, the Escrow Agent shall (A) disburse to the
                  Partnership, by check, ACH or wire transfer, the funds then in
                  the Pennsylvania/Nebraska Escrow Account representing the
                  gross purchase price for the Units, and (B) disburse to the
                  Pennsylvania Subscribers, the Nebraska 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/Nebraska Escrow Account, and thereafter any
                  Subscription Materials and instruments of payment received by
                  the Escrow Agent from Pennsylvania Subscribers and Nebraska
                  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 (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 (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 February 19, 2004 (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/Nebraska 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

                                       -3-

<PAGE>

         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 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 nonaffiliated sources that equal or exceed the
         Pennsylvania/Nebraska Required Capital, the Escrow Agent shall promptly
         notify the Partnership. Thereafter, the Partnership shall send to each
         Pennsylvania Subscriber and each Nebraska 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 or a Nebraska 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 or Nebraska Subscriber,
         as the case may be, within ten (10) calendar days after receiving
         notice from such Pennsylvania Subscriber or Nebraska Subscriber. The
         Escrow Agent shall promptly refund directly to each Pennsylvania
         Subscriber or Nebraska Subscriber, as the case may be, the collected
         funds deposited in the Pennsylvania/Nebraska Escrow Account on behalf
         of such Pennsylvania Subscriber or Nebraska 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 or Nebraska Subscriber
         within ten (10) calendar days, the Escrow Agent shall thereupon remit
         an amount to such Pennsylvania Subscriber or Nebraska Subscriber, as
         the case may be, 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 or Nebraska 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 and
         Nebraska Subscribers who do not request the return of their
         subscription funds within the Request Period shall remain in the
         Pennsylvania/Nebraska 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/Nebraska Required Capital and the disbursement of the
         Pennsylvania/Nebraska Escrow Account on the terms specified herein, or
         (iii) all funds held in the Pennsylvania/Nebraska Escrow Account having
         been returned to the Pennsylvania Subscribers and Nebraska Subscribers
         in accordance with the provisions hereof.

                                       -4-

<PAGE>

         (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 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.

         In the event that instruments of payment are returned for nonpayment,
the Escrow Agent is authorized to debit the Escrow Account, the
Pennsylvania/Nebraska Escrow Account, or the New York Escrow Account, as
applicable, in accordance with paragraph 2 hereof.

4.       The Escrow Agent shall report to the Partnership weekly on the account
balances in the Escrow Account, the Pennsylvania/Nebraska 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/Nebraska 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/Nebraska Escrow Account, and
the New York Escrow Account, as applicable, in the "Short-Term Investments"
specified below, unless the costs to the Partnership for the making of such
investment are reasonably expected to exceed the anticipated interest earnings
from such investment in which case the funds and interest thereon shall remain
in the respective escrow account until the balance in the respective escrow
account reaches the minimum amount necessary for the anticipated interest
earnings from such investment to exceed the costs to the Partnership for the
making of such investment, as determined by the Partnership based upon
applicable interest rates.

         "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. Without limiting the generality of the

                                       -5-

<PAGE>

foregoing, Exhibit B hereto sets forth specific Short-Term Investments which
shall be deemed permissible investments hereunder.

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.

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 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 or Nebraska 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/Nebraska Escrow Account (the "Pennsylvania/Nebraska
Escrow Income"), and the New York Escrow Account (the "New York Escrow Income")
shall be remitted to Subscribers, or to the Partnership if the applicable
Subscriber's funds have been held in escrow by the Escrow Agent for less than 35
days, in accordance with paragraph 3 and without any deductions for escrow
expenses. For each Subscriber who has invested funds that have been held in
escrow by the Escrow Agent for at least 35 days, such Subscriber's pro rata
portion of Escrow Income, Pennsylvania/Nebraska Escrow Income, or New York
Escrow Income, as applicable, shall be determined as follows: the total amount
of Escrow Income (or Pennsylvania/Nebraska Escrow Income or New York Escrow
Income, as appropriate) minus interest earned on accepted subscription proceeds
held by the Escrow Agent for less than 35 days 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/Nebraska 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 Subscribers in such account who have invested funds that have been held
in escrow by the Escrow Agent for at least 35 days. The Partnership shall
reimburse the Escrow Agent for all escrow expenses. The Escrow Agent shall remit
all such Escrow Income, Pennsylvania/Nebraska 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 paragraph 3(f).

                                       -6-

<PAGE>

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 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

                                       -7-

<PAGE>

         (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.

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, Nebraska Subscribers and New York Subscribers as
provided herein, in the event that the Dealer Manager receives 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.

                                       -8-

<PAGE>

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/Nebraska Escrow Account and the New York Escrow
Account are distributed either (a) to the Partnership or to Subscribers and the
Partnership has informed the Escrow Agent in writing to close the Escrow
Account, the Pennsylvania/Nebraska Escrow Account and the New York Escrow
Account 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, in
compliance with its policy and procedures, of each subscription check prior to
depositing the check in the Escrow Account, the Pennsylvania/Nebraska Escrow
Account or the New York Escrow Account and shall inform the Partnership if a
subscription check fails the 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.

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 February, 2003.

                                      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 and Nebraska 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 $5,500,000 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. The Nebraska Securities Commission has imposed similar requirements on
the Partnership with respect to subscriptions from Nebraska residents.

If you wish to continue your subscription in escrow until the
Pennsylvania/Nebraska 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 666 Walnut N8200-034, Corporate Trust Services,
PFG, Des Moines, Iowa 50309.

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 either Pennsylvania or
Nebraska.

                                           Signature: __________________________

                                           Name:      __________________________
                                                          (please print)

                                           Date:      __________________________

Please send the subscription refund to:

_______________________________________
_______________________________________
_______________________________________

<PAGE>

                                    EXHIBIT B

                         PERMISSIBLE ESCROW INVESTMENTS

    (i)    obligations issued or guaranteed by the United States or by any
           person controlled or supervised by or acting as an instrumentality of
           the United States pursuant to authority granted by Congress, or an
           investment fund consisting of such obligations;

    (ii)   obligations issued or guaranteed by any state or political
           subdivision thereof rated either: AA or higher or MIG 1 or higher, by
           Moody's Investors Service, Inc.; or AA or higher or an equivalent, by
           Standard & Poor's Corporation, both of New York, New York, or their
           successors;

    (iii)  commercial or finance paper which is rated either: Prime-1 or higher,
           or an equivalent by Moody's Investors Service, Inc.; or A-1 or higher
           or any equivalent by Standard & Poor's Corporation, both of New York,
           New York, or their successors; or

    (iv)   certificates of deposit or time deposits of banks or trust companies,
           organized under the laws of the United States or any state.

<PAGE>

                                    EXHIBIT C

                            ESCROW AGENT COMPENSATION

                                   ASSUMPTIONS

                         - Receipt by Wells Fargo of the
             electronic transmission of subscriber data in a format
                       compatible with Wells Fargo systems

              - WF does not handle subscription documents or checks

  - WF receives funds via deposit by issuer or its agent in the escrow account
                  or ACH/wires representing subscription funds

                  - Transfer agent sends WF copy of OFAC check

                              - Investment of Funds

                               - Monthly reporting

<TABLE>
<S>                                                          <C>
ACCEPTANCE FEE:                                              $1,000.00
</TABLE>

For initial services including examination of the Escrow Agent Agreement and all
supporting documents as well as database development. This is a one-time fee
payable upon the execution of the Escrow Agent Agreement.

<TABLE>
<S>                                                          <C>
ANNUAL ADMINISTRATION FEE:                                   $3,000.00
</TABLE>

This annual administration fee covers standard services required under the
documents. Also includes periodic disbursements to company. An additional charge
of $500 per subaccount will be billed for accounts opened in connection with
certain state regulations (estimate of 2-3). Transaction charges noted below
apply for certain responsibilities including payments to subscribers. This fee
is payable upon the execution of the Escrow Agreement and annually thereafter
for any 12-month period or portion thereof. This fee shall be reviewed at the
end of the first year and may be renegotiated in accordance with new volume
estimates.

<TABLE>
<CAPTION>
                        TRANSACTION FEES:
<S>                                                                         <C>
Wire transfer of funds to investors                                         $15.00 per item
Check transfer of funds to investors                                        $15.00 per item
Receipt and posting of incoming wires                                       No charge
Receipt and posting of incoming check                                       No charge
Asset transactions (purchases/sales/calls/deposit/withdrawals, etc.)        $25.00 per transaction
1099 INT Tax reporting                                                      $25.00 per form
ACH transfer of funds                                                       No charge
Electronic predetermined reports                                            No charge
Interest calculations                                                       No charge
</TABLE>

EXTRAORDINARY SERVICES:

Additional reasonable compensation will be charged for extraordinary services
based on the then current standard hourly charge. Extraordinary services
include, but are not limited to, attending escrow closings, processing
assignments of escrow interest, specialized reports (e.g., tax reporting other
than 1099s), unusual certifications, reviewing and accepting modifications or
amendments to the escrow agreement, and letter of credit draws, etc. You will be
informed in advance of Wells Fargo's performance of services that are considered
extraordinary.

Any overdrafts caused by failed or incomplete wires of funds or failed or
incomplete securities deliveries will be reimbursable to Wells Fargo Bank at
prime plus two percent (2%).

<PAGE>

All out-of-pocket expenses incurred in the administration of the account,
including, but not limited to, postage, telephone charges, insurance,
photocopies, supplies, and legal fees with the exception of legal fees incurred
at the inception of the account, will be billed to the customer at cost.

Billings over 30 days past due are subject to a 1.5% per month late payment
penalty of the balance due.

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